FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Assets
Current assets
Cash
Debt investments (short-term)
Accounts receivable (net)
Inventory
Total current assets
Plant assets (net)
Total assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Income taxes payable
Total current liabilities
Bonita Company
Balance Sheets
December 31
Bonds payable
Total liabilities
Stockholders' equity
Common stock ($5 par)
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
2022
$59,700
70,500
117,200
123,900
371,300
600,800
$972,100
$159,300
43,500
202,800
220,000
422,800
282,800
266,500
549,300
$972,100
2021
$64,400
50,000
102,200
115,000
331,600
521,900
$853,500
$144,200
41,000
185,200
200,000
385,200
298,600
169,700
468,300
$853,500
All sales were on credit. Net cash provided by operating activities for 2022 was $242,000. Capital expenditures were $128,000, and
cash dividends paid were $89,248.
Compute the following ratios for 2022. (Round Earnings per share, Current ratio and Asset turnover to 2 decimal places, e.g.
1.65 or 1.65:1, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%. Use 365 days for calculation.)
Transcribed Image Text:The comparative statements of Bonita Company are presented here.
Net sales
Bonita Company
Income Statements
For the Years Ended December 31
Cost of goods sold
Gross profit
Selling and administrative expenses
Income from operations
Other expenses and losses
Interest expense
Income before income taxes
Income tax expense
Net income
2022
$1,811,500
1,008,900
802,600
518,600
284,000
17,800
266,200
80,152
$ 186,048
2021
$1,752,200
982,000
770,200
472,800
297,400
13,800
283,600
76,400
$207,200
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