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Armada Company has these comparative balance sheet data: ARMADA COMPANY Balance Sheets December 31 2010 2009 Cash $25,000 $30,000 Receivables (net) 65,000 60,000 Inventories 60,000 50,000 Plant assets (net) 200,000 180,000 $350,000 $320,000 Accounts payable $50,000 $60,000 Mortgage payable (15%) 100,000 100,000 Common stock, $10 par 140,000 120,000 Retained
earnings 60,000 40,000 $350,000 $320,000 Additional information for 2010: 1. Net income was $25,000. 2. Sales on account were $375,000. Sales returns and allowances amounted to $25,000. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $48,000. 5. Capital expenditures were $25,000, and cash dividends were $18,000. Compute the following ratios at December 31, 2010. (Round to 3 decimal places, e.g. 2.515.) Current 2 :1 Receivables turnover 3 times Average collection period 31 days Inventory turnover 10 times Days in inventory 31 days Cash debt coverage 3:1 times Current cash debt coverage 2:1 times Free cash flow $ 30,000 Compute the following ratios at December 31, 2010. (Round to 3 decimal places, e.g. 2.515.) Current :1 Receivables turnover times Average collection period days Inventory turnover times Days in inventory days Cash debt coverage times Current cash debt coverage times Free cash flow
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Expert answered|bellepepper|Points 45|
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Asked 10/28/2012 10:37:43 PM
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