Assignment Problem: Kinder Company has these comparative balance sheet data:
KINDER COMPANY Balance Sheets December 31
|
|
2014
|
2013
|
|
Cash
|
$ 15,000
|
$ 30,000
|
|
Accounts receivable (net)
|
70,000
|
60,000
|
|
Inventory
|
60,000
|
50,000
|
|
Plant assets (net)
|
200,000
|
180,000
|
|
$345,000
|
$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
|
55,000
|
40,000
|
|
|
$345,000
|
$320,000
|
Additional information for 2014:
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 $10,000.
Required: Compute the following ratios at December 31, 2014.
(a) Current ratio.
(b) Accounts receivable turnover.
(c) Average collection period.
(d) Inventory turnover.
(e) Days in inventory.
(f) Cash debt coverage ratio.
(g) Current cash debt coverage ratio.
(h) Free cash flow.
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