Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3. The accounts receivable turnover is 12.1 times. 4. The return on assets is 19%. 5. Total assets at December 31, 2024, were $605,300.
3. The accounts receivable turnover is 12.1 times. 4. The return on assets is 19%. 5. Total assets at December 31, 2024, were $605,300. Compute the following for Blossom Corporation. (Round answers to O decimal places, e.g. 2,150.) a. Cost of goods sold for 2025 $ b. Net credit sales for 2025 $ C. Net income for 2025 d. Total assets at December 31, 2025 Blossom Corporation experienced a fire on December 31, 2025, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2025 December 31, 2024 Cash $33,900 $15,400 Accounts receivable (net) 73,500 126,400 Inventory 210,800 189,200 Accounts payable 53,700 94,100 Notes payable 35,000 60,500 Common stock, $100 par 406,900 406,900 Retained earnings 114,000 103,700 Additional information: 1. The inventory turnover is 4.3 times. 2. The return on common stockholders' equity is 19 %. The company had no additional equity accounts. 3. The accounts receivable turnover is 12.1 times.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started