Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All sales were on account. Net cash provided by operating activities for 2022 was $228,800. Capital expenditures were $141,440, and cash dividends were $62,744. s

image text in transcribed

All sales were on account. Net cash provided by operating activities for 2022 was $228,800. Capital expenditures were $141,440, and cash dividends were $62,744.

image text in transcribed

s BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 Net sales $1,919,400 Cost of goods sold 1,067,000 Gross profit 852,400 Selling and administrative expenses 520,000 Income from operations 332,400 Other expenses and losses Interest expense 22,880 Income before income taxes 309,520 Income tax expense 92,856 Net income $ 216,664 2021 $1,785,000 1,046,240 738,760 498,160 240,600 20,800 219,800 65,940 $ 153,860 2022 2021 $ 62,504 76,960 122,512 131,040 393,016 674,960 $1,067,976 $ 66,768 52,000 106,912 120,120 345,800 541,112 $886,912 BLOSSOM COMPANY Balance Sheets December 31 Assets Current assets Cash Debt investments (short-term) Accounts receivable Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock (54 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 166,400 45,240 211,640 228,800 440,440 $151,216 43,680 194,896 208,000 402,896 301,600 325,936 627,536 $1,067,976 312,000 172,016 484,016 $886,912 All sales were on account. Net cash provided by operating activities for 2022 was $228,800. Capital expenditures were $141 Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.8396.) here to search Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) % % :1 (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio (e) Accounts receivable turnover () Average collection period (a) Inventory turnover (h) Days in inventory times days times days (1) Times interest earned times 6) Asset turnover times (k) Debt to assets ratio % (1) Free cash flow Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

More Books

Students also viewed these Accounting questions