Answered step by step
Verified Expert Solution
Question
1 Approved Answer
asap plz BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Cash $36,060 $ 72,120 Accounts receivable (net) 168,280 144,240 Inventory 144,240 120.200 Plant assets (net)
asap plz
BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Cash $36,060 $ 72,120 Accounts receivable (net) 168,280 144,240 Inventory 144,240 120.200 Plant assets (net) 480.800 432,720 $829,380 $769,280 Accounts payable $ 120,200 $ 144,240 Mortgage payable (15%) 240,400 240.400 Common stock, $10 par 336,560 288,480 Retained earnings 132,220 96,160 $829,380 $769,280 Additional information for 2022: 1. 2. Net income was $27,800. Sales on account were $380,600. Sales returns and allowances amounted to $26,800. Cost of goods sold was $213,300. Net cash provided by operating activities was $58,300. 3. 4. 5. Capital expenditures were $27,300, and cash dividends were $21,900. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) (a) Current ratio. 2.9 :1 (b) Accounts receivable turnover. 2.26 times (c) Average collection period. 162 days (d) Inventory turnover. 1.61 times (e) Days in inventory 227 days (f) Free cash flow. $ $ 36400 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