Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable. net Inventory Other current assets Total current assets Property. plant.

image text in transcribedimage text in transcribedimage text in transcribed
Blossom Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable. net Inventory Other current assets Total current assets Property. plant. 5. equipment. net Total assets liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock. $5 par value Common stock. $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2020 $36 1.000 1.030.000 3'30 .000 3 B 1 . 300 2 . 560. 300 8.211.140 $11.2?1.440 $3 . 2 10.000 3. 3'02. 3'00 6. 9 12. 3'00 53. 9'50 104. 650 4.1 95.140 4. 350 . 3'40 $11.2?1.440 2019 $4 1?.400 726.500 60 1 . 100 247.000 2.122.000 8 I440I 245 $10. 562 E245 $2.040.050 3.0 92300 0330350 59.000 103I 900 3.660. 595 3.823.495 $10.562245 Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue {all on account} $10.122.250 $9.614.000 Cost of goods sold 5.611.250 5.298.800 Gross prot 4.565.500 4.315.200 Operating expenses 2.840.300 2.634.200 Net operating income 1.225.200 1.68 1.000 Interest expense 300.350 308.650 Net income before taxes 1.424.850 1.322.350 Income taxes [30%) 422.455 411.205 Net income 5992.395 5960.645 Dividends paid Preferred dividends 29.450 29.450 Common dividends 433.400 413.000 Total dividends paid 452.850 442,450 Net income retained 534.545 518.195 Retained earnings. beginning ofvear 3.660.595 3.142.400 Retained earnings, and ofvear 54.195140 53.660.595 (3} Calculate the earnings per share {average of 422.000 shares outtanding for the yea r) for 2020. {Round answer m2 den'ml plum. mg. 2.55.} Earning per share 55 I per share eTextbook and Media Save for Later Attem p15; 0 of 3 used Submit Answer {b} Calculate the pricefearnings ratio {ma rket price of $48 at yearend} for 2020. {and amt:- 1 decimal piece, as. 2.5.] Priceleamings ratio II eTextbook and Media Save for Later Attem p15: 0 01'3 used {c} Calculate the dividend payout ratio (dividends of $1.25 per common share for the yea r} for 20201me mm 1 decimal piece. :3. 2.5.1 Dividend payout ratio I 56

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

Horngrens Financial & Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

4th Edition

0133255573, 978-0133255577

More Books

Students also viewed these Accounting questions

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago