Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comparative data from the balance sheet of Blossom Inc. are shown below, Current assets Non-current assets Current liabilities Non-current liabilities Common shares Retained earnings 2021

image text in transcribed
image text in transcribed
Comparative data from the balance sheet of Blossom Inc. are shown below, Current assets Non-current assets Current liabilities Non-current liabilities Common shares Retained earnings 2021 $123,000 372.000 92,200 140,000 145,000 117,800 2020 $85,600 324,900 69.700 117.100 110.000 113,700 2019 $104,300 277,800 64,700 145,000 95,000 77.400 Your answer is partially correct. Perform a horizontal percent of base year analysis using 2019 as the base year. (Round answers to decimal places, eg 125%) 2021 2020 2019 Current assets % -18 % 18 100 Non-current assets 34 % 17 % 100 % Current liabilities 43 % 8 % 100 Non-current liabilities -3 -19 9 100 Common shares 53 16 % 100 Retained earnings 52 * 47 % 100 %6 e Textbook and Media -/2 = View Policies Current Attempt in Progress Selected financial data for Blossom Ltd. are shown below. Net sales Cost of goods sold Accounts receivable (gross) Inventory 2021 $6.400,000 4,440.000 800.000 1.020,000 2020 $6,240,000 4,450,000 700,000 940,000 2019 $5410,000 3.910,000 600,000 800,000 (a) Calcolate for each of 2021 and 2020 the following ratios: (Round receivables turnover and inventory turnover to 1 decimal place, es 526. Round collection period, days sales in inventory and operating cycle to decimal places, es. 125. Use 365 days for calculation.) 2021 2020 Receivables turnover Collection period days Inventory turnover times times times times days Days sales in inventory days days Operating cycle days days

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

More Books

Students also viewed these Accounting questions

Question

Discuss the various types of policies ?

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

Explain the need for and importance of co-ordination?

Answered: 1 week ago

Question

Explain the contribution of Peter F. Drucker to Management .

Answered: 1 week ago