Question
Current Attempt in Progress The following data are taken from the financial statements of Blossom Company as of the end o alphabetical order. Accounts
Current Attempt in Progress The following data are taken from the financial statements of Blossom Company as of the end o alphabetical order. Accounts payable $31,000 Net income $52,000 Accounts receivable 64,000 Other current liabilities 18,000 Cash 32,800 Salaries and wages payable 6,000 Gross profit 166,500 Total assets 275,000 Income before income taxes 56,000 Total liabilities 165,000 Additional information: The average common shares outstanding during the year was 40,000. Compute the following: (Round current ratio and earnings per share to 2 decimal places, eg. $2.51.) (a) Current ratio (b) Working capital $ (c) Earnings per share $ (d) Debts to assets ratio :1 %
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started