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The following financial information is for Blossom Company. Blossom Company Balance Sheets December 31 Assets 2022 2021 Cash $ 135,800 $ 126,100 Debt investments (short-term) 106,700 77,600 Accounts receivable (net) 201,760 174,600 Inventory 446,200 320,100 Prepaid expenses 48,500 44,620 Land 252,200 252,200 Building and equipment (net) 504,400 358,900 Total assets $1,695,560 $1,354,120 Liabilities and Stockholders' Equity Notes payable (current) $329,800 $232,800 Accounts payable 126,100 100,880 Accrued liabilities 77,600 77,600 Liabilities and Stockholders' Equity Notes payable (current) $329,800 $232,800 Accounts payable 126,100 100,880 Accrued liabilities 77,600 77,600 Bonds payable, due 2025 485,000 329,800 Common stock, $10 par 388,000 388,000 Retained earnings 289,060 225,040 Total liabilities and stockholders' equity $1,695,560 $1,354,120 Blossom Company Income Statement For the Years Ended December 31 2022 2021 Net sales $1,711,080 $1,532,600 Cost of goods sold 1,241,600 1,115,500 Gross profit 469,480 417,100 Operating expenses 368,600 323,980 Net income $ 100,880 $ 93,120 Income Statement For the Years Ended December 31 2022 2021 Net sales $1,711,080 $1,532,600 Cost of goods sold 1,241,600 1,115,500 Gross profit 469,480 417,100 Operating expenses 368,600 323,980 Net income $ 100,880 $ 93,120 Additional information: 1 . Inventory at the beginning of 2021 was $223,100. 2. Accounts receivable (net) at the beginning of 2021 were $166,840. 3 . Total assets at the beginning of 2021 were $1,280,400. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on credit. Your answer is correct. Indicate, by using ratios, the change in liquidity and profitability of Blossom Company from 2021 to 2022. (Round Current ratio, Asset turnover and Earnings per share to 2 decimal places, eg. 1.65, and all other answers to 1 decimal place, eg: 6.8 or 6.8%) 2022 2021 LIQUIDITY 176 :1 181 .1 Current ratio 9.09 times 8.98 times Accounts receivable turnover 3.24 times 4.11 times Inventory turnover PROFITABILITY 5.90 % 60B 96 Profit margin 112 times 116 times Asset turnover 6.62 X 707 Return on assets Current ratio 1.81 :1 1.76 :1 Accounts receivable turnover 8.98 times 9.09 times Inventory turnover 4.11 times 3.24 times PROFITABILITY Profit margin 6.08 % 5.90 de Asset turnover 1.16 times 1.12 times Return on assets 7.07 de % 6.62 % Earnings per share 2.40 2.60 The following are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2022, and (2) as of December 31, 2023, after giving effect to the situation. (Round debt to assets ratio to 0 decimal places, eg, 15% and other answers to 1 decimal place, eg. 6.8 or 6.8%.) Ratio (1) Situation 34.920 shares of common stock were sold at par on July 1, 2023. Net income for 2023 was $104,760, and there were no dividends. All of the notes payable were paid in 2023. All other liabilities remained at their December 31, 2022, levels. At December 31, 2023, total assets were $1,746,000. The market price of common stock was $17 and $23 on December 31, 2022 and 2023, respectively. Net income for 2023 was $104,760. (Use a simple average calculation for EPS) Return on common stockholders' equity Debt to assets ratio (2) (3) Price-earnings ratio 2022 2023 % 25.83 % Return on common stockholders' equity 60 Debt to assets ratio 96 0.92 % 5.77 times 16.6 Price-earnings ratio times