Question 6 of 6 The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 Cash $ 72,000 Debt investments (short-term) 52,000 Accounts receivable 110,000 Inventory 234.000 Prepaid expenses 24,000 Land 131,000 Building and equipment (net) 260,000 Total assets $883,000 Liabilities and Stockholders' Equity Notes payable $169,000 Accounts payable 64,000 Accrued liabilities 42,000 Bonds payable, due 2025 252,000 Common stock, $10 par 205,000 Retained earnings 151,000 Total liabilities and stockholders' equity $883.000 2021 $ 69,000 41,000 92,000 166,000 23,000 131,000 187,000 $709,000 $108,000 54,000 42,000 171.000 205,000 129.000 $709,000 BLOSSOM COMPANY Income Statements For the Years Ended December 31 BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $899,000 $788,000 Cost of goods sold 647,000 574,000 Gross profit 252,000 214,000 Operating expenses 195.000 159,000 Net income $57.000 $ 55,000 Additional information: 1. 2. 3. 4. 5. Inventory at the beginning of 2021 was $117.000. Accounts receivable (net) at the beginning of 2021 were $88,000. Total assets at the beginning of 2021 were $631,000. No common stock transactions occurred during 2021 or 2022. All sales were on account (21) Compute the liquidity and profitability ratios of Blossom Company for 2021 and 2022. (Round Curent ratio, Asset turnover and Earnings per share to 2 decimal places, es. 15.50 and round all other answers to 1 decimal place, s. 15.5. Round change to decimal places for eg. 1% and if % change is a decrease show the numbers as negotive, eg. -1% or (131) Question 6 of 6 The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 Cash $ 72,000 Debt investments (short-term) 52,000 Accounts receivable 110,000 Inventory 234.000 Prepaid expenses 24,000 Land 131,000 Building and equipment (net) 260,000 Total assets $883,000 Liabilities and Stockholders' Equity Notes payable $169,000 Accounts payable 64,000 Accrued liabilities 42,000 Bonds payable, due 2025 252,000 Common stock, $10 par 205,000 Retained earnings 151,000 Total liabilities and stockholders' equity $883.000 2021 $ 69,000 41,000 92,000 166,000 23,000 131,000 187,000 $709,000 $108,000 54,000 42,000 171.000 205,000 129.000 $709,000 BLOSSOM COMPANY Income Statements For the Years Ended December 31 BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $899,000 $788,000 Cost of goods sold 647,000 574,000 Gross profit 252,000 214,000 Operating expenses 195.000 159,000 Net income $57.000 $ 55,000 Additional information: 1. 2. 3. 4. 5. Inventory at the beginning of 2021 was $117.000. Accounts receivable (net) at the beginning of 2021 were $88,000. Total assets at the beginning of 2021 were $631,000. No common stock transactions occurred during 2021 or 2022. All sales were on account (21) Compute the liquidity and profitability ratios of Blossom Company for 2021 and 2022. (Round Curent ratio, Asset turnover and Earnings per share to 2 decimal places, es. 15.50 and round all other answers to 1 decimal place, s. 15.5. Round change to decimal places for eg. 1% and if % change is a decrease show the numbers as negotive, eg. -1% or (131) Question 6 of 6
