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Testbank Exercise 90 The condensed financial statements of Blossom Company for the years 2020-2021 are presented below: Blossom Company Comparative Balance Sheets As of December
Testbank Exercise 90 The condensed financial statements of Blossom Company for the years 2020-2021 are presented below: Blossom Company Comparative Balance Sheets As of December 31, 2020 and 2021 2021 2020 Cash $689,000 $93,500 Accounts receivable (net) 506,000 448,000 Inventories 579,000 506,000 Plant and equipment 2,642,000 1,614,000 Accumulated depreciation (386,000) (228,000) $4,030,000 $2,433,500 Accounts payable $506,000 $227,000 Dividends payable -0 65,500 Bonds payable 615,000 -0- Common stock ($10 par) 2,271,000 1,729,000 Retained earnings 638,000 412,000 $4,030,000 $2,433,500 Additional data: Market value of stock at 12/31/21 is $80 per share. Blossom sold 45,000 shares of common stock at par on July 1, 2021. Blossom Company Condensed Income Statement For the Year Ended December 31, 2021 Sales revenue $3,686,000 Cost of goods sold 2,440,000 Gross profit 1,246,000 Administrative and selling expenses 714,000 Net income $532,000 Compute the following financial ratios by placing the proper amounts for numerators and denominators. (Round per unit answers to 2 decimal places, e.g. 52.75.) (a) Current ratio at 12/31/21 $ (b) Acid test ratio at 12/31/21 $ (c) Accounts receivable turnover in 2021 (d) Inventory turnover in 2021 $ (e) Profit margin on sales in 2021 () Earnings per share in 2021 builddonatitirator (9) Return on common stockholders' equity in 2021 (h) Price earnings ratio at 12/31/21 $ (1) Debt to assets at 12/31/21 6) Book value per share at 12/31/21 Click if you would like to show Work for this question: Open Show Work
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