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thank you! i actually dont need it answered anymore, thanks The condensed financial statements of Blossom Company for the years 2021 and 2022 are as
thank you! i actually dont need it answered anymore, thanks
The condensed financial statements of Blossom Company for the years 2021 and 2022 are as follows. BLOSSOM COMPANY Balance Sheets December 31 (in thousands) 2022 2021 Current assets Cash and cash equivalents $ 330 $360 Accounts receivable (net) 630 560 Inventory 580 510 Prepaid expenses 130 160 Total current assets 1,670 1,590 Property, plant, and equipment (net) 410 380 Investments 170 170 Intangibles and other assets 530 510 Total assets $ 2,780 $ 2,650 Current liabilities $ 980 $ 950 Long-term liabilities 600 500 Stockholders' equity-common 1,200 1,200 Total liabilities and stockholders' equity $ 2,780 $ 2,650 BLOSSOM COMPANY Income Statements For the Years Ended December 31 (in thousands) 2022 2021 Sales revenue $ 3,920 $ 3,580 Costs and expenses Cost of goods sold 1,130 1,050 Selling & administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,540 3,400 Income before income taxes 380 180 Income tax expense 152 72 Net income $ 228 $ 108 2022 2021 (a) Current ratio. 1.80 :1 1.76 :1 (b) Inventory turnover. 1.88 1.98 (c) Profit margin. 7.7 % 5.1 % (d) Return on assets. 12.4 % 6.9 % (e) Return on common stockholders' equity. | % % (f) Debt to assets ratio. % % (g) Times interest earned. times timesStep by Step Solution
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