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The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,897,380 $
The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,897,380 $ 1,754,500 Cost of goods sold 1,067,925 1,010,000 Gross profit 829,455 744,500 Selling and administrative expenses 504,000 483,000 Income from operations 325,455 261,500 Other expenses and losses Interest expense 24,000 22,000 Income before income taxes 301,455 239,500 Income tax expense 93.775 75,000 Net income $ 207,680 $ 164,500 BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 2021 Current assets Cash $ 59,585 $ 64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 121,800 106,800 Inventory 128,000 117,500 Total current assets 383,385 338,500 Plant assets (net) 663,000 534,300 Total assets $ 1,046,385 $ 872,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 164,000 $ 149,400 Income taxes payable 45,500 44,000 Total current liabilities 209,500 193,400 Bonds payable 234,000 214,000 Total liabilities 443,500 407,400 Stockholders' equity Common stock ($5 par) 290,000 300,000 Retained earnings 312,885 165,400 Total stockholders' equity 602,885 465,400 Total liabilities and stockholders' equity $ 1,046,385 $872,800 All sales were on account. Net cash provided by operating activities for 2022 was $ 245,769.Capital expenditures were $ 136,000, and cash dividends were $ 60,195. Compute the following ratios for 2022. (Round current ratio, cornings per share and asset turnover to 2 decimal places, eg 183 and all other answers to 1 decimal place, es 1.8 or 2.5%. Use 365 days in calculation.) The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,897,380 $ 1,754,500 Cost of goods sold 1,067,925 1,010,000 Gross profit 829,455 744,500 Selling and administrative expenses 504,000 483,000 Income from operations 325,455 261,500 Other expenses and losses Interest expense 24,000 22,000 Income before income taxes 301,455 239,500 Income tax expense 93.775 75,000 Net income $ 207,680 $ 164,500 BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 2021 Current assets Cash $ 59,585 $ 64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 121,800 106,800 Inventory 128,000 117,500 Total current assets 383,385 338,500 Plant assets (net) 663,000 534,300 Total assets $ 1,046,385 $ 872,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 164,000 $ 149,400 Income taxes payable 45,500 44,000 Total current liabilities 209,500 193,400 Bonds payable 234,000 214,000 Total liabilities 443,500 407,400 Stockholders' equity Common stock ($5 par) 290,000 300,000 Retained earnings 312,885 165,400 Total stockholders' equity 602,885 465,400 Total liabilities and stockholders' equity $ 1,046,385 $872,800 All sales were on account. Net cash provided by operating activities for 2022 was $ 245,769.Capital expenditures were $ 136,000, and cash dividends were $ 60,195. Compute the following ratios for 2022. (Round current ratio, cornings per share and asset turnover to 2 decimal places, eg 183 and all other answers to 1 decimal place, es 1.8 or 2.5%. Use 365 days in calculation.)
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