Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,919,400
The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,919,400 $1,785,000 Cost of goods sold 1,067,000 1,046,240 Gross profit 852,400 738,760 Selling and administrative expenses 520,000 498,160 Income from operations 332,400 240,600 Other expenses and losses Interest expense 22,880 20,800 Income before income taxes 309,520 219,800 Income tax expense 92,856 65,940 Net income $216,664 $ 153,860 Assets BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Current assets Cash $ 62,504 $ 66,768 Debt investments (short-term) 76,960 52,000 Accounts receivable 122,512 106,912 Inventory 131,040 120,120 Total current assets 393,016 345,800 Plant assets (net) 674,960 541.112 Total assets $1,067,976 $886,912 Liabilities and Stockholders' Equity Current liabilities Accounts payable $166,400 $151,216 Income taxes payable 45,240 43,680 Total current liabilities 211,640 194,896 Bonds payable 228,800 208,000 Total liabilities 440,440 402,896 Stockholders' equity Common stock ($4 par) 301,600 312,000 Retained earnings 325,936 172,016 Total stockholders' equity 627,536 484,016 Total liabilities and stockholders' equity $1,067,976 $886,912 All sales were on account. Net cash provided by operating activities for 2022 was $228,800. Capital expenditures were $141,440, and cash dividends were $62,744. Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio (e) Accounts receivable turnover (f) Average collection period (g) Inventory turnover (h) Days in inventory (i) Times interest earned (j) Asset turnover (k) Debt to assets ratio (1) Free cash flow +A % de % :1 times days times days times times %
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started