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The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,830 $ 66,090 Debt investments (short-term)
The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,830 $ 66,090 Debt investments (short-term) 54,000 39,000 Accounts receivable 109,000 92,000 Inventory 235,000 164,000 Prepaid expenses 26,000 27,000 Land 134,000 134,000 Building and equipment (net) 259,000 185,000 Total assets $888,830 $707,090 Liabilities and Stockholders' Equity Notes payable $177,298 $102,000 Accounts payable 66,000 54,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2025 249,000 171,000 Common stock, $10 par 198,000 198,000 Retained earnings 157,532 141,090 Total liabilities and stockholders' equity $888,830 $707,090 BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $894,450 $787,350 Cost of goods sold 638,400 574,000 Gross profit 256,050 213,350 Operating expenses 202,383 166,109 Net income $53,667 $ 47,241 Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were $89,000. 3. Total assets at the beginning of 2021 were $631,000. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on account. Compute the liquidity and profitability ratios of Blossom Company for 2021 and 2022. (Round current ratio, asset turnover and earnings per share to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 1.8%. If % change is a decrease show the numbers as negative, e.g.-1.83% or (1.83%).) 2022 2021 % Change TY ratio 1.74 :1 1.97 :1 s receivables turnover 8.9 times 8 8.7 times y turnover 3.2 . times 4.1 times 2022 2021 % Change PROFITABILITY Profit margin % % Asset turnover times times Return on assets % % Earnings per share $ TA $
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