The comparative statements of Blossom Company are presented here. BLOSSOM...
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Accounting
The comparative statements of Blossom Company are presented here.
BLOSSOM COMPANY Income Statements For the Years Ended December 31
2022
2021
Net sales
$1,512,400
$1,400,000
Cost of goods sold
847,000
804,800
Gross profit
665,400
595,200
Selling and administrative expenses
400,000
383,200
Income from operations
265,400
212,000
Other expenses and losses
Interest expense
17,600
16,000
Income before income taxes
247,800
196,000
Income tax expense
74,340
58,800
Net income
$ 173,460
$ 137,200
BLOSSOM COMPANY Balance Sheets December 31
Assets
2022
2021
Current assets
Cash
$ 48,080
$ 51,360
Debt investments (short-term)
59,200
40,000
Accounts receivable
94,240
82,240
Inventory
100,800
92,400
Total current assets
302,320
266,000
Plant assets (net)
519,200
416,240
Total assets
$821,520
$682,240
Liabilities and Stockholders Equity
Current liabilities
Accounts payable
$ 128,000
$116,320
Income taxes payable
34,800
33,600
Total current liabilities
162,800
149,920
Bonds payable
176,000
160,000
Total liabilities
338,800
309,920
Stockholders equity
Common stock ($4 par)
232,000
240,000
Retained earnings
250,720
132,320
Total stockholders equity
482,720
372,320
Total liabilities and stockholders equity
$821,520
$682,240
All sales were on account. Net cash provided by operating activities for 2022 was $176,000. Capital expenditures were $108,800, and cash dividends were $55,060.
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 times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (i) Asset turnover times (k) Debt to assets ratio (1) Free cash flow
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