The financial statements of BLOSSOM Distributors Inc. appear below: \begin{tabular}{lrrr} Mortgage payable & 80,000 &...

70.2K

Verified Solution

Question

Accounting

image
image
image
image
The financial statements of BLOSSOM Distributors Inc. appear below: \begin{tabular}{lrrr} Mortgage payable & 80,000 & 166,000 \\ Common shares & 178,000 & 146,000 \\ Retained earnings & 110,250 & 60,000 \\ \cline { 1 - 2 } \cline { 4 - 4 } Total liabilities and shareholders' equity & $436,250 & $507,000 \\ \hline \end{tabular} BLOSSOM DISTRIBUTORS INC. Income Statement Year Ended December 31, 2024 SalesCostofgoodssoldGrossprofit$400,000186,000214,000 Expenses OperatingexpensesInterestexpenseTotalexpensesProfitbeforeincometax$84,00026,000110,000104,000 estion 6 of 7 15 Additional information for 2024 : 1. Cash dividends of $43,000 were declared and paid. 2. Average number of common shares was 60,000 shares. 3. Market value of common shares on December 31 was $21 per share. Using the financial statements and the additional information, calculate the following ratios for 2024: (Use 365 days for calculation. Round Accounts Receivables turnover and Days to sell inventory answers to 0 decimal places, eg. 15 and Pricelearnings ratio answer to 2 decimal places, eg. 14.83 and other answers to 1 decimal place, eg. 14.8 or 13.5%.) 2024 a) Current ratio b) Return on equity % c) Price/earnings ratio times d) Accounts receivables turnover times e) Profit margin if f) Days to sell inventory days 8) Return on assets 8 h) Dividend yield \%. Swefor Later Attempts: 0 of 1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students