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Comparative financial statement data for Cullumber Corporation and Blossom Corporation, two competitors, appear balance sheet data are as of December 31, 2022. Cullumber Blossom Corporation Corporation 2022 2022 Net sales $1,815,000 $620,000 Cost of goods sold 1,217,000 369,000 309,000 95,000 Operating expenses 10,000 3,500 Interest expense 89,000 36,500 Income tax expense 427,800 131,800 Current assets 544,700 140,700 Plant assets (net) 72,285 34,610 Current liabilities 147,500 29,700 Long-term liabilities ation:

Comparative financial statement data for Cullumber Corporation and Blossom Corporation, two competitors, appear balance sheet data are as of December 31, 2022. Cullumber Blossom Corporation Corporation 2022 2022 Net sales $1,815,000 $620,000 Cost of goods sold 1,217,000 369,000 309,000 95,000 Operating expenses 10,000 3,500 Interest expense 89,000 36,500 Income tax expense 427,800 131,800 Current assets 544,700 140,700 Plant assets (net) 72,285 34,610 Current liabilities 147,500 29,700 Long-term liabilities ation:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Comparative financial statement data for Cullumber Corporation and Blossom Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2022. Cullumber Blossom Corporation Corporation 2022 2022 Net sales $1,815,000 $620,000 Cost of goods sold 1,217,000 369,000 Operating expenses 309,000 95,000 Interest expense 10,000 3,500 Income tax expense 89,000 36,500 Current assets 427,800 131,800 Plant assets (net) 544,700 140,700 Current liabilities 72,285 34,610 147,500 29,700 Long-term liabilities Additional Information: $154,700 $44,500 Cash from operating activities $81,200 $21,100 Capital expenditures $36,700 $15,100 Dividends paid 100,000 50,000 Average number of shares outstanding
Transcribed Image Text:Comparative financial statement data for Cullumber Corporation and Blossom Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2022. Cullumber Blossom Corporation Corporation 2022 2022 Net sales $1,815,000 $620,000 Cost of goods sold 1,217,000 369,000 Operating expenses 309,000 95,000 Interest expense 10,000 3,500 Income tax expense 89,000 36,500 Current assets 427,800 131,800 Plant assets (net) 544,700 140,700 Current liabilities 72,285 34,610 147,500 29,700 Long-term liabilities Additional Information: $154,700 $44,500 Cash from operating activities $81,200 $21,100 Capital expenditures $36,700 $15,100 Dividends paid 100,000 50,000 Average number of shares outstanding
Compute the net income and earnings per share for each company for 2022. (Round earnings per share to 2 decimal places, eg. 15.55) Cullumber Corporation Blossom Corporation Net income %24 24 Earnings per share %24 24 Attempts: 0 of 1 used Submit Answer Save for Later
Transcribed Image Text:Compute the net income and earnings per share for each company for 2022. (Round earnings per share to 2 decimal places, eg. 15.55) Cullumber Corporation Blossom Corporation Net income %24 24 Earnings per share %24 24 Attempts: 0 of 1 used Submit Answer Save for Later
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