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Condensed balance sheet and income statement data for Blossom Corporation are presented here. Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Additional information: 1. 2 (a) Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income Blossom Corporation Balance Sheets December 31 (1) Profit margin (2) Gross profit rate (3) Asset turnover (4) (7) 2022 (5) Price-earnings ratio (6) Payout ratio $30,000 50,500 89,100 Blossom Corporation Income Statement For the Years Ended December 31 Earnings per share $ 54,900 500,200 $724,700 $85,700 144,400 381,000 113,600 $724,700 Debt to assets ratio $ 16,000 44,200 94,500 2022 $ 18,500 47,300 64,200 71,000 45,800 370,800 357,000 $596,500 $532,800 $70,400 49,600 2021 $79,400 84,800 318,000 114,300 $745,000 40,800 704,200 425,800 278,400 2021 186,854 $596,500 $532,800 $91,546 The market price of Blossom's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payou ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%) % % 2021 % 302,000 $606,000 30,200 575,800 367,000 % 110,800 208,800 times 2020 151,220 $57,580 times $ 2022 % % times times % %

Condensed balance sheet and income statement data for Blossom Corporation are presented here. Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Additional information: 1. 2 (a) Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income Blossom Corporation Balance Sheets December 31 (1) Profit margin (2) Gross profit rate (3) Asset turnover (4) (7) 2022 (5) Price-earnings ratio (6) Payout ratio $30,000 50,500 89,100 Blossom Corporation Income Statement For the Years Ended December 31 Earnings per share $ 54,900 500,200 $724,700 $85,700 144,400 381,000 113,600 $724,700 Debt to assets ratio $ 16,000 44,200 94,500 2022 $ 18,500 47,300 64,200 71,000 45,800 370,800 357,000 $596,500 $532,800 $70,400 49,600 2021 $79,400 84,800 318,000 114,300 $745,000 40,800 704,200 425,800 278,400 2021 186,854 $596,500 $532,800 $91,546 The market price of Blossom's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payou ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%) % % 2021 % 302,000 $606,000 30,200 575,800 367,000 % 110,800 208,800 times 2020 151,220 $57,580 times $ 2022 % % times times % %

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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Condensed balance sheet and income statement data for Blossom Corporation are presented here. Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Net sales Sales Less: Sales returns and allowances Net income Additional information: 1. 2. (a) (1) Cost of goods sold Gross profit Operating expenses (including income taxes) (2) (3) (4) (5) (6) (7) Blossom Corporation Balance Sheets December 31 Profit margin Gross profit rate Asset turnover 2022 Blossom Corporation Income Statement For the Years Ended December 31 Earnings per share $ Price-earnings ratio $ 30,000 50,500 89,100 Payout ratio 54,900 500,200 $724,700 $85,700 144,400 Debt to assets ratio 381,000 113,600 $724,700 2021 $ 16,000 94,500 71,000 370,800 $596,500 $79,400 84,800 318,000 2022 $596,500 $745,000 40.800 704.200 425,800 278,400 44,200 114,300 186,854 $91,546 2021 % Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payout ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) % 2021 % % $ 18,500 The market price of Blossom's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. $606,000 times 357,000 $532,800 $70,400 49,600 30,200 times 575,800 367,000 2020 302,000 208,800 110,800 $532,800 151,220 47,300 $57,580 64,200 45,800 $ 2022 % % times times % %
Transcribed Image Text:Condensed balance sheet and income statement data for Blossom Corporation are presented here. Cash Accounts receivable (net) Other current assets Investments Property, plant, and equipment (net) Current liabilities Long-term debt Common stock, $10 par Retained earnings Net sales Sales Less: Sales returns and allowances Net income Additional information: 1. 2. (a) (1) Cost of goods sold Gross profit Operating expenses (including income taxes) (2) (3) (4) (5) (6) (7) Blossom Corporation Balance Sheets December 31 Profit margin Gross profit rate Asset turnover 2022 Blossom Corporation Income Statement For the Years Ended December 31 Earnings per share $ Price-earnings ratio $ 30,000 50,500 89,100 Payout ratio 54,900 500,200 $724,700 $85,700 144,400 Debt to assets ratio 381,000 113,600 $724,700 2021 $ 16,000 94,500 71,000 370,800 $596,500 $79,400 84,800 318,000 2022 $596,500 $745,000 40.800 704.200 425,800 278,400 44,200 114,300 186,854 $91,546 2021 % Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payout ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) % 2021 % % $ 18,500 The market price of Blossom's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. $606,000 times 357,000 $532,800 $70,400 49,600 30,200 times 575,800 367,000 2020 302,000 208,800 110,800 $532,800 151,220 47,300 $57,580 64,200 45,800 $ 2022 % % times times % %
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