Question

Problem 13-04A The following financial information is for Blossom Company. BLOSSOM COMPANY Balance Sheets December 31 Assets 2022 Cash $ 72,000 Debt investments (short-term) 54,000 Accounts receivable 109,000 Inventory 235,000 Prepaid expenses 26,000 Land 134,000 Building and equipment (net) 259,000 Total assets $889,000 Liabilities and Stockholders' Equity Notes payable $170,000 Accounts payable 66,000 Accrued liabilities 41,000 Bonds payable, due 2025 249,000 Common stock, $10 par 198,000 Retained earnings 165,000 Total liabilities and stockholders' equity $889,000 2021 $ 67,000 39,000 92,000 164,000 27,000 134,000 185,000 $708,000 $102,000 54,000 41,000 171,000 198,000 142,000 $708,000 BLOSSOM COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $898,000 $785,000 Cost of goods sold 643,000 576,000 Gross profit 255,000 209,000 Operating expenses 198,000 159,000 + 7 + Onn

Answer 1

current ratio	current assets / current liabilities
	2022 ($)	2021 ($)
cash	72000	67000
debt investments	54000	39000
accounts receivable	109000	92000
inventory	235000	164000
prepaid expenses	26000	27000
total current assets	496000	389000
notes payable	170000	102000
accounts payable	66000	54000
accrued liabilities	41000	41000
total current liabilities	277000	197000
current ratio	1.79	1.97
% change	-9.32%
accounts receivable turnover	sales / average accounts receivable
	2022 ($)	2021 ($)
sales	898000	785000
opening accounts receivable	92000	89000
closing accounts receivable	109000	92000
average accounts receivable	100500	90500
accounts receivable turnover	8.9	8.7
% change	3.0%
inventory turnover ratio	cost of goods sold / average inventory
	2022 ($)	2021 ($)
cost of goods sold	643000	576000
opening inventory	164000	116000
closing inventory	235000	164000
average inventory	199500	140000
inventory turnover ratio	3.2	4.1
% change	-21.7%
profit margin	net profit / sales
	2022 ($)	2021 ($)
net profit	57000	50000
sales	898000	785000
profit margin	6.3%	6.4%
% change	-0.3%
asset turnover	sales / average total assets
	2022 ($)	2021 ($)
sales	898000	785000
opening total assets	708000	631000
closing total assets	889000	708000
average total assets	798500	669500
asset turnover	1.12	1.17
% change	-4.09%
return on assets	net income / average total assets
	2022 ($)	2021 ($)
net profit	57000	50000
opening total assets	708000	631000
closing total assets	889000	708000
average total assets	798500	669500
return on assets	7.1%	7.5%
% change	-4.4%
earnings per share	net income / outstanding shares
	2022 ($)	2021 ($)
net profit	57000	50000
shares outstanding	19800	19800
earnings per share	2.88	2.53
% change	14.00%

Answer 2

Problem 13-04A.xlsx

This problem is the solution to part A, feel free to change the numbers as needed. Formulas used where appropriate.

Answer 3

Problem 13-04A.xlsx

Here is a finalized form of the file, Input whatever numbers you want where it is highlighted.

Answer 4

Problem 13-04A.xlsx

Uploaded the wrong file LMAO