Question
Current Attempt in Progress Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets...
Current Attempt in Progress Blossom Company has these comparative balance sheet data: BLOSSOM COMPANY Balance Sheets December 31 2022 2021 Cash Accounts receivable (net) Inventory Plant assets (net) $ 21,630 $43.260 100,940 86,520 86,520 72,100 288.400 259,560 $497.490 $461,440 $ 72,100 $86.520 144,200 144,200 201,880 173,040 Accounts payable Mortgage payable (15%) Common stock, $10 par Retained earnings 79,310 57680 57.00 $461.440 $497,490 Additional information for 2022: 1. Net income was $32,400. 2. Sales on account were $376,500. Sales returns and allowances amounted to $26.700. 3. Cost of goods sold was $202,100. 4. Net cash provided by operating activities was $59.100. 5. Capital expenditures were $29.400, and cash dividends were $17.300.
Additional information for 2022: 1. Net income was $32,400. 2. Sales on account were $376,500. Sales returns and allowances amounted to $26,700. 3. Cost of goods sold was $202,100. 4. Net cash provided by operating activities was $59.100. 5. Capital expenditures were $29.400, and cash dividends were $17,300. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, es 183 and all other answers to 1 decimal place, eg. 1.8. Use 365 days for calculation.) (a) Current ratio (b) Accounts receivable turnover. times (c) Average collection period. days (d) Inventory turnover le) Days in inventory (9) Free cash flow. e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Send to Gradebook
Answers
For formulas and calculations, refer to the image below -
In case you have any query, kindly ask in comments.
| X ✓ fx (a) А в formula current ratio 2.90 :1 current assets/ current liabilities accounts receivable turnover 3.7 times net credit sales / average accounts receivable average collection period 98.6 days 365 / accounts receivable turnover inventory turnover 2.55 times cost of goods sold / average inventory days in inventory days 365 / inventory turnover 143.1 $ 29,700 free cash flow net cash provided by operating activities - capital expenditures| X ✓ fx (a) A B formula current ratio current assets/ current liabilities =(21630+100940+86520)/72100 =(376500-26700)/((100940+86520)/2) times net credit sales / average accounts receivable average collection period days 365 / accounts receivable turnover =365/3.7 =202100/((86520+72100)/2) inventory turnover times cost of goods sold / average inventory days in inventory days 365 / inventory turnover =365/2.55 =59100-29400 free cash flow net cash provided by operating activities - capital expenditures
Similar Solved Questions
1 answers
We design beams mostly to resist 150 mm B 15mm T150 mm is mm 2 m...
We design beams mostly to resist 150 mm B 15mm T150 mm is mm 2 m - 2 m transverse she and berding stresses shear and bearing stresses high bending stresses at the neutral mis torsion and shea hich shear stress occurring on the top and bottom bend the bears...
1 answers
What is Social Contract theory about? Why Social Contract theory was valued as the beginning of...
What is Social Contract theory about? Why Social Contract theory was valued as the beginning of the end of Divine Right?...
1 answers
A new catalyst is being investigated for use in the production of a plastic chemical. Ten...
A new catalyst is being investigated for use in the production of a plastic chemical. Ten batches of the chemical are produced. The mean yield of the 10 batches is 72.5% and the standard deviation is 5.6%. Assume the yields are independent and approximately normally distributed. Find a 99% confidenc...
1 answers
✓ Correct The following diagram represents the reaction of A2 (red spheres) with B2 (blue spheres):...
✓ Correct The following diagram represents the reaction of A2 (red spheres) with B2 (blue spheres): (Figure 1) - Part 6 Figure How many moles of product can be made from 1.0 mol of B2? Express your answer using two significant figures. YAXDO ? mol Submit Previous Answers Request Answer X Inco...
1 answers
What is the mass in grams of .000221 mol of carbon?
What is the mass in grams of .000221 mol of carbon?...
1 answers
I. Find the Fourier series of the following function with period 2π and accurately plot the...
I. Find the Fourier series of the following function with period 2π and accurately plot the first three partial sums. [10 points f(x) A -π -π/2 0 π/2 π...
1 answers
QUESTION 10 The correct distribution for an independent samples t-test is the z-distribution the t-distribution O...
QUESTION 10 The correct distribution for an independent samples t-test is the z-distribution the t-distribution O the xa distribution the p-distribution...
1 answers
Note. For each of the following problems, state the appropriate null hypothesis and the alternative hypoth-...
Note. For each of the following problems, state the appropriate null hypothesis and the alternative hypoth- esis, conduct the appropriate test, and state a conclusion. Reject the Ho if p < 0.05. Be sure to include the p-value. Assume the variable in question to be approximately normally distribut...
1 answers
USING LAPLACE TRANSFORMS Question 1 Two non-interacting tanks are connected in series as shown in the...
USING LAPLACE TRANSFORMS Question 1 Two non-interacting tanks are connected in series as shown in the following figure. At steady state the input flow rate is 900 Limin. The valve coefficients areG = G = 1 and G = 0.5. The cross- sectional areas of Tank 1 and Tank 2 are 2 m2 and 1 m', respectiv...
1 answers
T o die working to preserve adapting to various social situations trust and love responsible decision...
t o die working to preserve adapting to various social situations trust and love responsible decision making fitness and meaning and purpose in He or disorders wperative abilities learning from successes and mistakes . satisfying interpersonal relationships performing activities of daily living v&ag...
1 answers
Question 12 (1 point) v Saved Fact or Myth: --Fad diets work for permanent weight loss....
Question 12 (1 point) v Saved Fact or Myth: --Fad diets work for permanent weight loss. O Myth Fact Question 13 (1 point) Fact or Myth: Saved High-protein or low-carbohydrate diets are a healthy way to lose weight. Fact Myth Question 14 (1 point) Saved Fact or Myth: Many foods high in starch, like b...
2 answers
Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a...
Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances: (Leave no answer blank. Enter zero if ap...
1 answers
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) 350 Revenu...
1 answers
Make a chi square data. body is normal and wing is mutant E=not ebony e=ebony V=not...
make a chi square data. body is normal and wing is mutant E=not ebony e=ebony V=not vestigial v=vestigial Ve Ve ve ve VE ve 3 Men Eb I Not 3,3...
1 answers
A person comes into the doctors complaining about her heart. The doctors check blood pressure, x-rays,...
A person comes into the doctors complaining about her heart. The doctors check blood pressure, x-rays, and blood work. They noticed in the patient's blood work that the viscosity of their blood was high. What could be a cause of a high viscosity? What could the patient potentially have? What doe...
1 answers
Fill in the blank A sample that has an absorbance value of zero would be expected...
fill in the blank A sample that has an absorbance value of zero would be expected to have a transmission value of...
1 answers
4. (25 points) Given the matrix (Aşağıdaki matris verilmiş olsun) 1 1 -1 -3 1 -...
4. (25 points) Given the matrix (Aşağıdaki matris verilmiş olsun) 1 1 -1 -3 1 - 1 -1 -1 1 A= 1 (i) Find a basis for the column space of A. (A’nın sütun uzayı için bir taban bulunuz.) (ii) Find an orthonormal basis for the column space of A. (A'n...