The comparative statements of Blossom Company are presented here. BLOSSOM...
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Accounting
The comparative statements of Blossom Company are presented here.
BLOSSOM COMPANY Income Statements For the Years Ended December 31 | ||||
---|---|---|---|---|
2022 | 2021 | |||
Net sales | $1,512,400 | $1,400,000 | ||
Cost of goods sold | 847,000 | 804,800 | ||
Gross profit | 665,400 | 595,200 | ||
Selling and administrative expenses | 400,000 | 383,200 | ||
Income from operations | 265,400 | 212,000 | ||
Other expenses and losses | ||||
Interest expense | 17,600 | 16,000 | ||
Income before income taxes | 247,800 | 196,000 | ||
Income tax expense | 74,340 | 58,800 | ||
Net income | $ 173,460 | $ 137,200 |
BLOSSOM COMPANY Balance Sheets December 31 | ||||
---|---|---|---|---|
Assets | 2022 | 2021 | ||
Current assets | ||||
Cash | $ 48,080 | $ 51,360 | ||
Debt investments (short-term) | 59,200 | 40,000 | ||
Accounts receivable | 94,240 | 82,240 | ||
Inventory | 100,800 | 92,400 | ||
Total current assets | 302,320 | 266,000 | ||
Plant assets (net) | 519,200 | 416,240 | ||
Total assets | $821,520 | $682,240 | ||
Liabilities and Stockholders Equity | ||||
Current liabilities | ||||
Accounts payable | $ 128,000 | $116,320 | ||
Income taxes payable | 34,800 | 33,600 | ||
Total current liabilities | 162,800 | 149,920 | ||
Bonds payable | 176,000 | 160,000 | ||
Total liabilities | 338,800 | 309,920 | ||
Stockholders equity | ||||
Common stock ($4 par) | 232,000 | 240,000 | ||
Retained earnings | 250,720 | 132,320 | ||
Total stockholders equity | 482,720 | 372,320 | ||
Total liabilities and stockholders equity | $821,520 | $682,240 |
All sales were on account. Net cash provided by operating activities for 2022 was $176,000. Capital expenditures were $108,800, and cash dividends were $55,060.
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