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Problem - The following items are taken from the financial statements of Blossom Company for 2022:
Accounts payable
$11,300
Accounts receivable
12,800
Accumulated depreciation-equipment
38,700
Advertising expense
20,800
Cash
13,800
Common stock
99,000
Depreciation expense
13,000
Dividends
15,900
Equipment
245,000
Insurance expense
3,800
Notes payable
90,000
Prepaid insurance
6,400
Rent expense
15,200
Retained earnings (beginning)
14,000
Salaries and wages expense
35,600
Salaries and wages payable
3,400
Service revenue
135,000
Supplies
3,200
Supplies expense
5,900
Required -
1. Prepare a classified balance sheet for Blossom Company at December 31, 2022 assuming the note payable is a long-term liability.
2. Compute the current ratio, debt to assets ratio, and earnings per share value. The average number of shares outstanding for 2022 was 11,300.
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