Blossom Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement
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Blossom Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement for 2019 and 2020 follow.
Blossom Medical Comparative Balance Sheet As of December 31 | |||||
---|---|---|---|---|---|
2020 | 2019 | ||||
Assets | |||||
Current assets | |||||
Cash | $361,000 | $417,400 | |||
Accounts receivable, net | 1,080,000 | 776,500 | |||
Inventory | 738,000 | 681,100 | |||
Other current assets | 381,300 | 247,000 | |||
Total current assets | 2,560,300 | 2,122,000 | |||
Property, plant, & equipment, net | 8,711,140 | 8,440,245 | |||
Total assets | $11,271,440 | $10,562,245 | |||
Liabilities and Stockholders Equity | |||||
Current liabilities | $3,210,000 | $2,846,050 | |||
Long-term debt | 3,702,700 | 3,892,700 | |||
Total liabilities | 6,912,700 | 6,738,750 | |||
Preferred stock, $5 par value | 58,950 | 59,000 | |||
Common stock, $0.25 par value | 104,650 | 103,900 | |||
Retained earnings | 4,195,140 | 3,660,595 | |||
Total stockholders equity | 4,358,740 | 3,823,495 | |||
Total liabilities and stockholders equity | $11,271,440 | $10,562,245 |
Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year | |||||
---|---|---|---|---|---|
2020 | 2019 | ||||
Sales revenue (all on account) | $10,177,250 | $9,614,000 | |||
Cost of goods sold | 5,611,750 | 5,298,800 | |||
Gross profit | 4,565,500 | 4,315,200 | |||
Operating expenses | 2,840,300 | 2,634,200 | |||
Net operating income | 1,725,200 | 1,681,000 | |||
Interest expense | 300,350 | 308,650 | |||
Net income before taxes | 1,424,850 | 1,372,350 | |||
Income taxes (30%) | 427,455 | 411,705 | |||
Net income | $997,395 | $960,645 | |||
Dividends paid | |||||
Preferred dividends | 29,450 | 29,450 | |||
Common dividends | 433,400 | 413,000 | |||
Total dividends paid | 462,850 | 442,450 | |||
Net income retained | 534,545 | 518,195 | |||
Retained earnings, beginning of year | 3,660,595 | 3,142,400 | |||
Retained earnings, end of year | $4,195,140 | $3,660,595 |
(a)
Calculate the earnings per share (average of 422,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.)
Earning per share | $enter the earning per share in dollars rounded to 2 decimal places per share |
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