Business, 30.11.2021 20:10, nmadrigal

XYZ Company Balance Sheet as of December 31, 20X7 & 20X8. ASSETS Current assets: Cash Accounts receivable Inventory Prepaid insurance Property & equipment Total assets $10,000 $12,000 20,000 25,000 16,000 24,000 4,000 3,000 50,000 64,000 76,000 84,000 $126,000 $148,000 LIABILITIES AND STOCK HOLDERS EQUITY: Current liabilities:accounts payable other payables long term notes payable Total liabilities $15,000 $17,000 3,000 7,000 18,000 24,000 35,000 40,000 53,000 64,000 Stockholder's equity Capital stock, 2,400 shares outstanding 24,000 24,000 Retained earnings 49,000 60,000 73,000 84,000 total liabilities and stockholders equity $126,000 $148,000 XYZ Company Income Statement for the years ended December 31, 20X7 & 20X8. 20X7 20X8 Sales revenues $200,000 $250,000 Cost of goods sold 120,000 140,000 80,000 110,000 Selling and admin. expenses 40,000 65,000 40,000 65,000 Income tax expense 15,000 25,000 Net income $25,000 $40,000.
Dividends paid in 20X8 amounted to $29,000. Calculate the 12/31/X8 current ratio (round to
nearest tenth).
1. Calculate the 12/31/X8 current ratio (round to nearest tenth).
A. 1.5
B. 2.7
C. 2.5
D. .5
E. none of the above
2. Calculate the 20X8 accounts receivable turnover assuming all sales during the year are made on account (round to the nearest tenth).
A. 8.9
B. 10.0
C. 11.1
D. 12.5
E. none of the above
3. Calculate the 20X8 average number of days of inventory on hand (round to the nearest tenth of a day).
A. 7.0
B. 52.1
C. 56.2
D. 62.6
4. Calculate the 20X8 EPS (round to nearest penny).
A. $25.00
B. $10.42
C. $4.58
D. $16.67
E. none of the above
5. Calculate the % increase in accounts receivable during the year ended 20X8.
A. 10%
B. 20%
C. 50%
D. 125%
E. none of the above

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 19:10, jonmorton159

The stock of grommet corporation, a u. s. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. grommet owns 95 percent of the outstanding stock of staple inc., also a u. s. company. staple owns 100 percent of the outstanding stock of clip corporation, a canadian company. grommet and clip each own 50 percent of the outstanding stock of fastener inc., a u. s. company. grommet and staple each own 50 percent of the outstanding stock of binder corporation, a u. s. company. which of these corporations form an affiliated group eligible to file a consolidated tax return?

Answers: 3

continue

Business, 23.06.2019 00:00, zhellyyyyy

The gorman group is a financial planning services firm owned and operated by nicole gorman. as of october 31, 2016, the end of the fiscal year, the accountant for the gorman group prepared an end-of-period spreadsheet, part of which follows:

Answers: 2

continue

Business, 23.06.2019 02:00, Trumpman137

In his speech on varying explanations of how the earth came into existence, eduardo begins with opinions, moves to inferences, and uses scientific facts in support of his last point. what principle of supporting material organization is eduardo utilizing in his speech?

Answers: 3

continue

Business, 23.06.2019 02:30, bitterswt01

The accountant at bramble corp. has determined that income before income taxes amounted to $10800 using the fifo costing assumption. if the income tax rate is 30% and the amount of income taxes paid would be $900 greater if the lifo assumption were used, what would be the amount of income before taxes under the lifo assumption?

Answers: 2

continue

Do you know the correct answer?

XYZ Company Balance Sheet as of December 31, 20X7 & 20X8. ASSETS Current assets: Cash Accounts r...