Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $ 267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) (62,500) $230,000 257,500 565,000 60,000 695,000 200,000 75,000 Accounts receivable Inventory Total current assets Intangible assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Income tax expense Net income Cash flow from operations Cash flow from investing activities Cash flow from financing activities Tax rate 30% In a common size balance sheet for 20X2, accounts receivable is expressed as:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Condensed financial data are presented below for the Phoenix Corporation:
20X2
20X1
$ 267,500
312,500
670,000
50,000
825,000
252,500
77,500
1,640,000
982,500
10,000
77,500
127,500
71,000
(6,000)
(62,500)
$230,000
257,500
565,000
60,000
695,000
200,000
75,000
Accounts receivable
Inventory
Total current assets
Intangible assets
Total assets
Current liabilities
Long-term liabilities
Sales
Cost of goods sold
Interest expense
Income tax expense
Net income
Cash flow from operations
Cash flow from investing activities
Cash flow from financing activities
Tax rate
30%
In a common size balance sheet for 20X2, accounts receivable is expressed as:
Transcribed Image Text:Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $ 267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) (62,500) $230,000 257,500 565,000 60,000 695,000 200,000 75,000 Accounts receivable Inventory Total current assets Intangible assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Income tax expense Net income Cash flow from operations Cash flow from investing activities Cash flow from financing activities Tax rate 30% In a common size balance sheet for 20X2, accounts receivable is expressed as:
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