The condensed financial data for the Phoenix Corporation for the years 20X2 and 20X1 is presented below:| Category | 20X2 | 20X1 ||-----------------------------------|-----------|----------|| **Accounts receivable** | $267,500 | $230,000 || **Inventory** | 312,500 | 257,500 || **Total current assets** | 670,000 | 565,000 || **Intangible assets** | 50,000 | 60,000 || **Total assets** | 825,000 | 695,000 || **Current liabilities** | 252,500 | 200,000 || **Long-term liabilities** | 77,500 | 75,000 || **Sales** | 1,640,000 | || **Cost of goods sold** | 982,500 | || **Interest expense** | 10,000 | || **Income tax expense** | 77,500 | || **Net income** | 127,500 | || **Cash flow from operations** | 71,000 | || **Cash flow from investing activities** | (6,000) | || **Cash flow from financing activities** | (62,500) | || **Tax rate** | 30% | |**Additional Information:**The quick ratio for 20X2 can be calculated by assuming that total current assets include cash, marketable securities, accounts receivable, and inventory.

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Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $230,000 257,500 565,000 60,000 695,000 200,000 75,000 267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) (62,500) Accounts receivable 2$ 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%

Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $230,000 257,500 565,000 60,000 695,000 200,000 75,000 267,500 312,500 670,000 50,000 825,000 252,500 77,500 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) (62,500) Accounts receivable 2$ 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%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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