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lease include everything used, this is a review from a class I took over a year ago and I don't remember how to get the answers and haven't been getting the correct ones.    Additional Information for PNG Co. in 20X1: 1. All sales were on account. 2. Earnings per share were $2.00. 3. The closing stock price on 12/31/X1 was $15.40. 4. PNG had 68,500 of its only class of (common) stock outstanding on 12/31/X1.   1. What was PNG Company's current ratio for the year 20X1?     7.74     3.32     2.47     2.66               2. What was PNG Company's debt to equity ratio for the year 20X1?     0.22     0.46     1.39     0.68               3. What was PNG Company's inventory turnover for the year 20X1?     5.30 times     27.62 times     34.35 times     3.05 times

lease include everything used, this is a review from a class I took over a year ago and I don't remember how to get the answers and haven't been getting the correct ones.    Additional Information for PNG Co. in 20X1: 1. All sales were on account. 2. Earnings per share were $2.00. 3. The closing stock price on 12/31/X1 was $15.40. 4. PNG had 68,500 of its only class of (common) stock outstanding on 12/31/X1.   1. What was PNG Company's current ratio for the year 20X1?     7.74     3.32     2.47     2.66               2. What was PNG Company's debt to equity ratio for the year 20X1?     0.22     0.46     1.39     0.68               3. What was PNG Company's inventory turnover for the year 20X1?     5.30 times     27.62 times     34.35 times     3.05 times

FINANCIAL ACCOUNTING
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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Please include everything used, this is a review from a class I took over a year ago and I don't remember how to get the answers and haven't been getting the correct ones. 
 
Additional Information for PNG Co. in 20X1:
1. All sales were on account.
2. Earnings per share were $2.00.
3. The closing stock price on 12/31/X1 was $15.40.
4. PNG had 68,500 of its only class of (common) stock outstanding on 12/31/X1.
 
1. What was PNG Company's current ratio for the year 20X1?
 
 
7.74
 
 
3.32
 
 
2.47
 
 
2.66
 
 
 
 
 
 
 
2. What was PNG Company's debt to equity ratio for the year 20X1?
 
 
0.22
 
 
0.46
 
 
1.39
 
 
0.68
 
 
 
 
 
 
 
3. What was PNG Company's inventory turnover for the year 20X1?
 
 
5.30 times
 
 
27.62 times
 
 
34.35 times
 
 
3.05 times
 
 
4. What was PNG Company's return on equity for the year 20X1?
 
 
36.39%
 
 
74.66%
 
 
42.44%
 
 
274.82%
 
 
 
 
 
 
 
5. What was PNG Company's profit margin for the year 20X1?
 
 
12.02%
 
 
5.76%
 
 
36.39%
 
 
2.80%
 
 
 
 
Comparative Balance Sheets For the year ended December 31 20X1 20X0 Current assets Cash $157,000 $105,000 Accounts receivable 49,000 62,000 Inventory 53,700 36,100 Prepaid rent 11.400 8.300 Total current assets $271,100 $211,400 Long-term assets Investment in bonds $30,000 $14,800 Land 216,300 184,200 Equipment (net) 114.500 137,900 Total long-term assets $360,800 $336,900 Total assets $631,900 $548,300 Current liabilities Accounts payable $61,300 $52,700 Interest payable 4,900 8,500 Income tax payable 15,400 12,600 Total current liabilities $81,600 $73,800 Long-term liabilities Bonds payable $173,800 $205,400 Stockholders' equity Common stock $183,500 $165,200 Retained earnings 193.000 103,900 Total liabilities and equity $631,900 $548,300
Transcribed Image Text:Comparative Balance Sheets For the year ended December 31 20X1 20X0 Current assets Cash $157,000 $105,000 Accounts receivable 49,000 62,000 Inventory 53,700 36,100 Prepaid rent 11.400 8.300 Total current assets $271,100 $211,400 Long-term assets Investment in bonds $30,000 $14,800 Land 216,300 184,200 Equipment (net) 114.500 137,900 Total long-term assets $360,800 $336,900 Total assets $631,900 $548,300 Current liabilities Accounts payable $61,300 $52,700 Interest payable 4,900 8,500 Income tax payable 15,400 12,600 Total current liabilities $81,600 $73,800 Long-term liabilities Bonds payable $173,800 $205,400 Stockholders' equity Common stock $183,500 $165,200 Retained earnings 193.000 103,900 Total liabilities and equity $631,900 $548,300
PNG Company Income Statement For the year ended December 31, 20X1 Revenues Sales revenue $2,380,000 Cost of goods sold 1.240,000 Gross profit $1,140,000 Expenses Operating expenses $899,600 Depreciation expense 23,400 Interest expense 19,000 Income tax expense 61.000 Total expenses $1.003,000 Net income $137,000
Transcribed Image Text:PNG Company Income Statement For the year ended December 31, 20X1 Revenues Sales revenue $2,380,000 Cost of goods sold 1.240,000 Gross profit $1,140,000 Expenses Operating expenses $899,600 Depreciation expense 23,400 Interest expense 19,000 Income tax expense 61.000 Total expenses $1.003,000 Net income $137,000
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