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The balance sheet and income statement data for XYZ Corporation appear below. Assets Current assets Cash XYZ INC. Balance Sheets December 31,2020 Short-term Investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock, $5 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2020 2019 60,100 64,200 69,000 50,000 107,800 102,800 133,000 115,500 369,900 332,500 600,300 520,300 $970,200 $852,800 203,500 187,400 200,000 200,000 403.500 387.400 280,000 286,700 566,700 $970,200 300,000 165,400 465,400 $852,800 (Time: 35-40 minutes) XYZ INC. Income Statement For the year ended December 31,2020 2020 Net Sales Cost of goods sold Gross Profit Selling and Administrative expenses Income from Operation Other expenses and loses: Interest expenses Income before income taxes Income tax expense Net income Additional information: a. The market price of XYZ's common stock was OMR 25 for 2020. b. All dividends of OMR 77,700 in 2020 are paid in cash. Requirements: Compute the following ratios for 2020. Show all your calculation and workings. (1) Acid-test Ratio. (2) Receivable turnover. 2019 1,818,500 1,750,500 1,011,500 996,000 807,000 754,500 506,000 479,000 301,000 275,500 14,000 261,500 84,000 77,000 $199.000 $184.500 18,000 283,000

The balance sheet and income statement data for XYZ Corporation appear below. Assets Current assets Cash XYZ INC. Balance Sheets December 31,2020 Short-term Investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock, $5 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2020 2019 60,100 64,200 69,000 50,000 107,800 102,800 133,000 115,500 369,900 332,500 600,300 520,300 $970,200 $852,800 203,500 187,400 200,000 200,000 403.500 387.400 280,000 286,700 566,700 $970,200 300,000 165,400 465,400 $852,800 (Time: 35-40 minutes) XYZ INC. Income Statement For the year ended December 31,2020 2020 Net Sales Cost of goods sold Gross Profit Selling and Administrative expenses Income from Operation Other expenses and loses: Interest expenses Income before income taxes Income tax expense Net income Additional information: a. The market price of XYZ's common stock was OMR 25 for 2020. b. All dividends of OMR 77,700 in 2020 are paid in cash. Requirements: Compute the following ratios for 2020. Show all your calculation and workings. (1) Acid-test Ratio. (2) Receivable turnover. 2019 1,818,500 1,750,500 1,011,500 996,000 807,000 754,500 506,000 479,000 301,000 275,500 14,000 261,500 84,000 77,000 $199.000 $184.500 18,000 283,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The balance sheet and income statement data for XYZ Corporation appear below. Assets Current assets Cash XYZ INC. Balance Sheets December 31,2020 Short-term Investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock, $5 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2020 2019 60,100 64,200 69,000 50,000 107,800 102,800 133,000 115,500 369,900 332,500 600,300 520,300 $970,200 $852.800 203,500 187,400 200,000 200,000 403.500 387.400 280,000 286,700 566,700 465,400 $970,200 $852,800 300,000 165,400 XYZ INC. Income Statement For the year ended December 31,2020 2020 (Time: 35-40 minutes) Net Sales Cost of goods sold Gross Profit Selling and Administrative expenses Income from Operation Other expenses and loses: Interest expenses Income before income taxes Income tax expense Net income Additional information: a. The market price of XYZ's common stock was OMR 25 for 2020. b. All dividends of OMR 77,700 in 2020 are paid in cash. Requirements: Compute the following ratios for 2020. Show all your calculation and workings. (1) Acid-test Ratio. (2) Receivable turnover. 2019 1,818,500 1,750,500 1,011,500 996,000 807,000 754,500 506,000 479,000 301,000 275,500 18,000 14,000 283,000 261,500 84,000 77,000 $199,000 $184.500
Transcribed Image Text:The balance sheet and income statement data for XYZ Corporation appear below. Assets Current assets Cash XYZ INC. Balance Sheets December 31,2020 Short-term Investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock, $5 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2020 2019 60,100 64,200 69,000 50,000 107,800 102,800 133,000 115,500 369,900 332,500 600,300 520,300 $970,200 $852.800 203,500 187,400 200,000 200,000 403.500 387.400 280,000 286,700 566,700 465,400 $970,200 $852,800 300,000 165,400 XYZ INC. Income Statement For the year ended December 31,2020 2020 (Time: 35-40 minutes) Net Sales Cost of goods sold Gross Profit Selling and Administrative expenses Income from Operation Other expenses and loses: Interest expenses Income before income taxes Income tax expense Net income Additional information: a. The market price of XYZ's common stock was OMR 25 for 2020. b. All dividends of OMR 77,700 in 2020 are paid in cash. Requirements: Compute the following ratios for 2020. Show all your calculation and workings. (1) Acid-test Ratio. (2) Receivable turnover. 2019 1,818,500 1,750,500 1,011,500 996,000 807,000 754,500 506,000 479,000 301,000 275,500 18,000 14,000 283,000 261,500 84,000 77,000 $199,000 $184.500
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