6- XYZ Co. is a retail company and its selected financial statements items are given as following. Its Total Assets are 42300 and 39300 respectively for the year 2020 and 2019. Its Total Current Assets are 20200 and 17700 respectively for the year 2020 and 2019. Its Total Liabilities are 31500 and 29200 respectively for the year 2020 and 2019. Its Total Current Liabilities are 21500 and 18800 respectively for the year 2020 and 2019. Inventory equals to 7500 and 6800 respectively for the year 2020 and 2019. Cash and Cash Equivalents equals to 4000 and 3000 respectively for the year 2020 and 2019. (All numbers are in dollars). '013% b) What is acid-test ratio of XYZ Co. for the year 2020? a) 49% 013 59% 69% 79%

6- XYZ Co. is a retail company and its selected financial statements items are given as following. Its Total Assets are 42300 and 39300 respectively for the year 2020 and 2019. Its Total Current Assets are 20200 and 17700 respectively for the year 2020 and 2019. Its Total Liabilities are 31500 and 29200 respectively for the year 2020 and 2019. Its Total Current Liabilities are 21500 and 18800 respectively for the year 2020 and 2019. Inventory equals to 7500 and 6800 respectively for the year 2020 and 2019. Cash and Cash Equivalents equals to 4000 and 3000 respectively for the year 2020 and 2019. (All numbers are in dollars). '013% b) What is acid-test ratio of XYZ Co. for the year 2020? a) 49% 013 59% 69% 79%

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

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[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
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