FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Use the following information from XYZ Company's balance sheet to answer the next six questions:
Assets
a.
b.
c.
d.
a.
b.
30.
C.
d.
Cash........
Marketable Securities
Accounts Receivable
Inventory........
Property and Equipment.
Accumulated Depreciation.
Total Assets
a.
b.
c.
d.
Liabilities and Stockholders' Equity
Accounts Payable.
Notes Payable (current).
Mortgage Payable (long-term).
Bonds Payable (long-term).
Common Stock, $50 Par..
The average number of common stock shares outstanding during the year was 840 shares. Net earnings
for the year were $6,300.
25. XYZ's current ratio is
6.0 to 1.
5.5 to 1.
26. XYZ's quick (acid-test) ratio is
4.0 to 1.
4.5 to 1.
3.5 to 1.
3.0 to 1.
Paid-in Capital in Excess of Par.........
Retained Earnings............
Total Liabilities, and Stockholders' Equity
4.0 to 1.
4.5 to 1.
*****
27. XYZ's earnings per share is
$7.50 per share.
$7.00 per share.
$0.13 per share.
$6,300 per share.
28. XYZ's return on assets is
a. 6.9%
b. 7.9%
C. 14.6%
d. 23.4%
29. XYZ's return on equity is
a.
2.6%.
b. 9.0%.
C. 11.1%.
d. 15.5%.
62.2%.
C. 34.2%.
d. 22.2%.
*****
XYZ's debt to equity ratio is de profit
a. 75.0%.
b.
$ 6,000
3,200
5,200
14,400
68,000
(5,000)
$91,800
$ 3,400
1,400
1,800
28,600
24,000
11,600
21,000
$91,800
Boots
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Transcribed Image Text:Use the following information from XYZ Company's balance sheet to answer the next six questions: Assets a. b. c. d. a. b. 30. C. d. Cash........ Marketable Securities Accounts Receivable Inventory........ Property and Equipment. Accumulated Depreciation. Total Assets a. b. c. d. Liabilities and Stockholders' Equity Accounts Payable. Notes Payable (current). Mortgage Payable (long-term). Bonds Payable (long-term). Common Stock, $50 Par.. The average number of common stock shares outstanding during the year was 840 shares. Net earnings for the year were $6,300. 25. XYZ's current ratio is 6.0 to 1. 5.5 to 1. 26. XYZ's quick (acid-test) ratio is 4.0 to 1. 4.5 to 1. 3.5 to 1. 3.0 to 1. Paid-in Capital in Excess of Par......... Retained Earnings............ Total Liabilities, and Stockholders' Equity 4.0 to 1. 4.5 to 1. ***** 27. XYZ's earnings per share is $7.50 per share. $7.00 per share. $0.13 per share. $6,300 per share. 28. XYZ's return on assets is a. 6.9% b. 7.9% C. 14.6% d. 23.4% 29. XYZ's return on equity is a. 2.6%. b. 9.0%. C. 11.1%. d. 15.5%. 62.2%. C. 34.2%. d. 22.2%. ***** XYZ's debt to equity ratio is de profit a. 75.0%. b. $ 6,000 3,200 5,200 14,400 68,000 (5,000) $91,800 $ 3,400 1,400 1,800 28,600 24,000 11,600 21,000 $91,800 Boots
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