1. APT inc had an account receivable balance of $120,000 a the end of 2019. All current assets items vary directly with sales, and sales are projected to increase by 15% during 2020.

What is the Pro forma account receivable balance for 2020?

a. 264,000

b. 138,000

c. 172,000

d. 116,000

2. what was APT inc's addition to retained earnings during 2019?

a. 100,000

b. 240,000

c. 200,000

d. 300,000

b.

c.

d.

Given the following information answer questions 18 to 21: APT Inc selected items from 2019 financial statements Income statement items Sales $ 2,300,000 Cost of goods sold $ 1,200,000 Depreciation $ 150,000 Interest expense $ 200,000 Net Income $ 300,000 Number of shares 500,000 Dividend per share $0.40 Balance Sheet Items Net fixed assets $ 400,000 Retained Earnings $ 7,800,000 Total Equity $ 112,500,000