(PROBLEM #4-20 marks) XYZ Industries bought land and built its plant 5 years ago. Land is not depreciated. The depreciation on the building and plant is calculated using the straight-line method, with a life of 20 years and a salvage value of $2,500,000. The depreciation for the equipment, all of which was purchased at the same time the plant was built, is calculated using declining-balance at 15%. Complete the Balance Sheet below and answer the following 4 Multiple-Choice questions IYZ Industries Balance Sheet (as of June 30, 2016) Assets Liabilities and Owner uitv Current Assets Current Liabilities Accounts Payable Notes Payable Accrued Expense Total Current Liabilities 1.150.000 80.000 950,000 2.180.000 Cash Accounts Receivable 1940,000 950,000 4.100.000 1.800,000 160.000 Prepaid Expenses Total Current Assets Long-Term Liabilities Mortgage Long-Term Debt Total Long-Term Liabilities 700,000 500,000 1,200,000 Long-Term Assets 335,000 Land Building and Plant 6,500,000 Less accumulated depreciation Owners' Equity (Net Worth) 4,500.000 5,500.000 Preferred Shares Common Shares Retained Earnings Total Owners' Equity 600,000 Less accumulated depreciation Total Long-Term Assets Total Liabilities and Owners' Equity Total Assets Income Statement for YYZ Industries July 1, 2015 Jne 30, 2016 Expenses Revenues Sales Cost of Goods Sold Gross Profit 9.500.000 4,950,000 4,550.000 Operating Expenses Depreciation Expense Interest Expense Total Expenses 950.019 246,981 350,000 1,547,000 Net Income Before Taxes Income Taxes (26.5%) Net Income After Taxes 3,003,000 795,795 2,207,205 What is the value for "Total Assets" for XYZ Industries as of June 30, 2016? (a) less than 14 millions (b) between 14 and 15 millions (c) between 15 and 16 millions (d) between 16 and 17 millions (e) more than 17 millions (What is the value for "Retained Earnings" for XYZ Industries as of June 30, 2016? (a) 11671,223. (b) 1,671,223. (c)5,051,223 d) 4,746,000 e) none of the above What is the value for the "Acid-Test Ratio" for XYZ Industries during the period given? (a) less than 1.5 (b) between 1.51 and 3.0 (c) between 3.01 and 4.5 (d) more than 4.5 (What is the value for the "Return-on-Equity Ratio" for XYZ Industries during the period given? (a) less than 0.15 (b) between 0.151 and 0.25 (c) between 0.251 and 0.40 (d) between 0.401 and 0.60 (e) more than 0.60