Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Select the four statements that are TRUE about the following company: Assets Cash Accounts receivable (net) Inventory 2022 2021 $18,500 $23,500 38,500 31,600 43,190
Select the four statements that are TRUE about the following company: Assets Cash Accounts receivable (net) Inventory 2022 2021 $18,500 $23,500 38,500 31,600 43,190 38,500 Total current assets 100,190 93,600 Property, plant, and equipment 534,190 490,350 Accumulated depreciation -180,600 -187,960 PPE (net) 353,590 302,390 Total assets $453,780 $395,990 Liabilities and Shareholders' Equity Current liabilities $35,900 $24,850 Long term interest free loan Total liabilities Share capital 297,390 257,750 333,290 282,600 Retained earnings Total equity 100,000 100,000 20,490 13,390 120,490 113,390 Total liabilities and shareholders' equity $453,780 $395,990 Sales $587,400 $545,900 Cost of goods sold 381,600 322,500 Gross profit 205,800 223,400 Salaries 129,400 121,700 Depreciation expense 23,500 34,250 Other operating expenses 48,300 58,200 Total operating expenses 201,200 214,150 Income from operations 4,600 9,250 Gain on sale of equipment Net income 2,500 4,400 $7,100 $13,650 Cash from operating activities Cash from investing activities Cash from financing activities $ 27,560 -$ 72,200 $ 39,640 Correct choices increase your score. Incorrect choices decrease your score. I highly recommend that you do not guess. Select one or more: a. The company had difficulty collecting accounts receivable in 2022, if their goal is 30 days b. Profit margin in 2021 was a little more than double profit margin in 2022 c. The company's liquidity improved from 2021 to 2022. d. The company paid dividends in 2022 e. The company invested more in long-term assets, than they generated in cash from the sale of long-term assets in 2022. Of. The company's gross profit margin decreased from 2021 to 2022 g. In 2022, the company is spending less on salaries per dollar of sales than it did in 2021 h. The company's debt ratio went up very slightly between 2021 and 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started