Question
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 2020 2019 Current Assets Cash and cash equivalents
Selected financial data for Wilmington Corporation is presented below.
WILMINGTON CORPORATION Balance Sheet As of December 31 | ||
| 2020 | 2019 |
Current Assets |
|
|
Cash and cash equivalents | $ 634,527 | $ 335,597 |
Marketable securities | 166,106 | 187,064 |
Accounts receivable (net) | 284,226 | 318,010 |
Inventories | 466,942 | 430,249 |
Prepaid expenses | 60,906 | 28,060 |
Other current assets | 83,053 | 85,029 |
Total Current Assets | 1,695,760 | 1,384,009 |
|
|
|
Property, plant and equipment | 1,384,217 | 625,421 |
Long-term investment | 568,003 | 425,000 |
Total Assets | $3,647,980 | $2,434,430 |
|
|
|
Current Liabilities |
|
|
Short-term borrowings | $ 306,376 | $ 170,419 |
Current portion of long-term debt | 155,000 | 168,000 |
Accounts payable | 279,522 | 314,883 |
Accrued liabilities | 301,024 | 183,681 |
Income taxes payable | 107,509 | 196,802 |
Total Current Liabilities | 1,149,431 | 1,033,785 |
|
|
|
Long-term debt | 500,000 | 300,000 |
Deferred income taxes | 236,519 | 288,644 |
Total Liabilities | $1,885,950 | $1,622,429 |
|
|
|
Common stock | $ 425,250 | $ 125,000 |
Additional paid-in capital | 356,450 | 344,335 |
Retained earnings | 980,330 | 342,666 |
Total Stockholders' Equity | 1,762,030 | 812,001 |
Total Liabilities and Stockholders' Equity | $3,647,980 | $2,434,430 |
Selected Income Statement Data for the year ending December 31, Year 2020: | ||
Net sales |
| $4,885,340 |
Cost of goods sold |
| (2,906,526) |
Selling expenses |
| (884,685) |
Operating income |
| 1,094,129 |
Interest expense |
| (55,240) |
Earnings before income taxes |
| 1,038,889 |
Income tax expense |
| (401,225) |
Net income |
| $ 637,664 |
|
|
|
Selected Statement of Cash Flow Data for the year ending December 31, Year 2020: | ||
Cash flows from operations |
| $1,601,692 |
Capital expenditures |
| $745,862 |
Wilmington Corporations quick ratio changed by what percentage from 2019 to 2020?
+ 16.0% | ||
+ 13.8% | ||
+ 86.2% | ||
+ 10.4% |
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