Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of December 31, 20X7 & 20X8 ASSETS: 20X7 20X8 Current assets: Cash $10,000 $12,000 Accounts receivable 20,000 25,000 Inventory 16,000 24,000 Prepaid insurance 4,000 3,000 50,000 64,000 Property & equipment 76,000 84,000 Total assets $126,000 $148,000 LIABILITIES AND STOCKHOLDERS EQUITY: Current liabilities: Accounts payable $15,000 $17,000 Other payables 3,000 7,000 18,000 24,000 Long term notes payable 35,000 40,000 Total liabilities 53,000 64,000 Stockholder's equity Capital stock, 2,400 shares outstanding 24,000 24,000 Retained earnings 49,000 60,000 73,000 84,000 Total liabilities and stockholders equity $126,000 $148,000 XYZ Company Income Statement for the years ended December 31, 20X7 & 20X8Stockholder's equity Capital stock, 2,400 shares outstanding 24,000 24,000 Retained earnings 49,000 60,000 73,000 84,000 Total liabilities and stockholders equity $126,000 $148,000 XYZ Company Income Statement for the years ended December 31, 20X7 & 20X8 20X7 20X8 Sales revenues $200,000 $250,000 Cost of goods sold 120,000 140,000 80,000 110,000 Selling and admin. expenses 40,000 65,000 40,000 65,000 Income tax expense 15,000 25,000 Net income $25,000 $40,000 Dividends paid in 20X8 amounted to $29,000. Calculate the 12/31/X8 current ratio (round to nearest tenth). 18. Calculate the 12/31/X8 current ratio (round to nearest tenth). 1.5 2.7 2.5 .5 none of the above 19. Calculate the 20X8 accounts receivable turnover assuming all sales during the year are made on account (round to the nearest tenth). 8.9 10.0 11.1 12.5 none of the above 20. Calculate the 20X8 average number of days of inventory on hand (round to the nearest tenth of a day). 7.0 52.1 56.2 62.621. Calculate the 20X8 EPS (round to nearest penny). $25.00 $10.42 $4.58 $16.67 none of the above 22. Calculate the % increase in accounts receivable during the year ended 20X8. 10% 20% 50% 125% none of the above