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 & 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

62.6

21. 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