Condensed financial data are presented below for the Phoenix Corporation: ...
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Accounting
Condensed financial data are presented below for the Phoenix Corporation:
| 2019 | 2018 | ||||||
| Accounts receivable | 267,500 | $ | 230,000 | ||||
| Inventory | 312,500 | 257,500 | |||||
| Total current assets | 670,000 | 565,000 | |||||
| Intangible assets | 50,000 | 60,000 | |||||
| Total assets | 825,000 | 695,000 | |||||
| Current liabilities | 252,500 | 200,000 | |||||
| Long-term liabilities | 77,500 | 75,000 | |||||
| Sales | 1,640,000 | ||||||
| Cost of goods sold | 982,500 | ||||||
| Interest expense | 10,000 | ||||||
| Income tax expense | 77,500 | ||||||
| Net income | 127,500 | ||||||
| Cash flow from operations | 71,000 | ||||||
| Cash flow from investing activities | (6,000 | ) | |||||
| Cash flow from financing activities | (62,500 | ) | |||||
| Tax rate | 30 | % | |||||
In a common size balance sheet for 2019, accounts receivable is expressed as:
Multiple Choice
86%.
116.3%.
32.4%.
16.3%.
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