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Question - Seaforce Manufacturing Inc. Income Statement Year Ended December 31, 20X5
Sale
$ 340,000
Cost of goods sold
$ 250,100
Gross Profit
$ 89,900
Operating Expenses
$ 55,000
Loss on Sale of equipment
$ 2,500
$ 57,500
Profit from Operations
$ 32,400
Other expenses
Interest Expense
$ 3,500
Profit before Income Tax
$ 28,900
Income Tax Expense
$ 12,000
Profit
$ 16,900
Additional Information: 1. Operating expenses include depreciation expense of $10,000 2. Accounts Payable related to the purchase of inventory 3. Equipment that cost $12,500 was sold at a loss of $2,500 4. New equipment was purchased during the year for $8,500 5. Dividends declared and paid in 20X5 totalled $3,000 6. Common shares were sold for $12,000 cash 7. Interest payable in 20X5 was $800 greater than interest payable in 20X4 Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5
20X5
20X4
Cash
$ 6,450
$ 4,100
Accounts Receivable
$ 72,000
$ 6,500
Inventory
$ 110,250
$ 140,000
Prepaid Expenses
$ 1,750
$ 1,020
Equipment
$ 96,000
$ 100,000
Accumulated Depreciation - equipment
$ (50,000)
$ (42,000)
Total Assets
$ 236,450
$ 209,620
Account Payable
$ 16,230
$ 9,900
Interest Payable
$ 810
$ 10
Income taxes payable
$ 10,800
$ 9,500
Dividends Payable
$ 1,800
$ 2,800
Long-term Notes Payable
$ 62,000
Common shares
$ 135,000
$ 123,000
Retained Earnings
$ 16,310
$ 2,410
Total Liabilities & Shareholders' Equity
Round answers to fit 2 decimal places in all questions (in % questions a 0.12 is presented as 12%, so a 0.124 is rounded as 12% and 0.127 is rounded as 13%)
The quick ratio at December 20X4 was:
A. Between 0.88 and 2.64
B. Not enough data provided to calculate it
C. Equal or above 2.65
D. Between 0.22 and 0.87
E. Equal or below 0.21
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