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Problem - Shown below are the financial statements for the Alpha Corporation
Alpha Corporation Income Statement for the year ended December 31, 20X2 and 20X1 (amounts in thousands)
20X2
20X1
Net Sales
$130,000
$117,000
Cost of Goods Sold
64,000
56,000
Gross Profit
66,000
61,000
Operating Expenses
35,000
38,800
Operating Income
31,000
22,200
Interest Expense
8,000
7,200
Income Before Income Tax
23,000
15,000
Income Tax
8,050
4,950
Net Income
$14,950
$10,050
Alpha Corporation Balance Sheet December 31, 20X2 and 20X1
Assets
Cash
$8,500
$7,000
Accounts Receivable
7,100
6,400
Inventory
10,600
10,000
Plant Assets
39,000
34,000
Less: Accumulated Depreciation
(6,000)
(5,000)
Total Assets
$59,200
$52,400
Liabilities & Stockholders' Equity
Accounts Payable
$7,900
$6,000
Notes Payable - short term
4,400
4,000
Bonds Payable
18,000
Common Stock
9,600
9,300
Retained Earnings
19,300
18,100
Total Liabilities & Stockholders' Equity
Required -
1. Refer to Alpha Corporation. What is the working capital for 20X2 and 20X1, respectively?
A. $13,900 and $13,400
B. $34,900 and $32,400
C. $7,700 and $7,400
D. $7,800 and $6,400
2. Refer to Alpha Corporation. What is the inventory turnover for 20X2?
A. 12.62
B. 6.21
C. 6.41
D. 6.04
3. Refer to Alpha Corporation. The percentage change in Notes Payable is:
A. 9.09%
B. 9.52%
C. 10.0%
D. 4.0%
4. Refer to Alpha Corporation. The common-size percentage of retained earnings in 20X1 is:
A. 32.6%
B. 16.7%
C. 92.5%
D. 34.5%
5. Refer to Alpha Corporation. The debt ratio in 20X1 is:
A. 51.2%
B. 47.7%
C. 40.1%
D. 19.1%
6. Refer to Alpha Corporation. What is the ROA for 20X2?
A. 26.8%
B. 52.4%
C. 55.6%
D. 25.3%
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