1. Suppose that a firm has total assets of $1,100,000, Long-term debt of $400,000, total Common equity of $400,000, and Preferred stock of $50,000. The only other item recorded on the right hand side of the firm’s balance sheet is current liabilities. Calculate the firm’s current liabilities?
2. Calculate net income based on the following information: Sales = $350.00, Cost of goods sold =
$190.00, Operating expenses = $100.00, Depreciation = $10.00, Interest expense = $20.00, Tax rate = 30%, Dividends paid = $3.00.
3. In 2005, Jason Incorporated reported Net sales of $1,432,500 and Returns and Allowances of
$28,500. What were Jason’s Gross sales in 2005?
Gross sales = Net sales + Returns and allowances
= 1,432,500 + 28,500 = 1,461,000
First column (in order): E, CA, CA, CL, CE
Second column (in order): CA, CL, FA, LTD, CA
2. Calculate net income based on the following information: Sales = $350.00, Cost of goods sold =
$190.00, Operating expenses = $100.00, Depreciation = $10.00, Interest expense = $20.00, Tax rate = 30%, Dividends paid = $3.00.
3. In 2005, Jason Incorporated reported Net sales of $1,432,500 and Returns and Allowances of
$28,500. What were Jason’s Gross sales in 2005?
Gross sales = Net sales + Returns and allowances
= 1,432,500 + 28,500 = 1,461,000
First column (in order): E, CA, CA, CL, CE
Second column (in order): CA, CL, FA, LTD, CA
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