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1) Wells Water Systems recently reported $9,250 of sales, $4,750 of operating costs other than depreciation, and $1,100 of depreciation. The company had no amortization charges, it had $3,250 of outstanding bonds that carry a 6.75% interest rate, and its federal-plus-state income tax rate was 34%. In order to sustain its operations and thus generate sales and cash flows in the future, the firm was required to spend $750 to buy new fixed assets and to invest $250 in net operating working capital. How much free cash flow did Wells generate?

2) Amram Company’s current ratio is 1.9. Considered alone, which of the following actions would reduce the company’s current ratio?

i) Borrow using short-term notes payable and use the proceeds to reduce accruals.

ii) Borrow using short-term notes payable and use the proceeds to reduce long-term debt.

iii) Use cash to reduce accruals.

iv) Use cash to reduce short-term notes payable.

v) Use cash to reduce accounts payable.

3) Northwest Lumber had a profit margin of 6.25%, a total assets turnover of 2.4, and an equity multiplier of 1.6. What was the firm's ROE?

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