Ask Question, Ask an Expert


Ask Financial Accounting Expert

problem1.  Timber Firewood Company reported the following numbers in its year of 2010 income statement: EBIT $520,000 Depreciation $24,000 General expenses $35,000 Interest expenses $110,000 if its marginal tax rate was 30%, what were Timber's cash flows from operating activities for 2010?

a. $382,200
b. $347,200
c. $496,000
d. $520,000

problem2. Knox Corp. plans to sell 1,000 units in a 2011 at average sale price of $40 each. Cost of goods sold will be 40% of sale price. Depreciation expenditure will be $2,500, interest expenditure $1,500, and other expenditures will be $3,000. Wessel's tax rate is 35%. What will Knox Corp.'s net income be for 2011?

a. $ 9,500
b. $ 6,875
c. $14,200
d. $11,050
e. $28,430

problem3. What is return on stockholders' equity for a firm with the net profit margin of 4.9 percent, sales of $350,000, an equity multiplier of 1.6, and total assets of $215,000?

a. 12.76%
b. 15.24%
c. 12.57%
d. 8.88%

problem4. Jake Smith opened his Balinese coffee shop business in the downtown Boise on January 1st 2010. On December 31st, 2010, he sat down with his accountant to figure out how his business had done in its 1st year and heaved a sigh of relief when his accountant reported that his EBT came to $20,000. Revenues, at $1,050,000 looked good. His expenditures were as follows: Salaries and benefits paid to employees $210,000 Jake's own salary $100,000 Supplies (coffee, tea, pastries, milk, etc.) $620,000 Cost of Restaurant grade coffee machine $30,000 Miscellaneous operating costs $44,000 Interest on the loan $12,000 How much did Jake's accountant assign for depreciation and amortization?

a. $44,000
b. $14,000
c. $4,000
d. $0.00

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93912

Have any Question? 

Related Questions in Financial Accounting

Wilkins inc has two types of handbags standard and custom

Wilkins Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how ...

Last year burch corporations cash account decreased by

Last year Burch Corporation's cash account decreased by $34,000. Net cash provided by investing activities was $8,900. Net cash used in financing activities was $31,500. On the statement of cash flows, the net cash flow ...

Am coffee company roasts and packs coffee beans the process

AM Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in ...

Scout company reported the following year-end

Scout Company reported the following year-end information: Beginning work in process inventory $1,450,000 Beginning raw materials inventory 200,000 Ending work in process inventory 650,000 Ending raw materials inventory ...

A telephone switchboard 100 pair cable can be made up with

A telephone switchboard 100 pair cable can be made up with either enameled wire or tinned wire. There will be 400 soldered connections. The cost of soldering a connection on the enameled wire will be $1.65 and on the tin ...

You have been asked by your audit client bolts ltd bolts to

You have been asked by your audit client, Bolts Ltd (Bolts), to prepare a report that analyses the potential acquisition of Steel Pty Ltd (Steel). Prior to conducting your analysis, you decide to verify the accuracy and ...

What makes the situation with the armored car driver fall

What makes the situation with the armored car driver fall within public policy? Was the employer violating any state or federal law? Was the employee being asked to due something that violates either the law or an agency ...

Louis files as a single taxpayer in april of this year he

Louis files as a single taxpayer. In April of this year he received a $1,120 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following ind ...

The watch shop earned net income of 71000 after deducting

The Watch Shop earned net income of $71,000 after deducting depreciation of $8,000 and all other expense. Current assets decreased by $7,000, and current liabilities increased by $9,000. How much was The Watch Shop's cas ...

Northern glass manufacturing has a current production level

Northern Glass Manufacturing has a current production level of? 200,000 glass jars per month. Unit costs at this level? are: Direct materials ?$0.345 Direct labour 0.400 Variable overhead 0.175 Fixed overhead 0.100 Marke ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate