Reference no: EM133103581
Questions -
Q1. A company has Cash = $200,000; Inventory = $250,000; Accounts Receivable = $150,000; Fixed Assets = $300,000; Long Term Liabilities = 50,000; and Accounts Payable = $75,000. Compute the company's Current Asset balance.
Q2. Harold's company makes and sells rain coats. Which computed item on the income statement illustrates how much money Harold's company makes from it's core business (rain coats)?
Q3. Kelly's Nail Salon had Sales of $300,000 last year as well as Gross Profit of $200,000, EBIT of $150,000, EBT of $145,000, and taxes of $26,000. Compute the company's COGS.
Q4. Jimbo's Bike Shop had $250,000 in EBIT last year. The company had $20,000 in interest expense and pays 22% corporate income tax each year. How much was Jimbo's taxable income (earnings before tax, or EBT)?
Q5. A company has Cash = $150,000; Inventory = $50,000; Accounts Receivable = $75,000; Fixed Assets = $100,000; and Accounts Payable = $25,000. Compute the company's Total Asset balance.
Q6. A company has Cash = $100,000; Inventory = $150,000; Accounts Receivable = $50,000; Fixed Assets = $100,000; Long Term Liabilities = $50,000; and Accounts Payable = $25,000. Compute the company's Current Asset balance.
Q7. Jeremy's business has incurred some expenses that have nothing to do with the company's main (core) business. How should these expenses be categorized on the income statement?
Q8. A company has Cash = $150,000; Inventory = $50,000; Accounts Receivable = $75,000; Fixed Assets = $100,000; and Accounts Payable = $25,000. Compute the company's Current Asset balance.
Q9. Frosty Cone Ice Cream Shop has $1,000 in cash; $2,000 in inventory; and $10,000 in net fixed assets. Total Assets equal $15,000. Compute the company's Accounts Receivable balance.
Q10. Jimmy's Super Store has the following on its balance sheet: Inventory = $1,000; Accounts Receivable = $3,000; Fixed Assets = $50,000; Owners Equity = $35,000; Total Liabilities = $40,000. Total Liabilities and Owners Equity = $75,000. Calculate the company's Cash balance.
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