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Question 1: ABC Inc. has current liabilities of $30 million. Cash makes up 10 percent of the current assets and accounts receivable makes up another 40 percent of current assets. If ABC's current ratio = 2.1 times. Calculate the value of inventory listed on the firm's balance sheet.
Option 1: $31.5m.
Option 2: $15.75m.
Option 3: $41.75
Option 4: $23.2m.
Smith Company had the following on the dates indicated:
12/31/16 12/31/15
Total assets $ 560,000 $330,000
Total liabilities 35,000 25,000
Question 2: Smith had no stock transactions in 2016; thus, the change in stockholders' equity for 2016 was due to net income and dividends. If dividends were $70,000, how much was Smith's net income for 2016?
Option 1: $360,000
Option 2: $220,000
Option 3: $290,000
Option 4: $150,000
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