Reference no: EM133106765
Questions -
Q1. You purchased a car for $50,000. Suppose that the economic useful life of the car is 5 years with no salvage value at the end. What is the depreciation expense in year 4 based on straight-line depreciation?
a) $10,000
b) $40,000
c) $20,000
d) $30,000
Q2. In 2020, the gross (tangible) fixed assets for a business were reported to be $100 million. Also, in 2019, the accumulated depreciation was reported to be $85,000 for the same business. You are further informed that this business reported $5,000 depreciation expense on its 2020 income statement. Based on this information, what would be the net fixed asset value in 2020?
$10,000
$20,000
$15,000
$5,000
Q3. A company reported the following data for a given year:
-$24 million in net income
-$230 million in common stock
-$56 million in preferred stock
-$78 million retained earnings
Based on the data reported, what is the total common equity (in millions)?
a) 332
b) 364
c) 388
d) 308
Q4. A company reported $56 million in interest expense, and this company was subject to 20% tax rate. What is the net burden of interest (i.e., after-tax interest expense) in millions?
a) $67.2
b) $44.8
c) $11.2
d) $56
Q5. A company reported the following data:
-Accounts receivable (2021): 450,000
-Accounts receivable (2020): $525,000
-Accounts payable (2021): $600,000
-Accounts payable (2020): $500,000
What is the net effect of these items on the 2021 Statement of Cash Flows?
a) $175,000
b) $25,000
c) -$175,000
d) -$25,000
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