(Answered) Finance practice questions

11. Board Bagels, a small cafe in downtown Pittsburgh, had a net sales of $230,000 for the most recent fiscal year, 65% of which were eaten up by its costs. The firm had some baking equipment that cost $45,000 with a salvage value estimated at $5,000 and was being depreciated over 10 years using the straight-line method. Interest on accumulated loans amounted to $12,000 and the cafe had a net tax rate of 25%. What was it's net income?;A. $48,375;B. $17,625;C. $48,000;D. $160,500;12. Old Company paid taxes of $ 20,000 and purchased equipment worth $ 25,000 during the year that ended June 30, 2008. The firm had net income of $400,000 during the year ended June 30, 2008. After paying out $25,000 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $875,000, what was the level of retained earnings on its balance sheet on July 1, 2007?;a) $ 480,000;b) $ 520,000;c) $ 920,000;d) $ 500,000;13. Johnson Corporation has announced that its net income for the year ended June 30, 2008, is $1,000,000. The company had an EBITDA of $ 4,900,000, and its depreciation and amortization expense was equal to $1,500,000. The company?????????s tax rate is 34 percent. What is the amount of interest expense for the Corporation?;a) $ 1,590,749;b) $ 1,884, 849;c) $ 880, 659;d) $ 1,489,500;14. A market value balance sheet can provide;a) management with a more exact statement of the firm?????????s net income;b) investor's with a better understanding of the cost of the firm?????????s assets;c) misleading information on the earnings per share of most firms;d) better information on the stockholder's equity;15. Common-size financial statements include;I. balance sheets with contents divided by total assets;II. income statements with contents divided by net sales or revenues;III. cash flow statements with contents divided by depreciation and amortization;A. I only;B. II only;C. I and II
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Finance practice questions

 


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