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FRL 300 Chapter 2 Homework

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FRL 300 Chapter 2 Homework

 

  1. A firm has common stock of $87, paid-in surplus of $240, total liabilities of $395, current assets of $360, and fixed assets of $570. What is the amount of the shareholders' equity?

 

  1. Recently, the owner of Martha's Wares encountered severe legal problems and is trying to sell her business. The company built a building at a cost of $1,270,000 that is currently appraised at $1,470,000. The equipment originally cost $750,000 and is currently valued at $497,000. The inventory is valued on the balance sheet at $440,000 but has a market value of only one-half of that amount. The owner expects to collect 98 percent of the $240,200 in accounts receivable. The firm has $10,800 in cash and owes a total of $1,470,000. The legal problems are personal and unrelated to the actual business. What is the market value of this firm?

 

  1. The tax rates are as shown.

 

Taxable Income

Tax Rate

$0 – 50,000  

15%

50,001 – 75,000  

25%

75,001 – 100,000  

34%

100,001 – 335,000  

39%

  

What is the average tax rate for a firm with taxable income of $130,513?

 

  1. Your firm has net income of $351 on total sales of $1,440. Costs are $790 and depreciation is $110. The tax rate is 35 percent. The firm does not have interest expenses. What is the operating cash flow?

 

  1. At the beginning of the year, long-term debt of a firm is $276 and total debt is $323. At the end of the year, long-term debt is $253 and total debt is $333. The interest paid is $19. What is the amount of the cash flow to creditors?

 

  1. A firm has sales of $1,050, net income of $209, net fixed assets of $510, and current assets of $266. The firm has $84 in inventory. What is the common-size statement value of inventory?

 

  1. Mario's Home Systems has sales of $2,880, costs of goods sold of $2,220, inventory of $516, and accounts receivable of $436. How many days, on average, does it take Mario's to sell its inventory?

 

  1. Use the following information to answer this question.

   

Windswept, Inc. 2010 Income Statement ($ in millions)

Net sales

$ 9,850

Less: Cost of goods sold

8,090

Less: Depreciation

485

Earnings before interest and taxes

$ 1,275

Less: Interest paid

118

Taxable Income

$ 1,157

Less: Taxes

405

Net income

$ 752

  

 

Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions)

 

2009

2010

 

2009

2010

Cash

$ 290

$ 320

Accounts payable

$ 1,630

$ 1,885

Accounts rec.

1,120

1,020

Long-term debt

1,180

1,340

Inventory

2,000

1,775

Common stock

$ 3,500

$ 3,080

Total

$ 3,410

$ 3,115

Retained earnings

670

920

Net fixed assets

3,570

4,110

 

 

 

Total assets

$ 6,980

$ 7,225

Total liab. & equity

$ 6,980

$ 7,225

 

 Questions continued to No. 30 in the solutions

 

 

 

 

 

A+ Grade Solutions FRL 300 Chapter 2 Homework A firm has common stock of $87, paid-in surplus of $240, total liabilities of $395, current assets of $360, and fixed assets of $570. What is the amount of the shareholders' equity? Recentl
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