At the Bartholomew Company last year all sales were for cash and all expenses were paid in cash. The tax rate was 30%. If the after-tax net cash inflow from these operations last year was $10,500, and if the total before tax cash expenses were $35,000, then the total before-tax cash sales must have been

At the Bartholomew Company last year all sales were for cash and all expenses were paid in cash. The tax rate was 30%. If the after-tax net cash inflow from these operations last year was $10,500, and if the total before tax cash expenses were $35,000, then the total before-tax cash sales must have been

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(Calculating corporate income tax) G. R. Edwin Inc. had sales of $6 million during the past year. The cost of goods sold amounted to $3 million. Operating expenses totaled $2.6 million, and interest expense was $30,000. Determine the firm's tax li- ability. What are the firm's average and marginal tax rates?
QUESTION: Panda Inc.'s net income for the most recent year was $15,985. The tax rate was 35 percent. The firm paid $3,886 in total interest expense and deducted $2,565 in depreciation expense. What was the company's cash coverage ratio for the year?
For the past year, Kayla, Incorporated, has sales of $47,747, interest expense of $4,400, cost of goods sold of $17,884, selling and administrative expense of $12,431, and depreciation of $7,430. If the tax rate is 25 percent, what is the operating cash flow? Multiple Choice $16,032 $14,659 $11,632 $5,602 $4,202
A company's tax rate is 33% and its interest expense is $18,500. In addition, its cost of goods sold is 61% of sales and its depreciation and amortization expenses are $35,800. What must the company's revenue be for it to have earnings of $150,000? 1) $603,238 2) $641,914 3) $681,271 4) $713,284 5) $703,211
At year-end 2002, Yung.com had notes payable of $1200, accounts payable of $2400, and long-term debt of $6000. Corresponding entries for 2003 are $1600, $2000, and $6000. Asset values are below. During 2003, Yung.com had sales of $5000, cost of goods sold of $ 400, depreciation of $100, and interest paid of $150. The (average) tax rate is 21 %, and all taxes are paid currently. The company has 100 shares of common stock outstanding with a stock price of $15 at the end of 2003. Total dividends paid is $120 in 2003. Current Asset 2002 2003 Cash $800 $500 Marketable securities 400 300 Accounts receivable 900 800 Inventory 1800 2000 Fixed Assets Net Fixed Asset ( Plant&Equipment) $6000 $2000 In 2003, the Market - value - to - Book - value ratio is %
Holly's Art Galleries recently reported $15.8 million of net income. Its EBIT was $26 million, and its federal tax rate was 21% (ignore any possible state corporate taxes). What was its interest expense? (Hint: Write out the headings for an income statement and then fill in the known values. Then divide $15.8 million net income by 1 − T = 0.79 to find the pre-tax income. The difference between EBIT and taxable income must be the interest expense.) Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar.
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Benson, Inc., has sales of $44830, costs of $14,370, depreciatior and interest expense of $2,390. The tax rate if 23 percent. What is the operating cash flow, or OCF?
Foraker Inc. has sales of $52,900, costs of $35,443, depreciation expense of $3,480, and interest expense of $2,105. If the tax rate is 21%, the operating cash flow (OCF) is:
An after-tax cash flow analysis produced the data below for the year 2013. Determine the after-tax cash flow for 2013? Before-Tax-and-Loan = $23,000 Loan Principal Payment = $3,203 Loan Interest Payment = $3,878 Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658 [enter your answer as a whole number, with no dollar sign or comma] 17,465