1. (Income statement) At the end of its third year of operations, the August Manufacturing Co. had $4,500,000 in revenues; $3,375,000 in cost of goods sold; $450,000 in operating expenses, which included depreciation expense of $150,000; and had a tax liability equal to 35 percent of the firm's taxable income. What is the net income of the firm for the year?

2. (Working with the balance sheet) The Flower Seed Company grows heirloom tomatoes and sells their seeds. The heirloom tomato plants are preferred by many growers for their superior flavor. At the end of the most recent year the firm had current assets of $50,000, net fixed assets of $250,000, current liabilities of $30,000, and long-term debt of $100,000.

1. Calculate Flower's stockholders' equity.
2. What is the firm's net working capital?
3. If Flower's current liabilities consist of $20,000 in accounts payable and $10,000 in short-term debt (notes payable), what is the firm's net working capital?

the following homework questions in Word or Excel, as applicable. Clearly label your response and organize your work.