1. Olmos Packaging has equipment with a book value of $3,560 that could be sold today for $3,900. Its inventory is valued at $1,780 and could be sold immediately to a competitor at a discount of 25 percent. The firm has $260 in cash and customers owe the firm $950, of which 98 percent is collectible. What is the current market value of the firm's assets? A) $6,086 B) $5,536 C) $6,426 D) $6,316 E) $5,946 2. Mahesri Excavations added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, depreciation was $812, dividends paid were $285, and the interest expense was \$103. What was the cost of goods sold if the total tax rate was 23 percent? A) $20,225 B) $24,385 C) $18,457 D) $14,815 E) $21,393 1. Gupta Global has operating income of $68,200, interest expense of \$210, dividends paid of \$320, depreciation of $12,400, other income of $2,100, common stock of $48,500 with a par value of $1 per share, and retained earnings of $29,700. What is the earnings per share if the tax rate is 21 percent? A) $1.14 B) $1.21 C) $.82 D) $.96 E) $1.33 4. At the beginning of this year, Basit Framing had net fixed assets of $21,506 and total assets of $32,687. At year's end, net fixed assets are $20,492 and total assets are $32,915. The annual depreciation expense is $1,520. What is net capital spending for this year? A) -850 B) $506 C) $1,292 D) $2,534 E) $1,748