1. The December 31, 2009, balance sheet of Schism, Inc., showed long-term debt of $1.395 million, and the December 31, 2010, balance sheet showed long-term debt of $1.57 million. The 2010 income statement showed an interest expense of $93,500.

Required:

What was the firm's cash flow to creditors during 2010? (Do not include the dollar sign ($). Negative amount should be indicated by a minus sign. Enter your answer in dollars, not millions of dollars (e.g., 1,234,567))

Cash flow to creditors

$

2. Lifeline, Inc., has sales of $601,000, costs of $257,000, depreciation expense of $63,000, interest expense of $30,000, and a tax rate of 35 percent.

Required:

What is the net income for this firm? (Do not include the dollar sign ($).) 3.

The SGS Co. had $283,000 in taxable income. Use the rates from Table 2.3.

Required:

Calculate the company