1. The financial statements of Auto precision limited reflect cash of $10,600, accounts receivable of $15,000, accounts payable of $22.900, inventory of $23,000, long-term debt of $45,000, and not fixed assets of $83,800. The firm estimates that if it wanted to cease operations today it could sell the inventory for $35,000, the fixed assets for $50,000 and cash at hand $ 20,000. The firm could also collect 100 percent of its receivables Calculate both the book value and market value of the firm's assets? 2. Old Town Coffee has sales of $58 1,000, costs of $350,700, depreciation expense of $35.000, and interest paid of $8,400. The tax rate is 15 percent. How much net income after interest and tax did the firm earn for the period? 3. Old Town Coffee has a marginal tax rate of 35 percent and an average tax rate of 20.7 percent. If the firm earns $158.500 in taxable income, how much will it owe in taxes? 4. Rashid owes $68,329 in tax on a taxable income of $750,600. The company has determined that it will owe $85.211 in tax if its taxable income rises to $975,000 What is the marginal tax rate at this level of income? 5. The Plaza Cafe has an operating cash flow of $78,460, depreciation expense of $8.960, and taxes paid of $21,590. A partial listing of its balance sheet accounts is as follows: Beginning Balance Ending Balance Current assets $141.680 $138.509 Net fixed assets 5687810 $703, 411 Current Sebilities $87 340 $91 516 Long-term debt $267.000 $248.000 What is the amount of the cash flow from assets? 6. Zubeir Engineering paid $2,000 in dividends and $9,500 in interest over the past year while networking capital increased from $53,506 to $68,219. The company purchased $92,000 in net new fixed assets and had depreciation expenses of $20,000. Over the year, the firm's equity increases from $24,000 10 $ 25,000 and its net borrowing is $8.000. What is the amount of the cash flow from assets? 7. Jetti Factory has net sales of $821,300 and costs of $698,500. The depreciation expense is $28,400 and the interest paid is $8,400. What is the amount of the firm's operating cash flow if the tax rate is 34 percent