Question
1. The SGS Co. had $101,000 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to
1. The SGS Co. had $101,000 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Calculate the companys income taxes.
Income taxes $
2. Ordonez Lumber Yard has a current accounts receivable balance of $442,516. Credit sales for the year just ended were $8,423,205.
What is the receivables turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Receivables turnover times What is the days sales in receivables? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Days sales in receivables days How long did it take on average for credit customers to pay off their accounts during the past year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Average collection period days
3. Fincher, Inc., has a total debt ratio of .82. What is its debtequity ratio? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Debtequity ratio times What is its equity multiplier? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Equity multiplier times
TABLE 2.3 Tax Rate Taxable Income Corporate tax rates 50,000 75,000 75,001 100,000 100,001335,000 335,001-10,000,000 10,000,001- 15,000,000 15,000,001- 18,333,333 15% 25 34 39 34 35 38 35 0- 50,001- 18,333,334+Step by Step Solution
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