28) Staford Company has a total EBIT of S4 A) SI,000,000 B) $500,000 c) so D) $4,000,000 29, 29) The acid-test ratio of a firm would be unaffected by which of the following? nts payable are reduced by obtaining a short-term loan ries are sold for cash. aventories are sold on a short-term credit basis B) Accou C) Invento D) Common stock is sold the and the money is invested in marketable securities. 30. 30) The c A) Land held for investment is sold for cash. B) Inventories are sold on a credit basis. otra firm woud be inrease by which of the followving? C) Equipment is purchased, financed by a long-term debt issue D) Inventories are sold for cash 31) Compute the total tax liability for a single individual with total taxable income 31 Single Individuals Plus This Percentage on You Pay this Amount on the the Excess over the Base Average Tax Rate at Base of the Bracket (Marginal Rate) If your Taxable Income Is Top Bracket 10.0% 150% 25.0% 28.0% 33.0% 35.0% 39.6% 10.0% 13.8% 20.4% 24.3% 29.0% 29.0% 39.6% 59,225-$37450S 537,450-590,750 922.50 5,156.25 $90,750-$189,750 S 18,481.25 46,075.25 $411,500-$413,200119,401.25 $189,750-$411,500 S Over $413200 119,996.25 A) S19,250.38 B) S24,000.21 C)S18,500.56 D) $10,793.75 32) Macomb Company has sales of $2,000,000 and cost of goods sold of $1,000,000. It also has operating expenses of $500,000. The company had an interest expense of $20,000 and an Other Income of $50,000. Macomb Company's total taxable income would be A) $480,000 B) S500,000 C) $1,000,000 D) S530,000 33) In accrual basis accounting, we record A) revenues when earned B) expenses when incurred C) both A and B D) neither A or B