46. The Good Life Store has sales of $79,600. The cost of goods sold is $48,200 and the other costs are $18,700. Depreciation is $8,300 and the tax rate is 34 percent. What is the net income? A. $2,904

$8,382

$11,204

$14,660

$16,682

47. Chevelle, Inc. has sales of $487,000 and costs of $394,500. The depreciation expense is $43,800. Interest paid equals $18,200 and dividends paid equal $6,500. The tax rate is 35 percent. What is the addition to retained earnings? A. $10,775

$11,460

$13,120

$13,325

$15,450

48. Holly Farms has sales of $581,600, costs of $479,700, depreciation expense of $32,100, and interest paid of $8,400. The tax rate is 42 percent. How much net income did the firm earn for the period? A. $25,788

35,612

$43,380

$45,671

$45,886

49. For the year, Movers United has net income of $31,800, net new equity of $7,500, and an addition to retained earnings of $24,200. What is the amount of the dividends paid?

$100

$7,500

$7,600

$15,100

$16,700

50. Bama & Co. owes a total of $21,684 in taxes for this year. The taxable income is $61,509. If the firm earns $100 more in income, it will owe an additional $56 in taxes. What is the average tax rate on income of $61,609?

28.00 percent

30.33 percent

33.33 percent

35.00 percent

35.29 percent

51. Paddle Fans & More has a marginal tax rate of 34 percent and an average tax rate of 23.7 percent. If the firm earns $138,500 in taxable income, how much will it owe in taxes?

$31,366.67

$31,500.00

$32,824.50

$39,957.25

$47,090.00

52. Redneck Farm Equipment owes $48,329 in tax on a taxable income of $549,600. The company has determined that it will owe $56,211 in tax if its taxable income rises to $565,000. What is the marginal tax rate at this level of income?

9.95 percent

30.00 percent

30.67 percent

51.03 percent

51.18 percent

53. Use the following tax table to answer this question:

Bait and Tackle has taxable income of $411,562. How much does it owe in taxes? A. $128,603.33

$134,611.27

$138,542.79

$139,931.08

$141,354.82

54. Use the following tax table to answer this question:

The Holiday Inn earned $177,284 in taxable income for the year. How much tax does the company owe on this income? A. $46,311.02

$48,490.76

$52,390.76

$59,998.81

$65,240.76

55. The balance sheet of a firm shows beginning net fixed assets of $348,200 and ending net fixed assets of $371,920. The depreciation expense for the year is $46,080 and the interest expense is $11,460. What is the amount of the net capital spending?

-$22,360

-$4,780

$23,720

$58,340

$69,800