A company has Cash = $200,000; Inventory = $250,000; Accounts Receivable = $150,000; Fixed Assets = $300,000; Long Term Liabilities = $`50,000; and Accounts Payable = $75,000. Compute the company's Current Asset balance.

Group of answer choices

$900,000

$450,000

$400,000

$600,000

Flag question: Question 2

Harold's company makes and sells rain coats. Which computed item on the income statement illustrates how much money Harold's company makes from it's core business (rain coats)?

Group of answer choices

EBT (Taxable Income)

Net Income

Operating Income (EBIT)

Depreciation

Flag question: Question 3

Kelly's Nail Salon had Sales of $300,000 last year as well as Gross Profit of $200,000, EBIT of $150,000, EBT of $145,000, and taxes of $26,000. Compute the company's COGS.

Group of answer choices

$5,000

$26,000

$100,000

$50,000

Flag question: Question 4

Jimbo's Bike Shop had $250,000 in EBIT last year. The company had $20,000 in interest expense and pays 22% corporate income tax each year. How much was Jimbo's taxable income (earnings before tax, or EBT)?

Group of answer choices

$250,000

$50,600

$230,000

$179,400

Flag question: Question 5

A company has Cash = $150,000; Inventory = $50,000; Accounts Receivable = $75,000; Fixed Assets = $100,000; and Accounts Payable = $25,000. Compute the company's Total Asset balance.

Group of answer choices

$100,000

$325,000

$375,000

$350,000

Flag question: Question 6

A company has Cash = $100,000; Inventory = $150,000; Accounts Receivable = $50,000; Fixed Assets = $100,000; Long Term Liabilities = $50,000; and Accounts Payable = $25,000. Compute the company's Current Asset balance.

Group of answer choices

$200,000

$150,000

$400,000

$300,000

Flag question: Question 7

Jeremy's business has incurred some expenses that have nothing to do with the company's main (core) business. How should these expenses be categorized on the income statement?

Group of answer choices

Depreciation

General and Administrative Expenses

Other Expenses

Sales and Distribution Expenses

Flag question: Question 8

A company has Cash = $150,000; Inventory = $50,000; Accounts Receivable = $75,000; Fixed Assets = $100,000; and Accounts Payable = $25,000. Compute the company's Current Asset balance.

Group of answer choices

$275,000

$150,000

$300,000

$225,000

Flag question: Question 9

Frosty Cone Ice Cream Shop has $1,000 in cash; $2,000 in inventory; and $10,000 in net fixed assets. Total Assets equal $15,000. Compute the company's Accounts Receivable balance.

Group of answer choices

$5,000

$15,000

$2,000

$3,000

Flag question: Question 10

Jimmy's Super Store has the following on its balance sheet: Inventory = $1,000; Accounts Receivable = $3,000; Fixed Assets = $50,000; Owners Equity = $35,000; Total Liabilities = $40,000. Total Liabilities and Owners Equity = $75,000. Calculate the company's Cash balance.

Group of answer choices

$40,000

$75,000

$4,000

$21,000