A company receives $50 cash from sales, of which $6 is for sales tax. The journal entry to record the sale would include a

1. debit to Sales Tax Expense for $6.

2. credit to Sales Tax Payable for $6.

3. credit to Cash for $50.

4. debit to Cash for $44.

If Year 1 equals $500, Year 2 equals $530, the percentage increase for Year 2 is

1. 100%.
2. 6%.
3. 8%.
4. 12%.

X Company had Net Income of $200,000. The number of common shares at the beginning of the year was 13,000, and the number of common shares at the end of the year was 15,000. X paid preferred dividends of $20,000. The current market price of one common share of X was $15. What is the P-E ratio?

1. 1.32
2. 1.63
3. 2.20
4. 1.17