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January 28, PLEASE CIRCLE, CLEARLY & UNAMBIGUOUSLY, THE CORRECT ANSWER Calculate the EBIT (Earnings before Interest and Taxes) for a firm with $2 million total revenues (sales), S1,480,000 COGS (Cost of Goods Sold includes Selling and Administrative Expenses, but not depreciation in this problem). S400,000 depreciation expense, S100.000 interest expense, and a 40 percent marginal tax rate. A. $ 520,000 B. $312,000 C. $ 120.000 D. S 72,000 E. $ 20.000 1. E-Books, Inc. recently reported net income of $3 million. Its operating income (EBIT) was $6 million, and the company pays a 40 percent tax rate. What was the company's reported interest expense for the year? A. $3.0 million. B. $2.4 million. C. $2.0 million. D. $18 million. E. S1.0 million. 2. Determine the net income from operations for the following firm: $500,000 sales, $250,000 cost of goods sold, $40,000 selling and administrative expenses, $60,000 depreciation expense, 530.000 interest expense. $10,000 common stock cash dividends, and a marginal tax rate of 40 percent. A. $72,000 B. $66,000 C. $62,000 D. $60,000 E. $48,000 3. The typical method for estimating the market value of shareholders' equity is to A. read from the firm's balance sheet. B. read from the firm's income statement. C. multiply the number of shares outstanding by the market price of each share. D. add the retained earnings and total liabilities on the balance sheet. E. add the common stock and paid-in capital and retained earnings accounts on the balance sheet. 4. 5. Moshavi Associates reported Retained Earnings in fiscal 2020 as $4.75 million. In fiscal 2021 Moshavi expect earnings before taxes (EBT) to be $1.12 million, interest expense to be $500,000, and its marginal tax rate to t 40 percent. If the firm's payout ratio is 25 percent, determine Moshavi's expected 2021 year-end Retaine Earnings. A. $5.422 million B. $5.254 million C. $5.029 million D. $4.918 million E. $4843 million