QUESTION 12: A company has $4,400,000 of earnings available to common shareholders (EATCS). If the payout ratio is 40%, by how much will retained earnings increase?

		$1.1 million
		$3.08 million
		$2.3 million
		$14.67 million
		none of these

QUESTION 13: A company has $2,400,000 in annual credit sales and an average collection period of 21 days. If the average collection period (DSO) is 11 days, what is the accounts receivable balance? Use a 365-day year.

		$101,298
		$145,287
		$72,329
		$138,082
		none of these

QUESTION 14: Calculate the times interest earned if net income equals $14.5 million, if interest expense is $8 million and the firm's tax rate is 38%.

		2.236x
		2.985x
		3.923x
		3.011x
		none of the above