Question 16 5 pts The Elsinore Boutique has beginning retained earnings of $32,600. For the year, the company suffered a net loss of $1,300 and paid out dividends of $500. The company also issued $2,500 worth of new stock. What is the value of the retained earnings account at the end of the year? $30,700 $33,400 $30,800 $28,300 O $33,300 Question 17 5 pts Your firm has been told that it needs $24,300 today to fund a $120,000 expense 16 years from now. What rate of interest is needed? 13.2% 14.8% O 10.5% 9.8% O 11.2% Question 18 5 pts Doug's Brooms has taxable income of $136,500 and paid tax of $24,000. What is the firm's average tax rate? 21.0% 17.6% We can't tell without seeing a corporate tax table. 10.4% O 12.5% Question 19 5 pts You are not thrilled about spending your entire life working. So, you have decided that you will invest $10,000 today and retire as soon as you can accumulate $1 million: If you can earn an average of 12 percent per year on your savings, how long will it take before you can retire? (approximately) 44.13 years At this rate of return, you will never be able to retire with $1 million. 40.64 years 55.56 years 37.68 years Question 20 5 pts Elsinore Nurseries had sales last year of $212,000 and costs of $136,350. The addition to retained earnings was $15,000, the firm paid interest of $5,100 and dividends of $5,000 were paid. The firm's tax rate is 20%. What is the amount of the depreciation expense incurred by the firm for last year? $15,250 O $31,300 $45,550 O $36,350 $39,300 Question 21 5 pts What is the official drink of our class? Water O RC Mountain Dew O Dr. Pepper O Coke