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10. The founder of ABC Inc. discovered a way to turn gold into lead and patented this new technology. He then formed a corporation and invested $100,000 in setting up a production plant. He believes that he could sell his patent for $40 million. What is the market value of the firm? A. 50,200,000 B. 40,100,000 C. 35,000,000 D. 40,000,000 11. Butterfly Tractors had $15 million in sales last year. Cost of goods sold was S8.00 million, depreciation expense was $2 million, interest payment on outstanding debt was S1 million, and the firm's tax rate was 35%. What was the firm's net income? A. 1.95 . 2.60 C. 3.00 D. 1.50 12. Sheryl's Shipping had sales last year ofs15,000. The cost of goods sold was $6,500, general and administrative expenses were $1,000, interest expenses were S500, and depreciation was S1,000. The firm's tax rate is 35% . What are earnings before interest and taxes (EBIT)? A. 1,500 B. 6,500 C. 6,000 D. 3,000 13. Which one of these will increase a firm's cash balance? A. An increase in inventory B. A decrease in accounts payable C. An issue of debt securities D. Purchase of new equipment 14. What would be the average tax rates for a married couple with taxable income of S100,000? Tble Incm Sngle Ty M Tpys ing nt Tee Re 0-18.550 14551-25 300 0-8275 100 9276-37 450 37 651-31150 9151-130 150 190 151-413 350 15 0 5301-151300 15301-231 450 231451-413 30 411251-4 s 46951ad dove 250 20 110 413351-415050 415081nd ove B. 14.5% C. 15.6% A. 16.54% B. 12.0%