Question
The following question(s) refer to the year-end account balances for Jensen Systems, Inc. The accounts are listed not in the order they appear on the
The following question(s) refer to the year-end account balances for Jensen Systems, Inc. The accounts are listed not in the order they appear on the financial statements. The applicable tax rate is 40%. Income Statement
| Cost of Goods Sold | 300 |
| Interest Expense | 30 |
| Operating Expense (excluding depreciation) | 115 |
| Sales | 600 |
| Tax | ??? |
Balance Sheet
| Accounts Payable | 35 |
| Accounts Receivable | 65 |
| Accruals | 30 |
| Accumulated Depreciation | (175) |
| Cash | 35 |
| Common Stock | 120 |
| Fixed Assets (gross) | 390 |
| Inventory | 135 |
| Long Term Debt | 200 |
| Retained Earnings | 65 |
1. What was the company's earnings before interest and taxes (EBIT)?
| a. | $185 |
| b. | $100 |
| c. | $160 |
| d. | $215 |
| e. | $120 |
2. What is the company's tax liability?
| a. | $48 |
| b. | $60 |
| c. | $55 |
| d. | $46 |
| e. | $40 |
3. What was the company's Net Income?
| a. | $72 |
| b. | $60 |
| c. | $80 |
| d. | $69 |
| e. | $76 |
4. What is the company's Total Assets?
| a. | $450 |
| b. | $570 |
| c. | $625 |
| d. | $420 |
| e. | $490 |
5. What is company.'s Total Equity?
| a. | $115 |
| b. | $120 |
| c. | $200 |
| d. | $240 |
| e. | $185 |
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Supernatural Provision Living In Financial Freedom
Authors: Joan Hunter, Sid Roth
1st Edition
1641238232, 978-1641238236
