25, and IBUnt of the firm\'s current liabilities? Exhibit 2 8 $648,670, operatin

Question

25, and IBUnt of the firm's current liabilities? Exhibit 2 8 $648,670, operating and administra $272.480. Interest expense ment for Teak Tables lists the following income and expenses: Sales revenue $62,500 and gross profit tive expense 470 and taxes $71,320, depreciation 34,720 for 2016. = $38, 13. Use 14. Use Exhibit 2. What is the firm's net income in 2016? 15. The balance in a firm's cash account was $137 232 Exhibit 2. What is the 2016 cost of goods sold that is reported on the income statement? at the end of 2017. In 2017, a firm had cash flows from operations of $309,864, cash flows from investing activities of n egative $486,750 and cash flows from financing activities of $172,500. What was the firm's beginning cash balar 16. Quick Delivery, Inc. has total assets of $3,425,800 of which $1.286,350 are curr percent of the current assets and accounts receivable makes up another 36 percent of current assets. Quick Delivery's gross plant and equipment has an original cost of $2,469,300 and other long-term cost value of $426,500. What is the balance of depreciation on Quick Delivery's balance sheet? Fragrant Flowers has current liabilities of $203,450. Cash makes up 16 percent of the current assets and accounts receivable equals $75,682. If Fragrant Flowers has net working capital of S82,750, what is the amount of inventory? 17. 18. From the 2017 balance sheet for Classic Caps, Inc. you find the following balances: Accrued wages and taxes $67.560, Cash and marketable securities $83,125, Accounts payable $187,475, Accounts receivable - $124,315, Inventory $228,250, short-term notes payable $145,750, Long-term Notes payable - $475,000 and stockholder's equity $725,800. What is the amount of net working capital for Classic Caps? 19. In 2017, Tampa Tanks, Inc. had cash flows from investing activities of negative $325,000 and cash flows from was $268,390 at the financing activities of negative $485,000. The balance in the firm's cash account beginning of 2017 and $247,865 at the end of the year. What was the firm's cash flow from operation 2017? of goods sold = $589,950, operating expense and depreciation $125,675 and interest expense-S39875 The firm believes that COGS will always be 67.5% o sales. Suppose the firm wants to achieve a net income of $112,500. Assuming the operating costs, depreciation, and interest expense will remain the same, how large must sales be to achieve this goal? Assume a 28.0% tax rate 20. Amazing Gadgets, Inc. originally forecasted the following financial data for next year: Sales $874,000, Cost The current balance sheet for Clean Soils, Inc. lists net fixed assets as $736,000. The fixed assets could currently be sold for $924,000. The balance sheet shows current liabilities of $328,575 and net working capital of $143,860. If all the current accounts were liquidated today, the company would receive $218,400 cash after 21. paying all of its current liabilities at book value. How much larger is market value than book value of the fim's assets today?

Explanation / Answer

13). Cost of Goods Sold ;-

= Sales Revenue - Gross Profit

= $648670 - $272480

= $376190

14). Net Income :-

= Gross Profit - Operating and Administrative Expenses - Depreciation Expense - Interest Expense

= $272480 - $71320 - $62500 - $38470

= $100190

15) Beginning Cash Balance :-

Particulars Amount($) Clossing Cash Balance 137232 Less : Cash Flow from Financing Activities (172500) Add : Cash Flow from Investing Activities 486750 Less : Cash Flow from Operating Activities (309864) Beginning Cash Balance 141618

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