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1 Ryan & Sons, Inc. has operating income (EBIT) of $2,250,000. The company’s depreciation expense is $450,000, its interest expense is $120,000, and its income tax rate is 40%. Assume the firm has no amortization expense. What is its net income? Choose one answer. a. $1,008,000 b. $1,278,000 c. $1,475,000 d. $1,728,000 e. $1,800,000

Question 2 Morgantown Movers has net working capital of $11,300, current assets of $31,200, equity of $53,400, and long-term debt of $11,600. What is the amount of the net fixed assets? Choose one answer. a. $31,800 b. $32,900 c. $45,500 d. $48,100 e. $53,700

Question 3 The T-shirt Hut successfully managed to reduce its general and administrative costs this year. This cost improvement will increase which of the following ratios? I. Profit margin II. Return on assets III. Total asset turnover IV. Return on equity Choose one answer. a. I and II only b. I and III only c. I, III, and IV only d. I, II, and IV only e. I, II, III, and IV

Question 4 You decide to begin saving towards the purchase of a new car in 5 years. If you put $1,000 at the end of each of the next 5 years in a savings account paying 6% compounded annually, how much will you accumulate after 5 years? Choose one answer. a. $6,691.13 b. $5,637.09 c. $1,338.23 d. $5,975.32 e. $5,731.94

Question 5 Earnings per share is equal to Choose one answer. a. net income divided by the par value of common stock b. b. operating income multiplied by the number of common shares outstanding c. net income divided by total stockholders’ equity d. gross income multiplied by the par value of common stock e. net income divided by the total number of common shares outstanding

Question 6 Total assets = $550, fixed assets = $375, current liabilities = $140, equity = $265, and long-term debt = $145. The only item missing from the balance sheet is current assets. What is the value of net working capital? Choose one answer. a. -$265 b. $35 c. $190 d. $230 e. $265

Question 7 You just won the grand prize in a national writing contest! As your prize, you will receive $2,000 a month for ten years. If you can earn 7 percent on your money, what is this prize worth to you today? Choose one answer. a. $172,252.71 b. $178,411.06 c. $181,338.40 d. $185,333.33 e. $190,450.25

Question 8 You buy an annuity that will pay you $24,000 a year for 25 years. The payments are paid on the first day of each year. What is the value of this annuity today if the discount rate is 8.5 percent? Choose one answer. a. $241,309 b. $245,621 c. $251,409 d. $258,319 e. $266,498

Question 9 use the following information to answer questions 9&10: Taxable income Tax rate $ 0 – $ 50,000 15% $ 50,001 – $ 75,000 25% $ 75,001 – $100,000 34% $ 100,001 – $335,000 39% $ 335,001 – $10.000 million 34% $10,000,001 – $15.000 million 35% $15,000,001 – $18.333 million 38% $18,333,334 and above 35% If a firm has taxable income of $17.5 million, its marginal tax rate is Choose one answer. a. $6.65 Million b. 39% c. $6.1 Million d. 38% e. 34.86% Question 10 If a firm has taxable income of $17.5 million, its average tax rate is . Choose one answer. a. $6.1 million b. 38% c. 34.86% d. $6.65 Million e. 37%

Question 11 How much would you have to invest today at 9% compounded annually to have $35,000 available for the purchase of a car five years from now (rounded to the nearest dollar)? Choose one answer. a. $22,748 b. $20,869 c. $24,795 d. $34,874

Question 12 You have the following data for a company. What is the return on assets (ROA)? Return on equity = 15%; Earnings before taxes = $50,000; Total asset turnover = 1.2; Profit margin = 7.5%; Tax rate = 35%. Choose one answer. a. 8% b. 9% c. 8.5% d. 7.5%

Question 13 An increase in the accounts receivable period will do which one of the following? Choose one answer. a. Lengthen the accounts payable period b. Shorten the inventory period c. Shorten the operating cycle d. Lengthen the cash cycle e. Shorten the accounts payable period

Question 14 The Road Kill Restaurant has the following current account values for the year. These accounts represent a net _____ of cash for the year in the amount of _____. Choose one answer. a. source; $3,100 b. source; $4,700 c. use; $3,100 d. use; $3,800 e. use; $4,700