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Question - Seaforce Manufacturing Inc. Income Statement Year Ended December 31, 20X5
Sale
$ 340,000
Cost of goods sold
$ 250,100
Gross Profit
$ 89,900
Operating Expenses
$ 55,000
Loss on Sale of equipment
$ 2,500
$ 57,500
Profit from Operations
$ 32,400
Other expenses
Interest Expense
$ 3,500
Profit before Income Tax
$ 28,900
Income Tax Expense
$ 12,000
Profit
$ 16,900
Additional Information: 1. Operating expenses include depreciation expense of $10,000 2. Accounts Payable related to the purchase of inventory 3. Equipment that cost $12,500 was sold at a loss of $2,500 4. New equipment was purchased during the year for $8,500 5. Dividends declared and paid in 20X5 totalled $3,000 6. Common shares were sold for $12,000 cash 7. Interest payable in 20X5 was $800 greater than interest payable in 20X4 Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5
20X5
20X4
Cash
$ 6,450
$ 4,100
Accounts Receivable
$ 72,000
$ 6,500
Inventory
$ 110,250
$ 140,000
Prepaid Expenses
$ 1,750
$ 1,020
Equipment
$ 96,000
$ 100,000
Accumulated Depreciation - equipment
$ (50,000)
$ (42,000)
Total Assets
$ 236,450
$ 209,620
Account Payable
$ 16,230
$ 9,900
Interest Payable
$ 810
$ 10
Income taxes payable
$ 10,800
$ 9,500
Dividends Payable
$ 1,800
$ 2,800
Long-term Notes Payable
$ 62,000
Common shares
$ 135,000
$ 123,000
Retained Earnings
$ 16,310
$ 2,410
Total Liabilities & Shareholders' Equity
Round answers to fit 2 decimal places in all questions (in % questions a 0.12 is presented as 12%, so a 0.124 is rounded as 12% and 0.127 is rounded as 13%)
The quick ratio at December 20X4 was:
A. Between 0.88 and 2.64
B. Not enough data provided to calculate it
C. Equal or above 2.65
D. Between 0.22 and 0.87
E. Equal or below 0.21
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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