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A new firm is developing its business plan. It will require $635,000 of assets, and it projects $450,000 of sales and $355,000 of operating costs for the first year. Management is reasonably sure of these numbers because of contracts with its customers and suppliers. It can borrow at a rate of 7.5%, but the bank requires it to have a TIE of at least 4.0, and if the TIE falls below this level the bank will call in the loan and the firm will go bankrupt. What is the maximum debt ratio the firm can use?
a) 50.87%
b) 59.34%
c) 49.87%
d) 62.34%
e) 42.89%
During the month, merchandise is sold for $23,500 cash and for $34,000 on account. The cost of merchandise sold is $41,500. What is the amount of gross profit?
Iron River Company, an electronics repair store, prepared the unadjusted trial balance at the end of its first year of operations shown below.
For capital budgeting and cost of capital purposes, the firm should assume that each dollar of capital is obtained in accordance with its target capital structure, which for many firms means partly as debt, partly as preferred stock, and partly co..
Maud exchanges a rental house at the beach with an adjusted basis of $240,000 and a fair market value of $220,000 for a rental house at the mountains with a fair market value of $190,000 and cash of $30,000. What is the recognized gain or loss?
On January 10, 2012 Badger Co. purchased 30% of the outstanding stock of Crest Co. fir $123,000. Crest paid total dividend to all shareholders of $15,000 on July 15. Crest had a net loss of $25,000 for 2012.
Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% ..
Is there a difference between financial statement fraud and other types of fraud? How does the definitions differ (if they do)? Should there be a distinction between the two or not?
What is the amount of purchased differential amortization included in the calculation of investment income on Schneide's book in 2005 and 2006?
Explain why these states are attracted to the unitary theory and a combined reporting scheme of multistate income taxation.
Barrett Company's stockholders' equity equals one-fourth of the company's total assets. The company's liabilities are $360,000. What is the amount of the company's stockholders' equity?
Building an Income Statement, During the year, the Senbet Discount Tire Company had gross sales of $1.06 million. The firm's cost of goods sold and selling expenses were $525,000 and $215,000, respectively. Senbet alo had note payable of $800,000...
Star Services, Inc., a manufacturer of telescopes, began operations on October 1 of the current year. During this time, the company produced 50,000 units and sold 35,000 units at a sales price of $500 per unit. Cost information for this year is sh..
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