FIN 300 FinRatio Tax RetEarn Practice Quiz Ch 3_4 - Fin Ratios\/Tax\/Ret Earnings Practice Quiz(Ch 3 4(Use the following balance sheet income statement

FIN 300 FinRatio Tax RetEarn Practice Quiz Ch 3_4 - Fin...

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Fin Ratios/Tax/Ret. Earnings Practice Quiz (Ch. 3 & 4) (Use the following balance sheet & income statement for problems 1-22) Ending Balance Sheet (2000): Assets Liabilities + Equity Cash $200 Accts. Payable $100 Accts. Receivable 400 Short-Term Notes/Debt 100 Inventory 400 Long-Term Debt 200 Net Fixed Assets 1,000 Common Stock-Par 400 Additional Paid-In Capital 400 Retained Earnings 800 Yearly Income Statement (2000) Sales (all credit) $1600 Costs of Goods Sold (COGS) 200 Non-depreciation Operating Expense 200 Depreciation Expense 200 Interest Expense 200 Taxes Paid 400 Dividends Paid (all common equity) 200 ( Use the following marginal tax rate schedule for problems 23-25 ) Income Range Tax Rate 0-$20,000 20% Above $20,000 up to $50,000 30% Above $50,000 40%
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Calculate the following: 1. Current Ratio: 2. Quick (Acid Test) Ratio
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