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...

This preview shows page 1 - 2 out of 2 pages.

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%
Calculate the following: 1. Current Ratio: 2. Quick (Acid Test) Ratio

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern