FIN 571 Course Great Wisdom / tutorialrank.com FIN 571 Course Great Wisdom / tutorialrank.com | Page 16

This lesson will help you refresh your knowledge on the basics of the
income statement. Brushing up on these concepts now will help you
tackle your finance coursework later.
General Ledger for ABC Company. The following is the general
ledger for ABC Company as of December 31, 20X1. Use this
information to answer questions (1) through (4).
1. What is the amount of gross profit to be reported on ABC
Company’s 12/31/X1 income statement?
2. What is the amount of operating income (EBIT) to be reported on
ABC Company’s 12/31/X1 income statement?
3. What is the amount of earnings before taxes (EBT) to be reported
on ABC Company’s 12/31/X1 income statement?
4. What is the amount of net income to be reported on ABC
Company’s 12/31/X1 income statement?
5. Fractions and Decimals
This lesson will help you review fractions and decimals: calculating,
converting, and recognizing how to use them in a financial setting.
1. 54/32 converted to a mixed number is ________.
2. The product of one and four thirty-seconds and twenty thirtyseconds is ________.
3. One and eight thirty-seconds divided by twelve thirty-seconds is
________.
4. A U.S. Treasury bond is trading at 98 and 6/32. Convert this price
to its decimal form.
5. What is the percentage increase if the S&P 500 Index is currently
trading at 1,100 and rises 55 points?
6. Exponential Functions