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FIN 571 Week 2 Connect Problems
1.Sankey, Inc., has current assets of $4,230, net fixed assets of
$25,700, current liabilities of $3,500, and long-term debt of
$14,400. What is the value of the shareholders' equity account for this
firm?
2.Which one of the following assets is generally the most liquid?
3.Which one of the following accounts is included in stockholders'
equity?
4.It is easier to evaluate a firm using its financial statements when the
firm:
5.Which one of these accounts is classified as a current asset on the
balance sheet?
6.Sankey, Inc., has current assets of $4,500, net fixed assets of
$23,500, current liabilities of $2,750, and long-term debt of
$12,900. What is the value of the shareholders' equity account for this
firm?
7.Shelton, Inc., has sales of $396,000, costs of $184,000,
depreciation expense of $49,000, interest expense of $30,000, and a
tax rate of 35 percent. What is the net income for the firm?
8.During the year, the Senbet Discount Tire Company had gross sales
of $1.12 million. The firm’s cost of goods sold and selling expenses
were $531,000 and $221,000, respectively. The firm also had notes