FIN 571 TUTOR Career Path Begins/fin571tutor.com FIN 571 TUTOR Career Path Begins/fin571tutor.com | Page 20

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 payable of
$860,000. These notes carried an interest rate of 6 percent. Depreciation
was $136,000. The firm’s tax rate was 40 percent.
a.
What was the firm’s net income? (Do not round intermediate
calculations. Enter your answer in dollars, not millions of dollars, e.g.,
1,234,567. Round your answer to the nearest whole number, e.g., 32.)
b.
What was the firm’s operating cash flow? (Do not round
intermediate calculations. Enter your answer in dollars, not millions of
dollars, e.g., 1,234,567. Round your answer to the nearest whole number,
e.g., 32.)

9.

Please use excel sheet in case the values changes

Use the following information for Ingersoll, Inc., (assume the tax rate is 35
percent):
a.
Prepare an income statement for this company for 2014 and 2015.
b.
Prepare the balance sheet for this company for 2014 and 2015.

10.

Please use excel sheet in case the values changes

Jessica's Boutique has cash of $54, accounts receivable of $52, accounts
payable of $220, and inventory of $160. What is the value of the quick
ratio?
11.

Please use excel sheet in case the values changes

Al's Sport Store has sales of $3,020, costs of goods sold of $2,020,
inventory of $523, and accounts receivable of $448. How many days, on