Question

# 1. You are asked to calculate the net income after taxes (to the nearest dollar) for...

1. You are asked to calculate the net income after taxes (to the nearest dollar) for Trader Joe. The company has provided you the following information for the year ended December 31, 2018. Revenues of \$561,439, operating expenses (excluding depreciation) of \$306,331, depreciation expenses of \$178,804, and interest expenses equal to \$43,563. If the tax rate is 34 percent, the net income after taxes (to the nearest dollar) is

A. \$21,609

B. \$32,741

C. \$76,304

D. \$139,620

E. \$255,108

2. The Detroit Lions has reported the following information at the 2018 fiscal year-end. The company had current assets of \$306,826 and net fixed assets of \$840,306. The firm also has current liabilities worth \$130,628, long-term debt of \$356,668, and common stock (paid-in and capital surplus only) of \$324,000. What is the firm’s Shareholders’ Equity and how much accumulated retained earnings does the firm have?

 \$659,836, \$405,648
 \$790,464, \$243,648
 \$790,464, \$329,918
 \$659,836, \$335,836
 \$790,464, \$573,566

3. A firm has beginning net fixed assets of \$168,000 and ending net fixed assets of \$141,300. Depreciation was \$21,000. What is the amount of capital spending?

 \$2,500
 \$0
 \$5,700
 \$47,700
 \$26,700

1.

the net income after taxes (to the nearest dollar) is

=(561439-306331-178804-43563)*(1-34%)

=21609

2.

What is the firm’s Shareholders’ Equity

=(306826+840306)-130628-356668

=659836

how much accumulated retained earnings does the firm have

=659836-324000

=335836

3.

What is the amount of capital spending

=(141300-168000+21000)

=-5700, as amount is negative that means the assets were sold, so there was no capital spending

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