Accounting Problems with Correct Solution Accounting Problems with Correct Solution Question 1) Building a Balance Sheet Bishop, Inc., has current assets of $5,700, net fixed assets of $27,000, current liabiities of $4,400, and long-term debt of $12,900. What is the value of the shareholders equity account for this firm? How much is net working capital? Save your time! Proper editing and formatting Free revision, title page, and bibliography Flexible prices and money-back guarantee ORDER NOW 3) Market Values and Book Values Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $9.5 million. The machinery can be sold to the Romulans today for $6.5 million. Klingon’s current balance sheet shows net fixed assets of $5.2 million, current liabiities of $2.4 million, and net working capital of $800,000. If all the current assets were liquidated today, the company would receive $2.6 million cash. What is the book value of Klingon’s assets today? What is the market value? 4) Calculating Taxes The Locker Co. had $273,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate the company’s income taxes. What is the average tax rate? What is the marginal tax rate? Make sure you submit a unique essay Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions. 100% ORIGINAL ORDER NOW problem 4 table Taxable Income Tax Rate $ 0– 50,000 15% 50,001– 75,000 25 75,001– 100,000 34 100,001– 335,000 39 335,001–10,000,000 34 10,000,001–15,000,000 35 15,000,001–18,333,333 38 18,333,3341 35 8) The 2011 balance sheet of Anna’s Tennis Shop, Inc., showed long-term debt of $1.45 million, and the 2012 balance sheet showed long-term debt of $1.52 million. The 2012 income statement showed an interest expense of $127,000. What was the firm’s cash flow to creditors during 2012? 13) Building an Income Statement During the year, the Senbet Discount Tire Company had gross sales of $1.06 million. The firm’s cost of goods sold and selling expenses were $525,000 and $215,000, respectively. Senbet also had notes payable of $800,000. These notes carried an interest rate of 7 percent. Depreciation was $130,000. Senbet’s tax rate was 35 percent. a. What was Senbet’s net income? b. What was Senbet’s operating cash flow? 21) Calculating Cash Flows Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2011 and 2012 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2011 2012 2011 2012 Current assets $936 $1,015 Current liabilities $382 $416 Net fixed assets 4,176 4,896 Long-term debt 2,160 2,477 WESTON ENTERPRISES 2012 Income Statement Sales------------$12,380 Costs------------ 5,776 Depreciation--- 1,150 Interest paid--- 314 a.What is owners’ equity for 2011 and 2012? b. What is the change in net working capital for 2012? c. In 2012, Weston Enterprises purchased $2,160 in new fixed assets. How much in fixed assets did Weston Enterprises sell? What is the cash flow from assets for the year? (The tax rate is 40 percent.) d. During 2012, Weston Enterprises raised $432 in new long-term debt. How much long-term debt must Weston Enterprises have paid off during the year? What is the cash flow to creditors? 22) Financial Statements Draw up an income statement and balance sheet for this company for 2011 and 2012. 2011 2012 Sales $ 7,835 $ 8,409 Depreciation 1,125 1,126 Cost of goods sold 2,696 3,060 Other expenses 639 534 Interest 525 603 Cash 4,109 5,203 Accounts receivable 5,439 6,127 Short-term notes payable 794 746 Long-term debt 13,460 16,050 Net fixed assets 34,455 35,277 Accounts payable 4,316 4,185 Inventory 9,670 9,938 Dividends 956 1,051