Kong   operate  a  distribution  firm  with a  margin  of   1 / 3.    At  the end  of   May    he       had   sales  of  $900,000  and   purchases  of  $550,000.    His  stock  at  start of the  year  was       $260,000.   At the  end of  May a  firm  at the  firm destroyed  most of his   stock. On hand       was  a  salvaged  amount  of  $84,000.  What   was  the value of the stock that was  destroyed? $29,667 $126,000 $210,000 $294,000

PROBLEM 23: The records of Santiago were destroyed by fire at the end of the current year. However, certain statistical data related to the income statement are available:  Interest expense P 20,000  Cost of goods sold 2,000,000  Sales discount 100,000 The beginning inventory was P400,000 and decreased 20% during the year. Administrative expenses are 25% of cost of goods sold but only 10% of gross sales. Four fifths of the operating expenses relate to sale activities.   29. Ignoring income tax, what is the net income for the current year?

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52 Daly Publishing Corporation recently purchased a truck for $30,000. Under MACRS, the first year’s depreciation was $6,000. The truck driver’s salary in the first year of operation was $32,000. The company’s tax rate is 30 percent.Required:1-a. Calculate the after-tax cash outflow for the acquisition cost and the salary expense.1-b. Calculate the reduced cash outflow for taxes in the first year due to the depreciation.

Last year, Sally's Studio added $2,300 to retained earnings from sales of $66,800. The company had costs of $52,300, dividends of $1,000, and interest paid of $900. The tax rate was 34 percent. What was the amount of the depreciation expense? $8,600 $4,200 $14,500 $9,500 $6,800

Klingon Widgets, Incorporated, purchased new cloaking machinery three years ago for $5.2 million. The machinery can be sold to the Romulans today for $7.4 million. Klingon's current balance sheet shows net fixed assets of $4 million, current liabilities of $830,000, and net working capital of $142,000. If all the current accounts were liquidated today, the company would receive $945,000 cash. a. What is the book value of Klingon's total assets today? Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567. b. What is the sum of the market value of NWC and the market value of fixed assets? Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567. a. Book value of total assets b. Sum of market value of NWC and fixed assets

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