) 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?

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?

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:

22) Financial Statements Draw up an income statem

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