Use the following balance sheet and income statement to calculate the firm's current ratio (current assets/ current liabilities): Income Statement Balance Sheet 255,000
Assets: 9000 Sales (all credit) 153,000
Cost of Goods Sold 45000
Cash 26000 Depreciation 3000
Accounts Receivable 19,500 Operating Expenses 9000
Inventories 49000 Interest Expense
Land 70000 Taxes 15,300
Other Fixed Assets
Liabilities & Owners' Equity
Accounts Payable 12000
Long Term Debt 53,400
Common Stock 2000
Paid in Capital 80000
Retained Earnings 26,100
a) 0.76
b) 4.5
c) 4.1
d) 7.8
e) 2.5

Tara incorporates her sole proprietorship, transferring it to newly formed black corporation. the assets transferred have an adjusted basis of $240,000 and a fair market value of $300,000. also transferred was $10,000 in liabilities, $1,000 of which was personal and the balance of $9,000 being business related. in return for these transfers, tara receives all of the stock in black corporation. a. black corporation has a basis of $241,000 in the property. b. black corporation has a basis of $240,000 in the property. c. tara’s basis in the black corporation stock is $241,000. d. tara’s basis in the black corporation stock is $249,000. e. none of the above.

Which plan offers a tax-free education?

jackie's snacks sells fudge, caramels, and popcorn. it sold 12,000 units last year. popcorn outsold fudge by a margin of 2 to 1. sales of caramels were the same as sales of popcorn. fixed costs for jackie's snacks are $14,000. additional information follows: product unit sales prices unit variable cost fudge $5.00 $4.00 caramels $8.00 $5.00 popcorn $6.00 $4.50 the breakeven sales volume in units for jackie's snacks is