1. The SGS Co. had $101,000 in taxable income. Use the rates from Table 2.3. (Do

Question

1. The SGS Co. had $101,000 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Calculate the company’s income taxes.

Income taxes            $

2. Ordonez Lumber Yard has a current accounts receivable balance of $442,516. Credit sales for the year just ended were $8,423,205.

What is the receivables turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Receivables turnover             times

What is the days’ sales in receivables? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Days’ sales in receivables             days

How long did it take on average for credit customers to pay off their accounts during the past year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Average collection period             days

3. Fincher, Inc., has a total debt ratio of .82.

What is its debt–equity ratio? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Debt–equity ratio             times

What is its equity multiplier? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Equity multiplier             times

TABLE 2.3 Tax Rate Taxable Income Corporate tax rates 50,000 75,000 75,001 100,000 100,001335,000 335,001-10,000,000 10,000,001- 15,000,000 15,000,001- 18,333,333 15% 25 34 39 34 35 38 35 0- 50,001- 18,333,334+

Explanation / Answer

As per chegg guidelines we answer one question per post. But I have answered multiple questions. Kindly post remaining questions in next post Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Q1 Upto 50,000 - 50,000*15%                 7,500.00 50,001 to 75,000 - 25000*25%                 6,250.00 75,001 to 100,000 - 25000*34%                 8,500.00 Next 1000 - 1000*39%                    390.00 Company's income taxes              22,640.00 Q2 current accounts receivable balance              442,516.00 Credit sales        8,423,205.00 Receivable turnover = 8423,205 / 442516                       19.03 Days’ sales in receivables   = 365/19.03                       19.18 Average collection period = 365/19.03                       19.18

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