26 May Question Identify the letter of the choice that best completes the statement or answers the question in the attached answer sheet.
Question
Identify the letter of the choice that best completes the statement or answers the question in the attached answer sheet.
______1. The principal difference between a stockholder and a bondholder is:
| a. | the stockholder receives interest and the bondholder receives dividends |
| b. | only the bondholder can attend annual meetings |
| c. | The bondholder has an ownership interest in a company and the stockholder is a creditor |
| d. | The stockholder has an ownership interest in a company and the bondholder is a creditor |
______2. Assume the pre-tax profit of $50,000 has been earned by a business, and the owner/proprietor wants to withdraw all of the after-tax profit for personal use. Assume the tax rate for a C corporation is 32%, while the rate for a person is 25%. The after-tax earnings available under the corporate and proprietorship forms of business are:
| a. | for a corporation, $24,090; for a proprietorship, $36,500. |
| b. | for a corporation, $25,125; for a proprietorship, $37,500. |
| c. | for a corporation, $25,500; for a proprietorship, $37,500. |
| d. | for a corporation, $25,125; for a proprietorship, $36,500. |
The company had cash of $1,234, inventory of $13,480, and accounts receivables
of $7,789. The company’s net fixed assets are $42,331, and other assets are $1,822.
It has accounts payable of $9,558, notes payable of $2,756, common stock of $22,000,
and retained earnings of $14,008. How much long-term debt does the firm have?
| a. | $16,685 |
| b. | $18,334 |
| c. | $12,314 |
| d. | $22,342 |
______4. The Millennium Chemical Corporation announced that for the period ending December 31, 2013, it earned income after taxes of $2,768,028 on revenues of $13,144,680. The company’s costs (excluding depreciation and amortization) amounted to 61% of revenues, and Millennium had interest expenses of$392,168. What is the firm’s depreciation and amortization expense if
its tax rate was 34 percent?
| a. | $ 540,275 |
| b. | $ 486,290 |
| c. | $ 739,184 |
| d. | $ 958,083 |
The information below should be used for question 5
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