1. The SGS Co. had $179,000 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.
2. South-Western, Co. had sales of $2,500,000 and cost of goods sold of $1,710,000. Selling and administrative expenses represented 10% of sales. Depreciation expense was 6 percent of total assets of $4,680,000. Calculate the firm's earnings before interest and taxes - present your calculations in an income statement form.
3. A firm has sales of $3,000,000 and 10% are cash sales, accounts receivable balance is $285,000. Calculate average collection period.