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The Following Question(s)refer to the Year-End Account Balances for UBUS

Question 136

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The following question(s)refer to the year-end account balances for UBUS, Inc. The accounts are listed in alphabetical order, NOT in the order they appear on the financial statements. The applicable tax rate is 40%.
UBUS Income Statement
The following question(s)refer to the year-end account balances for UBUS, Inc. The accounts are listed in alphabetical order, NOT in the order they appear on the financial statements. The applicable tax rate is 40%.  UBUS Income Statement     UBUS Balance Sheet     a)What was UBUS Inc.'s earnings before interest and taxes (EBIT)?  a. $155  b. $120  c. $100  d. $215  e. $200  b)What is UBUS Inc.'s tax liability?  a. $48  b. $60  c. $55  d. $40  e. $35  c)What was UBUS Inc.'s Net Income?  a. $72  b. $45  c. $60  d. ($20) e. $100  d)What is UBUS Inc.'s Total Assets?  a. $420  b. $570  c. $625  d. $450  e. $490  e)What is UBUS Inc.'s Total Equity?  a. $115  b. $120  c. $185  d. $205  e. $240  f)What is UBUS Inc.'s Net Working Capital?  a. $35  b. $70  c. $100  d. $130  e. $170 UBUS Balance Sheet
The following question(s)refer to the year-end account balances for UBUS, Inc. The accounts are listed in alphabetical order, NOT in the order they appear on the financial statements. The applicable tax rate is 40%.  UBUS Income Statement     UBUS Balance Sheet     a)What was UBUS Inc.'s earnings before interest and taxes (EBIT)?  a. $155  b. $120  c. $100  d. $215  e. $200  b)What is UBUS Inc.'s tax liability?  a. $48  b. $60  c. $55  d. $40  e. $35  c)What was UBUS Inc.'s Net Income?  a. $72  b. $45  c. $60  d. ($20) e. $100  d)What is UBUS Inc.'s Total Assets?  a. $420  b. $570  c. $625  d. $450  e. $490  e)What is UBUS Inc.'s Total Equity?  a. $115  b. $120  c. $185  d. $205  e. $240  f)What is UBUS Inc.'s Net Working Capital?  a. $35  b. $70  c. $100  d. $130  e. $170 a)What was UBUS Inc.'s earnings before interest and taxes (EBIT)?
a. $155
b. $120
c. $100
d. $215
e. $200
b)What is UBUS Inc.'s tax liability?
a. $48
b. $60
c. $55
d. $40
e. $35
c)What was UBUS Inc.'s Net Income?
a. $72
b. $45
c. $60
d. ($20)
e. $100
d)What is UBUS Inc.'s Total Assets?
a. $420
b. $570
c. $625
d. $450
e. $490
e)What is UBUS Inc.'s Total Equity?
a. $115
b. $120
c. $185
d. $205
e. $240
f)What is UBUS Inc.'s Net Working Capital?
a. $35
b. $70
c. $100
d. $130
e. $170

Correct Answer:

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a) b $600-$330-$115-$35=$120
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