I.)What Wendt corporation had 10.5 million of taxable income?
       a) What is the company’s federal income tax bill for the year? 
       b) Assume the firm receives an additional $1 million of interest income from some bonds it 
           owns. What is the tax on the interest income? 
      c) Now assume that Wendt does not receive the interest income but does receive an 
           additional $1 million as dividends on some stock it owns. What is the tax on this 
          dividend income? 

2). Complete the balance sheet and sales information in the table that follows for J. White   Industries using the following financial data:
Total assets turnover: 1.5
Gross profit margin on sales: (Sales – COGS)/Sales = 25%
Total liabilities-to-assets ratio: 40%
Quick ratio: 0.80
Days sales outstanding (based on 365-day year): 36.5 days
Inventory turnover ratio: 3.75
Partial Income  Statement information:
Cost of goods sold  
Balance Sheet
Accounts receivable  
Fixed Assets  
Total assets $400,000
Accounts payable  
long-term debt 50,000
Common stock  
Retained earnings 100,000
Total Liabilities and equity 
3) The start-up firm you founded is trying to save $10,000 in order to buy a parcel of land for a
proposed small warehouse expansion. In order to do so, your finance manager is authorized to make deposits of $1250 per year into the company account that is paying 12% annual interest. The last deposit will be less than $1250 if less is needed to reach $10,000.
     o How many years will it take to reach the $10,000 goal and how large will the last deposit be?

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