Answer ALL questions & show ALL work.

7. What is the amount of dividends paid in 2011? Galaxy Interiors 2011 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable Income Less: Taxes Net income $21,415 16,408 1611 3,396 1282 $2,114 740 $1,374 Galaxy Interiors 2010 and 2011 Balance Sheets S in millions) 2010 2011 $ 668 $ 297 Accounts payable$1,694 1,532 2010 2011 Cash Accounts receivable1,611 1527 Notes payable2.500 Inventory 3,848 2.947 Total $ 6.122 $4771 Long-term debt 17489 17102 Common stock $4,194 S 1.532 9,800 10,650 7,500 7,000 Retained earnings 2,122 2.696 $23,616 $21.878 Total liab. & equity $23.616 $21.878 Total Net fixed assets Total assets 8. The Home Supply Co. has a current accounts receivable balance of $380,000 Credit sales for the year just ended were $1,430,000. How many days on average did it take for credit customers to pay off their accounts during this past year? 9. You invested $5,000 in an account that pays 5 percent simple interest. How much more could you have earned over a 5-year period if the interest had compounded annually? 10.You would like to give your daughter $100,000 towards her college education 15 years from now. How much money must you set aside today for this purpose if you can earn 6 percent on your investments? 19. You are paying an effective annual rate of 12.68 percent on your credit card. The interest is compounded monthly. What is the annual percentage rate on this account 20. Explain the difference between the effective annual rate (EAR) and the annual percentage rate (APR). Of the two, which one has the greater importance and why