can you please help me answer the following questions!

Sample Exam Questions 5) Wheeler Corporation had retained earnings as of FA19 12/31/10 of $15 million. During 2011, Wheeler's net FIN 2310 income was $7 million. The retained earnings Chapter 3 balance at the end of 2011 was equal to $20 million. Therefore, 1) The basic format of an income statement is A) Wheeler paid a dividend in 2011 of $5 million A) Sales - Expenses . Profits B) Wheeler paid a dividend in 2011 of $2 million B) Sales - Expenses . EBIT C) Wheeler sold common stock during 2011 for $2 C) Income - Expenses . Profits million D) Assets - Liabilities . Profits D) Wheeler sold common stock during 2011 for $5 E) Assets - Liabilities . EBIT million E) Wheeler purchased treasury stock in 2011 for $5 Answer: million 2) A corporation's operating profit margin is equal to Answer: A) Net Income divided by Sales B) EBIT divided by Sales 6) All of the following statements about balance sheets EBIT divided by Net Income are true except: D) EBT divided by Sales A) Assets - Liabilities = Shareholders' Equity E) (Sales - COGS) Divided by Sales B) Assets are reported at his torical cost [) Balance sheets show average asset balances over Answer. a one-year period D) A balance sheet reports a company's financial 3) Li Retailing reported the following items for the position at a specific point in time current year: Sales = $3,000,000; Cost of Goods Sold . E) All of the above $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Answer: Expense . $30,000; Marketing Expenses = $80,000; and Taxes = $300,000. Li's gross profit is equal to 7) Global.Com has cash of $75,000; short-term notes A) $770,000 payable of $100,000; accounts receivables of B) $1,070,000 $275,000; accounts payable of $135,000: inventories () $1,100,000 of $350,000; and accrued expenses of $75,000. What D) $1,500,000 is Global's net working capital? E) $2,270,000 A) $175,000 B) $210,000 Answer. C) $390,000 D) $540,000 4) Which of the following represents an attempt to E) $700,000 measure the net results of the firm's operations [ revenues versus expenses) over a given time period? Answer: A) Balance Sheet B) Income Statement C) Statement of Cash Flows DJ Sources and Uses of Funds Statement E) Both C & D are correct