Chapter 14 Practice Test Question 01 Income Statement Items You have the following data (in millions): Sales = $47, Interest Expense - $7, Cost of Goods Sold = $15, Depreciation Expense = $2, Selling, General and Administrative Expenses = $3, Taxes = $6. The firm's EBIT is million and Net Income is __ million. Multiple Choice O $42: $20 O $27: $14 O $32: $20 O $29: $14 Chapter 14 Practice Test Question 02 Market Capitalization You find the following data on an Internet stock site: Sales $180 (mill) Cost of Goods Sold $ 115 Other Expenses $ 16 Depreciation $ 9 Interest Expense $ 6 Taxes $ 10 Net Income $ 24 In a common size income statement the cost of goods sold account value would be Multiple Choice 0 0 0 0 Chapter 14 Practice Test Question 03 Balance Sheets A firm has inventory of $37 million, receivables of $15 million, property, plant and equipment of $70 million, other fixed assets of $22 million, accounts payables of $17 million, bank notes due in less than one year $13 million, and long term debt of $79 million. The firm's net working capital is equal to and the firm's equity is equal to Multiple Choice O $44: $35 O $22; $35 O $53; $44 o $43: $44