Need Step by Step solutions.

1. Your firm has the following income statement items: sales of $50,250,000; income tax of S1,744,000; operating expenses of $10,115,000; cost of goods sold of $35,025,000; and interest expense of $750,000. What is the amount of the firm's gross profit? A. $18,000,000 B. S6,632,000 C. $5,000,110 D. S15,225,000 (D. sales of S50,250,000 cost of goods sold of $35,025,000 S15,225,000) 2. Browning Cookware, Inc. has the following income statement items: sales of $50,250,000; operating expenses of $10,115,000; cost of goods sold of $35,025,000; and interest expense of $750,000. If the firm's income tax rate is 34%, what is the amount of the firm's income tax liability? A. $385,000 B. S1,665,000 C. $1,482,400 D. $725,000 (C. ($50.250,000-$35,025,000-$10,115,000-$750,000)*34%-$1,482,400) 3. Your firm has the following balance sheet statement items: total curent liabilities of $805,000; total assets of$2,655,000; fixed and other assets of S1,770,000; and long term debt of $200,000. What is the amount of the firm's total current assets? A. $1,550,000 B. $600,000 C. $885,000 D. $325,000 (C. $2,655,000 $1,770,000 $885,000)