26. What taxes do the employee andthe employee both pay?
The following information is takenfrom the financial statement of Fellow’s Funeral Home:
Total current assets $62,000
Quick assets $40,000
Property, plant, equipment $17,000
Current liabilities $18,000
Long-term liabilities $14,000
Beginning A/R $8000
End A/R $5000
Owner equity $45,000
Beginning Inventory $30,000
Ending inventory $15,000
Cost of Goods Sold $45,000
Net Sales $68,000
Net income $84,000
27. What is the inventory turnoverfor Fellow’s FH?
28. What is the acid-test ratio forFellow’s FH?
29. What is the A/R turnover forFellow’s FH?
30. If you take a loan out for $4000 and you are going to pay it back over 2years at 5% interest, how much money total are you going to pay back?