You are given the following information about Clarkesville Plumbing Company.

Revenues last year totaled $896, depreciation expenses $75, costs of goods sold $365, and interest expenses $54. At the end of the year, current assets were $121 and current liabilities were $107. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement.

2. The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2011; sales of $1.45 million, cost of goods sold of $812,500, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has a tax rate of 35 percent. What is the company’s net income? Set up an income statement to answer the question.

3.: During 2011, Towson Recording Company increased its investment in marketable securities by $36,845, funded fixed assets acquisitions of $109,455, and had marketable securities of $14,215 mature. What is the net cash used in investing activities?

4. Caustic Chemicals management identified the following cash flows as significant in their year end meeting with analysts. During the year, Caustic had repaid existing debt of $312,080 and raised additional debt capital of $650,000. It also repurchased stock in the open market for a total of $45,250. What is the net cash provided by financing activities?

5. Tim Dye, the CFO of Blackwell Automotive, Inc., is putting together this year’s financial statements. He has gathered the following information. The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,299, retained earnings of $512,159, inventory of $212,444, goodwill and other assets equal to $78,656, net plant and equipment of $711,256, and short-term notes payable of $21,115. It also has accounts receivables of $141,258 and other current assets of $11,223. How much long-term debt does Blackwell Automotive have?

6. Nimitz Rental Company provided the following information to its auditors. For the year ended March 31, 2011, the company had revenues of $878,412, general and administrative expenses of $352,666, depreciation expenses of $131,455, leasing expenses of $108,195, and interest expenses equal to $78,122. If the company’s tax rate was 34 percent, what is its net income after taxes?