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Accounting
Given that RadNet was up by about 411 per cent for 2014, why didn't all investors hold RadNet?
Referring back to the Ford example at the beginning of the chapter, note that we suggested that Ford's stockholders probably didn't suffer as a result of the reported loss. What do you think was the
Suppose the interest rate on T-bills suddenly and unexpectedly rises. All other things being the same, what is the impact on call option values? On put option values?
Why does a strict NPV calculation typically understate the value of a company or project?
Your company owns a vacant lot in a suburban area. What is the advantage of waiting to develop the lot?
What are the two options that many businesses have?
A convertible bond with a par value of $1,000 has a conversion ratio of 19.2. What is the conversion price?
A convertible bond with a par value of $1,000 has a conversion price of $72.45. What is the conversion ratio of the bond?
Suppose you are evaluating a callable, convertible bond. If the stock price volatility increases, how will this affect the price of the bond?
Why will convertible bonds not be voluntarily converted to stock before expiration?
Why doesn't financial distress always cause firms to die?
Given that Transocean was down by about 63 percent for 2014, why did some investors hold the stock? Why didn't they sell out before the price declined so sharply?
A famous economist just announced in The Wall Street Journal his findings that the recession is over and the economy is again entering an expansion. Assume market efficiency. Can you profit from
Why do noninvestment-grade bonds have much higher direct costs than investment-grade issues?
What is the quirk in the tax code that makes a levered firm more valuable than an otherwise identical unlevered firm?
Look at Table 10.1 and Figure 10.7 in the text. When were T-bill rates at their highest over the period from 1926 through 2014? Why do you think they were so high during this period? What
What are the differences between a k-factor model and the market model?
Taxes are an important consideration in the leasing decision. Which is more likely to lease: A profitable corporation in a high tax bracket or a less profitable one in a low tax bracket? Why?
Critically evaluate the following statements: Playing the stock market is like gambling. Such speculative investing has no social value other than the pleasure people get from this form of gambling?
Explain why the after tax borrowing rate is the appropriate discount rate to use in lease evaluation.
Arts and Crafts Inc. will pay a dividend of $5 per share in 1 year. It sells at $50 a share, and firms in the same industry provide an expected rate of return of 14%. What must be the expected growth
An importer in the United States is due to take delivery of silk scarves from Europe in 6 months. The price is fixed in euros. Which of the following transactions could eliminate the importer's
If the Blooper project from Problem 16 operates at accounting break-even, will net present value be positive or negative?
You believe that the Non-Stick Gum Factory will pay a dividend of $2 on its common stock next year. Thereafter, you expect dividends to grow at a rate of 6% a year in perpetuity. If you require a
Look back at our example of the interest rate swap in Section 24.5. Since Computer Parts entered into the swap, interest rates have risen. Is the company showing a profit or a loss on the contract?
A local bank will pay you $100 a year for your lifetime if you deposit $2,500 in the bank today. If you plan to live forever, what interest rate is the bank paying?
Last year Electric Autos had sales of $100 million and assets at the start of the year of $150 million. If its return on start-of-year assets was 15%, what was its operating profit margin?
A property will provide $10,000 a year forever. If its value is $125,000, what must be the discount rate?
Frank Enstein is the CEO of a private medical equipment company that is proposing to sell 100,000 shares of its stock in an open auction. Suppose the company receives the bids in the following table.
What is the tax reason for not paying generous cash dividends?
Planned Obsolescence has a product that will be in vogue for 3 years, at which point the firm will close up shop and liquidate the assets. As a result, forecast dividends are DIV1 = $2, DIV2 = $2.50,
The only capital investment required for a small project is investment in inventory. Profits this year were $10,000, and inventory increased from $4,000 to $5,000. What was the cash flow from the
A firm had after-tax income last year of $1.2 million. Its depreciation expenses were $.4 million, and its total cash flow was $1.2 million. What happened to net working capital during the year?
For many firms, cash and inventory needs may grow less than proportionally with sales. When we recognize this fact, will the firm's internal growth rate be higher or lower than the level predicted by
Suppose that the rate of interest increases from 4% to 8% per year. Would firms' cash balances go up or down relative to sales? Explain.
You are considering the purchase of real estate that will provide perpetual income that should average $50,000 per year. How much will you pay for the property if you believe its market risk is the
What happens to the spread between commercial paper rates and Treasury bill rates when there is a "flight to quality"? Why is commercial paper considered less liquid than Treasury bills?
Favorita Candy's stock is expected to earn $2.40 per share this year. Its P/E ratio is 18. What is the stock price?
Fill in the missing words from the following list: semi-strong, strong, weak. There are three forms of the efficient-market theory. Tests that have found there are no patterns in share price changes
a. Note Figure 23.7a. Match the graph with one of the following positions:i. Call buyerii. Call selleriii. Put buyeriv. Put sellerb. Now do the same with Figure 23.7b.Figure 23.7 a and b
If a bank pays 6% interest with continuous compounding, what is the effective annual rate?
Choose the correct phrase to complete this sentence: The difference in interest rates between Ruritania and the United States equals: a. The forward rur rate divided by the current spot rate. b. The
Which of the following are financial markets? a. NASDAQ b. Vanguard Explorer Fund c. JP Morgan Chase d. Chicago Mercantile Exchange
Use the information presented in Problem C-1 to solve this problem.Problem C-1Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in
Why is the journal called a book of original entry?
What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?
Considering the following events, determine which month the revenue or expenses would be recorded using the accounting method specified. a. Gerber Company uses the cash basis of accounting. Gerber
Why does a bank keep a signature card on file for customers' accounts?
What is the purpose of endorsing a check?
What information is included in an employee's individual earnings record?
What is the purpose of the payroll register?
Explain the difference between gross earnings and net earnings for a payroll period.
What information is needed to use the wage-bracket withholding table? Where is the table found?
Why must employers maintain employees' individual earnings records?
What taxes are employers accounting for that increase the debit to Payroll Tax Expense?
How does the journal differ from the ledger?
In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by $700. How will this error be discovered?
If a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?
What does an X under the total of a special journal's Other Accounts column signify?
Using the perpetual inventory system, what account is debited when a business finds that its physical count of inventory is greater than the recorded amount?
On a work sheet, where will the amount of the ending merchandise inventory be recorded?
Assume that a college receives $84,000 for one semester's dormitory rent in advance and an entry is made debiting Cash and crediting Unearned Rent. At the end of the year, $68,000 of the rent has
On the Income Summary line of a work sheet, $126,220 appears in the Income Statement Debit column and $123,300 appears in the Income Statement Credit column. Which figure represents the beginning
What are the basic classifications found on an income statement for a merchandising business as compared to a service business?
What two measures are used to determine whether a firm has sufficient capital to operate and whether the firm has the ability to pay its debts?
What is the order for listing accounts in the Current Assets section of the balance sheet?
How do Accounts Payable and Accounts Receivable differ?
What are footings in accounting?
What is the purpose of providing a ledger account for each account?
List by account classification the order of the accounts in the general ledger.
Why is a source document important? List some examples of source documents.
What is the purpose of a work sheet?
Define an internal transaction and provide an example.
Evaluate each of the following. 1. 12 + 6, ÷ 3 2. (3 × 8 - 6), ÷ 2 3. (7 + 4) × 5 - 2 4. 5 × 3 + 2 × 4 5. 6(7 - 2) - 3(5 - 3)
Sam purchased two items for a total of $821.40. The first item is GST exempt and it represents 29% of the total purchase price. Assuming that he lives in British Columbia, what is the total amount of
On a trip, a motorist purchased gasoline as follows: 56 litres at $0.99 per litre; 64 litres at $1.065 per litre; 70 litres at $1.015 per litre; and 54 litres at $1.045 per litre. (a) What was the
You bought two items for a total of $78.92. The first item is GST exempt and it represents 25% of the total purchase price. Assuming that you live in the Northwest Territories, what is the total
Last week June worked 50.5 hours. She is paid $11.20 per hour for a regular workweek of 44 hours and overtime at time-and-a-half regular pay. (a) What were June's gross wages for last week? (b) What
Addition and subtraction. Simplify. 1. 6p + 2q - 3p - q 2. 12f - 9v + 2f + 5v 3. 9c - 8d - 7c + 5d 4. x - 0.2x 5. x + 0.06x
Multiplication and division. Simplify. 1. - 6m(- 4m) 2. - 4(5x)(- 3y) 3. 2a(- 3b)(- 4c)(- 1) 4. - 2(x - 2y) 5. 5(2x - 4)
At the age of 25, Tasha Fellows obtained her university degree and entered the workforce. She sought the opinion of an investment advisor regarding a tax-free savings account (TFSA). The main
On July 2, 2003, Vancouver was elected the host city of the XXI Olympic Winter Games in 2010, becoming the largest city ever invited to host the Winter Games. It was the first time a Winter Olympics
Evaluate each of the following. 1. (5/6)4 2. (-1/4)3 3. (-2/3)3 4. (0.5)2 5. (2.2)6
Simplify 1. [(- 4)3]6 2. a4 × a10 3. m12 ÷ m7 4. 34 × 36 × 3 5. (- 1)3 (- 1)7 (- 1)5
Compute each of the following. 1. 6√1.095 2. 4-1/3 3. 1.06-1/12 4. 1.0360 - 1 / 0.03 5. 1 - 1.05-36 / 0.05
Solve each of the following equations. 1. -1/8x = 7 2. 3/5x = - 21 3. -4/3x = - 32 4. x - 3 = -7 5. -2x = 7 - 3x
Hudson's Bay sold a sweater for $49.49. The selling price included a markup of three-fourths of the cost to the department store. What was the cost?
Sai paid income taxes of $6705.15 plus 22% of the amount by which his taxable income exceeded $44 701. If his tax bill was $7162.53, calculate Sai's taxable income.
Danielle invests part of her $3000 savings into a savings account at 3% and part into a GIC at 4.5% simple interest. If she earns $128.25 in interest from her two investments, calculate how much she
A company employs 196 manufacturing employees. There are 3 shifts. Twice as many employees work on the first shift as on the second shift, and 12 fewer work on the third shift than on the second
Your company has introduced a stock option incentive program. A total of 171 000 options are available. Each senior manager will receive twice as many options as each team leader. Each team leader
The Burnaby Spurs youth basketball organization spent $4320 on practice jerseys for all its teams. Twice as much money was spent on rep players as for recreational players, and the most common size
The current average property value is two-sevenths more than last year's average value. What was last year's average property value if the current average is $81 450?
The total amount paid for a banquet, including gratuities of one-twentieth of the price quoted for the banquet, was $2457. How much of the amount paid was gratuities?
A piece of property with a commercial building is acquired by H & A Investments for $184 000. If the land is valued at $2000 less than one-third the value of the building, how much of the amount paid
The total average monthly cost of heat, power, and water for Sheridan Service for last year was $2010. If this year's average monthly cost is expected to increase by one-tenth over last year's
Remi Swimming Pools has a promotional budget of $87500. The budget is to be allocated to direct selling, TV advertising, and newspaper advertising; according to a formula. The formula requires that
A product requires processing on three machines. Processing time on Machine A is three minutes less than four-fifths of the number of minutes on Machine B, and processing time on Machine C is
Sport Alive sold 72 pairs of ski poles. Superlight poles sell at $30 per pair, while ordinary poles sell at $16 per pair. If the total sales value was $1530, how many pairs of each type were sold?
A cash box contains $107 made up of quarters, one-dollar coins, and two-dollar coins. How many quarters are in the box if the number of one-dollar coins is one more than three-fifths of the number of
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