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Questions and Answers of Advanced Accounting

The tables here show Dynamic Mattress's year-end 20l0 balance sheet and its income statement for 2011. Use these tables (and Table 20.3) to work out a statement of sources and uses of cash and the
Go to www.finance.yahoo.com and look up the financial statements for Walmart Stores and Sears Holding Corp., two retailers at opposite ends of the performance scale. Calculate the net working
What does the cash budget in problem 27 reveal about Ritewell's short-term financing requirements? Propose a short-term financing plan.Complete the following cash budget:
Calculate the accounts receivable period, accounts payable periods, inventory period, and cash conversion cycle for the following firm. Assume that the following data is from an annual financial
Suppose that Dynamic Sofa (a subsidiary of Dynamic Mattress) has a line of credit with a stated interest rate of 10% and a compensating balance of 25%. The compensating balance earns no
The stated bank loan rate is 8%, payable annually, but the loan requires a compensating balance of 10% on which no interest is earned. What is the effective interest rate on the loan? What happens to
Suppose now that the supplier in the previous problem offers a 1% discount on orders of 1,800 units or more. Should MEC accept the supplier's offer?Previous problem dataMicro-Encapsulator Corp. (MEC)
A just-in-time inventory system reduces the cost of ordering additional inventory by a factor of 100. What is the change in the optimal order size predicted by the economic order quantity model?
Current money market rates are available at the Bank of Canada, www.bankofcanada.ca/rates/interest-rates/money-market-yields. Compare the interest rates on Treasury bills to corporate (commercial)
If cash flows change unpredictably, the firm should allow the cash balance to move within limits. a. What three factors determine how far apart these limits are? b. How far should the firm adjust its
Suppose that your weekly cash expenses are $80. Every time you withdraw money from the automated teller at your bank, you are charged $.15. Your bank account pays interest of 3% annually.a. How often
According to the economic order quantity inventory model and the Baumol model of cash management, what will happen to cash balances and inventory levels if the firm's production and sales both
Go to the Web page of a major bank such as TD Commercial Banking (www.tdcommercialbanking.com/index.jsp) or Scotiabank (www.scotiabank.com/ca/en/0,4,00.html). How do these banks help corporations
Assume that Everyman's Bookstore uses up cash at a steady rate of $200,000 per year. The interest rate is 2% and each sale of securities costs $20.a. How many times a year should the store sell
Your company has some spare cash to invest for 3 months. You are wondering whether to invest it in Canadian or U.S. Treasury bills, commercial paper, GICS, or CDs. Go to the Bank of Canada site
The Asian Tigers Conglomerate is seeking appropriate ways to manage its cash balances. The firm has established a lower limit with regard to its cash balance holdings of $40,000. It faces quite a bit
After Target was forced to leave Canada because of supply chain problems, Walmart Canada increased its emphasis on efficient supply chain management. Congratulations, you have been hired as one of
Genuine Gems orders a full month's worth of precious stones at the beginning of every month. Over the course of the month, it sells off its stock, at which point it restocks inventory for the
Patty's Pancakes orders pancake mix once a week. The mix is used up by the end of the week, at which point more is reordered. Each time Patty orders pancake mix, she spends about a half hour of her
A large consulting firm orders photocopying paper by the carton. The firm pays a $30 delivery charge on each order. The total cost of storing the paper, including forgone interest, storage space, and
Micro-Encapsulator Corp. (MEC) expects to sell 7,200 miniature home encapsulators this year. The cost of placing an order from its supplier is $250. Each unit costs $50 and carrying costs are 20% of
Log in to the Bankruptcy Calculator at www.jaxworks.com/calc2a.htm and calculate the Z scores for 2 U.S. companies (say Exxon and American Airlines). You will need to find some financial data for
When credit managers need a credit check on a small business, they often look up the Dun & Bradsueet report on the company. Go to www.dnb.com, put your mouse on the "Small Business" button, then
Go to finance.yahoo.com. Compare and contrast the trade (account) receivables turnover and days' sales outstanding of Winn-Dixie Stores Inc., Dean Foods Co., and Lifeway Foods Inc. Read the business
Consider the first 3 C's for setting the terms of sale. List some practical examples how clientele, competition and contribution margin determine the terms of sale.
A firm offers terms of 2/15, net 30. Currently, two-thirds of all customers take advantage of the trade discount; the remainder pay bills at the due date.a. What will be the firm's typical value for
Mergers and Acquisitions in Canada reports on current merger activity in Canada. It is available in libraries and parts of it can be found at www.crosbieco.com/ma/index.html. Select "Press Release"
The Ontario Teachers' Pension Plan Board (Teachers), www.otpp.com, and the Ontario Municipal Employees Retirement System (OMERS), www.omers.com, manage very large investment portfolios. a. What are
Use Table 24.1 to answer these questions:a. How many euros can you buy for $100? How many dollars can you buy for 100 euros?b. How many Swiss francs can you buy for $100? How many dollars can you buy
The following table shows interest rates and exchange rates for the U.S. dollar and Mexican peso. The spot exchange rate is 9.5 pesos per U.S. dollar. Complete the missing entries:
Look at Table 24.1. If the 3-month interest rate on Canadian dollars is 6% (annualized), what do you think is the 3-month sterling (U.K.) interest rate? Assume a 3-month forward rate of $1.823 = 1£.
Look at Table 24.1 and assume a 12Â·month U.S. dollar forward rate of $0.9225
Suppose the interest rate on 1-year loans in the United States is 5% while in the United Kingdom the interest rate is 6%. The spot exchange rate is US$1.55/£ and the forward rate is US $1.54/£. In
Look at Table 24.1. How many Swiss francs can you buy for $1? How many yen can you buy? What rate do you think a Japanese bank would quote for buying or selling Swiss francs? Exp lain what would
General Gadget Corp. (GGC) is a Canada-based multinational firm that makes electrical coconut scrapers. These gadgets are made only in Canada using local inputs. The scrapers are sold mainly to Asian
The Financial Times maintains a "special reports" Web site on the euro: specials.ft.com/euro/ index.html. Go to the site and trace the chronology of events that led to the European Monetary Union and
The euro has replaced 16 national currencies. Browse through the European Commission's Web site at ec.europa.eu to find and list these 16 countries. What is the permanent conversion rate of the euro
Go to stats.oecd.org, the Statistics section of the Web site of the Organisation for Economic Co-operation and Development (OECD). Can you retrieve information on the most recent purchasing-power
There are plenty of good sites that show current and past spot rates of exchange. One excellent site is the Pacific Exchange Rate Service of Sauder School of Business, University of British
Go to Yahoo Finance Website at ca.finance.yahoo.com. In February 2010, a Japanese investor bought 2,000 shares of Magna International, Inc. (MG.TO), for $60 through his Toronto-based broker. What is
A Canadian firm is evaluating an investment in Indonesia. The project costs 500 billion Indonesian rupiah and it is expected to produce an income of 250 billion Indonesian rupiah a year in real terms
You have decided to purchase a deluxe condominium apartment in a newly built residential complex in South Florida. Your agreement with the real estate developer specifies that construction of the
Fleximetals Inc. of Canada is considering a capital investment in Zamboana. The currency of Zamboana is the Zamboa peso (symbol: Zp). Details regarding the project are provided below (all currency
Which of the following items do you need if you do all your capital budgeting calculations in your own currency? a. Forecasts of future exchange rates b. Forecasts of the foreign inflation rate c.
Turn back to Table 25.2, which lists prices of various TD options. Use the data in the table to calculate the payoff and the profits for investments in each of the following January 2015 maturity
What is the lower bound to the price of a call option? What is the upper bound?
Table 25.2 shows call options on TO stock with the same exercise date in August and with exercise prices $54, $56, and $58. Notice that the July price of the middle call option (with exercise price
Visit the Montreal Exchange, www.m-x.ca, and click on "Trading," then "Quotes," "Options List," and "Equity Options." Pick a stock and look up current prices of call and put options on it by clicking
What other options are traded on the Montreal Exchange (www.m-x.ca)? Try to explain what these options are.
Are these put or call options? Fill in the blanks. a. An oil company acquires mining rights to a silver deposit. It is not obliged to mine the silver, however. The company has effectively acquired a
Redo the preceding problem assuming the stock price on the expiration date is (a) $62.8 (b) $50.8.
Price support systems for various agricultural products have allowed farmers to sell their crops to the government for a specified "support price." What kind of option has the government given to the
The CDIC (Canadian Deposit Insurance Corporation) insures bank deposits. If a bank's assets are insufficient to pay off all depositors, the CDIC will contribute enough money to ensure that all
Look once more at the Apple call option that we valued in the Finance in Action box in Section 25.2. Suppose (Just suppose) that the interest rate on bank loans is 20%. Recalculate the value of the
Following the instructions in question 14, go to Montreal Exchange and get 2 current call option prices, current stock price and stock 30·day historical volatility for EnCana Ltd. (ECA) and Barrick
Show how Petrochemical Parfum (see Section 26.2) can also use futures contracts to protect itself against a rise in the price of crude oil. Show how the payoffs would vary if the oil price is $88,
Look in The Globe and Mail or National Post at the prices of gold futures quoted on the COMEX futures exchange. What is the date of the most distant contract? Suppose that you buy 100 ounces of gold
When the deutschemark strengthened in 1991 and 1992, German luxury car manufacturers found it increasingly difficult to compete in the United States market. How could they have hedged themselves
Discuss each of the following statements: a. "The better the risk management policies of a company, the greater a company's debt capacity." b. "Managers are not paid to avoid all risk."
Assume that the 1-year interest rate is 6% and the 2-year interest rate is 7% per year. You approach a bank and ask at what rate the bank will promise to make a 1-year loan in 12 months' time. The

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