********* **** ****** ********* rates **** (Xe ****** *** * *** ******* * ******* * £ *** ************* ** 130 US$£ ** *** €US$1= *********** 115US$Day ***** Advance $ ***** 500 ****** ** Canadian ******************* *** 639Transaction ***** ********* * ***** ******** **** Ride CN$50 * **** **** *** ***** *** ******* ******* in **** 130*078= US$104Charged ******** CN$ 120+ ******* ********** ******* ** US$= […]
It is Sep 20th, 2018. You are contemplating taking positions in Apple futures contracts (available here: http://www.onechicago.com/?page_id=751) which expire on December 21st 2018 and March 22nd 2019. Use actual day counts and continuous compounding and that the rate is the same across all periods. Assume that contracts are settled at expiration by delivery of the actual stock. Ignore marking to market. Based on historical dividend policy, you believe that […]
On January 1, 2016, Manders Inc. granted 250,000 qualified stock options to acquire 250,000 shares of Manders $4 par value common stock at $38 per share. The options vest on December 31, 2018, and expire on December 31, 2022. Using the Black Scholes option pricing model, the estimated value of a single option on the grant date was $1.80. In early 2017, employees who were […]
B. consistency. C. conservatism. D. objectivity. Which of the following is not treated as a change in accounting principle? A. A change from LIFO to FIFO for inventory valuation b. A change to a different method of depreciation for plant assets c. A change from full-cost to successful efforts in the extractive industry d. A change from completed-contract to percentage-of-completion Which of the following is […]
The Everly Equipment Company’s flange-lipping machine was purchased 5 years ago for $70,000. It had an expected life of 10 years when it was bought and its remaining depreciation is $7,000 per year for each year of its remaining life. As older flange-lippers are robust and useful machines, this one can be sold for $20,000 at the end of its useful life. A new high-efficiency […]
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March 7,000 April 9,000 May 6,500 June 5,000 Wright maintains an ending inventory for each month in the amount of one and one-half times the expected sales in the following month. The ending inventory for February (March’s beginning inventory) reflects this policy. Materials cost $4 per unit and are paid […]
A. Corporations pay federal income taxes but not state income taxes. 10. Which of the following statements concerning taxation is accurate? A. Corporations pay federal income taxes but not state income taxes. B. Corporations pay federal and state income taxes. C. Only the owners must pay taxes on corporate income. D. Corporations pay income taxes but their owners do not. ANS: B DIF: Easy OBJ: […]
57. Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to a. Treasury Stock for $7,500 b. Paid-In Capital from Treasury Stock for $7,500 c. Paid-In Capital in Excess of Par/Common for $2,100 d. Paid-In Capital from Treasury Stock for $2,100 ANS: D DIF: Easy OBJ: 13-05 […]
When the market value of the common stock was $12 per share, the rights were exercised. A. As a marketable security b. As a deduction at cost from total stockholders” equity c. As a deduction at cost from total contingent liabilities d. As a deduction at par from total stockholders” equity 8. A company issued rights to its existing shareholders to purchase for par unissued […]
Maria had received a huge number of parking tickets over a 15-year period but didn’t bother to pay any of them. She owes the local municipality 25,088.51 euros in unpaid parking tickets and 22,142.85 euros in late payment fees. To enforce payments of outstanding debt, local municipalities have coordinated with the central government and managed to freeze the assets of citizens with such debt. Recently, […]
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