Use the following information for determining sound intensity. The number of decibels ? of a sound with an intensity of I watts per square meter is given by ? = 10 log(I/I0), where I0 is an intensity of 10−12 watt per square meter, corresponding roughly to the faintest sound that can be heard by the human ear. Find the number of decibels ? of the sound.
(a). I = 10−10 watt per m2 (quiet room)
? = ________________dB?
(b). I = 10−5 watt per m2 (busy street corner)
? = ______________dB?
(c). I = 10−8 watt per m2 (quiet radio)
? = ____________dB?
(d). I = 100 watt per m2 (threshold of pain)
? =_____________dB?
Choose the statement that is the best interpretation of the confidence interval.
Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method:
| Accounts payable increase | $14,000 |
| Accounts receivable increase | 7,000 |
| Accrued liabilities decrease | 5,000 |
| Amortization expense | 31,000 |
| Cash balance, January 1 | 21,000 |
| Cash balance, December 31 | 141,000 |
| Cash paid as dividends | 41,000 |
| Cash paid to purchase land | 81,000 |
| Cash paid to retire bonds payable at par | 70,000 |
| Cash received from issuance of common stock | 75,000 |
| Cash received from sale of equipment | 17,000 |
| Depreciation expense | 65,000 |
| Gain on sale of equipment | 12,000 |
| Inventory decrease | 11,000 |
| Net income | 126,000 |
| Prepaid expenses increase | 3,000 |
Remember to use negative signs with answers when appropriate.
|
Balances:
|
Beginning
|
Ending
|
|---|---|---|
|
Direct Materials
|
$20,000
|
$32,000
|
|
Work-in-Process Inventory
|
39,000
|
37,000
|
|
Finished Goods Inventory
|
14,000
|
23,000
|
|
Other information:
|
|
|
Purchases of direct materials
|
$79,000
|
|---|---|
|
Direct labor
|
80,000
|
|
Manufacturing overhead
|
41,000
|
|
Schedule of Cost of Goods Manufactured
|
|
|
|
|
|
|
|
Direct Materials Used:
|
|
|
|
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|
|
|
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|
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Direct Materials Used
|
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Total Manufacturing Costs Incurred during the Year
|
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Total Manufacturing Costs to Account For
|
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Cost of Goods Manufactured
|
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Cost of Goods Sold
|
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Cost of Goods Manufactured
|
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Cost of Goods Available for Sale
|
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|
|
Cost of Goods Sold
|
|
|
|
Use the following information for all parts:
On a particular golf course, a sample of 55 golfers have a mean golf score of 70. Suppose the population standard deviation for this course is 3.7956.
(a) Using the formula for a 90% confidence interval as presented in lecture, fill in the blanks with the appropriate values for this problem for calculating the confidence interval below. To enter √xx where x is any number, type sqrt(x). For example, √22 should be written as sqrt(2).
?-? x ?/? to ?+? x ?/?
(b) Using the formulas from part (a), calculate the 90% confidence intervals for the mean golf score of all golfers on this golf course. Round each answer to the nearest hundredth, 2 decimal places.
? to ?
(c) Calculate the margin of error for the answer in part (b). Round the answer to the nearest hundredth, 2 decimal places.
(Q 12-14) Use the following information from a hotel’s income statement to solve the questions.
|
2019 ($) |
|
|
Total Revenues |
1,200,000 |
|
Rooms: |
|
|
Revenue |
750,000 |
|
Labor Costs & Related Expenses |
100,000 |
|
Other Expenses |
55,000 |
|
Room Department Income (Loss) |
595,000 |
|
Food: |
|
|
Revenue |
390,000 |
|
Cost of Sales |
130,000 |
|
Labor Costs & Related Expenses |
82,500 |
|
Other Expenses |
38,500 |
|
Food Department Income (Loss) |
139,000 |
|
Gift Shop: |
|
|
Revenue |
60,000 |
|
Cost of Sales |
44,800 |
|
Labor Costs & Related Expenses |
16,286 |
|
Other Expenses |
8,000 |
|
Gift Shop Department Income (Loss) |
(9,086) |
|
Total Operated Departments Income |
? |
|
Total Undistributed Operating Expenses |
282,000 |
|
Gross Operating Profit |
? |
|
Rent, Property Taxes and Insurance |
106,000 |
|
EBITDA |
? |
|
Depreciation |
30,000 |
|
Interest Expense |
80,000 |
|
Income before Income Taxes |
226,914 |
|
Income Taxes |
66,000 |
|
Net Income |
160,914 |
What is the company’s Gross Operating Profit in year 2019?
(Questions 4-7) Use the following information from a hotel’s balance sheet to solve the questions.
| ASSETS | Dec 31, 2019 ($) |
| Current Assets: | |
| Cash | 30,000 |
| Marketable securities | 50,000 |
| Accounts receivable | 100,000 |
| Inventory | 20,000 |
| Total Current Assets | 200,000 |
| Investments | 100,000 |
| Property & Equipment: | |
| Land | 500,000 |
| Building | 5,000,000 |
| Equipment | 1,000,000 |
| Less: Accumulated depreciation | 1,600,000 |
| Net Property & Equipment | ? |
| Total Assets | ? |
| LIABILITIES & OWNERS’ EQUITY | |
| Current Liabilities: | |
| Accounts payable | 60,000 |
| Current maturities of Long-term debt | 100,000 |
| Dividends payable | 30,000 |
| Total Current Liabilities | 190,000 |
| Long-Term Liabilities: | |
| Long-term debt | 4,000,000 |
| Total Long-term Liabilities | 4,000,000 |
| Total Liabilities | 4,190,000 |
| Owners’ Equity: | |
|
Capital Stock |
700,000 |
| Retained Earnings | ? |
| Total Owners’ Equity | |
| Total Liabilities and Owners’ Equity |
What is the amount of “Retained Earnings” as of Dec 31, 2019?
(Questions 4-7) Use the following information from a hotel’s balance sheet to solve the questions.
| ASSETS | Dec 31, 2019 ($) |
| Current Assets: | |
| Cash | 30,000 |
| Marketable securities | 50,000 |
| Accounts receivable | 100,000 |
| Inventory | 20,000 |
| Total Current Assets | 200,000 |
| Investments | 100,000 |
| Property & Equipment: | |
| Land | 500,000 |
| Building | 5,000,000 |
| Equipment | 1,000,000 |
| Less: Accumulated depreciation | 1,600,000 |
| Net Property & Equipment | ? |
| Total Assets | ? |
| LIABILITIES & OWNERS’ EQUITY | |
| Current Liabilities: | |
| Accounts payable | 60,000 |
| Current maturities of Long-term debt | 100,000 |
| Dividends payable | 30,000 |
| Total Current Liabilities | 190,000 |
| Long-Term Liabilities: | |
| Long-term debt | 4,000,000 |
| Total Long-term Liabilities | 4,000,000 |
| Total Liabilities | 4,190,000 |
| Owners’ Equity: | |
|
Capital Stock |
700,000 |
| Retained Earnings | ? |
| Total Owners’ Equity | |
| Total Liabilities and Owners’ Equity |
What is the amount of “Retained Earnings” as of Dec 31, 2019?
4,Questions 4-7) Use the following information from a hotel’s balance sheet to solve the questions.
| ASSETS | Dec 31, 2019 ($) |
| Current Assets: | |
| Cash | 30,000 |
| Marketable securities | 50,000 |
| Accounts receivable | 100,000 |
| Inventory | 20,000 |
| Total Current Assets | 200,000 |
| Investments | 100,000 |
| Property & Equipment: | |
| Land | 500,000 |
| Building | 5,000,000 |
| Equipment | 1,000,000 |
| Less: Accumulated depreciation | 1,600,000 |
| Net Property & Equipment | ? |
| Total Assets | ? |
| LIABILITIES & OWNERS’ EQUITY | |
| Current Liabilities: | |
| Accounts payable | 60,000 |
| Current maturities of Long-term debt | 100,000 |
| Dividends payable | 30,000 |
| Total Current Liabilities | 190,000 |
| Long-Term Liabilities: | |
| Long-term debt | 4,000,000 |
| Total Long-term Liabilities | 4,000,000 |
| Total Liabilities | 4,190,000 |
| Owners’ Equity: | |
|
Capital Stock |
700,000 |
| Retained Earnings | ? |
| Total Owners’ Equity | |
| Total Liabilities and Owners’ Equity |
What is the amount of “Net Property & Equipment” as of Dec 31, 2019?
, use the following information: type A hemophilia, a disorder in which blood does not clot properly, is governed by a recessive allele on the X chromosome. Suppose a healthy woman is a carrier and marries a man with hemophilia A, and they are expecting a child. Use XH = normal clotting, Xh = hemophilia.
Does the confidence interval provide evidence that the mean cost of flowers for a wedding has increased?
Use the following information for the next two problems:
A company is considering whether to lease or purchase an aircraft to transport its executives between company facilities and the main administrative headquarters. The firm is in the 40 percent tax bracket and its after-tax cost of debt is 7 percent. The estimated after-tax cash flows for the lease and purchase alternatives are given below:
Cash Flows After-Tax
|
End of Year |
Lease |
Purchase |
|
1. |
(40,000) |
(68,454) |
|
2. |
(40,000) |
(59,110) |
|
3. |
(40,000) |
(63,596) |
|
4. |
(40,000) |
(66,633) |
|
5. |
(40,000) |
30,056 |
1. Given the above cash outflows, calculate the present value of the after-tax cash flows of the lease alternative using the after-tax cost of debt.
2. Given the above cash outflows:
a) Calculate the present value of the after-tax cash flows of the purchase alternative using the after-tax cost of debt.
b) Which alternative do you choose?
Use the following information on economy X to answer the questions below.
Consumption function: C = 350 + 0.6Y
Investment spending: I = 250
Government spending: G = 400
Exports of goods and services: X = 300
Imports of goods and services: Z = 150
Proportional tax rate: t =25%
(Note: Show all calculations and round off to 2 decimal places).
Q.4.1.1 Q.4.1.2
Q.4.1.4 Q.4.1.5
Calculate total autonomous spending for economy X. (3) Calculate the multiplier for economy X. (3)
Calculate the budget surplus or deficit at the equilibrium level of income. (3) Calculate the change in equilibrium income if the government decides to (3) increase expenditure to R500.
Q.4.1.3
Calculate the equilibrium income for the economy. (Hint: Use the multiplier method).
(3)
Use the following information for the next two problems:
Barton Aviation is considering whether to lease or purchase an aircraft to transport its executives between company facilities and the main administrative headquarters. The firm is in the 40 percent tax bracket and its after-tax cost of debt is 7 percent. The estimated after-tax cash flows for the lease and purchase alternatives are given below:
Cash Flows After-Tax
|
End of Year |
Lease |
Purchase |
|
1. |
(40,000) |
(68,454) |
|
2. |
(40,000) |
(59,110) |
|
3. |
(40,000) |
(63,596) |
|
4. |
(40,000) |
(66,633) |
|
5. |
(40,000) |
30,056 |
Given the above cash outflows, calculate the present value of the after-tax cash flows of the lease alternative using the after-tax cost of debt.
Use the following information to answer the next 3 questions:
Hillsdale Corp’s Stockholders Equity
Preferred Stock, 6%, $50 par value, 8,000 shs authorized,
______________ shs issued and outstanding $105,000
Common Stock, $4 par value, 20,000 shs authorized,
10,000 shs issued, ________ shs outstanding 40,000
APIC
Preferred Stock 56,700
Common Stock 30,000
Total Paid In Capital 231,700
Retained Earnings 35,000
Less: Treasury Stock, 4,000 shs 15,000
Total Stockholders’ Equity 251,700
2,100 shares of preferred stock are issued and outstanding
How many shares of common stock are outstanding?
What is the cost of the shares held in the Treasury?
|
Balances:
|
Beginning
|
Ending
|
|---|---|---|
|
Direct Materials
|
$23,000
|
$31,000
|
|
Work-in-Process Inventory
|
44,000
|
37,000
|
|
Finished Goods Inventory
|
20,000
|
22,000
|
|
Other information:
|
|
|
Purchases of direct materials
|
$76,000
|
|---|---|
|
Direct labor
|
89,000
|
|
Manufacturing overhead
|
42,000
|
|
Schedule of Cost of Goods Manufactured
|
|
Beginning Work-in-Process Inventory
|
|
|
|
|||
|
Direct Materials Used:
|
|
|
|
|||
|
|
|
|
|
|
||
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|
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||
|
Direct Materials Used
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
Total Manufacturing Costs Incurred during the Year
|
|
|
|
|||
|
Total Manufacturing Costs to Account For
|
|
|
|
|||
|
|
|
|
|
|||
|
Cost of Goods Manufactured
|
|
|
|
Pursuing an inorganic growth strategy, Wilson Company acquired Venus Company’s net assets and assigned them to four separate reporting divisions. Wilson assigned total goodwill of $134,000 to the four reporting divisions as given below
|
|
Alpha |
Beta |
Gamma |
Delta |
|
Carrying value |
$200,000 |
$320,000 |
$370,000 |
$300,000 |
|
Goodwill included in carrying value |
20,000 |
34,000 |
50,000 |
30,000 |
|
Fair value of net identifiable assets at year-end |
150,000 |
300,000 |
290,000 |
280,000 |
|
Fair value of reporting unit at year-end |
210,000 |
350,000 |
300,000 |
285,000 |
|
$30,000 |
||
|
$10,000 |
||
|
$0 |
||
|
$20,000 |
|
$34,000 |
||
|
$0 |
||
|
$50,000 |
||
|
$14,000 |
|
goodwill impairment of $70,000 should be recognized at year-end. |
||
|
goodwill impairment of $60,000 should be recognized at year-end. |
||
|
goodwill of $50,000 should be reported at year-end. |
||
|
no goodwill should be reported at year-end. |
|
goodwill of $30,000 should be reported at year-end. |
||
|
goodwill impairment of $15,000 should be recognized at year-end. |
||
|
goodwill impairment of $20,000 should be recognized at year-end. |
||
|
no goodwill should be reported at year-end. |
|
Use the following information for items 9-11: Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) |
|
9. Determine the net profit of the Cavite Branch for 2021. 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022. |
| Present solution in good accounting form. |
Use the following information for the Question below
As of early 2022, the global bitcoin hashrate is 160∗1018 hashes per second.
The Antminer S19 can compute 110 TH/s = 73∗1012 hashes per second. It costs $2600 and consumes 3.25kW when operating.
Suppose the devices required to achieve 1% market share as outlined in Question 14 above operate for one year. If the energy used to power the miners comes from a natural gas power plant, approximately how many kilograms of CO2 will be generated? Finally, this CO2 generated is equivalent to how many passenger flights between Dallas and London? Please cite sources for how you are calculating the CO2 amounts.
E7-3A Bank reconciliation
Use the following information to prepare a bank reconciliation for Young Company at June 30:
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash
receipts and cash payments for the month and the cash balance expected on July 31.
a. Beginning cash balance on July 1: $50,000.
b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the
second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are
May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000.
c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following
purchase. Purchases amounts are: June (actual), $700,000; and July (budgeted), $750,000.
d. Budgeted cash payments for salaries in July: $275,000.
e. Budgeted depreciation expense for July: $36,000.
f. Other cash expenses budgeted for July: $200,000.
g. Accrued income taxes due in July: $80,000.
h. Bank loan interest paid in July: $6,600.
Use the following information to answer. Coupon Payments are annual unless otherwise indicated!
| Years | Face | Coupon | Market | ||
| Security | Rating | Maturity | Value | Rate | Price |
| Treasury | 1 | $ 1,000 | 0.00% | $ 965.00 | |
| Treasury | 3 | $ 1,000 | 1.90% | $ 939.06 | |
| Treasury | 5 | $ 1,000 | 4.30% | $ 932.42 | |
| Treasury | 10 | $ 1,000 | 6.80% | $ 1,007.12 | |
| Treasury | 15 | $ 1,000 | 6.60% | $ 908.25 | |
| Corp A | A | 5 | $ 1,000 | 8.10% | $ 990.00 |
| Corp B | BB | 10 | $ 1,000 | 7.90% | $ 859.88 |
| Corp C | AA | 15 | $ 1,000 | 7.00% | $ 660.00 |
What is the default risk premium for a BB debt security (round to two places)
|
Gender |
Self-taught |
Studied in School |
Private Instruction |
Total |
|
Female |
12 |
38 |
22 |
72 |
|
Male |
19 |
24 |
15 |
58 |
|
Total |
31 |
62 |
37 |
130 |
If Stacy worked 8.7 hours yesterday, would you consider this unusual?
Question 3 options:
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Use the following information for Problems 30 and 31. On March 15, Calloway, Inc., paid property taxes of $480,000 for the calendar year.
30. How much of this expense should Calloway’s income statement reflect for the quarter ending March 31?
a. –0–
b. $40,000
c. $120,000
d. $480,000
31. The journal entry at March 15 to record the payment of property taxes would include which of the following?
a. A debit to Property Tax Expense of $480,000
b. A credit to Cash of $120,000
c. A debit to Prepaid Property Taxes of $360,000
d. A credit to Prepaid Property Taxes of $40,000
Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days’ sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places.
Sales |
Cost of Goods Sold |
Average Inventory |
|
| Year 2021 | $250,000 | $187,500 | $26,000 |
| Year 2022 | 295,000 | 221,250 | 30,000 |
| Year 2023 | 323,000 | 252,250 | 35,000 |
| Inventory Turnover |
Gross Margin |
Days’ Sales in Inventory |
|
| Year 2022 | fill in the blank 1 | $fill in the blank 2 | fill in the blank 3 |
| Year 2023 | fill in the blank 4 | $fill in the blank 5 | fill in the blank 6 |
Use the following information to answer the next six exercises. A jar of 150 jelly beans contains 22 red jelly beans, 38
yellow, 20 green, 28 purple, 26 blue, and the rest are orange.
Let B = the event of getting a blue jelly bean
Let G = the event of getting a green jelly bean.
Let O = the event of getting an orange jelly bean.
Let P = the event of getting a purple jelly bean.
Let R = the event of getting a red jelly bean.
Let Y = the event of getting a yellow jelly bean.
6. Find P(B).
7. Find P(G).
8. Find P(P).
9. Find P(R).
10. Find P(Y).
11. Find P(O).
Use the following information for Questions 6–8.
Information concerning O’Sadnick, Inc., on December 31, 2013, is as follows:
Book value per share . . . . . . . . . . . . . $ 6.00
Dividends per share . . . . . . . . . . . . . . 1.00
Earnings per share . . . . . . . . . . . . . . . 4.00
Par value per share . . . . . . . . . . . . . . . 2.00
Market price per share . . . . . . . . . . . . 16.00
6. What is O’Sadnick, Inc.’s price/earnings ratio for 2013?
a. 0.25
b. 1.5
c. 4.0
d. 8.0
7. What is O’Sadnick, Inc.’s dividend payout ratio for 2013?
a. 4.16%
b. 6.25%
c. 25%
d. 50%
8. What is O’Sadnick, Inc.’s dividend yield for 2013?
a. 4.16%
b. 6.25%
c. 25%
d. 50%
7 Use the following information to create a budget for KidzPerform, Inc., a small nonprofit.
Last year Income Information:
Individual Donations $2000 (expected to increase 5%)
Pledges: $500 received out of $600 pledged
Fundraising events (2) $100,000 (expected to add one event)
Grants: Second year of a 3-year grant $10,000
Applying for another grant $10,000
Last year Expenditures:
Director salary and benefits $30,000
Voice lessons 20,000
Performance costumes 50,000
Refreshments at events 10,000
Performance conductors 2,000 per event
Advertising 5,200
Invitations, mailings, postage 2,000
Utilities 1,200
Office space valued at $500 per month is donated
Performance Venues valued at $1,000 per event is donated
Use the following information for Questions 9–10.
Porter Co. reported the following on its December 31, 2013, balance sheet:
Liabilities and Stockholders’ Equity:
Accounts payable . . . . . . . . . . . . . . . . . . . . $ 3,000
Notes payable. . . . . . . . . . . . . . . . . . . . . . . 22,000
Bonds payable . . . . . . . . . . . . . . . . . . . . . . 45,000
Common stock . . . . . . . . . . . . . . . . . . . . . . 110,000
Preferred stock . . . . . . . . . . . . . . . . . . . . . . 20,000
Additional paid-in capital . . . . . . . . . . . . . . . 70,000
Retained earnings . . . . . . . . . . . . . . . . . . . . 32,000
Treasury stock. . . . . . . . . . . . . . . . . . . . . . . 12,000
9. The debt/equity ratio for Porter Co. in 2013 (rounded) is
a. 20.5%
b. 24.1%
c. 28.7%
d. 31.8%
10. The debt ratio for Porter Co. in 2013 (rounded) is
a. 20.5%
b. 24.1%
c. 28.7%
d. 31.8%
Use the following information to answer the question. A researcher is wondering whether the drinking habits of adults
in a certain region of the country are in the same proportion as the general population of adults. Suppose a recent study
stated that the proportion of adults who reported drinking once a week or less in the last month was 0.26. The null
hypothesis for this test is H0: p = 0.26 and the alternative hypothesis is Ha: p < 0.26. The researcher collected data from
150 surveys he handed out at a busy park located in the region.
Check that the conditions hold so that the sampling distribution of the z-statistic will approximately follow the
standard normal distribution. Are the conditions satisfied? If not, choose the condition that is not satisfied.
A)No, the researcher did not collect a large enough sample.
B)Yes, all the conditions are satisfied.
C)No, the population of interest is not large enough to assume independence.
D)No, the researcher did not collect a random sample.
Use the following information to prepare a Statement of Cash Flows for the month.
|
Bank balance beginning of month |
15,600 |
Inventory purchased for cash |
28,000 |
|
Bank balance, end of month |
19,800 |
Miscellaneous expenses paid |
8,000 |
|
Cash drawings |
30,000 |
Payment on accounts payable |
44,000 |
|
Cash sales |
72,000 |
Proceeds from bank loan |
93,000 |
|
Collections from accounts receivable |
40,000 |
Proceeds from sale of motor vehicle |
12,000 |
|
Cost of sales |
69,000 |
Purchase of motor vehicle for cash |
68,000 |
|
Credit sales |
58,000 |
Rent expense |
800 |
|
Depreciation |
3,500 |
Rent paid in advance for the next 6 months |
4,800 |
|
|
|
Wages paid |
30,000 |
Question: Prepare a Statement of Cash Flows for the month.
Statement of Cash Flows
|
Cash Flows from operating activities |
|
|
|
|
|
|
|
|
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Net cash used in operating activities |
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Cash from Investing Activities |
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Net cash used in investing activities |
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Cash from financing activities |
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Net cash provided from financing activities |
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Net increase/(decrease) in cash for the month |
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Cash at beginning of the month |
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Cash at the end of the month |
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Use the following information for the next two questions:
Rooster Co. uses the installment sales method. Relevant information follows:
| 20×1 | 20×2 | |
| Sales | 300,000 | 480,000 |
| Cost of sales | 240,000 | 336,000 |
| Installment receivable- 20×1 | 180,000 | 60,000 |
| Installment receivable- 20×2 | 360,000 |
Rooster Co. repossessed a property that was sold in 20×1 for ₱50,000. Total collections from this sale were ₱24,000.
Rooster Co. expects to resell the property for ₱30,000 after reconditioning costs of ₱4,000. The normal profit margin on resale of repossessed property is 30%.
a.) How much is the gain or loss on repossession?
b.) How much is the total realized gross profit in 20×2?
Use the following information for VPI Co. to prepare a statement of cash flows for the year ended
December 31 using the indirect method. Cash balance at prior year-end. . . . . . . . . . . . . . $40,000 Gain on sale of machinery. . . . . . . . . . . . . . . . . . $ 2,000 P2 P3
Increase in inventory. . . . . . . . . . . . . . . . . . . . . . 5,000 Cash received from sale of machinery. . . . . . . . 9,500
Depreciation expense . . . . . . . . . . . . . . . . . . . . . 4,000 Increase in accounts payable. . . . . . . . . . . . . . . 1,500
Cash received from issuing stock. . . . . . . . . . . . 8,000 Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000
Cash paid for dividends. . . . . . . . . . . . . . . . . . . . 1,000 Decrease in accounts receivable . . . . . . . . . . . . 3,000
Use the following information to answer the questions.
Your favorite statistics professor is starting up a UNO Genius Club, and you really want to get in. Everyone enrolled at UNO is eligible to take the qualifying exam and 8,647 students take the exam. You show up to take the test on a Sunday morning. Your professor announces on Monday that the distribution of scores was normal with a mean test score of 120 and a standard deviation of 14. Answer questions 24-28 using this information.
What is the probability that a randomly selected test-taker will score between 122 and 128?
**Don’t round z scores while calculating; round final answer to 2 decimals.
How many students scored between a 110 and 130?
**Since we’re talking about people, round to nearest whole number.
1) draw the normal curve, 2) plot the z-scores, and 3) shade in the area of interest.
Use the following information.
Find the loss in PV from mistakenly keeping the defender one year longer than is optimal. So in other words, if you found that the optimal indefinite plan was (j0,1),(j,5)inf , then find the PV difference between that and the plan (j0,2),(j,5)inf. The PV difference is within $10 of:
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269.11 |
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289.11 |
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309.11 |
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329.11 |
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None of the above |
Statement of Cash Flows (Indirect Method)
Use the following information regarding the Lund Corporation to (a) prepare a statement of cash flows using the indirect method and (b) compute Lund’s operating-cash-flow-to-current-liabilities ratio.
| Accounts payable increase | $13,500 |
| Accounts receivable increase | 6,000 |
| Accrued liabilities decrease | 4,500 |
| Amortization expense | 9,000 |
| Cash balance, January 1 | 33,000 |
| Cash balance, December 31 | 22,500 |
| Cash paid as dividends | 43,500 |
| Cash paid to purchase land | 135,000 |
| Cash paid to retire bonds payable at par | 90,000 |
| Cash received from issuance of common stock | 52,500 |
| Cash received from sale of equipment | 25,500 |
| Depreciation expense | 43,500 |
| Gain on sale of equipment | 6,000 |
| Inventory decrease | 19,500 |
| Net income | 114,000 |
| Prepaid expenses increase | 3,000 |
| Average current liabilities | 150,000 |
a. Use negative signs with cash outflow answers.
| LUND CORPORATION Statement of Cash Flows For Year Ended December 31 |
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| Cash Flow from Operating Activities | |
| Net Income | Answer
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| Add (deduct) items to convert net income to cash basis | |
| Depreciation | Answer
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| Amortization | Answer
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| Gain on Sale of Equipment | Answer
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| Accounts Receivable Increase | Answer
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| Inventory Decrease | Answer
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| Prepaid Expenses Increase | Answer
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| Accounts Payable Increase | Answer
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| Accrued Liabilities Decrease | Answer
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| Cash Flow Provided by Operating Activities | Answer
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| Cash Flow from Investing Activities | |
| Sale of Equipment | Answer
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| Purchase of Land | Answer
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| Cash Used by Investing Activities | Answer
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| Cash Flow from Financing Activities | |
| Issuance of Common Stock | Answer
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| Retirement of Bonds Payable | Answer
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| Payment of Dividends | Answer
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| Cash Used by Financing Activities | Answer
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| Net Decrease in Cash | Answer
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| Cash at Beginning of Year | Answer
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| Cash at End of Year | Answer
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b. Operating-cash-flow-to-current-liabilities ratio (Round answers to two decimal places.)
Answer
Use the following information about a hypothetical government security dealer named J.P.Groman.
(Market yields are in parentheses; amounts are in millions.)
Assets Liabilities
Cash $10 Overnight repos $170
1-month T-bills (7.05%) $75 Subordinated debt
3-month T-bills (7.25%) $75 7-year fixed (8.55%) $150
2-year T-notes (7.50%) $50
8-year T-notes (8.96%) $100
5-year munis (floating rate) (8.20% reset every six months) $25 Equity $15
Total $335 $335
a. What is the repricing or funding gap if the planning period is 30 days? 91 days? 2 years? (Recall that cash is a noninterest-earning asset.)
b. What is the impact over the next 30 days on net interest income if all interest rates rise by 50 basis points?
c. The following one-year runoffs are expected: $10M for two-year T-notes, $20M for the eight-year notes. What is the one-year repricing gap?
d. If runoffs are considered, what is the effect on net interest income at year end if interest rates rise by 50 basis points?
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