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In order to finance a shipment of Mexican pottery, Gulf Stream Imports is seeking a $500,000 one year bank loan. The Mercantile Bank requires that Gulf Stream Imports maintain a 20% compensating balance and requires four quarterly payments. The marine bank requires only a 10% compensating balance but requires twelve monthly payments. In addition marine discounts the loan. Both banks interest rate is 9%
a) Find the effective rate of both. Which is lowest?
b) If Marine Bank eliminates its compenstating balance requirement, would the answer change? What would the new effective rate be?
Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
What are the qualitative benchmarks an auditor can use to assess materiality? How can an auditor use both qualitative and quantitative measures to make a better assessment of materiality?
Code of Ethics for Professional Accountants
Classify by type of audit evidence: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
Identify the four types of control mechanisms that are used in Delta Airlines. I need 1 slide for each type of control mechanisms with speaker notes. That's a total of 4 slides + a references slide for me to look at.
Evaluate planning materiality, and tolerable misstatement. Justify your decisions. Determine the audit findings. Justify your decisions.
Prepare the consolidation removal entries
A bank manager wants to determine the percent of time that tellers are working and idle. She decides to use work sampling, and her initial estimate is that the tellers are idle 30 percent of the time.
Identify four types of control mechanisms (ways controls are applied) used in Wal-Mart organization. Compare and contrast these control mechanisms. Determine the effectiveness of these control mechanisms.
What was the balance inn Branson Co.'s cash account before recognizing any of these reconciling items? What was the balance shown on the bank statement before recognizing any of these reconciling items?
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