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Objectives : Show the impact of transactions on the accounting equation; record (journalize and post) transactions in the books.
Architect Wendy Watson purchased supplies on account for $4,800. Later Watson paid $1,350 on account.
1. Journalize the two transactions on the books of Wendy Watson, architect. Include an explanation for each transaction.
2. Open a T-account for Accounts Payable and post to Accounts Payable. Compute the balance and denote it as Bal.
3. How much does the business owe after both transactions? In which account does this amount appear?
Saint and Lewis Investment Management (SLIM) Inc. is considering purchasing bonds to be issued by Caterpilar Inc. The bonds have a face value of $10,000 and a coupon rate of 6%. The bonds will mature 10 years after they are issued. The issue price is..
The specific goals for which the Federal Reserve is held accountable by Congress include: The Federal Reserve's monetary policies are determined by the Select one: Federal law requires the chairman of the Federal Reserve to:
The spot rate between Japan and the U.S. is 104.02 yen=$1 while the 1 year forward rate is 105.13 yen = $1. A 1-year risk free security in the U.S. is yielding 4.2%. What is the rate of return on a 1-year risk-free security in Japan assuming that int..
Present Value of an Annuity Due If the present value of an ordinary, 6-year annuity is $8,500 and interest rates are 9.5 percent, what’s the present value of the same annuity due?
An 8.7%, twenty-year bond yields 6.7%. If the yield remains unchanged, what will be its price one year hence? Assume annual coupon payments. What is the total return to an investor who held the bond over this year?
Your firm has an average collection period of 22 days. Current practice is to factor all receivables immediately at a discount of 1.2 percent. What is the effective cost of borrowing in this case? (Do not round intermediate calculations. Enter your a..
Red Shoe Co. has concluded that additional equity financing will be needed to expand operations and that the needed funds will be best obtained through a rights offering. Assume that the increment to the market value of the equity equals the gross pr..
Genetic Insights Co. purchases an asset for $11,645. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, r..
What are the 4 main criteria that a firm should consider when determining the firm’s appropriate debt-to-equity ratio? Is the ratio likely to change over time? How?
A US investor sees an arbitrage opportunity in the currency markets. The spot exchange rate between the Swiss Franc and US Dollar is 1.00549 ($ per CHF). Assume the continuously compounded interest rates in the US and Switzerland are 0.33% and -0.81%..
A family purchased a house valued at $300,000 Owners equity of 20% is required as an initial collateralized condition with the financed amount to be amortized in equal monthly amounts extended over a 15 year at 12%.
A firm is evaluating a project which will cost $10,269 today and provide cash flows in years 1, 2, and 3 of $7,560, $3,286, $3,268 and, respectively. The firm’s discount rate is 8%. What is the profitability index?
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