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Bristol Steel Corporation (BSC) manufactures steel products. In 2016, the treasurer of HHH invested excess funds into a speculative stock with the intention of liquidating the stock at some time in the future when the funds were required. The amount is material. After two months, the stock incurred a significant loss and was sold shortly thereafter. The controller prepared a journal entry to record the transaction as a sale of old inventory so the company showed a lower profit on sales than usual, but no trading loss.
The auditor provided an unmodified opinion on the 2016 financial statements. In 2017, the shares of the company were purchased by a private equity firm. The error was discovered after the audited financial statements were issued.
Assume that the private equity form sued the auditors. Explain how the 4 elements of negligence would apply to this case.
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a $10 per share dividend 10 years from today ..
A portfolio manager has made an investment that will generate returns that are subject to the state of the economy during the year. Use the following information to calculate the standard deviation of the return distribution for the portfolio. Econom..
Hollywood Shoes would like to maintain their cash account at a minimum level of $60,000, but expect the standard deviation in net daily cash flows to be $5,000; the effective annual rate on marketable securities to be 6.00 percent per year; and the t..
Based on the following ex-post data, what is the beta of the portfolio if the portfolio is well-diversified? Standard deviation of the portfolio=.22 Standard deviation of the market portfolio=.10
Find the following values for a lump sum assuming semiannual compounding.
All of the following are features of bonds except
The decision criteria for the Payback is to reject a project if the Payback is
Describe the various ways How one can participate in the RE investments and the Types of RE that one can invest in. What are the elements that provide the investor with income and/or appreciation?
Calculate Keystone's return on stockholder's equity.- What does a comparison of Keystone to these averages indicate about the firm's strengths and weaknesses?
South bay catering purchases three new vans, at a total cost of $57000. The company pays $23000 up front and agrees to amortize the remaining 6 years, making regular monthly payments at an annual interest rate of 6.6%. (The first payment will be one ..
Dudley Savings Bank wishes to take a position in Treasury bond futures contracts, which currently have a quote of 122 − 100. Dudley Savings thinks interest rates will go down over the period of investment. Should the bank go long or short on the futu..
Flatte Restaurant is considering the purchase of a $11,000 soufflé maker. The soufflé maker has an economic life of four years and will be fully depreciated by the straight-line method. The machine will produce 2,500 soufflés per year, with each cost..
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