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Brown, the owner of Julie’s Party Sandwiches, has delegated management of the business to Stacise Wood, a friend. Brown drops by to meet customers and check up on cash receipts, but Wood buys the merchandise and handles cash payments. Business has been very good lately, and cash receipts have kept pace with the apparent level sales. However, for a year or so, the amount of cash on hand has been to low. When asked about this, Wood explains that suppliers are changing more for goods than in the past. During the past year, Wood has taken two expensive vacations, and Brown wonders how wood can afford these trips on her $52,000 annual salary and compensations. List at least six ways Wood could be defrauding Brown of cash. In each instance, also identify how Brown can determine whether Wood’s actions are ethical. Limit your answers to the store’s cash payments. The business pays all suppliers by check (no EFTs).
Refer to the Bulldog battery company’s cash budget in Table 18-7. Explain why the company would probably not issue $1 million worth of new common stock in January to avoid all short-term borrowing during the year.
A coupon bond that pays semi-annual interest is reported in the Wall Street Journal as having an ask price of 108% of its $1,000 par value. If the last interest payment was made 2 months ago and the coupon rate is 5.10%, the invoice price of the bond..
Standard Corporation is investing $400,000 of fixed capital in a project that will be depreciated straight-line to zero over its ten-year life. Annual sales are expected to be $240,000, and annual cash operating expenses are expected to be $110,000. ..
On July 1, 2010, Bill invested P into a fund which accumulates at an interest rate of 7% compounded monthly. On July 1, 2012, Judy invested 100 in a fund with a discount rate of 9% compounded quarterly. On July 1, 2010, the sum of the present value s..
Calculate the total number of shares to be acquired by CFR based on Adcock's market value of R70 per share and calculate the number of shares held by Bidvest Holdings in Adcock.
Bill Jobs has decided to start a computer company called CompU in Joplin. He knows that many MSSU students, who are now required to own and operate a personal computer, are having difficulty setting up their computers, If CompU is successful, what ki..
Using the P/E ratio approach to valuation, calculate the value of a share of stock.
Cheeseburger and Taco Company purchases 19,632 boxes of cheese each year. It costs $29 to place and ship each order and $3.81 per year for each box held as inventory. The company is using Economic Order Quantity model in placing the orders. What is t..
Duchon Industries had the following balance sheet at the time it defaulted on its interest payments and filed for liquidation under Chapter 7. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $900 mil..
Fish Inc., an exempt organization, reports unrelated business taxable income of $500,000 (excluding the deduction for charitable contributions). During the year, Fish makes charitable contributions of $54,000, of which $38,000 are associated with the..
Yolanda invests her $5,000 bonus into a high yield account that earns 6.7% simple interest. She wants to buy a Burmese Rabbit Hound with the money. The breeder told her that a puppy would cost $5,500. How long will Yolanda have to wait before she has..
Based on the information below, calculate the weighted average cost of capital. Great Corporation has the following capital situation.Debt: One thousand bonds were issued five years ago at a coupon rate of 11%
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