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The existence of just four large CPA firms that service virtually all of the major industrial and financial companies and thus dominate the accounting profession has led to criticism through the years.
What dangers do you see from the dominance of a few large CPA firms? What advantages?
During the 1980s and 1990s, mergers among the large public accounting firms reduced the Big 8 to the Big 5. The death of Arthur Andersen (because of the Enronscandal) reduced the number to four. One reason offered for the mergers was that they improved the ability of the merging firms to provide the broad array of consulting services that provided an increasing share of the revenues of the large accounting firms. What problems do you think intensified as public accounting firms earned an ever-larger share of their income from consulting?
What can we do to build good credit scores? In the long term and in the very short term? What does not work? What happens when one can’t pay one’s debt? What are the basics of bankruptcy proceedings?
What is the yield to maturity of a 23 year bond that pays a coupon rate of 8.25% per year and has $1,000 par value and is currently priced at $1,298.05. Assume semi-annual coupon payments. Round the answer to two decimal places in percentage form.
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 in 10 years and will..
What is the future value of $1,590 in 16 years assuming an interest rate of 9.75 percent compounded semi-annually? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (..
Barnes’ Brothers has the following data for the year ending 12/31/10: Net income = $600; Net operating profit after taxes (NOPAT) = $700; Total assets = $2,500; Short-term investments = $200; Stockholders' equity = $1,800; Total debt = $700; and Tota..
An investment banker has recommended a $100,000 portfolio containing assets B, D, and F. $20,000 will be invested in asset B, with a beta of 1.5; $50,000 will be invested in asset D, with a beta of 2.0; and $30,000 will be invested in asset F, with a..
Suppose a 10-year, $1,000 bond with a 7% coupon rate and semi annual coupons is trading for a price of $1,195.23. What is the bond's yield to maturity (expressed as an APR with semi annual compounding.)? If the bonds yield to maturity changes to 9% A..
A company's common stock has a beta of 2.1. If the risk-return is 2.43%, and the market risk premium is 7.79%, calculate the required return on the company's common stock.
The Fed took which of the following actions in response to the deepening recession in late 2008?
Assume you are given the following relationship for the Clayton Corporation: Calculate Clayton’s profile margin and debt ratio.
Consider two stocks, Stock D, with an expected return of 16 percent and a standard deviation of 31 percent, and Stock I, an international company, with an expected return of 9 percent and a standard deviation of 19 percent. The correlation between th..
A firm forecasts a project's net cash flows ($millions) in years 1 thru 4 as $120, $130, $135, and $137, respectively. If the project ends at the end of the fourth year, what is the horizon value of the project? Assume that the company had a historic..
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