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On July 27, 20X0, Arthur Ward, CPA, issued an unqualified audit report on the financial statements of Dexter Company for the year ended June 30, 20X0. Two weeks later, Dexter Company mailed annual reports, including the June 30 financial statements and Ward’s audit report, to 150 stockholders and to several creditors of Dexter Company. Dexter Company’s stock is not actively traded on national exchanges or over the counter. On September 5, the controller of Dexter Company informed Ward that an account payable for consulting services in the amount of $170,000 had inadvertently been omitted from Dexter’s June 30 balance sheet. As a consequence, net income for the year ended June 30 was overstated by $90,500, net of applicable federal and state income taxes. Both Ward and Dexter’s controller agreed that the misstatement was material to Dexter’s financial position at June 30, 20X0, and operating results for the year then ended. What should Arthur Ward’s course of action be in this matter? Discuss.
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..
Dandle’s Candles will be producing a new line of dripless candles in the coming years and has the choice of producing the candles in a large factory with a small number of workers or a small factory with a large number of workers. Calculate the accou..
A toy manufacturer is considering purchase of a new packaging machine for $150,000. Annual labor savings are estimated to be $25,000 the first year and then increase 10% per year (geometric gradient). Routine maintenance will cost $2500 per year.
An individual is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retires, that is, until he is 85. He wants a fixed annual retirement income of $65,156. He currently has $100,000 saved up; and ..
calculate the net present value for the same project using a 3% discount rate. What is the implication of using a lower discount rate?
Based on Capital Asset Pricing Model (CAPM) make a recommendation on whether or not to invest in this stock.
Describe the basic strategy in riding the yield curve. Can you ride the yield curve if the yield curve is downward sloping with short term rates above long term rates?
List the six best practices described in the Purchasing and Procedure Center’s online article. For each best practice, explain how it will achieve cost reductions and/or service level improvements.
As the chief finacial officer of Cascade Designs, Calculate Cascade's times-interest-earned ratio for next year assuming the firm raises $70 million of new debt at an interest rate of 6%. Calculate Cascade's time-burden-covered ratio for next year as..
You are considering purchasing a new truck that will cost you $34,000. The dealer offers you 1.9% APR financing for 48 months (with payments made at the end of the month). Assuming you finance the entire $34,000 and finance through the dealer, your m..
A stock's book value:
Firm Xi has market beta for their equity of 1.2-currently has D/E ratio of 1.4. Now, value company with tax shield-how much value interest tax shield adds.
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