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Larry Bush, was on his second audit job on the East Coast with a new client called FSK. He was looking through the past four years of financials and doing a few ratios when he noticed something odd. The current ratio went from 1.9 in 2011 down to 0.3 in 2012, despite the fact that 2012 had record income. He decided to sample a few transactions from December 2012. He found that many of FSK customers had returned products to the company because of substandard quality. Bush discovered that the company was clearing the receivables but stashing the debits in an obscure long-term asset account called "grain reserves" to keep the company's income "in the black". How did the fraudulent accounting just described affect the current ratio? Can you think of any reasons why someone in the company would want to take this kind of action?
Unlike the traditional mortgage amortization schedule, "negative-amortization" mortgages permit the:
Clear Channel, an owner of radio stations with the Top 40 format, recently bought rock concert promoter Live Nation. How would this affect prices for concert tickets or rates for radio programming?
The U.S. government issues a coupon bond with the coupon rate 5% and the maturity 20 years. The bond with a face value of $1000 is sold at a present value of $900. Calculate the yield to maturity of the two bonds. Are the two bonds sharing the same y..
Boyd Company sold a futures contract (one) on Treasury bonds that specified a price of 93-00. When the position was closed out, the price of the Treasury bond futures contract was 94-20. Did interest rates increase or decrease? How do you know? What ..
explain and categorize the cost of inflation. Because of inflation has risen, the L.L Bean Company decides to issue a new catalog quarterly rather than annually.
Is the Affordable Health Care Act (Obama Care) good for America? Explain why or why not? What would you put in place or how would you improve the current system?
According to studies undertaken by the Department of Agriculture, the price elasticity of demand for cigarettes is approximately -0.3 and the income elasticity is approximately 0.5.
Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit? Explain using e..
If a competing cinema reduced its prices by 10%, how would you expect this action to affect demand at Crown? How should the cinema determine an optimal ticket price?
What is the definition of a contract? What are the required elements? What is the distinction between a void and avoidable contract; between an executive and an executor contract; and between a unilateral and bilateral contract?
The price elasticity of demand for Stork ice cream is -4. Suppose you're told that following a price increase, quantity demanded fell by 10 percent. What was the percentage change that brought about this change in quantity demanded?
What is the equal-payment series for 10 years that is equivalent to a payment series starting with $15,000 at the end of the first year and decreasing by $3,000 each year over 10 years? Interest is 9% compounded annually.
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