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On November 1, 2009, Hills Gold Processing Company had 250 ounces of unprocessed gold inventory at a cost of $500 per ounce. The cost of processing the gold is $200 per ounce and the processing takes 5 days. All the volatility in Hills earnings is related to the price fluctuations in processed gold prices. To hedge this position Hills entered into a futures agreement on November 1, 2009 to sell 250 ounces of processed gold on March 15, 2010 for $915 per ounce. The market value of processed gold on November 1, 2009 is $925 per ounce. The hedge qualifies as a fair value hedge of the gold inventory. The price for this futures contract is $975 per ounce on December 31, 2009. Hills Company exits the futures contract on March 15, 2010 when the futures price for this contract is $865.
The realized gain (loss) on the futures contract on March 15, 2010 to Hills Company should be recorded as a : A. component of ordinary income b. as an extraordinary item on the income statement c. as a component of stockholders equity d. in accumulated other comprehensive income
You are managing a pension fund with a value of $390 million and a beta of 1.80.
DeVille Industrial Machines issued 136,000 zero coupon bonds five years ago. The bonds originally had 30 years to maturity with a 6.6 percent yield to maturity. Interest rates have recently increased, and the bonds now have an 8.2 percent yield to ma..
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Whichever project you choose, if any, you require a 15% return on your investment. If you apply the payback criterion, which investment will you choose? Why? If you apply the NPV criterion, which investment will you choose? Why? If you apply the IRR ..
Suppose you also know that the firm’s net capital spending for 2015 was $1,370,000, What was the firm’s 2015 operating cash flow, or OCF?
What is the balance owed on your loan when the first payment is due? (Assume a 365-day year.)
General Motors just paid an annual dividend of $1.37 per share. It has a retention ratio of 0.75. What was General Motors earnings per share?
Let's assume that Steve in Exercise 6 also decided to make birdhouses.- Calculate Break-even time, Break-even revenue and Break-even quantity.
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