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1. Accounts officers at Xerox corporation discovered that significant errors have been made in the valuation of inventory and are worried that it might have significant impact on the net income and earnings per share. What are the possible top three effects of the errors on net income? What could have been the top two reasons behind incorrect valuation of the inventory?
2.The net income of Reliable Provision company decreased sharply during 2007. Clay Rollins, owner of the store, anticipates the need for a bank loan in 2008. Late in 2007, he instructed the accountant to record a $70,000 sale of recreational gear to the Smith family, even though the goods will not be shipped from the manufacturer until January 2008. Rollins told the accountant not to make the following adjusting entries:
Salary owed to employees: $1,000
Expired prepaid insurance: $500
Is income overstated or understated? Why did Rollins take these actions? Are they ethical? Give reasons for your answer. As a friend, what advice would you give the accountant?
You have assembled the given data about the daily trading volume for following two sample groups of stocks during a recent 5 day period.
You have been scouring The Wall Street Journal looking for stocks that are good values & have discovered the given 5 candidates for addition to your portfolio:
Mark is planning forecasts of expected economic growth. He plans to invest $120,000 in an investment whose return would depend on the economic situations.
Determination of net income under the alternatives - Determine the net income be under this alternative?
Calculate the payback period, profitability index, net present value, and internal rate of return for the new strip mine.
We are buying a 28-day Treasury bill, during a normal year, & want to determine both discount rate & the investment rate. If we buy the bill for $998,
Assume that a person won the Florida lottery and was offered a choice of two prizes:
Newton Industries is planning a project & has created the following estimates: unit sales are 7,300, price per unit = $149, fixed costs is $216,400 variable cost per unit is $91.
In addition to the regular payments and how many more months we need to keep paying to amortize the loan.
You have been asked to write an article for The Economist analysing the debate initiated by Robert Shiller about democratising finance & comparing this with the kinds of regulatory measures
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Montejo Corporation expects sales to be $12m, operating expenses other than depreciation are expected to be 75% of sales, & depreciation to be $1.5m during the next year.
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