You are researching a stock currently priced at $35 per share. Call options are currently priced at $3.00, and puts are priced at $2.00. You use Black-Scholes and put-call parity to determine that calls are fairly priced, but the puts should be priced at $1.00. What would be TRUE given this information

Answers

Answer 1

For a profit with little risk, you should short the puts.

What does "stock" mean?A stock is a colloquial phrase for any company's ownership certificates. On the other hand, a share alludes to a certain company's stock certificate. You become a shareholder if you possess shares of a specific corporation. There are two categories of stocks: ordinary and preferred.A stock example is what?

Stock refers to a portion of a company's ownership. 100 shares of the Disney Corporation are an illustration of stock.

What exactly is a stock example?

Low risk investments are by definition safer than comparable ones. In comparison to options, stocks carry less risk. The right is the predetermined ability to acquire or sell an item at a predetermined price on a specific date.

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Related Questions

Even if it is making economic losses, a perfectly competitive firm should keep operating in the short run so long as the price is:__________

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Even if it is making economic losses, a perfectly competitive firm should keep operating in short run so long as price is higher than average variable cost. A company operating in  perfect competition has no control over product's price. A company that stops producing, or closes down temporarily, will incur losses proportional to the fixed costs.

Because the firm's losses will be smaller in that scenario than the fixed costs, it will be prudent to continue functioning in near term when firm's total income surpasses firm's entire fixed expenses. Losses result when the market's price drops below average overall cost.

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pls refer to photo thank you!

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the answer should be product transfer but i could be wrong

Discuss how the cost of capital is determined in segmented vs. Integrated capital markets?

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In segmented capital markets, the cost of capital is essentially determined by the domestic systemic risk of a security.

In integrated capital markets, on the other hand, the cost of capital is determined by the global systemic risk of securities, regardless of nationality.

The capital market is a financial market that buys and sells long-term debt securities or stock-backed securities, as opposed to a money market that buys and sells short-term debt securities.

Examples of highly organized capital markets are the New York Stock Exchange, the US Stock Exchange, the London Stock Exchange, and NASDAQ. Instead of trading on an organized stock exchange, securities can also be traded "over-the-counter".

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Bonds Payable has a balance of $900,000 and Premium on Bonds Payable has a balance of $10,000. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption

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Based on the balance of Bonds Payable and Premium on Bonds, the amount of loss on redemption is $17,000.

How much does the company gain or lose on redemption?

The cash the company paid is:

= 900,000 x 103/100

= $927,000

The gain (loss) on redemption is:

= Bond carrying value - Cash paid

= (900,000 + 10,000) - 927,000

= -$17,000

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The inflation rate is the percentage change in the​ _____ from one year to the next. Deflation is a situation in which the​ _____ is​ _____ and the inflation rate is​ _____.

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The inflation rate is the percentage change in the price level from one year to the next. Deflation is a situation in which the price level is falling and the inflation rate is negative.

Inflation is frequently measured in broad terms, such as the general rise in prices or the rise in the cost of living in a country. Inflation is the gradual loss of purchasing power caused by price increases. Overall reduction in level of prices for goods and services is known as deflation. The nominal costs of capital, labor, goods, and services decrease as a result of deflation.

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ARMs help lenders combat unanticipated inflation changes, interest rate changes, and a maturity gap.

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The statement; ARMs help lenders combat unanticipated inflation changes, interest rate changes, and a maturity gap is "True".

What is (ARM) Adjustable-Rate Mortgage?

A home loan with a variable interest rate is known as an adjustable-rate mortgage (ARM). The starting interest rate on an ARM is set for a specific amount of time. Following then, the interest rate charged on the unpaid balance resets sporadically, sometimes on a monthly basis.

The characteristics of ARM are-

A mortgage with an adjustable rate (ARM) is a loan for a home whose interest rate is subject to cyclical change based on the performance of a chosen benchmark.The amount that the interest rate and/or payments can increase annually or throughout the life of the loan are typically capped in ARMs.For purchasers who are going to maintain the loan for a short time and can afford any potential rises in their interest rate, an ARM might be a wise financial decision.

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The complete question-

ARMs help lenders combat unanticipated inflation changes, interest rate changes, and a maturity gap. (True/False)

A firm charging a price identical to or very close to the competition's price is using a __________ strategy

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A firm charging a price identical to or very close to the competitions price is using a status quo pricing strategy.

A status quo pricing strategy involves setting our product price equal to some benchmark over time. In other words, it can be that we match our competitions price. If a firm keeps their price the same over time and guarantee that it won't change, that's a status quo pricing strategy.

For instance, the soft drink industry. The price of a bottle of soda tends to be fairly consistent, be it a Coca-Cola or a Pepsi product. Other competitors in market with less brand loyalty, may try discounted pricing, but Coca-Cola and Pepsi tend to represent a status quo in pricing.

Hence, status quo pricing seeks to keep your product prices in line with  similar products offered by your competitions.

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The negotiated labor-management agreement that clarifies the terms and conditions under which management and a union will operate for a specified period is also known as a(n) .

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Union security clause is the negotiated labor-management agreement that clarifies the terms and conditions.

What is the Union security clause?

This is the clause that is used in collective bargaining to enforce certain rules.

The clause has it that if an employee does not belong to a particular bargaining unit, then they can be excluded.

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Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it?

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Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it reaches broad and diverse groups; allows them to connect directly with customers; allows them to reach specific groups more directly

Social media is a collective term for websites and applications focused on communication, community-based input, interaction, content sharing, and collaboration. People use social media to stay in touch and interact with friends, family, and diverse communities

Engage with your audience and drive website traffic. However, there can also be downsides, such as resources needed and negative feedback.

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The cost of land would not include: Multiple Choice Purchase price. Cost of parking lot lighting. Costs of removing existing structures. Title insurance fees. Government assessments.

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The cost of land would not include option(a) i.e, the Cost of parking lot lighting.

What is meant by the cost of land?

The asset valuation method that is used to value land that appears on a company's balance sheet is known by the financial accounting term cost of land. The price of the land would cover all costs incurred in purchasing the property as well as those incurred in getting it ready for usage by the business.

The price of the land might be calculated by adding the purchase price, the local government's appraisal of the property, deducting the cost of any existing structures, and title insurance premiums.

All expenses incurred to prepare the improvements for use are included in the cost of land improvements. For instance, the cost of the parking lot is just the agreed-upon fee when two businesses enter into a contract to build one on the other's property.

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A broker dealer underwrites an offering in which the registration statement contained material errors and omissions. To sustain a burden of proof that it is not liable, the firm must have had reasonable grounds to believe the registration was true and complete, based on a prudent man standard, as of what point in time

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If  the firm must have had reasonable grounds to believe the registration was true and complete, based on a prudent man standard, the point in time is the effective date.

Who is a broker dealer?

Broker dealer can be defined as someone who deals in trading business by selling and buying of Stocks, bonds etc.

The effective date is the date the firm can tend  to believe the registration was true and complete, based on a prudent man standard based on the fact that effective date is the date in which the event take effect.

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XYZ Development has just purchased a large tract of land that it plans to develop into 50 one-acre building lots. To have the ability to sell off individual lots before paying off the entire balance due, the developer will need to obtain

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To have the ability to sell off individual lots before paying off the entire balance due, the developer will need to obtain a blanket mortgage.

What is a blanket mortgage?A blanket mortgage is a single mortgage that covers many properties and serves as security for the loan. Real estate developers and larger investors frequently purchase multiple properties at once, thus a blanket mortgage allows them to consolidate such deals into a single loan.Consider the money you'd save on closing fees, both for the original mortgage and any subsequent refinances. Refinancing from numerous loans to a single blanket mortgage may also result in lower monthly payments, which may increase your cash flow.

Therefore, to have the ability to sell off individual lots before paying off the entire balance due, the developer will need to obtain a blanket mortgage.

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Sue has contracted with Rick to do a landscaping project on her property when she sells the whole property to Sylvia. Sylvia decides she will continue to have Rick do the landscaping project. The parties now need a(n) __________.

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Sue has contracted with Rick to do a landscaping project on her property when she sells the whole property to Sylvia. Sylvia decides she will continue to have Rick do the landscaping project. The parties now need a novation.

A Novation agreement is to transfer the rights and obligations of one celebration underneath an agreement to any other birthday celebration with one of the events in the settlement closing the identical.

Novation, in settlement regulation and business regulation, is the act of converting a duty to perform with each other responsibility; including an obligation to perform; or changing a party to an agreement with a modern-day celebration.

A valid novation agreement calls for the following: Assumption of agreement responsibilities. The modern proprietor has to expect all responsibilities beneath the settlement. Waiver of right compensation.

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Neoclassical economists have a tendency to put more emphasis on long-term growth than on fighting recession. why is this the case?

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Neoclassical economists have a tendency to put more emphasis on long-term growth than on fighting recession because they believe that recessions will fade away in few years and long term growth will ultimately determine living standard.

What is recession?

It should be noted that recession, in economics is a downward trend in the business cycle that is characterized by a decline in production and employment, which in turn causes the incomes and spending of households to decline.

In this case, recessions result in higher unemployment, lower wages and incomes, and lost opportunities more generally. Furthermore, education, private capital investments, and economic opportunity are all likely to suffer in the current downturn, and the effects will be long-lived.

In this case, it should be noted that Neoclassical economists have a tendency to put more emphasis on long-term growth than on fighting recession because they believe that recessions will fade away in few years and long term growth will ultimately determine living standard.

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In the opening case of target's erp implementation, what were the bad managerial decisions made that led to a failed outcome?

Answers

There can be many bad managerial decisions that led to failed outcomes.

What were the bad managerial decisions made that led to a failed outcome?

The top management decided to pursue a quick and aggressive implementation schedule.To predict the sales demand in Canada, mid-managers populated the ERP system with benchmark data from US operations.The system's auto-replenishment feature is disabled by store managers because there are insufficient checks and balances.

What is the critical issue in ERP implementation?

To benefit from an ERP solution, a significant amount of change must be carefully managed after an ERP implementation. Top management's commitment, process reengineering, the ERP's integration with other business information systems, the choice and management of consultants and employees, and employee training on the new system are crucial factors that must be carefully taken into account to ensure successful implementation.

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_ is a method of measuring the effectiveness of altering one characteristic of a marketing asset such as a web page, a banner advertisement, or an email.

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A/B Test is a method of measuring the effectiveness of altering one characteristic of a marketing asset such as a web page, a banner advertisement, or an email.

More about A/B Test:

In data science an elementary randomised control experiment is A/B testing. It is a method for contrasting two variations of a variable to see which performs better in a regulated setting.

Let's say, for example, that you run a business and want to boost product sales. You could divide the products in the aforementioned scenario into A and B parts. Here, A won't change, but you can significantly alter B's packaging. You now attempt to determine which is performing better based on the responses from customer groups who used A and B, respectively.

It is a hypothetical testing procedure in data science used to make judgments about population parameters based on sample statistics.

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In data science A/B Test is a method of measuring the effectiveness of altering one characteristic of a marketing asset such as a web page, a banner advertisement, or an email.

More about A/B Test:

In data science an elementary randomised control experiment is A/B testing. It is a method for contrasting two variations of a variable to see which performs better in a regulated setting.

Let's say, for example, that you run a business and want to boost product sales. You could divide the products in the aforementioned scenario into A and B parts. Here, A won't change, but you can significantly alter B's packaging. You now attempt to determine which is performing better based on the responses from customer groups who used A and B, respectively.

It is a hypothetical testing procedure in data science used to make judgments about population parameters based on sample statistics.

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A young couple is attempting to purchase their first home, but they do not have adequate funds for a down payment at this time. They should investigate the possibility of a lease-purchase, which would enable them to move in right away, but go to settlement at a later date. The lease-purchase contract should include all of the following EXCEPT

Answers

The lease-purchase contract should include all of the following EXCEPT all financing terms for the purchase.

What is Lease Purchase Contract?

A Lease-Purchase Contract, also known as a Lease Purchase Agreement. A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.

Both parties agree to what the purchase price of the home will be at the end of the lease term. The agreement will likely include a stipulation that a portion of the monthly rent goes toward a down payment. The renter should be confident that they can secure a mortgage at the end of the lease, or else they forfeit the purchase option.

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The total dollar return is the sum of dividends and blank______.
a) percentage returns
b) government payouts
c) overall market fluctuations

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The total dollar return is the sum of dividends and capital gains and losses.

What is a dividend?

A dividend is the returns paid investors, who have stake in a firm or an organization. It is normally paid to shareholders, who own shares in a company at the end of financial period.

In other words,

Dividends refer to share of profits from a portion of company's earnings which is paid to a class of its shareholders. It can be issued in different forms, such as cash payment, stocks or any other form. An organization’s dividend is decided by its board of directors and the shareholders’ approval is required.

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NB

Please see complete question below.

The total dollar return is the sum of dividends and __________.

a) capital gains or losses

b) overall market fluctuations

c) percentage returns

d) government payouts

Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits?

Answers

Growth stage in the product life cycle is characterized by rapid market acceptance and increasing profits.

A proper market strategy can take a good product in a growth stage using all of the marketing strategies. A product life cycle is characterized by sales and processing in various stages which are maturity, growth,decline and development.

Increasing profit in rapid market acceptance with slowing down the rigorous life cycle can help get a good in hand profit.

Demand begins to accelerate the moment and size of the market expands rapidly.  Product life cycle totally depends on economies of scale and production size.

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An internal control system is used to do all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Answers

(A) Protect assets checked and, (C) Ensure reliable accounting checked.

What Are Internal Controls?

Internal controls are the systems, guidelines, and practices that a business uses to guarantee the accuracy of its financial and accounting data, encourage accountability and thwart fraud.

Internal controls can help increase operational efficiency by enhancing the accuracy and timeliness of financial reporting, in addition to ensuring compliance with laws and regulations and preventing employees from embezzling money or committing fraud.

Which of these two types of internal controls are they?

Preventive and investigative efforts make up the bulk of internal controls. Thorough documentation and permission procedures are part of preventive control operations, which try to stop mistakes or fraud from happening in the first place. Detective controls are backup procedures that are intended to find things or events that the first line of protection has missed.

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Correct question:

An internal control system is used to do all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

(A) Protect assets checked

(B) Prevent all losses checked

(C) Ensure reliable accounting checked

(D) Control the entire operation

A company has a debt-to-capitalization ratio of 31.8%. Its pre-tax cost of debt is 7.4%. It has an unlevered beta of 1.05, a levered beta of 1.37 and a marginal tax rate of 35%. The risk free rate is 5.2% and the market risk premium is 6.2%. What is the company's WACC

Answers

The company's WACC will be 10.87% which is option A.

What is WACC and how is it calculated?

WACC stands for Weighted average cost of capital.

WACC is calculated by multiplying the cost of each capital source (debt and equity) by its relevant weight by market value, and then adding the products together to determine the total. The cost of equity can be found using the capital asset pricing model (CAPM).

A company's debt-to-capital ratio or D/C ratio is the ratio of its total debt to its total capital, its debt and equity combined. The ratio measures a company's capital structure,

Formula For Calculation of WACC :-

WACC Formula = (E/V * Ke) + (D/V) * Kd * (1 – Tax rate)

E = Market Value of Equity.

V = Total market value of equity & debt.

Ke = Cost of Equity.

D = Market Value of Debt.

Kd = Cost of Debt.

Tax Rate = Corporate Tax Rate.

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Correct Question - A company has a debt-to-capitalization ratio of 31.8%. Its pre-tax cost of debt is 7.4%. It has an unlevered beta of 1.05, a levered beta of 1.37 and a marginal tax rate of 35%. The risk free rate is 5.2% and the market risk premium is 6.2%. What is the company's WACC?

A) 10.87%

B) 13.70%

C) 11.69%

D) 9.55%

If you pay $35.00 for a drug and the selling price is $50.00, what is the percentage markup based on cost?

Answers

The percentage markup base is 42.86%

What is markup?

Markup means profit as percentage of cost price whereas margin means profit as percentage of the selling price.

In this case, our emphasis is on markup, in other words, we need to first of all determine profit, which is the selling price minus the cost price, then compare the profit to the cost price in order to ascertain markup.

profit=selling price-cost price

selling price=$50.00

cost price=$35.00

profit=$50.00-$35.00

profit=$15.00

markup=profit/cost price

markup=$15.00/$35.00

markup=42.86%

In essence, the markup based on cost is 42.86% rounded to 2 decimal places.

If it were to be the case of margin, the profit per unit which is $15.00 would be compared to the selling price rather than cost price

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Customer communities are: Group of answer choices The neighborhoods where the firm's custonmers reside. Implemetation strategies for new product introductions. Competitive envirnments. A mutually supportive environment for customers. None of these answers is correct.

Answers

Customer communities are "A mutually supportive environment for customers".

What is customer communities?

A customer community is a place, either online or off, where consumers can meet together frequently to talk, ask questions, and exchange ideas and knowledge.

The main purpose of customer community are-

A customer community's major objective is to bring together all of your current and potential customers. They can talk about a good or service there, ask questions, and look for solid responses. Today, the majority of communities are created online.A company's social responsibility has a positive impact on investment and transformation by bringing neighbours together to improve lives. Get active and everyone will benefit since the health of your town directly affects the health of your business.

The customer community can be build by-

Be Customer-First, Give People a Reason to Meet, Participate in the Discussion, and Put the Customer First.Never undervalue applicability.Meet up offline, Think about your platform.

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This genre of theatre grew out of existentialism as a philosophical viewpoint. It begins with the assumption that the world is irrational. Such writers as Samuel Beckett and Eugene Ionesco show the irrationality of the human experience without suggesting remedies.

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Tenet of Existentialism is to believe that there is little meaning to existence God does not exist humanity is therefore alone in an irrational universe only significant action an individual can take is to accept responsibility for his or her own deeds.

Who was Samuel Beckett?The most well-known absurdist playwrights primarily focus on the futility of human action, the monotony of routine, and the difficulty of humans to communicate. Irish, born on Good Friday and Friday the 13th, and author of Waiting for Godot.Who was Eugene Lonesco?one of the most prolific absurdist playwrights, born in Romania but raised in Paris, who frequently turned his characters into caricatures, drove dramatic action to the absurd, and worried about the futility of communication.What is Existentialism?Existentialism is a school of philosophical thought that focuses on the individual experience of thinking, feeling, and acting while exploring the issue of human existence. An existentialist's starting point, for instance, has been referred to as "the existential angst," which is a feeling of dread, disorientation, perplexity, or anxiety in the face of what seems to be an absurd or pointless reality. The meaning, purpose, and value of human existence are topics that existentialist thinkers commonly investigate. Existentialism is linked with a number of 19th and 20th century European thinkers who, despite frequently having quite different philosophical perspectives, placed a strong emphasis on the human condition.

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Which of the following is considered the most likely source of cyberattacks, based on a poll of global executives, information security managers, and IT leaders

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The most likely source of cyberattacks, based on a poll of global executives, information security managers, and IT leaders is: careless insider.

What is cyberattacks?

Cyberattacks can be defined as the way in which a person or a hacker gain unauthorized access to sensitive  or confidential information or information system.

Hence, careless insider is the most likely source of cyberattacks and this can occur due to carelessness or negligent leading to cyberattacks or unauthorize access to confidential information.

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Bill filed his 2021 tax return on March 15th, 2022. The statute of limitations for IRS assessment on Bill's 2021 tax return should end:

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Bill filed his 2021 tax return on March 15th, 2022. The statute of limitations for IRS assessment on Bill's 2021 tax return should end on April 15th, 2025

A tax return is a document filed with tax authorities that shows income, expenses, and other relevant financial information. Taxpayers calculate their tax liability, plan to pay their taxes, and request a refund of overpaid taxes when they file their taxes.

Taxpayers will get refunds at the end of the year if they withhold too much. If you are self-employed, you can get a tax refund if you exceed your estimated tax. You might think of this extra income as free money, but it's actually loaned to the IRS without charging interest. D.

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During a period of rising prices, if a firm desires to report a low gross profit figure in hopes of reducing their income tax liability, the firm will use the __________ inventory valuation method.

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If the firm wants to report a low gross profit figure in hopes of reducing their income tax liability, the firm would use the LIFO inventory valuation method.

What is the LIFO inventory valuation method?

A period of rising prices is known as an inflationary period. Gross profit is total revenue less the cost of goods sold. The gross profit reported can be low if the cost of goods sold is high.

An inventory method that would allocate a high cost of goods sold is the LIFO inventory method. LIFO is a short form of last in, first out. It means that the inventory purchased the latest are the first to be sold.

An example: assume that beginning inventory is 200 units at a price of $2. During the month 100 units were bought $10. At the end of the month 100 units have been sold. If the LIFO method is used, the cost of goods sold would be $10.

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An asset's book value is $19,500 on December 31, Year 5. Assuming the asset is sold on December 31, Year 5 for $13,500, the company should record: Multiple Choice Neither a gain nor a loss is recognized on this transaction. A gain on sale of $6,000. A gain on sale of $12,750. A loss on sale of $6,000. A loss on sale of $12,750.

Answers

The company should record a loss on sale of $6,000.

What is asset book value?

Book value is the worth of the asset or the amount left undepreciated at a particular point in time.

This implies that if the cash received in respect of the asset is more than the book value, there would be gains, and when the cash is less, that would result in losses. But in this case, the latter situation applies as shown in the loss computation below:

Selling an asset whose worth is $19,500 for $13,500 means that the company has lost $6,000 as computed thus:

Loss on asset=sales proceeds-book value

loss on asset=$13,500-$19,500

loss on asset=-$6,000

In essence the second to the last option is correct.

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Company F has $1,000,000 of 10% 30 year bonds outstanding with a current yield of 10.5%. The company refinances all $1,000,000 to a 7% rate. Assuming a marginal tax rate of 40%, what is the annual increase to Company F's net income

Answers

The annual increase to Company F's net income is $18,000.

Solution-

When Company F refinances a 10% bond to 7% it realizes an annual interest savings of :

                         =3% x $1,000,000 = $30,000.

Company F will be required to pay additional taxes on this savings, so the after-tax impact to net income = $30,000 x (1 - tax rate)

                               net income = $30,000 x 60% = $18,000.

The current yield is not relevant to this question.

What is Net Income?

Net income is the profit after all of a company's expenses have been subtracted from revenues. It represents the earnings available to shareholders after all obligations (e.g. debt, payable to vendors, etc.) have been paid. EBITDA is a widely used proxy for operating cash flow as it reflects the company's total cash operating costs for producing its products and services. Gross Profit is defined as sales less cost of goods sold (COGS). Sales is the first line item on an income statement.

Hence, The annual increase to Company F's net income is $18,000.

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PepsiCo, Inc. (PEP) reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt consists of the following: December 31 Current Year Preceding Year Total long term-debt $27,917 $26,557

Answers

The long-term debt was disclosed as a current liability on the current year's December 31 balance sheet $4,096.

Given Data provided in the question:

                                          Current Year             Preceding Year

Total long term-debt           $27,917                       $26,557  

Current portion                      (4,096)                          (2,224)

Long-term debt                     $23,821                        $24,333

Now,

The long-term debt was disclosed as a current liability on the current year's December 31 balance sheet will be the amount equal to the current portion for the current year

Therefore, the answer is $4,096

What is Current Liability?

A current liability is:

An obligation that will be due within one year of the date of the company's balance sheet, andWill require the use of a current asset or will create another current liability

However, if a company's normal operating cycle is longer than one year, current liabilities are the obligations that will be due within the operating cycle.

Current liabilities are usually reported as a separate section of a company's balance sheet. This allows readers to subtract their total from the company's total amount of current assets in order to determine a company's working capital. (Dividing current assets by the current liabilities is the company's current ratio.)

Your question is incomplete, but most probably your full question was:

PepsiCo, Inc. (PEP) reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt consists of the following: December 31 Current Year Preceding Year Total long term-debt $27,917 $26,557 Current portion (4,096) (2,224) Long-term debt $23,821 $24,333 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet.

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