john Hayes and Lynn Magosian, auditors for a public accounting firm, went to lunch at the Bay View Restaurant in San Francisco. John left his raincoat with a coatroom attendant, but Lynn took her new raincoat with her to the dining room, where she hung it on a coat hook near her booth. When leaving the restaurant, Lynn discovered that someone had taken her raincoat. When John sought to claim his raincoat at the coatroom, it could not be found. The attendant advised that it might have been taken while he was on his break. John and Lynn sued the restaurant, claiming that the restaurant was a bailee of the raincoats and had a duty to return them. Are both John and Lynn correct

Answers

Answer 1

Answer:

Answer:

John is correct but Lynn isn't

Explanation:

John is correct because he left his coat with the coatroom attendant under the premise that it would be properly looked after and returned to him when he was done having lunch at the restaurant. However, Lynn just left her coat lying around under no ones care or supervision, there wasn't a predetermined agreement that anyone would be responsible for watching it on her behalf, therefore I don't think she is has the right to sue.

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Wolf Company used $5,940 of indirect raw materials and $56,700 of direct raw materials during the period. The company incurred $37,800 of direct factory labor and $6,480 of indirect factory labor during the period. What amount will Wolf assign to Manufacturing Overhead

Answers

Answer:

Overhead= $12,420

Explanation:

Giving the following information:

Wolf Company used $5,940 of indirect raw materials and $6,480 of indirect factory labor during the period.

Factory overhead costs are the costs that can't be directly assigned to a product, service or job. This is why companies assigned overhead using manufacturing overhead rates.

In this case, the overhead is the sum if indirect material and indirect labor:

Overhead= 5,940 + 6,480= $12,420

Plemmon Company adds materials at the beginning of the process in the forming department, which is the first of two stages of its production cycle. Information concerning the materials used in the forming department in April follows: Units MaterialsCosts Work in process at April 1 15,000 $ 8,000 Units started during April 60,000 $38,500 Units completed and transferred to next department during April 65,000 Using the average cost method, what is the materials cost of the work in process at April 30?

Answers

Answer:

$6,200

Explanation:

Beginning Work in progress $15,000 $8,000

Units started $60,000 $38,500

Total process $75,000 $46,500

Less: Units transferred to tax $65,000

Ending work in progress $10,000

Average cost method material cost of work in progress = Material cost ÷ Total units

$46,500 ÷ $75,000

= $0.62

Material cost of work in progress = $0.62 × $10,000

= $6,200

Final answer:

In April, Plemmon Company started with $8000 worth of materials and used $38500 over the month. 65,000 units were completed, leaving 10,000 units still in process. The materials cost of these remaining units, calculated using the average cost method, is $6,200.

Explanation:

To find the material cost of work in process at April 30 using the average cost method, we first need to calculate the total cost of material used throughout April, which includes both the cost of materials from initial work in process and the materials started during the month. That gives us the sum of $8,000 and $38,500, amounting to $46,500 in total materials cost. Since 65,000 units were completed and transferred out during April, this means 10,000 units (75,000 units at the start and started during April - 65,000 units completed) remain in work in process at the end of April. Average cost per unit is calculated as total cost divided by total units, giving us $46,500 divided by 75,000 units, which equals $0.62 per unit. The material cost of work in process at April 30 is thus 10,000 units times $0.62, giving a result of $6,200.

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You have been asked to estimate the beta for a large South Korean company, with large holdings in steel and financial services. A regression of stock returns against the local market index yields a beta of 1.10, but the firm is 15% of the index. You have collected the average betas for global companies in each of the sectors, as well as the average debt equity ratios in each sector: Setor Average Regression Beta Average D/E ratio
Steel 1.18 30%
Financial
Services 1.14 70%
The average tax rate for these industries is 40%.
In the most recent period, the company you are analyzing earned 70% of its operating income from steel and 30% from financial services. The firm also had a debt/equity ratio of 150%, and a tax rate of 30%. Estimate the levered beta for the company.

Answers

Answer:

The levered beta for the company is 1.93.

Explanation:

Levered beta for the company = (Weight of steel business*levered beta of steel business) + (Weight of financial services business*levered beta of financial services business)

Levered beta of steel business = Unlevered beta of steel sector*[1+(1 - firm's tax rate)*(firm's debt/equity ratio)

levered beta of financial services business = Unlevered beta of financial services sector*[1+(1 - firm's tax rate)*(firm's debt/equity ratio)

Unlevered beta of steel sector = Current beta of steel sector/[1+(1 - avg. tax rate of firms in the sector)*(Avg. debt/equity ratio of the sector)

Unlevered beta of steel sector = 1.18/[1+((1-0.4)*0.3)]

Unlevered beta of steel sector = 1.18/[1+(0.6*0.3)]

Unlevered beta of steel sector = 1.18/(1+0.18)

Unlevered beta of steel sector = 1.18/1.18

Unlevered beta of steel sector = 1

Levered beta of steel business = 1*[1+((1-0.3)*1.5)]

Levered beta of steel business = 1*[1+(0.7*1.5)]

Levered beta of steel business = 1*(1+1.05)

Levered beta of steel business = 1*2.05

Levered beta of steel business = 2.05

Unlevered beta of financial services sector = Current beta of financial services sector/[1+(1 - avg. tax rate of firms in the sector)*(Avg. debt/equity ratio of the sector)

Unlevered beta of financial services sector = 1.14/[1+((1-0.4)*0.7)]

Unlevered beta of financial services sector =1.14/[1+(0.6*0.7)]

Unlevered beta of financial services sector = 1.14/(1+0.42)

Unlevered beta of financial services sector = 1.14/1.42

Unlevered beta of financial services sector = 0.80

Levered beta of financial services business = 0.8*[1+((1-0.3)*1.5)] = 0.8*[1+(0.7*1.5)] = 0.8*(1+1.05) = 0.8*2.05 = 1.64

Levered beta for the company = (0.7*2.05) + (0.3*1.64)

Levered beta for the company = 1.44 + 0.49

Levered beta for the company = 1.93

Hence, the levered beta for the company is 1.93.

Final answer:

To estimate the levered beta for a company with operations in multiple sectors - steel and financial services in this case - you take a weighted average of the sector betas based on earnings distribution to get the unlevered beta. You then adjust for the company's debt/equity ratio and tax rate to get the levered beta. The estimated levered beta for this company is 2.378.

Explanation:

To estimate the levered beta for the company, we first need to consider the betas for each of the sectors the company operates in - steel and financial services. Given the firm's earnings distribution, the unlevered beta is computed as 0.7*Steel Beta + 0.3*Financial Services Beta = 0.7*1.18 + 0.3*1.14 = 1.16.

Next, to calculate the levered beta, we need to factor in the firm's debt/equity ratio. We use the formula for the levered beta: Levered Beta = Unlevered Beta * (1 + (1 - Tax Rate) * D/E ratio). Substituting the values we have: Levered Beta = 1.16 * (1 + (1 - 0.3) * 1.5) = 1.16 * 2.05 = 2.378. Therefore, the estimated levered beta is 2.378.

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Businesses exist in an environment shaped by: a. investors. b. GATT. c. culture. d. neighboring territories.

Answers

Answer: a. Investors

In a enviroment where there are investors, there will always be the possibility of companies arising because investors want to grow their profits and they do it through participations bought in companies, they also invest in loans made in companies and this propitiates the figure of the investor that means a person or an entity that places a value that belongs to him, to finance or to acquire a good.

For example, an investment fund acquires a company to grow it and then sell it at a higher price. This is a typical transaction of an investment fund and encourages the creation of new companies or their expansion.

Perfect Confectionery Co. expects to earn $3.20 per share during the current year, its expected dividend payout ratio (i.e., the proportion of earnings paid out as dividend) is 60%, its expected constant dividend growth rate is 5.0%, and its common stock currently sells for $30.00 per share. New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. What would be the cost of equity from new common stock? 10.73% 11.29% 11.82% 12.11% 12.67%

Answers

Answer:

Correct answer is 12.11%

Explanation:

expected dividend =$3.2*60%

=$1.92

Hence cost of equity from new common stock=(D1/Current price(1-Floatation cost)+Growth rate

=1.92/(30(1-0.1))+0.05

=(1.92/27)+0.05

which is equal to

=12.11%(Approx).

Answer: 12.11%

Explanation:

GIVEN THE FOLLOWING ;

Earning per Share = $3.20

Expected dividend pay out ratio.(proportion of earning paid out as interest.)

Cost of stock per share = $30

Dividend growth rate = 5%= 0.05

Floatation cost = 10% = 0.1

Cost of equity=(dividend/(Current price(1-Floatation cost)) +Growth rate

Cost of Equity =[ (1. 92÷(30(1 - 0.1)) + 0.05

Cost of equity = [ (1.92 ÷ (30(0.9)) + 0.05

Cost of equity = (1.92 ÷ 27) + 0.05

Cost of equity = 0.07111111 + 0.05 = 0.121111

0.12111 × 100 = 12.11%

A firm has the following accounts and financial data for 2017: Sales Revenue $3,060 Accounts Receivable $500 Interest Expense $146 Total Operating Expenses $600 Cost of Goods Sold $1,800 Preferred Stock Dividends $28 Accounts Payable $240 Inventory $200 Number of Common Shares Outstanding 1,000 Tax Rate 40% The firm's earnings per share for 2017 is ________.