Consider the following limit order book for a share of stock. The last trade in the stock occurred at a price of $130. Limit Buy Orders Limit Sell OrdersPriceShares PriceShares$129.75400 $129.80150129.70700 129.85150129.65400 129.90300129.60200 129.95150128.65500 a. If a market buy order for 150 shares comes in, at what price will it be filled

Answer:

a. If a market buy order for 150 shares comes in, it will be filled at

= $128.65500 per share ($19,298.25 in total).

Explanation:

a) Data and Calculations:

                     Limit Buy Orders   Limit Sell Orders

Price Shares    $129.75400            $129.80150

Price Shares      129.70700              129.85150

Price Shares      129.65400            129.90300

Price Shares      129.60200            129.95150

Price Shares      128.65500            130.00000

The total purchase price for 150 shares = $19,298.25 ($128.65500 * 150)

b) An investor's Limit Buy Orders give the limit above which the shares cannot be exchanged for cash.  But below and at the limit amount, the shares can be bought in exchange for cash.  The investor's Limit Sell Orders give the limit below which the shares should not be sold in exchange for cash.  In other words, the shares can be sold at a price above the limit.

When the original poverty line was created, even some people living above the poverty line did not have access to a phone or running water in their homes.
Today, running water is expected. Beyond that, the norm for our contemporary society includes having cell phones and internet access. In fact, the U.S. government provides grants to bring high-speed in-home internet access to underserved rural areas.
Consider both the benefits and the shortcomings of the U.S. poverty line as a means of assessing poverty today.
The U.S. poverty line was originally set at
a. an income level of $1.90 per day.
b. sufficient income to provide for a family of four.
c. one-third of the median income in the United States.
d. three times the cost of a low-cost food plan.

Which of the following statements is correct concerning liability when a partner in a general partnership commits a tort while engaged in partnership business? A. The partner committing the tort is the only party liable. B. The partnership is the only party liable. C. Each partner is jointly and severally liable. D. Each partner is liable to pay an equal share of any judgment.

The income statement of Kimbrough Community Clinic for the year ended December 31, 2017, is provided below.

Kimbrough Community Clinic Income Statement For the year ended 12/31/2017
Revenues:
Net patient service revenue $774,000
Operating Expenses:
Medical services $361,000
Support services 253,000
General services 95,000
Depreciation 33,000 (742,000)
Operating Income 32,000
Other Income and Expenses:
Interest income 34,000
Interest expense 12,000 22,000
Net Income $54,000

Assuming a maximum annual debt service of $68,000, calculate the organization's debt service coverage ratio.

a. 1.46
b. 1.78
c. 0.79
d. 0.13

During January, Luxury Cruise Lines incurs employee salaries of $1.3 million. Withholdings in January are $99,450 for the employee portion of FICA, $195,000 for federal income tax, $81,250 for state income tax, and $13,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $80,600 for federal and state unemployment tax and $39,000 for the employer portion of health insurance.
Required:
Record the necessary journal entries.

Several lawsuits were filed against General Motors as accidents and deaths were linked to the discovery that several of the company's automobiles had faulty ignition switches. This led to engines shutting off while individuals were driving, airbags not inflating, and power steering and brakes being disabled. Which of the following types of claims is this an example of?
a. Bankruptcy
b. Contract
c. Tort
d. Property
e. Debt collection

it takes fena tailoring 2 hr of cutting and 4 hr of sewing to make a tiered silk organza bridal dress. it takes 4 hr of cutting and 2 hr of sewing to make a lace sheath bridal dress. the shop has at most 18 hr per week available for cutting and at most 18 hr per week for sewing. the profit is $318 on an organza dress and $167 on a lace dress. how many of each kind of bridal dress should be made each week in order to maximize​ profit

Air Tampa has just been incorporated, and its board of directors is grappling with the question of optimal capital structure. The company plans to offer commuter air services between Tampa and smaller surrounding cities. Air Tampa believes it would have the same business risk as Jaxair, which is an airline that has been around for a few years and that has had zero growth. Jaxair's market-determined beta is 1.8, and it has a current market value debt ratio (total debt to total assets) of 45% and a federal-plus-state tax rate of 25%. Air Tampa expects to have investment tax credits when it begins business, which reduces its federal-plus-state tax rate to 15%. Air Tampa's owners expect that the total book and market value of the firm's stock, if it uses zero debt, would be $14 million. Air Tampa's CFO believes that the MM and Hamada formulas for the value of a levered firm and the levered firm's cost of capital should be used because zero growth is expected.

Required:
a. Estimate the beta of an unlevered firm in the commuter airline business based on Jaxair's market-determined beta.
b. Now assume that rd= rRF= 10% and that the market risk premium RPM for an unlevered commuter airline. 5%. Find the required rate of return on equity
c. Air Tampa is considering three capital structures: (1) $2 million debt, (2) $4 million debt, and (3) $6 million debt. Estimate Air Tampa's rs for these debt levels.

Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $31 10 Purchase 1 34 24 Purchase 1 37 Total 3 $102 Average cost per unit $34 Assume one unit sells on July 28 for $48. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

(TYPE 6) Given that beginning inventory level is 660 units, total forecasted demand over the next 12 months is 18,000 units, and desired ending inventory level at the end of the 12th month is 900 units, what is the cost of production per month if a level strategy is used and per unit cost of production is $22

If business property or property held for the production of income is destroyed, the loss is equal to the adjusted basis of the property at the time of destruction.

a. True
b. False

Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $53 per bond and classified the investment as securities available-for-sale. The value of the Jack investment was $83 per bond on December 31, 2019, and $100 per bond on December 31, 2020. During 2021, Ace sold all of its Jack investment at $148 per bond. In its 2021 income statement, Ace would report: Multiple Choice A gain of $950,000. A gain of $480,000. A gain of $470,000. A gain of $1,420,000.

Knowledge Check 01 Messing Company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon deposit of customers' credit card sales receipts. The credit card company receives 3.5 percent of card sales as its fee. Messing has $4,000 in credit card sales on January 1. Prepare the January 1 journal entry for Messing Company by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Strong brand names: multiple choice 1 are easy to create. guarantee brand loyalty. guarantee product quality. act as a signal of quality. A negative impact of branding is that: multiple choice 2 it makes firms with no reputation more competitive. it may create false perceptions about product differences. it provides additional information to buyers. it may encourage firms to create quality products.

Cost of goods sold for a manufacturer equals cost of goods manufactured plus a. beginning finished goods inventory less ending finished goods inventory b. beginning work in process inventory less ending work in process inventory c. ending work in process inventory less beginning work in process inventory d. ending finished goods inventory less beginning finished goods inventory

A researcher sets up an experiment involving the use of some sophisticated equipment. The research proposal is approved by the IRB and a grant to cover the cost of the equipment is received from a funding agency. The researcher does not mention that he owns stock in the company he chooses to supply the equipment. The same type of equipment is available from other companies, of comparable quality and price. Is this ethical or unethical

Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: Disposable supplies $278,900 Depreciation expense 69,800 Utilities 29,800 Nurse salaries 259,300 Technician wages 118,200 Total operating room overhead $756,000 The overhead costs will be assigned to procedures, based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day, seven days per week. In addition, the operating room will be shut down two weeks per year for general repairs. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.1. Determine the predetermined operating room overhead rate for the year.
2. Bill Harris has a five-hours procedure on Jan 22. How much operating room overhead would be charged to his procedure, using the rate determined in part 1?
3. During January, the operating room was used 240 hours. The actual overhead costs incurred for January were $67,250. Determine the overhead under or over applied for the period.

Paparo Corporation has provided the following data from its activity-based costing system: Activity Cost Pool Total Cost Total Activity Assembly $ 794,300 47,000 machine-hours Processing orders $ 61,280 1,600 orders Inspection $ 109,681 1,430 inspection-hours Data concerning the company's product Q79Y appear below: Annual unit production and sales 500 Annual machine-hours 1,130 Annual number of orders 115 Annual inspection hours 20 Direct materials cost $ 42.00 per unit Direct labor cost $ 41.31 per unit According to the activity-based costing system, the average cost of product Q79Y is closest to:

the Hsu Manufacturing Company has two service departments: Maintenance and Accounting. The Maintenance Department's costs of $300,000 are allocated on the basis of machine hours. The Accounting Department's costs of $120,000 are allocated on the basis of the number of employees within a specific department. The direct departmental costs for A and B are $300,000 and $500,000, respectively. Maint Acctg A B Machine hours 480 20 2,300 200 Number of employees 2 2 8 4What is the Accounting Department's cost allocated to Department B using the direct method

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Before year-end adjusting entries, Dunn Company's account balances at December 31, 2010, for accounts receivable and the related allowance for uncollectible accounts were $600,000 and $45,000, respectively. An aging of accounts receivable indicated that $62,500 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is

Suppose that you have found the optimal risky combination using all risky assets available in the economy, and that this optimal risky portfolio has an expected return of 0.2 and standard deviation of 0.2. The T-bill rate is 0.05. If your risk-return preferences are best described by the utility function in this class, with a risk-aversion coefficient of 4.6. What is the expected return on your optimal complete portfolio

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income 285,000 Temporary difference-depreciation (20,000) Taxable income $ 265,000 Tringali's tax rate is 40%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations

Suppose that Healdsburg enters into a sales contract with an auto manufacturer on January 1, 2021, to provide tires that cost Healdsburg $18 million to produce. The buyer offers Healdsburg $6 million in cash and agrees to take over only the principal payment on Healdsburg's 6.55% debt notes. Assume that the going market interest is 7% at the time. What would Healdsburg's gross profit be on the sale

Declining Balance Depreciation Irons Delivery Inc. purchased a new delivery truck for $40,600 on January 1, 2019. The truck is expected to have a $2,000 residual value at the end of its 5-year useful life. Irons uses the double-declining-balance method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2019 and 2020.

The Change Corporation has two different bonds currently outstanding. Bond M has a face value of $30,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $3,100 every six months over the subsequent eight years, and finally pays $3,400 every six months over the last six years. Bond N also has a face value of $30,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. The required return on both these bonds is 12% compounded semi-annually. What is the current price of Bond M and Bond N?

Match each term with its definition.

a. accelerated depreciation method
b. amortization
c. book value
d. boot
e. capital expenditures
f. capital leases
g. copyright
h. declining-balance method
i. depletion
j. depreciation
k. fixed assets
l. goodwill


1. Long-term or relatively permanent tangible assets that are used in the normal business operations.
2. The systematic periodic transfer of the cost of a fixed asset to an expense account during its expected useful life.
3. The estimated value of a fixed asset at the end of its useful life.
4. A method of depreciation that provides tor equal peri0dic depreciation expense over the estimated life of a fixed asset.
5. A method of depreciation that provides tor depreciation expense based on the expected productive capacity Of a fixed asset.
6. A method of depreciation that provides periodic depreciation expense based on the declining
book value of a fixed asset over its estimated life.
7. The cost of a fixed asset minus accumulated depreciation on the asset.
8. A depreciation method that provides for a higher depreciation amount in the first year of the assets use, t0110wed by a gradually declining amount of depreciation.
9. The costs of acquiring fixed assets, adding to a fixed asset, improving a fixed asset, or extending a fixed assets useful lite.
10. Costs that benefit only the current period or costs incurred for normal maintenance and repairs

During the next year, sales of Fluoro2211 are expected to be 10,000 units. All costs will remain the same except for fixed manufacturing overhead, which will increase by 20%, and material, which will increase by 10%. The selling price per unit for next year will be $160. Based on these data, Razor Inc.'s total contribution margin for next year will be:

You are the manager of a small hotel with 40 rooms in Niagara. Your business has dropped almost 90% in recent months. Your cash remaining is enough to run the business for 3 more months.

Apply the 6 thinking hats approach, what would you recommend to do if you were:

1. wearing a blue hat?

2. wearing a white hat?

3. wearing a green hat?

4. wearing a red hat?

5. wearing a yellow hat?

6. wearing a black hat?

After considering the views from different perspectives, what is your recommendation?

This picture of gas stations BEST illustrates which aspect of a market economy?
A
credit
B
competition
с
interest rates
D
opportunity cost

During April, Cavy Company incurred factory overhead as follows:Indirect materials $10,500Factory supervision labor 4,000Utilities 500Depreciation (factory) 620Small tools 370Equipment rental 730Journalize the entry to record the factory overhead incurred during April. If an amount box does not require an entry, leave it blank.