Using ordinary interest, calculate the missing information for the simple discount note:
Face
Discount
Date of
Maturity
Bank
Value
Rate
Note
Term
Date
Discount
Proceeds
$576
Oct. 16
20 days
What will be an ideal response?
Nov. 5; $2.96; $573.04
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The scatter graph method
A) allows a cost analyst to inspect data visually B) relies on the subjective judgement of the analyst C) may reveal the presence of outliers D) all of the answers are correct
Define the difference between a "solicited sales letter" and an "unsolicited sales letter."
Doonan Corporation has provided the following financial data from its balance sheet and income statement: Year 2Year 1Total assets$1,489,000 $1,440,000 Stockholders' equity: Common stock, $4 par value$360,000 $360,000 Additional paid-in capital$70,000 $70,000 Retained earnings$570,000 $550,000 Total stockholders' equity$1,000,000 $980,000 Interest expense$15,000 Income taxes (35%)$14,162 Net income$26,300 The market price of common stock at the end of Year 2 was $4.79 per share.The company's return on total assets for Year 2 is closest to:
A. 2.46% B. 1.80% C. 2.42% D. 1.77%
In testing controls over cash disbursements, an auditor most likely would determine that the person who signs the checks also
A. Reviews the monthly bank reconciliation. B. Returns the checks to accounts payable. C. Is denied access to the supporting documents. D. Is responsible for mailing the checks.