In drawing the tree, identify all conditions and actions and the order and timing of these
Indicate whether the statement is true or false
TRUE
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Two CPA firms, one having 70 partners, and one having 40 partners, are planning to form a new
CPA firm. They want to use a form of business organization that will give each of the 110 owners of the new firm limited liability. What are the available options to meet this goal? A) A limited liability partnership, a limited liability company, or an S corporation B) A limited liability partnership, a limited liability company, or a limited partnership C) A limited liability partnership or a limited liability company D) A limited liability partnership, a limited partnership, or an S corporation
Stover Corporation, a U.S. based importer, makes a purchase of crystal glassware from a firm in Switzerland for 39,960 Swiss francs, or $24,000, at the spot rate of 1.665 Swiss francs per dollar. The terms of the purchase are net 90 days, and the U.S. firm wants to cover this trade payable with a forward market hedge to eliminate its exchange rate risk. Suppose the firm completes a forward hedge at the 90-day forward rate of 1.682 Swiss francs. If the spot rate in 90 days is actually 1.615 Swiss francs, how much in U.S. dollars will the U.S. firm have saved or lost by hedging its exchange rate exposure? Do not round the intermediate calculations and round the final answer to the nearest cent.
A. $1,212.29 B. $926.47 C. $985.60 D. $965.89 E. $916.61
Answer the following statements true (T) or false (F)
1. If a company experiences a loss of inventory for fire, there is no way to estimate the inventory. 2. Danio Corp has $125,000 net sales revenue and a historical gross profit percentage of 25%; therefore, the estimated cost of goods sold is $31,250. 3. Betta Co. has $45,000 net sales revenue and a historical gross profit percentage of 30%; therefore, the estimated cost of goods sold is $31,500. 4. Inventory is the most important asset in a service business. 5. Inventory turnover equals average ending inventory divided by cost of goods sold.
The committee that first recommended that the profession institute a voluntary program for peer review was:
A. Metcalf committee B. Cohen committee C. The House Subcommittee on Oversight and Investigations D. Mintz and Morris committee