The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise:

Beginning Inventory at FIFO: 18 Units @ $18 = $324

Beginning Inventory at LIFO: 18 Units @ $14 = $252

Required:

1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods.

You are conducting a study to see if the probability of catching the flu this year is significantly more than 0.13. You use a significance level of α=0.10α=0.10.

      H0:p=0.13H0:p=0.13
      H1:p>0.13H1:p>0.13

You obtain a sample of size n=692n=692 in which there are 103 successes.

What is the test statistic for this sample?
test statistic = (Report answer accurate to 3 decimal places.)

What is the p-value for this sample?
p-value = (Report answer accurate to 4 decimal places.)

The p-value is...

• less than (or equal to) αα
• greater than αα

This test statistic leads to a decision to...

• reject the null
• accept the null
• fail to reject the null

As such, the final conclusion is that...

• There is sufficient evidence to warrant rejection of the claim that the probability of catching the flu this year is more than 0.13.
• There is not sufficient evidence to warrant rejection of the claim that the probability of catching the flu this year is more than 0.13.
• The sample data support the claim that the probability of catching the flu this year is more than 0.13.
• There is not sufficient sample evidence to support the claim that the probability of catching the flu this year is more than 0.13.

A loan of $5000 is repaid with annual payments at the end of each year of $1200,$800,$1300 and X. Assume the loan has 10% effective interest per year. a) Determine X b) Determine the amount of interest paid with the third payment.

Michael and Jenny are in a partnership. The partnership records, exclusive of GST, for the year ended 30 June 2020 are as follows: ($) Receipts 440,000 Gross receipts from Trading Stock ($) Payments 120,000 Purchases of Trading Stock 50,000 Partners' salaries (each) 3,000 Interest on a cash advance made to the partnership by Michael 100,000 Salaries for employees and rent paid 1,000 Legal expenses in recovering bad debts Other important details are stated below: • Michael and Jenny share partnership profits equally • Trading Stock on hand as at 1 July 2019 was $50,000 • Trading stock on hand as at 30 June 2020 was $80,000 • Michael 's personal records include: o Gambling winnings of $500 o Net salary as a part-time Instructor (excluding PAYG Tax Instalments of $1,400) is $8,000 o Subscription to professional journals of $200 o Michael is a member of a private health fund Required: Calculate Michael 's Taxable Income for the Income year explaining your treatment of each item noted in this question.

As part of the engagement team for the audit of JA Tire Manufacturing for the year ended December 31, 2019, you are responsible for auditing the sales and collection cycle. Visit the textbook website to download the data file “JATireSales.xls” provided to your audit firm by the company. The manager has instructed you to read the JA Tire Manufacturing system description provided on the first tab of the Excel file before attempting this assignment to familiarize yourself with the sales process and the relevant worksheets and terminology. This file contains sales transaction information for the year ended December 31, 2019. You will use this data file to perform the following audit procedures.

Required

• Open the data file and review the contents for each of the worksheets (Sales Order, Bills of Lading, Invoice, Cash Receipts, Customer Master, and Product Master). You will work with the Invoice, Sales Order, Bill of Lading, and Customer Master worksheets for this problem. What columns are included in both the Invoice and Sales Order worksheets? What columns are different between these two worksheets?
• One of the audit objectives you are testing is the occurrence audit objective for sales. Use functions in Excel to determine whether any of the following are present, and if present, identify which observations:
  • Duplicate invoice numbers in the Invoice worksheet
  • Duplicate customer purchase order numbers in the Sales Order worksheet
  • Bills of lading and invoices with repeated sales order numbers in the Bill of Lading and Invoice worksheet, respectively
  • Sales orders in the Sales Order worksheet without a customer purchase order, but that were shipped (as evidenced by a bill of lading in the Bill of Lading worksheet)
  • Invoice numbers in the Invoice worksheet with a voided sales order number in the Sales Order worksheet
  • Sales orders in the Sales Order worksheet with a customer number that is not on the approved customer list
• Summarize your findings. What is your overall conclusion about the occurrence audit objective?

Summarized data for Walrus Co. for its first year of operations are:

.

You will be paying $11,500 a year in tuition expenses at the end of the next two years. Bonds currently yield 10%.

a. What is the present value and duration of your obligation? (Do not round intermediate calculations. Round "Present value" to 2 decimal places and "Duration" to 4 decimal places.)

b. What maturity zero-coupon bond would immunize your obligation? (Do not round intermediate calculations. Round "Duration" to 4 decimal places and "Face value" to 2 decimal places.)

b1,Duration?

b2. Face Value

C.

c. Suppose you buy a zero-coupon bond with value and duration equal to your obligation. Now suppose that rates immediately increase to 12%. What happens to your net position, that is, to the difference between the value of the bond and that of your tuition obligation? (Do not round intermediate calculations. Input the amount as a positive value. Round your answer to 2 decimal places.)

Net position _____? in value by _____?

Please answer fully!

ou will be paying $11,500 a year in tuition expenses at the end of the next two years. Bonds currently yield 10%.

a. What is the present value and duration of your obligation? (Do not round intermediate calculations. Round "Present value" to 2 decimal places and "Duration" to 4 decimal places.)

b. What maturity zero-coupon bond would immunize your obligation? (Do not round intermediate calculations. Round "Duration" to 4 decimal places and "Face value" to 2 decimal places.)

c. Suppose you buy a zero-coupon bond with value and duration equal to your obligation. Now suppose that rates immediately increase to 12%. What happens to your net position, that is, to the difference between the value of the bond and that of your tuition obligation? (Do not round intermediate calculations. Input the amount as a positive value. Round your answer to 2 decimal places.)

d. What if rates fall immediately to 8%? (Do not round intermediate calculations. Input the amount as a positive value. Round your answer to 2 decimal places.)

Please answer fully!

You will be paying $9,200 a year in tuition expenses at the end of the next two years. Bonds currently yield 6%.

a. What is the present value and duration of your obligation? (Do not round intermediate calculations. Round "Present value" to 2 decimal places and "Duration" to 4 decimal places.)

present value ? duration?

b. What maturity zero-coupon bond would immunize your obligation? (Do not round intermediate calculations. Round "Duration" to 4 decimal places and "Face value" to 2 decimal places.)

c. Suppose you buy a zero-coupon bond with value and duration equal to your obligation. Now suppose that rates immediately increase to 8%. What happens to your net position, that is, to the difference between the value of the bond and that of your tuition obligation? (Do not round intermediate calculations. Input the amount as a positive value. Round your answer to 2 decimal places.)

Net value increases or decreases?

By what value?

d. What if rates fall immediately to 4%? (Do not round intermediate calculations. Input the amount as a positive value. Round your answer to 2 decimal places.)

Net value increases or decreases?

By what value?

duration? face value?

You will be paying $9,500 a year in tuition expenses at the end of the next two years. Bonds currently yield 8%.

a. What is the present value and duration of your obligation?

b. What maturity zero-coupon bond would immunize your obligation?

c. Suppose you buy a zero-coupon bond with value and duration equal to your obligation. Now suppose that rates immediately increase to 9%. What happens to your net position, that is, to the difference between the value of the bond and that of your tuition obligation?

d. What if rates fall immediately to 7%?