Describe how the following transactions would affect U.S. exports, imports, and net exports:

1. Students in Prague flock to see the latest movie from Hollywood.
2. Mrs. Jones in Philadelphia buys a new Volvo.
3. The student bookstore at Oxford University in England sells a copy of a U.S. printed/authored textbook
4. A Canadian citizen shops at a store in northern Vermont to avoid Canadian sales taxes.
5. An American art professor spends the summer touring museums in Europe.

(16.19) A class survey in a large class for first-year college students asked, "About how many hours do you study in a typical week?". The mean response of the 427 students was x¯¯¯ = 17 hours. Suppose that we know that the study time follows a Normal distribution with standard deviation 8 hours in the population of all first-year students at this university. What is the 99% confidence interval (±0.001) for the population mean? Confidence interval is from to hours.

1. Imagine that you are the CEO of Moet Hennessy Louis Vuitton SE (LVMH). You have just received share price valuation estimates for a potential buyout target, Rimowa, from two of your top financial analysts. You have confidence in their estimates because they have taken FIN 305 from the Shidler College of Business. Both analysts used the discounted cash flow (DCF) model to estimate the share price resulting in a valuation of $50, by the first analyst and $60, by the second analyst.

Part I: Identify two possible causes for the significant difference in valuation and briefly explain how each possible cause affected the DCF model’s share price estimate.

Ms. Taylor is 21 years old and she just obtained her MBA degree. She is considering the following two career options:

(a)Start working now, earning an annual salary of $60,000 in each of next 44 years.

(b)Enroll in a PhD program, in 4 years and subsequent work for 40 years, earning each year the salary of $120,000.

Assume that her educational expenses at the end of each of 4 years will be $30,000. Also, assume that the relevant annual interest rate is 6% throughout, and all the annuities in the question are ordinary annuities. Based on the above information, find the implied or imputed monetary value of her PhD as of now.

Suppose the market demand and supply functions are Qd= 32,000-20P and Qs=30P+750. You have just graduated and moved to this city; as a new MBA and an entrepreneur, you are considering entering the market for this product.
a. Determine the equilibrium price and quantity in this market.

b. TC=5000+1000Q-12Q^2+0.08Q^3. Determine whether or not you should enter this market.

c. Due to unforeseen delays, you don’t enter the market. However, a year later the market supply has changed to Qs=30P+1500. Are you surprised at this shift in supply?

d. Given the new supply conditions, determine whether or not you should enter the market.

Lafayette Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2021 financial statements contain the following information ($ in millions):

A note disclosed that the allowance for doubtful accounts had a balance of $23 million and $47 million at the end of 2021 and 2020, respectively. Bad debt expense for 2021 was $44 million. Assume that all sales are made on a credit basis.

Required

1. What is the amount of gross (total) accounts receivable due from customers at the end of 2021 and 2020?
2. Record the summary journal entry for Sales Revenue for 2021.
3. Record the journal entry to recognize Bad Debt Expense for 2021.
4. Write-offs of Accounts Receivable:
   1. What is the amount of bad debt write-offs during 2021?
   2. Record the journal entry for the bad debt write-offs for 2021.
5. Collections of Accounts Receivable:
   1. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2021.
   2. Record a summary journal entry to record collections of all receivables for 2021.

You are a CPA working for a local firm and have been assigned the 2020 tax return of Bobby Crosser. In going over the data that Bobby gave the firm, you are surprised to see that he has reported no dividend income or gains from the sale of stock. You recently prepared the 2020 gift tax return of Bobby’s aunt Ester. In that return, Ester reported a gift of stock to Bobby on January 6, 2020. The stock had a fair market value of $50,000, and Ester’s basis in the stock (which became Bobby’s basis) was $5,000.

1. What are your obligations under the Statements on Standards for Tax Services? In your discussion, state which standard(s) may apply to this situation and what might result from applying the standard(s). This can be done in approximately one single spaced page.

2. Based on your findings, write an appropriate one-page single spaced letter to Bobby Crosserthat explains your findings and requests any additional information.

Skim The Statements on Standards for Tax Services to determine which have applicability to this case and then include references to those statements in your memo.

On February 1, 2018, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $50 million. The bonds mature on January 31, 2022 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $50,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Required:
1. Determine the price of the bonds issued on February 1, 2018.
2-a. Prepare amortization schedules that indicate Cromley’s effective interest expense for each interest period during the term to maturity.
2-b. Prepare amortization schedules that indicate Barnwell’s effective interest revenue for each interest period during the term to maturity.
3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell’s investment on February 1, 2018.
4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020.