12. A corporation enters into a $35 million notional principal interest rate swap. The swap calls for the corporation to pay a fixed rate and receive a floating rate of LIBOR. The payments will be made every 90 days for one year and will be based on the adjustment factor 90/360. The term structure of LIBOR when the swap is initiated is as follows:

Days

Rate

90

7.00%

180

7.25

270

7.45

360

7.55

a. Determine the fixed rate on the swap.

b. Calculate the first net payment on the swap.

c. Assume that it is now 30 days into the life of the swap. The new term structure of LIBOR is as follows:

Days

Rate

60

6.80%

150

7.05

240

7.15

330

7.20

Calculate the value of the swap.

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12.10-4. Countercurrent Multistage Leaching of Halibut Livers. Fresh halibut livers contain- ing 25.7 wt % oil are to be extracted with pure ethyl ether to remove 95% of the oil in a countercurrent multistage leaching process. The feed rate is 1000 kg of fresh livers per hour. The final exit overflow solution is to contain 70 wt % oil. The retention of solution by the inert solids (oil-free liver) of the liver varies as follows (C1), where N is kg inert solid/kg solution retained and yA is kg oil/kg solution: YA 2.47 0.4 1.67 0.6 yA 4.880 1.39 0.81 .50 0.2 rt 2 Separation Process Principles Calculate the amounts and compositions of the exit streams and the tota of theoretical stages. l number

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11. Which of the following is not an advantage of a synchronous detection? a. Low distortion b. Eliminate diagonal clipping c. Greater ability to follow fast-modulated signals d. Ability to produce gain

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13-35

Common transactions affecting stockholders equity accounts

13-35 LO 1 Identify common transactions affecting stockholders’ equity accounts.

13-39Identify fraud risks associated with debt obligations.

13-45 LO 6 What type of audit approach is typically planned for debt obligations? Why is this most often the most appropriate approach?

13-51 Review theAuditing in Practicefeature “SEC Focus on Debt Presentation and Disclosure” and identify potential audit problems related to presentation and disclosure of debt.

14-62Each of the following is an independent situation related to a contingency. Describe what the auditor should do in each case.

a. The lawyer refused to furnish the requested information.

b. The lawyer was unable to form an opinion on the probability or amount of a pending lawsuit, but the auditor believes that the amount could be material.

c. The client stated that it had not consulted lawyers during the

past year.

14-69

What are the inherent limitations in an auditor’s ability to detect material misstatements relating to the client’s compliance with laws and regulations?

14-77

The audit of GolfDay Company, a manufacturer of bicycle racks and golf carts, is almost finished. Krista Heiss is the most experienced auditor on this audit and is in charge of performing final analytical procedures. The company ships most of its products to a combination of distributors and retailers. The business in totally within the United States at the present time and is seasonal.

a. Why is it important that final analytical procedures be per-

formed by experienced auditors?

b. What are some analytical procedures that Heiss might perform?

c. How can these procedures be useful at this stage of the audit to help ensure audit quality?

 

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12Brown Protein Powder produces a dietary supplement. The standard cost of producing one unit is: Material (1.30 pounds × $2.30)$2.99 Labor (1.20 hours × $10.00)12.00 Overhead? Standard variable overhead is $8.00 per unit, and fixed annual overhead is $100,800. At the start of 2014, expected production was 25,200 units. During 2014, 30,000 units were produced. The following information, related to actual costs incurred in 2014, is available: 1.Purchased 40,000 pounds of material for $84,400. 2.Used 39,010 pounds of material. 3.Worked 32,455 labor hours costing $371,700. 4.Actual overhead incurred was $325,600. Compute the standard overhead rate per unit. (Round answer to 2 decimal places, e.g. 15.25.)

 

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