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Date Posted: 17:18:30 02/22/00 Tue
Author: Charles Hodges
Subject: Corrections to Another sample midterm answers
In reply to: Kevin 's message, "Another sample midterm answers" on 18:33:19 02/21/00 Mon

Again, I only leave the answers needing correction or explanations.

> 6. False
True, both are after tax, but Net Income is also after income expenses, thus net income is lower.

> 8. C. Pay payables
best answer is pays interest since this is an operating expense, paying payables may not be reflected in income statement and therefore may not impact taxes paid. I ended up also accepting E, since you could consider that "pays interest" and the income statement's interest expenses are not the same thing.

> 9.
lots of choices here, all related to accrual accounting, think sources of funds that would be listed on the statement of cash flows.

> 12. Worse, worse, better, better
Company is Better, worse, better, better than industry. Higher turnover is better.


14.


> 15. 8 (1-28%) for corporate and 6% for muni

18. recheck this answer.

> 20. 300,000
should be 600,000 equal 3,200,000/1,600,000

> 21. E. Statements a and c are correct
Answer is A, inverted yield curves are possible making b and c false.

> 22. C. 2%
Better answer is 3%, t-bills are not considered to have a liquidity premium, I gave credit for 2 and 3

> 23. A.
Answer is D

> 26. True
Better answer is False, intercept is 0. postive y implies fixed costs which may adversely impact results from percent of sales method. I think I through out this question.

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