Without the consent of the client, a CPA should not disclose confidential client

Without the consent of the client, a CPA should not
disclose confidential client information contained in working
papers to a

A client company has not paid its 1983 audit fees.
According to the AICPA Code of Professional Conduct, for the
auditor to be considered independent with respect to the 1984
audit, the 1983 audits fees must be paid before the

A CPA, who is a member of the American Institute of
Certified Public Accountants, wrote an article for publication in a
professional journal. The AICPA Code of Professional Conduct would
be violated if the CPA allowed the article to state that the CPA
was
 
Please see the attached file for details

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On January 1, 2014, the ledger of Shumway Company contains the following liabili

On January 1, 2014, the ledger of Shumway Company contains the
following liability accounts.
Accounts Payable …………………………. $52,000
Sales Taxes Payable ………………………..   
5,800
Unearned Service Revenue ………………..  
14,000
During January, the following selected transactions
occurred.
Jan. 5 Sold merchandise for cash totaling $22,470, which
includes 7% sales taxes.
12 Provided services for customers who had made advance payments
of $10,000.
(Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in
December 2013 ($5,800).
20 Sold 600 units of a new product on credit at $50 per unit,
plus 7% sales tax.
21 Borrowed $14,000 from DeKalb Bank on a 3-month, 8%, $14,000
note.
25 Sold merchandise for cash totaling $12,947, which includes 7%
sales taxes.
 
Instructions
(a) Journalize the January transactions.
(b) Journalize the adjusting entries at January 31 for the
outstanding notes payable.
(c) Prepare the current liabilities section of the balance sheet
at January 31, 2014. Assume no change in accounts payable.
 

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On January 1, 2010, Pele Company purchased the following two machines for use in

On January 1, 2010, Pele Company purchased the following two
machines for use in its production process. Machine A: The cash
price of this machine was $38,000. Related expenditures included:
sales tax $1,700, shipping costs $150, insurance during shipping
$80, installation and testing costs $70, and $100 of oil and
lubricants to be used with the machinery during its first year of
operations. Pele estimates that the useful life of the machine is 5
years with a $5,000 salvage value remaining at the end of that time
period. Assume that the straight-line method of depreciation is
used.
Machine B: The recorded cost of this machine was $160,000. Pele
estimates that the useful life of the machine is 4 years with a
$10,000 salvage value remaining at the end of that time period.
Instructions
(a) Prepare the following for Machine A.
(1) The journal entry to record its purchase on January 1,
2010.
(2) The journal entry to record annual depreciation at December
31, 2010.
(b) Calculate the amount of depreciation expense that Pele
should record for machine B each year of its useful life under the
following assumptions.
(1) Pele uses the straight-line method of depreciation.
(2) Pele uses the declining-balance method. The rate used is
twice the straight-line rate.
(3) Pele uses the units-of-activity method and estimates that
the useful life of the machine is 125,000 units. Actual usage is as
follows: 2010, 45,000 units; 2011, 35,000 units; 2012, 25,000
units; 2013, 20,000 units.
(c) Which method used to calculate depreciation on machine B
reports the highest amount of depreciation expense in year 1
(2010)? The highest amount in year 4 (2013)? The highest total
amount over the 4-year period?

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Journalize entries for disposal of plant assets. Presented below are selected tr

Journalize entries for disposal of plant assets. Presented below
are selected transactions at Thomas Company for 2006. Jan. 1
Retired a piece of machinery that was purchased on January 1, 1996.
The machine cost $62,000 on that date. It had a useful life of 10
years with no salvage value. June 30 Sold a computer that was
purchased on January 1, 2003. The computer cost $35,000. It had a
useful life of 5 years with no salvage value. The computer was sold
for $12,000. Dec. 31 Discarded a delivery truck that was purchased
on January 1, 2002. The truck cost $33,000. It was depreciated
based on a 6-year useful life with a $3,000 salvage value.
Instructions Journalize all entries required on the above dates,
including entries to update depreciation, where applicable, on
assets disposed of. Thomas Company uses straight-line depreciation.
(Assume depreciation is up to date as of December 31,
2005.) 

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1. (TCO 7) Elliot’s Escargots sells commercial and home snail extraction tools a

1. (TCO 7) Elliot’s Escargots sells commercial and home snail
extraction tools and serving pieces. Currently, the snail
extraction line of products takes up approximately 50 percent of
the company’s retail floor space. The CEO of Elliot’s wants to
decide if the company should continue offering snail extraction
tools or focus only on serving pieces. If the snail extraction
tools are dropped, salaries and other direct fixed costs can be
avoided and serving piece sales would increase by 13 percent.
Allocated fixed costs are assigned based on relative sales.

                                                 
Snail Extraction       Serving

                                                     
Tools                
Pieces               
Total

Sales                                       
$1,200,000           
$800,000        
$2,000,000
Less cost of goods
sold              
700,000             
500,000          
1,200,000
Contribution
margin                    
500,000             
300,000     
        800,000
Less direct fixed costs:
     
Salaries                                  
175,000             
175,000             
350,000
     
Other                                       
60,000               
60,000             
120,000
Less allocated fixed costs:
     
Rent                                        
14,118                 
9,882               
24,000
     
Insurance                                   
3,529                 
2,471                 
6,000
     
Cleaning                      
              4,117                 
2,883                 
7,000
      Executive
salary                      
76,470               
53,530             
130,000
     
Other                                         
7,058                 
4,942             
  12,000
Total
costs                                   
340,292             
308,708             
649,000
Net
income                                
$159,708             
($ 8,708)         
$151,000
2. (TCO 4) Paschal’s Parasailing Enterprises has estimated that
fixed costs per month are $115,600 and variable cost per dollar of
sales is $0.38.
(a) What is the break-even point per month in sales?
(b) What level of sales is needed for a monthly profit of
$67,000?
(c) For the month of August, Paschal’s anticipates sales of
$585,000. What is the expected level of profit?
3. (TCO 6) Princess Cruise Lines has the following service
departments; concierge, valet, and maintenance.  Expense for
these departments are allocated toMediterraneanand Trans-Atlantic
cruises.  Expenses for the departments are totaled (both
variable and fixed components are combined) and as follows:
Concierge        
$2,500,000

Valet                
$1,750,000
Maintenance      $4,250,000
The sea miles logged are 6,000,000 for theMediterraneanand
18,000,000 for the Trans-
Atlanticvoyages.
Based upon the sea miles logged, allocate the service department
costs.
4. (TCO 9) ThurmanMunster, the owner of Adams Family RVs, is
considering the addition of a service center his lot.  The
building and equipment are estimated to cost $1,100,000 and both
the building and equipment will be depreciated over 10 years using
the straight-line method. The building and equipment have zero
estimated residual value at the end of 10 years.Munster’s required
rate of return for this project is 12 percent. Net income related
to each year of the investment is as follows:

Revenue                                             
$450,000
Less:

                             
Material cost        
$  60,000

                             
Labor                     
100,000

                             
Depreciation           
110,000

                             
Other                      
10,000            
280,000
Income before
taxes                        
                             170,000
Taxes at
40%                                       
68,000
Net
income                                       
$102,000
(a) Determine the net present value of the investment in the
service center. ShouldMunsterinvest in the service center?
(b) Calculate the internal rate of return of the investment to
the nearest ½ percent.
(c) Calculate the payback period of the investment.
(d) Calculate the accounting rate of return.
5. (TCO 5) The following information relates to Vice Versa
Ventures for calendar year 20XX, the company’s first year of
operations:
Units
produced                                                                       
20,000
Units
sold                                                                          
    17,000
Selling price per
unit                                                                   
$35
Direct material per
unit                                                                 
$5
Direct labor per
unit                                    
                                 $5
Variable manufacturing overhead per
unit                                       
$2
Variable selling cost per
unit                                                        
$3
Annual fixed manufacturing
overhead           
                        $160,000
Annual fixed selling and administrative
expense                     
$80,000
(a) Prepare an income statement using full costing.
(b) Prepare an income statement using variable costing.
6. (TCO 8)  Leekee Shipyards has a new barnacle removing
product for ocean going vessels. The company invests $1,200,000 in
operating assets and plans to produce and sell 400,000 units per
year.  Leekee wants to make a return on investment of 20% each
year.  Leekee needs to  know what price to charge for
this product.
Use the absorption costing approach to determine the markup
necessary to make the desired return on investment based on the
following information:

                                       
                               Per
Unit   
               Total
Direct
Materials                                              
$
2.00          
Direct
Labor                                                    
$
1.50          
Variable Manufacturing
Overhead                  
$ 1.00
Fixed Manufacturing
Overhead                                                  
$ 100,000
Variable Selling and Administrative Expense $
0.10          
Fixed Selling and Administrative
Expense                                 
$ 100,000
 

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As we learned in Week 4, the Code allows taxpayers to take a deduction for the c

As we learned in Week 4, the Code allows taxpayers to take a
deduction for the cost of meals when taxpayers have been deemed to
be “away from home” for tax purposes. This determination can be
difficult. Two separate clients came to you with questions as to
whether they are entitled to take a deduction for the cost of meals
incurred during a particular trip. The facts pertaining to each
are:
1. Tracey is a sales representative for a national
pharmaceutical company. She has a rather large sales territory, and
she makes her rounds to her customers using a company-owned car
over a 16- to 19-hour period of time. During these one-day business
trips, Tracey will pull over in a suitable location (such as a park
or a rest stop) and take a short nap in the backseat of her
automobile.
2. Mark captains a ferryboat. This ferryboat carries tourists on
round-trips from Seattle to Victoria and back, each trip of which
lasts from 15 to 17 hours and provides for a 6- to 7-hour layover
in Victoria. During the layover, Mark typically takes a four-hour
nap on a cot that he has stored in the pilothouse of the
ferryboat.
 
Under each of these circumstances, if the taxpayer entitled to
deduct the cost of meals purchased during the trip at issue?
 

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BUSN379 Fundamentals of Corporate Finance Course Project – Part I  Introduction

BUSN379 Fundamentals of Corporate Finance
Course Project – Part I 
Introduction
The Course Project is an opportunity for you to apply concepts
learned to a real-life simulation experience. Throughout the Course
Project, you will assume that you work as a financial analyst for
AirJet Best Parts, Inc. The Course Project is provided in two parts
as follows:
Part I – In Part I, you work with AirJet Best Parts, Inc. staff
to identify the best loan options, as well as to valuate stocks and
bonds.
Part II – In Part II, you will provide the company with a
recommendation for purchasing a new machine. You will base your
recommendation on the Net Present Value (NPV) of the capital
investment project using the cost of capital (WACC) as your
discount rate.
About AirJet Best Parts, Inc.
AirJet Best Parts, Inc. is a company dedicated to the design and
manufacturing of aviation and airplane technologies and parts. The
company has commercial and military clients worldwide.
Task 1: Assessing loan options for AirJet Best Parts, Inc.
The company needs to finance $8,000,000 for a new factory
inMexico. The funds will be obtained through a commercial loan and
by issuing corporate bonds. Here is some of the information
regarding the APRs offered by two well-known commercial banks.
 

Bank

APR

Number of Times Compounded

National First

Prime Rate + 6.75%

Semiannually

Regions Best

13.17

Monthly

Assuming that AirJet Parts, Inc. is considering loans from
National First and Regions Best, what are the EARs for these two
banks? Hint for National Bank: Go to the St. Louis Federal Reserve
Board’s website (http://research.stlouisfed.org/fred2/). Select
“Interest Rates” and then “Prime Bank Loan Rate”. Use the latest
MPRIME. Show your calculations. (15 pts)
Based on your calculations above, which of the two banks would
you recommend and why? Explain your rationale. (15 pts)
AirJet Best Parts, Inc. has decided to take a $6,950,000 loan
being offered by Regions Best at 8.6% APR for 5 years. What is the
monthly payment amount on this loan? Do you agree with this
decision? Explain your rationale. (20 pts)
Task 2: Evaluating Competitor’s Stock
AirJet Best Parts, Inc. is concerned regarding recent changes in
its stock prices for the company and would like to determine the
stock prices for key competitors. Key competitors include Raytheon,
Boeing, Lockheed Martin, and the Northrop Grumman Corporation.
Using the dividend growth model and assuming a dividend growth
rate of 5%, what is the rate of return for one of three key
competitors? Use Yahoo Finance to obtain the latest dividend amount
and price for one selected company. (15 pts)
Using the rate of return above, what should be the current share
price of AirJet Best Parts, Inc. if the company maintains a
constant 1% growth rate in dividends and the most recent dividend
per share paid on the stock was $1.50? Show your calculations. (10
pts)
Assume AirJet Best Parts has also a preferred stock issue. The
most recent dividend per share paid on the stock was also $1.50,
the same as the common stock. Which one would you think has a
higher price, the preferred stock or the current stock? Explain
your rationale. (5 pts)
What would happen with the price you computed above if AirJet
Best Parts, Inc. announces that dividends at the end of the year
will increase? What if the required rate of return increases? What
changes in dividends will affect the stock price and how? (10
pts)
Task 3: Bond Evaluation
AirJet Best Parts, Inc. would like to issue 20-year bonds to
obtain remaining funds for thenew Mexicoplant. The company
currently has 7.5% semiannual coupon bonds in the market that sell
for $1,062 and mature in 20 years.
What coupon rate should AirJet Best Parts set on its new bonds
to sell them at par value? (10 pts)
What is the difference between the coupon rate and the YTM of
bonds? (10 pts)
What factors will contribute to the riskiness of these bonds?
Explain in detail your rationale. (20 pts)
What type of positive and negative covenants may AirJet Best
Parts, Inc. use in future bond issues? (10 pts)
 
 

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BUSN379 Fundamentals of Corporate Finance Course Project – Part I  Introduction

BUSN379 Fundamentals of Corporate Finance
Course Project – Part I 
Introduction
The Course Project is an opportunity for you to apply concepts
learned to a real-life simulation experience. Throughout the Course
Project, you will assume that you work as a financial analyst for
AirJet Best Parts, Inc. The Course Project is provided in two parts
as follows:
Part I – In Part I, you work with AirJet Best Parts, Inc. staff
to identify the best loan options, as well as to valuate stocks and
bonds.
Part II – In Part II, you will provide the company with a
recommendation for purchasing a new machine. You will base your
recommendation on the Net Present Value (NPV) of the capital
investment project using the cost of capital (WACC) as your
discount rate.
About AirJet Best Parts, Inc.
AirJet Best Parts, Inc. is a company dedicated to the design and
manufacturing of aviation and airplane technologies and parts. The
company has commercial and military clients worldwide.
Task 1: Assessing loan options for AirJet Best Parts, Inc.
The company needs to finance $8,000,000 for a new factory
inMexico. The funds will be obtained through a commercial loan and
by issuing corporate bonds. Here is some of the information
regarding the APRs offered by two well-known commercial banks.
 

Bank

APR

Number of Times Compounded

National First

Prime Rate + 6.75%

Semiannually

Regions Best

13.17

Monthly

Assuming that AirJet Parts, Inc. is considering loans from
National First and Regions Best, what are the EARs for these two
banks? Hint for National Bank: Go to the St. Louis Federal Reserve
Board’s website (http://research.stlouisfed.org/fred2/). Select
“Interest Rates” and then “Prime Bank Loan Rate”. Use the latest
MPRIME. Show your calculations. (15 pts)
Based on your calculations above, which of the two banks would
you recommend and why? Explain your rationale. (15 pts)
AirJet Best Parts, Inc. has decided to take a $6,950,000 loan
being offered by Regions Best at 8.6% APR for 5 years. What is the
monthly payment amount on this loan? Do you agree with this
decision? Explain your rationale. (20 pts)
Task 2: Evaluating Competitor’s Stock
AirJet Best Parts, Inc. is concerned regarding recent changes in
its stock prices for the company and would like to determine the
stock prices for key competitors. Key competitors include Raytheon,
Boeing, Lockheed Martin, and the Northrop Grumman Corporation.
Using the dividend growth model and assuming a dividend growth
rate of 5%, what is the rate of return for one of three key
competitors? Use Yahoo Finance to obtain the latest dividend amount
and price for one selected company. (15 pts)
Using the rate of return above, what should be the current share
price of AirJet Best Parts, Inc. if the company maintains a
constant 1% growth rate in dividends and the most recent dividend
per share paid on the stock was $1.50? Show your calculations. (10
pts)
Assume AirJet Best Parts has also a preferred stock issue. The
most recent dividend per share paid on the stock was also $1.50,
the same as the common stock. Which one would you think has a
higher price, the preferred stock or the current stock? Explain
your rationale. (5 pts)
What would happen with the price you computed above if AirJet
Best Parts, Inc. announces that dividends at the end of the year
will increase? What if the required rate of return increases? What
changes in dividends will affect the stock price and how? (10
pts)
Task 3: Bond Evaluation
AirJet Best Parts, Inc. would like to issue 20-year bonds to
obtain remaining funds for thenew Mexicoplant. The company
currently has 7.5% semiannual coupon bonds in the market that sell
for $1,062 and mature in 20 years.
What coupon rate should AirJet Best Parts set on its new bonds
to sell them at par value? (10 pts)
What is the difference between the coupon rate and the YTM of
bonds? (10 pts)
What factors will contribute to the riskiness of these bonds?
Explain in detail your rationale. (20 pts)
What type of positive and negative covenants may AirJet Best
Parts, Inc. use in future bond issues? (10 pts)
 

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BUSN379 Fundamentals of Corporate Finance Course Project – Part I  Introduction

BUSN379 Fundamentals of Corporate Finance
Course Project – Part I 
Introduction
The Course Project is an opportunity for you to apply concepts
learned to a real-life simulation experience. Throughout the Course
Project, you will assume that you work as a financial analyst for
AirJet Best Parts, Inc. The Course Project is provided in two parts
as follows:
Part I – In Part I, you work with AirJet Best Parts, Inc. staff
to identify the best loan options, as well as to valuate stocks and
bonds.
Part II – In Part II, you will provide the company with a
recommendation for purchasing a new machine. You will base your
recommendation on the Net Present Value (NPV) of the capital
investment project using the cost of capital (WACC) as your
discount rate.
About AirJet Best Parts, Inc.
AirJet Best Parts, Inc. is a company dedicated to the design and
manufacturing of aviation and airplane technologies and parts. The
company has commercial and military clients worldwide.
Task 1: Assessing loan options for AirJet Best Parts, Inc.
The company needs to finance $8,000,000 for a new factory
inMexico. The funds will be obtained through a commercial loan and
by issuing corporate bonds. Here is some of the information
regarding the APRs offered by two well-known commercial banks.
 

Bank

APR

Number of Times Compounded

National First

Prime Rate + 6.75%

Semiannually

Regions Best

13.17

Monthly

Assuming that AirJet Parts, Inc. is considering loans from
National First and Regions Best, what are the EARs for these two
banks? Hint for National Bank: Go to the St. Louis Federal Reserve
Board’s website (http://research.stlouisfed.org/fred2/). Select
“Interest Rates” and then “Prime Bank Loan Rate”. Use the latest
MPRIME. Show your calculations. (15 pts)
Based on your calculations above, which of the two banks would
you recommend and why? Explain your rationale. (15 pts)
AirJet Best Parts, Inc. has decided to take a $6,950,000 loan
being offered by Regions Best at 8.6% APR for 5 years. What is the
monthly payment amount on this loan? Do you agree with this
decision? Explain your rationale. (20 pts)
Task 2: Evaluating Competitor’s Stock
AirJet Best Parts, Inc. is concerned regarding recent changes in
its stock prices for the company and would like to determine the
stock prices for key competitors. Key competitors include Raytheon,
Boeing, Lockheed Martin, and the Northrop Grumman Corporation.
Using the dividend growth model and assuming a dividend growth
rate of 5%, what is the rate of return for one of three key
competitors? Use Yahoo Finance to obtain the latest dividend amount
and price for one selected company. (15 pts)
Using the rate of return above, what should be the current share
price of AirJet Best Parts, Inc. if the company maintains a
constant 1% growth rate in dividends and the most recent dividend
per share paid on the stock was $1.50? Show your calculations. (10
pts)
Assume AirJet Best Parts has also a preferred stock issue. The
most recent dividend per share paid on the stock was also $1.50,
the same as the common stock. Which one would you think has a
higher price, the preferred stock or the current stock? Explain
your rationale. (5 pts)
What would happen with the price you computed above if AirJet
Best Parts, Inc. announces that dividends at the end of the year
will increase? What if the required rate of return increases? What
changes in dividends will affect the stock price and how? (10
pts)
Task 3: Bond Evaluation
AirJet Best Parts, Inc. would like to issue 20-year bonds to
obtain remaining funds for thenew Mexicoplant. The company
currently has 7.5% semiannual coupon bonds in the market that sell
for $1,062 and mature in 20 years.
What coupon rate should AirJet Best Parts set on its new bonds
to sell them at par value? (10 pts)
What is the difference between the coupon rate and the YTM of
bonds? (10 pts)
What factors will contribute to the riskiness of these bonds?
Explain in detail your rationale. (20 pts)
What type of positive and negative covenants may AirJet Best
Parts, Inc. use in future bond issues? (10 pts)
 

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BUSN379 Fundamentals of Corporate Finance Course Project – Part I  Introduction

BUSN379 Fundamentals of Corporate Finance
Course Project – Part I 
Introduction
The Course Project is an opportunity for you to apply concepts
learned to a real-life simulation experience. Throughout the Course
Project, you will assume that you work as a financial analyst for
AirJet Best Parts, Inc. The Course Project is provided in two parts
as follows:
Part I – In Part I, you work with AirJet Best Parts, Inc. staff
to identify the best loan options, as well as to valuate stocks and
bonds.
Part II – In Part II, you will provide the company with a
recommendation for purchasing a new machine. You will base your
recommendation on the Net Present Value (NPV) of the capital
investment project using the cost of capital (WACC) as your
discount rate.
About AirJet Best Parts, Inc.
AirJet Best Parts, Inc. is a company dedicated to the design and
manufacturing of aviation and airplane technologies and parts. The
company has commercial and military clients worldwide.
Task 1: Assessing loan options for AirJet Best Parts, Inc.
The company needs to finance $8,000,000 for a new factory
inMexico. The funds will be obtained through a commercial loan and
by issuing corporate bonds. Here is some of the information
regarding the APRs offered by two well-known commercial banks.
 

Bank

APR

Number of Times Compounded

National First

Prime Rate + 6.75%

Semiannually

Regions Best

13.17

Monthly

Assuming that AirJet Parts, Inc. is considering loans from
National First and Regions Best, what are the EARs for these two
banks? Hint for National Bank: Go to the St. Louis Federal Reserve
Board’s website (http://research.stlouisfed.org/fred2/). Select
“Interest Rates” and then “Prime Bank Loan Rate”. Use the latest
MPRIME. Show your calculations. (15 pts)
Based on your calculations above, which of the two banks would
you recommend and why? Explain your rationale. (15 pts)
AirJet Best Parts, Inc. has decided to take a $6,950,000 loan
being offered by Regions Best at 8.6% APR for 5 years. What is the
monthly payment amount on this loan? Do you agree with this
decision? Explain your rationale. (20 pts)
Task 2: Evaluating Competitor’s Stock
AirJet Best Parts, Inc. is concerned regarding recent changes in
its stock prices for the company and would like to determine the
stock prices for key competitors. Key competitors include Raytheon,
Boeing, Lockheed Martin, and the Northrop Grumman Corporation.
Using the dividend growth model and assuming a dividend growth
rate of 5%, what is the rate of return for one of three key
competitors? Use Yahoo Finance to obtain the latest dividend amount
and price for one selected company. (15 pts)
Using the rate of return above, what should be the current share
price of AirJet Best Parts, Inc. if the company maintains a
constant 1% growth rate in dividends and the most recent dividend
per share paid on the stock was $1.50? Show your calculations. (10
pts)
Assume AirJet Best Parts has also a preferred stock issue. The
most recent dividend per share paid on the stock was also $1.50,
the same as the common stock. Which one would you think has a
higher price, the preferred stock or the current stock? Explain
your rationale. (5 pts)
What would happen with the price you computed above if AirJet
Best Parts, Inc. announces that dividends at the end of the year
will increase? What if the required rate of return increases? What
changes in dividends will affect the stock price and how? (10
pts)
Task 3: Bond Evaluation
AirJet Best Parts, Inc. would like to issue 20-year bonds to
obtain remaining funds for thenew Mexicoplant. The company
currently has 7.5% semiannual coupon bonds in the market that sell
for $1,062 and mature in 20 years.
What coupon rate should AirJet Best Parts set on its new bonds
to sell them at par value? (10 pts)
What is the difference between the coupon rate and the YTM of
bonds? (10 pts)
What factors will contribute to the riskiness of these bonds?
Explain in detail your rationale. (20 pts)
What type of positive and negative covenants may AirJet Best
Parts, Inc. use in future bond issues? (10 pts)
 

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