Owner's equity at the start of the period is $35,000; net income for the period is $30,000; the total investments by the owner are $15,000, and total withdrawals by the owner is $5,000.
The owner's equity at the end of the period is:

a) $80,000. b)$75,000. c)$85,000. d) $40,000.

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances

The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to

Corrective action must be taken for a project when (a) actual progress to the planned progress shows the progress is ahead of schedule. (b) the technical specifications have been met. (c) the actual cost of the activities is less than the funds received for the work completed. (d) the actual progress is less than the planned progress.