In the context of dollar-value LIFO, what is a LIFO layer?
a. The difference between the LIFO inventory and the amount used for internal reporting purposes.
b. The LIFO value of the inventory for a given year.
c. The inventory in base year dollars.
d. The LIFO value of an increase in the inventory for a given year.
Answer: d. The LIFO value of an increase in the inventory for a given year.
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The CEO of Trans World Airlines (TWA), Jack Frye, wants to distribute $1B of cash by issuing a special dividend. Selected financial information for TWA is provided in the table below
Mr. Frye owns 51% of the common shares of TWA before the extra dividend. What is his total wealth in cash and shares after the special dividend? Trans World Airlines Selected Financial Information Stock Price $62.725 Cash $1,000M Market Capitalization $9,408.75M Shares Outstanding 150M Debt $0 A) $3,800.3M B) $4,058.4M C) $4,288.4M D) $4,798.5M E) $5,900.7M
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