A Closed-End Fund Has Total Assets of $379 Million and Liabilities

question 79

Multiple Choice

A closed-end fund has total assets of $379 million and liabilities of $640,000. There are 36 million shares outstanding. What is the premium or discount if the shares are currently selling for $9.80 each?

• A) 7.46 percent discount
• B) 6.76 percent discount
• C) 6.94 percent discount
• D) 6.80 percent premium
• E) 7.46 percent premium

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Definitions:

Manufacturing Cost Elements

The components of manufacturing costs, typically including direct materials, direct labor, and manufacturing overhead.

Packaging Department

The division in a manufacturing firm responsible for packaging products for storage or shipment.

Baking Department

A specific department within a food manufacturing or retail business that is responsible for producing baked goods.

Process Cost Systems

Accounting methods used in industries where similar products are produced in a continuous process, allocating costs proportionally across all units produced.