Write
a paper describing and discussing corporate finance, including the
corporate finance principles. In the paper, discuss, describe, and give
examples of time value of money, Net Present Value (NPV) &
investment rules, the importance of interest rates, Stock valuation,
Cost of Capital, and Capital Structure. The paper should be at least 10
pages excluding the reference (bibliography) page(s).
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Saturday 23 December 2017
Tuesday 28 November 2017
An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online bank statement for any unusual items and errors
An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online bank statement for any unusual items and errors. Describe how a bank reconciliation and an online review (or reading) of the bank statement are not equivalent. Identify and explain at least two frauds or errors that would be uncovered through a bank reconciliation and that would not be uncovered through an online review of the bank statement.
Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check
Wednesday 15 November 2017
Prince Albert Canning PLC had a net loss of £27,835 on sales of £204,350. What was the company’s profit margin
Prince Albert Canning PLC had a net loss of £27,835 on sales of £204,350. What was the company’s profit margin? Does the fact that these figures are quoted in a foreign currency make any difference? Why? In dollars, sales were $327,810. What was the net loss in dollars?
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Smolira Golf Corp. has 25,000 shares of common stock outstanding, and the market price for a share
Smolira Golf Corp. has 25,000 shares of common stock outstanding, and the market price for a share of stock at the end of 2015 was $58. What is the price–earnings ratio? What are the dividends per share? What is the market-to-book ratio at the end of 2015? If the company’s growth rate is 9 percent, what is the PEG ratio?
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Friday 10 November 2017
Ratio Analysis at S&S Air, Inc.
S&S Air was founded 10 years ago by friends Mark Sexton and Todd Story. The company has manufactured and sold light airplanes over this period, and the company’s products have received high reviews for safety and reliability. The company has a niche market in that it sells primarily to individuals who own and fly their own airplanes. The company has two models; the Birdie, which sells for $53,000, and the Eagle, which sells for $78,000.
Although the company manufactures aircraft, its operations are different from commercial aircraft companies. S&S Air builds aircraft to order. By using prefabricated parts, the company can complete the manufacture of an airplane in only five weeks. The company also receives a deposit on each order, as well as another partial payment before the order is complete. In contrast, a commercial airplane may take one and one-half to two years to manufacture once the order is placed.
Mark and Todd have provided the following financial statements. Chris has gathered the industry ratios for the light airplane manufacturing industry.
Fundamentals of Corporate Finance ROSS, 11e
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On the balance sheet, the net fixed assets (NFA) account is equal to the gross fixed assets
On the balance sheet, the net fixed assets (NFA) account is equal to the gross fixed assets (FA) account (which records the acquisition cost of fixed assets) minus the accumulated depreciation (AD) account (which records the total depreciation taken by the firm against its fixed assets). Using the fact that NFA = FA − AD, show that the expression given in the chapter for net capital spending, NFAend − NFAbeg + D (where D is the depreciation expense during the year), is equivalent to FAend − FAbeg.
Fundamentals of Corporate Finance ROSS, 11e
Fundamentals of Corporate Finance ROSS, 11e
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Given the following information for Gandolfino Pizza Co
Given the following information for Gandolfino Pizza Co., calculate the depreciation expense: sales = $61,000; costs = $29,600; addition to retained earnings = $5,600; dividends paid = $1,950; interest expense = $4,300; tax rate = 35 percent.
Fundamentals of Corporate Finance ROSS, 11e
Fundamentals of Corporate Finance ROSS, 11e
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Volbeat Corp. shows the following information on its 2015 income statement
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Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $6 million
Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $6 million. The machinery can be sold to the Romulans today for $4.8 million. Klingon’s current balance sheet shows net fixed assets of $3.3 million, current liabilities of $850,000, and net working capital of $220,000. If all the current assets were liquidated today, the company would receive $1.05 million cash. What is the book value of Klingon’s total assets today? What is the sum of NWC and the market value of fixed assets?
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The 2014 balance sheet of Steelo, Inc., showed current assets of $4,630 and current liabilities of $2,190
The 2014 balance sheet of Steelo, Inc., showed current assets of $4,630 and current liabilities of $2,190. The 2015 balance sheet showed current assets of $5,180 and current liabilities of $2,830. What was the company’s 2015 change in net working capital, or NWC?
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Bowyer Driving School’s 2014 balance sheet showed net fixed assets of $2.7 million
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KCCO, Inc., has current assets of $5,300, net fixed assets of $24,900, current liabilities of $4,600
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The McGee Cake Company In early 2008, Doc and Lyn McGee formed the McGee Cake Company
The McGee Cake Company In early 2008, Doc and Lyn McGee formed the McGee Cake Company. The company produced a full line of cakes, and its specialties included chess cake*, lemon pound cake, and double-iced, double-chocolate cake.
The couple formed the company as an outside interest, and both continued to work at their current jobs. Doc did all the baking, and Lyn handled the marketing and distribution. With good product quality and a sound marketing plan, the company grew rapidly. In early 2013, the company was featured in a widely distributed entrepreneurial magazine. Later that year, the company was featured in Gourmet Desserts, a leading specialty food magazine. After the article appeared in Gourmet Desserts, sales exploded, and the company began receiving orders from all over the world. Because of the increased sales, Doc left his other job, followed shortly by Lyn. The company hired additional workers to meet demand. Unfortunately, the fast growth experienced by the company led to cash flow and capacity problems. The company is currently producing as many cakes as possible with the assets it owns, but demand for its cakes is still growing. Further, the company has been approached by a national supermarket chain with a proposal to put four of its cakes in all of the chain's stores, and a national restaurant chain has contacted the company about selling McGee cakes in its restaurants. The restaurant would sell the cakes without a brand name. Doc and Lyn have operated the company as a sole proprietorship. They have approached you to help manage and direct the company's growth. Specifically, they have asked you to answer the following questions.
QUESTIONS What are the advantages and disadvantages of changing the company organization from a sole proprietorship to an LLC? What are the advantages and disadvantages of changing the company organization from a sole proprietorship to a corporation? Ultimately, what action would you recommend the company undertake? Why?
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Wednesday 1 November 2017
You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50
You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50. The interest rate is 4.5%, compounded monthly. How many years until you have it paid off?
a. 8.98 years b. 10.72 years c. 11.58 years d. 11.95 years e. 15.22 years
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Tuesday 31 October 2017
Les would have $566,190.22 if he worked for 30 years and then retired
Les would have $566,190.22 if he worked for 30 years and then retired. He built this “nest egg” by saving $150 a month for retirement through his company’s retirement plan.
His employer contributed an additional $0.50 for every $1.00 that he saved. He also earned 10.5 percent on his retirement savings. What if Les now decides that he can retire when his savings build up to $500,000? When will that be? a. 185.18 years b. 26.49 years c. 29.21 years d. 33.33 years e. 28.86 years
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Dexter Company applies the direct write-off method in accounting for uncollectible accounts
Dexter Company applies the direct write-off method in accounting for uncollectible accounts.
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Thursday 12 October 2017
Aracel Engineering completed the following transactions in the month of June
Aracel Engineering completed the following transactions in
the month of June.
Jun. 1
Jenna
Aracel, the owner, invested $100,000 cash, office equipment with a value of
$5,000, and $60,000 of drafting equipment to launch the company in exchange for
common stock.
Jun. 2
The
company purchased land worth $49,000 for an office by paying $6,300 cash and
signing a long-term note payable for $42,700.
Jun. 3
The
company purchased a portable building with $55,000 cash and moved it onto the
land acquired on June 2.
Jun. 4
The
company paid $3,000 cash for the premium on an 18-month insurance policy.
Jun. 5
The
company completed and delivered a set of plans for a client and collected
$6,200 cash.
Jun. 6
The
company purchased $20,000 of additional drafting equipment by paying $9,500
cash and signing a long-term note payable for $10,500.
Jun. 7
The
company completed $14,000 of engineering services for a client. This amount is
to be received in 30 days.
Jun. 8
The
company purchased $1,150 of additional office equipment on credit.
Jun. 9
The
company completed engineering services for $22,000 on credit.
Jun. 10
The
company received a bill for rent of equipment that was used on a recently
completed job. The $1,333 rent cost must be paid within 30 days.
Jun. 12
The
company collected $7,000 cash in partial payment from the client described
billed on June 9.
Jun. 14
The
company paid $1,200 cash for wages to a drafting assistant.
Jun. 17
The
company paid $1,150 cash to settle the account payable created in on June 8.
Jun. 20
The
company paid $925 cash for minor maintenance of its drafting equipment.
Jun. 23
The
company paid $9,480 cash in dividends.
Jun. 28
The
company paid $1,200 cash for wages to a drafting assistant.
Jun. 29
The
company paid $2,500 cash for advertisements on the web during June.
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A corporation had the following assets and liabilities at the beginning and end of this year
A corporation had the following assets and liabilities at
the beginning and end of this year.
Beginning of the year $
80,500 $ 34,510
End of the year 129,500
52,448
Owner made no
investments in the business, and no dividends were paid during the year.
Owner made no
investments in the business, but dividends were $1,450 cash per month.
No dividends were
paid during the year, but the owner did invest an additional $45,000 cash in
exchange for common stock.
Dividends were
$1,450 cash per month, and the owner invested an additional $35,000 cash in
exchange for common stock.
Determine the net income earned or net loss incurred by the
business during the year for each of the above separate cases
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Thursday 5 October 2017
Johnson & Johnson is consistently named as one of the top 10 places to work due to its
Johnson & Johnson is consistently named as one of the
top 10 places to work due to its ________, which focuses on service and social
responsibility.
Multiple Choice
organizational
structure
hierarchy
fit perspective
corporate culture
adhocracy culture
Johnson & Johnson is a _________ organization with
products such as baby oil and bandages, as well as less identifiable medical
and pharmaceutical products.
Multiple Choice
for-profit
nonprofit
mutual benefit
physical
measurable
According to Kee Meng Yeo of J&J eUniversity, the
strength of the organization lies in its _________ structure, in which each
functional group operates on its own.
Multiple Choice
coordination of
effort
decentralized
authority
hierarchy of authority
centralized
authority
division of labor
Because J&J is a family company, Robert Wood Johnson,
affectionately known as "the General," is considered a ________, as
he embodies the values of the organization.
Multiple Choice
role-model
stakeholder
symbol
hero
story
The Johnson & Johnson credo, which states, "We
believe our first responsibility is to doctors, nurses, and patients," is
an example of a
Multiple Choice
slogan.
role model.
formal statement.
physical design.
leader reaction to
crisis.
The J&J credo helps to reinforce the set of values that
the organization believes in to create a(n) _______ culture, in which
communication, people development, and commitment are important.
Multiple Choice
market
adhocracy
clan
hierarchy
national
All employees are required to participate in J&J credo
training, which serves as a _________, to give everyone an understanding of the
organization's reason for being.
Multiple Choice
division of labor
hierarchy of
authority
common purpose
span of control
chain of command
As employees complete J&J credo and leadership training,
they begin to demonstrate the values of the credo. The demonstration of the
vales and norms exhibited by the organization is known as
Multiple Choice
symbols.
basic assumptions.
espoused values.
observable
artifacts.
enacted values.
As an organization with 115,000 employees worldwide, J&J
is characterized as a(n) _________ organization, with its 200 functional units,
many teams or task forces, wider span of control, and decentralized hierarchy
of authority.
Multiple Choice
mechanistic
organic
mutual reciprocity
integrated
differentiated
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Monday 2 October 2017
Nolan Company deposits all cash receipts on the day when they are received and it makes all cash
Nolan Company deposits all cash receipts on the day when
they are received and it makes all cash payments by check. At the close of
business on June 30, 2016, its Cash account shows a $29,833 debit balance.
Nolan’s June 30 bank statement shows $30,002 on deposit in the bank.
Nolan’s June 30 bank statement shows $30,002 on deposit in the bank.
a. Outstanding checks as of June 30 total $2,426.
b. The June 30 bank statement included a $28 debit
memorandum for bank services; the company has not yet recorded the cost of
these services.
c. In reviewing the bank statement, a $40 check written by
the company was mistakenly recorded in the company’s books at $49.
d. June 30 cash receipts of $2,261 were placed in the bank’s
night depository after banking hours and were not recorded on the June 30 bank
statement.
e. The bank statement included a $23 credit for interest
earned on the cash in the bank.
Prepare a bank reconciliation for Nolan Company using the
above information.
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The following information is available to reconcile Branch Company’s book balance of cash with its
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance as of July
31, 2016.
>
On July 31, the
company’s Cash account has a $25,644 debit balance, but its July bank statement
shows a $28,034 cash balance.
Check No. 3031 for
$1,550 and Check No. 3040 for $767 were outstanding on the June 30 bank
reconciliation. Check No. 3040 is listed with the July canceled checks, but
Check No. 3031 is not. Also, Check No. 3065 for $551 and Check No. 3069 for
$2,318, both written in July, are not among the canceled checks on the July 31
statement.
In comparing the
canceled checks on the bank statement with the entries in the accounting
records, it is found that Check No. 3056 for July rent was correctly written
and drawn for $1,220 but was erroneously entered in the accounting records as
$1,210.
A credit
memorandum enclosed with the July bank statement indicates the bank collected
$9,500 cash on a non-interest-bearing note for Branch, deducted a $48
collection fee, and credited the remainder to its account. Branch had not
recorded this event before receiving the statement.
A debit memorandum
for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been
received from a customer, Evan Shaw. Branch has not yet recorded this check as
NSF.
Enclosed with the July statement is a $14
debit memorandum for bank services. It has not yet been recorded because no
previous notification had been received.
Branch’s July 31
daily cash receipts of $10,652 were placed in the bank’s night depository on
that date but do not appear on the July 31 bank statement.
Required:
1. Prepare the bank reconciliation for this company as of
July 31, 2016.
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2016.
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Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash
Del Gato Clinic deposits all cash receipts on the day when
they are received and it makes all cash payments by check. At the close of
business on June 30, 2016, its Cash account shows an $16,268 debit balance. Del
Gato Clinic’s June 30 bank statement shows $15,749 on deposit in the bank.
Outstanding checks as of June 30 total $2,482.
The June 30 bank
statement included a $15 debit memorandum for bank services.
Check No. 919,
listed with the canceled checks, was correctly drawn for $789 in payment of a
utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to
Utilities Expense and a credit to Cash in the amount of $798.
The June 30 cash
receipts of $2,995 were placed in the bank’s night depository after banking
hours and were not recorded on the June 30 bank statement.
Prepare a bank reconciliation for Del Gato Clinic using the above information:
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Confucius Bookstore’s inventory is destroyed by a fire on September 5, 2016. The following data for
Confucius Bookstore’s inventory is destroyed by a fire on
September 5, 2016. The following data for year 2016 are available from the
accounting records.
Jan. 1 inventory $
100,000
Jan. 1 through Sept. 5 purchases (net) $ 310,000
Jan. 1 through Sept. 5 sales (net) $ 620,000
Year 2016 estimated gross profit rate 40 %
Required:
Estimate the cost of the inventory destroyed.
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases
Warnerwoods Company uses a perpetual inventory system. It
entered into the following purchases and sales transactions for March.
>
Mar. 1 Beginning
inventory 160
units @ $52.20 per unit
Mar. 5 Purchase
255
units @ $57.20 per unit
Mar. 9 Sales
320
units @ $87.20 per unit
Mar. 18 Purchase
115
units @ $62.20 per unit
Mar. 25 Purchase
210
units @ $64.20 per unit
Mar. 29 Sales
190
units @ $97.20 per unit
Totals
740
units 510 units
Required:
1. Compute cost of goods available for sale and the number
of units available for sale.
2. Compute the number of units in ending inventory.
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase
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On January 1, JKR Shop had $580,000 of inventory at cost. In the first quarter of the year, it
On January 1, JKR Shop had $580,000 of inventory at cost. In
the first quarter of the year, it purchased $1,720,000 of merchandise, returned
$24,400, and paid freight charges of $38,900 on purchased merchandise, terms
FOB shipping point. The company's gross profit averages 35%, and the store had
$2,130,000 of net sales (at retail) in the first quarter of the year.
Required:
Use the gross profit method to estimate its cost of
inventory at the end of the first quarter.
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Hemming Co. reported the following current-year purchases and sales data for its only product
Hemming Co. reported the following current-year purchases
and sales data for its only product.
>
Jan. 1 Beginning
inventory 130
units @ $11.20 = $ 1,456
Jan. 10 Sales
120
units @ $41.20
Mar. 14 Purchase
280
units @ $16.20 = 4,536
Mar. 15 Sales
170
units @ $41.20
July 30 Purchase
430
units @ $21.20 = 9,116
Oct. 5 Sales
270
units @ $41.20
Oct. 26 Purchase
630
units @ $26.20 = 16,506
Totals
1,470
units $
31,614 560 units
Required:
Hemming uses a periodic inventory system. Assume that ending inventory consists of 120 units from the March 14 purchase, 160 units from the July 30 purchase, and all 630 units from the October 26 purchase. Using the specific identification method, compute the following.
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A company reports the following beginning inventory and purchases for the month of January
A company reports the following beginning inventory and
purchases for the month of January. On January 26, the company sells 350 units.
150 units remain in ending inventory at January 31.
Units Unit Cost
Beginning inventory on January 1 320 $
3.00
Purchase on January 9 80
3.20
Purchase on January 25 100
3.34
Required:
Assume the perpetual inventory system is used. Determine the
costs assigned to ending inventory when costs are assigned based on the FIFO
method
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Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it
Wattan Company reports beginning inventory of 10 units at
$60 each. Every week for four weeks it purchases an additional 10 units at
respective costs of $61, $62, $65, and $70 per unit for weeks 1 through 4.
Calculate the cost of goods available for sale and the units available for sale
for this four-week period. Assume that no sales occur during those four weeks.
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Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses
Prepare journal entries to record the following
merchandising transactions of Cabela’s, which uses the perpetual inventory
system and the gross method. (Hint: It will help to identify each receivable
and payable; for example, record the purchase on July 1 in Accounts
Payable—Boden.)
>
2
Sold
merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB
shipping point, invoice dated July 2. The merchandise had cost $500.
3
Paid
$125 cash for freight charges on the purchase of July 1.
8
Sold
merchandise that had cost $1,300 for $1,700 cash.
9
Purchased
merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB
destination, invoice dated July 9.
11
Received
a $200 credit memorandum from Leight Co. for the return of part of the
merchandise purchased on July 9.
12
Received
the balance due from Creek Co. for the invoice dated July 2, net of the
discount.
16
Paid
the balance due to Boden Company within the discount period.
19
Sold
merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15,
n/60, FOB shipping point, invoice dated July 19.
21
Issued
a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19.
24
Paid
Leight Co. the balance due, net of discount.
30
Received
the balance due from Art Co. for the invoice dated July 19, net of discount.
31 Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
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Following are the merchandising transactions for Dollar Store
Following are the merchandising transactions for Dollar
Store.
Nov. 1
Dollar
Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping
point, invoice dated November 1.
5
Dollar
Store pays cash for the November 1 purchase.
7
Dollar
Store discovers and returns $150 of defective merchandise purchased on November
1, and paid for on November 5, for a cash refund.
10
Dollar
Store pays $65 cash for transportation costs for the November 1 purchase.
13
Dollar
Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise
is $702.
16
Merchandise
is returned to the Dollar Store from the November 13 transaction. The returned
items are priced at $250 and cost $125; the items were not damaged and were
returned to inventory.
Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system the gross method.
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