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Archive for the ‘Management’ Category

MKTG 522 Marketing Plan Week 5 Channel Management Quiz Questions set 1 and 2 Answer

MKTG 522_Marketing_Plan_Week 5_Channel Management Quiz Questions set 1 and 2 Answer

MKTG 522_Marketing_Plan_Week 5_Channel Management Quiz Questions set 1 and 2 Answer

MKTG 522_Marketing_Plan_Week 5_Channel Management Quiz Questions set 1 and 2 Answer

MKTG 522_Marketing_Plan_Week 5_Channel Management Quiz Questions set 1 and 2 Answer

Set 1

Question 1. 1 (TCO C) When a company marketer expresses their vision of what the brand must be and do for consumers, they are expressing what is called ________.

( ) a brand promise
( ) a brand personality
( ) a brand identity
( ) a brand position
( ) a brand revitalization
Question 2. 2. (TCO C) A marketing advantage of strong brands is which of the following:
( ) no vulnerability to marketing crises
( ) more elastic consumer response to price increases
( ) guaranteed profits
( ) additional brand extension opportunities
( ) more inelastic consumer response to price decreases

Question 3. 3. (TCO H) A company which is willing to maintain its market share, and not attack the leader and other competitors in an aggressive bid for further market share, is known as a ________.

( ) market challenger
( ) market leader
( ) market follower
( ) market nicher
( ) market entrant

Question 4. (TCO H) Which of the following is a characteristic of a service?
( ) It is essentially tangible.
( ) It does not result in the ownership of anything.
( ) Its production is majorly tied to a physical product.
( ) Services are typically produced and consumed at different times.
( ) A client’s presence is not required for rendering a service.

Question 5. (TCO H) A company marketing manager has developed a strategy that will require the organization to erect outposts to protect its weak front-running brands. In this ________ defense, the outposts will be central to the organization’s new competitive strategy.
( ) position
( ) flank
( ) preemptive
( ) counteroffensive
( ) mobile

Question 6. (TCO H) The five product levels constitute a ________. At each level more customer value is added.
( ) product line
( ) business model
( ) customer value-hierarchy
( ) value grid
( ) demand chain

Question 7. (TCO H) A wine company positioned in the “middle” market decides to introduce a lower-priced product line. What type of line-stretching is this?
( ) home stretch
( ) up-market stretch
( ) down-market stretch
( ) maintenance stretch
( ) two-way stretch

Question 8. (TCO H) Which of the following will most help service providers overcome the limitation of intangibility of services when positioning itself? (Points : 6)
( ) using brand symbols
( ) sharing services
( ) working with larger groups
( ) cultivating non-peak demand
( ) creating a service blueprint

Question 9. (TCO D) The key to perceived-value pricing is to ________. (Points : 6)
( ) reengineer the company’s operations
( ) deliver more unique value than competitors
( ) adopt subtle marketing tactics compared to competitors
( ) deliver more value but at a lower cost
( ) invest heavily in advertising in order to convey superior value

Question 10 (TCO D) Companies who believe that a higher sales volume leads to lower unit costs and higher long-run profits are attempting to ________. (Points : 6)
( ) maximize their market share
( ) skim the market
( ) become a product-quality leader
( ) merely survive in the market
( ) maximize their current profits

Set 2

1. (TCO C) Sam wants to buy a washing machine and is looking for something that is modestly priced. When he goes to make the purchase, he finds there are two options that meet his requirements. One is an IFB Bosch product, while the other is a newly imported South Korean brand. Adam is not very familiar with the latter and does not hesitate in choosing Bosch. This example implies that ________. (Points : 6)
the imported brand will not survive the competition from Bosch
Bosch has a positive customer brand equity
the South Korean company has a low advertising budget
the imported brand is unreliable
the Bosch washing machine has better features than the imported brand

Question 2. 2. (TCO C) Two advantages of ________ are that they can facilitate new-product acceptance and provide positive feedback to the parent brand and company. (Points : 6)
product licensing
brand extensions
brand architecture
brand audits
brand dilutions

Question 3. 3. (TCO H) When the total market expands, the ________ usually gains the most. (Points : 6)
market challenger
market leader
market follower
market nicher
market entrant

Question 4. 4. (TCO H) If the company takes the opportunity to diversify into unrelated products, into new geographical markets, and leapfrogging into new technologies, this would be the ________ attack. (Points : 6)
bypass
flank
frontal
guerrilla
encirclement

Question 5. 5. (TCO H) The five product levels constitute a ________. At each level more customer value is added. (Points : 6)
product line
business model
customer value-hierarchy
value grid
demand chain

Question 6. 6. (TCO H) To achieve more growth, to realize higher margins, or simply to position themselves as full-line manufacturers, companies may wish to implement a(n) ________ (Points : 6)
up-market stretch
rebranding plan
outsourcing strategy
disintermediation policy
vertical integration strategy

Question 7. 7. (TCO H) Which of the following is an example of a pure service? (Points : 6)
air travel
psychotherapy
baby oil
a laptop
a restaurant meal

Question 8. 8. (TCO H) Which of the following will help a service provider overcome the limits imposed by the inseparability of services? (Points : 6)
using differential pricing
working with larger customer groups
providing complementary services
concentrating on physical evidence and presentation
standardizing the service process

Question 9. 9. (TCO D) Companies who believe that a higher sales volume leads to lower unit costs and higher long-run profits are attempting to ________. (Points : 6)
maximize their market share
skim the market
become a product-quality leader
merely survive in the market
maximize their current profits

Question 10. 10. (TCO D) The key to perceived-value pricing is to ________. (Points : 6)
reengineer the company’s operations
deliver more unique value than competitors
adopt subtle marketing tactics compared to competitors
deliver more value but at a lower cost
invest heavily in advertising in order to convey superior value

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week 5

FIN 515 Managerial Finance Week 5 Project Complete Answer

FIN 515 Managerial Finance Week 5 Project Complete Answer

FIN 515 Managerial Finance Week 5 Project Complete Answer

FIN 515 Managerial Finance Week 5 Project Complete Answer

FIN 515 Managerial Finance Week 5 Project Complete Answer

You have been asked by the president of your company to evaluate the proposed acquisition of a new spectrometer for the firm’s R&D department. The equipment’s basic price is $70,000, and it would cost another $15,000 to modify it for special use by your firm. The spectrometer, which falls into the MACRS 3-year class, would be sold after 3 years for $30,000. Use of the equipment would require an increase in net working capital (spare parts inventory) of $4,000. The spectrometer would have no effect on revenues, but it is expected to save the firm $25,000 per year in before-tax operating costs, mainly labor. The firm’s marginal federal-plus-state tax rate is 40%.

a. What is the net cost of the spectrometer? (That is, what is the Year-0 net cash flow?)
b. What are the net operating cash flows in Years 1, 2, and 3?
c. What is the additional (non-operating) cash flow in Year 3?
d. If the project’s cost of capital is 10%, should the spectrometer be purchased?

a. What is the net cost of the spectrometer? (That is, what is the Year-0 net cash flow?)

b. What are the net operating cash flows in Years 1, 2, and 3?

c. What is the additional (non-operating) cash flow in Year 3?

Additional (non-operating) cash flow in Year 3

d. If the project’s cost of capital is 10%, should the spectrometer be purchased?

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The principle managers follow when they only investigate significant departures from the plan Answer

The principle managers follow when they only investigate significant departures from the plan Answer

The principle managers follow when they only investigate significant departures from the plan Answer

The principle managers follow when they only investigate significant departures from the plan Answer

The principle managers follow when they only investigate significant departures from the plan Answer

1. The principle managers follow when they only investigate significant departures from the plan is commonly known as ?
A) small amounts don’t matter
B) only materials and labor deserve attention
C) management by exception
D) exceptional costs yield exception results 2.
A company has a cost that is $2.00 per unit at a volume of 12,000 units and $2.00 per unit at a volume of 16,000 units. What type of cost is this?
A) Fixed
B) Variable
C) Sunk
D) Incremental
3. Which of the following is not a manufacturing cost?
A) Manufacturing overhead
B) Direct materials
C) Direct labor
D) Administrative expenses
4. A form used to accumulate the cost of producing an item is called a(n)?
A) job-cost sheet
B) material requisition
C) balance sheet
D) invoice
5. Why do we compute equivalent units differently for raw materials and conversion costs?
A) Raw materials are more difficult to count
B) Conversion costs are more difficult to count
C) They are introduced into the process at different times
D) None of the above
6. The Freedom Corporation’s painting department had a beginning inventory of 580 units, which had direct material costs of $22,715. During June, 9,290 units were started and costs of $1,268,085 were incurred for direct material. Ending inventory consists of 1,000 units, which are 35% complete with respect to direct material. What is the cost per equivalent unit for direct material?
A) $40.00
B) $137.00
C) $140.00
D) $159.00
7. Regression analysis
A) uses all the available data points to estimate a cost equation
B) can be performed by many spreadsheet programs
C) provides an equation that can be used to estimate total costs at different levels
D) all of the above
8. Beaudreaux Motors is operating at its break-even point of 16,000 units. Which of the following statements is not true?
A) The amount of the company’s total costs equals the amount of its revenues.
B) The company’s fixed costs equal its variable costs.
C) The company’s profit equals zero.
D) Assuming no other changes, if the company sold more units, it would earn a profit.
9. Which of the following is treated as a product cost in variable costing?
A) Sales commissions
B) Administrative salaries
C) Fixed manufacturing overhead
D) Direct labor
10. When the number of units sold is equal to the number of units produced, net income using full costing will be
A) greater than net income under variable costing
B) equal to net income using variable costing
C) less than income using variable costing
D) none of the above
11. A major problem with cost-plus contracts is that they?
A) are not acceptable under GAAP.
B) cause the supplier to take significant financial risks.
C) require the supplier to use variable costing.
D) create an incentive to allocate as much cost as possible to the goods produced under the cost-plus contract.
12. Which of the following is not generally true when a company compares ABC and traditional costing?
A) ABC uses more cost drivers
B) ABC allocates cost based solely on production volume
C) ABC is more expensive
D) ABC is less likely to undercost complex, low volume products
13. Which of the following is never considered in incremental analysis?
A) Incremental revenues
B) Sunk costs
C) Incremental profit
D) Differential costs
1. Two or more products that result from common inputs are called
A) split products
B) joint products
C) combination products
D) common products
2. Target costing
A) starts with the features a customer wants and what they will pay for them.
B) is used after the product is designed.
C) focuses on including all features in a product that a customer may want.
D) all of the above.
3. When deciding to accept or reject a special order, which of the following costs would most likely not be relevant?
A) The wages of direct labor to make the order.
B) Depreciation on the machinery used to make the order.
C) The raw material used to make the order.
D) The electricity used to run the machine to make the order.
4. Present value techniques:
A) ignore cash flows that will occur more than ten years in the future.
B) are a way of converting future dollars into equivalent current dollars.
C) provide more conservative results than similar time value of money computations.
D) treat dollars received today the same as dollars received in the future.
5. The internal rate of return
A) takes into account the time value of money.
B) is the rate of return that equates the present value of future cash flows to the initial investment.
C) both A and B
D) neither A nor B
6. A method of budget preparation that requires all budgeted amounts to be justified by the department, even if the amounts were supported in prior periods, is called?
A) variance budgeting.
B) flexible budgeting.
C) current period budgeting.
D) zero base budgeting.
7. The cash budget alerts management to all of the following except?
A) Stockouts will cause customer dissatisfaction
B) The cash balance will be very low
C) Excess cash will be available for investment
D) Significant capital acquisitions are planned
8. The standard cost is?
A) same as actual cost
B) the cost that should have been incurred to produce an item or service
C) useful only to manufacturing firms
D) calculated after production is completed
9. Which of the following are components of a direct labor variance?
A) Rate and efficiency
B) Attainable and ideal
C) Price and quantity
D) Volume and controllable
10. A subunit that has responsibility for controlling cost but not revenues is a(n) ?
A) profit center.
B) cost center.
C) investment center.
D)business center.
11. Which of the following is not an advantage of decentralization for a company?
A) Subunit managers have better information.
B) Subunit managers will act to benefit the organization as a whole.
C) Subunit managers can respond quicker to changing circumstances.
D) Subunit managers can receive training to move into top level management positions.
12. Asset turnover is a measure of
A) how quickly a company is moving its inventory.
B) how quickly a company is turning it accounts receivable into cash.
C) the overall efficiency with which the company uses its assets to generate revenues.
D) how rapidly the market believes the company will grow.

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The principle managers follow when they only investigate significant departures from the plan_Answer

Exercise 15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used Answer

Exercise 15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used Answer

Exercise 15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used Answer

Exercise 15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used Answer

Exercise 15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used Answer

Exercise 15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used Answer

Exercise 15-5

Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $301,920 for the year, and machine usage is estimated at 125,800 hours.
For the year, $317,928 of overhead costs are incurred and 130,700 hours are used.

(a)Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places, e.g. 1.25.)

Manufacturing overhead rate $ _________per machine hour

(b) What is the amount of under or over-applied overhead at December 31?

(c) Prepare the adjusting entry to assign the under or over-applied overhead for the year to cost of goods sold.

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Duggan

Automated Welding Services, Inc. business has been growing Answer

Automated Welding Services, Inc. business has been growing Answer

Automated Welding Services, Inc. business has been growing Answer

Automated Welding Services, Inc. business has been growing Answer

Automated Welding Services, Inc. business has been growing Answer

Automated Welding Services, Inc. business has been growing Answer

” Automated Welding Services, Inc. (AWS) business has been growing and they need to raise their automation to the next level. They have collected data on five alternative machines/processes for which the data is shown below. Only a single alternative will be selected. AWS uses a 5-year time horizon for project justifications. Submit your solution in a spreadsheet.

Altern|Investmt | Annual | Salvage
ative | in year 0| Cash | value in
| | Flow | last year
A1 $50,000 $18,000 $0
A2 $250,000 $85,000 $75,000
A3 $350,000 $110,000 $175,000
A4 $600,000 $150,000 $400,000
A5 $800,000 $175,000 $600,000

Determine which will offer the largest internal rate of return for AWS.
Determine using the internal rates of return criterion with an incremental analysis which will offer the largest monetary benefit to AWS if their MARR is 12%

What is the difference between parts a and b?

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welding

Crypton Electronics has a capital structure consisting of 43% common stock and 57% debt Answer

Crypton Electronics has a capital structure consisting of 43% common stock and 57% debt Answer

Crypton Electronics has a capital structure consisting of 43% common stock and 57% debt Answer

Crypton Electronics has a capital structure consisting of 43% common stock and 57% debt Answer

Crypton Electronics has a capital structure consisting of 43% common stock and 57% debt Answer

Crypton Electronics has a capital structure consisting of 43% common stock and 57% debt Answer

1. (weighted average cost of capital) Crypton Electronics has a capital structure consisting of 43% common stock and 57% debt. A debt issue of 1,000 par value, 6.3% bonds that mature in 15 years and pay annual interest will sell for $975. Common stock of the firms is currently selling for $30.53 per share and the firm expects to pay a $2.15 dividend next year. Dividends have grown at the rate of 5.4% per year and are expected to continue to do so for the foreseeable future.
What is Crypton’s cost of capital where the firms tax rate is 30%. (round to the nearest three decimals).”
“Bonds $ 3,700.000
Preferred stock $2,100,000
Common stock $6,300,000

To finance the purchase, Ranch Manufacturing will sell 10-year bonds paying 6.6% per year at the market price of $1,069. Preferred stock is paying $1.94 dividend can be sold for $24.27. Common stock for Ranch Manufacturing is currently selling for $54.64 per share and the firm paid a $2.93 dividend last year. Dividends are expected to continue growing at a rate of 4.9% per year into the indefinite future. If the firm’s tax rate is 30%, what discount rate should you use to evaluate the equipment purchase?
WACC rounded to three decimal places?

“• Plan A is an all-common-equity structure in which $2.5 million dollars would be raised be selling 82,000 shares of common stock.
• Plan B would involve issuing $1.2 million dollars in long-term bonds with an effective interest rate of 12.2% plus $1.3 million would be raised by selling 41,000 shares of common stock. The debt funds raised under Plan B have no fixed maturity date, in that this amount of financial leverage is considered a permanent part of the firm’s capital structure.
Abe and his partners plan to use a 35% tax rate in their analysis, and they have hired you on a consulting basis to do the following:
a. Find the EBIT indifference level associated with the two financing plans? Round to the nearest dollar.
b. Prepare a pro forma income statement for the EBIT level solved for in Part a. that shows that EPS will be the same regardless whether Plan A or B is chosen?”

“The first plan(A) is an all common equity capital structure $2.1 million dollars would be raised by selling common stock at $10 per common share.
Plan B would involve the use of financial leverage. $1.1 million would be raised by selling bonds with an effective interest rate of 10.9% (per annum), and the remaining $1 mill would be raised by selling common stock at the $10 price per share. The use of financial leverage is considered to be a permanent part of the firms capitalization, so no fixed date is needed for the analysis. A 35% tax rate is deemed appropriate for the analysis.
a. find the EBIT indifference level associated with the two financing plans. (round to the nearest dollar)
b. A detailed financial analysis of the firm’s prospects suggests that the long-term EBIT will be above $320,000 annually. Taking this into consideration, which plan will generate the higher EPS?”

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Cryptopn

Leadership and motivation questions All four questions Answer

Leadership and motivation questions All four questions Answer

Leadership and motivation questions All four questions Answer

Leadership and motivation questions All four questions Answer

Leadership and motivation questions All four questions Answer

Leadership and motivation questions All four questions Answer

Vision statements can apply to an individual, a family, a business, or simply to decorating your apartment. Think about something you care about for which you want the future to be different from the present. (25 points) (A 1½-page response is required.)
a. Review the discussion of what a vision does and the common themes of vision in your text (pp. 389-388) and refer to Denton’s (1997) article for examples of vision statements. Write a personal vision statement that focuses on your desired change.
b. Discuss each of the five (5) common themes of vision found in your text.
c. Which of these themes do you feel is reflected in your personal vision statement, if any? Explain.

It has been said that strategic leaders are concerned with vision and mission, while strategic managers are concerned with strategy. Do you agree? Your answer should include specifics about what you believe a strategic leader does as opposed to what a strategic manager does (e.g., analyze competitors, review market analysis, become informed on technological trends, etc.). In addition, discuss whether you feel there is a need for both roles in organizations today. Justify your answer. (25 points) (A 1½-page response is required.)

Given the changes in the economy, discuss whether you believe employers are still actively trying to foster diversity among their workforce. Search through popular press and recent business publications to find three (3) appropriate sources to support your answer. (20 points) (A 1-page response is required.)

Chapter 12 discusses five (5) types of leader power. These five types fall into two (2) broader categories: position power and personal power. (30 points) (A 2-page response is required.)
a. Define each of the five (5) types of leader power.
b. Discuss how each of the five (5) types of leader power impact and/or motivate followers.
c. Which of the five types of leader power fall into the category of position power, and which fall into the category of personal power?

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Leadership

FIN 631 Homework Assignment 4 Using the Black Scholes Option Pricing Model Answer

FIN 631 Homework Assignment 4 Using the Black Scholes Option Pricing Model Answer

FIN 631 Homework Assignment 4 Using the Black Scholes Option Pricing Model Answer

FIN 631 Homework Assignment 4 Using the Black Scholes Option Pricing Model Answer

FIN 631 Homework Assignment 4 Using the Black Scholes Option Pricing Model Answer

FIN 631 Homework Assignment 4 Using the Black Scholes Option Pricing Model Answer

FIN 631 – Security Analysis & Portfolio Management
Homework Assignment #4: Special Problems – To Help Practice & Prepare for Midterm and Final Exams

(1)Using the Black Scholes Option Pricing Model, calculate the value of Call and Put Options for a stock with the following information. Use the Power Point presentation along with the Standard Normal Distribution Table given to you from presentation to you on this topic. Show all your work.
Inputs:
Risk free rate = rfr = 0.10 or 10%
Time to maturity (by days in year) = (T) = 50/365
Exercise Price (X) = $40
Standard deviation (σ) = 0.23
Stock Price (S) = $42

Guidelines for Using the Standard Normal Distribution Table and Rounding the Numbers
1) With rounding in this venue, the protocol is to calculate out to four digits. For example, assume you have rounded your calculation so that d1 = 0.3767.
2) Next, you round 0.3767 to 0.38, and the corresponding N(d1) = 0.6480.

Another helpful hint or guideline: One more thing: if you ended up with d1 = 0.3749, PLEASE DO NOT convert that into 0.375 and then round to 0.38. Instead, the d1 would be rounded to 0.37.

This problem and the Standard Normal Distribution Table are both taken from a CFA preparatory text along with the aforementioned guidelines

(2)If a stock sells for $100 per share, its last dividend was $1.50 and its growth rate is 5%, what is the stock’s required rate of return?

(3)Given the following information, calculate the theoretical intrinsic value of the Call option using the Black Scholes Model. IF the market price for the Call option = $11, should the investor buy?

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FIN 631

FINANCIAL ACCOUNTING II FINAL EXAM comparative balance sheet for the Beneteau Corporation Answer

FINANCIAL ACCOUNTING II FINAL EXAM comparative balance sheet for the Beneteau Corporation Answer

FINANCIAL ACCOUNTING II FINAL EXAM comparative balance sheet for the Beneteau Corporation Answer

FINANCIAL ACCOUNTING II FINAL EXAM comparative balance sheet for the Beneteau Corporation Answer

FINANCIAL ACCOUNTING II FINAL EXAM comparative balance sheet for the Beneteau Corporation Answer

FINANCIAL ACCOUNTING II FINAL EXAM comparative balance sheet for the Beneteau Corporation Answer

1. Under the corporate form of business organization
a. a stockholder is personally liable for the debts of the corporation.
b. stockholders’ acts can bind the corporation even though the stockholders have not
been appointed as agents of the corporation.
c. the corporation’s life is stipulated in its charter.
d. stockholders wishing to sell their corporation shares must get the approval of other
stockholders.
2 Stockholders of a corporation directly elect
a. the president of the corporation.
b. the board of directors.
c. the treasurer of the corporation.
d. all of the employees of the corporation.

3 Those most responsible for the major policy decisions of a corporation are the
a. stockholders.
b. board of directors.
c. management.
d. employees.

4 The chief accounting officer in a company is known as the
a. controller.
b. treasurer.
c. vice-president.
d. president.
5 Which one of the following would not be considered an advantage of the corporate form
of organization?
a. Limited liability of stockholders.
b. Separate legal existence.
c. Continuous life.
d. Government regulation.

6 The two ways that a corporation can be classified by purpose are
a. general and limited.
b. profit and not-for-profit.
c. state and federal.
d. publicly held and privately held.

7 The two ways that a corporation can be classified by ownership are
a. publicly held and privately held.
b. stock and non-stock.
c. inside and outside.
d. majority and minority.

8 Which of the following would not be true of a privately held corporation?
a. It is sometimes called a closely held corporation.
b. Its shares are regularly traded on the New York Stock Exchange. M

2

c. It does not offer its shares for sale to the general public.
d. It is usually smaller than a publicly held company.

9 Which of the following is not true of a corporation?
a. It may buy, own, and sell property.
b. It may sue and be sued.
c. The acts of its owners bind the corporation.
d. It may enter into binding legal contracts in its own name.

10 XXXXX XXXXXsen has invested $600,000 in a privately held family corporation. The
corporation does not do well and must declare bankruptcy. What amount does Hansen
stand to lose?
a. Up to his total investment of $600,000.
b. Zero.
c. The $600,000 plus any personal assets the creditors demand.
d. $400,000.

11 Which of the following statements reflects the transferability of ownership rights in a
corporation?
a. If a stockholder decides to transfer ownership, he must transfer all of his shares.
b. A stockholder may dispose of part or all of his shares.
c. A stockholder must obtain permission of the board of directors before selling shares.
d. A stockholder must obtain permission from at least three other stockholders before
selling shares.

12 A corporate board of directors does not generally
a. select officers.
b. formulate operating policies.
c. declare dividends.
d. execute policy.

13 The officer that is generally responsible for maintaining the cash position of the
corporation is the
a. controller.
b. treasurer.
c. cashier.
d. internal auditor.

14 The ability of a corporation to obtain capital is
a. enhanced because of limited liability and ease of share transferability.
b. less than a partnership.
c. restricted because of the limited life of the corporation.
d. about the same as a partnership.

15 Which of the following statements concerning taxation is accurate?
a. Partnerships pay state income taxes but not federal income taxes.
b. Corporations pay federal income taxes but not state income taxes.
c. Corporations pay federal and state income taxes.
d. Only the owners must pay taxes on corporate income.

FINANCIAL ACCOUNTING II – WINTER 2014 – FINAL EXAM

16 Which of the following statements is not considered a disadvantage of the corporate
form of organization?
a. Additional taxes.
b. Government regulations.
c. Limited liability of stockholders.
d. Separation of ownership and management.

17 A disadvantage of the corporate form of organization is
a. professional management.
b. tax treatment.
c. ease of transfer of ownership.
d. lack of mutual agency.

18 A disadvantage of the corporate form of business is
a. its status as a separate legal entity.
b. continuous existence.
c. government regulation.
d. ease of transfer of ownership.

19 Which of the following phrases is not descriptive of the corporate form of business?
a. Professional management.
b. Double taxation on distributed earnings.
c. Unlimited liability.
d. Continuous existence.

20 Which one of the following is not an ownership right of a stockholder in a corporation?
a. To vote in the election of directors.
b. To declare dividends on the common stock.
c. To share in assets upon liquidation.
d. To share in corporate earnings.

FINANCIAL ACCOUNTING II – WINTER 2014 – FINAL EXAM

4 Problem 1 (20 Points)
A comparative balance sheet for the Beneteau Corporation is presented below

BENETEAU CORPORATION
Comparative Balance Sheet
2014 2013
Assets
Cash $ 37,000 $ 31,000
Accounts receivable (net) 80,000 60,000
Prepaid insurance 22,000 17,000
Land 18,000 40,000
Equipment 70,000 60,000
Accumulated depreciation (20,000) (13,000)
Total Assets $207,000 $195,000

Liabilities and Stockholders’ Equity
Accounts payable $ 12,000 $ 6,000
Bonds payable 27,000 19,000
Common stock 140,000 115,000
Retained earnings 28,000 55,000
Total liabilities and stockholders’ equity $207,000 $195,000

Additional information:
1. Net loss for 2014 is $12,000. Net sales for 2014 are $250,000.
2. Cash dividends of $15,000 were declared and paid in 2014.
3. Land was sold for cash at a loss of $2,000. This was the only land transaction during the
year.
4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for
$5,000 cash.
5. $12,000 of bonds were retired during the year at carrying (book) value.
6. Equipment was acquired for common stock. The fair value of the stock at the time of the
exchange was $25,000.

Instructions
1. Prepare a statement of cash flows for the year ended 2014 using the indirect method.
2. Compute the following cash based ratios:
a. Current cash debt coverage
b. Cash debt coverage

FINANCIAL ACCOUNTING II – WINTER 2014 – FINAL EXAM

5 Problem 2 (20 Points)
The following items were taken from the financial statements of Kramer Manufacturing, Inc., over a three-year
period:
Item 2015 2014 2013
Net Sales $226,000 $212,000 $200,000
Cost of Goods Sold 150,000 140,000 125,000
Gross Profit $ 76,000 $ 72,000 $ 75,000

Instructions
Using horizontal analysis and 2013 as the base year, compute the trend percentages for net
sales, cost of goods sold, and gross profit. Explain whether the trends are favorable or
unfavorable for each item.
Problem 3 (20 Points)
The following items were taken from the financial statements of Mint, Inc., over a three-year
period:
Item 2015 2014 2013
Net Sales $355,000 $336,000 $300,000
Cost of Goods Sold 214,000 206,000 186,000
Gross Profit $141,000 $130,000 $114,000

Instructions
Compute the following for each of the above time periods.
a. The amount and percentage change from 2013 to 2014.
b. The amount and percentage change from 2014 to 2015.

Problem 4 (20 Points)
Using these data from the comparative balance sheet of Sunta Fe Spice Company, perform
horizontal analysis.
December 31, 2014 December 31, 2013
Accounts receivable $ 375,000 $ 300,000
Inventory 780,000 600,000
Total assets 3,220,000 2,800,0001.

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NPV Questions Briarcrest Condiments is a spice-making firm Answer

NPV Questions Briarcrest Condiments is a spice-making firm Answer

NPV Questions Briarcrest Condiments is a spice-making firm Answer

NPV Questions Briarcrest Condiments is a spice-making firm Answer

NPV Questions Briarcrest Condiments is a spice-making firm Answer

NPV Questions Briarcrest Condiments is a spice-making firm Answer

a. Briarcrest Condiments is a spice-making firm. Recently, it developed a new process for producing spices. The process requires $1,968,450 have a life of five years, and would produce the cash-flows shown in the following table.
b. Briarcrest Condiments is a spice-making firm. Recently, it developed a new process for producing spices. The process requires new machinery that would cost $2,030,062. have a life of five years, and would produce the cash flows shown in the following table

“2. 11.20 FCF and NPV for a project:
a. Archer Daniels Midland Company is considering buying a new farm that it plans to for 10 years. The farm will require an initial investment of $12 million. This investment will consist of $2 million for land and $10 million for trucks and other equipment. The land, all trucks, and all other equipment is expected to be sold at the end of 10 years for a price of $5 million, $2 million above book value. The farm is expected to produce revenue of $2 million each year, and annual cash flow from operations equals $1.8 million. The marginal tax rate is 35 percent, and the appropriate discount rate is 10 percent.

b. Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.00 million. This investment will consist of $2.90 million for land and $9.10 million for trucks and other equipment. The land, all trucks, and all other equipment is expected to be sold at the end of 10 years at a price of $5.19 million, $2.07 million above book value. The farm is expected to produce revenue of $2.09 million each year, and annual cash flow from operations equals $1.93 million. The marginal tax rate is 35 percent, and the appropriate discount rate is 10 percent. Calculate the NPV of this investment.

“3. 11.24 Replace an existing asset:
a. Bell Mountain Vineyards is considering updating its current manual accounting system with a high-end electronic system. While the new accounting system would save the company money, the cost of the system continues to decline. The Bell Mountain’s opportunity cost of capital is 10 percent, and the costs and values of investments made at different times in the future are as follows:”

b. Bell Mountain Vineyards is considering updating its current manual accounting system with a high-end electronic system. While the new accounting system would save the company money, the cost of the system continues to decline. The Bell Mountain’s opportunity cost of capital is 17.5 percent, and the costs and values of investments made at different times in the future are as follows:

“4. 12.24 Scenario analysis:
a. Chip’s Home Brew Whiskey management forecasts that if the firm sells each bottle of Snake-Bite for $20, then the demand for the product will be 15,000 bottles per year, whereas sales will be 90 percent as high if the price is raised 10 percent. Chip’s variable cost per bottle is $10, and the total fixed cash cost for the year is $100,000. Depreciation and amortization charges are $20,000, and the firm has a 30 percent marginal tax rate. Management anticipates an increased working capital need of $3,000 for the year.

b. Chip’s Home Brew Whiskey management forecasts that if the firm sells each bottle of Snake-Bite for $20, then the demand for the product will be 15,000 bottles per year, whereas sales will be 85 percent as high if the price is raised 13 percent. Chip’s variable cost per bottle is $10, and the total fixed cash cost for the year is $100,000. Depreciation and amortization charges are $20,000, and the firm has a 30 percent marginal tax rate. Management anticipates an increased working capital need of $3,000 for the year. What will be the effect of the price increase on the firm’s FCF for the year? (Round answers to nearest whole dollar, e.g. 5,275.)

“a. Capital Co. has a capital structure, based on current market values, that consists of 50 percent debt, 10 percent preferred stock, and 40 percent common stock. If the returns required by investors are 8 percent, 10 percent, and 15 percent for the debt, preferred stock, and common stock, respectively, what is Capital’s after-tax WACC?

Assume that the firm’s marginal tax rate is 40 percent.”
“b Capital Co. has a capital structure, based on current market values, that consists of 39 percent debt, 15 percent preferred stock, and 46 percent common stock. If the returns required by investors are 8 percent, 10 percent, and 17 percent for the debt, preferred stock, and common stock, respectively, what is Capital’s after-tax WACC? Assume that the firm’s marginal tax rate is 40 percent.

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NPV