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Watchthe “Your Business Structure” and “Corporate Business Structures” videos on the Electronics Reserve Readings page. Identifythe different business structures. Writea 350 to 700 word explanation of how each business structure might and might not be advantageous. Clickthe Assignment Files tab to submit your assignment. Dear Consultant, I am currently starting a business and developing my business plan. I’m in need of some advice on how to start forming my business. I am not sure exactly how it will be financed and whether or not I want to take on partners. I am interested and willing to learn the intricacies of my options to determine how to best proceed with my plan. Please advise on what my options are, the advantages and disadvantages of each, and possible tax consequences for each scenario? Respectfully, John Owner Clickthe Assignment Files tab to submit your assignment. Resource: Financial Statements for the company assigned by your instructor in Week 2. Review the assigned company’s financial statements from the past three years. Calculate the financial ratios for the assigned company’s financial statements, and then interpret those results against company historical data as well as industry benchmarks: Compare the financial ratios with each of the preceding three (3) years (e.g. 2014 with 2013; 2013 with 2012; and 2012 with 2011). Compare the calculated financial ratios against the industry benchmarks for the industry of your assigned company. Write a 500 to 750 word summary of your analysis. Show financial calculations where appropriate. Click the Assignment Files tab to submit your assignment. Decide upon an initiative you want to implement that would increase sales over the next five years, (for example, market another product, corporate expansion, and so on). Usingthe sample financial statements, create pro forma statements of five year projectionsthat are clear, concise, and easy to read. Be sure to double check the calculations in your pro forma statements. Make assumptions that support each line item increase or decrease for your forecasted statements. Discuss and interpret the financials in relation to the initiative. Make recommendations on potential discretionary financing needs. Writea 350 – 700 word analysis of the company’s short term and long term financing needs and determine strategies for the company to manage working capital. Click the Assignment Files tab to submit your assignment. Resources: Harvard Business Publishing: Working Capital Simulation: Managing Growth Assignment Ch. 1 – 21 ofFundamentals of Corporate Finance WileyPLUS Assignments All additional resources from each week Reviewthe following scenario: Acting as the CEO of a small company, you will apply the principles of capital budgeting to invest in growth and cash flow improvement opportunities in three phases over 10 simulated years. Each opportunity has a unique financial profile and you must analyze the effects on working capital. Examples of opportunities include taking on new customers, capitalizing on supplier discounts, and reducing inventory. You must understand how the income statement, balance sheet, and statement of cash flows are interconnected and be able to analyze forecasted financial information to consider possible effects of each opportunity on the firm’s financial position. The company operates on thin margins with a constrained cash position and limited available credit. You must optimize use of internal and external credit as you balance the desire for growth with the need for maintaining liquidity. Sign-in to the simulation and review each of the following: Welcome Statement How to Play Terminology Primer More Details (this includes information to help you understand how to play the simulation) Write a paper of no more than 1,400 words that analyzes your decisions during each phase (1-3) and how they influenced each of the following final outcomes (metrics) of SNC: Sales EBIT Net Income Free Cash Flow Total Firm Value Address the following in your paper: A summary of your decisions and why you made them How they affected SNC’s working capital What general effects are associated with limited access to financing Include scholarly references (in addition to your course textbook and simulation materials) to support your positions. Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. Readthe Ethics case, “A Sad Tale: The Demise of Arthur Anderson” located in the WileyPLUS Week Fundamentals of Corporate Finance Chapter readings. Discussthe mistakes made by Arthur Anderson and potential actions that leadership could have taken to prevent the organizational failure. Writea 350- to 700-word summary of your discussion. Click the Assignment Files tab to submit your assignment. Watch the “Concept Review Video: Working Capital Management” video located in theWileyPLUS Assignment: Week 3 Videos Activity. Discussstrategies these business owners used to manage their working capital. Write a 350-700 word summary of your discussion. Clickthe Assignment Files tab to submit your assignment. Watchthe “Concept Review Video: Stock Valuation” video located in the WileyPLUS Assignment: Week 4 Videos Activity. Discusshow markets and investors value a stock. Writea 350-700 word summary of your discussion. Clickthe Assignment Files tab to submit your assignment. Watchthe “Concept Review Video: Cost of Capital” video located in the WileyPLUS Assignment: Week 5 Videos Activity. Discusssome of the corporate finance challenges faced by this company. Writea 350-700 word summary of your discussion. Clickthe Assignment Files tab to submit your assignment. Watchthe “Corporate Finance Video: Stable Money Makers” located in the WileyPLUS Assignment: Week 6 Videos Activity. Identifya capital improvement that could help Betty with her Alpaca business. Writea summary of no more than 700 words explaining how the capital improvement you identified could help the business. Click the Assignment Files tab to submit your assignment. Multiple Choice Question 51 Which of the following is considered a hybrid organizational form? partnership sole proprietorship corporation limited liability partnership Multiple Choice Question 59 Which of the following is a principal within the agency relationship? the board of directors a shareholder a company engineer the CEO of the firm Multiple Choice Question 57 Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have? $2,303,010 $2,123,612 $803,010 $1,844,022 Multiple Choice Question 78 Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period? The statement of working capital. The statement of retained earnings. The statement of cash flows. The statement of net worth. Multiple Choice Question 63 Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm’s days’s sales in inventory? 57.9 days 65.2 days 61.7 days 64.3 days Multiple Choice Question 70 Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio? 1.74 1.47 0.60 0 Multiple Choice Question 84 Which of the following is not a method of “benchmarking”? Evaluating a single firm’s performance over time. Utilize the DuPont system to analyze a firm’s performance. Conduct an industry group analysis. Identify a group of firms that compete with the company being analyzed. Multiple Choice Question 67 Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.) $22,680 $26,454 $16,670 $19,444 Multiple Choice Question 62 PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.) $2,431,224 $2,815,885 $2,735,200 $2,615,432 Multiple Choice Question 64 PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company’s opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.) $480,906 $477,235 $429,560 $414,322 Multiple Choice Question 72 Future value of an annuity: Jayadev Athreya has started on his first job. He plans to start saving for retirement early. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent. How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.) $1,745,600 $2,667,904 $3,594,524 $5,233,442 Multiple Choice Question 57 Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.) 40% 12% 16% 32% Multiple Choice Question 62 Bond price:Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company’s bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.) $972 $1,066 $923 $1,014 Multiple Choice Question 57 PV of dividends:Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return is 14 percent, what is the present value of their dividends over the next four years? $13.50 $9.72 $12.50 $11.63 Multiple Choice Question 79 Capital rationing.TuleTime Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project? 0.11 1.90 0.90 1.11 Multiple Choice Question 88 What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects? The modified internal rate of return. The discounted payback. The profitability index. The internal rate of return. ultiple Choice Question 60 How firms estimate their cost of capital: The WACC for a firm is 13.00 percent. You know that the firm’s cost of debt capital is 10 percent and the cost of equity capital is 20%. What proportion of the firm is financed with debt? 33% 70% 50% 30% ultiple Choice Question 68 The cost of equity: Gangland Water Guns, Inc., is expected to pay a dividend of $2.10 one year from today. If the firm’s growth in dividends is expected to remain at a flat 3 percent forever, then what is the cost of equity capital for Gangland if the price of its common shares is currently $17.50? 15.36% 15.00% 14.65% 12.00% Multiple Choice Question 85 If a company’s weighted average cost of capital is less than the required return on equity, then the firm: Is perceived to be safe Has debt in its capital structure Must have preferred stock in its capital structure Is financed with more than 50% debt Multiple Choice Question 32 A firm’s capital structure is the mix of financial securities used to finance its activities and can include all of the following except stock. bonds. equity options. preferred stock. Multiple Choice Question 54 M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock. If Dynamo wishes to change its capital structure from 75 percent to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they issue? $600 $225 $375 $321 Multiple Choice Question 69 Multiple Analysis:Turnbull Corp. had an EBIT of $247 million in the last fiscal year. Its depreciation and amortization expenses amounted to $84 million. The firm has 135 million shares outstanding and a share price of $12.80. A competing firm that is very similar to Turnbull has an enterprise value/EBITDA multiple of 5.40. What is the enterprise value of Turnbull Corp.? Round to the nearest million dollars. $1,334 million $1,315 million $453.6 million $1,787 million ultiple Choice Question 86 External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support? 27.3% 32.9% 25.1% 30.3% Multiple Choice Question 46 Which of the following cannot be engaged in managing the business? a general partner a limited partner a sole proprietor none of these Multiple Choice Question 80 Which of the following does maximizing shareholder wealth not usually account for? Government regulation. The timing of cash flows. Amount of Cash flows. Risk. Multiple Choice Question 41 The strategic plan does NOT identify working capital strategies. the lines of business a firm will compete in. major areas of investment in real assets. future mergers, alliances, and divestitures. Multiple Choice Question 67 Firms that achieve higher growth rates without seeking external financing are highly leveraged. none of these. have less equity and/or are able to generate high net income leading to a high ROE. have a low plowback ratio. Multiple Choice Question 75 Payout and retention ratio: Drekker, Inc., has revenues of $312,766, costs of $220,222, interest payment of $31,477, and a tax rate of 34 percent. It paid dividends of $34,125 to shareholders. Find the firm’s dividend payout ratio and retention ratio. 85%, 15% 45%, 55% 55%, 45% 15%, 85% Multiple Choice Question 30 The cash conversion cycle begins when the firm invests cash to purchase the raw materials that would be used to produce the goods that the firm manufactures. shows how long the firm keeps its inventory before selling it. begins when the firm uses its cash to purchase raw materials and ends when the firm collects cash payments on its credit sales. estimates how long it takes on average for the firm to collect its outstanding accounts receivable balance. Multiple Choice Question 58 You are provided the following working capital information for the Ridge Company: Ridge Company Account $ Inventory $12,890 Accounts receivable 12,800 Accounts payable 12,670 Net sales $124,589 Cost of goods sold 99,630 Cash conversion cycle: What is the cash conversion cycle for Ridge Company? 129.9 days 83.5 days 38.3 days 46.4 days

Watchthe “Your Business Structure” and “Corporate Business Structures” videos on the Electronics Reserve Readings page.

Identifythe different business structures.

Writea 350 to 700 word explanation of how each business structure might and might not be advantageous.

Clickthe Assignment Files tab to submit your assignment.

 

Dear Consultant,

I am currently starting a business and developing my business plan. I’m in need of some advice on how to start forming my business. I am not sure exactly how it will be financed and whether or not I want to take on partners. I am interested and willing to learn the intricacies of my options to determine how to best proceed with my plan.

Please advise on what my options are, the advantages and disadvantages of each, and possible tax consequences for each scenario?


Respectfully,

John Owner

Clickthe Assignment Files tab to submit your assignment.

 

 

 

 

Resource: Financial Statements for the company assigned by your instructor in Week 2.

Review the assigned company’s financial statements from the past three years.

Calculate the financial ratios for the assigned company’s financial statements, and then interpret those results against company historical data as well as industry benchmarks:

  • Compare the financial ratios with each of the preceding three (3) years (e.g. 2014 with 2013; 2013 with 2012; and 2012 with 2011).
  • Compare the calculated financial ratios against the industry benchmarks for the industry of your assigned company.

Write a 500 to 750 word summary of your analysis.

Show financial calculations where appropriate.

Click the Assignment Files tab to submit your assignment.

 

 

 

 

 

Decide upon an initiative you want to implement that would increase sales over the next five years, (for example, market another product, corporate expansion, and so on).

Usingthe sample financial statements, create pro forma statements of five year projectionsthat are clear, concise, and easy to read. Be sure to double check the calculations in your pro forma statements. Make assumptions that support each line item increase or decrease for your forecasted statements.

Discuss and interpret the financials in relation to the initiative. Make recommendations on potential discretionary financing needs.

Writea 350 – 700 word analysis of the company’s short term and long term financing needs and determine strategies for the company to manage working capital.

Click the Assignment Files tab to submit your assignment.


 

 

Resources:

Harvard Business Publishing: Working Capital Simulation: Managing Growth Assignment

Ch. 1 – 21 ofFundamentals of Corporate Finance

WileyPLUS Assignments

All additional resources from each week

Reviewthe following scenario:

Acting as the CEO of a small company, you will apply the principles of capital budgeting to invest in growth and cash flow improvement opportunities in three phases over 10 simulated years. Each opportunity has a unique financial profile and you must analyze the effects on working capital. Examples of opportunities include taking on new customers, capitalizing on supplier discounts, and reducing inventory.

You must understand how the income statement, balance sheet, and statement of cash flows are interconnected and be able to analyze forecasted financial information to consider possible effects of each opportunity on the firm’s financial position. The company operates on thin margins with a constrained cash position and limited available credit. You must optimize use of internal and external credit as you balance the desire for growth with the need for maintaining liquidity.

Sign-in to the simulation and review each of the following:

  • Welcome Statement
  • How to Play
  • Terminology Primer
  • More Details (this includes information to help you understand how to play the simulation)

Write a paper of no more than 1,400 words that analyzes your decisions during each phase (1-3) and how they influenced each of the following final outcomes (metrics) of SNC:

  • Sales
  • EBIT
  • Net Income
  • Free Cash Flow
  • Total Firm Value

Address the following in your paper:

  • A summary of your decisions and why you made them
  • How they affected SNC’s working capital
  • What general effects are associated with limited access to financing

Include scholarly references (in addition to your course textbook and simulation materials) to support your positions.

Format your paper consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

Readthe Ethics case, “A Sad Tale: The Demise of Arthur Anderson” located in the WileyPLUS Week Fundamentals of Corporate Finance Chapter readings.

Discussthe mistakes made by Arthur Anderson and potential actions that leadership could have taken to prevent the organizational failure.

Writea 350- to 700-word summary of your discussion.

Click the Assignment Files tab to submit your assignment.

 
 
 
Watch the “Concept Review Video: Working Capital Management” video located in theWileyPLUS Assignment: Week 3 Videos Activity.

Discussstrategies these business owners used to manage their working capital.

Write a 350-700 word summary of your discussion.

Clickthe Assignment Files tab to submit your assignment.

 
 
 
Watchthe “Concept Review Video: Stock Valuation” video located in the WileyPLUS Assignment: Week 4 Videos Activity.

Discusshow markets and investors value a stock.

Writea 350-700 word summary of your discussion.

Clickthe Assignment Files tab to submit your assignment.


 
 

Watchthe “Concept Review Video: Cost of Capital” video located in the WileyPLUS Assignment: Week 5 Videos Activity.

Discusssome of the corporate finance challenges faced by this company.

Writea 350-700 word summary of your discussion.

Clickthe Assignment Files tab to submit your assignment.

 

 

 

Watchthe “Corporate Finance Video: Stable Money Makers” located in the WileyPLUS Assignment: Week 6 Videos Activity.

Identifya capital improvement that could help Betty with her Alpaca business.

Writea summary of no more than 700 words explaining how the capital improvement you identified could help the business.

Click the Assignment Files tab to submit your assignment.

 

 

 

Multiple Choice Question 51

Which of the following is considered a hybrid organizational form?

partnership
sole proprietorship
corporation
limited liability partnership

Multiple Choice Question 59

Which of the following is a principal within the agency relationship?

the board of directors
a shareholder
a company engineer
the CEO of the firm

Multiple Choice Question 57

Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?

$2,303,010
$2,123,612
$803,010
$1,844,022

Multiple Choice Question 78

Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?

The statement of working capital.
The statement of retained earnings.
The statement of cash flows.
The statement of net worth.

Multiple Choice Question 63

Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm’s days’s sales in inventory?

57.9 days
65.2 days
61.7 days
64.3 days

Multiple Choice Question 70

Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?

1.74
1.47
0.60
0

Multiple Choice Question 84

Which of the following is not a method of “benchmarking”?

Evaluating a single firm’s performance over time.
Utilize the DuPont system to analyze a firm’s performance.
Conduct an industry group analysis.
Identify a group of firms that compete with the company being analyzed.

Multiple Choice Question 67

Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)

$22,680
$26,454
$16,670
$19,444

Multiple Choice Question 62

PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.)

$2,431,224
$2,815,885
$2,735,200
$2,615,432

Multiple Choice Question 64

PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company’s opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.)

$480,906
$477,235
$429,560
$414,322

Multiple Choice Question 72

Future value of an annuity: Jayadev Athreya has started on his first job. He plans to start saving for retirement early. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent. How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.)

$1,745,600
$2,667,904
$3,594,524
$5,233,442

Multiple Choice Question 57

Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.)

40%
12%
16%
32%
Multiple Choice Question 62

Bond price:Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company’s bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.)

$972
$1,066
$923
$1,014

Multiple Choice Question 57

PV of dividends:Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return is 14 percent, what is the present value of their dividends over the next four years?

$13.50
$9.72
$12.50
$11.63

Multiple Choice Question 79

Capital rationing.TuleTime Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project?

0.11
1.90
0.90
1.11

Multiple Choice Question 88

What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects?

The modified internal rate of return.
The discounted payback.
The profitability index.
The internal rate of return.

ultiple Choice Question 60

How firms estimate their cost of capital: The WACC for a firm is 13.00 percent. You know that the firm’s cost of debt capital is 10 percent and the cost of equity capital is 20%. What proportion of the firm is financed with debt?

33%
70%
50%
30%

ultiple Choice Question 68

The cost of equity: Gangland Water Guns, Inc., is expected to pay a dividend of $2.10 one year from today. If the firm’s growth in dividends is expected to remain at a flat 3 percent forever, then what is the cost of equity capital for Gangland if the price of its common shares is currently $17.50?

15.36%
15.00%
14.65%
12.00%

Multiple Choice Question 85

If a company’s weighted average cost of capital is less than the required return on equity, then the firm:

Is perceived to be safe
Has debt in its capital structure
Must have preferred stock in its capital structure
Is financed with more than 50% debt

Multiple Choice Question 32

A firm’s capital structure is the mix of financial securities used to finance its activities and can include all of the following except

stock.
bonds.
equity options.
preferred stock.

Multiple Choice Question 54

M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock.

If Dynamo wishes to change its capital structure from 75 percent to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they issue?

$600
$225
$375
$321

Multiple Choice Question 69

Multiple Analysis:Turnbull Corp. had an EBIT of $247 million in the last fiscal year. Its depreciation and amortization expenses amounted to $84 million. The firm has 135 million shares outstanding and a share price of $12.80. A competing firm that is very similar to Turnbull has an enterprise value/EBITDA multiple of 5.40.

What is the enterprise value of Turnbull Corp.? Round to the nearest million dollars.

$1,334 million
$1,315 million
$453.6 million
$1,787 million

ultiple Choice Question 86

External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support?

27.3%
32.9%
25.1%
30.3%

Multiple Choice Question 46

Which of the following cannot be engaged in managing the business?

a general partner
a limited partner
a sole proprietor
none of these

Multiple Choice Question 80

Which of the following does maximizing shareholder wealth not usually account for?

Government regulation.
The timing of cash flows.
Amount of Cash flows.
Risk.

Multiple Choice Question 41

The strategic plan does NOT identify

working capital strategies.
the lines of business a firm will compete in.
major areas of investment in real assets.
future mergers, alliances, and divestitures.

 

Multiple Choice Question 67

Firms that achieve higher growth rates without seeking external financing

are highly leveraged.
none of these.
have less equity and/or are able to generate high net income leading to a high ROE.
have a low plowback ratio.

Multiple Choice Question 75

Payout and retention ratio: Drekker, Inc., has revenues of $312,766, costs of $220,222, interest payment of $31,477, and a tax rate of 34 percent. It paid dividends of $34,125 to shareholders. Find the firm’s dividend payout ratio and retention ratio.

85%, 15%
45%, 55%
55%, 45%
15%, 85%

Multiple Choice Question 30

The cash conversion cycle

begins when the firm invests cash to purchase the raw materials that would be used to produce the goods that the firm manufactures.
shows how long the firm keeps its inventory before selling it.
begins when the firm uses its cash to purchase raw materials and ends when the firm collects cash payments on its credit sales.
estimates how long it takes on average for the firm to collect its outstanding accounts receivable balance.

Multiple Choice Question 58

You are provided the following working capital information for the Ridge Company:

Ridge Company
Account $
Inventory $12,890
Accounts receivable 12,800
Accounts payable 12,670
Net sales $124,589
Cost of goods sold 99,630

Cash conversion cycle: What is the cash conversion cycle for Ridge Company?

129.9 days
83.5 days
38.3 days
46.4 days

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