Finance management cengage 2013 chapter 04

Finance management cengage 2013 chapter 04

Finance management cengage 2013 chapter 04
... FA Total Assets 2013E 85,632 878,000 1,716,480 2,680,112 1,197,160 380,120 817 ,040 3,497,152 2012 7,282 632,160 1,287,360 1,926,802 1,202,950 263,160 939,790 2,866,592 4-2 © 2013 Cengage Learning ... Total L & E 2013E 436,800 300,000 408,000 1,144,800 400,000 1,721,176 231,176 1,952,352 3,497,152 2012 524,160 636,808 489,600 1,650,568 723,432 460,000 32,592 492,592 2,866,592 4-3 © 2013 Cengage ... income 2013E 7,035,600 5,875,992 550,000 609,608 116,960 492,648 70,008 422,640 169,056 253,584 2012 6,034,000 5,528,000 519,988 (13,988) 116,960 (130,948) 136,012 (266,960) (106,784) 4-4 © 2013 Cengage...
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Finance management cengage 2013 chapter 01

Finance management cengage 2013 chapter 01
... Finance Within the Organization 1-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, ... ever-improving information technology have had a profound effect on all aspects of business finance 1-9 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted ... Difficult to raise capital – Unlimited liability – Limited life Often set up through LLCs/LLPs 1-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 02

Finance management cengage 2013 chapter 02
... online sources (Yahoo !Finance, CNNMoney, or MSN MoneyCentral) Stock Quote for GlaxoSmithKline, July 11, 2011 Source: GlaxoSmithKline (GSK), finance. yahoo.com 2-13 © 2013 Cengage Learning All Rights ... institutions who need to raise funds to finance their investment opportunities These groups are willing to pay a rate of return on the capital they borrow 2-2 © 2013 Cengage Learning All Rights Reserved ... organizations wanting to borrow funds are brought together with those having a surplus of funds 2-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 03

Finance management cengage 2013 chapter 03
... 32,592 492,592 2,866,592 2011 145,600 200,000 136,000 481,600 323,432 460,000 203, 768 663,768 1,468,800 3-5 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, ... Stockholders’ Shares Amount Earnings Equity 100,000 $460,000 $ 203, 768 $663,768 (160,176) (11,000) 100,000 $460,000 $ 32,592 (171,176) $492,592 3-8 © 2013 Cengage Learning All Rights Reserved May not be scanned, ... Expansion’s Effect on Operations 2012 2011 $6 ,034 ,000 $3,432,000 AT oper inc -78,569 114,257 NOWC 913,042 842,400 Net income -160,176 87,960 Sales 3-14 © 2013 Cengage Learning All Rights Reserved May...
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Finance management cengage 2013 chapter 05

Finance management cengage 2013 chapter 05
... Compound Each Cash Flow 5% 100 100 100 110.25 121.55 331.80 FV3 = $100(1 .05) 4 + $100(1 .05) 2 + $100 FV3 = $331.80 5-35 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, ... PV +  M   M×N 2×3  0.10  FV3S = $100 +    FV3S = $100(1 .05) 6 = $134.01 FV3Q = $100(1.025)12 = $134.49 5-32 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or ... Annually: FV3 = $100(1.10)3 = $133.10 0 1 133.10 5% 100 134.01 Semiannually: FV6 = $100(1 .05) 6 = $134.01 5-26 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or...
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Finance management cengage 2013 chapter 06

Finance management cengage 2013 chapter 06
... 6.5% (1 .065 )5 = (1 .062 )2 (1 + X)3 1.37009/1.12784 = (1 + X)3 6.7005% = X • The pure expectations theory says that three-year securities will yield 6.7005%, two years from now 6-20 © 2013 Cengage ... © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part One-Year Forward Rate 6.0% x% 6.2% (1 .062 )2 ... inflation premium DRP = default risk premium LP = liquidity premium MRP = maturity risk premium 6-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 07

Finance management cengage 2013 chapter 07
... instances where the business is worth more “alive than dead.” – Chapter 11, Reorganization – Chapter 7, Liquidation 7-41 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, ... problems 7-40 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part Bankruptcy • Two main chapters of ... effective yield to call can be calculated – YTC = (1.03568) – = 7.26% – Excel: =EFFECT( .071 37,2) EFF = 7.26% 7-33 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated,...
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Finance management cengage 2013 chapter 08

Finance management cengage 2013 chapter 08
... © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part Partial Correlation, ρ = +0.35 8-27 © 2013 ... be shown graphically Firm X Firm Y -70 15 100 Rate of Return (%) Expected Rate of Return 8-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... Bonds, Bills, and Inflation: 2011 Classic Yearbook (Chicago: Morningstar, Inc., 2011), p 32 8-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 09

Finance management cengage 2013 chapter 09
... Ownership implies control Stockholders elect directors Directors elect management Management’s goal: Maximize the stock price 9-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, ... Their PVs D0 = $2 and g is a constant 6% g = 6% 1.8761 1.7599 2.12 2.247 2.382 rs = 13% 1.6 509 9-11 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted ... “Perceived” Risk Stock’s Market Price Market Equilibrium: Intrinsic Value = Stock Price 9-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 010

Finance management cengage 2013 chapter 010
... © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part Divisional Cost of Capital 9-30 © 2013 Cengage ... refer to the firm’s capital structure weights •The r’s refer to the cost of each component 10-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... costs of capital in WACC Only rd needs adjustment, because interest is tax deductible 10-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 011

Finance management cengage 2013 chapter 011
... (1 + MIRRL)3 MIRRL = 16.5% TV inflows Excel: =MIRR(CF0:CFn ,Finance_ rate,Reinvest_rate) We assume that both rates = WACC 11-22 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, ... the appropriate cost of capital Find NPV and/or IRR Accept if NPV > and/or IRR > WACC 11-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... projects: if the cash flows of one can be adversely impacted by the acceptance of the other 11-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 012

Finance management cengage 2013 chapter 012
... on operations – New sales: 100,000 units/year @ $2/unit – Variable cost: 60% of sales 12-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... life: years – Depreciable life: MACRS 3-year class – Salvage value: $25,000 WACC: 10% 12-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... return of NOWC Initial Costs OCF1 OCF2 OCF3 FCF0 FCF1 FCF2 FCF3 OCF4 + Terminal CFs FCF4 12-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 013

Finance management cengage 2013 chapter 013
... from managers’ responses to changing circumstances that can influence a project’s outcome 13-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... Growth/expansion options Abandonment/shutdown options Investment timing options Flexibility options 13-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... information about market conditions and the impact on the project’s expected cash flows 13-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 014

Finance management cengage 2013 chapter 014
... debt-financed assets, so leverage will depress income • As debt increases, TIE decreases because EBIT is unaffected by debt, but interest expense increases (Int Exp = rdD) 14-15 © 2013 Cengage ... personal tax rate? Increase in bankruptcy costs? Management spending lots of money on lavish perks? Financial flexibility? Firm’s growth rate? 14-38 © 2013 Cengage Learning All Rights Reserved May not ... fixed, hence not decline when demand falls, then the firm has high operating leverage 14-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 015

Finance management cengage 2013 chapter 015
... generally occur when management is confident, so are interpreted as positive signals • On average, stocks tend to outperform the market in the year following a split 15-21 © 2013 Cengage Learning ... Stockholders may take as a positive signal; management thinks stock is undervalued Helps avoid setting a high dividend that cannot be maintained 15-23 © 2013 Cengage Learning All Rights Reserved May ... would value high-payout firms more highly, i.e., a high payout would result in a high P 15-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Từ khóa: Phân tích chi tiết tác phẩm Chữ người tử tù (Nguyễn Tuân)Phân tích chi tiết tác phẩm Hai đứa trẻ (Thạch Lam)Phân tích chi tiết tác phẩm Một người Hà Nội (Nguyễn Khải)Đặc điểm thơ Phạm Ngọc Cảnh (LV thạc sĩ)Phân tích chi tiết tác phẩm Những đứa con trong gia đình (Nguyễn Thi)Phân tích chi tiết tác phẩm Rừng Xà Nu (Nguyễn Trung Thành)Xác định vùng tìm kiếm trên hình ảnh địa hình và ứng dụng (LV thạc sĩ)Tổ chức bồi dưỡng năng lực quảng lý cho đội ngũ cán bộ quản lý trường mầm non huyện Tứ Kỳ tỉnh Hải Dương đáp ứng yêu cầu đổi mới giáo dục (LV thạc sĩ)Đánh giá thành tích nhân viên tại ngân hàng TMCP quân đội chi nhánh đà nẵng (tt)Giải pháp mở rộng cho vay nông nghiệp nông thôn tại các chi nhánh NHNoPTNT duyên hải miền trung (tt)Đề thi học sinh giỏi quốc gia môn địa lý lớp 12 có hướng dẫn và đáp ánHoàn thiện hệ thống thông tin công tác quản lý sinh viên tại trường cao đẳng thương mại (tt)Hoàn thiện kế toán chi phí, doanh thu và kết quả kinh doanh tại bưu điện tỉnh quảng nam (tt)Quản lý hoạt động bồi dưỡng kỹ năng chủ nhiệm lớp trong môi trường giáo dục hiện đại cho giáo viên chủ nhiệm các trường trung học cơ sở huyện ninh giang tỉnh hải dươngHoàn thiện công tác quản lý tài chính tại bệnh viện đa khoa huyện đại từ, tỉnh thái nguyênPhát triển kinh tế trang trại theo hướng bền vững trên địa bàn tỉnh phú thọHanbok Trang phục truyền thống của Hàn QuốcHoàn thiện các thủ tục kiểm soát nội bộ chi phí và doanh thu tại công ty TNHH MTV cấp thoát nước phú yên (tt)Quản lý vốn cho vay hộ nghèo của ngân hàng chính sách xã hội việt nam chi nhánh tỉnh thái nguyênPhân tích chi tiết tác phẩm Hồn Trương Ba, da hàng thịt (Lưu Quang Vũ)
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