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On July 10, a foreign trade company has signed a sales contract (CIF) worth 150,000 USD with foreign investors, and the payment shall be made through irrevocable letter of credit. The contract provided for our goods should be shipped out in August. On July 28, Bank of China informed the company that it had received letters of credit from the other parties issued by foreign banks. And the audition found that the letter of credit terms and the terms of the contract are consistent with each other. However, before shipment, the company received a modification of the letter of the credit, asking the seller to make the shipment before August 15. As the trade company has booked a liner to sail on August 25 and temporary change procedures are cumbersome, the modification of the letter has been ignored. And it had made the shipment and negotiation for the payment according to the original letters of credit, and then submitted the full set of documents to the issuing bank. But the issuing bank refused to pay on the grounds that the Shipping documents are inconsistent with the modification of the letter of the credit.
Please analyze whether the issuing bank has the reason to refuse payment.
The company employs a number of strategies to manage these risks, including the use of derivative financial instruments. Derivatives involve the risk of non-performance by the counterparty.
Jake owns The Corner Market which he is trying to sell so that he can retire and travel. The Corner Market owns the building in which it is located. This building was built at a cost of $1,200,000 and is currently appraised at $1,470,000. What is the..
You have purchased a call option contract on Smith & Smith common stock. The option contract is for 100 shares. The option has an exercise price of $43.00 and S & S’s stock currently trades at $40.00. The option premium is quoted at $2.00. If the sto..
Now you can address the questions about VoiceCo's Activities that were posed at the beginning of the chapter. Simply selling into a foreign jurisdiction may not trigger any overseas income tax consequences, but such income is taxed currently to Voice..
All secondary markets are broker markets. All stock transactions are secondary market transactions. All Dutch auction sales are secondary market transactions. All stock trades between existing shareholders are secondary market transactions.
Name and explain three tricks that management can play to manage earnings. Explain how using financial ratios can help spot these tricks. Why is it important to analyze profitability, specifically focusing on return on investment? Invoke the breakdow..
What is the required rate of return on a preferred stock with a $50 par value, a stated dividend of 10% of par, and a current market price of (a) $51, (b) $83, (c) $119, and (d) $148 (assume the market is in equilibrium with the required return equal..
Suppose a ten-year, $1,000 bond with an 8.4% coupon rate and semiannual coupons is trading for $1,034.06. What is the bond's yield to maturity? (expressed as an APR with semiannual compounding)? If the? bond's yield to maturity changes to 9.9% APR, w..
You own a portfolio that has $2,800 invested in Stock A and $3,900 invested in Stock B. Assume the expected returns on these stocks are 9 percent and 15 percent, respectively. What is the expected return on the portfolio?
Water Wings Sports is considering an investment that costs $300,000 and is expected to generate cash flows of $90,000 per year during its 5-year life. If WWS’s required rate of return is 15%, what is this investment’s net present value? A. $150,000 B..
We are evaluating a project that costs $1,160,000, has a ten-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Calculate the accounting break-even point. What is the degree of operati..
Why did you choose this particular model? Support your decision and what other issues would you consider when selecting a bank with the intent to do business?
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