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Goldrich obtained a note from Curtis by fraudulent means. He negotiated the note to Haywood, a holder in due course, who, in turn, transferred the noted to Madson. Madson knew of the misrepresentations under which Goldrich had received the note from Curtis. When the note became due, Curtis refused to pay it, claiming that Madson was not a holder in due course because he had full knowledge of the fraud. Madson contended that he received the note from Haywood, a holder in due course, and was, therefore, entitled to the note. a) Fully discuss both Madson’s and Curtis’s positions in relation to the note. b) Suppose that Madson transfers the note back to Goldrich. Dicuss Curtis’s and Goldrich’s positions.
Sunset, Inc., has a book value of equity of $13,920. Long-term debt is $8,000. Net working capital, other than cash, is $2,090. Fixed assets are $19,130 and current liabilities are $1,730. How much cash does the company have? What is the value of the..
Thelma and Louie, Inc., started the year with a balance of retained earnings of $552 million and ended the year with retained earnings of $604 million. The company paid dividends of $42 million to the preferred stockholders and $82 million to common ..
Ranking investments by expected returns What makes for a good investment? Use the approximate yield formula or a financial calculator to rank the following investments according to their expected returns. Buy a stock for $45 a share, hold it for 3 ye..
Why are property taxes in the suburbs typically high?
McGraw CPA is the auditor for Dillon Industries, a manufacturer of widgets. Dillon has debt (a mortgage and line of credit) to ABC Bank, the same bank that holds its cash, lockbox, and money market accounts. What was wrong with the mailing of the con..
Paying for School Your daughter will start college one year from today, at which time the first tuition payment of $58,000 must be made. Assuming that tuition does not increase over time and that your daughter remains in school for four years, how mu..
Your? R&D division has just synthesized a material that will superconduct electricity at room? temperature; you have given the go ahead to try to produce this material commercially. Assume that the? risk-neutral probability of each possible rate is t..
The expected return on the risk-free security is 3.50%. You construct a portfolio to match your friend's return. What is the beta of your portfolio?
We Guessed & You're Wrong has continued to operate and grow. In fact, business has increased to the point where new partners or staff might be considered. A new partner would bring capital of $1,000,000 to the firm and additional opportunities. Alter..
FIN700-Financial Management - Calculate the net present value, that is, the net benefit or net loss in present value terms of the proposed purchase costs
Hyundai USA has numerous robotic welders as well as robotic checkers with vision. One small underbody robotic welder costing $1,200,000 (7-year Property class) was installed and is increasing productivity by 2.5% in one area. Pay the accumulated inte..
On January 1, 2015, XXX Corporation acquired equipment for $260,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated salvage value is $20,000. If XXX Corporation uses the units of production method of depreciation, what ..
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