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A firm estimates sales of $150,000 in December, $175,000 in January; $125,000 in February, $200,000 in March, $250,000 in April; $180,000 in May; and $200,000 in June. November sales were $125,000. The firm typically collect 20% of its sales in cash; 50% are accounts receivable paid the month after the sale; and 30% are accounts receivable paid two months after the sale. The firm’s cost of goods sold (raw materials) amounts to 70% of its sales. The raw materials are ordered two months in advance of expected sales, but are paid for one month after they are ordered. The firm has fixed costs of $3,000 per month for rent and $12,000 per month for other fixed operating costs. The firm has $30,000 per month in salary expense. Assume a starting cash balance of $0 but a minimum cash balance of $10,000 going forward. Prepare the cash budget for January through April. What is the maximum amount of short-term loan the firm will need during the relevant time period?
An investor has been following MSFT since its inception. He was an employee of the company for many years but does not own stocks or options in any company. He is concerned that the value of MSFT will unacceptably decline below $30. He therefore buys..
Describe the behaviour of prices, output, interest rates, consumption, investment, and net exports.
Suppose that you have decided to purchase a house for $400,000 using an adjustable-rate mortgage with the terms provided below. What is the monthly payment during the first year of the loan? If the yield on one-year Treasuries increases by 2.62% duri..
Woidtke Manufacturing's stock currently sells for $24 a share. What is the estimated required rate of return on Woidtke's stock?
determine why the company experienced a much higher cost of sales in a specific fiscal year?
You’ve observed the following returns on Barnett Corporation’s stock over the past five years: –27 percent, 15 percent, 33 percent, 3 percent, and 22 percent. The average inflation rate over this period was 3.30 percent and the average T-bill rate ov..
Laurel Electronics reported the following information at its annual meeting: The Company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,120,400, accounts receivables of $3,452,400, short-term ..
Are portfolio managers willing to pay a premium for securities that reduce the systematic (market) risk of their portfolios? If so, why pay a premium? What makes a beta coefficient important when constructing a portfolio?
What interest rate must you earn to achieve your goal?
A put option that expires in six months with an exercise price of $60 sells for $4.95. The stock is currently priced at $56, and the risk-free rate is 3.6 percent per year, compounded continuously. What is the price of a call option with the same exe..
Consider a 3.75% TIPS with an issue CPI reference of 185.70. At the beginning of this year, the CPI was 198.40 and was at 203.50 at the end of the year. What was the capital gain of the TIPS in dollars?
A corporation has decided to replace an existing asset with a newer model. Two years ago, the existing asset originally cost $30,000 and was being depreciated under MACRS using a five-year recovery period. The existing asset can be sold for $25,000.
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