Corporate Finance

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Purpose of Assignment 

The purpose of this assignment is to demonstrate to students how the issuance of debt to purchase outstanding common stock could affect the value of the company’s equity and redefine the capital structure. The problem will also allow students to explore the effect of corporate taxes through debt financing. 

Assignment Steps 

Resources: Corporate Finance

Scenario: Hightower, Inc. plans to announce it will issue $2.0 million of perpetual debt and use the proceeds to repurchase common stock. The bonds will sell at par with a coupon rate of 5%. Hightower, Inc. is currently an all-equity company worth $7.5 million with 400,000 shares of common stock outstanding. After the sale of the bonds, the company will maintain the new capital structure indefinitely. The company currently generates annual pretax earnings of $1.5 million. This level of earnings is expected to remain constant in perpetuity. The tax rate is 35%. 

Prepare a 150-word memo advising the management of Hightower, Inc. on the financial impact, including the following: 

  • What is the required return on the company’s equity after the restructuring? 

Show all calculations and submit with your memo. 

Format your paper consistent with APA guidelines. 

 
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Auditing

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Question 1

The following are independent situations.  Analyze each situation and provide your assessment of the potential resolution of each scenario, including potential liability for the auditor.

  • a. The audit firm, Smith and Jones, LLP, received a subpoena for its documentation related to the audit of Sanders Corporation’s financial statements. The firm has refused to respond, alleging that the documentation is considered privileged communication between the firm and its client.
  • b. John Doe, CPA is a defendant in a lawsuit alleging that Doe should be held legally liable for gross negligence for a fraud involving the valuation of securities included in the financial statements of one of his clients. Doe was uncertain how to establish a correct valuation for the securities and decided to rely on the price estimation provided by management.
  • c. Joan Rogan is a partner in an audit firm that operates as a limited liability partnership (LLP). The firm has been sued for alleged audit failure related to an audit engagement handled by a different partner of the firm. While Joan had no involvement in the engagement, she is concerned that the plaintiff may successfully sue her seeking restitution from her personal assets.
  • d. Eastman Kodak filed for bankruptcy in January 2012.  A recent blog suggested that Kodak’s external auditors should be sued for failure to qualify the firm’s opinion on the financial statements issued before the bankruptcy, even though the fair presentation of the financial statements is not disputed.

Question 2

The Sarbanes-Oxley Act mandates that the audit committee of the board of directors of public companies be directly responsible for the appointment, compensation, and oversight of the external auditors. In addition, the audit committee must pre-approve all non-audit services that might be performed by the audit firm.

  • a.Discuss the rationale for this mandate as opposed to the alternative of letting the shareholders, CEO, or CFO have these responsibilities.
  • b. What factors should the audit committee consider in evaluating the independence of the external auditors?
  • c. Locate the proxy statement for a publicly traded company. Search for the disclosures pertaining to the audit committee members. Summarize and discuss your findings.
 
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Corporate Finance

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About Your Signature Assignment

This signature assignment is designed to align with specific program student learning outcome(s) in your program. Program Student Learning Outcomes are broad statements that describe what students should know and be able to do upon completion of their degree. The signature assignments may be graded with an automated rubric that allows the University to collect data that can be aggregated across a location or college/school and used for program improvements. 

Purpose of Assignment 

The purpose of this assignment is to allow the student an opportunity to apply their understanding of cash flow management, break-even analysis, and short-term and long-term financing in starting and growing a business. 

Assignment Steps 

Resources: OECD Database, Corporate Finance

Prepare a 12- to 15-slide PowerPoint® presentation with speaker notes requesting initial funding of $500,000 to start and run a start-up company. The proposed start-up company could be an existing business model (coffee shop, pet store, etc.) or could be something entirely new and exciting. 

Create the presentation in the following format, with at least one slide to cover each of the following areas: 

  • Title Page
  • Table of Contents
  • Executive Summary
  • Information about the Industry
  • Marketing Plan
  • Competitor Analysis
  • 3 Year Income Statement (Profit & Loss) Projections
  • Include your assumptions for why and how you will achieve your sales growth and what significant expenses and investments you expect to incur to achieve your revenue goals.
  • 3 Year Proposed Funding Schedule (Sources and uses of the funds received.)
  • Break-Even Analysis
  • Academic and Business References 

Review the following scenarios and assumption, and explain how it impacts your decision to expand:

  • After Year 3, the investors are interested in your company expanding internationally to possibly outsource labor or to reduce manufacturing costs. What countries would you expand to first, and why? What factors would you need to consider in making this decision?
  • What is the corporate tax rate in the countries you are considering expanding your business to, and how will that affect your decision to expand globally? (Use OECD Database or another resource to determine the corporate tax rate).
  • The investors want to see a decision tree detailing the decisions you would make if you received $300K now and $200K at the end of three years instead of $500K up front.
  • The investors would like your team to provide advantages and disadvantages of using debt financing versus selling company stock to raise capital for growth.
  • Briefly explain the venture capital process. Does it make sense for your company to raise funds through venture capital? 

Format your presentation consistent with APA guidelines. 

Submit your assignment.

 
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Cost–Volume–Profit Analysis

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Assignment Overview

The Annie Smith Dance Center

The Director of Annie Smith Dance Center is asking for assistance with the financial aspects of running a professional group of performers. She wants financial information presented in an easy to read format and a better understanding of the profitability of the concerts and the organization as a whole.

The Annie Smith professional group features three styles of dance concerts each year. Two of the dance concerts showcase a different genre. The third performance is a Christmas Spectacular, which is the most popular and is therefore scheduled every year. The table below provides information about expected ticket sales for the performances.

  Lower Orchestra Section (A) Upper Orchestra Section (B)
Descriptions No. of Seats. Ticket Price Tickets sold per performance No. of seats Ticket Price Tickets sold per performance
Hip-Hop Performance 150 $85 100% 450 $50 90%
Jazz and Tap Dance 150 $85 100% 450 $50 60%
Christmas Spectacular 150 $125 100% 450 $50 100%

Ms. Smith has prepared a tentative schedule for the coming season. The table below also shows the type and number of performances and direct cost per type of concert.

Descriptions Number of Performances Cost per Dance Concert
(direct fixed costs)*
Hip-Hop Concert 10 $48,000
Jazz and Tap Dance 5 86,000
Christmas Spectacular 20 22,000
     
Total Direct Fixed Costs   $156,000

*Examples of direct fixed costs are costumes, rehearsals, royalties, guest artist fees, choreography, and salaries of production staff, music, and wardrobe for each of the concerts. This amount does not change with the number of performances.

Additional costs:

Variable costs associated with each performance are shown below.

Musicians $6,100
Rental of auditorium 2,500
Dancers’ compensation 6,700

Annual general administrative and operating costs for the dance center are:

Administrative staff $185,000
Insurance 25,000
Marketing 115,000
General office expenses 90,000

Case Assignment

Required:

Computations (use Excel)

·        Summarize key financial information in a table as shown below.

Title
               
Name of Dance Concert Revenues/
Performance 		Variable Costs/
Performance 		Contribution Margin/
Performance 		Number of Performances Total Contribution/
Type of Dance Concert 		Direct Fixed Costs Segment Margin/
Type of Concert
1.              
2.              
3.              
Total              

·        Use the information in the table you completed to compute the number of performances required to break even for each concert. Do not include general and administrative expenses. These are separate computations for each dance concert.

·        Compute break even for the organization as a whole (include all fixed expenses) and express the result in revenues instead of the number of performances.

·        Ms. Smith wants the Dance Center to generate at least $200,000 in operating profit. What level of revenues does the performance group need to achieve to meet this goal? Prepare an income statement in good format to support the computations.

·        Give a recommendation about changes Ms. Smith can implement to achieve the target profit. Support your idea with computations.

Memo (use Word)

Write a 4- or 5-paragraph memo to the owner of the dance center to assist her in interpreting the financial analysis. Start with an introduction and end with a recommendation. Each of the four or five paragraphs should have a heading.

Short Essay (use Word)

Start with an introduction and end with a summary or conclusion. Use headings.

·        What are some shortcomings of multi-product even analysis?

·        How does demand and resource constraints affect this type of analysis.

Assignment Expectations

Each submission should include two files: (1) An Excel file and (2) a Word document. The Word document shows the memo first and short essay last. Assume a knowledgeable business audience and use required format and length. Individuals in business are busy and want information presented in an organized and concise manner. 

 
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Accounting Cost Systems and Cost Behavior

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Assignment Overview

Preparation of an Income Statement for The Serious Reader Company

The first case of this course provides an opportunity to prepare a segmented variable costing (contribution margin, behavioral) income statement and analyze the information. This is a very small company and the information may seem simplistic at first glance. Don’t forget that numbers and hands-on practice best illustrate many basic accounting concepts.

The Serious Reader Company is a small online retailer operating out of a garage apartment. The owner buys books at garage sales, thrift shops, library sales, and whenever an opportunity arises. The company classifies all books into five categories based on cost of acquisition and estimated sales price. See below for details about books purchased and sold during the last year (20XX).

  Price Categories
  A B C D E
Units Sold 4,000 1,000 500 400 400
Unites Purchased 6,000 1,200 1,000 1,000 1,000
           
Resale Price $4.00 $12.00 $20.00 $45.00 $60.00
Cost $0.50 $4.00 $10.00 $20.00 $20.00

In addition to purchasing inventory (used books), the company incurs some operating expenses. 

Variable Operating Expenses  
  Shipping per book $1.50
   
Common fixed expenses  
  Internet-related costs $10,000
  Travel, etc. $4,000
  Advertising $1,000
  Other overhead $5,000

Case Assignment

Required:

Computations (use Excel)

·        Prepare a segmented variable costing (behavioral) income statement for the company in good format.

·        Prepare a second variable costing statement assuming 90% of all the books in each category purchased were actually sold.

·        Prepare a third variable costing statement assuming that the price is increased by 50% for all five categories (use original sales information).

·        The owner enjoys the used-book business. Any suggestions as how to turn this into a full-time business venture so the owner can quit his other job? Prepare another income statement to support your idea.

Memo (use Word)

Interpret the results from the computations and explain how the information is useful. Write a 4- or 5-paragraph memo to the owner of the business. Start with an introduction and end with a recommendation. Each of the four or five paragraphs should have a heading.

Short essay to comment on the questions below (use Word). Start with an introduction and end with a summary or conclusion. Use headings. Maximum length of two pages.

·        Why do many organizations make the effort to prepare a different type of income statement for internal purposes?

·        Variable costing is not just about preparing income statements. Provide at least three scenarios in which understanding how costs behave is useful.

Assignment Expectations

Each submission should include two files: (1) An Excel file; and (2) A Word document. The Word document shows the  memo first and short essay last. Assume a  knowledgeable business audience and use required format and length. Individuals in business are busy and want information presented in an organized and concise manner.

 
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Present Value and the Risk/Return Trade-Off

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Assignment Overview

For this assignment, make sure to first carefully review all of the required readings about present value, future value, risk and return, and the CAPM. Once you are relatively comfortable with these concepts, try working through some of the examples in the background readings and try computing the answers on your own. Once you are confident you both understand the concepts and the computational steps, complete the assignment below.

Case Assignment

Present your answers to the problem below in a Word document, and also upload an Excel file with your computations. Excel is required for Questions 2 and 3. Excel is optional for Questions 1 and 4, but you are required to show your steps for all quantitative problems. Even if you get the answer wrong, you can still get partial credit if you show your work.

1.    Calculate the following:

A.   Suppose you wish to raise some money for your favorite local charity. This charity needs $50,000 a year to run its operation and you want to make sure that it is ensured an annual payment of this amount from now on for every year in the foreseeable future. Given an interest rate of 5%, how much would you have to fund this perpetuity to guarantee the charity a payment of $50,000 per year?

B.   You decide to put $1,000 in a new bank account and don’t plan to withdraw the money for 10 years. If your bank does continuous compounding and the interest rate is 1%, what will be the value of this bank account in 10 years?

2.    Suppose you won the lottery but not all of your winnings will come in one year. Instead, you will get a series of annual payments over the next five years. The table below tells you what your payment will be every year for the next five years. Use the information in the table to make the following computations:

A.   The present and future value of your lottery ticket if the interest rate is 8%

B.   The present and future value of your lottery ticket if the interest rate is 10%

Year Payment
1 5000
2 6000
3 7000
4 8000
5 9000

3.    The table below gives the probability of different returns for three different assets. Using this table, calculate the following:

A.   The expected return of each asset

B.   The standard deviation of returns of each asset

C.   The coefficient of variation of each asset

D.   Based on your answers to B) and C) above, which asset has the highest total risk and highest relative risk?

Asset A Asset B Asset C
Probability Return Probability Return Probability Return
0.3 5 0.1 25 0.1 4
0.4 8 0.3 20 0.8 5
0.3 9 0.5 15 0.1 6
    0.1 14    

4.    Suppose the market return is 8%, the risk-free rate is 1% and the beta for a given stock is 1.2. Answer the following questions based on this information:

A.   What is the required return for this stock?

B.   If the beta increases by 50% (but risk-free rate remains 1%), what will be the new required return for the stock? What is the percentage-wise change in required return compared to your answer to A) above?

C.   If the market return increases by 50% (but beta remains at 1.2), what will be the new required return for the stock? What is the percentage-wise change in required return compared to your answer to A) above?

5.    Suppose there are three different companies. The first one, Trendy Tech Inc., has investors who are “fair-weather friends.” When the stock market is going up, everybody wants to invest in Trendy Tech, but as soon as the market goes down everyone jumps ships and sells their shares. The second company is Oily Oil Inc. Oily’s stock price seems to depend only on the price of oil and nothing else. Finally, there is Conglomerated Conglomerate Inc. Conglomerated is a giant company with holdings in almost every industry imaginable—from cell phones to grocery stores and even amusement parks. Based on this information, which company would you think has the highest beta? The lowest beta? Which one do you think has a beta closest to 1?

Assignment Expectations

·         Answer the assignment questions directly.

·         Stay focused on the precise assignment questions. Do not go off on tangents or devote a lot of space to summarizing general background materials.

·         For computational problems, make sure to show your work and explain your steps.

·         For short answer/short essay questions, make sure to reference your sources of information with both a bibliography and in-text citations. See the Student Guide to Writing a High-Quality Academic Paper, including pages 11-14 on in-text citations. Another resource is the “Writing Style Guide,” which is found under “My Resources” in the TLC Portal.

 
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Stock and Bond Valuation

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Assignment Overview

Before starting on this assignment, make sure to thoroughly review the required background materials. This assignment will require you to use the various discounted cash flow methods and dividend models to make computations. In addition to knowing the computational steps involved in stock and bond valuation, make sure you also understand the basic concepts.

Submit your answers as a Word document. Make sure to show your work for all quantitative questions, and make sure to fully explain your answers using references to the background readings for any conceptual questions. Questions 1 and 3 will require Excel, so submit an Excel file that shows your computational steps as a separate file in addition to your Word file. Question 4 is purely conceptual, no computations are necessary but make sure to apply and reference concepts from the required readings in your answers to each of the scenarios.

Case Assignment

1.   Suppose you buy a bond that will pay $1000 in ten years along with an annual coupon payment of $50 and the interest rate is 4%. Answer the following questions:

A.  What is the value of this bond?

B.  Now suppose the bond has no coupon payments (it is a “zero coupon” bond) but still pays $1000 in ten years. What is the value of this bond?

C.  What would happen to the value of the bond if the inflation rate unexpectedly goes up? What the bond value increase or decrease?

D.  Now suppose the bond still pays an annual coupon of $50 but the interest rate drops to 2%. What is the new value of this bond?

2.   The XYZ Corporation pays a dividend of $1 for each share and its required rate of return is 8%. Answer the following questions:

A.  Assuming zero growth in dividends, what is the value of each share?

B.  Now assume a 4% annual growth rate in the dividend paid. What is the value of each share?

C.  Assume the growth rate is still 4%, but the required rate of return drops to 6%. What is the new value of each share?

3.   Acme Medical Corp. is expecting the cash flows from 2018-2022 in the table below. After 2022 it is expecting growth in cash flow at an annual rate of 3%. The firm has determined that its weighted average cost of capital (discount rate) is 7%. Using the table below calculate the following:

A.  What is the present value of Acme’s future cash flows using the discounted cash flow model?

B.  If the firm has 200,000 common shares outstanding, zero preferred shares, and debt with a market value of $10,000,000 what would be the value of each share?

C.  Now suppose the discount rate increases to 10%. How would your answers to a) and b) above change based on the new discount rate?

Year Cash flow
2018 500,000
2019 550,000
2020 620,000
2021 700,000
2022 800,000

1.   Suppose the Alpha Manufacturing Corporation is experiencing extreme financial difficulties and is considering bankruptcy. Its shareholders are currently almost equally divided about whether or not the company should go bankrupt, with one outspoken faction pushing for bankruptcy and the other strongly opposing it. They have $50 million in debt all in the form of bonds, and bondholders are pretty well united in that they want the firm to declare bankruptcy.

A.  The CEO announces that he is leaning against bankruptcy. This means one faction of shareholders is happy, but another faction of shareholders is very upset and the bondholders are also unhappy. Can the unhappy faction of shareholders team up with the bondholders to vote out the CEO? Explain your reasoning using references from the background readings.

B.  Suppose Alpha ends up declaring bankruptcy. They do not have any cash in the bank but they own $60 million worth of real estate. They only have one type of shareholder—common shareholders. If they sell the real estate, how much of this will bondholders get and how much with shareholders get? Explain your reasoning using references from the background readings.

C.  Now suppose that Alpha has two classes of shareholders—common shareholders and preferred shareholders. Preferred shareholders are owed $20 million in dividends that have been unpaid in the last two years. If Alpha goes bankrupt and sells its $60 million worth of real estate, how much will bondholders get, how much will common shareholders get, and how much will preferred shareholders get? Explain your reasoning using references from the background readings.

Assignment Expectations

·        Answer the assignment questions directly.

·        Stay focused on the precise assignment questions. Do not go off on tangents or devote a lot of space to summarizing general background materials.

·        For computational problems, make sure to show your work and explain your steps.

·        For short answer/short essay questions, make sure to reference your sources of information with both a bibliography and in-text citations. See the Student Guide to Writing a High-Quality Academic Paper, including pages 11-14 on in-text citations. Another resource is the “Writing Style Guide,” which is found under “My Resources” in the TLC Portal.

 
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Federal Tax Laws

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Question 1

Jonathan owns property (basis of $200,000, value of $300,000). He plans to contribute the property to the JJG Partnership in exchange for a 25% interest.

  1. What issues arise if the partnership distributes $150,000 of cash to Jonathan three months after the property contribution?
  2. How can the risk of adverse tax consequences be minimized?

Question 2

At the beginning of the tax year, Melody’s basis in the MIP LLC was $60,000, including her $40,000 share of the LLC’s liabilities. At the end of the year, MIP distributed to Melody a cash amount of $10,000 and inventory (basis of $6,000, fair market value of $10,000). In addition, MIP repaid all of its liabilities by the end of the year.

  1. If this is a proportionate non-liquidating distribution, what is the tax effect of the distribution to Melody and MIP? 
  2. After the distribution, what is Melody’s basis in the inventory and in her MIP interest?
  3. Would your answers to (a) change if this had been a proportionate liquidating distribution? Explain.
 
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Supply and Demand

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Assignment Overview

Before beginning this assignment, make sure you have gone carefully through all of the required readings for this module.  It is very important to carefully absorb the general concepts as well as the numerical examples in the background readings.  For this assignment, you will have to answer some purely conceptual questions, as well as some numerical problems.  For conceptual questions, make sure to thoroughly explain your answers and to cite specific readings from the required background materials to explain your answers.  For numerical problems, make sure to show all of your work and explain how you arrived at your answers (partial credit can be given if you get the final answer wrong but do some of the steps correctly).

Case Assignment

Part A: Conceptual questions

1.   Suppose you own a pet shop.  Your sales are decent but a marketing consultant tells you that you could increase your sales and be able to charge a higher price if you spend some money on local television ads.  If the consultant is right, will advertising lead to an increase in quantity demanded?  Or a shift in the demand curve?  Both?  Neither?  Explain your answer and make sure to cite at least one of the required readings in your answer.

2.   You are the owner of a furniture factory.  You normally produce 100 pieces of furniture a day because that is how much you can produce given the amount of qualified workers in your town and the amount of reasonably priced wood that you can purchase locally.  Then one day you get an order from a large national retail chain who wants to purchase 200 pieces of furniture a day from you.  You are hesitant, as you will have to pay higher wages to get some qualified workers to move to your town.  You also will need to pay higher prices for wood because you will no longer be able to rely solely on local suppliers and will have to spend more on shipping wood from other towns.  But you drive a hard bargain and the retail chain agrees to pay one and a half times your normal price.  Does this situation describe a change in quantity supplied?  A shift in the supply curve?  Both?  Neither? Explain your answer and make sure to cite at least one of the required readings in your answer.

3.   Suppose marijuana has just been legalized in your state.  Nobody in your home town wants to start a marijuana business, as this would be too much of a stigma.  But being an MBA student, you know a good business opportunity when you see one and decide to take a stab.  Shortly after starting up your business, you gain a loyal following of customers and start raking in some steep profits.  However, the local government decides that they want a cut of your profits and starts charging a 20% sales tax on marijuana.  Do you think this would lead to a 20% or greater loss in sales?  Do you think marijuana in this situation would be facing inelastic or elastic demand?  Explain your reasoning, and make sure to cite at least one of the required readings regarding elasticity.

Part B Quantitative Problem

Suppose the demand function for a new smartphone can be expressed as QD =  1000 – 1.5P with QD being quantity demanded and P being price.  The supply function can be expressed as QS = 50 + 2P

Fill out the following table using the above equations:

Price Quantity Demanded Quantity Supplied Surplus Amount or Shortage Amount
200      
220      
240      
260      
280      
300      
320      
340      

Now answer the following questions:

1.   What is the equilibrium price?  You can compute this either using Microsoft Excel, or by using algebra from the equations above and solving for a price where quantity supplied equals quantity demanded. Show your work by either showing the algebra steps or by showing how you used Excel to calculate.

2.   Suppose the supply function changes to 100 + 2P.  What is the new equilibrium? Show your work by either showing the algebra steps or by showing how you used Excel to calculate.

Assignment Expectations

·        Answer the assignment questions directly.

·        Stay focused on the precise assignment questions. Do not go off on tangents or devote a lot of space to summarizing general background materials.

·        For computational problems, make sure to show your work and explain your steps.

For short answer/short essay questions, make sure to reference your sources of information with both a bibliography and in-text citations. See the Student Guide to Writing a High-Quality Academic Paper, including pages 11-14 on in-text citations. Another resource is the “Writing Style Guide,” which is found under “My Resources” in the TLC Portal.

 
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Economics

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For computational problems, make sure to show your work and explain your steps.****

  1. For this problem use the Herfindahl Index to compute market concentration:
    1. Suppose Apple has 45% of the U.S. market share for smartphones, followed by Samsung with 30%, LG with 9%, Motorola with 8%, HTC with 6%, and Nokia with 2%.  What is the Herfindahl Index for the smartphone industry based on these numbers? Based on the Herfindahl Index, do you think the government would be willing to approve a merger between Apple and Samsung?
    1. Now suppose Nokia and Motorola come out with a new smartphone that takes away a huge chunk of market share from Apple and Samsung. The new market shares are 25% for Apple, 20% for Samsung, 20% for Motorola, 20% for Nokia, 10% for LG, and 5% for HTC.
  2. Use what you learned about perfect competition, monopoly, and oligopoly to answer these questions:
    1. In the table below is the quantity produced, the price, the fixed costs, and variable costs for a perfectly competitive firm that faces a constant price of $150 for its product regardless of the quantity it sells.  Use the information in the first four columns to calculate the number for the last four columns.  At what quantity should they produce based on what you find with your results?
    1. How do you think your answer might change if it became a monopolist with all of its competitors leaving the market?  Or if it became an oligopoly with only one or two competitors?
Quantity Price Fixed Cost Variable Cost Total Cost Marginal Cost Total Revenue Profit/Loss  
0 150 200            
1 150 200 $140          
2 150 200 $240          
3 150 200 $320          
4 150 200 $410          
5 150 200 $520          
6 150 200 $650          
7 150 200 $810          
8 150 200 $1,010          
9 150 200 $1,310          
 
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