Wenyu Li MINI CASE Essay

Wenyu Li MINI CASE Essay
Wenyu Li
BUS 581
03/01/2015
Chapter 7 MINI CASE
Your employer, a mid–sized human resources management company, is considering expansion into related fields, including the acquisition of Temp
Force Company, an employment agency that supplies word processor operators and computer programmers to businesses with temporary heavy
workloads. Your employer is also considering the purchase of a Biggerstaff & Biggerstaff (B&B), a privately held company owned by two brothers,
each with 5 million shares of stock. B&B currently has free cash flow of $24 million, which is expected to grow at a constant rate of 5%. B&B's
financial statements report marketable securities of $100 million, debt of $200 million, and preferred stock of $50 million. ... Show more content on
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The valuation process, in this case, requires us to estimate the short–run non–constant growth rate and predict future dividends. Then, we must estimate
a constant long–term growth rate at which the firm is expected to grow. Generally, we assume that after a certain point of time, all firms begin to grow
at a rather constant rate. Of course, the difficulty in this framework is estimating the short–term growth rate, how long the short–term growth will hold,
and the long–term growth rate.
What are the expected dividend yield and capital gains yield during the first year?
P0=46.66 Expected dividend yield= 2.6/46.66 = 5.6%
Capital gains yield= 7.4%
What are the expected dividend yield and capital gains yield during the fourth year (from Year 3 to Year 4)? в
ЂЁ
P3= 56.5964
Expected dividend yield = 7.0%
Capital gains yield= 6.0%
i. What is free cash flow (FCF)?
A measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents the cash that a
company is able to generate after laying out the money required to maintain or expand its asset base. Free cash flow is important because it allows a
company to pursue opportunities that enhance shareholder value. Without cash, it's tough to develop new products, make acquisitions, pay dividends
and reduce debt.
FCF is calculated as:EBIT(1–Tax Rate) + Depreciation & Amortization– Change in Net Working Capital– Capital ExpenditureIt can also be

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The Best Out Of His Life
My entrepreneur..Mike See For 40 some years, Mike See has made sure to make the best out of his life. He 's taught many people the way of being
an entrepreneur and what it means to be one in western Kansas. Through his life he 's overcome obstacles, showed hard work, and pursued his
passion of inventing new things. Mike See has made a huge impact on his family and especially his niece or in other words, me. Uncle Mike wasn 't
the first person in our family to go to college or do anything academic like that because as he likes to state it "a little scholarly challenged." In fact, he
didn 't attend college at all. He went to be a guide in Idaho, worked in a salvage yard in Colorado, and then came back home to help my grandpa, Bill
See,... Show more content on Helpwriting.net ...
In early, 2014 Uncle Mike ended up selling his share of the company to his partners. He has since then ran a restaurant both in Cuchara, New
Mexico and Scott City, created a duck ranch for hunters, owned a engraving/lasering company and has contributed to kids days at the state park
for those who want to be outdoors. Currently, he is working on running his Etsy store for the past two years. In his store, he makes wooden signs
that have sold all over the U.S.. Also he 's currently working to turn his storefront uptown into a bait and tackle shop because of the limited supply
we have here in Scott, again, showing he wants to make people experience the great outdoors. Uncle Mike is always on the go no matter what. He
has recently had two wrist surgeries that has slowed his inventions but it doesn 't stop him. Mike See has taught me... Mike See's story has taught
me that the ideas of one person can make a big difference for families or people for a long time. Yet the question constantly from him is what will I
do to take the that will make my life steady and will make my future brighter. The combination of the talks from Uncle Mike and the lessons I've
learned through the EverFi programs will help me plan a better future for myself and others. I know I will need to be able to have a constant income
and that I will need to save and invest the money I made wisely, so that I will have enough to support

Owners' Equity Paper
ACC 423
September 5, 2011
University of Phoenix
The investments of stockholders, corporations depend a lot on to fund their business operations. The company stands to gain and grow from selling
their stock, when viewing each entity separately. The investor hopes to gain and earn a profit by investing in a company in hopes that their stock prices
will go up. The company and the investor depend on each other. The more opportunity the company has to grow with the more people invests. Also the
more opportunities for the company to grow, the happier they are able to make their investors, who in turn spend more money.
The owners' equity discusses the importance that common stockholders and ... Show more content on Helpwriting.net ...
Earned capital tells an investor more about the condition of the company. Earned capital is the money that an organization has generated as a result of
operations. New companies will usually hold onto this money as retained earnings to use for future growth.
From the investor's point of view, it is important that a company earns income from operations better than the sale of stock. The quantity of received
capital of a company report in their financial statements demonstrates to the stockholders the real cost of their assets. Although a company that
constantly report paid–in capital in additional of earned capital, would not be seen as a good investment opportunity.
The diluted earnings per share demonstrate to the investor possible dilutive common shares that were unpaid during the certain period. The investor
review the importance of diluted earnings per share by a calculation: the basic earnings per share – net income divided by the weighted–average shares
unpaid, plus the earnings per share less any convertibles and impact of options, warrants, and other dilutive securities (Intermediate Accounting, 2007).
Conclusion
Paid–in capital is retained separate from earned capital to avoid misreading information where operational subsidies are created. Investors are most
likely to be more concerned with a company earned capital in comparison to its paid–in capital. This is because the earned capital represents the
earning abilities of

review exam
Fin 3010Dr. MichelloSummer 2007 Practice Problems Expected dividend yieldAnswer: a EASY i.If D1 = $2.00, g (which is constant) = 6%, and P0 =
$40, what is the stock's expected dividend yield for the coming year? a.5.0% b.6.0% c.7.0% d.8.0% e.9.0% Expected return, dividend yield, and capital
gains yieldAnswer: e EASY ii. If D1 = $2.00, g (which is constant) = 6%, and P0 = $40, what is the stock's expected capital gains yield for the coming
year? a.5.2% b.5.4% c.5.6% d.5.8% e.6.0% Expected total returnAnswer: d EASY iii. If D0 = $2.00, g (which is constant) = 6%, and P0 = $40, what is
the stock's expected total return for the coming year? a.9.8% b.10.3% c.10.8% d.11.3% e.11.8%... Show more content on Helpwriting.net ...
An increase in a firm's expected growth rate would normally cause its required rate of return to a.Increase. b.Decrease. c.Fluctuate. d.Remain
constant. e.Possibly increase, decrease, or have no effect. Required returnAnswer: d EASY xviii. If a stock's expected return exceeds its required
return, this suggests that a.The stock is experiencing supernormal growth. b.The stock should be sold. c.The company is probably not trying to
maximize price per share. d.The stock is probably a good buy. e.Dividends are not being declared. Constant growth modelAnswer: a MEDIUM
xix. Which of the following statements is CORRECT? a.The constant growth model takes into consideration the capital gains earned on a stock.
b.It is appropriate to use the constant growth model to estimate stock value even if the growth rate is never expected to become constant. c.Two
firms with the same expected dividend and growth rate must also have the same stock price. d.If a stock has a required rate of return rs = 12%,
and if its dividend is expected to grow at a constant rate of 5%, this implies that the stock's dividend yield is also 5%. e.The price of a stock is the
present value of all expected future dividends, discounted at the dividend growth rate. Constant growth modelAnswer: c MEDIUM xx. If a stock's
dividend is expected to grow at a constant rate of 5% a year, which of the following

Mutual Fund Cash Flows and Stock Market Performance
Mutual Fund Cash Flows and Stock Market Performance*
During the decade of the 1990's through the year 2001 there were some major shifts in the deployment of investment assets. Based on a variety of
measures, mutual funds grew dramatically as vehicles for investing in portfolios of stock. Specifically net cash flows into equity funds grew from $13
billion in 1990 to $310 billion in the year 2000.1 During that same period the number of equity funds rose from 1,100 to 4,395, while the number of
accounts in those funds increased from 22 million to 162 million. The cumulative effect of the new money injected into equity funds, together with
reinvestment of dividends, plus the attendant stock price appreciation has produced a phenomenal ... Show more content on Helpwriting.net ...
The second explanatory variable in our study (M2) was the monthly growth rate of the M2 money supply. This variable may be viewed as a measure of
the change in national monetary liquidity. Money supply growth also influences the stock market through its impact on general business conditions and
economic activity. The third flow related variable, monthly changes in the federal funds rate (FF), provides information on the Federal Reserve's
efforts to stimulate or dampen the future growth of financial liquidity. Both fixed–income and equity markets pay close attention to Federal Reserve
efforts to encourage or restrict economic growth through interest rate changes.
The final variable was an index of corporate profit growth (EPS). Earnings per share on the S&P 500 index was available on a quarterly basis, and
using interpolation, monthly estimates of earnings were obtained. The growth rate of the estimated monthly earnings was calculated as the percentage
change from the same calendar month of the prior year. In essence we applied the same type of comparisons used when companies contrast their most
recent quarterly results to the same quarter of the previous year. This also has the effect of reducing problems associated with seasonal variations.2
Empirical Findings
Results of the analysis are presented in Equation (1) with the t–statistics shown in parentheses. The three flow–related variables (MF, M2, FF) were all

Essay on Analysing the Cash Flow that a Business Might...
Analysing the cash flow problems that a business might experience
Cash flow problems can be caused by a variety of factors these problems can destabilize the amount of income which will prevent the payment of
liabilities that make a business function.
The main causes of cash flow problems are:
Low profits or (worse) losses
Over–investment in capacity
Too much stock
Allowing customers too much credit
Overtrading
Unexpected changes
Seasonal demand
Each point will be assessed in this document.
Low profits or (worse) losses
Profit and losses are the main points to be considered in a business because a business is run by the amount of profits they receive. If there is a dent in
profit then the business is not functioning ... Show more content on Helpwriting.net ...
The business will have to choose other means to pay off their stock providers which will put the business in debt. Having stocks that can't be
liquidity will be problematic because the demand is not of that nature. This will show a negative on the cash forecast as they will not be making
profits. Everything must be accounted to their demands to make sure their stocks will sell which will overall be a disadvantage. Having stocks that
are on your hands for a long period of time can make the products obsolete and out of range which will then have to sell cheaper to other business.
Having too many stocks can be caused by buying in bulks because it makes the products cheaper but escalates the risk of not selling the products.
Allowing customers too much credit
Allowing your customers to have too much credit can be an issue but also can be good. It can be an issue to allow your customers to have over
exaggerated credit because this allows customers to buy products without paying for it on the date of purchase but to leave it for a future specified
date. This can be problematic because these can be calculated in the cash flow forecast without having the cash at hand but only predicting on the date
that has been set for payment. Some trade debtors may not choose to pay for their purchase at all. This will be problematic as you are

Evaluating The Performance Of Domestic Savings During The...
The prior–saving approach to finance development states that saving is a prerequisite of investment, so the first task is to increase the level of savings
to finance investment as this approach believes that savings will readily find investment outlets (Thirlwall, 2003).
Accordingly, the ability of carrying–out investments, as a cornerstone of any economic development process, is based primarily on the ability of
attracting and mobilizing domestic and foreign savings, where savings are necessary to fund the required investments.
3.1 Mobilizing Domestic Savings
Examining the performance of domestic savings in Egypt, through the first decade of 21st century and the first three years of the second decade,
illustrates not just the weak performance of domestic saving, but also its tendency to deteriorate over the considered time period.
The Hodrick–Prescott Filter (HP) is used to generate a trend component from a time series regarding the level of gross domestic savings in Egypt as a
percentage of GDP.
Figure 1 illustrates that gross domestic savings as a percentage of GDP starts at 12.9% in 2000 and it ends at 7.2% in 2013; and its average was 13.6%
(standard deviation 2.9%) during the considered time period, see Table 1.
Table 1.Gross Domestic Savings (GDS) as a percent of GDP and their trend
YearGDS as a % of GDP (%)Trend (%)Gap (%)
200012.914.2–1.3
200113.414.5–1.1
200213.614.7–1.1
200314.314.9–0.6
200415.615.10.5
200515.715.10.6
200617.1152.1

Cash Flow Model And The Dividend Discount Model Essay
An equity investment is a number of shares owned by a corporation that are purchased by investors who are then entitled to shares of the firm's assets
in the case of liquidation. These shares are then bought and sold among stockholders. Before buying any shares, the stockholders and investors value the
stock to determine if it is worth buying. There are different methods stockholders and investors use to value a stock price. The common ones are the
discounted cash flow model and the dividend discount model. The purpose of the discounted model is to determine the value of the firm and its stock.
It uses future cash flow projections discounted back to the present values to estimate the potential for the investment. (Discounted Cash Flow (DCF),
n.d.) Another valuation method is the dividend discount model. This method uses predicted dividends and discounting them back to the present value
to obtain a value price. Both models were used to evaluate each company's stock price to help us determine which one is the best option to purchase.
The different inputs of the discounted cash flow model include the risk free rate, market risk premium, beta, market value of equity (in millions),
pre–tax cost of debt, effective tax rate, market value of debt (in millions), initial cash flow, and long term growth rate. The risk free rate is the rate of
return of an investment with zero risk of financial loss. The market risk premium is the difference between the expected return on a market and

Main Differences Between The Manufacturing Sector And The...
In the business world, there are two major sectors; the manufacturing sector and the service sector. While they both deeply affect a society's standard of
living, there are five main differences between the two. According to The Business Dictionary, (http://www.businessdictionary.com/definition
/manufacturing–sector.html), the definition of manufacturing sector are industries that are involved in chemical, mechanical or physical conversion of
substances, ingredients, or components into consumer or industrial goods. The service sector any job or industry that produces intangible value or
goods. The five main differences between service and manufacturing organizations according to an article posted by (Linton, The Five Differences
between Service and... Show more content on Helpwriting.net ...
However, a manufacturing firm does not need to employ many people because most manufacturing organizations can automate their production
processes to reduce their labor requirements. The fifth mentioned difference is location, service firms do not require a physical production site allowing
them to be located anywhere, an example would be Amazon, which spent most of it's forming years without a standing office due to their ability to
operate solely through the internet. Manufacturers on the other hand must have a physical location for the production and stock holding operations.
These differences create a difference in their respective accounting books as based on reviewing different companies in both sectors, companies in the
manufacturing sector usually had much larger assets and overall higher numbers in the four major financial statements. Reviewing specifically the
cases of Wal–Mart and Marriott International, the international hotel chain, the tables below provide the differences between the accounting practices
and trends of the two sectors. Values in

Acc 291 Week 4
Team C Week 4 Summary
David Ramirez, Kelvin Hemmingway, Chad Etzler
ACC/291
August 26, 2013
Ins: James Covert
Introduction As we advanced through week 4 of Principles of Accounting II, so far, we have absorbed ourselves with a litany of accountancy material.
Week 4 continued with variety of content that contained: identifying kinds of shares issued by companies, computing shares, dividends, and stock
splits, and documenting treasury stock deals. Also discussed in text and throughout discussion questions was the use of cash flows and types. We also
covered both vertical and horizontal analysis.
Cash Flow and Shares In any industry, have a clear picture of an organizations cash, and the flow of where it goes is an important part... Show more
content on Helpwriting.net ...
The majority of share divisions are mostly two for one split. This implies the stockholders get two stocks and shares for the price of one share. In case
the share cost $10, the stockholder will get 2 $5 shares instead.
Analysis and Investors The money statements is used by both external and internal users including investors, creditors, managers, and executives staff.
There are several analysis that are used in many ways of Horizontal Analysis and Vertical Analysis. Horizontal Vertical compares in specific items over
number of accounting period that many people uses to balance their information. There are compared in different ways of in Absolute Dollars and by
percentage ratios that helps with calculations. Then the Vertical Analysis which compares each separate figure that shows in Financial statements. The
explanation of the analysis through income statements and using the balance sheet The analyze information helps many businesses and owners to
make good business decisions so understanding the analysis will be great importance to how people compares the analysis. If a firm issues and
reacquires its own share from investors it is known as treasury stock. To document the buying of treasury stock the organization uses the cost technique.
The debit would be documented in the treasury stock account for the price paid for the reacquisition. Having said that, if a firm disposes of treasury
stock, they credit the treasury stock account for the

Balance Sheet and Value
Learning Goal 6:
Explain the relationships among financial decisions, return, risk, and the firm's value.
1)
Any action taken by the financial manager that increases risk will also increase the required return. True or False 2)
In common stock valuation, any action taken by the financial manager that increases risk will cause an increase the required return. True or False 3)
In common stock valuation, any action taken by the financial manager that increases risk will cause an increase in value. True or False 4)
An action on the part of a firm that increases the level of expected cash flows without a corresponding increase in risk should reduce share value; An
action that reduces the level of expected cash flows without a ... Show more content on Helpwriting.net ...
True or False 6)
The book value per share of common stock is the amount per share of common stock that would be received if all of the firm's assets were sold for
their accounting value and the proceeds remaining were divided among common stockholders. True or False 7)
________ is the value of the firm's ownership in the event that all assets are sold for their exact accounting value and the proceeds remaining after
paying all liabilities (including preferred stock) are divided among common stockholders. A)
Liquidation value B)
Book value C)
The P/E multiple D)
The present value of the common stock 8)
________ is the actual amount each common stockholder would expect to receive if the firm's assets are sold, creditors and preferred stockholders are
repaid, and any remaining money is divided among the common stockholders. A)
Book value C)
The P/E multiple D)
The present value of the dividends 9)
________ is a guide to the firm's value if it is assumed that investors value the earnings of a given firm in the same way they do the average firm in the
industry. A)

Book value C)
The P/E multiple D)
The

Financial Management Essay
MBA 579 Homework Assignment 4–2 True/False Indicate whether the statement is true or false. ____1.The tighter the probability distribution of its
expected future returns, the greater the risk of a given investment as measured by its standard deviation. ____2.The standard deviation is a better
measure of risk than the coefficient of variation if the expected returns of the securities being compared differ significantly. ____3.An individual
stock's diversifiable risk, which is measured by the stock's beta, can be lowered by adding more stocks to the portfolio in which the stock is held.
____4.A firm can change its beta through managerial decisions, including capital budgeting and capital structure decisions.... Show more content on
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a.| The expected return on the stock is 5% a year.| b.| The stock's dividend yield is 5%.| c.| The price of the stock is expected to decline in the future.| d.|
The stock's required return must be equal to or less than 5%.| e.| The stock's price one year from now is expected to be 5% above the current price.|
____18.A stock just paid a dividend of D0 = $1.75. The required rate of return is rs = 12.0%, and the constant growth rate is g = 4.0%. What is the
current stock price? a.| $20.56| b.| $21.09| c.| $21.63| d.| $22.18| e.| $22.75| ____19.If D1 = $1.75, g (which is constant) = 4.5%, and P0 = $46, what is
the stock's expected dividend yield for the coming year? a.| 3.26%| b.| 3.43%| c.| 3.61%| d.| 3.80%| e.| 3.99%| ____20.If D1 = $1.50, g (which is
constant) = 6.5%, and P0 = $56, what is the stock's expected capital gains yield for the coming year? a.| 6.50%| b.| 6.83%| c.| 7.17%| d.| 7.52%| e.|
7.90%| ____21.The Zumwalt Company is expected to pay a dividend of $2.25 per share at the end of the year, and that dividend is expected to grow
at a constant rate of 5.00% per year in the future. The company's beta is 1.15, the market risk premium is 5.50%, and the risk–free rate is 4.00%. What
is the company's current stock price? a.| $42.25| b.| $43.31

Isp Meeting Reflection
On 7/28/17 an ISP meeting completed with Mr. Miller and Lena Miller (wife). The worker went over the closing ISP with Mr. Miller and updated
his services completed. Mr. Miller provided the worker copy of his certificates from Family Services and Bradford Health services. The worker asked
Mr. Miller how he benefited from the services. According to Mr. Miller, he learned different ways to communication with different people and with
family member. Mr. Miller told the worker that he was excited when his children came and visit for the weekend. Mr. also said that he has joint
custody with his wife Mellissa every other weekend. Mr. Miller said the told the children) Penelope, Judah and Lily) to the document because allergy
and constipation. The ... Show more content on Helpwriting.net ...
Carson, Penelope, Judah and Lily. Upon entering the home, the children greeted the worker with hugs. Mrs. Carson recently gave birth to a little
baby boy name Theodore. Mrs. Carson introduces the worker to her mother, who was visiting from out of town. The worker notices the children were
happy and excited to have a baby brother. Judah was busy playing on the floor with his toys. All the children were appropriately dressed, happy and
smiling. The worker sat down and developed a rapport with the family to investigate how the children returned visit when with their father.
According to the children the visit went well with their father apart from him taking them to the doctor and also interrogating them. The worker
noticed Mrs. Carson that she will end the safety plan that this was the final ISP meeting. The worker also told Mrs. Carson that Mr. Miller completed
his required services. According to Mrs. Carson, her ex–husband will not change and in 30 days he goes back being violent to his wife. Mrs. Miller
said when she was married to Mr. Miller; she went through the same episodes of violence with him. Mrs. Carson mention the children are doing well
and very excited about returning to school. Mrs. Carson mentions that the children are attending their counseling appointments and all is going well.
The visit

Business
1. Discuss the difference between – State also advantages & disadvantages each:
a. The payback period & the discounted payback period criteria of capital budgeting.
The payback period measures the time that it takes to recoup the cost of the investment. If the cash flows are an annuity, then we can simply divide the
cost by the annual cash flow to determine the payback period Otherwise, as in the example, we subtract the cash flows from the cost until the
remainder is zero The shorter the payback period, the better Generally, firms will have some maximum allowable payback period against which all
investments are compared
Assume that your company is investigating a new labor–saving machine that will ... Show more content on Helpwriting.net ...
Advantages:
May be useful when investment funds are limited.
Easy to understand and communicate
Correct decision when evaluating independent projects.
c. The IRR & the Modified IRR criteria of capital budgeting.
The internal rate of return (IRR) is the discount rate that equates the present value of the cash flows and the cost of the investment Usually, we cannot
calculate the IRR directly, instead we must use a trial and error process For our example, the IRR is found by solving the following:
In this case, the solution is 13.45% Problems with IRR: The IRR is a popular technique primarily because it is a percentage which is easily
compared to the WACC However, it suffers from a couple of flaws: The calculation of the IRR implicitly assumes that the cash flows are reinvested
at the IRR. This may not always be realistic. Percentages can be misleading (would you rather earn 100% on a $100 investment, or 10% on a $10,000
investment?)
Modified Internal Rate of Interest:

The modified IRR (MIRR) is the average

Finc 650: Questions On Corporate Finance
Final Exam Corporate Finance FINC 650 1. Which of the following is not considered a capital component for the purpose of calculating the weighted
average cost of capital as it applies to capital budgeting? a. b. c. d. e. Long–term debt. Common stock. Short–term debt used to finance seasonal current
assets. Preferred stock. All of the above are considered capital components for WACC and capital budgeting purposes. 2. A company has a capital
structure which consists of 50 percent debt and 50 percent equity. Which of the following statements is most correct? a. b. c. d. The cost of equity
financing is greater than the cost of debt financing. The WACC exceeds the cost of equity financing. The WACC is calculated on a before
–tax basis. The
... Show more content on Helpwriting.net ...
Picking a risk factor equal to the average discount rate. Reducing the NPV by 10 percent for risky projects. 10. Suppose the firm 's WACC is stated in
nominal terms, but the project 's expected cash flows are expressed in real dollars. In this situation, if prices are expected to increase, the calculated
NPV would a. b. c. d. e. Be correct. Be biased downward. Be biased upward. Possibly have a bias, but it could be upward or downward. More
information is needed; otherwise, we can make no reasonable statement. 1. Heino Inc. hired you as a consultant to help them estimate their cost of
capital. You have been provided with the following data: rRF = 5.0%; RPM = 5.0%; and b = 1.1. Based on the CAPM approach, what is the cost of
equity from retained earnings? A. 10.50% b. 10.71% c. 10.88% d. 11.03% e. 11.14% rs = 5% + (5%)*1.1 = 10.50% 2. P. Daves Inc. hired you as a
consultant to help them estimate their cost of equity. The yield on the firm's bonds is 6.5%, and Daves ' investment bankers believe that the cost
of equity can be estimated using a risk premium of 4.0%. What is an estimate of Daves ' cost of equity from retained earnings? a. 9.77% b. 10.02% c.
10.19% d. 10.33% E. 10.50% 6.5% + 4% = 10.5% 3. You were recently hired by Hemmings Media, Inc., to estimate their cost of capital. You were
provided with the following data: D1 = $2.50; P0 = $60; g = 7% (constant); and F = 5%. What is the cost of equity

Xyz Akjasfl.Fs Lk, Vk, Svlk Essay
FINANCIAL ACCOUNTING PROJECT WORK Batch (2013–15) CHANDRAGUPT INSTITUTE OF MANAGEMENT PATNA By Group– 5
Rajeshwari Komal (60030) Suruchi Agrawal (60041) Surabhi Priya (60039) Kumar Ankit (60018) Kumar Devashish (60019) Kumar Rohit (60021)
Xytech Inc. Submitted by Group–5 In this case, there is a company named Xytech Inc. which has been started by three partners named Able, Baker
and Cabot. Their product designs were very successful and led to rapid growth of the company resulting in more need of capital to extend the growth
and size of the company. In this case, major financing transactions entered into by the company for the first 10 years of its incorporation were taken
into consideration. Here,... Show more content on Helpwriting.net ...
The journal entries for this is, Dec.31 Able, Capital a/c...dr 18,000 Baker, Capital a/c...dr 18,000 Cabot, Capital a/c...dr 18,000 To Income summary
54,000 General Ledger: Notes Payable 100,000 Able, Capital Baker, Capital Cabot, Capital 18,000 18,000 18,000 18,000 18,000 18,000 Bal 82,000 Bal
82,000 Bal 82,000 100,000 100,000 100,000 Now, in the year 2001 the firm had faced some liquidity problem for the short term due to shortage of
cash. To deal with the problem, Cabot came forward and provided a loan of $

Descriptive Essay About Resort Management
For my first job out of college I am going to be a concierge for a resort in Miami. I feel like this job would be extremely good for my first job in
hospitality. It will help me know what people are likening. People change their mind everyday on what they want. Tourists want the new and fun
event or restaurants or club. That could be for a year, month, week, or even one day. It will also let me see all the different types of hospitality
industry I could later decided to go into as I progress in my job as a concierge. For this job I will be helping guests with making meal reservations,
tourist attractions, nightlife, and anything the guests need help with to get to know the area of Miami. I will also be learning about the top and hot
new restaurants, nightlife, and tourist attractions daily. I will also be making sure I can do everything in my power to make sure the quest at the resort
I'm working at have a great experience in Miami.
After 5 years of progressing in the hospitality business, I would like to be a general resort manager in Miami. My annual salary for a year working as a
general resort manger is 54,000 dollars. The 54,000 dollars a year that I get from working as a general resort manager is not including income task.
My income task is 20 percent. For this position I will be looking down on lower positions and making sure things are running smoothly off all areas
of the resort. But over all I will be serving the guests with whatever they may need in order for

Johnson Case
Johnson and Johnson price to operating profits is 19.69. This ratio is quite difficult to interpret because the utilization of net income could be calculated
in different way, modifying the final result of the ratio. In order to calculate the net income, I used the gross income minus operating expenses minus
depreciation and amortization. All this number are quite ease to manipulate in the statements of the companies, therefore, the use of this ratio to invest
is risky. The average price to operating profits ratio of the pharmaceutical industry is 17.80, indicating a lower number of operating profit comparing
with JNJ ratio. (Valuation Ratios, 2016)
Dividend Discount Model
The dividend discount model is used to calculate the present value ... Show more content on Helpwriting.net ...
Moreover, the pharmaceutical industry is increasing the profit margin yearly, when the growth is steady and the intellectual property rights are really
favorable for the industry in order to maintain the performance.
The return relative valuation shows solid ratios similar to the industry, therefore the investment on the company do pay back on the short tern. The
dividend discount model indicates that the stock price of Johnson and Johnson is overvalued using both models. This is the only critical area were JNJ
shows weaknesses. However, as was mentioned before, the dividend discount model does not incorporate to the calculus the brand value or financials
measures.
Lastly, the free cash flow valuation od the company denotes the strongly perspective for the coming

Free Cash Flow and Corporate Valuation Model
Assignment Chapter 15
True/False
Indicate whether the statement is true or false.
_F___1.The corporate valuation model cannot be used unless a company doesn 't pay dividends.
_T___2.Free cash flows should be discounted at the firm 's weighted average cost of capital to find the value of its operations.
_F___3.Value–based management focuses on sales growth, profitability, capital requirements, the weighted average cost of capital, and the dividend
growth rate.
_F___4.Two important issues in corporate governance are (1) the rules that cover the board 's ability to fire the CEO and (2) the rules that cover the
CEO 's ability to remove members of the board.
_F___5.If a company 's expected return on ... Show more content on Helpwriting.net ...
If the weighted average cost of capital is 15%, what is the firm 's value of operations, in millions? a.| $948| b.| $998| c.| $1,050| d.| $1,103| e.| $1,158|
____16.Suppose Leonard, Nixon, & Shull Corporation 's projected free cash flow for next year is $100,000, and FCF is expected to grow at a
constant rate of 6%. If the company 's weighted average cost of capital is 11%, what is the value of its operations? a.| $1,714,750| b.| $1,805,000| c.|
$1,900,000| d.| $2,000,000| e.| $2,100,000|
____17.Zhdanov Inc. forecasts that its free cash flow in the coming year, i.e., at t = 1, will be –$10 million, but its FCF at t = 2 will be $20 million.
After Year 2, FCF is expected to grow at a constant rate of 4% forever. If the weighted average cost of capital is 14%, what is the firm 's value of
operations, in millions? a.| $158| b.| $167| c.| $175| d.| $184| e.| $193|
____18.Leak Inc. forecasts the free cash flows (in millions) shown below. If the weighted average cost of capital is 11% and FCF is expected to grow

at a rate of 5% after Year 2, what is the Year 0 value of operations, in millions? Assume that the ROIC is expected to remain constant in Year 2 and
beyond (and do not make any half–year adjustments).
Year:| 1| 2| Free cash flow:| –$50| $100|
a.| $1,456| b.| $1,529| c.| $1,606| d.| $1,686| e.| $1,770|
____19.A

Persuasive Essay On Saving For Retirement
When you are young you always hear people saying it is never too early to start saving for retirement, but at that age the last thing you want to do
is put your money towards ending the career you are just trying to start. It is hard to imagine a time where you won't have to go to work on a daily
basis, to make a wage, in order to pay your bills, but the ultimate goal is getting to that time in your life where you don't have to go to work and the
bills are already taken care of. The hope for everyone is that the bills are taken care of and you are able to focus on leisurely things you did not have
an opportunity for while employed. What we fail to realize is that the longer we wait to save the more we have to be concerned with the pressure of
time running out and not enough money saved. Not to mention the sooner you start saving the more time you give your money to grow.
Let's be honest, we simply can never have enough money, so when you are planning for a time where you have no income you must prepare
accordingly. Many Americans are under the false impression that when they retire Social Security will cover their living expenses, but the reality is
that the average Social Security benefit is $1180.80 per month. With the federal minimum wage being $7.25, a Social Security check is nearly
equivalent to a minimum wage job, which is hardly a livable income for most people. The average wage needed for a two–bedroom apartment
throughout our country is $20.30, so that goes to

Persuasive Essay On Saving Money
Saving money is an important part of your financial health. The more you save, the more you can feel at ease whenever a rainy day might hit. You
cannot predict the future but you can prepare for it. If you prepare now, your future self will thank you. But how can you save if you have so many
bills and only one stream of income? Here are some tips you can use to rack up that account with a single income.
Try to make a budget, it will be your blueprint for your finances. The first step for anyone wanting to take control of their finances is to make a
budget. A budget will allow you to understand where yourmoney is going and enable you to adjust your spending by designating how much you can
afford. Creating a budget is a good idea for everyone, but especially for individuals with limited income. Write down your budget, with specific
categories of spending, and stick to it. Start slowly by using a percentage on how much you will save versus spend. A plan doesn't work unless you
work the plan.
Do not live a life that you cannot handle, spend within your means. Be honest with yourself, if you can't afford something, don't buy it! Affordability
is much more than the amount of money in your bank account, it also is how long it will take for the money you spent to be back in your account.
Think of your finances as a long term process, not a short term fix. This is also why you should limit your credit card usage. If you rack up your credit
card and lose your sole source of income,

Capital Asset Pricing Model (Capm) Versus the Discounted...
Capital Asset Pricing Model (CAPM) Versus the Discounted Cash Flows Method
Managerial Analysis/BUSN 602
Capital asset pricing model or CAPM is a financial model that measures the risk premium inherent in equity investments like common stocks while
Discounted Cash Flow or DCF compares the cost of an investment with the present value of future cash flows generated by the investment with the
mindset being that if the cash flow is positive, then the investment is good. Generally speaking, CAPM is a model that describes the relationship
between risk and expected return and DCF is a valuation method used to estimate the attractiveness of an investment opportunity. So what are the
differences, advantages and disadvantages of each one? How ... Show more content on Helpwriting.net ...
It is focused on cash flow rather than accounting practices and allows for different components of a company to be valued separately. Conversely,
the biggest challenge of the DCF method is that the determined value is only as accurate as the information it is given, that being the FCF, TV and
discount rates. In other words, if the information given to determine the DCF isn't accurate then the fair value for the investment won't be accurate
and the model won't be helpful when assessing stock prices due to the inaccuracies. Furthermore, DCF is only good for long term values not short
term investing. "The bottom line is that DCF is a rigorous valuation approach that can focus your mind on the right issues, help you see the risk and
help you separate winning stocks from losers and help reduce uncertainty." (McClure, 2011) So, now that we've looked at CAPM and DCF, what can
we conclude?
The CAPM is a single factor model because it based on the hypothesis that required rate of return can be predicted using one factor that being
systematic risk. It looks at risk and rates of returns, compares then to the stock market providing a usable measure of risk to help investors determine
what return they will get for risking their money in an investment. There are a lot of assumptions and drawbacks of CAPM that lead to the conclusion
that those investors utilizing this

Case Study Of Copthorne Holdings Ltd. V. Canada
This case (Copthorne Holdings Ltd. v. Canada) is similar to the case being analyzed (Groupe Honco Inc. v. Her Majesty The Queen) in the fact that
they both seem to be entering amalgamations in order to receive a tax free benefit. In Copthorne Holdings Ltd. v. Canada, the PUC of the previously
known subsidiary became included in the PUC of the amalgamated corporation. In Groupe Honco Inc. v. Her Majesty The Queen, the capital dividend
account of Old Supervac transferred to the amalgamated corporation New Supervac. In order to receive tax free benefits, the parent and subsidiary
corporations in Copthorne Holdings became sister corporations prior to amalgamation in order to have a larger PUC. When shares were redeemed and
a payout occurred to the non–resident shareholder, it was much larger than it would have been had the subsidiary PUC been cancelled upon
amalgamation. In the Groupe Honco case, the acquirers of the Old Supervac claimed to have no knowledge of the capital dividend account. When the
CDA came to light, they then tried to pay out a capital dividend from New Supervac to Groupe Honco who then paid a capital dividend to Gestion
Paul Lacasse. In both situations the parties are disobeying the anti–avoidance rule.
We can use the conclusion from this case to state that the acquisition of Old Supervac's shares and declaration of a capital dividend form a part of the
same series of transactions. When deciding to elect the dividend being declared as a capital dividend,

Persuasive Essay On Spending Money
According to GoBankingRates.com, almost 57% of Americans say they have less than $1,000 in their savings account, while 39% say they have no
money into a savings account. Also, a survey by BankRate relieved that almost 60% of Americans wouldn't be able to pay for a $500 expense
because they don't have enough saves. I will ensure that I will have more than $1,000 in my savings account when I get older by understanding that
decisions I make now will impact my lifestyle drastically and that it is smarter to save and then spend when needed instead of being in growing debt.
When I'm older I will have a structured savings plan, so I can ensure that I will have enough wealth to live off of and enough money to cover any
unexpected expenses or debts that I may have. As a teenager, I can invest my money, and save as much money as I can before I'm older. I can do this
by not spending money on things that I know will not benefit me long–term, and by trying to earn money from various sources such as my parent or
family and different jobs.
A study by COUNTRY Financial shows that 36% of Americans would rather be concerned with paying for their next vacation then have good
retirement savings. Americans are more concerned with paying for their vacations than saving enough for retirement because we would rather spend
and live a lavish life now than being smart with our money and saving it for retirement or when we might need it. When I retire I want to have enough
money to be able to travel

The Fedex Stock 's Price
FedEx has produced superior financial returns to its shareholder in last couple of year. It has a worldwide business with a broad portfolio of
transportation, e–commerce and business services. It consistently ranked among world's most trusted and admired employers. The revenue has been
consistently increasing and expected to reach at 45 billion in next year. EPS is also about 5.5 and the expected P/E ratio is 14.3 which show its growth
potential. With the stock's beta of 1.27 and latest dividend payout ratio of 9%, it can be expected that it will give a superior result in near future and
thus it is one of the best alternatives for investment.
The FedEx stock's price range in last year was 101.95 – 155.31. Currently its stock's price is $152.68.
The latest dividend was declared on Jun'17, 2014 and it was $0.20 per share. Its annual dividend yield is 0.40%. On Jun'9, 2014, The Board of Director
of FedEx declared the quarterly cash dividend of $0.20 per share which was $0.5 higher than the previous quarter's dividend. Dividend was payable on
Jul'13, 2014.
Corporate Governance is a set of rule and processes by which a company is directed and controlled. FedEx is committed to highest quality of
corporate governance. It has independent board of directors having spirit of corporate governance reform. Compliance standards are met in accordance
of Sarbanes–Oxley Act of 2002 and the New York Stock Exchange's corporate governance listing standards. Code of Business conduct and

A Study Of Trends On Saving And Consumption By Middle And...
A study of trends in saving and consumption by middle and lower middle class at national level
INTRODUCTION
Right from our childhood days, our parents teach us that save penny and earned penny. The phrase highlights the significance of individual and
household savings. With the passage of time, our elders constantly tell us that we should spend less than we earn and save some part for uncertain and
better future use. Our elders also educate us to use resources and money according to our income, and our expenses should be less than our income.
From the classical days, saving has been considered as one of the element of expansion and growth. In Indian economy, the household sector contributes
the lion's share of the total savings. As far as the household and rural household sector is concerned they have remarkable saving potential which has
not been considered seriously by the policy makers and hence, measures have not been chartered to organize these enormous savings.
In this theory Keynes examined the tender of value function of money along with transaction function. According to Keynes in general there are tree
motives that create the demand for money. They are transaction motive, precautionary motive and speculative motive.
1. Transaction motive
It refers to the demand for money for the present transaction of the people. Individuals and household keep cash in order to bridge the gap between
receipt of income and the expenditure. This amount will depend upon the time

Stock Market Simulation
Software Requirements Specification
for
Stock Market Simulator
Version 1.0 approved
Prepared by Divesh Mirchandani, Abhishek Oturkar, Sumit Kriplani, Kedar Nadkarni
30–01–2015
Table of Contents
Table of Contentsii
Revision Historyii
1.Introduction1 1.1Purpose1 1.2Document Conventions1 1.3Intended Audience and Reading Suggestions1 1.4Product Scope1 1.5References2
2.Overall Description2 2.1Background2 2.2System Context2 2.3System Capabilities3
3.Behavioural Requirements4 3.1System Inputs & Outputs4 3.2Detailed Output Behaviour4 3.3Software Interfaces4 3.4Communications Interfaces4
4.Quality Requirements12
5.Fundamental ... Show more content on Helpwriting.net ...
8. Google Finance. Google Finance. Google. [Online] 2010 February. http://www.google.com/finance.
9. Investopedia. Game: Investopedia Stock Only Game 2009 – No End. Investopedia. [Online] 2010 February – April. http://simulator.investopedia.com
/Portfolio/.
Overall Description

1 Background
This intention of this project is to simulate a stock exchange environment for users to learn the basics of stock exchange. This learning process can be
simple, stress free, and enjoyable in a gaming environment. This environment allows players to hone their skills through competition with other players
using virtual money to buy and sell stocks based on a real stock market. Each player can to formulate their own strategy and assess their performance
through our user–friendly, web based stock exchange simulator. Through experience, players will gain confidence in their investing abilities using a
variety of stock exchange techniques, which have been implemented in our software. We hope to make the difficult task of learning to invest in a high
risk, stock exchange market an enjoyable experience.
2 System Context
Web based application – HTML based application written using the Django web framework. Includes: o Registration/ Login system o Game cycles o
User history – all data saved for user portfolio available for reference during a login

Valuation Of Common Stock
Valuation of Common Stock
Ashok Banerjee
Common (Equity) Stocks
Because common stock never matures, today's value is the present value of an infinite stream of cash flows (i.e., dividend).
But dividends are not fixed.
Not knowing the amount of the dividends–or even if there will be future dividends– makes it difficult to determine the value of common stock.
So what are we to do?
Valuation Models
Dividend Valuation Model (DVM):
– Constant dividend: Let D be the constant
DPS:
The required rate of return (re) is the return shareholders demand to compensate them for the time value of money tied up in their investment and the
uncertainty of the future cash flows from these investments.
Valuation Models
Dividend growth at a ... Show more content on Helpwriting.net ...
This will provide investors with a 15% expected return.
Instead, we decide to plow back 40% of the earnings at the firm's current return on equity of 25%. What is the value of the stock before and after the
plowback decision?
Valuing Common Stocks
Example
Our company forecasts to pay a $8.33 dividend next year, which represents 100% of its earnings. This will provide investors with a
15% expected return. Instead, we decide to plow back 40% of the earnings at the firm's current return on equity of 25%. What is the value of the stock

before and after the plowback decision?
No Growth
8.33
P0 пЂЅ
пЂЅ$55.56
.15
With Growth
g пЂЅ.25 п‚ґ.40 пЂЅ.10
5.00
P0 пЂЅ
пЂЅ$100.00
.15 пЂ .10
Example – continued
If the company did not plowback some earnings, the stock price would remain at $55.56. With the plowback, the price rose to $100.00.
The difference between these two numbers is called the
Present Value of Growth Opportunities (PVGO).
PVGO пЂЅ100.00 пЂ 55.56 пЂЅ$44.44
Present Value of Growth Opportunities
(PVGO) – Net present value of a firm's future investments.
Sustainable Growth Rate – Steady rate at which a firm can grow: plowback ratio

`` No One Can Serve Two Masters ``
We live in a world where a person's success is measured by how much money they have or by the amount of possessions they own. God, however,
calls us to live a different lifestyle. Matthew 6:24 says "No one can serve two masters. Either you will hate the one and love the other, or you will
be devoted to the one and despise the other. You cannot serve both God and money." Nevertheless, God also wants us to be frugal with our money
so that we can bless others with our excess. On My Own Two Feet gives some practical advice on how to get out of debt. The goal of this book is to
help people understand how they can live well today and also being able to save for future needs. Some of the main idea of the book is to start saving
now to have an emergency fund, to be able to pay for high–priced items and to ensure a stable retirement. It is not until after the personal finances are
controlled can people really give generously and serve God with their money. Deciding how much to spend and how much to save can be difficult.
On My Own Two Feet breaks down a gross income and shows what percentage of the income should be spent in several different categories. The first,
and the biggest, category is what they call the "foundation expenses" (pg. 68). This includes all the stuff that is a basic need, such as food, shelter and
transportation. Because these are all necessitates in life, 45 percent of an income is devoted to paying for them. The next biggest category is income
taxes. According

Cost Savings Of A Company
Cost Savings of a company
PROJECT REPORT
Masters of Business Administration
Stevens henager
Professor– Dr. Hobbs
Student Name – Divya.Nunna Student ID –1408125257
ABSTRACT
This is the project which mainly helps us to know how important the concept of Cost savings is important for each and every department of the
company. The steps to be followed in order to make aware of cost savings how it helps both the company and an individual employee. The effects of
it in a worthy way depraved way in the view of employee. In depth subject of cost saving with example on ground data and its analysis with explanation
through graphs. Advantages and Disadvantage of the cost savings through all the aspects which involves in the process of that particular department
with suggested conclusion by explaining the on ground project of a company Sachs&Co.
TABLE OF CONTENTS
Acknowledgments....................................... 1
Abstract.................................................... 2
Introduction................................................3
Objectives...................................................4

Procedure................................................... 5
Results...................................................... 6
Conclusions................................................ 7

The Fedex Stock 's Price
FedEx has produced superior financial returns to its shareholder in last couple of year. It has a worldwide business with a broad portfolio of
transportation, e–commerce and business services. It consistently ranked among world's most trusted and admired employers. The revenue has been
consistently increasing and expected to reach at 45 billion in next year. EPS is also about 5.5 and the expected P/E ratio is 14.3 which show its growth
potential. With the stock's beta of 1.27 and latest dividend payout ratio of 9%, it can be expected that it will give a superior result in near future and
thus it is one of the best alternatives for investment.
The FedEx stock's price range in last year was 101.95 – 155.31. Currently its stock's price is ... Show more content on Helpwriting.net ...
From 2005, FedEx has decided to eliminate the classified structure of Board and allowed for the annual election of all directors. Investors' interest has
been protected and tried to maintain the full integrity in business operation. It is tried to ensure the disclosure of all the material information and a
complete transparency so all investors have access of clear factual information.
The next year's growth rate is expected to be 21.10% which is higher than the Industry and market growth. This higher growth rate is based on it's a
strong financial base, huge market capitalization, higher growth potential, consistent earnings record, diversified portfolio and a reputation it earned in
past several years.
The estimated beta of firm is about 1.27. This figure is retrieved from a reliable website–www.finance.yahoo.com.
To calculate the firm's required rate of return, CAPM model is applied as follows:
One year US Treasury rate of return=0.10%
One year Market return on S&P 500=24.40%
The beta of FedEx stock=1.27
Hence, the firm's required rate of return=0.10 + 1.27*(24.40 – 0.10) = 30.96%
For year ended 31st Mar'14, Cash flow from operating activities is $4,264 million and Cash flow from investing activities is $3,551 million. Hence,
Free cash flow (FCF) to the firm will be Cash flow from Operating activities less Cash flow from Investing activities, i.e. $4,264 –

Macroeconomics And Macroeconomics Individual Assignment
Macroeconomics Individual Assignment 1
Wil Creasy
Part A
Since the beginning of the 1990s, Japan has experienced significant declines in household net savings rates. The 90's was a decade of slow growth,
and households devoted a large portion of their incomes to maintaining consumption levels. "Large amounts of liquid savings in postal savings accounts
and in banks meant the majority of the population did not feel they had to increase saving in order to rebuild assets." (Feldstein, 2010)
A number of factors contributed to this decline in the savings rate. One such factor is that demographic structure is changing rapidly. There is an
increasing number of retirees relative to the people within the labour force. The people in the labour ... Show more content on Helpwriting.net ...
Japan's public pension system can be divided into the Employees Pension System, the Mutual Aid Association Pension System and the National
Pension System. Pensions can alliveate many financial worries that people in the workforce may experience into the future and problems a retiree is
experiencing currently. This creates a situation where there is less of a reason to save and hence declines in savings rates occur.
Real incomes for workers experienced slow growth from the beginning of the 1990's to the present day in Japan. This has impacted savings rate as a
large portion of the population do not have the finances to save effectively. This would account for low consumer spending regardless of the low saving
rates. Reductions in labour productivity and issues with corporate competitiveness are two main factors behind this reduction in real incomes.
Part B
a)
Real GDP Equation:
Y=C+I+G+X–M
Y=C+I+G+NX
Household Consumption:
June 2013: $205,559,000,000

September 2013: $207,078,000,000
December 2013: $208,158,000,000
March 2014: $209,729,000,000
Total: $830,524,000,000
Investment:
Dwelling
June 2013: $18,122,000,000
September 2013: $17,979,000,000
December 2013: $18,284,000,000
March 2014: $19,144,000,000
Total Dwelling: $73,529,000,000
Business:
June 2013: $67,126,000,000
September 2013: $67,533,000,000
December 2013: $65,440,000,000
March 2014: $64,720,000,000
Total Business: $264,819,000,000
Changes in Inventories
June 2013: $177,000,000

Autozone Inc.
Baker Adhesives
Jacqueline Lau
Stetson Strifler
Tarleton State University
FIN–403/505, Spring Semester, Sect. 010
Dr. Omar A. Esqueda
April 8, 2013
Table of Contents
Executive Summary.........................................................................................................................3
General Background of Organization..............................................................................................3
Overview of Financial Analysis Tools............................................................................................4
Stock Repurchases and the Benefits They Offer.............................................................................5
Alternative Operating Cash Flow ... Show more content on Helpwriting.net ...
Within this case analysis, we will examine Autozone's stock repurchasing program, as well as the mechanics behind it and the benefits it provides to the
firm. Additionally, this report will analyze the alternative operating cash flow options Autozone should consider, detailing the benefits and costs of
each option. A comprehensive examination of these operating cash flow alternatives will be presented, allowing for the determination of the most
viable alternative for the use of Autozone's operating cash flows.
General Background of Organization Founded in 1979 under the name AutoShack, Autozone has grown to become the leading retailer of automotive
replacement parts and accessories in the United States, employing nearly 65,000 employees with over 4,800 locations in North America. After
changing their name to Autozone in 1987, the company was able to implement the first electronic auto–parts catalogue in the retail industry, helping to
establish their dominant position in the market. Because the firm was able to record steady growth for years, it was taken public in 1991, allowing it
to be listed on the New York Stock Exchange (NYSE) under the ticker symbol AZO. Along with heavy investments in their retail footprint, Autozone
had also developed a refined hub–and–feeder inventory system, keeping in–store inventory levels low while reducing the chance of stock outages.
Because of their revolutionary electronic

The On The Marginal Productivity Theory
Stiglitz paints a very dark and hated picture of the top 1 percent or wealthy elite right off the bat. Stiglitz is clearly against the 1 percent in almost
every way. The 1 percent is stingy, useless, and does nothing to provide benefits for the middle class or any body outside of the 1 percent. The deeper
into the article I found myself, the more questions came to mind. Are these facts or opinions? Does the authors argument hold any statistical value? The
more I questioned the more specific my research became. The research developed into reasons how the marginal–productivity theory is in fact a vital
part in the 1 percents role in the economy. That piece of information led to two other important pieces of evidence. How much did the 1 percent
actually contribute to society? How many job and educational opportunities came from the wealthy elite? The research and statistics go on to speak for
themselves by stating how exactly the top 1 percent contribute to society specifically outside of their income class and how many economic
opportunities are provided from just the 1 percent alone. Of the 1%, By the 1%, For the 1% suggests that a large portion of the total income is being
overrun by the 1 percent or the extremely wealthy. It states that the top 1 percent control over 40 percent of the nations income. The author even brings
on this shocking statistic "Twenty–five years ago, the corresponding figures were 12 percent and 33 percent." (Stiglitz 79). This all sounds very nice

Analyzing The Cash Flow Statement
Analysing the cash flow statement would be a great place to first look when initially analysing a company. It is difficult for a company to manipulate
the cash flow statements resulting in a honourable place to find the actual numbers. The cash flow statement is indicative of how well the company can
convert net income into cash; it also helps to determine if a company is strong or weak. Panera realizes a positive net cash flow and is a strong company
from their statements. To receive a deeper analysis, the three sections of the cash flow statements, cash flows from operations, cash flow from
investing and cash flow from financing should be dissected. In the first section of cash flows from operations (CFO), Panera has had a strong and
positive growth in cash flow from their operations from 2010–13 with a slight drop in 2104 due to the fact their net income decreased in 2014. During
all five years, Panera stands in a upright position as their CFO is greater than net income. A ratio can be computed to see how high the quality of net
income is by adding net income with deprecation dividing by the CFO shows that outside of 2010, net income proves to be of high quality. From the
years 2011–2014 this ratio hovers around 90%, while in 2010 this ratio falters to 75% due to a high level of cash generated in accrued expenses.
Although the net income remained high quality in 2014 it is concerning that figured dropped due to an increase in expenses.
Cash flow from investing

Valuation Is The Price Of Everything, But The Value Of...
According to Oscar Wilde, " a cynic is one who knows the price of everything, but the value of nothing".
Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold.
Every assets have to be valued in order to take an investment decision, and their sources have to been understood as well. Various methods of
valuation can be used, and a certain degree of uncertainty exists.A valuation is uncertain. A good valuation does not provide a precise estimate of
value.Nevertheless, a valuation enables to get a large overview in order to take an investment decision.For that reason valuation is a strategic aspect
in many areas of finance. In corporate finance, the firm's value aims to be as high as possible and will have an effect on corporate decisions, including
projects to develop and where to find funds, and on the dividend policy.
In such a way to study the topic, we will discuss first the Net Asset Value and its advantages and disadvantages, then theDiscounted cash flow method
and to finish the dividend discount model.
The net asset value (NAV) method measures the value of a fund's assets. It enables investors to analyse a fund's performance market and industry
standards such as Moody's.
The NAV is the book value of equity, in other words the total value of a company's assets less its liabilities total value.
The first advantage to the Net Asset Value is the availableness of the data it performs.
It also allows adjustments. Then, it is

A Proposal Response On Climate Change And 192 Countries
Recommendation
This policy memo response the People's Climate March held on New York, September 21, 2014, by focusing on how to decrease New York's level
greenhouse gas emissions by 80 percent by 2050 from 2005 levels . Despite the fact that 195 countries have become Parties to The United Nations
Framework Convention on Climate Change and 192 countries have signed the protocol , the climate crisis has not been solved but accelerated. By
introduction a new energy–efficient standard in New York Cityto both public and private buildings could largely relieve this intensified situation and
help sustain momentum from the People's Climate March. This new proposal will transform New York City into an eco–friendly city with less
greenhouse gas ... Show more content on Helpwriting.net ...
Big cities like New York with dense popularity should be extremely concerned about this phenomenon by introducing new feasible energy saving
proposal to mollify this challenge.
One of the main solution is to decrease or maintain the same greenhouse gas (GHG) emission level for temperature control. Since nearly three–quarters
of the GHG in New York City is emit from buildings , targeted project aim at renew existing low energy efficiency building and expand more new
clean energy technology in both public and private housing. The new plan named "New City, Built to Last" should be activate to transform New York
City's Buildings for a Low–Carbon Future . With this affordable project, every citizen could enjoy the benefit of an advanced low–carbon city,
improving the public health in long–term. Moreover, the new plan will generate large amount of addition job positions to better boost the economy.
To better analysis the effect of this new plan, a stakeholder map is illustrate below, by placing each stakeholder in their position.
The most affected group will be residents living in New York which could be grouped by low income, middle income and high income residents. The
low income residents tend to have negative attitude since they pay a higher share of their rent for energy than wealthier residents, and often live in
less–efficient buildings. An

Elizabeth Warren The Vanishing Middle Class Analysis
Debt in America now has grown to be at the highest it has been compared to the decades before. People now spend tremendous about of money now
then they have many years prior. Many people today have borrowed money that they can not seem to pay back, which debt begins to accumulate and
may cause distress in many lives. Basically now there is no one preserving their own money, they're are just spending their hard earned money.
Elizabeth Warren, formerly a U.S. senator and also a teacher, addresses the middle class in her essay called "the vanishing middle class". There are
abundant of good ideas that she states in her essay. Elizabeth Warren is very effective in her argument because of three concepts that stand out the
most were having high incomes but at a price, savings and debt, how different we use our money now compared with how we have in the past.
Incomes now and back then have changed tremendously. In her essay " the vanishing middle class" Elizabeth Warren states " The answer is that the
typical man working full–time, after adjusting for inflation, earns about $800 less than his father earned in the early 1970s. After decades of rising
incomes earlier in the twentieth century, about thirty years ago wages for men have flatlined". This shows that even though incomes have increased
and changed over time people are still making less money than their parents have done due to wages not being increased for 30 years and due to the
facts the people spend more on things

The Best Out Of His Life
For 40 some years, Mike See has made sure to make the best out of his life. He 's taught many people the way of being an entrepreneur and what it
means to be one in western Kansas. Through his life he 's overcome obstacles, showed hard work, and pursued his passion of inventing new things.
Mike See has made a huge impact on his family and especially his niece or in other words, me. Uncle Mike wasn 't the first person in our family to go
to college or do anything academic like that because as he likes to state it "a little scholarly challenged." In fact, he didn 't attend college at all. He
went to be a guide in Idaho, worked in a salvage yard in Colorado, and then came back home to help my grandpa, Bill See, with farming. After his...
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In early, 2014 Uncle Mike ended up selling his share of the company to his partners. He has since then ran a restaurant both in Cuchara, New
Mexico and Scott City, created a duck ranch for hunters, owned a engraving/lazering company and has contributed to kids days at the state park
for those who want to be outdoors. Currently, he is working on running his Etsy store for the past two years. In his store, he makes wooden signs
that have sold all over the U.S.. Also he 's currently working to turn his storefront uptown into a bait and tackle shop because of the limited supply
we have here in Scott, again, showing he wants to make people experience the great outdoors. Uncle Mike is always on the go no matter what. He
has recently had two wrist surgeries that has slowed his inventions but it doesn 't stop him. Mike See's story has taught me that the ideas of one
person can make a big difference for families or people for a long time. Yet the question constantly from him is what will I do to take the that will
make my life steady and will make my future brighter. The combination of the talks from Uncle Mike and the lessons I've learned through the
EverFi programs will help me plan a better future for myself and others. I know I will need to be able to have a constant income and that I will need
to save and invest the money I made wisely, so that I will have enough to support my dreams and educational goals. The skills I will learn or

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