TAX 650 Final Project Guidelines and Rubric Overview The final project for this course is the creation of a memorandum with appendix (7–10 pages). As an associate working in a privately held enterprise or working with privately held clients, it is imperative to be able to advise clients on the tax implications of their financial investments. The ability to model the tax consequences of transactions and do cost benefit analysis is crucial. For your final project, you will model the role of an associate working in a private consulting firm. You will demonstrate your ability to advise clients on whether they should operate as a sole proprietor, a partnership, an S corporation, or a C corporation. Additionally, using your tax research skills and understanding of federal income taxation, you will have the opportunity to evaluate tax consequences from sales and distributions for their compliance with the Internal Revenue Code and Treasury regulations. The project is divided into four milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, Seven, and Eight. The final product will be submitted in Module Nine. In this assignment, you will demonstrate your mastery of the following course outcomes:  Recommend an appropriate business tax entity based on the analysis of a tax situation for achieving favorable economic impact on the client’s taxable income  Utilize appropriate tax forms and schedules that compute taxable income on individual tax returns and reflect versatility of thought, resulting in the best economic solution for the individual taxpayer  Apply accrual and cash basis accounting best practices and moral reasoning in determining when business transactions may be reported for income tax purposes  Assess the economic impact on taxable income for the business tax entity in relation to Internal Revenue Code and Treasury regulations and the optimum desired outcomes for the client  Evaluate the tax consequences that result from sales or distributions of property for their compliance with IRS Circular 230, Internal Revenue Code, and the American Institute for Certified Public Accountants and for advising the client Prompt You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has $690,000 available in his 401(k) fund and he is thinking of using that money to open a used car business that will be located at 210 Ocean View Drive in Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income. Bob’s personal wealth including investments in land, stocks, and bonds is about $14,000,000. He reported an interest income of $20,000 and dividend income of $6,000 last year. The $14,000,000 includes land worth $9,000,000 that B ...

1. TAX 650 Final Project Guidelines and Rubric
Overview
The final project for this course is the creation of a
memorandum with appendix (7–10 pages).
As an associate working in a privately held enterprise or
working with privately held clients, it is imperative to be able
to advise clients on the tax implications of
their financial investments. The ability to model the tax
consequences of transactions and do cost benefit analysis is
crucial.
For your final project, you will model the role of an associate
working in a private consulting firm. You will demonstrate your
ability to advise clients on whether
they should operate as a sole proprietor, a partnership, an S
corporation, or a C corporation. Additionally, using your tax
research skills and understanding of
federal income taxation, you will have the opportunity to
evaluate tax consequences from sales and distributions for their
compliance with the Internal Revenue
Code and Treasury regulations.
The project is divided into four milestones, which will be
submitted at various points throughout the course to scaffold
learning and ensure quality final
submissions. These milestones will be submitted in Modules
Three, Five, Seven, and Eight. The final product will be
submitted in Module Nine.

2. In this assignment, you will demonstrate your mastery of the
following course outcomes:
analysis of a tax situation for achieving favorable economic
impact on the client’s taxable
income
taxable income on individual tax returns and reflect versatility
of thought, resulting in the best
economic solution for the individual taxpayer
moral reasoning in determining when business transactions may
be reported for income tax
purposes
come for the
business tax entity in relation to Internal Revenue Code and
Treasury regulations and the optimum
desired outcomes for the client
distributions of property for their compliance with IRS Circular
230, Internal Revenue Code, and
the American Institute for Certified Public Accountants and for
advising the client
Prompt
You are currently working at a mid-sized certified public
accounting firm. Your client is Bob Jones. Bob, age 60 and
single, has recently retired from IBM. He has

3. $690,000 available in his 401(k) fund and he is thinking of
using that money to open a used car business that will be
located at 210 Ocean View Drive in
Pensacola, Florida. Bob has estimated that the business might
make $300,000 in taxable income.
Bob’s personal wealth including investments in land, stocks,
and bonds is about $14,000,000. He reported an interest income
of $20,000 and dividend income of
$6,000 last year. The $14,000,000 includes land worth
$9,000,000 that Bob bought in 1966 for $450,000.
Bob has hired your firm for professional advice regarding
whether he should operate as a sole proprietor, a partnership, an
S corporation, or a C corporation. He
is also considering transferring a possible 40% interest in his
new business to his daughter Mandy, age 23 and single.
Prepare a memorandum to the client, recommending a type of
business entity, including an appendix of supporting IRS tax
schedules and forms.
Specifically, the following critical elements must be addressed:
I. Memorandum
A. Recommend a type of business entity for the client to
consider based on your tax research. Consider justifying your
recommendation using the
code and regulations that relate to the business entity.
B. Differentiate between accrual accounting and cash basis.

4. Based on the type of business and the client’s accounting
system, what is the impact
when revenue is recognized?
C. Based on the decision of accrual vs. cash basis, describe
when revenue would be recognized on the sale of inventory, and
how the accrual
reporting differs from cash basis.
D. Determine the economic impact on the client’s financial
situation. Based on your decision, determine the potential tax
liability, keeping in mind
appropriate Internal Revenue Code and Treasury regulations.
E. Identify the tax consequences on the sale or exchange of the
land consistent with capital gain rules. Consider the selling
expense, broker’s fees,
closing costs, appraisals, and surveys and the correct schedule
form to complete.
F. Justify whether or not the client should choose a business
entity that has limited liability protection. Be sure to include
possible future liability
issues based on the potential economic impact and appropriate
Internal Revenue Code and Treasury regulations.
G. Describe the tax effect on the recommended business entity
and the impact it will have on the client’s personal tax return.
Consider addressing
how the business entity affects the completion of the 1040 tax
form.
II. Conclusion
A. Evaluate the economic impact on the client’s personal

5. returns based on the recommended entity. Justify why the client
would not choose the
other business entities by informing the client of the
differences.
B. Justify your recommendation regarding the client’s daughter
having an ownership interest. Provide details supporting the
recommendation
taking into consideration the jargon and mechanics of the
transaction.
C. Summarize, using moral reasoning, cash or accrual basis
accounting systems in relation to the selected business entity.
Consider how the
accounting system impacts revenue recognition, consistent with
Internal Revenue Code and Treasury regulations.
D. Describe the after tax effects on the client’s cash flow based
on the sale of the land that is needed to provide the funds
necessary to start the
business. Consider including capital gains tax rules.
E. Explain whether or not the client and his child should take a
salary or cash distribution according to tax purposes and
Internal Revenue Code and
Treasury regulations. Consider the type of business and the tax
effect whether it is salary, dividends, or cash withdrawal.
III. Appendix
Based on your recommendation to the client regarding

6. proprietorship, taxable income, and sale of land, complete the
appropriate tax schedules and
forms described below.
A. Prepare the appropriate page of Form 1040 and include the
sale of the client’s land on the appropriate tax schedule and
form for the
recommended business entity. Be certain to complete each tax
schedule and form accurately and complete ly.
B. Prepare the appropriate schedule and tax forms to reflect
taxable income based on your calculations and the disposition
of asset. Be certain to
complete each tax schedule and form accurately and completely.
C. Illustrate how creative problem solving and versatility of
thought impact professional advice that you intended to result in
the best economic
solutions for the client. Consider providing real-world examples
to support your claims.
Milestones
Milestone One: Gross Income and Capital Gains
In Module Three, you will submit a draft of the gross income
and capital gains, analyzing the following critical elements: I.
Memorandum, section E, and II.
Conclusion, sections D and E. You must compute the property
disposition capital gain and taxation of gross income. In
completing this assignment, consider the
tax effect of salary dividends or cash withdrawal in accordance
with Internal Revenue Code and Treasury regulations. This
assignment will be submitted as a
Word document. This milestone is graded with the Milestone
One Rubric.

7. Milestone Two: Revenue Recognition and Accounting Methods
In Module Five, you will submit a draft of the revenue
recognition and accounting methods, summarizing the following
critical elements: I. Memorandum,
sections B, C, and D, and II. Conclusion, section C. You will
determine revenue recognition and the economic impact of the
client’s financial situation. Based on
your decision, determine the potential tax liability, keeping in
mind appropriate Internal Revenue Code and Treasury
regulations. This assignment will be
submitted as a Word document. This milestone is graded with
the Milestone Two Rubric.
Milestone Three: Choice of Business Entity
In Module Seven, you will submit a draft of the choice of
business entity, analyzing the following critical elements: I.
Memorandum, sections A, F, and G, and II.
Conclusion, sections A and B. The short paper will
communicate tax aspects of business entities to the client. This
assignment will be submitted as a Word
document. This milestone is graded with the Milestone Three
Rubric.
Milestone Four: Tax Forms
In Module Eight, you will submit IRS draft tax forms, analyzing
all of the critical elements in III. Appendix, sections A, B, and
C. Based on your research, the tax
forms and schedules will support your recommendation to the
client. This assignment will be submitted as completed tax
forms, which are provided to you in
your textbook resource CD or on the IRS website. This
milestone is graded with the Milestone Four Rubric.

8. Final Submission: Memorandum With Appendix
In Module Nine, you will submit a memorandum with an
appendix to the client and all IRS tax forms and schedules
necessary to support your advice. It should be
a complete, polished artifact containing all of the critical
elements of the final product. It should reflect the incorporation
of feedback gained throughout the
course. This submission is graded with the Final Product
Rubric.
Deliverables
Milestone Deliverable Module Due Grading
One Gross Income and Capital Gains Three Graded separately;
Milestone One Rubric
Two Revenue Recognition and Accounting
Methods
Five Graded separately; Milestone Two Rubric
Three Choice of Business Entity Seven Graded separately;
Milestone Three Rubric
Four Tax Forms Eight Graded separately; Milestone Four
Rubric
Final Submission: Memorandum With
Appendix
Nine Graded separately; Final Product Rubric

9. Final Product Rubric
Guidelines for Submission: Your memorandum must be 7 to 10
pages in length (plus a cover page and references) and must be
written in APA format. Use double
spacing, 12-point Times New Roman font, and one-inch
margins. Your memorandum must include an appendix
containing electronic versions of the appropriate
IRS tax schedules and forms. Include at least three references
cited in APA format.
Instructor Feedback: This activity uses an integrated rubric in
Blackboard. Students can view instructor feedback in the Grade
Center. For more informati on,
review these instructions.
Critical Elements Exemplary Proficient Needs Improvement Not
Evident Value
Memo: Business
Entity
Meets “Proficient” criteria and
details are justified using
appropriate Internal Revenue
Code and Treasury regulations
relevant to recommended
business entity
(100%)
Recommends a type of business
entity for the client to consider
that is based on tax research

10. (90%)
Recommends a type of business
entity but either the cited
Internal Revenue Code and
Treasury regulations are
inaccurate or details are cursory
(70%)
Does not recommend a type of
business entity
(0%)
6.4
http://snhu-
media.snhu.edu/files/production_documentation/formatting/rubr
ic_feedback_instructions_student.pdf
Memo: Accrual
Accounting vs. Cash
Basis
Meets “Proficient” criteria and
provides a full description of
which entities require accrual
and when it is optional
(100%)
Differentiates between accrual

11. accounting and cash basis and
identifies the impact of the
revenue
(90%)
Differentiates between accrual
accounting and cash basis and
identifies the impact of the
revenue, but the details are
inaccurate or cursory
(70%)
Does not differentiate between
accrual accounting and cash
basis or does not identify the
impact of the revenue
(0%)
6.4
Memo: Revenue
Recognized on the
Sale
Meets “Proficient” criteria and
describes the installment
method of reporting revenue
(100%)
Describes when revenue would

12. be recognized and how the
reporting differs for accrual
accounting vs. cash basis
(90%)
Describes when revenue would
be recognized and how the
reporting differs but details are
inaccurate or cursory
(70%)
Does not describe when
revenue would be recognized or
how the reporting differs
(0%)
6.4
Memo: Economic
Impact
Meets “Proficient” criteria and
addresses payroll tax issues and
self-employment tax
(100%)
Determines the economic
impact on the client’s financial
situation and potential tax

13. l iability, and determinations are
consistent with Internal
Revenue Code and Treasury
regulations
(90%)
Determines the economic
impact on the financial situation
and potential tax l iability but
either the referenced Internal
Revenue Code and Treasury
regulations are inaccurate or
details are cursory
(70%)
Does not determine the
economic impact on the
financial situation and potential
tax l iability
(0%)
6.4
Memo: Tax
Consequences
Meets “Proficient” criteria and
comprehensively addresses all
expenses including how best to

14. report on the schedule
(100%)
Identifies the tax consequences
on the sale or exchange of the
land consistent with capital
gains rules
(90%)
Identifies tax consequences but
details are either inconsistent
with capital gains rules or
cursory
(70%)
Does not identify tax
consequences
(0%)
6.4
Memo: Limited
Liability Protection
Meets “Proficient” criteria and
includes information about
limited liability companies
(100%)
Justifies whether or not the

15. client should choose a business
entity that has l imited liability
protection and includes possible
future liability issues consistent
with Internal Revenue Code and
Treasury regulations
(90%)
Justifies whether or not to
choose a business entity that
has l imited liability protection
but does not include possible
future liability issues, possible
future liability issues are not
consistent with Internal
Revenue Code and Treasury
regulations, or details are either
inaccurate or cursory
(70%)
Does not justify whether or not
to choose a business entity that
has l imited liability protection
(0%)
6.4

16. Memo: Tax Effect
Meets “Proficient” criteria and
addresses the client’s after tax
flow
(100%)
Describes the tax effect on the
recommended business entity
and the impact on the client’s
personal tax return
(90%)
Describes the tax effect on the
recommended business entity
and the impact on the client’s
personal tax return, but details
are irrelevant or cursory
(70%)
Does not describe the tax effect
on the recommended business
entity and the impact on the
client’s personal tax return
(0%)
6.4
Conclusion:
Economic Impact:

17. Personal Returns
Meets “Proficient” criteria and
shows keen insight into the
advantages and disadvantages
of choosing appropriate
business entities
(100%)
Evaluates the economic impact
on the client’s personal returns
based on the recommended
entity and justifies response by
including information about the
other entities
(90%)
Evaluates the economic impact
of client’s personal returns but
does not provide justification or
details lack relevance or are
cursory
(70%)
Does not evaluate the economic
impact of client’s personal
returns
(0%)

18. 6.4
Conclusion:
Ownership Interest
Meets “Proficient” criteria and
uses appropriate voice for the
audience
(100%)
Justifies recommendation
regarding the client’s daughter
having an ownership interest
using details supporting the
recommendation
(90%)
Justifies recommendation
regarding client’s daughter
having an ownership interest
but details either lack relevance
or are cursory
(70%)
Does not justify the
recommendation regarding
client’s daughter having
ownership interest
(0%)

19. 6.4
Conclusion: Cash or
Accrual Basis
Accounting System
Meets “Proficient” criteria and
identifies the impact on revenue
recognition consistent with
Internal Revenue Code and
Treasury regulations
(100%)
Summarizes, using moral
reasoning, cash or accrual basis
accounting systems in relation
to the selected business entity
consistent with appropriate
Internal Revenue Code and
Treasury regulations
(90%)
Summarizes cash or accrual
basis accounting systems in
relation to the selected business
entity, but details either lack
moral reasoning or are cursory
(70%)

20. Does not summarize cash or
accrual basis accounting
systems in relation to the
selected business entity
(0%)
6.4
Conclusion: Tax
Effects on Cash Flow
Meets “Proficient” criteria and
cites capital gains tax rules
relating to gains and losses
(100%)
Describes the after tax effects
on the client’s cash flow based
on the sale of the land that is
needed to start the business
(90%)
Describes the after tax effects
on the client’s cash flow that are
needed to start the business but
details are either inaccurate or
cursory
(70%)
Does not describe the after tax

21. effects on the client’s cash flow
that are needed to start the
business
(0%)
6.4
Conclusion: Salary
or Cash Distribution
Meets “Proficient” criteria and
includes the tax effect on salary,
dividends, or cash withdrawal
(100%)
Explains whether or not the
client and his child should take a
salary or cash distribution
according to tax purposes and
Internal Revenue Code and
Treasury regulations
(90%)
Explains whether or not the
client and his child should take a
salary or cash distribution but
details are cursory or not

22. consistent with tax purposes
and Internal Revenue code and
Treasury regulations
(70%)
Does not explain whether or not
the client and his child should
take a salary or cash distribution
(0%)
6.4
Appendix: Form
1040
Prepares the appropriate page
of Form 1040 accurately and
completely, including the sale of
the client’s land on the
appropriate tax form and
schedule
(100%)
Prepares the appropriate page
of Form 1040 on the
appropriate tax form and
schedule, but details are either
incomplete or inaccurate
(70%)

23. Does not complete the
appropriate page of Form 1040
and does not include the sale of
the client’s land on the
appropriate tax form and
schedule
(0%)
6.4
Appendix: Schedule
and Tax Form
Prepares the appropriate
schedule and tax form
accurately and completely,
reflecting taxable income based
on calculations and the
disposition of asset
(100%)
Prepares the appropriate
schedule and tax form reflecting
taxable income but detai ls are
incomplete or inaccurate
(70%)
Does not prepare the

24. appropriate tax form reflecting
taxable income
(0%)
6.4
Appendix:
Professional Advice
Meets “Proficient” and provides
real-world examples to support
claims
(100%)
Il lustrates how creative problem
solving and versatil ity of
thought impacts professional
advice intended to result in the
best economic solutions for the
client
(90%)
Il lustrates how creative problem
solving and versatil ity of
thought impacts professional
advice intended to result in the
best economic solutions for the
client but details are irrelevant
or cursory

25. (70%)
Does not i l lustrate how creative
problem solving and versatil ity
of thought impacts professional
advice intended to result in the
best economic solution for the
client
(0%)
6.4
Articulation of
Response
Submission is free of errors
related to citations, grammar,
spelling, syntax, and
organization and is presented in
a professional and easy-to-read
format
(100%)
Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization
(90%)
Submission has major errors
related to citations, grammar,
spelling, syntax, or organization

26. that negatively impact
readability and articulation of
main ideas
(70%)
Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
(0%)
4
Earned Total 100%
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/19/0900.006-0.00200.006-0.00200.006-
0.0025/20/090.0040.0010.0060.0040.0010.0060.0040.0010.0065
/21/09-0.008-0.018-0.003-0.008-0.018-0.003-0.008-0.018-
0.0035/22/090.002-0.0070.0060.002-0.0070.0060.002-
0.0070.0065/26/090.0120.0180.0090.0120.0180.0090.0120.0180
.0095/27/09-0.022-0.014-0.026-0.022-0.014-0.026-0.022-0.014-
0.0265/28/090.0050.0050.0040.0050.0050.0040.0050.0050.0045
/29/090.0090.0160.0060.0090.0160.0060.0090.0160.0066/1/090.
0090.0030.0130.0090.0030.0130.0090.0030.0136/2/090.0090.01
50.0060.0090.0150.0060.0090.0150.0066/3/09-0.005-0.006-
0.005-0.005-0.006-0.005-0.005-0.006-0.0056/4/090.007-

44. 0.0040.0120.007-0.0040.0120.007-0.0040.0126/5/09-
0.0290.002-0.043-0.0290.002-0.043-0.0290.002-
0.0436/8/090.0130.0160.0120.0130.0160.0120.0130.0160.0126/
9/090.006-0.0020.010.006-0.0020.010.006-0.0020.016/10/09-
0.006-0.003-0.008-0.006-0.003-0.008-0.006-0.003-
0.0086/11/090.0080.0030.0110.0080.0030.0110.0080.0030.0116
/12/090.0120.051-0.0070.0120.051-0.0070.0120.051-
0.0076/15/09-0.017-0.007-0.022-0.017-0.007-0.022-0.017-
0.007-0.0226/16/090-0.0080.0030-0.0080.0030-
0.0080.0036/17/090.0110.0140.010.0110.0140.010.0110.0140.0
16/18/090.0050.0060.0040.0050.0060.0040.0050.0060.0046/19/
090.011-0.0110.0220.011-0.0110.0220.011-0.0110.0226/22/09-
0.004-0.002-0.006-0.004-0.002-0.006-0.004-0.002-
0.0066/23/090.022-0.0120.0390.022-0.0120.0390.022-
0.0120.0396/24/09-0.0150.003-0.023-0.0150.003-0.023-
0.0150.003-
0.0236/25/090.0070.0160.0030.0070.0160.0030.0070.0160.0036
/26/090.002-0.0070.0060.002-0.0070.0060.002-
0.0070.0066/29/090.0070.0110.0060.0070.0110.0060.0070.0110
.0066/30/09-0.01-0.012-0.009-0.01-0.012-0.009-0.01-0.012-
0.0097/1/090.0210.0140.0250.0210.0140.0250.0210.0140.0257/
2/09-0.017-0.011-0.019-0.017-0.011-0.019-0.017-0.011-
0.0197/6/090.0090.0150.0070.0090.0150.0070.0090.0150.0077/
7/09-0.008-0.008-0.008-0.008-0.008-0.008-0.008-0.008-
0.0087/8/09-0.0010.001-0.002-0.0010.001-0.002-0.0010.001-
0.0027/9/090.007-0.0010.0110.007-0.0010.0110.007-
0.0010.0117/10/09-0.007-0.001-0.01-0.007-0.001-0.01-0.007-
0.001-
0.017/13/090.020.0190.020.020.0190.020.020.0190.027/14/09-
0.0070.001-0.011-0.0070.001-0.011-0.0070.001-
0.0117/15/090.0270.0060.0380.0270.0060.0380.0270.0060.0387
/16/090.0090.0010.0120.0090.0010.0120.0090.0010.0127/17/09
0.0080.0040.010.0080.0040.010.0080.0040.017/20/09-
0.0020.009-0.006-0.0020.009-0.006-0.0020.009-
0.0067/21/090.0020.0020.0010.0020.0020.0010.0020.0020.0017
/22/090.0040.010.0010.0040.010.0010.0040.010.0017/23/0900.0

45. 08-0.00300.008-0.00300.008-0.0037/24/09-0.004-0.002-0.005-
0.004-0.002-0.005-0.004-0.002-0.0057/27/090.007-
0.0020.0110.007-0.0020.0110.007-
0.0020.0117/28/090.0080.010.0070.0080.010.0070.0080.010.00
77/29/09-0.0080.003-0.014-0.0080.003-0.014-0.0080.003-
0.0147/30/090.0110.0090.0130.0110.0090.0130.0110.0090.0137
/31/090.0090.0040.0120.0090.0040.0120.0090.0040.0128/3/09-
0.008-0.0330.005-0.008-0.0330.005-0.008-0.0330.0058/4/09-
0.004-0.004-0.004-0.004-0.004-0.004-0.004-0.004-0.0048/5/09-
0.01-0.012-0.009-0.01-0.012-0.009-0.01-0.012-0.0098/6/090-
0.0170.0080-0.0170.0080-0.0170.0088/7/090.0010.015-
0.0060.0010.015-0.0060.0010.015-0.0068/10/09-0.009-0.006-
0.01-0.009-0.006-0.01-0.009-0.006-
0.018/11/090.0060.0020.0090.0060.0020.0090.0060.0020.0098/
12/09-0.0210.006-0.033-0.0210.006-0.033-0.0210.006-
0.0338/13/09-0.0110.001-0.017-0.0110.001-0.017-0.0110.001-
0.0178/14/090.009-0.0060.0160.009-0.0060.0160.009-
0.0060.0168/17/09-0.013-0.008-0.015-0.013-0.008-0.015-0.013-
0.008-
0.0158/18/090.00600.0090.00600.0090.00600.0098/19/090.0220
.0090.0290.0220.0090.0290.0220.0090.0298/20/090.0040.0080.
0020.0040.0080.0020.0040.0080.0028/21/090.0140.0090.0160.0
140.0090.0160.0140.0090.0168/24/09-0.003-0.003-0.002-0.003-
0.003-0.002-0.003-0.003-0.0028/25/09-0.0020.008-0.007-
0.0020.008-0.007-0.0020.008-0.0078/26/09-0.0030.005-0.007-
0.0030.005-0.007-0.0030.005-0.0078/27/090.003-
0.0030.0060.003-0.0030.0060.003-0.0030.0068/28/09-0.005-
0.004-0.005-0.005-0.004-0.005-0.005-0.004-
0.0058/31/090.020.0050.0280.020.0050.0280.020.0050.0289/1/0
9-0.01-0.012-0.008-0.01-0.012-0.008-0.01-0.012-0.0089/2/09-
0.001-0.0040-0.001-0.0040-0.001-0.00409/3/09-0.0050-0.007-
0.0050-0.007-0.0050-
0.0079/4/090.0060.0070.0050.0060.0070.0050.0060.0070.0059/
8/090.0140.0050.0180.0140.0050.0180.0140.0050.0189/9/09-
0.006-0.009-0.005-0.006-0.009-0.005-0.006-0.009-
0.0059/10/090.0060.0080.0050.0060.0080.0050.0060.0080.0059

46. /11/09-0.001-0.0190.007-0.001-0.0190.007-0.001-
0.0190.0079/14/090.0060.0030.0080.0060.0030.0080.0060.0030
.0089/15/09-0.013-0.01-0.014-0.013-0.01-0.014-0.013-0.01-
0.0149/16/090.0110.0020.0160.0110.0020.0160.0110.0020.0169
/17/090.001-0.0050.0040.001-0.0050.0040.001-
0.0050.0049/18/090.0110.0150.010.0110.0150.010.0110.0150.0
19/21/09-0.003-0.005-0.002-0.003-0.005-0.002-0.003-0.005-
0.0029/22/090.0050.026-0.0040.0050.026-0.0040.0050.026-
0.0049/23/090-0.0060.0030-0.0060.0030-0.0060.0039/24/09-
0.006-0.001-0.009-0.006-0.001-0.009-0.006-0.001-
0.0099/25/090.002-0.0020.0040.002-0.0020.0040.002-
0.0020.0049/28/09-0.0020.005-0.006-0.0020.005-0.006-
0.0020.005-0.0069/29/09-0.002-0.0070-0.002-0.0070-0.002-
0.00709/30/090.0060.0050.0060.0060.0050.0060.0060.0050.006
10/1/09-0.015-0.02-0.013-0.015-0.02-0.013-0.015-0.02-
0.01310/2/09-0.007-0.001-0.009-0.007-0.001-0.009-0.007-
0.001-0.00910/5/090.002-0.0120.0080.002-0.0120.0080.002-
0.0120.00810/6/090.010.0040.0130.010.0040.0130.010.0040.01
310/7/09-0.0090.004-0.015-0.0090.004-0.015-0.0090.004-
0.01510/8/090.010.0270.0020.010.0270.0020.010.0270.00210/9/
09-0.008-0.003-0.011-0.008-0.003-0.011-0.008-0.003-
0.01110/12/090.016-0.0020.0250.016-0.0020.0250.016-
0.0020.02510/13/090.001-0.0010.0020.001-0.0010.0020.001-
0.0010.00210/14/090.003-0.0050.0060.003-0.0050.0060.003-
0.0050.00610/15/090.0010.00300.0010.00300.0010.003010/16/0
9-0.007-0.004-0.009-0.007-0.004-0.009-0.007-0.004-
0.00910/19/090.0280.0010.040.0280.0010.040.0280.0010.0410/
20/090.008-0.0020.0120.008-0.0020.0120.008-
0.0020.01210/21/090.003-0.0050.0070.003-0.0050.0070.003-
0.0050.00710/22/090.0290.0270.030.0290.0270.030.0290.0270.
0310/23/09-0.008-0.004-0.01-0.008-0.004-0.01-0.008-0.004-
0.0110/26/09-0.011-0.015-0.009-0.011-0.015-0.009-0.011-
0.015-0.00910/27/090.008-0.0030.0130.008-0.0030.0130.008-
0.0030.01310/28/09-0.007-0.001-0.01-0.007-0.001-0.01-0.007-
0.001-
0.0110/29/090.0240.0140.0270.0240.0140.0270.0240.0140.0271

47. 0/30/09-0.0060.007-0.011-0.0060.007-0.011-0.0060.007-
0.01111/2/090.0090.0030.0110.0090.0030.0110.0090.0030.0111
1/3/09-0.016-0.012-0.017-0.016-0.012-0.017-0.016-0.012-
0.01711/4/090.0020.0030.0020.0020.0030.0020.0020.0030.0021
1/5/090.0170.0110.0190.0170.0110.0190.0170.0110.01911/6/09
-0.0030.008-0.007-0.0030.008-0.007-0.0030.008-
0.00711/9/090.0170.0210.0160.0170.0210.0160.0170.0210.0161
1/10/090.003-0.0080.0070.003-0.0080.0070.003-
0.0080.00711/11/09-0.006-0.005-0.006-0.006-0.005-0.006-
0.006-0.005-0.00611/12/09-0.018-0.01-0.021-0.018-0.01-0.021-
0.018-0.01-
0.02111/13/090.0040.0010.0060.0040.0010.0060.0040.0010.006
11/16/090.010.0050.0110.010.0050.0110.010.0050.01111/17/09
0.0010.0030.0010.0010.0030.0010.0010.0030.00111/18/090.006
0.0080.0050.0060.0080.0050.0060.0080.00511/19/09-0.012-
0.014-0.012-0.012-0.014-0.012-0.012-0.014-0.01211/20/09-
0.003-0.003-0.003-0.003-0.003-0.003-0.003-0.003-
0.00311/23/090.0130.0110.0130.0130.0110.0130.0130.0110.013
11/24/090.0020.0010.0030.0020.0010.0030.0020.0010.00311/25
/090.0150.0010.0210.0150.0010.0210.0150.0010.02111/27/09-
0.01-0.007-0.011-0.01-0.007-0.011-0.01-0.007-0.01111/30/09-
0.0120.004-0.019-0.0120.004-0.019-0.0120.004-
0.01912/1/090.0190.0080.0230.0190.0080.0230.0190.0080.0231
2/2/090.010.0080.0110.010.0080.0110.010.0080.01112/3/090.00
8-0.0020.0120.008-0.0020.0120.008-0.0020.01212/4/09-
0.0040.004-0.007-0.0040.004-0.007-0.0040.004-0.00712/7/09-
0.008-0.006-0.008-0.008-0.006-0.008-0.008-0.006-
0.00812/8/09-0.0190.004-0.028-0.0190.004-0.028-0.0190.004-
0.02812/9/090.0060.010.0040.0060.010.0040.0060.010.00412/1
0/090.0120.0010.0170.0120.0010.0170.0120.0010.01712/11/090
.0020.01-0.0010.0020.01-0.0010.0020.01-0.00112/14/09-
0.0010.001-0.002-0.0010.001-0.002-0.0010.001-0.00212/15/09-
0.004-0.003-0.004-0.004-0.003-0.004-0.004-0.003-
0.00412/16/09-0.005-0.01-0.003-0.005-0.01-0.003-0.005-0.01-
0.00312/17/09-0.01-0.004-0.013-0.01-0.004-0.013-0.01-0.004-
0.01312/18/090.007-0.0030.0120.007-0.0030.0120.007-

48. 0.0030.01212/21/090.0040.0060.0040.0040.0060.0040.0040.006
0.00412/22/090.0080.0020.0110.0080.0020.0110.0080.0020.011
12/23/090.00600.0080.00600.0080.00600.00812/24/090.0020.00
10.0020.0020.0010.0020.0020.0010.00212/28/09-0.0050.001-
0.007-0.0050.001-0.007-0.0050.001-0.00712/29/090.002-
0.0010.0030.002-0.0010.0030.002-0.0010.00312/30/09-0.012-
0.004-0.015-0.012-0.004-0.015-0.012-0.004-
0.01512/31/090.001-0.0090.0060.001-0.0090.0060.001-
0.0090.006
VALUATIONValuation worksheet1) Expected stock price
(Gordon's Model)inputoutputgrowth (g)0.06last div
(DO)2.00req rate (k)0.15price (pps)2) Value of a Bond
(Vb)inputoutputcoupon0.0875mat_yrs5mktrates0.0975PV of
PMTSPV of FVValue3) Continuous
CompoundinginputoutputPV10000rate0.0345time2.5FV4) Loan
calculatorinputoutputPVa22695No of years5Annual
rate5.50%PMTSAmortization
TableperiodBegin'ginterest$PMTSRed'nEndingBalance@
5.5%BalanceBalance12269523
BSOPMBlack-Scholes Option Pricing Modelinputcurrent stock
priceS=35.75riskless rater=0.025strike priceK=36No of
yrsT=0.25stddev of returnsσ=0.3outputln
(S/K)=(r+σ^2/2)Tσ*T^1/2d1=d2=N(d1)=N(d2)=discounted
strike priceC=SN(d1)-dspN(d2)
CURRENCYCurrency worksheetCrossrate
tableUS$€¥£C$PsUS$1.00000€0.67020¥89.67000£0.59900C$1.
05000Ps13.03950First column is "per US$" The Wall Street
Journal 14 Nov 2009First row is "no. of US$ per unit of foreign
currency"Forward rates (as shown in The Wall Street
Journal)Premium/discountBritish pound1.67471-mos
forward1.67433-mos forward1.67366-mos forward1.6729
EXERCISE 10
Updated 5 Nov 2014
To START: Open sample10.xls. Save it to a local file as
“exer10.xls”. Note that there are multiple sheet tabs at the

49. bottom of the worksheet. Clicking on these tabs takes you to
subsidiary worksheets where you will do most of your work.
The output cells in the subsidiary worksheets are automatically
read onto the MAIN sheet. Do not modify the MAIN sheet in
any way other than pasting a chart (as in step 4 below).
1) Ratio Analysis: Open http://finance.yahoo.com. Find most
recent financials (income statement and balance sheet dated 27
Sept 2014), and current market data (7 Nov 2014 or later) for
Apple, Inc. (AAPL). Save copies of those web pages as local
files (your files).
In your file "exer10.xls", click on the "RATIO" tab at the
bottom of the sheet. Fill in cells B3 thru B10 with data from
Yahoo. Create formulas in cells B13 thru B18 to yield the
appropriate output. Use space at right of inputs and outputs to
do any intermediate steps. Outputs that you calculate in the
RATIO sheet will automatically be read into the MAIN sheet.
Hint: Refer to exer1.doc and sample1.xls for review of ratio
concepts.
2) Capital Budgeting: Given a cash flow and a discount rate,
calculate NPV and IRR*. Use the "CAP BUD" worksheet to do
the calculations for NPV and IRR*. Use the same discount rate
for all years. That is, DO NOT increase the discount rate as
with the “ascending discount rate” model. Use cells B4 and B5
(in CAP BUD tab) for your answers. And similar to step 1,
cells in the MAIN tab have already been set to equal CAP
BUD!B4 and B5.
3) Portfolio Management: Tab PORT includes some price per
share data. For this exercise we will only use a few days worth
of data. Calculate the market values for the three firms (pps X
no of shares) to fill in tier 2. Calculate the market value of the
portfolio by adding the market values of the three firms.
Calculate the daily returns of the portfolio, the three firms, and
the market (^GSPC) using the logic (day2-day1)/day1.
Calculate the standard deviation (=STDEVP) of the daily
returns for the portfolio, for the firms and for the market.
Calculate the TOTAL return (from 30Jun06 to 10Jul06) for the

50. portfolio, the firms, and the market.
4) Hyperbola: Continue working in the PORT tab to create a
hyperbola using Clorox (CLX) and Nestlés (NSRGY.PK) stock.
Their data can be found in columns M through V and rows 3
through 762. The data is laid out in the three tiers, similar to
the previous problem 3 (above).
Note: Tiers 2 & 3 were pasted “values only”. You’ll need to
replace the values with formulas in order to see updated values
in the “portfolio” column.
Also note: The stock prices in col.O and col.P (for CLX and
NSRGY.PK) were copied to Col.R and Col.S, and again to
Col.U and Col.V, thus making three different portfolios. While
all three portfolios have only two firms, the dollar weights of
the firms within the portfolios will be different.
First, calculate the "normalized no of shares" (NNOS) for CLX
and NSRGY.PK that would yield $10,000 worth of stock for
each firm (=10000/Avg pps). There is a scratch box (G thru L
in PORT tab) for you to work in. Then replace O3 & P3 with
NNOS for CLX and ZERO shares for NSRGY.
In I6 & I7 write the formula to calculate the “STDEVP” of the
daily returns (tier3) and “total K” of tier2 [(last day-first day)
divided by first day] for this first portfolio.
Next, go to cell R3 & S3 and change the no of shares of CLX to
one half of its NNOS and change the no of shares of NSRGY to
one half of its NNOS. Put the “std devp” and “total K” for this
second portfolio in J6 & J7.
Last, go to U3 and zero out the number of shares of CLX and
put the NNOS for NSRGY.PK in V3. Put the resulting stddevp
and total K in K6 &K7
“Insert" a "scatter" plot (X-axis =std dev, Y-axis =total K, with
smooth lines) representing the hyperbola plotted from a set of
portfolios going from 100% CLX to 100% NSRGY.PK (with a
50/50 mix about half way between.) Save the chart somewhere
in tab PORT. Also, try to copy the chart into the MAIN tab in

51. the upper right corner within rows 1-12 and columns G through
N. Do not change the formatting of the MAIN sheet in
exer10.xls – that will mess up my viewing of your other data.
5) Betas: Continue working in PORT tab, but return to the left
side to calculate the betas for the portfolio, the three firms
(YHOO, GE, MMM) and the market. A space for the answers is
on the lower left and is linked to the MAIN tab. There is no
chart required in this step.
6) Valuations: Open the VALUATION tab and make the
calculations for 1) expected stock price; 2) Bond valuation; 3)
Continuous Compounding; 4) Payments on a loan; and 5) the
first few periods of a loan amortization schedule (do only three
periods for this exam). Use the "inputs" as the "givens" for all
your calculations.
7) Black-Scholes Option Pricing Model: Open the BSOPM tab.
Use the inputs as shown. Create (or copy from previous
exercises) the formulas to yield the intermediate variables and
the final price of the call option. Your answers from tab
BSOPM should copy into the MAIN tab automatically.
8) International Currency: 1) Open the tab CURRENCY to find
the beginning of a cross rate table based on once-current data.
Complete the table. Hint: The cells in the first row will be the
reciprocals of the cells in the first column. 2) Calculate the
forward premiums (or discounts) related to the UK pound on
this out-of-date data.
Apple Inc. (AAPL)
-NasdaqGS
Watchlist
126.55
0.25(0.20%) 9:39AM EDT - Nasdaq Real Time Price
Add to Portfolio
Balance Sheet
Get Balance Sheet for:
27-Sep-1428-Sep-1329-Sep-12
Cash And Cash

52. Equivalents
13,844,000
14,259,000
10,746,000
Short Term
Investments
11,233,000
26,287,000
18,383,000
Net Receivables31,537,000
24,094,000
21,275,000
Inventory2,111,000 1,764,000 791,000
Other Current
Assets
9,806,000 6,882,000 6,458,000
68,531,000
73,286,000
57,653,000
130,162,000
106,215,000
92,122,000
20,624,000
16,597,000
15,452,000
4,616,000 1,577,000 1,135,000
4,142,000 4,179,000 4,224,000
- - -
3,764,000 5,146,000 5,478,000

53. - - -
231,839,000
207,000,000
176,064,000
Accounts Payable48,649,000
36,223,000
32,589,000
Short/Current Long
Term Debt
6,308,000 - -
Other Current
Liabilities
8,491,000 7,435,000 5,953,000
63,448,000
43,658,000
38,542,000
28,987,000
16,960,000
-
24,826,000
20,208,000
16,664,000
3,031,000 2,625,000 2,648,000
- - -
- - -
120,292,000
83,451,000

54. 57,854,000
- - -
- - -
- - -
23,313,000
19,764,000
16,422,000
87,152,000
104,256,000
101,289,000
- - -
- - -
1,082,000 -471,000499,000
111,547,000
123,549,000
118,210,000
102,789,000
117,793,000
112,851,000
Capital Surplus
Other Stockholder Equity
Total Stockholder Equity
Net Tangible Assets
Misc Stocks Options Warrants
Redeemable Preferred Stock

55. Preferred Stock
Common Stock
Retained Earnings
Treasury Stock
Minority Interest
Negative Goodwill
Total Liabilities
Stockholders' Equity
Current Liabilities
Total Current Liabilities
Long Term Debt
Other Liabilities
Deferred Long Term Liability Charges
Other Assets
Deferred Long Term Asset Charges
Total Assets
Liabilities
Total Current Assets
Long Term Investments
Property Plant and Equipment
Goodwill
Intangible Assets
Accumulated Amortization
View: Annual Data | Quarterly Data
Period Ending
Assets
Current Assets
Current Data April 15, 2015
Apple Inc. (AAPL) –NasdaqGS DATE: 4/15/2015

56. Watchlist
126.20 Down 0.10(0.08%) 9:51AM EDT - Nasdaq Real Time
Price
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Prev Close:
126.30
Open:
126.55
Bid:
126.30 x 200
Ask:
126.32 x 200
1y Target Est:
139.85
Beta:
0.93
Next Earnings Date:
27-Apr-15AAPL Earnings announcement
Day's Range:
126.11 - 126.82
52wk Range:
73.45 - 133.60
Volume:

57. 3,190,257
Avg Vol (3m):
55,650,600
Market Cap:
735.08B
P/E (ttm):
17.10
EPS (ttm):
7.39
Div& Yield:
1.88 (1.50%)
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Income Statement
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126.19 0.11(0.08%) 9:44AM EDT - Nasdaq Real Time Price
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Income Statement
Get Income Statement for:
View: Annual Data | Quarterly Data
All numbers in thousands
Period Ending
Sep 27, 2014
Sep 28, 2013

58. Sep 29, 2012
Total Revenue
182,795,000
170,910,000
156,508,000
Cost of Revenue
112,258,000
106,606,000
87,846,000
Gross Profit
70,537,000
64,304,000
68,662,000
Operating Expenses
Research Development
6,041,000
4,475,000
3,381,000
Selling General and Administrative
11,993,000
10,830,000
10,040,000

59. Non Recurring
-
-
-
Others
-
-
-
Total Operating Expenses
-
-
-
Operating Income or Loss
52,503,000
48,999,000
55,241,000
Income from Continuing Operations
Total Other Income/Expenses Net
980,000
1,156,000

60. 522,000
Earnings Before Interest And Taxes
53,483,000
50,155,000
55,763,000
Interest Expense
-
-
-
Income Before Tax
53,483,000
50,155,000
55,763,000
Income Tax Expense
13,973,000
13,118,000
14,030,000
Minority Interest

61. -
-
-
Net Income From Continuing Ops
39,510,000
37,037,000
41,733,000
Non-recurring Events
Discontinued Operations
-
-
-
Extraordinary Items
-
-
-
Effect Of Accounting Changes
-

62. -
-
Other Items
-
-
-
Net Income
39,510,000
37,037,000
41,733,000
Preferred Stock And Other Adjustments
-
-
-
Net Income Applicable To Common Shares
39,510,000
37,037,000
41,733,000
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