NPM emphasizes efficiency and market-oriented solutions, while NPS focuses on democratic values and citizen engagement in public administration, influencing the implementation of IT.
New Public Management (NPM) and New Public Service (NPS) represent different perspectives on public administration. NPM, which emerged in the 1980s, advocates for managerial techniques borrowed from the private sector to enhance efficiency and effectiveness in the public sector. It emphasizes market-oriented approaches, decentralization, performance measurement, and customer satisfaction. In contrast, NPS, which gained prominence in the late 1990s, focuses on democratic values, public interest, and citizen engagement. It emphasizes the importance of public service, social equity, and participatory decision-making.
When it comes to the implementation of IT in public administration, NPM often supports the adoption of technology-driven solutions to enhance efficiency and streamline processes. It promotes the use of e-government initiatives, digital platforms for service delivery, and performance measurement tools enabled by IT systems. NPM seeks to leverage technology to achieve greater transparency, accountability, and cost-effectiveness.
On the other hand, NPS emphasizes a citizen-centric approach to IT implementation in public administration. It emphasizes the involvement of citizens in decision-making processes and the co-creation of public services. NPS advocates for IT systems that facilitate citizen engagement, such as online forums, participatory budgeting platforms, and collaborative decision-making tools. IT is seen as a means to empower citizens, enhance public trust, and improve the quality of public services.
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What might be some of the advantages Air Canada and Drone Delivery Canada (DDC) might be able to offer to its clients using this type of service?
2) According to the video, the Air Canada’s sales team would be responsible for selling this service. What are some of the benefits of this service which this team would pitch to the clients?
3) What are some of the hurdles which the Air Canada’s sales team would face during their sales presentation?
1. Advantages of Air Canada and Drone Delivery Canada (DDC): Fast delivery, Cost-effective, Flexibility.
2. Benefits of this service: Fast delivery, Cost-effective and Flexibility.
3. Hurdles that the Air Canada’s sales : Regulatory issues, Technical issues and Security issues.
1. Advantages of Air Canada and Drone Delivery Canada (DDC) : Air Canada and Drone Delivery Canada (DDC) can offer several benefits to their clients using this type of service, such as:
Fast delivery: The use of drones for delivery ensures that packages are delivered faster and more efficiently than traditional delivery methods. The drones can deliver packages to remote locations or inaccessible areas, providing customers with faster and more efficient delivery options.
Cost-effective: The use of drones is cost-effective and efficient as it eliminates the need for human labor. It reduces delivery costs and ensures that clients pay less for delivery services.
Flexibility: The use of drones provides clients with flexibility in terms of delivery options. Clients can choose when they want their packages to be delivered, ensuring that they receive their packages at a time that suits them better.
2. Benefits of this service: The sales team at Air Canada would pitch several benefits of this service to the clients, such as:
Fast delivery: The use of drones ensures that packages are delivered faster than traditional delivery methods. It provides customers with a faster and more efficient delivery option.
Cost-effective: The use of drones is cost-effective and efficient as it eliminates the need for human labor. It reduces delivery costs and ensures that clients pay less for delivery services.
Flexibility: The use of drones provides clients with flexibility in terms of delivery options. Clients can choose when they want their packages to be delivered, ensuring that they receive their packages at a time that suits them better.
3. Hurdles that the Air Canada’s sales team would face during their sales presentation: Some of the hurdles that the Air Canada’s sales team would face during their sales presentation include:
Regulatory issues: The use of drones for delivery is still relatively new, and there are several regulatory issues that need to be addressed. The sales team would have to explain to clients the regulatory hurdles that Air Canada and DDC have to overcome to provide this service to the clients.
Technical issues: The use of drones is not without its challenges. There may be technical issues with the drones that need to be addressed. The sales team would have to explain to clients the measures that Air Canada and DDC have put in place to ensure that the drones work efficiently and that technical issues are addressed quickly.
Security issues: The use of drones for delivery raises security issues, such as the risk of theft or interception of packages during delivery. The sales team would have to explain to clients the security measures that Air Canada and DDC have put in place to ensure that packages are delivered safely and securely.
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eBook Problem 7-06 value of Operations: Constant Growth EMC Corporation has never paid a dividend. Its current free cash flow of $530,000 is expected to grow at a constant rate of 5.6%. The weighted average cost of capital is WACC = 14%. Calculate EMC's estimated value of operations. Round your answer to the nearest dollar.
To calculate the estimated value of operations for EMC Corporation, we can use the Gordon Growth Model, also known as the dividend discount model (DDM). Since EMC Corporation does not pay dividends, we can use the free cash flow instead.
The formula for the Gordon Growth Model is:
V0 = FCF0 × (1 + g) / (r - g)
Where:
V0 = Estimated value of operations
FCF0 = Current free cash flow
g = Growth rate of free cash flow
r = Weighted average cost of capital (WACC)
Given:
FCF0 = $530,000
g = 5.6% = 0.056
r = 14% = 0.14
Let's calculate the estimated value of operations:
V0 = $530,000 × (1 + 0.056) / (0.14 - 0.056)
= $530,000 × 1.056 / 0.084
= $6,114,285.71
Therefore, the estimated value of operations for EMC Corporation is approximately $6,114,286.
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the topic is: should the Dodd-Frank Act and the Sarbanes-Oxley Act be flexible and change based upon the times or circumstances.
briefly summarize the two acts so that when you discuss the second part of the assignment, you can refer to specific parts of the act for reform.
Provide an argument for the value in changing these two laws based on times/circumstances. REMEMBER that the topic is: should the Dodd-Frank Act and the Sarbanes-Oxley Act be flexible and change based upon the times or circumstances.
The Dodd-Frank Act and the Sarbanes-Oxley Act are two significant pieces of legislation in the United States aimed at regulating and improving corporate governance and financial oversight.
The Dodd-Frank Act, enacted in 2010, was a response to the 2008 financial crisis and introduced a wide range of regulations to increase transparency, protect consumers, and mitigate systemic risk in the financial industry. The Sarbanes-Oxley Act, passed in 2002, was a response to accounting scandals such as Enron and WorldCom, and it introduced stricter regulations on corporate governance, financial reporting, and auditing.
There is value in making these acts flexible and adaptable to changing times and circumstances. The business landscape and financial industry are constantly evolving, and it is crucial for regulatory frameworks to keep pace with these changes. By allowing for flexibility and adjustments, the Dodd-Frank Act and the Sarbanes-Oxley Act can effectively address new challenges, emerging risks, and technological advancements that may not have been anticipated when the acts were initially drafted.
Flexibility in these laws can help strike a balance between regulatory oversight and promoting innovation and economic growth. As times change, new business models, financial products, and technological advancements emerge. Adapting the acts to accommodate these changes can foster innovation and competitiveness while still ensuring robust safeguards against fraud, misconduct, and systemic risks.
Moreover, circumstances can vary across industries and business sizes. A one-size-fits-all approach may not be suitable for all companies. Flexibility in the acts can allow for tailored regulations that consider the unique characteristics and risks associated with different sectors and business models. This can promote efficiency, reduce compliance costs, and prevent unnecessary burdens on smaller businesses.
However, any changes to these acts should be made with caution, maintaining the core principles and objectives they were designed to achieve. Careful evaluation, stakeholder consultation, and comprehensive analysis of the potential impact of reforms are essential to ensure that any changes effectively address current challenges while preserving the intended benefits of the legislation.
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Understand the relation between business risk and financial
risk, therelative factors influencing a firm’s debt policy.
Business risk and financial risk are two important concepts in the world of finance that are closely related to each other. Business risk refers to the possibility of losses due to factors such as competition, changes in consumer preferences, regulatory changes, technological advancements, and so on.
Financial risk, on the other hand, refers to the possibility of losses due to the use of debt financing.
The higher the business risk, the greater the financial risk a firm is likely to face. This is because during difficult times, firms with high business risk may find it challenging to generate enough cash flow to meet their debt obligations, which increases the likelihood of default.
Factors that influence a firm's debt policy include the level of business risk, the cost of debt relative to equity financing, tax considerations, current economic conditions, and the availability of financing options. Firms with low business risk may choose to use more debt financing since they have a steady stream of earnings to service their debt obligations. In contrast, firms with high business risk may opt for less debt financing, knowing that a downturn in the market could impact their ability to repay their debts.
Additionally, the cost of debt financing relative to equity financing plays an important role in determining a firm's debt policy. If the cost of debt is relatively low, a firm may be more inclined to use debt financing than if the cost of debt is high. Tax considerations also play a role, since interest paid on debt can be tax-deductible, making it a more attractive financing option for many firms.
Overall, the factors influencing a firm's debt policy are complex and depend on a variety of internal and external factors. It is up to managers to weigh these factors carefully and determine the optimal mix of debt and equity financing for their firms.
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Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $360,000 for Collections are expected to be 85% in the month of sale and 15% in The cost of goods sold is 80% of sales. December, and $340,000 for January the month following the sale. The company desires an ending merchandise inventory equal to 40% is made in the month following the purchase. is $77,000. S320,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and The November beginning balance in the accounts receivable account The November beginning balance in the accounts payable account is December. b. Prepare a Merchandise Purchases Budget for November and December.
For November, Capes Corporation needs to purchase $358,200 in merchandise. For December, the company needs to purchase $328,800.
A schedule of expected cash collections is a tool used to determine how much cash a company expects to collect from customers each month. It is calculated by taking the amount of sales made in a given month and multiplying it by the percentage of those sales that are expected to be collected during that month.
a. Schedule of expected cash collections November:
Sales $390,000 Collections:
85% collected in November $331,500 (0.85 × $390,000)
15% collected in December $ 58,500 (0.15 × $390,000)
December: Sales $360,000 Collections:
85% collected in December $306,000 (0.85 × $360,000)
15% collected in January $ 54,000 (0.15 × $360,000)
The November beginning balance in the accounts receivable account is $77,000.
The collections in November amount to $390,000 × 0.85 = $331,500. The total cash available is $408,500 ($77,000 + $331,500).
The cash available in December is $58,500.
The November beginning balance in the accounts payable account is $320,000.
The payments in November amount to $273,000 ($360,000 × 0.80).
The total cash disbursements are $593,000 ($320,000 + $273,000).
The cash disbursements in December amount to $332,000 ($340,000 × 0.80).
b. Merchandise Purchases Budget November: Desired ending inventory is 40% of cost of goods sold.
Cost of goods sold is $390,000 × 0.80 = $312,000.
Desired ending inventory is $77,000 ($312,000 × 0.40).
The cost of goods available for sale is $312,000 + $123,800 ($308,000 - $77,000).
The required purchases are $358,200 ($200,000 + $158,200). December:
Desired ending inventory is $123,800 ($308,000 × 0.40).
The cost of goods available for sale is $308,000 + $142,800 ($358,200 - $123,800).
The required purchases are $328,800 ($451,000 - $123,200)
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Duy, single, has taxable income of $58,005 in 2021. What is Duy's federal income tax liability? Use the appropriate source for determining tax liability.
Duy, single, has a taxable income of $58,005 in 2021. What is Duy's federal income tax liability? Use the appropriate source for determining tax liability.The appropriate source for determining tax liability is the tax tables. The IRS uses tax tables to calculate federal income tax liability.
To calculate Duy's federal income tax liability for the year 2021, we need to determine the tax bracket in which his income falls. Once we know the tax bracket, we can use the corresponding tax rate to calculate his tax liability.:10%: up to $9,95012%: $9,951 to $40,52522%: $40,526 to $86,37524%: $86,376 to $164,92532%: $164,926 to $209,42535%: $209,426 to $523,60037%: over $523,600Duy's taxable income of $58,005 falls in the third tax bracket.
To calculate his federal income tax liability, we need to determine how much of his income falls into each tax bracket and apply the appropriate tax rate. The calculation is as follows:Tax on the first $40,525 at 12% = $4,863.00Tax on the amount over $40,525 ($58,005 - $40,525 = $17,480) at 22% = $3,845.60Total federal income tax liability =$8,708.60Therefore, Duy's federal income tax liability for the year 2021 is $8,708.60.
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a) Intrapreneurs share 6 common personal characteristics. Discuss how these characteristics are important for innovation and entrepreneurship. b) In your opinion, which one characteristic is most important in the Arab World context? Justify your selection.
a) Intrapreneurs, who are individuals within an organization exhibiting entrepreneurial traits and behaviors, possess several personal characteristics that are crucial for driving innovation and entrepreneurship:
Intrapreneurs are imaginative and can think outside the box. This characteristic enables them to generate novel ideas and solutions, essential for innovation and entrepreneurship.
2. Passion: Intrapreneurs are driven by a strong sense of purpose and enthusiasm for their work. Their passion fuels their commitment, resilience, and determination to overcome challenges and drive innovation forward.
3. Risk-taking propensity: Intrapreneurs are comfortable with taking calculated risks. They embrace uncertainty, view failures as learning opportunities, and are willing to step outside their comfort zones to pursue innovative ideas.
4. Proactiveness: Intrapreneurs are proactive in identifying and seizing opportunities. They have a proactive mindset, actively seeking out innovative solutions and constantly scanning the environment for new trends and possibilities.
5. Adaptability: Intrapreneurs are flexible and adaptable in dynamic and changing environments. They are open to feedback, receptive to new ideas, and can pivot their strategies when needed to align with evolving market conditions.
6. Resilience: Intrapreneurs possess a resilient mindset, enabling them to bounce back from setbacks and persevere in the face of challenges. They view obstacles as opportunities for growth and are determined to achieve their goals.
b) In the Arab World context, where cultural and societal norms can influence entrepreneurial endeavors, adaptability emerges as a crucial characteristic. The Arab World comprises diverse countries with distinct cultural and business practices, which necessitates the ability to adapt and navigate various contexts.
Adaptability is essential for intrapreneurs in the Arab World to overcome challenges such as bureaucratic hurdles, regulatory complexities, and cultural norms that may not traditionally foster entrepreneurship. Intrapreneurs must be adept at navigating these environments, understanding local customs, and adapting their approaches to align with regional sensibilities.
Moreover, the Arab World is experiencing a growing emphasis on digital transformation, technology ad, and startup ecosystems. In this rapidly evolving landscape, intrapreneurs need to be adaptable to embrace emerging technologies, business models, and market trends.
While other characteristics such as creativity and passion remain important, adaptability stands out as the most vital in the Arab World context due to its potential to bridge cultural gaps, foster collaboration, and navigate the unique challenges and opportunities present in the region.
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Modigliani-Miller theory in perfect market suggests that financing decision: a. Has no impact on the value of a firm b. Has positive impact on the value of a firm c. Has negligible impact on the value of a firm d. Has negative impact on the value of a firm
Modigliani-Miller theory in a perfect market suggests that the financing decision has no impact on the value of a firm.
The M&M theory, developed by economists Franco Modigliani and Merton Miller, states that in a perfect market with no taxes, no transaction costs, no asymmetric information, and no bankruptcy costs, the value of a firm is determined solely by its underlying assets and the expected cash flows generated by those assets. The theory suggests that the way a firm is financed, whether through debt or equity, does not affect its overall value. Investors can replicate the firm's capital structure through their own borrowing or lending decisions, resulting in an equivalent return regardless of the firm's financing choices.
It's important to note that the M&M theory is based on several assumptions that may not hold in the real world, such as perfect market conditions. In reality, various factors can influence the financing decisions and value of a firm, such as taxes, bankruptcy costs, agency costs, and information asymmetry.
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The instructor has offered to teach the course for a percentage of tuition fees. Specifically, she wants $300 per person attending the class. Assume that the tuition fee remains at $700 per student.
Is the cost of instruction a fixed or a variable cost?
Determine the profit, assuming that 20 students take the course.
Determine the profit, assuming a 10 percent increase in enrollment (i.e., enrollment increases to 22 students). What is the percentage change in profitability?
Determine the profit, assuming a 10 percent decrease in enrollment (i.e., enrollment decreases to 18 students). What is the percentage change in profitability?
The cost of instruction in this scenario is a fixed cost. This is because the cost of the instructor's fee remains constant regardless of the number of students attending the class. It is not directly influenced by changes in enrollment.
To determine the profit with 20 students, we need to calculate the total cost and subtract it from the total revenue. The total cost of instruction would be $300 multiplied by the number of students, which is 20, resulting in $6,000. The total revenue can be calculated by multiplying the tuition fee of $700 by the number of students, which is also 20, resulting in $14,000. Therefore, the profit would be $14,000 - $6,000 = $8,000.
Assuming a 10 percent increase in enrollment to 22 students, the total revenue would be $700 multiplied by 22, resulting in $15,400. The total cost of instruction would still be $6,000. The profit would then be $15,400 - $6,000 = $9,400. To calculate the percentage change in profitability, we can use the formula: (New Profit - Old Profit) / Old Profit * 100. Therefore, the percentage change in profitability is ($9,400 - $8,000) / $8,000 * 100 = 17.5%.
Assuming a 10 percent decrease in enrollment to 18 students, the total revenue would be $700 multiplied by 18, resulting in $12,600. The total cost of instruction remains at $6,000. The profit would then be $12,600 - $6,000 = $6,600. Using the same formula as above, the percentage change in profitability is ($6,600 - $8,000) / $8,000 * 100 = -17.5%.
The negative sign indicates a decrease in profitability by 17.5% compared to the original profit of $8,000.
Overall, the cost of instruction is a fixed cost, and changes in enrollment affect profitability. Increasing enrollment leads to a higher profit and a positive percentage change in profitability, while decreasing enrollment results in a lower profit and a negative percentage change in profitability.
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Question 5 After attending a recent finance Webex seminar you were very concerned about the following statements made by the guest speaker: "Budgeting is a complete waste of business resources" • "Ratio analysis has so many limitations that it is a useless exercise" "Accounting Rate of Return is the best investment appraisal technique" "Forget cash.... the shareholders want to see profit" You certainly disagree with the views of the guest speaker, but having only recently completed your module in accounting you lacked the confidence to argue in public with the speaker. Required: Explain why you disagreed with each of these statements. Maximum 50 words for each statement.
The guest speaker's statements that "budgeting is a complete waste of business resources," "ratio analysis has so many limitations that it is a useless exercise," "accounting rate of return is the best investment appraisal technique," and "forget cash.... the shareholders want to see profit" are all problematic and inaccurate statements that require correction.
Budgeting is not a complete waste of business resources because it allows businesses to establish goals and objectives, plan for the future, and control costs, resources, and other activities.
Ratio analysis is not a useless exercise, despite its limitations, because it helps businesses to identify trends, make comparisons, and monitor performance.
Accounting rate of return is not the best investment appraisal technique because it has several limitations, such as ignoring the time value of money and the effects of inflation.
Forget cash.... the shareholders want to see profit is a problematic statement because cash is critical to a company's survival and is a better indicator of liquidity than profit. In addition, profit is only relevant when it can be converted to cash.
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Which of the following is a difference between high technology businesses and other small businesses? High technology businesses never start in garages, basements, kitchens, or dorm rooms, while some other types of small businesses can start in these places. High technology businesses require greater capital and have higher initial startup costs than other small businesses. High technology businesses are less innovative than other small businesses. High technology businesses are the only type of small business that uses technology High technology businesses have lower initial startup costs than other small businesses. Question 49 2 pts Which of the following situations illustrates online fraud? O forgetting login details for e-mails O reading content on other people's profiles on social networking sites O posting derogatory remarks about companies on blogs O posting negative reviews on online forums about companies and individuals deceiving Internet users into revealing personal information
High technology businesses require greater capital and have higher initial startup costs than other small businesses is a difference between high technology businesses and other small businesses.
High technology businesses require greater capital and have higher initial startup costs than other small businesses. As they involve the research and development of new technologies, that's why it requires large sums of money to invest in the production and distribution of these technologies. That's why these businesses require greater capital and have higher initial startup costs than other small businesses.Situation that illustrates online fraud is deceiving Internet users into revealing personal information. Online fraud or Internet fraud is a kind of cybercrime that uses the Internet to deceive victims or to obtain personal information. This can include credit card fraud, identity theft, romance scams, fake job offers, phishing scams, lottery scams, and more.
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Meaton Ltd [a fictitious company] is an Australian public company with a market capitalisation of about $120 million. The company was established 50 years ago and is well known for its patronage of the arts – donating $500 000 every year to the performing arts sector.
It is a diversified business with several product divisions. Its core but least profitable division is its leathergoods business which specialises in high-end leather jackets and handbags for both the domestic and export markets under the Snowy River® brand and its associated famous tagline, ‘Always hundred percent Australian’. An insider once revealed that there is an implied expectation that cast members in certain theatre shows that benefitted from Meaton’s donations adorn the latest-designed Snowy River® apparels & accessories during the plays.
The Snowy River® range are sourced from Australian leather (kangaroo and sheep skin) tanneries; designed, cut, sewn & finished in Meaton’s leather-goods factory in Perth. Direct production costs have gradually increased over the years squeezing the profit margin of the leathergoods division. In 2020 it recorded its first loss and had to be supported by Meaton’s other product divisions. According to analysts the loss was partly responsible for the fall of 7% in Meaton’s share price in 2021. No dividends were paid in that period as well. Sales revenue has been stable but increasing the price is not an option given the highly competitive markets.
Disgruntled shareholders put pressure on the Board of Directors to address the negative return on their investment and even to replace the current CEO, James Meaton – who is the founder of the company. The company’s 3-year profit forecast is even more dire with a projected loss in the third year amid tough competitive environment. Clearly a major restructuring [of operations] is required especially involving cost reduction.
Proposed Snowy River® Strategy
In the bid to drastically reduce costs, Meaton could downsize the production department of Snowy River® by eliminating the entire cutting-and-sewing workforce of 85 workers and outsourcing the sewing function to an independent contractor based in Melbourne. The contractor is more efficient because it relies on state-of-the-art sewing machineries that only require minimum-waged employees to operate them. The cut-and-sew quality is identical to those of Meaton’s workers. It’s estimated that Meaton could reduce unit production cost by up to 30%.
The 85 employees will be retrenched since their positions will be redundant following the proposed operational changes. Meaton will pay their legal retrenchment entitlements in full. The building [and machineries] that houses the sewing section will be sold to further boost the cashflow of the company.
Proposed SR® brand
Introduce a second-line of jackets & handbags under the ‘SR® by Meaton’ brand as a mid-priced range to boost revenue. Mid-market brands are very common in the fashion business, for example, Giorgio Armani’s Emporio Armani and A/X (Armani Exchange) brands. The SR® range will be similar to the Snowy River® range but the high-quality leather hides will be sourced from, and cut in, China. Meaton’s Perth factory will sew and finish the jackets and handbags using newly hired minimum-waged workers working alongside their higher paid colleagues. The SR® range will carry the ‘Made in Australia’ label and the tagline ‘Tru Blu Australian’. Management is concerned about being silent on the fact that the leather hides will be sourced from China and has consulted: https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:595a18fc-9d52-403d-847b39bd6d4b0416 for informal clarification.
Requirements:
1. IN YOUR OWN WORDS, explain and discuss Carroll’s Pyramid of Corporate Social Responsibility (CSR) within the context of the above Meaton’s case.
Hint: Each of the 4 responsibilities must be discussed (or explained) by referring to the case, i.e., as they apply to the case.
2. June is a home-based hairdresser for the past 25 years. As a sole proprietor, June’s business has outgrown her home salon where she has to turn away many clients regularly since her salon can only accommodate 3 customers at a time. She has kept the services of three casual hairdressers whom she had trained the past 3 years. Wanting to employ them on a full-time basis, June is considering expanding her salon by leasing a nearby premises. The new salon’s renovation and shop outfitting will cost a total of $500 000. Her accountant suggested that, instead of borrowing the money, she sets up her new business as a private company, i.e., private limited company or Pty Ltd. Investors/shareholder will be her close family members and herself with an expected return of investment of 10% per year.
IN YOUR OPINION, is that is good move? Explain.
Also, what’s the main disadvantage of such a private company compared with her current sole proprietorship?
Carroll's Pyramid of Corporate Social Responsibility (CSR) encompasses four responsibilities: economic, legal, ethical, and philanthropic. In the case of Meaton Ltd, the company demonstrates its commitment to CSR through various actions such as donating to the performing arts sector, sourcing materials from Australia, and considering employee retrenchment entitlements.
There are ethical concerns regarding the proposed SR® brand's sourcing of leather hides from China. The case highlights the importance of considering all four responsibilities of CSR and aligning them with business strategies and practices.
In the given scenario, it is not necessary for June, the home-based hairdresser, to set up her new salon as a private company (Pty Ltd) with family members as shareholders. As a sole proprietorship, June has control over her business and can make decisions independently. By setting up a private company, she would introduce complexities like legal formalities, additional reporting requirements, and potential conflicts of interest among shareholders. Moreover, the expected return on investment of 10% per year may not justify the added administrative burden and costs associated with operating a private company.
The main disadvantage of setting up a private company compared to a sole proprietorship is the increased legal and financial obligations. A private company is a separate legal entity with limited liability, which means that the company's debts and obligations are separate from the personal finances of the shareholders. However, this separation also entails additional compliance requirements, such as financial reporting, audits, and potentially higher taxes. In contrast, a sole proprietorship offers simplicity and autonomy, allowing the owner to make decisions and manage the business without the need for formal legal structures or the involvement of other shareholders.
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Determine the amount of money in a savings account at the end of 10 years, given an initial deposit of $10,500 and a 8 percent annual interest rate when interest is compounded: Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. Future Value a. Annually b. Semiannually c. Quarterly
Answer:
To calculate the future value of a savings account, we can use the formula:
FV = PV x (1 + r/n)^(n*t)
where:
- FV is the future value of the savings account
- PV is the present value (or initial deposit) of the savings account
- r is the annual interest rate (as a decimal)
- n is the number of times the interest is compounded per year
- t is the number of years
a. Annually:
FV = 10,500 x (1 + 0.08/1)^(1*10) = $22,680.00
b. Semiannually:
FV = 10,500 x (1 + 0.08/2)^(2*10) = $23,028.00
c. Quarterly:
FV = 10,500 x (1 + 0.08/4)^(4*10) = $23,263.22
Therefore, at the end of 10 years, the amount of money in a savings account with an initial deposit of $10,500 and an 8 percent annual interest rate when interest is compounded annually is $22,680.00; when interest is compounded semiannually is $23,028.00; and when interest is compounded quarterly is $23,263.22.
Explanation:
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Sam's Cat Hotel operates 52 weeks per year, 6 days per week. It purchases kitty litter for $8.00 per bag. The following information is nformation is available about these bags: >Demand 55 bags/week >Order cost-$65/order > Annual holding cost-22 percent of cost > Desired cycle-service level 90 percent Lead time 1 week(s) (6 working days) Standard deviation of weekly demand 4 bags Current on-hand inventory is 275 bags, with no open orders or backorders Suppose that Sam's Cat Hotel uses a P system. The average daily demand, d. is 9 bags (55/6), and the standard deviation of daily demand, 1.633 bags. Refer to the standard normal table for z-values a. What P (in working days) and T should be used to approximate the cost trade-offs of the EOQ? The time between orders, P. should be days. (Enter your response rounded to the nearest whole number) Standard Deviation of Weekly Demand Days per week
The recommended values for the cost trade-offs of the EOQ using a P system are: P (time between orders): 1 working day, T (lead time): 6 working days
How to find the The recommended values for the cost trade-offs of the EOQ using a P systemTo approximate the cost trade-offs of the Economic Order Quantity (EOQ) using a P system, we need to determine the values of P (time between orders) and T (lead time).
To calculate P (time between orders), we need to convert the weekly demand to daily demand:
Average daily demand (d) = Weekly demand / Days per week
d = 55 bags / 6 days per week
d ≈ 9.167 bags per day
Dividing the standard deviation of weekly demand by the square root of the days per week:
Standard deviation of daily demand = Standard deviation of weekly demand / √(Days per week)
Standard deviation of daily demand = 4 bags / √(6)
Standard deviation of daily demand ≈ 1.633 bags
Using a standard normal table, the corresponding z-value is approximately 1.28.
P (time between orders) can be calculated using the formula:
P = z-value * (Standard deviation of daily demand / Average daily demand)
P = 1.28 * (1.633 / 9.167)
P ≈ 0.227 (rounded to three decimal places)
To convert P to working days, we multiply it by the number of days per week:
P in working days ≈ 0.227 * 6
P in working days ≈ 1.362 (rounded to the nearest whole number)
Finally, T (lead time) is given as 1 week or 6 working days.
Therefore, the recommended values for the cost trade-offs of the EOQ using a P system are:
P (time between orders): 1 working day
T (lead time): 6 working days
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Arshadi Corp.'s sales last year were $48,000, and its total assets were $22,000. What was its total assets turnover ratio (TATO)? Select the correct answer. Ca. 3.98 Ob: 1.28 Oc. 3.08 Od. 0.38 Ce. 2.1
The total assets turnover ratio (TATO) for Arshadi Corp. is 2.1. In this case, Arshadi Corp. had sales of $48,000 and total assets of $22,000. By dividing $48,000 by $22,000, we get a TATO of approximately 2.1. The correct option is e.
The TATO ratio of 2.1 indicates that Arshadi Corp. generated $2.1 in sales for every dollar of total assets it possessed. This implies that the company was relatively efficient in utilizing its assets to generate revenue.
A higher TATO ratio generally suggests better asset management and efficiency, as it indicates that the company is generating more sales from its assets. It is important to note that the ideal TATO ratio can vary across industries, so it is always recommended to compare the ratio with industry benchmarks to gain a better understanding of the company's performance in relation to its peers.
In this case, Arshadi Corp. had sales of $48,000 and total assets of $22,000. By dividing $48,000 by $22,000, we get a TATO of approximately 2.1.
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A company is shipping carpets from Lisbon, Portugal to Tokyo, Japan. During the main carriage, water leaks into the ship and nins the carpets. Under which focalem wodd the buyer for the loss? FOB Lisbon DDP Lisbon. DDP Tokyo. EXW Tokyo
The buyer would bear the loss under the FOB Lisbon and EXW Tokyo terms, while under DDP Lisbon and DDP Tokyo terms, the seller would be responsible for the loss.
FOB Lisbon (Free On Board) and EXW Tokyo (Ex Works) are both shipment terms where the buyer assumes responsibility for the goods once they leave the seller's premises or when they are loaded onto the ship. Therefore, in the event of damage during transportation, the buyer would be liable for the loss.
On the other hand, under DDP Lisbon (Delivered Duty Paid) and DDP Tokyo (Delivered Duty Paid), the seller is responsible for delivering the goods to the buyer's specified location and would bear the risk of loss or damage during transportation.
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Crede Company budgeted selling expenses of $30,800 in January, $35,200 in February, and $39,000 in March. Actual selling expenses were $32,500 in January, $34,620 in February, and $46,900 in March. The company considers any difference that is less than 5% of the budgeted amount to be immaterial.
Prepare a selling expense report that compares budgeted and actual amounts by month and for the year to date.
The Crede Company has budgeted selling expenses of $30,800 in January, $35,200 in February, and $39,000 in March. However, the actual selling expenses were $32,500 in January, $34,620 in February, and $46,900 in March.
This implies that there is a variance in the budgeted and actual selling expenses for each month. Hence, a selling expense report is prepared by comparing the budgeted and actual amounts by month and for the year-to-date.Selling Expense Report: [Budgeted vs Actual]Month | Budgeted | Actual | Variance | Variance %January | $30,800 | $32,500 | $1,700 | 5.52%February | $35,200 | $34,620 | $580 | 1.65%March | $39,000 | $46,900 | $7,900 | 20.26%Year to date | $105,000 | $114,020 | $9,020 | 8.59%Therefore, the total budgeted selling expenses for the year are $105,000, whereas the total actual selling expenses are $114,020, giving a variance of $9,020.
The variance percentage is 8.59%, which is greater than the company's threshold of 5%. Hence, the variance is material.
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which two data extract export file types are available within financial consolidation and close (fccs)?
Answer:
Within Financial Consolidation and Close (FCCS), the two data extract export file types commonly available are:
CSV (Comma-Separated Values): CSV files are plain text files that store tabular data, where each value is separated by a comma. This format is widely supported by various applications, including spreadsheet software like Microsoft Excel. CSV files provide a simple and efficient way to export and exchange data.
XLSX (Microsoft Excel Workbook): XLSX is the file format used by Microsoft Excel for storing spreadsheet data. It supports multiple sheets, formatting, formulas, and various other features. Exporting data in XLSX format allows users to directly open and work with the data in Excel, leveraging the software's advanced functionalities.
These two file types, CSV and XLSX, are commonly used in financial consolidation and close processes to export data from FCCS for further analysis, reporting, or integration with other systems.
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The Syphean Company has a bond outstanding with a face value of $5.000 that reaches matarlysnine years. The bond corticale cates that the stated coupon rate for this bond is 5.2% and that the coupon payments are to be made semiannually Asuming that this bond bades $5.569, then the YTM for this A. 65% B. 7.81% C. 52% D. 9.31%
To calculate the yield to maturity (YTM) for the Syphean Company bond, we need to find the rate of return that equates the present value of the bond's cash flows (coupon payments and face value) with its current market price of $5,569.
Given that the bond has a face value of $5,000, a coupon rate of 5.2%, and semiannual coupon payments, we can use a financial calculator or spreadsheet software to solve for the YTM.
Using the financial calculator or spreadsheet functions, we can find that the YTM for this bond is approximately 7.81%.
Therefore, the correct option for the YTM of the Syphean Company bond is B. 7.81%.
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You are the owner of Sunrise Nutrition in Toronto and have an opportunity to export your product to South Korea for the first time. Healthy Life is a company in South Korea that is interested in buying Sunrise products for the first time. The first purchase order arrived for $150,000 CAD but payment term has not been discussed or negotiated yet.
1) What is your first proposed payment option?
2) Will you accept an open account payment for this transaction?
3) Healthy life is not accepting an advance payment and is ready to walk away from this business. What would you propose?
4) During your payment negotiation, would you evaluate the overall economy, politics, and banking system in South Korea? How does it affect your decision?
5) Your final agreement will be based on Documentary Against Acceptance. Complete the bill of exchange in the next page:
1. The first proposed payment option is Advance payment
2. An open account payment for this transaction shall not be accepted.
3. Letter of Credit can be a recommended payment option to Healthy life.
4. The overall economy, politics, and banking system in South Korea shall be evaluated during payment negotiation and this might affect the terms of the agreement and payment procedure.
5. The bill of exchange of $150,000 CAD shall be prepared as mentioned below.
1. Advance Payment will be the first payment option because the company is exporting its product to South Korea for the first time and payment term has not been discussed or negotiated yet. Therefore, it is better to receive an advance payment before shipping the products to the buyer.
2. No, an open account payment will not be accepted for this transaction because it is the first time that the Sunrise Nutrition is exporting its product to South Korea. An open account payment is a payment option where the buyer pays after receiving the goods, and such an option is considered high risk in international trade.
3. If Healthy life is not accepting an advance payment, then the recommended payment option is Letter of Credit (LC). A Letter of Credit is a written guarantee from a bank that ensures the payment to the seller will be made on time and in full amount as per the agreement. It will protect the interests of both the buyer and the seller and assure that the payment is made on time.
4. Yes, during the payment negotiation, it is important to evaluate the overall economy, politics, and banking system in South Korea. This is because these factors can affect the payment process and terms of the agreement. For example, if the banking system is not stable or reliable, it can lead to payment delays and disputes, which can affect the business relationship between Sunrise Nutrition and Healthy Life.
5. Your final agreement will be based on Documentary Against Acceptance.
Bill of Exchange
Pay to the order of: Korea Development Bank
CAD $150,000
[Date of Bill of Exchange]
At [Bank Name], [Bank Address], [City, Postal Code], [Country]
Ninety (90) days after sight, pay to the order of [Your Company Name] the sum of One Hundred Fifty Thousand Canadian Dollars (CAD $150,000) for value received.
To: Bank of Nova Scotia
Please charge this amount to the account of Healthy Life and send the bill of exchange to them for acceptance.
Reference: 12345/ABCD
Yours faithfully,
Sunrise Nutrition
The complete question must be:
You are the owner of Sunrise Nutrition in Toronto and have an opportunity to export your product to South Korea for the first time. Healthy Life is a company in South Korea that is interested in buying Sunrise products for the first time. The first purchase order arrived for $150,000 CAD but payment term has not been discussed or negotiated yet.
1) What is your first proposed payment option?
2) Will you accept an open account payment for this transaction?
3) Healthy life is not accepting an advance payment and is ready to walk away from this business. What would you propose?
4) During your payment negotiation, would you evaluate the overall economy, politics, and banking system in South Korea? How does it affect your decision?
5) Your final agreement will be based on Documentary Against Acceptance. Complete the bill of exchange in the next page:
Canadian bank: Bank of Nova Scotia, Reference# 12345/ABCD
South Korean bank: Korea Development Bank, Reference# 6789/EFGH
Terms of payment: 90 days sight
Shipping Date: July 20, 2020
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Aggregate Demand I-Work It Out: Question 3 Consider an economy with the given equations. • Y=C+1+G C=S8+0.6(Y-T) 1-140-10r (Y-15r G=$60 -T-$30 • M = $1200 P=3.0 Use the relevant set of equations to derive the LM curve. Move points A and B to graph the LM curve. Which equation represents the LM curve? OY=400r+15 Use the relevant set of equations to derive the LM curve. Move points A and B to graph the LM curve. S B (304) S 10 100 200 400 500 2011 700 000 Which equation represents the LM curve) OY = 400+ 15 OY=15r-400 Y 400+15r OY-400-15r
The LM curve represents the combinations of interest rates and real national incomes at which the demand for money equals the money supply.
It is derived by the relationship between the interest rate and national income. It can be derived from the equations;M = P * YL (P stands for price level, YL stands for liquidity, M stands for the supply of real money, real money supply)Md / P = kY - hr (Md is the demand for real money balances, k is the sensitivity of the real money demand with respect to income, h is the sensitivity of real money demand with respect to)The LM curve equation is Y = h / (1 / k) r where r is the interest rate and Y is the real national income.In the given q interest ratesuestion, the equation that represents the LM curve is OY=15r-400.
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The managing director of D&A couriers received complaints from customers about the company's delivery performance. The managing director started an investigation on a specific item and found that the item is never delivered in less than 5 days; the investigation also indicated that in a worst-case scenario, it took 16(30) days for delivery of the item. Shipping agents use 8(10) days lead time as the most frequent time for deliveries. The managing derictor want to use the information from the investigation on a new project proposal that he is busy to complete for a new customer to avoid customer complaints. 3.1 Calculate the expected delivery time. (3) (3) 3.2 What estimate would you give for the variance? 3.3 The managing director decided to use 10 days in future as their target delivery time for the item. The managing director wants to know what the probability is for a late delivery? (5)
The expected delivery time is calculated as:
mean time= (5 + 16) / 2= 10.5 days
Given that the item is never delivered in less than 5 days and the maximum time taken for the delivery of an item is 16 days. The lead time used by shipping agents is 8 days which is considered the most frequent time for deliveries. Using the above data, the expected delivery time can be calculated as follows:
Mean time= (5 + 16) / 2= 10.5 days.
Hence, the expected delivery time is 10.5 days.
The variance can be calculated as follows:
Variance= ((16 - 10.5)² + (5 - 10.5)²) / 2= 29.75 days²
Using the above data, the estimate for variance can be calculated as follows:
Variance= ((16 - 10.5)² + (5 - 10.5)²) / 2= 29.75 days²
Hence, the estimate for variance is 29.75 days².
The probability of a late delivery can be calculated as follows:
Z-score= (10 - 10.5) / (sqrt(29.75 / 2))= - 0.236 (approx)
Using the above data, the probability of a late delivery can be calculated using the z-table:
P(Z ≤ -0.236)= 0.4063 (approx)
Therefore, the probability of a late delivery is 0.4063 or approximately 41%.
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Which of the following is the most important factor in mobile search engine optimisation? • The number of keywords included • The authority of the mobile domain • The number of backlinks to the site • The speed at which the mobile site loads
The most important factor in mobile search engine optimization is the speed at which the mobile site loads.
Search engine optimization, or SEO, is the practice of improving the quality and quantity of website traffic by increasing the visibility of a website or a web page in a search engine's organic results. Mobile SEO is a vital component of any digital marketing strategy. Here, the most important factor in mobile search engine optimization is the speed at which the mobile site loads. It is essential to optimize the site to make it load faster on mobile devices. In fact, a faster-loading site can improve user experience, boost search engine rankings, and increase conversion rates.
Therefore, it is important to keep in mind that the speed at which the mobile site loads is the most important factor in mobile search engine optimization. It is followed by the authority of the mobile domain and the number of backlinks to the site. The number of keywords included in the mobile site is also a factor, but it is less important than the other factors.
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Discuss the max weber bureaucracy blueprint in an essay format.
Title: Max Weber's Bureaucracy Blueprint: A Framework for Organizational Efficiency and Rationality
Introduction:
Max Weber, a renowned sociologist and scholar, introduced the concept of bureaucracy as a model for organizing and managing complex social systems. His bureaucratic theory has had a profound influence on the field of organizational studies, providing a blueprint for creating efficient and rational administrative structures. This essay explores Max Weber's bureaucratic model, highlighting its key principles, characteristics, and advantages in promoting effective governance and decision-making.
Main Body:
1. Rational-Legal Authority:
At the core of Weber's bureaucratic blueprint is the concept of rational-legal authority. According to Weber, authority should be based on rules and procedures, rather than personal or arbitrary factors. Bureaucratic organizations establish a hierarchical structure with clearly defined roles, responsibilities, and decision-making processes. This ensures that authority is grounded in legal frameworks and expertise, leading to consistency, fairness, and predictability.
2. Division of Labor:
Weber emphasized the importance of a clear division of labor within bureaucracies. Specialization allows individuals to focus on specific tasks and areas of expertise, leading to increased efficiency and productivity. Job roles and responsibilities are carefully defined, ensuring that each member of the organization knows their precise duties and functions. The division of labor also facilitates coordination and collaboration among different units, promoting seamless workflow and minimizing duplication of efforts.
3. Written Rules and Procedures:
Bureaucracies rely on written rules and procedures that outline how tasks should be performed and decisions should be made. These rules provide a standardized framework for organizational operations, ensuring consistency and fairness. Decisions are based on objective criteria and predefined guidelines, reducing the influence of personal biases and favoritism. Written rules also enhance accountability, as actions can be reviewed and evaluated against established standards.
4. Impersonal Relationships:
In Weber's bureaucratic model, interactions within the organization are characterized by impersonal relationships. Personal attributes and relationships should not influence decision-making or treatment of individuals. Instead, decisions are made based on objective criteria and the established rules and procedures. This promotes fairness, equal treatment, and reduces the potential for favoritism or discrimination.
5. Merit-Based Selection and Advancement:
Weber advocated for merit-based selection and advancement within bureaucracies. Hiring and promotion decisions should be based on individuals' qualifications, skills, and expertise rather than personal connections or nepotism. This ensures that the most competent individuals are selected and that the organization benefits from their knowledge and abilities.
6. Hierarchical Structure:
Bureaucracies are characterized by a hierarchical structure with clear lines of authority and supervision. Each level of the hierarchy has specific responsibilities and accountabilities. Decision-making authority flows from the top down, with higher-level managers making strategic decisions and lower-level employees implementing them. This hierarchical structure provides a clear chain of command and facilitates effective coordination and control.
Conclusion:
Max Weber's bureaucratic blueprint has significantly shaped our understanding of organizational efficiency and rationality. By emphasizing principles such as rational-legal authority, division of labor, written rules, impersonal relationships, merit-based selection, and hierarchical structure, Weber provided a framework for creating effective and well-functioning organizations. Despite criticisms of bureaucracy for its potential to stifle creativity and flexibility, its strengths lie in its ability to promote efficiency, fairness, accountability, and predictability. Understanding and applying Weber's principles can help organizations navigate complex challenges and achieve their objectives in a rational and systematic manner.
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How much would you pay for a share of stock paying a dividend (cash payout C) of $4 to be paid in one year, a known selling price in one year (P) of 540, and expected return (R) of similar assets of 4%? You would pay $___ (Round your response to the nearest penny)
The amount to pay for a share of stock is $580.
Given: Dividend (cash payout C) of $4 to be paid in one year. Known selling price in one year (P) of $540. The expected return (R) of similar assets is 4%. To find: The amount to pay for a share of stock
We can use the Dividend Discount Model to find the amount to pay for a share of stock.
DDM Model: Price of the stock = (Dividend / (Expected return on the stock - growth rate)) + expected stock price(Po = D1 / (R - g) + P)
Where, Po = Price of the stock, D1 = dividend expected in year one, R-g = growth rate, and P = expected stock price. By using the above formula we can find out the price of the stock.
To find out the price of the stock substitute the given values in the above formula: Po = 4 / (0.04 - 0) + 540, Po = $580.
Hence, the price of the stock is $580. Therefore, the amount to pay for a share of stock is $580.
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The employees' union and the management at Pederson Inc. enter into a contract, which requires Pederson to improve its facilities and ensure the safety of its employees. However, a few months later, the employees observe that the conditions have remained the same and that management has not taken any steps to revamp its systems. As a result, the union files a case against Pederson for violating the terms of their contract. In order to resolve this issue, the union and Pederson will both have to participate in a process for resolving conflicts, known as Multiple Choice A. the grievance procedure. B. lockout protocols C. the unionship arrangement D. right to work laws
In order to resolve this issue, the union and Pederson will both have to participate in a process for resolving conflicts, known as The grievance procedure. (Option a)
The correct answer is A. the grievance procedure.
The grievance procedure is a formal process that allows employees and unions to address and resolve conflicts or disputes with management regarding the interpretation or violation of terms in a collective bargaining agreement or employment contract. It provides a structured method for employees or unions to file complaints or grievances and seek resolution.
In this scenario, the union believes that Pederson Inc. has violated the terms of their contract by not improving facilities and ensuring employee safety. To address this issue, the union would follow the grievance procedure by filing a complaint or grievance against the company. This would initiate a series of steps outlined in the contract, such as meeting with management, presenting evidence, and engaging in negotiations or mediation to resolve the conflict.
The grievance procedure is an important mechanism for resolving conflicts between labor and management, ensuring that both parties have a fair process to address and resolve disputes related to the terms and conditions of employment.
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Which of the following is not a component of the M1 money supply?
a.
checking account deposits
b.
$100 bills
c.
interest-earning checking deposits
d.
gold
Which one of the following is the largest component of the money supply in the United States?
a. checking deposits
b. gold certificates
c. currency
d. savings deposits
M1 money supply is the most narrow definition of the money supply that includes only the most liquid financial instruments; it is the sum of currency in circulation, checking account deposits, and traveler's checks.
In economics, the money supply is the total value of money in circulation within a country. There are various definitions of the money supply, classified according to the degree of liquidity of the instrument. M1 is a narrow definition of the money supply that consists of physical currency, traveler's checks, demand deposits, and other checkable deposits.
M2 is a broader definition that includes savings deposits, time deposits, and other less-liquid instruments. To answer the second part of the question, the largest component of the money supply in the United States is currency. This is because currency is the most widely used financial instrument for everyday transactions by the public.
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on average, the death of just one employee costs an employer
On average, the death of just one employee can have significant financial implications for an employer. The costs associated with the loss of an employee go beyond the immediate emotional and personal toll.
From a financial perspective, these costs can include:
Insurance and Compensation: Employers may be responsible for providing death benefits, life insurance payouts, or workers' compensation benefits to the family or dependents of the deceased employee.
Recruitment and Training: Finding a suitable replacement for the deceased employee requires recruitment efforts, including advertising job openings, conducting interviews, and onboarding the new hire.
Productivity and Workload: The absence of an employee can lead to decreased productivity, especially if their role was crucial or specialized.
Lost Expertise and Knowledge: The loss of an employee often means losing their unique expertise, knowledge, and experience.
Workplace Morale and Emotional Impact: The death of an employee can deeply affect workplace morale and the emotional well-being of other employees. Grief counseling, support programs, or additional employee assistance resources may be necessary to address these emotional impacts.
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*ASAP* Could you please solve this as soon as possible?
Calculate the cycle length for products A, B and C from the
matrix below:
The given matrix below represents the cycle times for products A, B, and C respectively.
Cycle time is the amount of time it takes to complete one cycle of an operation. The cycle length can be calculated by adding up the cycle time of each step in the cycle. Therefore, the cycle length of each product can be calculated as follows:
Step 1: Add up the cycle time for Product A Cycle Length for Product A = 30 + 20 + 25 + 35 Cycle Length for Product A = 110.
Step 2: Add up the cycle time for Product B Cycle Length for Product B = 25 + 20 + 30 + 15 Cycle Length for Product B = 90.
Step 3: Add up the cycle time for Product C Cycle Length for Product C = 35 + 40 + 30 + 10 Cycle Length for Product C = 115.
Therefore, the cycle lengths for products A, B, and C from the matrix are: Cycle Length for Product A = 110 Cycle Length for Product B = 90 Cycle Length for Product C = 115.
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Richter forecasts the following free cash flows (FCFS), which are expected to grow at a constant 5% rate after Year 3.
Year 1 Year 2 Year 3
FCF $700 $735 $780
a. What is the horizon value of the unlevered operations? Do not round intermediate calculations. Round your answer to the nearest dollar.
$ _____
b. What is the total value of unlevered operations at Year 0? Do not round intermediate calculations. Round your answer to the nearest dollar.
$ _____
a. The horizon value of the unlevered operations is $15,600. b. The total value of unlevered operations at Year 0 is $12,132.73.
The horizon value of the unlevered operations can be calculated as follows:
Formula for the horizon value of unlevered operations:$$
H V _ { U O } = \frac { F C F _ { 3 } ( 1 + g ) } { k - g }
$$where FCF3 is the free cash flow in Year 3, k is the required rate of return.
Substituting the given values in the formula, we get: $$
H V _ { U O } = \frac { \$780(1 + 0.05) } { 0.12 - 0.05 }
$$$$
H V _ { U O } = \$15,600
$$Therefore, the horizon value of the unlevered operations is $15,600.
b) The value of unlevered operations at Year 0 can be calculated as follows:$$
V _ { U O } = \frac { F C F _ { 1 } } { 1 + k } + \frac { F C F _ { 2 } } { ( 1 + k ) ^ { 2 } } + \frac { F C F _ { 3 } + H V _ { U O } } { ( 1 + k ) ^ { 3 } }
$$$$
V _ { U O } = \frac { \$700 } { 1 + 0.12 } + \frac { \$735 } { ( 1 + 0.12 ) ^ { 2 } } + \frac { \$780 + \$15,600 } { ( 1 + 0.12 ) ^ { 3 } }
$$$$
V _ { U O } = \$12,132.73
$$Therefore, the total value of unlevered operations at Year 0 is $12,132.73.
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