University of Virginia Busine

Part1: Read any one of the following Chapter 1. An Overview of Financial Management and the Financial Environment, Chapter 2. Financial Statements, Cash Flow, and Taxes, Chapter 3. Analysis of Financial Statements. And write a brief summary on the chosen topic about 500 + words and APA format and cite all references.

Part2: Question 1

‘Jenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities analyst, was recently brought in as assistant to the chairman of the board of Computron Industries, a manufacturer of computer components.

During the previous year, Computron had doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. Cochran was assigned to evaluate the impact of the changes. She began by gathering financial statements and other data. (Data Attached)

  1. What effect did the expansion have on sales and net income? What effect did the expansion have on the asset side of the balance sheet?  What do you conclude from the statement of cash flows?
  2. What is Computron’s net operating profit after taxes (NOPAT)? What are operating current assets? What are operating current liabilities? How much net operating working capital and total net operating capital does Computron have?
  3. What is Computron’s free cash flow (FCF)? What are Computron’s “net uses” of its FCF?
  4. Calculate Computron’s return on invested capital (ROIC). Computron has a 10% cost of capital (WACC). What caused the decline in the ROIC? Was it due to operating profitability or capital utilization? Do you think Computron’s growth added value?
  5. What is Computron’s EVA?  The cost of capital was 10% in both years.
  6. Assume that a corporation has $200,000 of taxable income from operations. What is the company’s federal tax liability?
  7. Assume that you are in the 25% marginal tax bracket and that you have $50,000 to invest. You have narrowed your investment choices down to municipal bonds yielding 7% or equally risky corporate bonds with a yield of 10%. Which one should you choose and why? At what marginal tax rate would you be indifferent?

Question 2

James Madison was brought in as assistant to Computron’s chairman, who had the task of getting the company back into a sound financial position.  Madison must prepare an analysis of where the company is now, what it must do to regain its financial health, and what actions to take. Your assignment is to help her answer the following questions, using the recent and projected financial information shown next. Provide clear explanations, not yes or no answers.

  1. Why are ratios useful? What three groups use ratio analysis and for what reasons?
  2. Calculate the profit margin, operating profit margin, basic earning power (BEP), return on assets (ROA), and return on equity (ROE).  What can you say about these ratios?
  3. Calculate the inventory turnover, days sales outstanding (DSO), fixed assets turnover, operating capital requirement, and total assets turnover.  How does Computron’s utilization of assets stack up against other firms in its industry?
  4. Calculate the current and quick ratios based on the projected balance sheet and income statement data. What can you say about the company’s liquidity position and its trend?
  5. Calculate the debt ratio, liabilities-to-assets ratio, times-interest-earned, and EBITDA coverage ratios.  How does Computron compare with the industry with respect to financial leverage?  What can you conclude from these ratios?
  6. Calculate the price/earnings ratio and market/book ratio.  Do these ratios indicate that investors are expected to have a high or low opinion of the company?
  7. Use the extended DuPont equation to provide a summary and overview of Computron’s projected financial condition.  What are the firm’s major strengths and weaknesses?
  8. What are some potential problems and limitations of financial ratio analysis?
  9. What are some qualitative factors analysts should consider when evaluating a company’s likely future financial performance?

https://drive.google.com/file/d/1vbXxe6NmrTNPkBJrM… 

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University of Virginia Busine

Question 1

At year-end 2018, Marvel Company total assets were $4.5 million, and its accounts payable were $850,000. Sales, which in 2018 were $5.5 million, are expected to increase by 25% in 2019. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Marvel typically uses no current liabilities other than accounts payable. Common stock amounted to $ 2.25 million in 2018, and retained earnings were $150,000. Marvel has arranged to sell $25,000 of new common stock in 2019 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2019. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 2.5%, and 55% of earnings will be paid out as dividends.

a. What were Marvel’s total long-term debt and total liabilities in 2018?

b. How much new long-term debt financing will be needed in 2019? (Hint: AFN – New stock = New long-term debt.)

Question 2

Suppose you decide (as did Steve Jobs and Mark Zuckerberg) to start a company.

Your product is a software platform that integrates a wide range of media devices, including laptop computers, desktop computers, digital video recorders, and cell phones. Your initial market is the student body at your university. Once you have established your company and set up procedures for operating it, you plan to expand to other colleges in the area and eventually to go nationwide. At some point, hopefully sooner rather than later, you plan to go public with an IPO and then to buy a yacht and take off for the South Pacific to indulge in your passion for underwater photography. With these issues in mind, you need to answer for yourself, and potential investors, the following questions.

  1. What is an agency relationship? When you first begin operations, assuming you are the only employee and only your money is invested in the business, would any agency conflicts exist? Explain your answer.
  2. If you expanded and hired additional people to help you, might that give rise to agency problems? Explain your answer
  3. Suppose you need additional capital to expand, and you sell some stock to outside investors. If you maintain enough stock to control the company, what type of agency conflict might occur?
  4. Suppose your company raises funds from outside lenders. What type of agency costs might occur? How might lenders mitigate the agency costs?
  5. Suppose your company is very successful, and you cash out most of your stock and turn the company over to an elected board of directors. Neither you nor any other stockholders own a controlling interest (this is the situation at most public companies). List six potential managerial behaviors that can harm a firm’s value.
  6. What is corporate governance? List five corporate governance provisions that are internal to a firm and under its control. What characteristics of the board of directors usually lead to effective corporate governance?
  7. List three provisions in the corporate charter that affect takeovers.
  8. Briefly describe the use of stock options in a compensation plan. What are some potential problems with stock options as a form of compensation?
  9. What is block ownership? How does it affect corporate governance?
  10. Briefly explain how regulatory agencies and legal systems affect corporate governance.

Text book available by the following google drive link.

https://drive.google.com/file/d/1vbXxe6NmrTNPkBJrM…

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University of Virginia Busine

Part1: Read any of the 4 chapters Chapter 1. Introduction to Law, Chapter 2. Business Ethics and Social Responsibility, Chapter 3. The Judicial System and Chapter 4. Managing Disputes: Alternative Dispute Resolution and Litigation Strategies and choose a topic and write a brief summary on it, and

Also, provide a graduate-level response to each of the following questions:

  1. Franklin Felon shot and killed two people during a robbery. Why was this act a violation of both criminal and civil law?
  2. Cash Right Now, LLC provides very high interest loans to people with poor credit scores that have a high probability of defaulting on the loan. Many people do in fact default on these loans; however, Cash Right Now, LLC does make a substantial profit overall, even considering these defaults. The people that borrow from Cash Right Now, LLC are unlikely to obtain credit elsewhere. Discuss if Cash Right Now, LLC’s business practices are ethical considering it charges much higher interest rates than traditional banks.
  3. Explain the concept of “stare decisis” and why it is important to the American legal judicial system.
  4. Explain the pros and cons of utilizing litigation to resolve a dispute as opposed to alternatives to dispute resolution.

Part1: should be 500+ words and in APA format, also cite all references.

Part2: Question I- Eddie Embezzler has worked for Betty Boss for many years as an accountant. During his employment, Eddie has taken thousands of dollars from Betty’s business. As a result, Betty has suffered. Did Eddie violate a criminal law, a civil law, or both? Explain.

Question II – Two (2) high ranking managers of Anrun Corp. know that the company’s revenue is rapidly declining. However, at a recent shareholder meeting, they tell the shareholders to expect record profits in the next quarter. Explain the three Blanchard and Peale questions that these two managers should have asked themselves before the shareholders’ meeting.

Question III – The appellate court decides that the trial court committed reversible error by including evidence found by law enforcement. Law enforcement discovered this evidence when committing a Fourth Amendment violation, which should have been excluded at trial. This inadmissible evidence was the lynchpin of the prosecutor’s case, which resulted in a conviction. Where does the case go from here? Is the Defendant free to go? Does it go back to the trial court? Does it go all the way up to the Supreme Court?

Questions IV – During the course of a divorce proceeding, the judge orders the husband and wife attempt to settle their custody dispute through the mediation process. During the course of the mediation, the husband tells the mediator that he has secretly been selling marijuana to their children’s friends. Ultimately, the mediation breaks down and the parties cannot come to a settlement. During the divorce trial, can the wife introduce the mediator’s testimony as evidence?

Note: I have attached the textbook.

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University of Virginia Busine

Complete the following assignment in one MS word document:

Chapter 2 – discussion question #1 & exercises 4, 5, and 15(limit to one page of analysis for question 15)

Discussion question #1:

1. Discuss the difficulties in measuring the intelligence of machines.

Exercise 4,5,15:

Exercise 4:in 2017, McKinsey & company created a five-part video titled “Ask the AI Experts: what advice would you give to executives about AI? view the video and summarize the advice given to the major issues discussed. (Note:This is a class project.)

Exercise 5: Watch the Mckinsey & Company Video (3:06 min.) on todays drivers of Al at youtube.com/watch?v=yv0Ig1D-0dU and identify the major AI drivers. Write a report.

Exercise 15:Explore the AI-related products and services of Nuance inc.(nuance.com). Explore the dragon voice recognition product.

Please find attached screenshot, When submitting work, be sure to include an APA cover page and include at least two APA formatted references (and APA in-text citations) to support the work this week.

All work must be original (not copied from any source). Title: Business Intelligence and Analytics

ISBN: 9780135192016

Authors: Ramesh Sharda, Dursun Delen, Efraim Turban

Publisher: Pearson

Publication Date: 2019-01-04

Edition: 11th ED.

**Critical ** Plagiarism will not be tolerated.

You must also ensure that you properly, paraphrase, cite and reference your sources following proper APA guidelines.

I recommend you check your work using SafeAssign to ensure the work is your own original work. Papers over 29.9% similarity score in the content of the work is unacceptable and may not be accepted for credit with an academic integrity review sent to the University.

To avoid plagiarism, you must ensure that you do the following:

Use your own words, to include proper use of paraphrasing for all work that you submit.

If you choose to use another’s words, you MUST place it within quotes and properly cite it and reference it.

Rule of thumb – 80% of the submission MUST be in your own words. No more than 20% of the submission should be copied and pasted from another source and it must be properly quoted, cited, and referenced.

Understand, plagiarism is a serious offense that could lead to earning a 0 for the assignment, a 0 for the course, or expulsion from the University. **Critical ** if it is plagiarized will ask for refund.

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University of Virginia Busine

Question 1

Integrated Waveguide Technologies (IWT) is a 6-year-old company founded by Hunt Jackson and David Smithfield to exploit metamaterial plasmonic technology to develop and manufacture miniature microwave frequency directional transmitters and receivers for use in mobile Internet and communications applications. IWT’s technology, although highly advanced, is relatively inexpensive to implement, and its patented manufacturing techniques require little capital as compared to many electronics fabrication ventures. Because of the low capital requirement, Jackson and Smithfield have been able to avoid issuing new stock and thus own all of the shares. Because of the explosion in demand for its mobile Internet applications, IWT must now access outside equity capital to fund its growth, and Jackson and Smithfield have decided to take the company public. Until now, Jackson and Smithfield have paid themselves reasonable salaries but routinely reinvested all after-tax earnings in the firm, so dividend policy has not been an issue. However, before talking with potential outside investors, they must decide on a dividend policy. Your new boss at the consulting firm Flick and Associates, which has been retained to help IWT prepare for its public offering, has asked you to make a presentation to Jackson and Smithfield in which you review the theory of dividend policy and discuss the following issues.

a. (1) What is meant by the term “distribution policy”? How has the mix of dividend payouts and stock repurchases changed over time?

(2) The terms “irrelevance,” “dividend preference” (or “bird-in-the-hand”), and “tax effect” have been used to describe three major theories regarding the way dividend payouts affect a firm’s value. Explain these terms, and briefly describe each theory.

(3) What do the three theories indicate regarding the actions management should take with respect to dividend payouts?

(4) What results have empirical studies of the dividend theories produced? How does all this affect what we can tell managers about dividend payouts?

b. Discuss the effects on distribution policy consistent with: (1) the signaling hypothesis (also called the information content hypothesis) and (2) the clientele effect.

c. (1) Assume that IWT has completed its IPO and has a $112.5 million capital bud-get planned for the coming year. You have determined that its present capital structure (80% equity and 20% debt) is optimal, and its net income is forecasted at $140 million. Use the residual distribution approach to determine IWT’s total dollar distribution. Assume for now that the distribution is in the form of a dividend. Suppose IWT has 100 million shares of stock outstanding. What is the forecasted dividend payout ratio? What is the forecasted dividend per share? What would happen to the payout ratio and DPS if net income were forecasted to decrease to $90 million? To increase to $160 million?

(2) In general terms, how would a change in investment opportunities affect the payout ratio under the residual distribution policy?

(3) What are the advantages and disadvantages of the residual policy? (Hint: Don’t neglect signaling and clientele effects.)

d. (1) Describe the procedures a company follows when it makes a distribution through dividend payments.

(2) What is a stock repurchase? Describe the procedures a company follows when it makes a distribution through a stock repurchase.

e. Discuss the advantages and disadvantages of a firm repurchasing its own shares.

f. Suppose IWT has decided to distribute $50 million, which it presently is holding in liquid short-term investments. IWT’s value of operations is estimated to be about $1,937.5 million; it has $387.5 million in debt and zero preferred stock. As mentioned previously, IWT has 100 million shares of stock outstanding.

(1) Assume that IWT has not yet made the distribution. What is IWT’s intrinsic value of equity? What is its intrinsic stock price per share?

2) Now suppose that IWT has just made the $50 million distribution in the form of dividends. What is IWT’s intrinsic value of equity? What is its intrinsic stock price per share?

(3) Suppose instead that IWT has just made the $50 million distribution in the form of a stock repurchase. Now what is IWT’s intrinsic value of equity? How many shares did IWT repurchase? How many shares remained outstanding after the repurchase? What is its intrinsic stock price per share after the repurchase?

g. Describe the series of steps that most firms take when setting dividend policy.

h. What are stock splits and stock dividends? What are the advantages and disadvantages of each?

i. What is a dividend reinvestment plan (DRIP), and how does it work?

Question 2

Gamut Satellite Inc. produces satellite earth stations that sell for $150,000 each. The firm’s fixed costs, F, are $1.5 million, 20 earth stations are produced and sold each year, profits total $400,000, and the firm’s assets (all equity financed) are $5 million. The firm estimates that it can change its production process, adding $10 million to assets and $500,000 to fixed operating costs. This change will reduce variable costs per unit by $5,000 and increase output by 30 units. However, the sales price on all units must be lowered to $140,000 to permit sales of the additional output. The firm has tax loss carryforwards that render its tax rate zero, its cost of equity is 18%, and it uses no debt.

  1. Determine the variable cost per unit
  2. Determine the new profit if the change is made
  3. What is the incremental profit?
  4. What is the projects expected rate of return for the next year (defined as the incremental profit divided by the investment)?
  5. Should the firm make the investment? Why or why not?
  6. Would the firm’s break-even point increase or decrease if it made the change?
  7. Would the new situation expose the firm to more or less business risk than the old one? Show workings

Note: The textbook is attached in the following google drive link.

https://drive.google.com/file/d/1vbXxe6NmrTNPkBJrM…

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