Tài liệu, ebook Kế Toán - Kiểm Toán

Tax Effect Dividends are taxed more heavily than capital gains, so before-tax returns should be higher for high-dividend-paying firms. Empirical results are mixed -- recently the evidence is largely consistent with dividend neutrality. Financial Signaling Expect that increases (decreases) in dividends lead to positive (negative) excess stock re...

43 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 631 | Lượt tải: 0

The cost of capital is dependent on the capital structure of the firm. Initially, low-cost debt is not rising and replaces more expensive equity financing and ko declines. Then, increasing financial leverage and the associated increase in ke and ki more than offsets the benefits of lower cost debt financing. Thus, there is one optimal capital st...

38 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 657 | Lượt tải: 0

Break-Even Analysis -- A technique for studying the relationship among fixed costs, variable costs, profits, and sales volume. When studying operating leverage, “profits” refers to operating profits before taxes (i.e., EBIT) and excludes debt interest and dividend payments.

63 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 606 | Lượt tải: 0

Assume that Basket Wonders (BW) has preferred stock outstanding with par value of $100, dividend per share of $6.30, and a current market value of $70 per share. kP = $6.30 / $70 kP = 9%

49 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 626 | Lượt tải: 0

A graphic or tabular approach for organizing the possible cash-flow streams generated by an investment. The presentation resembles the branches of a tree. Each complete branch represents one possible cash-flow sequence.

43 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 658 | Lượt tải: 0

$40,000 = $10,000(PVIF10%,1) + $12,000(PVIF10%,2) + $15,000(PVIF10%,3) + $10,000(PVIF10%,4) + $ 7,000(PVIF10%,5) $40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621) $40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347 = $41,444 [Rate is too low!!]

58 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 558 | Lượt tải: 0

In addition to creating a “before” and “after” translated balance sheet to calculate the translation exposure, there is a simpler method through multiplying the value of “net exposed assets” with the percentage of depreciation –An exposed asset (liability) is an asset (liability) whose value drops (rises) with the depreciation of the function...

5 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 607 | Lượt tải: 0

Accrued Expenses -- Amounts owed but not yet paid for wages, taxes, interest, and dividends. The accrued expenses account is a short-term liability. Wages -- Benefits accrue via no direct cash costs, but costs can develop by reduced employee morale and efficiency. Taxes -- Benefits accrue until the due date, but costs of penalties and interest ...

40 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 633 | Lượt tải: 0

Trident company just concludes negotiations for the sale of telecommunication equipments to Regency, a British firm, for ￡1,000,000 – The sale is made in March with payment due three months later in June – The financial and market information is as follows • Spot exchange rate: $1.7640/￡ • Three-month forward rate: $1.7540/￡ • Cost of capit...

15 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 633 | Lượt tải: 0

The before-tax opportunity cost for each dollar of funds “tied-up” in additional receivables is 20%. Ignoring any additional bad-debt losses that may arise, should the competing firm introduce a cash discount?

52 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 679 | Lượt tải: 0