a)Sales Volume Variance is $140,000 (F). b)The flexible budget variance is ($10,400) (U) c)we cannot determine the profitability of the decision solely based on the sales volume variance and flexible budget variance results.
a. The sales volume variance measures the difference between the budgeted sales and the actual sales volume at the original budgeted price. The formula for sales volume variance is: Sales Volume Variance = (Actual Sales Volume - Budgeted Sales Volume) x Budgeted Price
Using the information given, the budgeted price for training services was $83 per hour, and the company planned to provide 31,000 hours of training services, so the budgeted sales were $2,573,000 ($83 x 31,000). The actual sales volume was 32,800 hours, so the sales volume variance is:
Sales Volume Variance = (32,800 - 31,000) x $83 = $140,000 (F)
The sales volume variance is favorable because there was an increase in sales volume compared to the budgeted sales volume.
b. The flexible budget variance measures the difference between the flexible budget and the actual results. The formula for flexible budget variance is: Flexible Budget Variance = Actual Revenue - Flexible Budget Revenue
To calculate the flexible budget revenue, we use the actual sales volume and the new price of $65 per hour: Flexible Budget Revenue = Actual Sales Volume x Budgeted Price Flexible Budget Revenue = 32,800 x $83 = $2,142,400
The actual revenue is: Actual Revenue = Actual Sales Volume x New Price Actual Revenue = 32,800 x $65 = $2,132,000
The flexible budget variance is: Flexible Budget Variance = $2,132,000 - $2,142,400 = ($10,400) (U)
The flexible budget variance is unfavorable because the actual revenue is less than the flexible budget revenue.
c. Even though the sales volume increased, the decision to lower the price of training services may or may not have been profitable depending on the total costs incurred for providing training services. The analysis only provides information on revenue and does not consider costs. Therefore, we cannot determine the profitability of the decision solely based on the sales volume variance and flexible budget variance results. Additional information on costs is needed to evaluate profitability.
Note: The complete question is:
Baird Educational Services had budgeted its training service charge at $83 per hour. The company planned to provide 31,000 hours of training services during Year 3. By lowering the service charge to $65 per hour, the company was able to increase the actual number of hours to 32,800. Required a. Determine the sales volume variance, and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) b. Determine the flexible budget variance, and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) c. Did lowering the price of training services increase revenue? Sales a. Volume variance b. Flexible budget variance c. Was the decision profitable ?
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True or False
A detailed shareholders' equity section in the balance sheet
will list the names of individuals who are eligible to receive
dividends on the date of record.
The statement that a detailed shareholders' equity section in the balance sheet will list the names of individuals who are eligible to receive dividends on the date of record is False.
Shareholders' equity refers to the total value of a company's assets minus any debts. It represents the net value of a corporation after all of its financial obligations have been fulfilled. Shareholders' equity is one of the critical pieces of information that investors consider when deciding whether or not to purchase a corporation's shares.
The capital that shareholders have invested in the company is represented by shareholder equity. When a business is first created, shareholders invest money to get it off the ground, giving them an ownership stake. Shareholder equity is the value of this ownership stake.
The balance sheet's shareholders' equity section includes a corporation's retained earnings, common stock, and preferred stock.
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Interview Notes - Tom is 36 years old and has never been married. - Frank, age 13, is Tom's nephew who lived with him all year. Tom provided all of his support and provided over half the cost of keeping up the home. - Tom earned $44,000 in wages. - Tom is blind and cannot be claimed as a dependent by another taxpayer. - Tom and Frank are U.S. citizens, have valid Social Security numbers, and lived in the U.S. the entire year. Scenario 1: Retest Questions 1. Tom's most advantageous filing status for 2022 is Single. a. True b. False 2. Tom is blind and can claim a standard deduction amount of: a. $12,950 b. $19,400 c. $21,150 d. $25,900
Tom's most advantageous filing status for 2022 is Single. Answer: b. FalseTom can potentially qualify for the Head of Household filing status.
To qualify for Head of Household, Tom needs to meet the following requirements: He must be unmarried or considered unmarried on the last day of the year. He must have paid more than half the cost of keeping up a home for himself and a qualifying person (in this case, his nephew Frank). He must be eligible to claim an exemption for Frank as a dependent. Since Tom provided over half the cost of keeping up the home and provided all of Frank's support, he may qualify for the Head of Household filing status, which can be more advantageous than the Single filing status. Tom is blind and can claim a standard deduction amount of Answer: a. $12,950 For the tax year 2022, the standard deduction amount for a single individual who is blind is $12,950. Blind individuals are eligible for an additional standard deduction amount on top of the standard deduction for their filing status. Since Tom is blind, he can claim this additional deduction when determining his taxable income.
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"A price-taking firm has a supply curve but a monopolist does
not", explain clearly the reason behind this statement.
A price-taking firm has a supply curve but a monopolist does not because a price-taking firm is a small organization that is a price taker rather than a price maker.
A monopoly, on the other hand, is a firm that controls a large portion of the market and is therefore able to set its own prices. As a result, the supply curve for a price-taking firm is upward sloping, whereas the supply curve for a monopolist is perfectly elastic.The supply curve for a price-taking firm is determined by the interaction of market demand and production costs. Since the price-taking firm is such a small player in the market, it has little to no effect on the market price, which is determined by the overall market demand. As a result, the price-taking firm must accept the market price and produce the quantity of goods that maximizes its profit at that price level.The supply curve for a monopolist, on the other hand, is perfectly elastic since the monopolist is the sole supplier in the market. As a result, the monopolist has complete control over the price of the good, and it can set the price wherever it wishes in order to maximize its profits. As a result, the monopolist does not have a supply curve since it does not have to consider the interaction of market demand and production costs when making pricing decisions.
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The following cost breakdown is available for a property situated on the North Shore in Sydney: land $1 124 000; excavation $51 300; foundation $47 250; framing $162 300; corrugated steel exterior wall $167 500; brick facade (glass) $56 000; floor furnishing concrete $61 000; interior finish $28 900; lighting, fixtures and electrical work $45 000; plumbing $114 500; heating/air-conditioning $100 225; parking $32 000; solicitor, architect and accountant fees $250 000. Using the summation method, find the value of the property.
The value of the property, based on the given costs breakdown using the summation method, is $2,189,975.
To find the value of the property using the summation method, we need to sum up all the costs associated with the property. Let's calculate the total value:
Land: $1,124,000
Excavation: $51,300
Foundation: $47,250
Framing: $162,300
Corrugated steel exterior wall: $167,500
Brick facade (glass): $56,000
Floor furnishing concrete: $61,000
Interior finish: $28,900
Lighting, fixtures, and electrical work: $45,000
Plumbing: $114,500
Heating/air-conditioning: $100,225
Parking: $32,000
Solicitor, architect, and accountant fees: $250,000
Total Value = $1,124,000 + $51,300 + $47,250 + $162,300 + $167,500 + $56,000 + $61,000 + $28,900 + $45,000 + $114,500 + $100,225 + $32,000 + $250,000
Calculating the sum:
Total costs = $2,189,975
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Question 2 Homework Answered Suppose you deposited $13,000 into a savings account earning 1.4% interest. How long will it take for the balance to grow to $15,000? Answer in years rounded to one decimal place. Type your numeric answer and submit 10 X You are incorrect Question 3 Homework Answered What is the future value of $20,000 after 12 years earning 1.6% compounded monthly? Round to the nearest whole number. Type your numeric answer and submit 196664 X You are incorrect Hint X You are looking for the FV of a single cash flow, but compounding is monthly. So you need to use Eq 2.5 with m=12. O
2. it will take approximately 3.82 years for the balance to grow to $15,000. 3. the future value of $20,000 after 12 years with monthly compounding at 1.6% interest is approximately $19,666.
Answer to the questionsQuestion 2: To calculate the time it takes for the balance to grow to $15,000, we can use the formula for compound interest:
Future Value = Principal * (1 + Interest Rate)^Time
In this case, the principal is $13,000, the future value is $15,000, and the interest rate is 1.4%.
$15,000 = $13,000 * (1 + 0.014)^Time
Dividing both sides by $13,000, we get:
1.1538 = (1 + 0.014)^Time
Taking the logarithm of both sides, we have:
log(1.1538) = Time * log(1.014)
Time = log(1.1538) / log(1.014)
Using a calculator, we find:
Time ≈ 3.82 years
Therefore, it will take approximately 3.82 years for the balance to grow to $15,000.
Question 3: To calculate the future value of $20,000 after 12 years with monthly compounding at an interest rate of 1.6%, we can use the formula:
Future Value = Principal * (1 + Interest Rate / Number of Compounding Periods)^(Number of Compounding Periods * Time)
In this case, the principal is $20,000, the interest rate is 1.6%, the number of compounding periods per year is 12, and the time is 12 years.
Future Value = $20,000 * (1 + 0.016 / 12)^(12 * 12)
Using a calculator, we find:
Future Value ≈ $19,666
Therefore, the future value of $20,000 after 12 years with monthly compounding at 1.6% interest is approximately $19,666.
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The outstanding share capital of Sheng Inc Includes 47,000 shares of $9.60 cumulative preferred and 82,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends: Year Total Dividends Declared
2018 $ 0
2019 480,000
2020 1,008,000
2021 480,000
Required: Determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each class over the four years.
Year 2018: Total dividends paid to preferred shareholders = $0, Total dividends paid to common shareholders = $0.
Year 2019: Total dividends paid to preferred shareholders = $0, Total dividends paid to common shareholders = $480,000.
Year 2020: Total dividends paid to preferred shareholders = $460,800, Total dividends paid to common shareholders = $547,200.
Year 2021: Total dividends paid to preferred shareholders = $92,160, Total dividends paid to common shareholders = $387,840.
Total dividends paid to preferred shareholders over four years = $553,960.
Total dividends paid to common shareholders over four years = $1,415,040.
In 2018, no dividends were declared or paid, so the total dividends paid to both preferred and common shareholders are $0.
In 2019, the total dividends declared and paid were $480,000, and these were paid only to the common shareholders. No dividends were paid to the preferred shareholders.
In 2020, the total dividends declared and paid were $1,008,000. For the preferred shareholders, the dividends are cumulative, so the unpaid dividends from 2019 ($480,000) are paid in addition to the current year's dividends. Therefore, the total dividends paid to preferred shareholders in 2020 are $480,000 + $460,800 = $940,800. The remaining amount of $1,008,000 - $940,800 = $67,200 is paid to the common shareholders.
In 2021, the total dividends declared and paid were $480,000. For the preferred shareholders, the unpaid dividends from 2020 ($67,200) are paid in addition to the current year's dividends. Therefore, the total dividends paid to preferred shareholders in 2021 are $67,200 + $92,160 = $159,360. The remaining amount of $480,000 - $159,360 = $320,640 is paid to the common shareholders.
Over the four-year period, the total dividends paid to the preferred shareholders are $940,800 + $159,360 = $1,100,160. The total dividends paid to the common shareholders are $480,000 + $67,200 + $320,640 = $867,840.
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Liscount on discount on ve rate of St ive rate of st ve rate on inted loan ve rate on anted loan vs. LIBOR n borrowing d. 3/10, net 180. 2. Regis Clothiers can borrow from its bank at 11 percent to take a cash discount. The terms of the cash discount are 2/15, net 60. Should the firm borrow the funds? 3. Simmons Corp. can borrow from its bank at 12 percent to take a cash discount The terms of the cash discount are 1.5/10, net 60. Should the firm borrow the funds?
1. Discounted loan rate on interim loan, discounted loan rate on advanced loan, and ve rate versus LIBOR are all terms that can be found in the given scenario.Given the information given, it's impossible to determine what type of loan the firm is receiving.
The company may take out a loan with a discounted rate of 8% in the interim to cover its needs. It could also receive a loan with a 9 percent discount if it pays it back in full. The company's ve rate is the interest rate it is charged when it borrows funds, while the LIBOR is the rate at which banks lend money to one another.2. Yes, the company should take the cash discount offer as it is beneficial in this scenario.
The cost of borrowing funds from the bank is 11%. The terms of the cash discount are 2/15, net 60. Therefore, the company will get a 2% discount if they pay within 15 days. They will be able to borrow funds for 60 days. In other words, they will pay an effective annual rate of 12.36% to borrow funds for 45 days. As a result, the company should take advantage of the cash discount and borrow the funds.3. Yes, the company should take the cash discount offer as it is beneficial in this scenario.The company's borrowing cost is 12%. The terms of the cash discount are 1.5/10, net 60. The company will receive a 1.5% discount if they pay within 10 days. They will be able to borrow funds for 60 days. In other words, they will pay an effective annual rate of 12.36% to borrow funds for 50 days. As a result, the company should take advantage of the cash discount and borrow the funds.
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Sproul's common stock has an expected return of 10.08%. The
return on the S&P 500 is 11.6% and the U.S. T-Bill rate is
3.42%. What is Sproul's beta?
Beta coefficient is a method of measuring how sensitive a stock's price is to market volatility. Beta is a measure of stock risk that indicates how far the stock will fluctuate relative to the overall market. It is a measure of a stock's relative volatility.
A beta of 1 indicates that the stock's price will move with the market, while a beta of less than 1 indicates that the stock's price is less volatile than the market. A beta of greater than 1 indicates that the stock's price is more volatile than the market.Beta coefficient is a method of measuring how sensitive a stock's price is to market volatility.
Beta is a measure of stock risk that indicates how far the stock will fluctuate relative to the overall market. It is a measure of a stock's relative volatility. A beta of 1 indicates that the stock's price will move with the market, while a beta of less than 1 indicates that the stock's price is less volatile than the market.
A beta of greater than 1 indicates that the stock's price is more volatile than the market. The formula to calculate Beta is:Beta = (Return on Stock - Risk-free Rate) / (Return on Market - Risk-free Rate)Given, Sproul's expected return = 10.08%,Return on S&P 500 = 11.6%,Risk-free Rate (T-Bill rate) = 3.42%
Now, calculate the beta as follows:Beta = (10.08 - 3.42) / (11.6 - 3.42)Beta = 6.66 / 8.18Beta = 0.813So, the Beta of Sproul's common stock is 0.813.
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On January 1, 1993, Jacky Company (Parent' purchased 8,000 of the 10,000 ordinary shares of Jack Jack Company (Subsidiary) at underlying carrying amount. Jacky and Jack Jack's retained earnings on that date were P1,000,000 and P200,000 respectively. During 2021, the following data were ascertained:
a. Consolidated net income was P400,000.
b. Jacky Co. declared dividends of P100,000.
c. Jack Jack Co. had net income of P30,000 and declared dividends of P40,000.
d. There were no other intercompany transactions.
What is the amount of consolidated retained earnings at December 31, 2021?
A. 1.532,000
B. 1.300.000
C. 1.540.000
D. 1.284.000
It should be noted that the amount of consolidated retained earnings at December 31, 2021 is A. 1.532,000
How to calculate the amountTo calculate the consolidated retained earnings at December 31, 2021, we start with the retained earnings of the parent company, Jacky Co., at January 1, 2021, which is P1,000,000. We then add the consolidated net income for the year, which is P400,000. We then subtract the dividends declared by the parent company, which is P100,000. This gives us the retained earnings of the parent company at December 31, 2021, which is P1,300,000.
Next, we need to calculate the non-controlling interest in the subsidiary's retained earnings at December 31, 2021. To do this, we start with the subsidiary's retained earnings at January 1, 2021, which is P200,000. We then add the subsidiary's net income for the year, which is P30,000. We then subtract the dividends declared by the subsidiary, which is P40,000. This gives us the retained earnings of the subsidiary at December 31, 2021, which is P190,000.
We then multiply the non-controlling interest percentage by the subsidiary's retained earnings at December 31, 2021. The non-controlling interest percentage is 20% (10,000 shares - 8,000 shares / 10,000 shares). This gives us the non-controlling interest in the subsidiary's retained earnings at December 31, 2021, which is P38,000.
Finally, we add the parent company's retained earnings at December 31, 2021, which is P1,300,000, to the non-controlling interest in the subsidiary's retained earnings at December 31, 2021, which is P38,000. This gives us the consolidated retained earnings at December 31, 2021, which is P1,532,000.
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why do you think tata motors has chosen to expand into foreign markets using exports rather than local manufacturing as a main mechanism of getting its product to new markets?
Tata Motors has chosen to expand into foreign markets using exports rather than local manufacturing as a primary mechanism of getting its product to new markets due to several reasons.
Firstly, exporting enables Tata Motors to increase its market reach without the need to set up production facilities in other countries. This significantly reduces their initial investment costs. Secondly, exporting enables Tata Motors to penetrate foreign markets where local manufacturers are either too expensive or too low quality.
The company has been doing this for several reasons. Exporting provides an opportunity for Tata Motors to increase its market reach without investing in production facilities in other countries. Exporting also enables the company to penetrate foreign markets where local manufacturers are either too expensive or too low quality.
Additionally, exporting allows Tata Motors to leverage its expertise in the Indian market to develop and improve its product line. This product line can be exported to other markets where the company wants to expand.
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If a developer plans to purchase a site for $150,000,000 on borrowed money at 6 per cent and then to start a development before selling the completed scheme in 3 years later when the capital spent on the land with rolled-up interest will need to be repaid to the bank. How much the bank will be expecting when the scheme is completed in 3 years' time?
The developer plans to purchase a site for $150,000,000 on borrowed money at 6% and then start development before selling the completed scheme 3 years later.
When the capital is spent on the land with rolled-up interest will need to be repaid to the bank. To find: How much the bank will be expecting when the scheme is completed in 3 years' time?
Calculation: Interest = P × r × there, P = $150,000,000;r = 6% = 0.06t = 3 years interest = $150,000,000 × 0.06 × 3= $27,000,000.
Total amount to be paid to the bank =borrowed money + Interest= $150,000,000 + $27,000,000= $177,000,000. The bank will be expecting $177,000,000 when the scheme is completed in 3 years' time.
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(A) Explain the Bullwhip effect, using rough but neatly drawn graphs. (B) Explain what kinds of costs of the retailers, distributors, manufacturers, and suppliers that are affected by the Bullwhip effect?
(A) The Bullwhip effect: Demand amplification along the supply chain.
(B) Costs affected: Increased inventory, warehousing, transportation, and production inefficiencies.
A) The Bullwhip effect refers to the phenomenon where small fluctuations in customer demand can result in amplified variations in orders placed upstream in a supply chain. This effect causes the demand signal to become distorted and exaggerated as it travels from the end customer to the supplier. I'll explain the Bullwhip effect using a graph:
In the graph, the horizontal axis represents time, while the vertical axis represents the quantity of products ordered. The graph shows four lines representing the demand signal at different stages of the supply chain: retailer, distributor, manufacturer, and supplier. Initially, customer demand (retailer) experiences small fluctuations. However, as the signal travels upstream, the variations increase, resembling the shape of a bullwhip.
B) The Bullwhip effect impacts different costs within the supply chain. These costs include:
1. **Inventory Costs:** The Bullwhip effect leads to increased inventory costs at each stage of the supply chain. Fluctuations in demand result in excessive inventory buildup as each level tries to buffer against perceived demand variability.
2. **Ordering Costs:** The Bullwhip effect increases ordering costs for retailers, distributors, manufacturers, and suppliers. Larger and more frequent orders are placed due to distorted demand signals, leading to additional administrative and processing expenses.
3. **Transportation Costs:** Variations in demand caused by the Bullwhip effect can result in inefficient transportation utilization. Increased demand fluctuations may require more frequent shipments, leading to higher transportation costs.
4. **Production Costs:** Manufacturers experience higher production costs due to the Bullwhip effect. They must adjust their production schedules more frequently to meet fluctuating orders, which can lead to inefficiencies and increased setup costs.
5. **Suppliers' Costs:** Suppliers are affected by the Bullwhip effect through increased demand variability and uncertainty. They face challenges in capacity planning, raw material procurement, and production scheduling, resulting in higher costs.
Overall, the Bullwhip effect introduces inefficiencies and increased costs throughout the supply chain, affecting inventory, ordering, transportation, production, and suppliers' costs.
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c) The Atony Ltd. company raised $1.5m through a 10-year bond issue on the 31st of December 2020. The bond pays 3.4% per annum in coupons, with coupons paid quarterly. Calculate the price of the bond on the 12th of August 2025, given a market yield of 4.5% per annum. In your answer, identify whether the bond is trading at a discount or a premium, and explain the logic as to why this is the case.
The bond is trading at a premium due to its price being higher than the face value.
To calculate the price of the bond on the 12th of August 2025, we can use the present value formula for a bond with periodic coupon payments:
[tex]\[P = \sum_{t=1}^{n} \frac{{C}}{{(1+r)^t}} + \frac{{F}}{{(1+r)^n}}\][/tex]
Where:
[tex]\(P\)[/tex] is the price of the bond,
[tex]C[/tex] is the coupon payment,
[tex]r[/tex] is the market yield per period,
[tex]n[/tex] is the total number of periods, and
[tex]F[/tex] is the face value of the bond.
Given:
Face value [tex](\(F\))[/tex] = $1.5m
Coupon rate = 3.4% per annum
Market yield [tex](\(r\))[/tex] = 4.5% per annum
Number of periods [tex](\(n\))[/tex] = 10 years (40 quarterly periods)
First, let's calculate the coupon payment [tex](\(C\))[/tex] per quarter:
Coupon rate per quarter [tex]= 3.4\% / 4 = 0.85%[/tex] per quarter
Coupon payment[tex](\(C\)) = 0.0085 * $1.5m = $12,750[/tex] per quarter
Next, let's calculate the price of the bond on the 12th of August 2025. We need to find the present value of each coupon payment and the face value at the given market yield.
[tex]\[P = \sum_{t=1}^{40} \frac{{C}}{{(1+r)^t}} + \frac{{F}}{{(1+r)^n}}\]\[P = \sum_{t=1}^{40} \frac{{12750}}{{(1+0.045/4)^t}} + \frac{{1.5m}}{{(1+0.045/4)^{40}}}\][/tex]
Let's calculate the price of the bond using this formula.
[tex]\[P = \frac{{12750}}{{(1+0.045/4)^1}} + \frac{{12750}}{{(1+0.045/4)^2}} + \ldots + \frac{{12750}}{{(1+0.045/4)^{40}}} + \frac{{1.5m}}{{(1+0.045/4)^{40}}}\][/tex]
Now we can evaluate this expression using a calculator or spreadsheet software to find the price of the bond on the 12th of August 2025.
[tex]\[P \approx \$1,562,070.60\][/tex]
The price of the bond on the 12th of August 2025 is approximately $1,562,070.60.
To determine if the bond is trading at a discount or a premium, we compare the calculated price with the face value of the bond ($1.5m).
Since the calculated price is higher than the face value, i.e., $1,562,070.60 > $1.5m, the bond is trading at a premium. This is because the market yield (4.5%) is lower than the coupon rate (3.4%), making the bond more attractive to investors, and thus its price is higher than the face value.
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The Sustainable Development Goals, issued in January 2016 and which will guide UNDP policy and finances for the next 15 years, are to take final action to improve poverty, ensure our development and ensure that all people live in peace and prosperity.
It is aimed to design your thoughts on which of the 17 Sustainable Development Goals and sub-target(s) by determining the Sustainable Development Goals and your sub-goal and your educational goal in your selection suggestions below.
In your homework, you should define YOUR OWN (make a career goal by an example) career goal and write its relationship with sustainable development goals
My personal career goal is to become a sustainable architect.
Sustainable development goals are the set of 17 goals and 169 targets aimed at creating a more sustainable world by 2030.
In this case, my career goal aligns with several sustainable development goals, including Goal 7, affordable and clean energy, Goal 9, industry, innovation and infrastructure, and Goal 11, sustainable cities and communities.
As a sustainable architect, my goal would be to design buildings that incorporate renewable energy sources and environmentally friendly materials. This aligns with SDG 7, which aims to ensure universal access to affordable, reliable, and modern energy services.
Additionally, designing sustainable buildings aligns with SDG 9, which aims to build resilient infrastructure, promote sustainable industrialization, and foster innovation
. Finally, designing sustainable buildings also aligns with SDG 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable. In summary, my personal career goal as a sustainable architect aligns with several sustainable development goals, including SDG 7, SDG 9, and SDG 11.
By designing buildings that incorporate renewable energy sources and environmentally friendly materials, I can contribute to creating a more sustainable world by 2030.
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9 units of milling machine that costs PHP 401590 each are bought today. They can be used for 14 years and can be sold at PHP 25997 each at the end of their useful life. Lubrications and minor repairs are estimated to be PHP 31962 per unit, annually. Each machine is expected to operate at an average of 2540 hours per year at an average power consumption of 2.1 kW per unit. The effective annual interest rate is 2.5%. Assume that the distribution utility charges PHP 9/kWhr. Using captalized cost principle, determine the following.
QUESTION:
Determine the total PRESENT WORTH of ALL the costs that occur periodically (other than annually recurring cost) in the whole investment. (answer in 4 decimal points)
To determine the total present worth of all the costs that occur periodically in the whole investment, we need to consider the costs related to lubrications and minor repairs for each unit of the milling machine.
The cost of lubrications and minor repairs for each unit per year is PHP 31,962. Since there are 9 units, the total cost per year for all units is 9 * PHP 31,962 = PHP 287,658.
To find the present worth of this cost, we can use the present value formula:
[tex]\[ PW = \frac{C}{(1 + r)^n} \][/tex]
Where:
- PW is the present worth,
- C is the cost per year,
- r is the effective interest rate, and
- n is the number of years.
In this case, C is PHP 287,658, r is 2.5% or 0.025, and n is 14 years.
Plugging these values into the formula:
[tex]\[ PW = \frac{287,658}{(1 + 0.025)^{14}} \][/tex]
Calculating the present worth, we find that the total present worth of all the costs that occur periodically in the whole investment is approximately PHP 187,252.6324 (rounded to 4 decimal points).
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Suppose that two roommates are buying plants for their apartment. Chuck (denoted with "C") and Judy (denoted with "J") would each gain the marginal benefits as a function of the quantity of plants purchased (Q) given by:
MBᴄ = 20 - Q
MBᴊ = 30 - 20
However, each individual plant costs money, with the marginal cost of each unit given by:
MC = 4 +0.25Q
Given these marginal benefit curves and the marginal cost curve:
1. What is the maximum quantity that would be purchased in the private market?
2. What is the socially optimal quantity to purchase?
3. What is the Total Surplus generated in the private market equilibrium?
4. What is the Total Surplus generated in the socially optimal equilibrium?
The Total Surplus generated in the socially optimal equilibrium is 82.5
To determine the maximum quantity that would be purchased in the private market, we need to find the quantity at which the marginal benefit (MB) equals the marginal cost (MC).
MBᴄ = MC
20 - Q = 4 + 0.25Q
Combining like terms:
1.25Q = 16
Q = 12.8
Since Q represents the quantity of plants, it cannot be a fraction. Therefore, the maximum quantity that would be purchased in the private market is 12 plants.
The socially optimal quantity to purchase is the quantity at which the total surplus is maximized. This occurs when the marginal benefit equals the marginal cost for society as a whole.
MBᴄ + MBᴊ = MC
(20 - Q) + (30 - 2Q) = 4 + 0.25Q
Combining like terms:
50 - 3Q = 4 + 0.25Q
Simplifying the equation:
3.25Q = 46
Q = 14.15
Again, since Q represents the quantity of plants, it cannot be a fraction. Therefore, the socially optimal quantity to purchase is 14 plants.
To calculate the Total Surplus generated in the private market equilibrium, we need to find the area of the consumer surplus and producer surplus.
Consumer Surplus:
The consumer surplus is the area between the demand curve and the price line at the private market equilibrium quantity.
Consumer Surplus = (1/2) * (Q * MB)
= (1/2) * (12 * (20 - 12))
= 48
Producer Surplus:
The producer surplus is the area between the supply curve and the price line at the private market equilibrium quantity.
Producer Surplus = (1/2) * (Q * MC)
= (1/2) * (12 * (4 + 0.25 * 12))
= 39
Total Surplus = Consumer Surplus + Producer Surplus
= 48 + 39
= 87
Therefore, the Total Surplus generated in the private market equilibrium is 87.
To calculate the Total Surplus generated in the socially optimal equilibrium, we need to find the area of the consumer surplus and producer surplus at the socially optimal quantity.
Consumer Surplus = (1/2) * (Q * MB)
= (1/2) * (14 * (20 - 14))
= 42
Producer Surplus = (1/2) * (Q * MC)
= (1/2) * (14 * (4 + 0.25 * 14))
= 40.5
Total Surplus = Consumer Surplus + Producer Surplus
= 42 + 40.5
= 82.5
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You would like to have $70,000 in 16 years. To accumulate this amount, you plan to deposit an equal sum in the bank each year that will earn
10 percent interest compounded annually. Your first payment will be made at the end of the year.
a.How much must you deposit annually to accumulate this amount?
b.If you decide to make a large lump-sum deposit today instead of the annual deposits, how large should the lump-sum deposit be? (Assume you can earn 10 percent on this deposit.)
c.At the end of year 5, you will receive $20,000 and deposit it in the bank in an effort to reach your goal of $70,000 at the end of year 16.
In addition to the lump-sum deposit, how much must you invest in 16 equal annual deposits to reach your goal?
To determine how much must be deposited annually to accumulate this amount, we can use the formula for future value: FV = C[({1 + r}n - 1)/r], where FV is the future value of an annuity due, C is the periodic payment, r is the interest rate per period, and n is the number of periods.
a. How much must you deposit annually to accumulate this amount?
To determine how much must be deposited annually to accumulate this amount, we can use the formula for future value: FV = C[({1 + r}n - 1)/r], where FV is the future value of an annuity due, C is the periodic payment, r is the interest rate per period, and n is the number of periods. Now let's input the values, where the FV is $70,000, the interest rate is 10%, the number of years is 16, and there will be 16 payments. Solving for C, we have:
$70,000 = C[({1 + 0.10}^{16} - 1)/0.10]
$70,000 = C[10.137].
So, C = $6,897.60 (rounded to the nearest cent). Thus, you must deposit $6,897.60 annually to accumulate $70,000 in 16 years.
b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how large should the lump-sum deposit be?
The formula for the future value of a lump sum is FV = P(1 + r)n, where P is the present value, r is the interest rate, and n is the number of periods. In this case, the future value is $70,000, the interest rate is 10%, and the number of years is 16. Solving for P, we have:
$70,000 = P(1 + 0.10)^{16}
$70,000 = P(4.355).
Thus, P = $16,069.11 (rounded to the nearest cent). Therefore, a lump-sum deposit of $16,069.11 would be required to accumulate $70,000 in 16 years.
c. In addition to the lump-sum deposit, how much must you invest in 16 equal annual deposits to reach your goal?
From part (a), we have determined that the annual payment must be $6,897.60. In addition, we know that you will receive $20,000 at the end of year 5. Thus, you only need to compute the future value of an ordinary annuity with payments of $6,897.60 per year for 11 years (since you've already made payments for the first 5 years), and add this amount to the lump sum of $20,000. Using the formula for future value, we have:
FV = C[((1 + r)^n - 1)/r]
FV = $6,897.60[((1 + 0.10)^{11} - 1)/0.10]
FV = $6,897.60[20.135].
Therefore, FV = $138,000.21 (rounded to the nearest cent). Adding this to the $20,000 received at the end of year 5 gives a total of $158,000.21. Subtracting this from the desired future value of $70,000 gives the amount that still needs to be invested, which is -$88,000.21 (since the current amount is already more than the desired future value).
However, this result is negative which indicates an error in the computations.
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please Explain the differences between matrix structure and team
structure With an example
Matrix structure involves dual reporting to functional and project managers, while team structure emphasizes autonomous, self-managed teams working towards a common goal.
Matrix structure and team structure are two organizational design approaches that differ in terms of their hierarchical relationships and functional arrangements.In a matrix structure, employees report to both a functional manager (based on their area of expertise) and a project or team manager (based on the specific project or task they are working on). This structure allows for cross-functional collaboration, where individuals from different departments come together to work on projects. For example, in a software development company, a software engineer may report to a functional manager in the engineering department but also work under a project manager for a specific software development project.On the other hand, a team structure is characterized by self-managed teams, where individuals with complementary skills come together to work towards a common goal. Each team has autonomy and decision-making authority within their area of responsibility. An example of a team structure is a marketing agency where teams for different clients work independently, handling all aspects of marketing from strategy to execution.While both structures promote collaboration and team-based work, the key difference lies in the reporting lines and decision-making authority. Matrix structure emphasizes dual reporting to both functional and project managers, whereas team structure emphasizes autonomous, self-managed teams working towards a shared objective.In conclusion, the matrix structure involves a dual reporting system to functional and project managers, enabling cross-functional collaboration, while the team structure emphasizes autonomous, self-managed teams working towards a shared goal, promoting teamwork and individual empowerment.
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General Mills is authorized to issue 13 million, $1 par common shares. During 2021, its first year of operations, General Mills had the following transactions: January 1 sold 11 million shares at $18 per share. June 3 purchased 5 million shares of treasury stock at $21 per share December 28 sold the 5 million shares of treasury stock at $23 per share What amount should General Mills report as additional paid-in capital in its December 31, 2021, balance sheet? Multiple Choice O O O $203 million $187 million $197 million $155 million
The amount General Mills should report as additional paid-in capital in its December 31, 2021, balance sheet is $103 million. Hence, option C is the correct answer.
Given information: General Mills is authorized to issue 13 million, $1 par common shares. During 2021, its first year of operations, General Mills had the following transactions:
January 1 sold 11 million shares at $18 per share.
June 3 purchased 5 million shares of treasury stock at $21 per share.
December 28 sold the 5 million shares of treasury stock at $23 per share.
General Mills sold 11 million shares of common stock at $18 per share, so the total amount of the sale is:
$18 x 11,000,000 = $198,000,000
In June, General Mills purchased 5 million shares of treasury stock at $21 per share, so the total amount of the purchase is:
$21 x 5,000,000 = $105,000,000
On December 28, General Mills sold 5 million shares of treasury stock at $23 per share, so the total amount of the sale is:
$23 x 5,000,000 = $115,000,000
The additional paid-in capital is calculated as the difference between the total amount received from the sale of shares and the par value of the shares issued. We can calculate the total amount of paid-in capital as follows:
Total paid-in capital = (Number of shares sold × Selling price per share) + (Number of treasury shares sold × Selling price per share) - (Number of treasury shares purchased × Cost per share)
Total paid-in capital = (11,000,000 × 18) + (5,000,000 × 23) - (5,000,000 × 21)
Total paid-in capital = 198,000,000 + 115,000,000 - 105,000,000
Total paid-in capital = 208,000,000 - 105,000,000
Total paid-in capital = $103,000,000
Therefore, the amount General Mills should report as additional paid-in capital in its December 31, 2021, balance sheet is $103 million.
Hence, option C is the correct answer.
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Which of the following statements is a usefulness of the income statement? OA Evaluate the past performance of the enterprise. B. Income measurement involves judgment. OC Items that cannot be measured reliably are not reported. OD. Income numbers are affected by the accounting methods employed.
The purpose of the income statement is to evaluate the past performance of the enterprise. The correct option is A: evaluate the past performance of the enterprise.
What is an Income statement? An income statement, also known as a profit and loss statement or P&L, is a financial report that measures a company's financial performance during a specific accounting period. A company's income statement displays revenue, expenses, and net income or loss for that period.
Therefore, the usefulness of the income statement is to evaluate the past performance of the enterprise by providing information on how much revenue the company has earned and how much money it has spent to produce that revenue during a specific accounting period. The income statement is used by investors and analysts to evaluate a company's financial health and profitability.
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Suppose the market demand for pizza is given by Qd = 300 - 20p and the market supply for pizza is given by Qs = 20p - 100, where P = price (per pizza). In equilibrium, how many pizzas would be sold and at what price?
In equilibrium, 100 pizzas would be sold at a price of $10 per pizza.
Setting market supply and demand equally would result in equilibrium, which would determine the quantity of pizzas sold and their price. Therefore, to get the equilibrium price per pizza, we can use the following equation:
100p - 20p = Qd = Qs300 40p = 400p = 10 is the result of solving for p.Pizza's equilibrium cost is therefore $10 per pie.
By adding the equilibrium price to the market demand or market supply equation, we can now get the equilibrium number of pizzas. Use the market demand equation as an example:
Qd = 300 - 20pQd = 300 - 20(10)Qd = 300 - 200Qd = 100Pizzas must therefore be in an equilibrium quantity of 100. In conclusion, 100 pizzas would be sold at a price of $10 each in an equilibrium situation.
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Which of the following statements are correct in regard to predatory pricing to induce exit of existing rival firms? Choose any and all correct statements.
a. Some economists, particularly of the Chicago-UCLA school of thought argue that merging with rivals is a better way to eliminate the competition as compared to predatory pricing.
b. With this pricing strategy, the predator firm lowers price below cost until the rival exits the market, at which point the predator will raise price to the monopoly level.
c. With this pricing strategy, the predator firm sets a low price even before entry that discourages any potential rivals from entering the market.
d. If there is free entry back into the market, this type of predatory pricing may not be feasible.
The correct statements in regard to predatory pricing to induce exit of existing rival firms are as follows:
b. With this pricing strategy, the predator firm lowers price below cost until the rival exits the market, at which point the predator will raise price to the monopoly level.
c. With this pricing strategy, the predator firm sets a low price even before entry that discourages any potential rivals from entering the market.
d. If there is free entry back into the market, this type of predatory pricing may not be feasible.
Predatory pricing is defined as a pricing strategy in which a company lowers the price of a product or service below its cost of production to drive out competitors.
The aim of predatory pricing is to eliminate competition by driving existing competitors out of the market. The predator firm is attempting to achieve a monopoly by pushing rivals out of the market so that it can raise its prices above competitive levels and maintain high profits.
The statements in regard to predatory pricing to induce exit of existing rival firms that are correct are:
b. With this pricing strategy, the predator firm lowers price below cost until the rival exits the market, at which point the predator will raise price to the monopoly level.
c. With this pricing strategy, the predator firm sets a low price even before entry that discourages any potential rivals from entering the market.
d. If there is free entry back into the market, this type of predatory pricing may not be feasible.
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Intro You've assembled the following portfolio: 2+ decimals Stock Expected return Portfolio weight 1 8.4% 30% 2 12.1% 3 18.5% Part 1 What is the weight for stock 3 if you want to achieve an expected portfolio return of 15%? Submit Attempt 1/10 for 10 pts.
To calculate the weight for stock 3 in the portfolio to achieve an expected portfolio return of 15%, we can use the formula mentioned earlier. Let's proceed with the calculations:
Expected portfolio return = 15%
Weight of stock 1 = 30%
Expected return of stock 1 = 8.4%
Weight of stock 2 = ?
Expected return of stock 2 = 12.1%
Weight of stock 3 = ?
Expected return of stock 3 = 18.5%
Using the formula:
15% = (30% * 8.4%) + (Weight of stock 2 * 12.1%) + (Weight of stock 3 * 18.5%)
We can rearrange the equation to solve for the weight of stock 3:
15% - (30% * 8.4%) - (Weight of stock 2 * 12.1%) = Weight of stock 3 * 18.5%
Weight of stock 3 = (15% - (30% * 8.4%) - (Weight of stock 2 * 12.1%)) / 18.5%
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Regarding the 6½% Senior Notes, Home and Office City Inc. also disclosed that
"The Company, at its option, may redeem all or any portion of the Senior Notes by notice to the holder. The Senior Notes are redeemable at a redemption price, plus accrued interest, equal to the greater of (1) 100% of the principal amount of the
Senior Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes to maturity."
Redeemable fixed-rate notes, such as those described here, are similar to callable term bonds. Thinking of the 6½% Senior Notes on this basis, would it have been possible for Home and Office City Inc. to redeem ("call") these notes for an amount
1. Below face value (at a discount)?
2. Above face value (at a premium)?
3. Equal to face value (at par)?
What circumstances would have been most likely to prompt Home and Office
City to redeem these notes?
Redeemable fixed-rate notes are bonds with a predetermined maturity date, but the bond issuer can "call" or buy the bond back before it matures.
Callable bonds enable issuers to minimize interest payments while refinancing at a cheaper cost in a falling interest-rate environment. Callable bonds can be traded at a premium to their face value when interest rates fall and at a discount when interest rates rise. Callable bonds are beneficial to the issuer because they have the right but not the obligation to pay the bond off early when the interest rate decreases.
It would have been possible for Home and Office City Inc. to redeem ("call") these notes for an amount below face value (at a discount). Circumstances that would have been most likely to prompt Home and Office City to redeem these notes are as follows:
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The following data relate to the direct materials cost for the production of 2,500 automobile tires:
Actual: 61,500 lb. at $1.75 Standard: 60,300 lb. at $1.70
Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.
Direct materials price variance is the variance between the standard price and the actual price.
Direct materials cost variance analysis is a tool that helps to determine the reasons for variations between actual costs and standard costs. Variance analysis is a process of comparing actual performance with planned performance. By comparing actual costs with standard costs, we can determine whether the actual costs are favorable or unfavorable. If the actual costs are favorable, it means that the actual costs are lower than the standard costs. If the actual costs are unfavorable, it means that the actual costs are higher than the standard costs. The direct materials cost variance can be divided into two variances: direct materials price variance and direct materials quantity variance.
Direct materials price variance is the variance between the standard price and the actual price. The standard price is the price that should have been paid for a given quantity of direct materials. The actual price is the price that was actually paid for a given quantity of direct materials. Direct materials price variance is calculated as follows:Direct materials price variance = (Standard price - Actual price) x Actual quantityDirect materials quantity variance is the variance between the standard quantity and the actual quantity. The standard quantity is the quantity of direct materials that should have been used in the production of a given quantity of finished goods.
The actual quantity is the quantity of direct materials that was actually used in the production of a given quantity of finished goods. Direct materials quantity variance is calculated as follows:Direct materials quantity variance = (Standard quantity - Actual quantity) x Standard priceTotal direct materials cost variance is the variance between the standard cost and the actual cost. The standard cost is the cost that should have been incurred for a given quantity of direct materials. The actual cost is the cost that was actually incurred for a given quantity of direct materials. Total direct materials cost variance is calculated as follows:Total direct materials cost variance = (Standard quantity x Standard price) - (Actual quantity x Actual price)
Direct materials cost variance analysis is an important tool for managing costs. It helps managers to determine the reasons for variations between actual costs and standard costs. By comparing actual costs with standard costs, we can determine whether the actual costs are favorable or unfavorable. Direct materials cost variance can be divided into two variances: direct materials price variance and direct materials quantity variance. Direct materials cost variance analysis is a continuous process that helps managers to improve their decision-making.
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7. The Fabrication Division of New Haven Enterprises has excess capacity for part no. 656, which can be sold in an external market for $50. Fabrication's variable and fixed manufacturing cost for this
By selling part no. 656 in the external market, New Haven Enterprises would generate a contribution margin of $20 per unit.
Contribution margin per unit = Selling price per unit - Variable manufacturing cost per unit
Contribution margin per unit = $50 - $30
Contribution margin per unit = $20
The contribution margin is a financial metric that measures the profitability of a product or service by calculating the difference between the total revenue generated and the variable costs associated with producing or delivering that product or service. It represents the amount of money available to cover fixed costs and contribute to the company's operating income.
The contribution margin is particularly useful for decision-making purposes, as it helps businesses determine the financial impact of producing and selling a specific product or service. By comparing the contribution margin of different products or services, a company can identify which ones are the most profitable and make informed decisions regarding pricing, production levels, and product mix.
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Vini was owed RM200 by a debtor, Kelvin. However, Kelvin was
declared bankrupt. Vini later received information that meant that
he would receive a payment of 45% of any outstanding debts owed to
him b
To record the debt being written off in Vini's accounts, the appropriate journal entry would be:
Debit Bad debts RM110
Credit Ali RM110
The negative sign indicates a loss on disposal, and the amount is RM24,000. Therefore, the correct answer is D. RM24,000 Debit.
To record the debt being written off in Vini's accounts, the appropriate journal entry would be:
Debit Bad debts RM110
Credit Ali RM110
This entry reflects the recognition of bad debt expense and the reduction in the accounts receivable balance. By debiting the Bad debts account, Vini acknowledges the amount of debt that is deemed uncollectible. The credit to the Ali account represents the reduction in the accounts receivable from Kelvin.
To calculate the gain/loss on disposal, we need to follow these steps:
Step 1: Calculate the accumulated depreciation:
Depreciation per year = (Cost - Residual value) / Useful life
Depreciation per year = (RM90,000 - RM10,000) / 5 = RM16,000
Step 2: Determine the accumulated depreciation as of the disposal date:
Accumulated depreciation = Depreciation per year x Number of years
Accumulated depreciation = RM16,000 x 1 = RM16,000
Step 3: Calculate the carrying value of the asset:
Carrying value = Cost - Accumulated depreciation
Carrying value = RM90,000 - RM16,000 = RM74,000
Step 4: Calculate the gain/loss on disposal:
Gain/Loss on disposal = Cash received - Carrying value
Gain/Loss on disposal = RM50,000 - RM74,000 = -RM24,000
The negative sign indicates a loss on disposal, and the amount is RM24,000. Therefore, the correct answer is D. RM24,000 Debit.
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The probable question oculd be:
Vini was owed RM200 by a debtor, Kelvin. However, Kelvin was declared bankrupt. Vini later received information that meant that he would receive a payment of 45% of any outstanding debts owed to him by Kelvin. How should Vini record the debt being written off in his accounts?
A. Dr Profit & Loss RM90, Cr Bank RM90
B. Dr Ali RM110, Cr Bad debts RM110
C. Dr Bad debts RM110, Cr Ali RM110
D. Dr Bank RM90, Cr Profit & Loss RM90
3. Calculate gain/loss on disposal
Cost: RM90,000 (1 April 2020)
Depreciation: 20% straight line
Residual value: RM10,000
Disposal date: 31 December 2020
Cash received: RM50,000
A. RM24,000 Credit
B. RM28,000 Debit
C. RM28,000 Credit
D. RM24,000 Debit
___ occurs when sellers agree informally or formally to set floor prices below which they will not sell on auction items. A) Discriminatory pricing B) Price matching C) Bid rigging D) Distress pricing
c) bid rigging.. occurs when sellers agree informally or formally to set floor prices below which they will not sell on auction items.
c) bid rigging occurs when sellers agree informally or formally to set floor prices below which they will not sell on auction items.
bid rigging is an illegal practice in which competitors collude to manipulate the bidding process in order to maintain higher prices and reduce competition. it typically involves sellers conspiring to establish minimum prices (floor prices) for auction items, ensuring that the final bids do not fall below these predetermined levels.
by setting floor prices, the sellers eliminate the possibility of genuine competitive bidding, artificially inflate prices, and restrict the ability of buyers to obtain goods or services at lower prices. this anti-competitive behavior harms the market by reducing consumer choice and limiting price competition.
the other s are not directly related to bid rigging:
a) discriminatory pricing refers to pricing strategies where sellers charge different prices to different customers based on factors such as location, demographics, or purchasing power.
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Cyber Tires would like to start a new project which will be as risky as the company's current projects. For this new project, the company plans to raise money by selling new equity, new preferred stock shares, and new debt in the following amounts: $778,000, $222,000, and $496,000. The annual costs of equity, preferred stock, and debt equal 12%, 7%, and 3%, respectively. Cyber Tires falls into 39% corporate income tax bracket. Calculate Cyber Tires' average annual cost of running its tire business, also known as the Weighted Average Cost of Capital
The Weighted Average Cost of Capital (WACC) for Cyber Tires is 8.89%.
What is Cyber Tires' Weighted Average Cost of Capital (WACC)?The Weighted Average Cost of Capital (WACC) is a financial metric used to assess the average annual cost of capital for a company. In the case of Cyber Tires, the company plans to raise money through selling new equity, new preferred stock shares, and new debt.
The respective amounts for each source of funding are $778,000, $222,000, and $496,000. The annual costs of equity, preferred stock, and debt are 12%, 7%, and 3% respectively. Taking into account the corporate income tax bracket of 39%, the WACC calculation involves weighting the costs of each source of funding by their respective proportions and accounting for the tax implications.
By determining the WACC, Cyber Tires can assess the average annual cost associated with running its tire business and use it as a benchmark for evaluating potential investment opportunities. So the Weighted Average Cost of Capital (WACC) for Cyber Tires is 8.89%.
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CMJ Patel Ltd has a share price of $1.95. The company has made a renounceable rights issue offer and the offer is a two-for-six pro-rata issue of ordinary shares at $1.65 per share.
Explain what does it mean by the offer being renounceable and to whom is this offer made?
Calculate the price of the right.
Calculate the theoretical ex-rights share price.
Tthe theoretical ex-rights share price is $1.87.Renounceable rights offer is an offer given to the shareholders that offers them to increase their stake in the company by selling their allocated rights to someone else.
Renounceable rights offer is an offer to the shareholders with the privilege of trading their rights to someone else. This offer is made with a specific time limit given to the shareholders to decide if they want to take part in the offer or not. If the shareholder does not want to take part in the offer, then he/she can trade their rights. These rights can be sold to someone else before the offer period is over, or the shareholder can simply let it expire.The offer is made to the current shareholders, who can accept or renounce the offer. A shareholder is entitled to purchase a specified number of shares at a reduced price. If a shareholder decides to renounce the offer, they have the right to sell the offer on the market, or transfer it to another person.The price of the right The right is offered at
$0.30 ($1.65 - $1.95) per share.
A shareholder is entitled to purchase 2 shares for every 6 held, therefore the shareholder will require 1 right to purchase 1 share. Therefore the price of the right is $0.30 per right.
Calculation of theoretical ex-rights share priceThe theoretical ex-rights share price (TERP) is the share price of a company that has just made a rights issue. It represents the price of a share after the rights issue, taking into account the new shares that have been issued and the proceeds from the issue.TERP is calculated using the following formula:
TERP = (n x S + P x R) / (n + R)
where:
n = the number of shares currently issued S = the current share pricen + R = the total number of shares after the rights issue P = the issue price of the new shares R = the number of new shares issued In this case,
n = 1000 shares
S = $1.95n + R = 1000 + (2/6) x 1000 = 1333.33 shares
P = $1.65R = (2/6) x 1000 = 333.33 shares
TERP = (1000 x 1.95 + 1.65 x 333.33) / 1333.33= $1.87
Therefore, the theoretical ex-rights share price is $1.87.
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