|
Year |
Pi(cm) |
Year |
Pi(cm) |
|
1999 |
44.2 |
2010 |
39.2 |
|
2000 |
47.6 |
2011 |
38.3 |
|
2001 |
38.5 |
2012 |
46.1 |
|
2003 |
35.8 |
2013 |
33.1 |
|
2004 |
40.2 |
2014 |
35.0 |
|
2005 |
41.2 |
2015 |
39.3 |
|
2006 |
39.8 |
2016 |
42.0 |
|
2007 |
39.7 |
2017 |
41.7 |
|
2008 |
40.5 |
2019 |
37.7 |
|
2009 |
42.5 |
2019 |
36.6 |
How many times was the P10 (normal) exceeded in the 20-year annual precipitation record given in Problem 1?
In: Civil Engineering
|
Year |
Pi(cm) |
Year |
Pi(cm) |
|
1999 |
44.2 |
2010 |
39.2 |
|
2000 |
47.6 |
2011 |
38.3 |
|
2001 |
38.5 |
2012 |
46.1 |
|
2003 |
35.8 |
2013 |
33.1 |
|
2004 |
40.2 |
2014 |
35.0 |
|
2005 |
41.2 |
2015 |
39.3 |
|
2006 |
39.8 |
2016 |
42.0 |
|
2007 |
39.7 |
2017 |
41.7 |
|
2008 |
40.5 |
2019 |
37.7 |
|
2009 |
42.5 |
2019 |
36.6 |
please clarify each step of he solution and do not use Microsoft Excel
In: Civil Engineering
|
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004 with unamortized premium of $120,000. These bonds pay interest semiannually on January 1 and July 1 and mature on January 1, 2010. Straight-line amortization is used. Garden Inc., 80%-owned subsidiary of Willy Wagtail, buys $1,000,000 par value of Willy Wagtail’s outstanding bonds in the market for $980,000. There is only one issue of outstanding bonds of the affiliated companies and they have consolidated financial statements. For the year 2005, Willy Wagtail has income from its separate operations (excluding investment income) of $4,500,000 and Garden reports net income of $600,000. |
|
Required: Determine the following: |
|
|
1. |
Noncontrolling interest expense for 2005. |
|
2. |
Consolidated net income for Willy Wagtail Company and subsidiary for 2005. |
Please with the explain
In: Accounting
|
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004 with unamortized premium of $120,000. These bonds pay interest semiannually on January 1 and July 1 and mature on January 1, 2010. Straight-line amortization is used. Garden Inc., 80%-owned subsidiary of Willy Wagtail, buys $1,000,000 par value of Willy Wagtail’s outstanding bonds in the market for $980,000. There is only one issue of outstanding bonds of the affiliated companies and they have consolidated financial statements. For the year 2005, Willy Wagtail has income from its separate operations (excluding investment income) of $4,500,000 and Garden reports net income of $600,000. |
|
Required: Determine the following: |
|
|
1. |
Noncontrolling interest expense for 2005. |
|
2. |
Consolidated net income for Willy Wagtail Company and subsidiary for 2005. |
what the information you need
In: Accounting
6. The public debt - Ownership
The following table contains approximate figures for gross domestic product (GDP) and the national debt in the United States for June 2005 and June 2010. The national debt represents the total amount of money owed by the federal government to holders of U.S. securities. All numbers are in trillions of dollars.
|
GDP |
Total National Debt |
Debt Held by |
Debt Held Outside Fed. Govt. and Fed. Reserve |
||
|---|---|---|---|---|---|
|
(Trillions of Dollars) |
(Trillions of Dollars) |
Federal Government |
Foreign Ownership |
U.S. Ownership |
|
|
and Federal Reserve |
(Trillions of Dollars) |
(Trillions of Dollars) |
|||
|
(Trillions of Dollars) |
|||||
| June 2005 | 12.3 | 7.8 | 4.0 | 1.9 | 1.9 |
| June 2010 | 14.5 | 13.2 | 4.6 | 4.0 | 4.6 |
Source: “U.S. Treasury, Bureau of Economic Analysis.”
Publicly held debt is the portion of the national debt that is held outside the federal government and the Federal Reserve System. In June 2005, the publicly held debt as a percentage of total national debt was - choose one - 48.7% , 49 %, 53.8%, 49.5%
In June 2005, the percentage of the U.S. national debt held by foreigners was choose one - 26.5%, 24.9%, 24.4%, 25.8%
The fraction of the national debt held by foreigners will eventually need to be repaid to foreigners, thereby reducing the collective purchasing power of Americans. Between 2005 and 2010, the fraction of the national debt held by foreigners choose one - decreased or increased
The absolute level of the debt does not necessarily provide a clear indication of a nation's debt burden. Thus, economists often look at relative measures of the national debt. One possible relative measure of the national debt is the federal debt held by the public (outside the federal government and the Federal Reserve) as a percentage of GDP. In 2005, publicly held debt was CHOOSE ONE - 50.5%, 46.2%, 51%. 30.9% of GDP. Between 2005 and 2010, publicly held debt as a percentage of GDP choose one - decreased or increased
In: Economics
Spartan Limited is a publicly traded company on the Toronto
Stock Exchange. The company
sponsors a defined benefit pension plan for all its employees, and
the controller provides you with
the following data that relate to the plan for fiscal 2019:
1. On January 1, 2019, the company's defined benefit obligation was
$1,050,000, and the fair
value of pension plan assets was $950,000.
2. The plan assets generated a return of $98,000 during the year,
and Spartan's discount rate
was 10%.
3. The current service cost is determined using a formula based on
the employees’ payroll
and was calculated to be $83,000.
4. Spartan made a cash contribution of $150,000 to the plan assets
on December 31, 2019.
5. Benefits of $80,000 were paid in 2019. Assume these payments
were made a year end.
6. In late December 2019, an actuarial revaluation of the defined
benefit obligation
establishes that the defined benefit obligation should be
1,200,000.
In: Accounting
Spartan Limited is a publicly traded company on the Toronto Stock Exchange. The company sponsors a defined benefit pension plan for all its employees, and the controller provides you with the following data that relate to the plan for fiscal 2019:
1. On January 1, 2019, the company's defined benefit obligation was $1,050,000, and the fair value of pension plan assets was $950,000.
2. The plan assets generated a return of $98,000 during the year, and Spartan's discount rate was 10%
3. The current service cost is determined using a formula based on the employees’ payroll and was calculated to be $83,000.
4. Spartan made a cash contribution of $150,000 to the plan assets on December 31, 2019.
5. Benefits of $80,000 were paid in 2019. Assume these payments were made a year end.
6. In late December 2019, an actuarial revaluation of the defined benefit obligation establishes that the defined benefit obligation should be 1,200,000.
Instructions 3.1 :
Prepare the journal entry(ies) to record pension expense and the employer's payment to the pension trustee in 2019.
3.2 Determine the plan's surplus or deficit position and the balance of the Net Defined Benefit Liability/Asset account at January 1, 2019 and at December 31, 2019.
3.3 Give an example of what could have caused the actuarial loss?
3.4 What would have been the pension expense for 2019 if Spartan had a defined contribution plan instead?
In: Accounting
Express Chemical Company is a publicly traded company that has been operating at a profit for years.
Its officers (all of whom are stockholders) are concerned about the prospects of the company. Customers and employees claiming that toxic chemicals produced by the company caused their health problems have sued many similar firms. Lawsuits have yet been filed against Express, but the officers fully expect them to be filed within the next two years.
The officers hold 70% of the stock and estimate that their total stockholdings have a current market value of about $8 million (although its value would be much lower if all the facts were known). They are worried that if suits are filed and the company loses, there will not even be enough remaining assets to satisfy creditors' claims, and the officers' stock would be worthless. Private legal counsel informed the officers that the company is likely to lose any suits that are filed.
One of the officers suggested that they could at least receive something for their stock by having the company buy half of the shares held by the officers at a total price of $4 million. Another officer asked if such a treasury stock transaction would be legal. The response was that the transaction would be legal and retained earnings would be reduced to a zero balance. However, there would not be a debit balance because of the transaction.
If you were one of the officers, would you feel comfortable engaging in this proposed treasury stock transaction? Briefly explain.
What are your ethical responsibilities, if any, as they relate to the proposed treasury stock transaction?
In: Accounting
Beta company is a publicly traded company, with 20 million shares trading at $ 70 a share and $ 600 million in debt (market value as well as book value) outstanding. The firm derives 70% of its value from cloud storage and hosting, and the remaining 30% from technical service. The unlevered beta is 0.8 for firms in the cloud business and 1.2 for firms in the technical service business. Beta company is rated A and can borrow money at 5%. The risk-free rate is 2% and the market risk premium is 8%; the corporate tax rate is 30%, and the firm has a capital gains tax rate of 20%.
1. Estimate the cost of capital for Beta Company
2. Beta Company is considering acquiring Alpha Company, another cloud hosting company (which derives 100% of its revenues from hosting) for $ 350 million, three quarters of which it plans to fund by a new debt issue (which will cause its rating to drop and its cost of debt to rise to 5.5%) and a quarter by issuing new stock. Estimate the cost of capital after the acquisition.
In: Finance
Analysis and Interpretation of Profitability
Balance sheets and income statements for Target Corporation
follow.
| Income Statement | |||
|---|---|---|---|
| For Fiscal Years Ended ($ millions) | 2006 | 2005 | 2004 |
| Sales | $ 51,271 | $ 45,682 | $ 40,928 |
| Credit card revenues | 1,349 | 1,157 | 1,097 |
| Total revenues | 52,620 | 46,839 | 42,025 |
| Cost of sales | 34,927 | 31,445 | 28,389 |
| Selling, general and administrative expenses | 11,185 | 9,797 | 8,657 |
| Credit card expenses | 776 | 737 | 722 |
| Depreciation and amortization | 1,409 | 1,259 | 1,098 |
| Earnings before interest and income taxes | 4,323 | 3,601 | 3,159 |
| Net interest expense | 463 | 570 | 556 |
| Earnings before income taxes | 3,860 | 3,031 | 2,603 |
| Provisions for income taxes | 1,452 | 1,146 | 984 |
| Net earnings | $ 2,408 | $ 1,885 | $ 1,619 |
| Balance Sheet | ||
|---|---|---|
| ($ millions, except footnotes) | January 28, 2006 | January 29, 2005 |
| Assets | ||
| Cash and cash equivalents | $ 1,648 | $ 2,245 |
| Credit card receivables | 5,666 | 5,069 |
| Inventory | 5,838 | 5,384 |
| Other current assets | 1,253 | 1,224 |
| Total current assets | 14,405 | 13,922 |
| Property and equipment | ||
| Land | 4,449 | 3,804 |
| Buildings and improvements | 14,174 | 12,518 |
| Fixtures and equipment | 3,219 | 2,990 |
| Computer hardware and software | 2,214 | 1,998 |
| Construction-in-progress | 1,158 | 962 |
| Accumulated depreciation | (6,176) | (5,412) |
| Property and equipment, net | 19,038 | 16,860 |
| Other noncurrent assets | 1,552 | 1,511 |
| Total assets | $ 34,995 | $ 32,293 |
| Liabilities and shareholders' investment | ||
| Accounts payable | $ 6,268 | $ 5,779 |
| Accrued and other current liabilities | 2,567 | 1,937 |
| Current portion of long-term debt and notes payable | 753 | 504 |
| Total current liabilities | 9,588 | 8,220 |
| Long-term debt | 9,119 | 9,034 |
| Deferred income taxes | 851 | 973 |
| Other noncurrent liabilities | 1,232 | 1,037 |
| Shareholders' investment | ||
| Common stock | 73 | 74 |
| Additional paid-in-capital | 2,121 | 1,810 |
| Retained earnings | 12,013 | 11,148 |
| Accumulated other comprehensive income (loss) | (2) | (3) |
| Total shareholders' investment | 14,205 | 13,029 |
| Total liabilities and shareholders' equity | $ 34,995 | $ 32,293 |
a. Compute ROE for 2006.
Do not round until your final answer. Round answers to two decimal places.
ROE =Answer%
b. Confirm that ROE equals ROE computed using the component measures for profit margin, asset turnover, and financial leverage using: ROE = PM * AT * FL.
Compute the components of ROE.
Do not round until your final answer. Round answers to two decimal places.
PM = Answer%
AT = Answer
FL = Answer
c. Compute adjusted ROA. Assume a tax rate of: 38.3%.
Do not round until your final answer. Round your answer to two
decimal places.
Adjusted ROA =Answer%
In: Accounting