For Under Armour

The last page of your paper should be the citing of sources used.

Usually, the best place to start your paper is with the latest 10-K Report of your selected company.

Write a 7-8-page, APA format, double-spaced paper answering the questions below supported by calculations, operating, and financial information.

Requirements

What is the name of the company? What is its industry sector?

What are the operating risks of the company?

What is the financial risk of the company (the debt to total capitalization ratio)?

Does the company have any preferred stock?

What is the capital structure of the company: short-term portion of long-term debt, long-term debt, preferred stock (if any), and market value of common stock issued and outstanding?

What is the company's current actual beta (or equity beta)?

What is the company's current marginal tax rate?

What is the cost of debt before and after taxes?

What is the cost of preferred stock (if any)?

What is the cost of common stock equity? (Use the Capital Asset Pricing Model.)

What is the weighted average cost of capital of the company?

How has the company's stock been performing in the last 5 years?

What is the annual cash dividend yield of the common stock?

How would you assess the overall risk structure of the company in terms
of its operating risks and financial risk (debt-to-capitalization ratio)?

Would you invest in this company? Why or why not?

The last page of your paper should be a citing of the sources that
you used to prepare this paper.

http://www.uabiz.com/sec.cfm    10k 2018

Problems 9-14 Determining LIFO amounts—comprehensive (LO9-5, LO9-6, LO9-7)

Sirotka Retail Company began doing business in 2015. The following information pertains to its first three years of operation: Use the following links to the present value tables to calculate answers. (PV of 1, PVAD of 1, and PVOA of 1) (Use the appropriate factor(s) from the tables provided.)

Assume the following:

The income tax rate is 40%.

Purchase and sale prices change only at the beginning of the year.

Sirotka uses the LIFO cost flow assumption.

Operating expenses are primarily selling and administrative expenses.

Required:

Compute cost of goods sold and the cost of ending inventory for each of the three years.

Prepare income statements for each of the three years.

Compute the LIFO reserve at the end of 2015, 2016, and 2017.

Compute the effect of LIFO liquidation on the net income of the company for the years 2016 and 2017.

Compute the inventory turnover ratio for the years 2016 and 2017. Do not make adjustments for any potential biases in LIFO accounting.

How can the physical turnover of inventory (that is, true inventory turnover) best be approximated using all of the information available in a LIFO financial statement? Illustrate your approach by recomputing Sirotka’s inventory turnover ratios for 2016 and 2017.

Compute the gross margin percentages for the years 2016 and 2017.

Provide an estimate of the FIFO cost of goods sold for the years 2015, 2016, and 2017 using the information available in the financial statements.

Based on your answers to requirements 1 and 8, estimate Sirotka’s tax savings for 2015, 2016, and 2017.

Assuming a discount rate of 10%, compute the January 1, 2015, present value of the tax savings over the period 2015–2017 (that is, discount the 2015 tax savings one period, and so on).

In 2015, the Keenan Company paid dividends totaling $3,810,000 on net income of $20 million. Note that 2015 was a normal year and that for the past 10 years, earnings have grown at a constant rate of 4%. However, in 2016, earnings are expected to jump to $32 million and the firm expects to have profitable investment opportunities of $14.6 million. It is predicted that Keenan will not be able to maintain the 2016 level of earnings growth because the high 2016 earnings level is attributable to an exceptionally profitable new product line introduced that year. After 2016, the company will return to its previous 4% growth rate. Keenan's target capital structure is 40% debt and 60% equity.

1. 
   Calculate Keenan's total dividends for 2016 assuming that it follows each of the following policies: (Write out your answers completely. For example, 25 million should be entered as 25,000,000.)
   1. Its 2016 dividend payment is set to force dividends to grow at the long-run growth rate in earnings. Round your answer to the nearest cent.
      $
   2. 
      
   3. It continues the 2015 dividend payout ratio. Round your answer to the nearest cent. Do not round intermediate calculations.
      $
   4. 
      
   5. It uses a pure residual dividend policy (40% of the $14.6 million investment is financed with debt and 60% with common equity). Round your answer to the nearest cent.
      $
   6. 
      
   7. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual dividend policy. Round your answer to the nearest cent.

1. Assume that investors expect Keenan to pay total dividends of $9,000,000 in 2016 and to have the dividend grow at 4% after 2016. The stock's total market value is $180 million. What is the company's cost of equity? Round your answer to two decimal places.
   %
2. What is Keenan's long-run average return on equity? [Hint: g = Retention rate x ROE = (1.0 - Payout rate)(ROE).] Do not round intermediate calculations. Round your answer to two decimal places.
   
   %

a)

Broussard Skateboard's sales are expected to increase by 25% from $7.8 million in 2016 to $9.75 million in 2017. Its assets totaled $4 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 7%. Assume that the company pays no dividends. Under these assumptions, what would be the additional funds needed for the coming year? Do not round intermediate calculations. Round your answer to the nearest dollar.

b)

Long-Term Financing Needed

At year-end 2016, Wallace Landscaping’s total assets were $1.7 million, and its accounts payable were $320,000. Sales, which in 2016 were $2.0 million, are expected to increase by 30% in 2017. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $355,000 in 2016, and retained earnings were $205,000. Wallace has arranged to sell $190,000 of new common stock in 2017 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 2017. (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 6%, and 60% of earnings will be paid out as dividends.

1. What was Wallace's total long-term debt in 2016? Do not round intermediate calculations. Round your answer to the nearest dollar.
   $
2. What were Wallace's total liabilities in 2016? Do not round intermediate calculations. Round your answer to the nearest dollar.
   $
3. How much new long-term debt financing will be needed in 2017? (Hint: AFN - New stock = New long-term debt.) Do not round intermediate calculations. Round your answer to the nearest dollar.

• JAVA single method Loop (for beginner)
• Name your class LoopsFiles
• Create a program that reads a list of names from a source file and writes those names to a CSV file.
• The source file name and target CSV file name should be requested from the user
• The source file can have a variable number of names so your program should be dynamic enough to read as many names as needed
• When writing your CSV file, the first row (header row) should be “Number, Name”.
• The final CSV should have the header row and a row with the sequential number, name read.
• The program should display an error message if the source file doesn’t exist.
• If the destination file exists the program should warn the user and prompt the user if they want to overwrite the existing file (Y/N).
  • The user should be prompted until they enter Y for yes to overwrite, or enter a unique name after answering N for the overwrite prompt.
• Submit your single .java file

Source file example:

John
Peter
Jane
Mary
Evelyn
Daniel

New CSV File example:

Number, Name
1,John
2,Peter
3,Jane
4,Mary
5,Evelyn
6,Daniel

Example Scenario 1 – Normal run:

Enter source file name: source.txt
Enter destination file name: destination.csv
Your file is ready!

Example Scenario 2 – File doesn’t exist:

Enter source file name: source.txt
Enter destination file name: destination.csv
Source file doesn’t exist!

Example Scenario 3 – Target file already exists (overwrite):

Enter source file name: source.txt
Enter destination file name: destination.csv
Target file already exists. Overwrite existing file? (Y/N): N
Enter destination file name: destination.csv
Target file already exists. Overwrite existing file? (Y/N): N
Enter destination file name: destination.csv
Target file already exists. Overwrite existing file? (Y/N): N
Enter destination file name: destination.csv
Target file already exists. Overwrite existing file? (Y/N): Y
Your file is ready!

Example Scenario 4 – Target file already exists (new name given):

Enter source file name: source.txt
Enter destination file name: destination.csv
Target file already exists. Overwrite existing file? (Y/N): N
Enter destination file name: destination.csv
Target file already exists. Overwrite existing file? (Y/N): N
Enter destination file name: destination2.csv
Your file is ready!

On November 1, 2016, Campbell Corporation management decided to discontinue operation of its Rocketeer Division and approved a formal plan to dispose of the division. Campbell is a successful corporation with earnings of $188 million or more before tax for each of the past five years. The Rocketeer Division, a major part of Campbell’s operations, is being discontinued because it has not contributed to this profitable performance.

The division’s main assets are the land, building, and equipment used to manufacture engine components. The land, building, and equipment had a net book value of $53 million on November 1, 2016.

Campbell’s management has entered into negotiations for a cash sale of the division for $45 million (net of costs to sell). The sale date and final disposal date of the division is expected to be July 1, 2017. Campbell Corporation has a fiscal year ending May 31. The results of operations for the Rocketeer Division for the 2016–17 fiscal year and the estimated results for June 2017 are presented below. The before-tax losses after October 31, 2016, are calculated without depreciation on the building and equipment.

The Rocketeer Division will be accounted for as a discontinued operation on Campbell’s financial statements for the year ended May 31, 2017. Campbell’s tax rate is 25% on operating income and all gains and losses. Campbell prepares financial statements in accordance with IFRS.

Indicate how the Rocketeer Division’s assets would be reported on Campbell Corporation’s balance sheet as at May 31, 2017.

Question 2 (IAS 21) Sugar Limited is a mining company operating across Europe and the Middle East. Sugar’s functional currency is the Euro (€).

On 25th March 2015, the directors came across classified information regarding the discovery of diamonds in Guatemala. Sugar Limited approached the two main banks in Guatemala, Barclays Bank and Standard Bank, for a loan that would fund a start-up mine in the area. The local currency in Guatemala is the Guatemalan Guenzel (G).

Barclays bank offered a larger amount but at a relatively high 12% interest rate whereas after a month of negotiations, Standard bank agreed to drop its rates to 8%, albert on a lower sum. Sugar limited signed a loan agreement with Standard Bank, the terms of which are as follows:

Terms of the standard bank loan ? Loan amount, effective 1 June 2015 G 48 000 000

? Interest rate, capitalised annually on 31 May 8%

? Loan repayments Annually , due on 31 May

? Annual loan repayments to include interest for the preceding 12 months plus a set capital amount of: G 960 000

? Repayment term 50 years

Related exchange rates as follows

Date Exchange Rates Euro 1: Guenzel (G)

01 June 2015 1: 8.0

31 March 2016 1: 6.0

31 May 2016 1: 7.5

31 March 2017 1: 7.8

Average for 1 June 2015 to 31 March 2016 1:7.0

Average for 1 April to 2016 to 31 May 2016 1: 7.2

Average for 1 June 2016 to 31 March 2017 1: 7.2

Required Prepare the necessary journal entries in Sugar Limited’s general journal for its year ended 31 March 2016 and 31 March 2017. (Ignore tax but show all your workings)

As the Manager of the Bronxville location of the Metropolitan Clinic, you have been assigned to complete the 2017 operating expense budget. This clinic provides primary care to patients of all ages. It has contracts in place with all of the major payers as well as all of the Medicaid Managed Care providers currently licensed in NY State.

In preparing your budget for next year you have been given several assumptions, as follows:

• Salaries, benefits and taxes will increase by 4.2% with no adjustment for volume changes.
• Budgeted amounts for rent and physician services are fixed by contract and in 2017 will equal 2016 levels.
• The cost of Drugs is expected to increase by 8.9%
• All other items are expected to increase by 5%.
• No more money is available in 2016 to spend on office equipment, but an additional $5,000 in medical equipment will be spent in the remainder of 2016.  The medical and office equipment budgets for 2017 will equal the 2016 projected actual.

The data you have been provided for the current year, 2016, is actual expense thru August.

In completing this sheet, you must project 2016 final actual expenses and then project the budget amounts for 2017. Do not just insert numbers into the various cells, use formulas to do your calculations.

Arlington Corporation's financial statements (dollars and shares are in millions) are provided here.

Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000.

1. Construct Arlington's 2016 statement of stockholders' equity.

   	Common Stock		Retained Earnings	Total Stockholders' Equity
   	Shares	Amount
   Balances, 12/31/15	4000 million	40000 million	38500 million	???
   2016 Net Income			22950 million
   Cash Dividends			12890  million
   Addition to retained earnings				???
   Balances, 12/31/16	4000 million	40000 million	49390  million	???

2. What was Arlington's 2016 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to two decimal places.
   
   $    million
3. 
   
4. What was Arlington's MVA at year-end 2016? Assume that its stock price at December 31, 2016 was $25.
   
   $    million

Remaining Life Taylor Lewis Company has provided information on intangible assets as follows: a. During 2015, a patent was purchased from Craig Company for $4,000,000 on June 1, 2015. Lewis estimated the remaining useful life of the patent to be eight years. The patent was carried in Craig’s accounting records at a net book value of $3,500,000 when Craig sold it to Lewis. On January 1, 2016, because of recent events in the field, Lewis estimates that the remaining life of the patent purchased on June 1, 2015, is only five years from January 1, 2016. b. During 2016, a franchise was purchased from Faragher Company for $360,000. Lewis estimates the useful life of the franchise to be 12 years and takes a full year’s amortization in the year of purchase. In addition, 8% of revenue from the franchise must be paid to Faragher each year. Revenue from the franchise for 2016 was $1,950,000. c. Lewis incurred research and development costs in 2016 as follows: Materials and equipment $286,500 Personnel $153,700 Indirect costs $95,355 Total $535,555 Lewis estimates that these costs will be recouped by December 31, 2019. The materials and equipment purchases have no alternative uses. Required: 1. Prepare a partial balance sheet showing the intangible section only of Lewis’s balance sheet as of December 31, 2016. Show supporting computations in good form. 2. Prepare a partial income statement showing the income statement effect for the year ended December 31, 2016, as a result of the facts above. Show supporting computations in good form. Write a paper and format it according to the CSU-Global Guide to Writing and APA Requirements. The paper must show all calculations used to arrive at the answers. Insert any Excel spreadsheets into the Word document and submit only the Word document.