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Assignment help-FIN 415 Spring 2017 Homework Set 4


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FIN 415 Spring 2017 Homework Set 4

Please turn in page 3 only – Thanks!

Problem 1: Assume that the forward rate of a 1-Year long forward GBP is 𝐹1𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.30. The amount of the contract is USD 250,000. What is the size of the contract?

Problem 2: The size of a 1-Year forward AUD (Australian dollars) is AUD 260,000 and the amount is USD 182,000. What is the 1-Year USD/AUD forward rate?

Problem 3: What is the profit/loss on a 1-Year long forward EUR at t=1 when 𝑋1𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.11; 𝐹1𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.22 and the size of the contract is EUR 350,000?

Problem 4: What is the size of a difference check on a 1-Year short forward GBP contract given that the size of the contract is GBP 500,000; the amount of the contract is USD 625,000; and 𝑋1𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.30 ?

Problem 5: Assume that 𝑟𝐸𝑈𝑅=7% and 𝑟𝑈𝑆𝐷=4%. What is the 1-Year synthetic forward rate, given that 𝑋0𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.16?

Problem 6: Today’s GBP/USD spot rate is, 𝑋0𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.28. Assume that 𝑟𝐺𝐵𝑃=6% and 𝑟𝑈𝑆𝐷=4%, if the 1-Year USD/GBP forward rate is 𝐹1𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.28, according to the Covered Interest Rate parity (CIRP), is the GBP underpriced/overpriced in the actual forward contract?
2
Problem 7: Based on the information in Problem 6, assuming that you can borrow 500,000 units in the synthetic forward position at t=0, what would your profit be from CIRP arbitrage (in USD)?

Problem 8: Assume that 𝑟𝐸𝑈𝑅=10%, 𝑟𝑈𝑆𝐷=3% and 𝑋0𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.32. You want a long forward position in EUR 210,000 1-Year forward, i.e. receive EUR one year in the future. Your banker quotes you the following USD/EUR forward rate: 𝐹1𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.22. Will you enter the actual forward contract or set up a synthetic forward position?

Problem 9: Assume you want a short position in AUD in a 1-Year USD/AUD contract. You calculate the synthetic forward at 𝐹𝑌1𝑈𝑆𝐷𝐴𝑈𝐷⁄=0.80 and your banker quotes you 𝐹1𝑈𝑆𝐷𝐴𝑈𝐷⁄=0.82. Do you choose the actual forward contract or the synthetic forward?
Problem 10: Compute the mark-to-market value of the following short forward NZD (New Zealand Dollar) contract. The size of the short position is NZD 450,000 and the forward rate is 𝐹𝑁𝑈𝑆𝐷𝑁𝑍𝐷⁄=0.66; the current spot rate (at time of valuation) 𝑋0𝑈𝑆𝐷𝑁𝑍𝐷⁄=0.64 . The NZD and USD interest rates are: 𝑟𝑁𝑍𝐷=9% and 𝑟𝑈𝑆𝐷=3%; assume the contract matures in two years from now (so at t=2).
Bonus Problem: Which of the following two statements is correct?
S1: According to CIRP, the spot price of the high interest rate currency is expected to appreciate.
S2: According to CIRP, forward rates and synthetic forward rates are the same.
a) S1 is true but S2 is false
b) S2 is true but S1 is false
c) Both statements are true
d) Both statements are false
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FIN 415 Homework 4 Spring 2017 Name:____________________________________
Problem 1:
Problem 2:
Problem 3:
Problem 4:
Problem 5:
Problem 6:
Problem 7:
Problem 8:
Problem 9:
Problem 10:
Bonus Question:

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Buy your research paper Online-Financial forecasting & report


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MODULE TITLE:  INTRODUCTION TO ACCOUNTING & FINANCE

MODULE CODE:  4053BUSBM

Individual Written Coursework 1

Financial forecasting & report – 50% of the overall module mark.

Deadline: 17:00 on Thursday 9th March                       Feedback: by Thursday 30th March

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Format

Your report should be based on the scenario of the New Tasty Baked Bean:

You have developed a new tasty baked bean product, which you believe could revolutionise the baked bean market. The cost to produce a jar of the bake been is £1.10. After careful market research, you decide to sell it at £2.40 per jar, and you have set a 12 month sales plan.

Following on from the Dragon’s Den success stories – (search in BBC iPlayer if you are unfamiliar with this programme), you have decided to present a report to a small group of potential investors.

You know that any potential investor will expect you to have a good knowledge of how much your product will cost to produce and also of the expected level of sales and profit your product is predicted to make.

 

REQUIRED:

  1. Prepare a 12 months sales and production plan table (in unit and money measures), then use the following format to present the sale price, production cost and gross profit for your product on a ‘per unit’ base and a 12 month base.

 

  Per jar (£)   12 month (£)
Sales
Cost
Gross profit

 

 

 

 

  1. Produce the following financial documents for the first 12 months of trading:
    1. Cash Budget                            (month by month)
    2. Forecast Income Statement    (for the year)
    3. Forecast Balance Sheet          (for the year)

 

 

  1. Write a 1,000 word report to your potential investors to explain the financial data from tasks 1 and 2 above. This report should include the essential components of: Introduction, Main Section, and Conclusion.

 

The purpose of the report is to sell the idea of your new product to potential investors, and persuade them to invest. As this is an accounting and finance module, the emphasis must be financial.

 

Your potential investors will want to know what return they can expect on their investment. As a minimum they will expect you to provide details of the following:

  • forecast turnover & profit
  • forecast value of the business
  • forecast cash flow

You should refer to the data and financial documents from tasks 1 & 2 and include them in the form of appendices to your report.

 

NOTE:

 

Word count 1,000(+/- 10% is acceptable) and a word counts significantly less or more than this may be penalised. All calculations, tables, bibliography (or reference list) and appendixes are not included in the word count.

 

 

 

 

 

 

 

 

 

 

 

 

Submission

Submitting to Turnitin via Blackboard

You are required to submit your written assignment(s) online via Turnitinuk. You must put YOUR Student ID number (SID) as the Submission title. The coursework should have student number on each of the page.

All assignments must be submitted by 5pm on the due date.  Any late work will NOT be accepted and a mark of zero will be awarded for the assessment task in question.

 

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Referencing

In your assignment, you should ensure that you cite and reference all your sources properly, according to the Harvard convention.

If you have doubts about how to use this convention, refer to the document at http://www.citethemrightonline.com

You should include references to all cited sources in a single list at the end of the assignment.

 

Assessment criteria

The following tables are used to grade the elements of the work, as listed in the mark scheme.  The overall mark for the coursework will be based on the level at which the weighted majority of the areas are graded.

 

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4053BUSBM INTRODUCTION TO ACCOUNTING & FINANCE – COURSEWORK 1 – REPORT

Name………………………………………         Reg. No…………………             Marker……………………………  Date ………………………

Aspect Weighting Mark & Comments
Sales & Production plan – present price of sales, cost and profit per unit; prepare a statement for forecasted of 12 month of sales and production  

10%

<40% 40-49% 50-59% 60-69% 70%+
 

 

Financial Statements – produce Cash Budget, forecast Income Statement and forecast Balance Sheet

 

 

 

40%

<40% 40-49% 50-59% 60-69% 70%+
 

 

Explanation – comment on the links between concepts and application;

 

 

40%

<40% 40-49% 50-59% 60-69% 70%+
Presentation and structure

 

 

10%

<40% 40-49% 50-59% 60-69% 70%+
Total

(Note: this is 50% of the total module mark.  So, for example, if you get 60% for this work, that is only 30% of the overall mark for the module).

100% <40% 40-49% 50-59% 60-69% 70%+

 

 

 

Sales & Production plan
Below 40%

Unable to provide the required information and/or data. Information and/or data provided makes no sense.

40 – 49%

Some information and/or data are provided, but with constant errors. Information and/or data are not presented in accounting format.

50 – 59%

Information and/or data are provided, but with minor errors. Information and/or data are presented in accounting format.

60 – 69%

Information and/or data are provided correctly, but are not are presented in accounting format.

70%+

Information and/or data are provided correctly and clear. Presentation of accounting and financial data in a professional manner.

 

Financial Statements
Below 40%

Unable to prepare the financial documents.  Information and/or data presented makes no sense. The statements are not in the appropriate format.

40 – 49%

The financial documents are produced in appropriate format, but with some errors.   Some calculating and/or classification errors.

50 – 59%

Understanding the mechanics of the three statements. The financial documents are produced in appropriate format, but with minor errors.   Few calculating and/or classification errors.

60 – 69%

Good understanding the mechanics of the three statements. The financial documents are produced in appropriate format.   The balance sheet should balance.

70%+

The financial statements are produced correctly and in appropriate format. Clearly demonstrates understanding of the mechanics of the three statements and the links between.

Explanation
Below 40%

No demonstration that the financial information and/data are understood, or how it is used to acquire potential investments.

40 – 49%

Some attempt at showing the understanding, but not able to link major financial information to the application.

50 – 59%

Able to demonstrate how the major financial information can be translated into the funding practice, but not always logical & precise.

60 – 69%

Shows good grasp of the relevant understanding and precisely explains the financial information which can be the major factors for potential investors.

70%+

Clearly demonstrates the understanding of how financial information can be translated into the funding practice. Logical & precise explanation and discussion.  Provides insight and confidence.

 

Presentation & Structure
Below 40%

Unsatisfactory presentation of the work. The structure does not facilitate the logical progression of the discussion and potentially does not include all of the basic requirements.

40 – 49%

Basic but incomplete supporting materials are provided. The report has structure but does not fully embrace the requirements of a formal document.

50 – 59%

Adequate supporting materials provided. The work is structured in a way that is logical & appropriate, but without explicit guidance for the reader.

60 – 69%

Is written & presented very well, with all necessary supporting elements. There is a logical structure that is easy to follow & is coherent with the aim of the assignment.

70% +

Well written & presented in a professional manner. All fundamentals of good presentation are addressed. There is a logical structure, Written succinctly, and sign-posting and referencing is used throughout.

 

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Research Assignment help


Research Assignment

FNSFPL502 – FNSFPL508 – FNSINC501 2016

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ASSESSMENT EVENT/S Event 2 of 3

ASSESSMENT CONDITIONS/ INSTRUCTIONS TO STUDENTS

  • Answers must be typed (not hand written).
  • Assignments to be submitted electronically through SAKAI All parts must be completed

DUE DATE – As detailed on Sakai site

PERFORMANCE MEASURMENT   Results will be reported as:- Satisfactory or not yet Satisfactory

Question Satisfactory or not yet Satisfactory
1
2
3
4
5
6
7
8
9

Plagiarism Declaration

I have read the Student Service Guide under Student Responsibilities to “… not engage in plagiarism, collusion or cheating in any assessment event or examination”.

 

Student Signature…………………………………………Date………………………………………………

 

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CASE STUDY

Your clients are Daniel Brown and Louise Brown. They have telephoned you to make an appointment for financial advice.

Daniel Brown (45) is an electrician and works for Energy Australia. He is married to

Louise (41). They have two children Oliver (13) and Kel (10).

Daniel receives a salary of $80,000 per annum and Louise has a casual job which pays $29,000 per annum (before tax).  Please use current tax rates.

The children attend private school with annual fees of $7,000 each per annum. They also pay living expenses of $40,000 and mortgage payments of $16,000 per annum.

The family home is valued at $700,000 which has a mortgage of $320,000. The repayments on the mortgage are $50 per annum per $1,000 borrowed.

Daniel has superannuation of $80,000 AND Louise $50,000. It is currently invested in a cash option.

Your clients would like advice about holding their insurance within their superannuation.

They also have a car loan of $35,000 which costs $900 per month and a credit card debt of $13,000 which costs $800 per month.

Your clients have adequate Life Insurance which costs $2,200 per annum in addition to their other annual expenditure. They do not have any other personal insurance.

Your clients rarely take sick leave and have accumulated entitlements of four weeks each. They also keep two weeks holiday in case of emergency because their elderly parents live in Perth.

Your clients do not have private health insurance and do not have a will and do not have powers of attorney.

Your clients have advised that they do not require retirement advice at this stage and would like to focus on paying off their mortgage.

Question 1

Identify eight financial planning issues contained in the case study. Question 2

Prioritise the issues identified in question 1 and include reasons for your ranking. Question 3

Prepare a current annual budget for Daniel and Louise with income, tax, medicare levy and expenditure.

Question 4

Prepare a personal balance sheet for Daniel and Louise. Question 5

Add a column to your budget document and calculate the percentage of total expenditure that each expenditure item represents.

 

Question 6

 

Prepare three important observations about the expenditure pattern. Question 7

Prepare recommendations for Daniel and Louise that will improve their financial position.

 

Question 8

 

What advice would you provide to Daniel and Louise about their insurance? Question 9

Prepare a new annual budget and balance sheet after the implementation of your recommendations.

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Need Help-ACC5502 Accounting and Financial Management


Need Help-ACC5502 Accounting and Financial Management 
ACC5502 Accounting and Financial Management

Assignment 2 S3 2016; Due date:  25th January
This assignment is designed to give you an opportunity:  apply management accounting concepts and finance frameworks…to increase the effectiveness of management decision making (Objective 2)  apply management accounting concepts …to help assess the impact on organisational systems (Objective 3)  apply and use management accounting concepts and finance frameworks…to provide solutions to real world problems  (Objective 4)
Part One (60 Marks)
Question One
Corporate budgeting is a joke, and everyone knows it. It consumes a huge amount of executives’ time, forcing them into endless rounds of dull meetings and tense negotiations. It encourages managers to lie and cheat, lowballing targets and inflating results, and it penalizes them for telling the truth. It turns business decisions into elaborate exercises in gaming. It sets colleague against colleague, creating distrust and ill will. And it distorts incentives, motivating people to act in ways that run counter to the best interests of their companies.
Source: Jensen, Michael C. (2001) Corporate Budgeting is Broken – Let’s Fix It, Harvard Business Review, Volume 79, Issue 10, November, p. 94-101.
Required:
1. Critically evaluate the above quote in regards to contemporary budgeting practice.  You should review current business and academic literature relevant to management control and budgeting.  Use appropriate sources to summarise and support your personal views about corporate budgeting.  Ensure you relate your discussion to the above quote.  You should also make a determination as to whether you agree or disagree with Jensen’s view.     (Guideline: 2000 – 2500 words.)
2. Apply the Jensen commentary to a business scenario in which senior management are consistently exceeding financial targets.  In this hypothetical organisation senior management receive significant financial benefits for favourable budget outcomes.  Currently senior management set the budgets with limited input from line personnel.  The organisation uses an incremental budgeting system. Using your knowledge of budgeting processes and performance evaluation systems address the following: (a) Suggest potential reasons for why the managers are able to consistently exceed budgetary targets. (b) Suggest refinements to the budgeting system. (c) Suggest refinements to the performance evaluation system.   (Guideline: 800 – 1000 words)

Part Two (40 Marks)
Answer the following questions:
(1) Complex Resources has a current breakeven point of 93 400 units.  To reduce the break-even point Complex Resources should:
a. increase the variable costs per unit  b. increase fixed costs  c. reduce the sales price per unit  d. increase the contribution margin per unit
(2)  Sanjay Ltd has 1000 units in inventory that cost $2.00 per unit to produce. Due to changing technology, the sales department is having difficulty selling the product. It will cost $500 to scrap the units. What is the minimum price Sanjay should sell these units for?
(3) Leisure Life manufactures various sporting equipment. During the first year of operations the company worked on four jobs. The predetermined overhead application rate was 150% of direct labour cost. Job 104 included direct materials of $20,000 and total costs were $25,000.  Calculate the manufacturing overhead allocated to Job 104 to date.
(4)  Te Rangi Photographic Ltd manufactures digital camera equipment. For each unit $1,475 of direct material is used and there is $1,500 of direct manufacturing labour (at $30 per hour). Manufacturing overhead is allocated at $35 per direct manufacturing labour hour. Calculate the cost of each unit.
(5) Unique Mistique Ltd has fixed costs of $400,000 and variable costs are 75% of the selling price. To realise profits of $100,000 from sales of 500,000 units, the selling price per unit must be?
(6) Diamond Interiors is approached by Mr John Lee, a new customer, to fulfil a one-time only special order for a product similar to those offered to regular customers.  The following per unit data apply for sales to regular customers:
Direct Materials $455 Direct Labour $300 Variable Manufacturing Overhead $45 Fixed Manufacturing Overhead $100 Total Manufacturing Costs $900   Mark Up (60%) $540 Target Sales Price $1440
Diamond Interiors has excess capacity.  Mr Lee wants the cabinet in a metallic finish rather than laminate, so direct materials will increase by $30 per unit.  What is the minimum selling price that Diamond Interiors would accept for this one time only special order?

(7) The mayor of Snowbrook, Western Island, is considering the purchase of a computer system to automate the city’s rate collections. The system costs $75 000 and has an estimated life of five years. The mayor estimates the following savings will result if the system is purchased.

If Snowbrook uses a 10 per cent discount rate for capital budgeting decisions, what is the net present value of the computer system?
(8) A piece of equipment has an estimated five-year life, an internal rate of return of 12 per cent and estimated annual savings of $15 000. What was the cost of the equipment?
(9) Imperial Airways Ltd is planning a project that is expected to last for six years. During that time, the project is expected to generate net cash inflows of $75 000 per annum.  The project will require the purchase of a machine for $280 000. This new machine is expected to have a salvage value of $10 000 at the end of six years. In addition to its annual operating costs, the machine will require an overhaul costing $50 000 at the end of the fourth year. The company presently has a minimum desired rate of return of 12 per cent. Based on this information, the accountant prepared the following analysis:
Therefore, the accountant recommends that the project be rejected, as it does not meet the company’s minimum desired rate of return.
i. Critically assess the accountant’s evaluation of the project.  ii. Use cash flow analysis to determine whether the project should be accepted. Ignore tax effects.  iii. Is the internal rate of return greater or less than 12 per cent?

(10) Cyndy Ltd recently invested $25 000 in equipment with an estimated life of five years. The manager projects the following cash flows.
Calculate the payback period.
General Requirements:
1. Answer each question using a heading indicating the question number.    Part one and part two of the assignment should be answered within the same word document. 2. Full referencing is required in accordance with the USQ preferred Harvard Referencing style. 3. There is no specified word length for this assignment. However, be as concise and efficient in your writing as possible.  Word limit guidelines are provided for part one only. 4. Assignment extensions will only be granted if there are extenuating circumstances.  University policy provides that the maximum extension is 5 business days.   5. The assignment is to be submitted electronically.  Submit the assignment using the link on the study desk.  File types allowed include doc and docx. Only one file will be accepted. If more than one file is uploaded, only the first file listed will be marked.  Do not submit a cover sheet.
(Sources withheld: Questions for this assignment are taken from other sources. Details of this source have been withheld for assessment purposes. This material is reproduced under the provisions of the Section 200 (1) (b) of the Copyright Amendment Act 1980.)

Need Help-ACC5502 Accounting and Financial Management 

Need help- ACC7001:Managerial Finance


  Need help- ACC7001:Managerial Finance

POSTGRADUATE  DEGREES

COURSEWORK FRONT SHEET

MODULE TITLE:                   Managerial Finance (1)

MODULE CODE:         ACC7001

ISSUE DATE:              10th Oct

HAND IN DATE:          11th Dec,  12.00 PM Midday

HAND BACK DATE:   13th Jan, Next Year

Learning outcomes and pass attainment level:

 

1.    Evaluate the financial performance of an organisation using financial and narrative information.
2.    Apply appropriate costing and budgeting techniques to assist in making management decisions.
3.    Evaluate investment projects using various appropriate techniques.

3.

 

 

 

 

General guidance

 

The assessment for this unit is one coursework assignment. The required mark has been set at 50%.

 

This is an individual assessment. Whilst there is no objection to you discussing the content of this assignment with your peers, your final submission must be completely your own work. Plagiarism and copying will not be tolerated and may lead to subsequent penalties being imposed. This is an individual assignment and all calculations, analysis and narrative submitted must be your own work.

 

The assignment will require a considerable personal investment of time and effort.

Structure of the assignment

 

There are THREE separate questions included within the assignment and you should attempt all THREE questions. When determining the amount of effort and words for each section of the assignment it will be advisable to examine the weighting of the marks allocated to each question. If any part of the assignment is ignored then this reduces the maximum marks which could potentially be earned.

 

The word limit to any potential narrative question in the third section alone will be a maximum of 1,500 words excluding the cited references. There is no word limit to questions 1 and 2.

Submission of the assignment

 

All THREE questions must be attempted and submitted in one document. You are advised to prepare your assignment in Word format and copy and paste contents from Excel where spreadsheets have been used to support your work.

 

Your student ID number should be shown on each page of your assignment.

 

Your assignment should be submitted electronically via Moodle and you are advised to do this well in advance of the submission deadline to avoid any system related issues. Feedback on your assignment will also be provided via Moodle once the marking has been completed.

 

 

Marking of the assignment

 

The matrix on the following page has been provided to assist you in completing your assignment and is an indicative guide only, not a formal marking scheme.

 

 

 

 

 

 

 

 

 

Indicative marking guide

Fail

(0%-49%)

Pass

(50%-59%)

Commendation

(60%-69%)

Distinction

(70%-100%)

Question 1
A lack of breadth and depth of financial analysis techniques accompanied by incorrect formulae or calculation without appropriate explanation.

Poor layout or presentation in anything other than business report style. Inadequate grammar and lacking in overall knowledgeable synthesis.

 

Evidence of some financial analysis techniques but with errors of formulae and calculation with insufficient explanation and adequate presentation.

Attempt at a business report format with some supportive appendices. Mainly descriptive with some attempt at synthesis. Grammar and structure being adequate.

Wide range of financial analysis techniques evident and supported by full disclosure of formulae and accurate calculation in a clear format.

Presented in business report format and coherently structured. Supported by referenced appendices. Effective and well-reasoned narrative discussion.

An excellent range of financial analysis techniques which are supported by full disclosure of formulae and accurate calculation in a clear format.

Excellent business report format and well structured. Supported by fully referenced appendices. Excellent analytical and justified explanations showing synthesis and application.

Question 2
A lack of understanding of preparing cash budget and capital budgeting techniques is evident. Unable to correctly prepare cash budget and apply techniques of capital budgeting. Has limited or no narrative discussions.

 

Some understanding of preparing cash budget and capital budgeting techniques is evident. Partially correct cash budget and application of techniques of capital budgeting. Narrative analysis partially covers the requirements.

.

A good understanding of preparing cash budget and capital budgeting techniques is evident. Correct cash budget and A good application of techniques of capital budgeting in the given scenarios. Narrative analyses are adequate and explain the use of financial information for decision making.

.

Excellent understanding of preparing cash budget and capital budgeting techniques is evident. Cash budget and application of techniques of capital budgeting in the given scenarios are both correct and exceptionally well presented including workings. Narrative analyses are quite objective and well-written and explain in detail the use of financial information for decision making. .
Question 4
Failure to engage with the topic and lacking credible academic argument. No evidence of research other than internet sites of dubious quality. Poorly structured and partial coverage of the contents with weak grammar.

 

Partial engagement with the topic with some limited evidence of research. Some analysis of the two approaches provided. Grammar, structure and layout adequate. Identification and conclusion of arguments surrounding the topic with reference to credible academic citations that are fully referenced in a bibliography. Well-structured and coherent narrative employing above average grammar and evidencing significant student research.

 

Thoroughly developed arguments with well referenced credible academic sources. Well-structured and presented evidencing excellent grammar and extensive student research and analysis of the topic area.


Question 1

Alliance Pharma is a British Pharmaceutical firm. The company’s financial statements for the period 2011-2015 are presented below.

Required:

Prepare a business report for Alliance’s board of directors analysing the company’s financial performance between the periods 2011-2015. Your report should utilise key ratios, horizontal and vertical analysis and make reference to relevant developments within Alliance Plc.                                                                                                                                                                                                                     Total Marks (50)

Alliance Pharma
Income Statement
2015 2014 2013 2012 2011
£000s £000s £000s £000s £000s
Revenue 48,344 43,536 45,275 44,897 45,957
Cost of sales -19,614 -18,493 -17,944 -19,779 -21,469
Gross profit 28,730 25,043 27,331 25,118 24,488
Operating Expenses:
Admin & Marketing Exps -17,480 -12,510 -12,917 -11,856 -11,235
Amortisation of Intangible assets -199 -488 -422 -573 -735
Share-based employee remuneration -615 -571 -632 -369 -179
Share of joint venture profits 194 319 -48 0 0
Total operating expenses -18,100 -13,250 -14,019 -12,798 -12,149
Operating profit/loss excluding Exceptional items) 10,630 11,793 13,312 12,320 12,339
Exception Items 6,332 -622 0 0 0
Operating profit/loss 16,962 11,171 13,312 12,320 12,339
Finance cost -1,780 -1,014 -1,303 -1,511 -1,627
Profit before taxes 15,182 10,157 12,009 10,809 10,712
Taxation -2,490 -1,772 -2,425 -2,119 -2,076
Profit for the year 12,692 8,385 9,584 8,690 8,636

 

 

 

Alliance Pharma Plc
Balance Sheet
2015 2014 2013 2012 2011
£000s £000s £000s £000s £000s
Non-current assets
Intangible assets 259,945 88,875 87,111 79,890 66,130
Property, plant and equipment 1,013 396 592 564 765
Joint Venture investment 1,465 1,271 533 0 0
Joint Venture receivable 1,462 1,462 1,462 0 0
Deferred tax asset 418 194 0 0 0
Other non-current assets 122 0 443 0 0
Total non-current assets 264,425 92,198 90,141 80,454 66,895
Current assets
Inventories 12,910 5,914 5,468 5,393 5,652
Trade and other receivables 11,630 8,322 10,641 10,145 8,660
Cash and cash equivalents 3,229 1,434 687 4,634 1,079
Total current assets 27,769 15,670 16,796 20,172 15,391
Total assets 292,194 107,868 106,937 100,626 82,286
Equity
Ordinary share capital 4,682 2,641 2,641 2,430 2,401
Share premium account 108,308 29,388 29,380 25,297 24,866
Share option reserve 2,610 1,995 1,424 792 423
Reverse takeover reserve -329 -329 -329 -329 -329
Other reserve -98 -103 350 0 -4
Translation reserve 32 0 0 0 0
Retained earnings 47,237 37,188 31,202 23,658 16,771
Total equity 162,442 70,780 64,668 51,848 44,128
Liabilities:
Non-current liabilities
Long term financial liabilities 58,968 19,235 20,881 20,225 15,225
Convertible debt 0 0 0 0 4,460
Other liabilities 1,496 0 0 20 40
Derivative financial instruments 120 129 0 0 0
Deferred tax liability 37,413 6,309 6,294 6,124 4,064
Provision for other liabilities 0 0 199 364 510
Total non-current liabilities 97,997 25,673 27,374 26,733 24,299
Current liabilities
Cash and cash equivalents 31 414 2,125 1 1
Financial liabilities 15,776 2,895 2,895 6,250 4,250
Convertible Debt 0 0 0 4,189 0
Corporation tax 2,075 959 1,154 1,322 1,046
Trade and other payables 13,873 6920 8,531 10,086 8,367
Derivative financial instruments 0 0 0 0 6
Provisions for other liabilities 0 227 190 197 189
Total current liabilities 31,755 11,415 14,895 22,045 13,859
Total liabilities 129,752 37,088 42,269 48,778 38,158
Total equity and liabilities 292,194 107,868 106,937 100,626 82,286
  2015 2014 2013 2012 2011
Alliance Pharma 49.75 33.75 32.5 32.1 29.3
FTSE100 6960.6 6598.4 6430.1 5737.8 6069.9

 

 

Question 2

 

  1. a) Cash Budget

On December 1, 2016, Zipper Co. is attempting to project cash receipts and disbursements through January 31, 2017. On this latter date, a note will be payable in the amount of £50,000. This amount was borrowed in September to carry the company through the seasonal peak in November and December.

Selected general ledger balances on December 1 are as follows:

Cash                                      £ 44,000

Inventory                                  32,600

Accounts payable                                        £68,000

Sales terms call for a 3% discount if payment is made within the first 10 days of the month after sale, with the balance due by the end of the month after sale. Experience has shown that 50% of the billings will be collected within the discount period, 30% by the end of the month after purchase, and 14% in the following month. The remaining 6% will be uncollectible. There are no cash sales.

The average selling price of the company’s products is £50 per unit. Actual and projected sales are as follows:

October actual                                                                                  £ 140,000

November actual                                                                                 160,000

December estimated                                                                          165,000

January estimated                                                                              125,000

February estimated                                                                             120,000

Total estimated for year ending June 30, 2017                       £1,200,000

All purchases are payable within 15 days. Approximately 60% of the purchases in a month are paid that month, and the rest the following month. The average unit purchase cost is £40. Target ending inventories are 500 units plus 10% of the next month’s unit sales. Total budgeted marketing, distribution, and customer-service costs for the year are £300,000. Of this amount, £60,000 are considered fixed (and include depreciation of £15,000). The remainder varies with sales. Both fixed and variable marketing, distribution, and customer-service costs are paid as incurred.

 

Required:

Prepare a cash budget for December 2016 and January 2017. Supply supporting schedules (workings) for collections of receivables; payments for merchandise; and marketing, distribution, and customer-service costs.        (15 Marks)

 

  1. b) Capital Budgeting

John Cooper Plc. is an international clothing manufacturer. One of its manufacturing units in Milan, Italy will become idle on December 31, 2016. You have been asked to look at three options regarding the plant.

Option 1: The plant, which has been fully depreciated for tax purposes, can be sold immediately for €225,000.

Option 2: The plant can be leased to the Anderson Corporation, one of John Cooper’s suppliers, for four years. Under the lease terms, Anderson would pay John Cooper €55,000 rent per year (payable at year-end) and would grant John Cooper a €10,000 annual discount off the normal price of fabric purchased by John Cooper. (Assume that the discount is received at year-end for each of the four years.) Anderson would bear all of the plant’s ownership costs. John Cooper expects to sell this plant for €37,500 at the end of the four-year lease.

Option 3: The plant could be used for four years to make souvenir jackets for the Olympics. Fixed overhead costs (a cash outflow) before any equipment upgrades are estimated to be €5,000 annually for the four-year period. The jackets are expected to sell for €27.50 each. Variable cost per unit is expected to be €21.50. The following production and sales of jackets are expected: 2017, 9,000 units; 2018, 13,000 units; 2019, 15,000 units; 2020, 5,000 units. In order to manufacture the jackets, some of the plant equipment would need to be upgraded at an immediate cost of €40,000. The equipment would be depreciated using the straight-line depreciation method and zero terminal disposal value over the four years it would be in use. Because of the equipment upgrades, John Cooper could sell the plant for €67,500 at the end of four years. No change in working capital would be required.

 

John Cooper treats all cash flows as if they occur at the end of the year, and it uses an after-tax required rate of return of 10%. John Cooper is subject to a 35% tax rate on all income, including capital gains.

 

Required:

  1. Calculate net present value of each of the options and determine which option John Cooper should select using the NPV criterion. (10 Marks)
  2. Calculate the IRR for Option 3. Can the IRR of Option 2 be calculated? Explain. (2 Marks)
  3. What nonfinancial factors should John Cooper consider before making its choice?                     (3 Marks)                 Total Marks (30)

 

 

Question 3

 

Recent accounting scandals including Enron have been argued to be the result of rule based accounting. Companies, such as Enron, involved in accounting scandals have been claimed to have skilfully taken the advantage of the fine details of rule based accounting standards (US GAAPs) to manipulate accounting threshold for legal and illegal dealings (Ijiri, 2005).

 

There is now this debate that rules-based approach (such as the US GAAPs) should be abandoned in favour of a principle-based approach such as (IFRS).

 

Required:

 

Critically analyse both rules-based and principles-based approaches of financial accounting and reporting. Evaluate the merits and demerits of each approach and their implications for quality of accounting and financial reporting.  Total Marks (20)

Portfolio Management


Portfolio Management

1 Faculty of Business and Law 2016 – 2017

Module No: 352FIN MODULE TITLE: Portfolio Management

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Coursework [Contributes 25% to total module mark]

Complete the following task individually using a report format. You should not use more than 2500 words. Using at least two shares from FTSE 100 components, create an investment portfolio for a risk-averse investor, and another portfolio for an investor with relatively high risk tolerance. Outline in a report the choice you made in creating these portfolios, and discuss the underlying portfolio theory. Compare and contrast the two portfolios in terms of return and risk. Choose appropriate portfolio performance measures to evaluate the two portfolios. You may assume that all investors and investments are based in the UK. You are required to use the year January 2015 – December 2015 for your daily data. Submission by 23.55 on date: 05/12/16 This assignment must be submitted, with a coursework cover sheet, to Turnitin via the module web (CUOnline, following the link provided there) by 23.55 on 5th December 2016. Students MUST keep copies (electronic file also) of their assignment. The electronic version of your assignment may be used to enable checks to be made using anti-plagiarism software and approved plagiarism checking websites. Word Length (2500 words at maximum). Any penalties for not complying with word limits will be in accordance with University and Faculty policy. Word count should be shown on the cover sheet. The tables, graphs, and reference will not be part of the word count. Assessment Criteria The marking criteria are indicative to the elements that one might wish to address in your report.1) Selection of assets & portfolio allocation must be clearly stated and justified. 2) Modern portfolio theory and relevant concepts should be applied, discussed and explained. 3) Explanation of the criteria used to make such a set of choices should be clearly discussed and their limitations considered. 4) Any limitations of the approach you have used to create your portfolio should be considered. Marks will be given for clear explanations of each step and element of your decisions in your report. Justification for each assumption and decision is encouraged. The calculations or spreadsheet should be appended to the back of the document. This does not count in the word count. You should look to demonstrate your understanding of the concept of portfolio construction, risk aversion and associated concepts along with the limitations of such an approach. Return of Marked Work Marked work available on Turnitin. You can expect to have marked work returned to you within 2 weeks after the submission date. 2 PLAGIARISM WARNING! – Assignments should not be copied in part or in whole from any other source, except for any marked up quotations, that clearly distinguish what has been quoted from your own work. All references used must be given, and the specific page number used should also be given for any direct quotations, which should be in inverted commas. Students found copying from the internet or other sources directly will get zero marks and may be excluded from the university. Note: Please make sure that your ID number and the module number appear on the actual coursework assignment as well as on the cover sheet that you attach to it. For large modules with multiple seminars, your Seminar Group or Tutor’s name must be clearly shown, to ensure that your assignment goes to the correct person for marking. (Put the class day and time if you cannot remember tutor’s name).

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Need Help: Analysis of Financial Statements


Need Help: Analysis of Financial Statements

Assessment Brief

Module Title: Financial Analysis
Assessment Title: Analysis of Financial Statements
Assessment Type: Formal Report to Board of Directors
Restrictions on Time/Length : 3,000 words (excl. Bibliography) +/- 10%
Individual/Group: Individual
Assessment Weighting: 50%

 Assessment Task : NB refer to Marking Scheme

 

Lecturer will assign you a FTSE [LONDON] listed company.

 

Requirements

  1. Analyse and discuss its financial performance and financial position. Your analysis will be supported by appropriate and relevant ratio calculations and explanatory comments. Trends should be identified and analysed. All workings to be presented.                                                                                                                                     60 marks
  2. Recommend TWO initiatives the company might take in order to improve the position as shown by your analysis of the ratios. 20 marks
  3. A competitor organisation wishes to buy 10% of your company’s shares.

Estimate the value of a 10% stake, using at least two valuation methods, showing and explaining your workings.                                                                                               20 marks

 

                                                                                                                                    Total = 100 marks

 

Listed FTSE [London] companies

http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/indices/constituents-indices.html?index=UKX

 

Further Information

 

  1. Merely computing ratios and observing whether they are improving/disimproving is NOT analysis – the requirement is to establish WHY the ratios are trending as they are. It is STRONGLY recommended that you examine competitors’ ratios, seek industry norms, and source published professional opinions [eg brokers’ / investment reports]. Please refer to Marking Scheme.

 

  1. The lecturer has at his disposal, academic software which compares each assignment with every previous assignment. Any instance of collusion / academic impropriety will be dealt with severely.

 

 

 

 

 

 

 

 

 

 

Marking Scheme – Individual Assignment

 

Q1

  1. Computation of 5 sets of ratios over at least 3 years = 10 marks

 

  1. Interpretation of ratios to include competitor comparison, industry standards, researched professional opinion = 50 marks

 

Q2

 

  1. Two well argued and explained initiatives, 10 marks each

 

Q3

  1. Valuation of 10% investment – needs 2 methods – 10 marks each

You need to do about SABMiller, you will find it in the list

 

 

Company Ticker Sector Market cap (£bn) Employees
Anglo American plc AAL Mining 6.09 100,000
Antofagasta ANTO Mining 4.71 4,005
ARM Holdings ARM Engineering 13.2 2,000
Ashtead Group AHT Equipment rental 4.26 12,810
Associated British Foods ABF Food 25.77 102,000
AstraZeneca AZN Pharmaceuticals 51.23 57,200
Babcock International BAB Engineering 4.65 34,000
BAE Systems BA. Military 16.01 107,000
Barratt Developments BDEV Building 5.86 5,000
Berkeley Group Holdings BKG Building 4.60 2,050
BHP Billiton BLT Mining 41.88 46,370
BP BP Oil and gas 63.13 97,700
British American Tobacco BATS Tobacco 71.4 87,813
British Land BLND Property 7.13 177
BT Group BT.A Telecomms 45.61 89,000
Bunzl BNZL Industrial products 6.38 12,368
Burberry BRBY Fashion 5.65 10,851
Capita CPI Support Services 7.38 46,500
Carnival Corporation & plc CCL Leisure 24.85 86,800
Centrica CNA Energy 10.72 40,000
Coca-Cola HBC AG CCH Consumer 5.1 38,312
Compass Group CPG Food 20.21 471,108
CRH plc CRH Building materials 10.9 76,433
Diageo DGE Beverages 46.01 25,000
Dixons Carphone DC. Retail 5.16 40,000
EasyJet EZJ Travel 6.17 11,000
Experian EXPN Information 11.1 17,000
Fresnillo plc FRES Mining 6.99 2,449
GKN GKN Manufacturing 4.79 50,000
GlaxoSmithKline GSK Pharmaceuticals 67.38 97,389
Glencore GLEN Mining 16.96 57,656
Hammerson HMSO Property 4.42 277
Hikma Pharmaceuticals HIK Manufacturing 3.71 6,000
Imperial Brands IMB Tobacco 35.78 38,200
Inmarsat ISAT Telecomms 4.47 1,590
InterContinental Hotels Group IHG Hotels 5.75 345,000
International Consolidated Airlines Group SA IAG Travel 11.01 58,476
Intertek ITRK Product testing 4.67 33,000
Intu Properties INTU Property 3.89 2,180
ITV plc ITV Media 10.15 4,059
Johnson Matthey JMAT Chemicals 4.79 9,700
Kingfisher plc KGF Retail homeware 7.8 80,000
Land Securities LAND Property 8.19 700
Marks & Spencer MKS Retailer 7.01 81,223
Merlin Entertainments MERL Leisure 4.42 28,000
Mondi MNDI Manufacturing 6.37 26,000
National Grid plc NG Energy 36.14 27,000
Next plc NXT Retail clothing 6.9 58,706
Pearson PLC PSON Education 6.52 37,000
Persimmon plc PSN Building 6.34 2,450
Randgold Resources RRS Mining 5.89 6,954
Reckitt Benckiser RB Consumer goods 46.32 32,000
RELX Group REL Publishing 25.54 28,500
Rexam REX Packaging 25.54 19,000
Rio Tinto Group RIO Mining 34.84 67,930
Rolls-Royce Holdings RR. Manufacturing 11.8 55,500
Royal Dutch Shell RDSA Oil and gas 160.12 90,000
Royal Mail RMG Delivery 4.41 150,000
SABMiller SAB Beverages 67.32 70,000
Sage Group SGE IT 6.26 12,300
Sainsbury’s SBRY Supermarket 5.02 150,000
Severn Trent SVT Water 5.04 8,051
Shire plc SHP Pharmaceuticals 22.52 4,200
Sky plc SKY Media 17.5 22,800
Smith & Nephew SN. Medical 10.27 11,000
Smiths Group SMIN Engineering 3.84 23,550
Sports Direct SPD Retail 2.4 17,210
SSE plc SSE Energy 14.03 19,965
Taylor Wimpey TW. Building 5.99 3,860
Tesco TSCO Supermarket 14.92 519,671
Travis Perkins TPK Retailer 4.46 24,000
TUI Group TUI Leisure 76,000
Unilever ULVR Consumer goods 90.42 171,000
United Utilities UU Water 6.36 5,096
Vodafone Group VOD Telecomms 56.55 86,373
Whitbread WTB Retail hospitality 7.09 86,800
Wolseley plc WOS Building materials 9.20 44,000
Worldpay WPG Payment services 5.9 4,500
WPP plc WPP Media 19.01 162,000

 

 

 

Need Help-BUSN9227 FINANCIAL MANAGEMENT


Need Help-BUSN9227 FINANCIAL MANAGEMENT

BUSN9227 FINANCIAL MANAGEMENT

MINI-ASSIGNMENT 1

 

IMPORTANT NOTES

Plagiarism and other forms of academic dishonesty are treated as serious offences by the University and are subject to penalties, which may include expulsion from the University. Ensure that you have read and understood the University’s policy on academic dishonesty.

Failure to submit the assignment for this topic is deemed to constitute failure to meet the assessment requirements for the purposes of eligibility for supplementary assessment on academic grounds.

Provide workings and/or explanations for all calculations.

 

CHAPTER 3. CASH FLOW AND FINANCIAL PLANNING

 

PROBLEM 3.1 (25 marks)

White Ltd generated sales revenues of $325,000 and $375,000 in March and April, and projected sales of $375,000, $400,000, $450,000 and $500,000 for May to August, respectively.

  • Twenty per cent of the firm’s sales is for cash, 40% collected 1 month later and the remaining 40% is collected two months later.
  • The firm expects to receive a monthly income of $12,500 attributable to interest and dividends.
  • The firm’s purchases during March and April were $200,000 each month and are expected to be $225,000, $250,000, $275,000 and $325,000 during May to August, respectively.
  • Ten percent of the firm’s purchases are for cash, 40% is paid one month later and the remaining 50% is paid after a two-month lag.
  • Wages and salaries can be found for each month by adding 10% of the previous month’s sales to a fixed $50,000 charge.
  • Monthly office and warehouse rents of $40,000 must be paid.
  • Cash dividends of $20,000 will be paid in May and August.
  • Taxes of $37,500 will be paid in May and August.
  • A loan payment of $75,000, which includes principal and interest, must be made in July.
  • A cash payment of $125,000 will be completed for a new machine in June.
  • The firm’s cash balance at the end of April was $87,500.
  • The policy requires a minimum cash balance of $50,000.

 

Requirements:

  1. Prepare a cash budget for May, June, July and August.
  2. Comment on the firm’s cash status forecast for May, June, July and August and the importance of preparing a cash budget.

CHAPTER 14. WORKING CAPITAL AND CURRENT ASSETS MANAGEMENT

PROBLEM 14.1 (10 marks)

ABC Manufacturing has an average inventory age of 80 days, an average collection period of 70 days and an average payment period of 60 days.

  1. Calculate the firm’s cash conversion cycle
  2. Calculate the firm’s cash turnover, or frequency of its cash conversion cycle in a year (assuming a 365-day year)
  3. Should the firm try to minimise or maximise the cash conversion cycle and cash turnover? Why?

PROBLEM 14.2 (15 marks)

Leopard Corporation purchases 1.2 million units per year of one component. The fixed cost per order is $25. The annual carrying cost of the item is 27% of its $2 cost.

Determine the EOQ if:

  1. No changes
  2. Order cost of zero
  3. Carrying cost of zero

What do your answers illustrate about the EOQ model? Explain.

CHAPTER 15. CURRENT LIABILITIES MANAGEMENT                                   

PROBLEM 15.1 (10 marks)

Albert Ltd has purchases of $1,000,000 on credit. The supplier has offered Albert terms of 1.5/5, net 30. The current interest rate on a bank overdraft is 12%. What is the cost of giving up the cash discount? Should the company take it up?

PROBLEM 15.2 (10 marks)

Data#3 has obtained a $10,000 90-day bank loan at an annual interest rate of 15%, payable at maturity.

  1. How much interest in dollars will the firm pay on the 90 day loan?
  2. Find the effective cost of the loan for the 90 days.
  3. Annualise your finding in b) to find the effective annual rate of interest for this loan.

 

Need Help-BUSN9227 FINANCIAL MANAGEMENT

Assignment help-CASE QUESTIONS: Warren E Buffett 2005


Assignment help-CASE QUESTIONS: Warren E Buffett 2005

CASE QUESTIONS: Warren E Buffett 2005
1. Market reaction: What does the stock market seem to say about the acquisition of PacifiCorp by Berkshire Hathaway? Specifically, does the deal create value? If so, for which party? What does the $2.55 billion increase in Berkshire Hathaway’s market value represent?
2. Choice of valuation methods: What do you think PacifiCorp is worth on its own before its acquisition by Berkshire? Which valuation method should you use to value PacifiCorp and why? Show clearly the steps to arrive at the following estimates in Exhibit 10:
Enterprise Value as Multiple of: MV Equity as Multiple of: Revenue EBIT EBITDA Net Income EPS Book Value Median 6,252 8,775 9,023 7,596  4,277 5,904 Mean 6,584 9,289 9,076 7,553  4,308 5,678 If you need to use a discount rate to discount cash flows then an appropriate discount rate estimate for PacifiCorp is approximately 9%.
3. Bid assessment: How do you assess the bid for PacifiCorp by Berkshire Hathaway? How much does Buffett pay for PacifiCorp for its equity and as a whole? How do these values compare with the firm’s intrinsic values estimated in Exhibit 10?
4. Investment valuation: Evaluate Berkshire Hathaway’s investment in MidAmerican Energy Holdings in 2000. Using the information from Exhibit 6, calculate the net gain to Berkshire Hathaway in 2000 dollars. First, calculate the free cash flow accruing to Berkshire from MidAmerican each year from 2001 to 2004. Second, discount the cash flows to year 2000 and compare with Berkshire’s investment in MidAmerican. Assume tax = 40% on EBIT, discount rate r = 9%, growth rate for the steady period starting 2004 g = 2%. Correction: Exhibit 6, Balance sheets, Assets: “Properties, plants, and equipment” and “Goodwill” figures are “gross” amount, not “net”. Clearly state your assumptions if any.
5. Past performance: Discuss Berkshire Hathaway’s business strategy during 1965-2004. How well did Berkshire Hathaway perform during that period? Using financial databases (such as Bloomberg, Datastream, Yahoo Finance, etc.), assess Berkshire Hathaway’s recent performance during the period of 10 years up the end of last year. Comment on your findings.
6. Investment assessment: Assess Berkshire’s investment in Buffett’s Big Four: American Express, Coca-Cola, Gillette, and Wells Fargo in terms of strategy and return performance (each individual company and portfolio as a whole).
7. Investment philosophy: Critically assess Buffett’s investment philosophy. Identify the points where you agree and disagree with him.

Assignment help-CASE QUESTIONS: Warren E Buffett 2005

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