...UCLA Law School Prof. Mark Garmaise Spring 2016 Law 447 – Memo #1 Marriott Corporation Memo (required): The Marriott case will be discussed in class on Mar. 2. Prepare, in groups of no more than three students, a 2-page memo answering the questions below. The memo is to be submitted to the records office by 12 noon on Mar. 2. Groups should submit only one memo. Please retain a copy of your memo for purposes of class discussion. The following are some further guidelines: 1. The case provides a formula for the weighted average cost of capital (WACC) that differs slightly from the formula given in class. For the purpose of your analysis, use the version of the formula given in class: We will discuss the version of the WACC given in the case later in the course. 2. In answering the questions below, pay careful attention to the distinction between Marriott’s current capital structure and its target capital structure. Please answer the following questions in your write-up: 1. What is the WACC for the Marriott Corporation? Use the data in the case to estimate the risk free rate and market risk premium. 2. What would be the result if Marriott used the same single corporate hurdle rate to evaluate investment opportunities in all of its lines of business? 3. What discount rate should be applied to Marriott’s lodging projects? What discount rate should be applied to Marriott’s restaurant projects? 4. What is the cost of capital for Marriott’s contract...
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...discussed how to write a case brief, which law students usually write for their own use. Most legal writing, however, is done to communicate with others. As a law student (and new lawyer), you will receive legal problems and will be asked to analyze the problem and write up the results of that analysis. The typical vehicle that lawyers use to do this is the legal memorandum. When you write a memorandum, you will make use of the several analytical skills you have been developing. This handout explains the form and content of a legal memorandum. II. PURPOSE OF A MEMORANDUM A legal memorandum is a document written to convey information within a law firm or other organization. It is a written analysis of a legal problem. The memorandum is usually prepared by a junior attorney or by a law clerk for a more senior attorney early in the firm's handling of a legal dispute. The writer analyzes the legal rules that govern the issues raised by that problem and applies those rules to the facts of the case. These memoranda prepare attorneys to advise clients how to proceed, if at all, with prospective business dealings or litigation. The memo must be complete and objective including both the rules and facts that help the client and those that do not. In concludes with a considered opinion of the likely outcome on each issue. The attorneys will then use the memo to understand the issues that the case raises, to advise the client, and to prepare later documents for the case. Office memoranda...
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...Case Study Project This is a group project worth 10% of your overall grade. You should have chosen a group in class. If you do not have a group, please contact me (joseph.johnson@ucf.edu) in order to be assigned to a group. Everyone should first individually read the text of the case study (accessible on Webcourses). Then, each group has two responsibilities: (1) Create a memo with responses to questions 1-5 on page 2 of the case study text. (2) Create a PowerPoint presentation in response to one of the five questions, according to your group number (see the bottom of this handout for your group’s assigned question). Additional Guidelines 1. The memo should be 1-2 pages long. 2. The presentation can be a maximum of 10 slides long. 3. You must reference the appropriate FASB standard under the Accounting Standards Codification (ASC) when supporting your responses. See login information below for access to the ASC. 4. Email the presentation and memo to the instructor (joseph.johnson@ucf.edu) and teaching assistant (wmahamad@knights.ucf.edu) in the same email no later than Wednesday, December 2nd at 11pm. 5. Save your group’s memo and presentation using the following naming convention. If you are in section 4 of ACG3141 and in Group 5, you should save your presentation and memo (two separate files) as, “Section4_Group5”. 6. Each group will present their PowerPoint slides on the last day of class this semester. For Section 1 (large class...
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...The business he wants to acquire, Sheraton Manufacturing, is insisting that Floyd pay not only for the identifiable net assets of the business, but also for “good will.” Floyd asks you: “What is good will?” Should I pay for it? If I should pay for it, how much should I pay?” Task: Write a Memo to Mr. Floyd Jones and give him a clear reply regarding the questions mentioned in the above situation. SAMPLE MEMO ------------------------------------------------- ------------------------------------------------- MEMORANDUM August 16, 2009 ------------------------------------------------- ------------------------------------------------- TO: FLOYD JONES ------------------------------------------------- FROM: DENNIS SMITH DS ------------------------------------------------- SUBJECT: PURCHASING SHERATON MANUFACTURING ------------------------------------------------- Purchasing Sheraton manufacturing(主题句) ------------------------------------------------- （目的）This memo is in response to your questions concerning the purchase of Sheraton ------------------------------------------------- Manufacturing. （注释memo）The memo will first explain goodwill and then discuss how to determine its value. By determining the value of Sheraton’s goodwill you will have a dollar amount to help you determine how much you want to offer for the company as a whole. ------------------------------------------------- ------------------------------------------------- ...
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...University College September 16, 2011 Individual Paper Introduction Outsourcing is a relevant and arguable issue in the United States. Jobs that were previously handled by American workers are already being handled by workers located in other countries that offer lower wages and lower costs of living. The case study describes the Department of Transportation of Illinois plans to outsource the management of information management systems. Ms. Barbara Glenn makes several arguments against this outsourcing in her memo to Mr. Cesar Padilla, the President of the FSEU (FSEU Memo, 2011). In the book, “Asking the Right Questions: A Guide to Critical Thinking (Tenth Edition), by M. Neil Brown and Stuart M. Keeley”, the authors examine the benefits of critical thinking as it relates to the process of asking the right kinds of questions. The authors define critical thinking: “as the awareness of a set of interrelated critical questions, the ability to ask and answer critical questions at appropriate times; and the desire to actively use the critical questions” (Brown & Keeley, 2010, p. 2). In my examination of the Memo by Ms. Barbara Glenn, I will apply the various steps developed by Brown and Keeley, to examine the arguments made. Conclusions and Issues Involved Ms. Glenn stated that the proposal to outsource the information management system of the Department of Transportation is a straight assault on the Union and will not be favorable to the...
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...COURSE OBJECTIVES Financial and management accounting are more closely linked in practice than one might expect from reading traditional textbooks and the problems to be resolved often have income tax and auditing consequences as well. This seminar is designed to provide you with opportunities to apply general concepts and principles learned in intermediate and advanced financial accounting courses to new economic transactions and business decisions. Cases will be used to permit you to practice the skills you will need as a professional accountant whether in public accounting or private industry. In particular, this course is intended to refine your skills in researching the professional accounting literature to solve particular accounting problems, to arrive at defensible solutions where GAAP is vague or nonexistent, and to present your research conclusions in a professional manner. You will have opportunities to present your work orally and in writing. REQUIRED MATERIALS: A recent Intermediate Accounting text (Kieso used in Acct 315 & 414 would be fine) A recent Advanced Accounting text (whatever was used in for Acct 415-515 would be fine) On-line access to FASB’s ASC (accounting standards codification). The Department has purchase academic license so you can use the $850 “professional” version rather than the free version which has fewer bells and whistles. You can log on from fasb.org but it will take you to http://aaahq.org/ascLogin.cfm where you enter...
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...by appointment) Class time: Tuesday, 7:15 - 10:00 p.m. (HIL 023) Course Overview: The purpose of this course is to study the impact of corporate financial strategy on shareholder wealth. In essence, this course covers the fundamentals of MBAA 608 with a lot more depth. Throughout the semester, we will examine real situations that were faced by real chief financial officers. In the end, you should have a much better appreciation for the role of the CFO in keeping the corporation afloat. Method: This course is taught via case studies supported by lectures. Class sessions begin with a studentled analysis of the assigned case. The remainder of the class period will be dedicated to further analysis of the case. Students have substantial responsibility (and incentives) for coming to class prepared to engage in active discussion. Each student is expected to work in a team to analyze the cases. Readings: The textbook for the course is: Case Problems in Finance, by Kester, Ruback and Tufano, Twelfth Edition, Publisher: McGraw Hill- Irwin. The bookstore will not carry the book so you must order it online. The MBAA 608 textbook is also a useful reference, but not required (Brigham and Ehrhardt, Financial Management: Theory and Practice). Alternatively, you may use books authored by Brealey & Myers or Ross, Westerfield, & Jaffe; especially older editions that you can find used. Communication: Course materials will be posted on MyLMU Connect (formerly Blackboard)....
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...ACC 491 Entire Course http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB. ACC 491 Week 1 DQs Access the SEC home page at http://www.sec.gov. What is one of the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is one the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the...
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...Company memo, Mr. Anil Ravaswami, Vice President of Human Resources of writes to Ms. Cynthia Castle, CEO to discuss the proposition of a leadership development program for junior insurance executives. Ms. Forsythe of Cliffside Holdings has proposed the new program and identified the total cost to be “$100,000.00 per year plus approximately the same amount for lost time on the job.” Mr. Ravaswami discusses the reasons he believes Cliffside Holding Company should not fund this new development program. The memo and rationale will be analyzed using the steps for Critical Thinking modeled in Asking the Right Questions by Brown and Keeley (2015). What are the issue and conclusion? The issue, or question being raised is apparent in the first sentence of the memo, “That we establish and fund a new leadership development program of our junior insurance executives.” Ravaswami writes that several of the senior leadership members at CHCM have not gone through such training and despite this, are all very “successful and effective without such programs” He goes on to point out that personality traits such as ambition, self confidence and intelligence were possessed by several known leaders throughout history show that leaders are not made, but born. The conclusion, as highlighted in the ‘Conclusion and Recommendations’ of the memo is “CHCM should not invest in the proposed initiative to send its junior executives for annual leadership training.” In Asking the Right Questions, Brown...
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...CASES IN FINANCIAL STRATEGY Professor J. Schallheim FOR CASE BRIEFS: The answers to the following preparatory questions are not necessary or sufficient for your Case Briefs. Rather, the questions are to serve as a guide for your group discussion of the cases and a help to getting started on each case. Your final solution the case and recommendations should not necessarily be limited to the answers to these question or the assumptions in the case. FOR INDVIDUAL ASSIGNMENTS: For individual assignments, you must answer the questions labeled “Memo.” Individual Memo for Rapid Repair Auto Parts Rapid Repair’s profitability appears good but their cash balance has shrunk. Write a report that provides a financial analysis and summarizes their current situation (Hint: ratios and cash flow analysis). What changes do your recommend, if any, in 2013? Preparatory Questions for Horniman Horticulture Horniman’s profitability appears good but their cash balance has shrunk just like the previous case. Write a report that forecasts the financial outlook for 2006 (including forecasted income statement and balance sheet). How much external funds are needed (EFN), if any, for 2006? Preparatory Questions for Panera Bread Company 1. Complete the financing portion of Panera Bread Company’s 2007 forecast financial statements, and provide a forecast for the next 5 years. A worksheet has been provided for this purpose. As an initial (base case) analysis...
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... | | |Course Site found at http://sternclasses.nyu.edu | Course Overview Effective Communication is a vital component to so many aspects of business life. From investment banking to marketing, from entrepreneurship to corporate planning, understanding the techniques of business communication will be an invaluable addition to every Stern student’s portfolio of knowledge. This course is a highly-interactive and participative experience that introduces the basics of business communication strategy and delivery. Deliverables will include written documents and oral presentations based on several cases. You will present both individually and in a team and will receive feedback to improve your presentation effectiveness. In the final team presentation, your challenge is to craft an oral presentation that will persuade your audience to accept your strategic recommendations. By doing this, you will see how ideas, data and advocacy are combined for a professional, persuasive presentation. Pre-Work 1. Form a team of five people before the first day of class. Refer to the class roster on Blackboard and try to link up...
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...O’Connor/Writing Lab by Friday, March 8 The Forest Hill Paper case represents an exercise in activity based costing to help you understand in greater depth how activity based costing is performed within organizations. The case suggests that developing the product cost is not the end point for the accountant – the proper evaluation and analysis of the “calculated” information is integral in making recommendations contributing to organization success. Assume that your group is a consulting group that has been hired by Forest Hill’s management team. Your group has listened to the discussions contained in the case and obtained the information contained in the exhibits. Your recommendations should be contained in a business memorandum addressed to Forest Hill’s management team. The memo should be no longer than three single spaced typed pages, excluding any relevant exhibits you may have prepared and referenced in the text of your memo. The exhibits may be attached at the end of your memo. The memo should, at a minimum, respond to the questions contained at the end of the case. This assignment will be graded in part on the “correctness” of the calculations and quantitative analysis. However, “getting the numbers right” is only the first step. A significant portion of the points will be earned by the appropriateness of your recommendations, your ability to identify the most significant issues in the case, the quality and clarity of the arguments you make supporting your...
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...Critical Thinking Analysis of Cliffside Holding Company Memo Lisa A. Farinelli University of Maryland University College 1209 AMBA 610 9043 10/9/2012 Professor Bonnie Peter Abstract This paper demonstrates the application of the critical thinking and systems thinking models to analyze complex organizational issues. To illustrate the benefits of using such a model, one sample memo originating from a Cliffside Holding Company of Massapequa will be referenced. The 10-steps of Critical Thinking defined in asking the Right Questions, Browne (2012) will guide this discussion. A summation of findings and suggestions for future readings concludes this discussion. Asking the Right Questions What are the issue and conclusions? The first step to appreciating the authenticity and credibility of the work is to identify the issue as well as the conclusion purported by its author. Browne (2012) defines the issue as the question or controversy that is responsible for the discussion, the actual stimulus (p. 19). In the memo by A. Ravaswami to one of his colleagues, the issue raised is whether a leadership development program is even necessary (A. Ravaswami, personal communication, October 10, 2012). This is an example of an explicitly stated prescriptive issue. The author is raising the question as to what is the proper route for training his top-level executives. The answer to this will involve ethical, moral and personal viewpoints and is therefore a prescriptive issue...
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...Critical Thinking and Communication Skills By Matthew Paul DMBA 610 Professor Kennedy Introduction In this paper, I will analyze the memo by applying the steps of the critical thinking model discussed in Asking the Right Questions to assess the arguments made. Among the other tasks I had to make, I will not just analyze the memo but I will evaluate the author’s argument as objectively as possible. I will also provide a thorough evaluation of the issues presented and assess ideas critically, demonstrating clear and consistent treatment of each evaluation. Furthermore, I will verify the information that was in the memo and I will note what is not in the memo. For the last closure of the argument, I will end this paper with a conclusion of what I have critically completed. 1. What are the issues and conclusions? On October 20, 2011, President of APEU Union Local 121, Mr. Hector Fuentes, sent a request to the Human Resource Manager, Ms. Mary Ford regarding notification letter sent by Governor Gloria Gainor. Mr. Fuentes wanted Ms. Ford to evaluate the letter he received from the Governor notifying the union that the state intends to outsource and privatize the information systems management function within the Department of Motor Vehicles. This memo that Mr. Fuentes received from Ms. Ford was in response to the request of Mr. Fuentes to be evaluate simply because of issues and concern for the DMV employees...
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...Finance 475 Euroland Foods Case Spring, 2014 1. What are the various capital-budgeting tools currently used by leading firms? Define each, and discuss the accept/reject criterion for each. Which one is “best,” and why is it best? 2. Evaluate the capital-budgeting criteria of Euroland Foods on page 326. Their “Minimum Acceptable IRR” criterion is wrong. Why? Also, why is their criteria not a complete set of criteria with which to evaluate projects? 3. Evaluate the “Minimum Acceptable IRR” returns that Euroland uses for different types of projects. (See page 326.) When, if ever, should these returns be used as the hurdle rate instead of WACC? 4. Evaluate Euroland’s capital rationing. Do you agree or disagree with this policy? Why? If you disagree, then what policy should Euroland follow? 5. In Exhibit 3, rank order (from first to fifth) the five most profitable of the 11 projects, in accordance with correct, risk adjusted capital-budgeting criteria. State the NPV of each of the five projects. Explain your ranking criteria. (Note: create a table showing ONLY the five most profitable projects and their profitability; do NOT state any other projects.) 6. Did Euroland take risk into account in its capital budgeting? If so, how? Which project is the riskiest, and why? There are several reasons why the riskiest project is riskiest; name three reasons. 7. Which of the 11 possible projects was not evaluated in Exhibit 3? Why do you think it was not evaluated? Calculate...
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