...财务综合案例分析报告 迪斯尼公司发行债券案例 公司背景： 迪士尼全称是The Walt Disney Company，取名自其创 始人华特· 迪士尼，是总部设在美国的大型跨国公司，主 要业务包括娱乐节目制作，主题公园，玩具，图书，电 子游戏和传媒网络。点金石电影公司，Miramax电影， 好莱坞电影公司，博伟音像制品，ESPN体育，ABC电视 网都是其齐下的公司。迪士尼，作为一个娱乐品牌，在 2005年Interbrand/BusinessWeek 的世界100强品牌排名 为第7位。它的主题公园和旅游胜地这一部分产生的收入 占其总收入的40%左右，电影业约占40%，消费品占 20%。迪士尼乐园成为很多人向往的地方，迪士尼制作 的许多电影也深得广大观众喜爱，其最具代表性的唐老 鸭米老鼠维尼熊等动漫形象流行至今。 案例概况： 1993年7月，迪斯尼公司决定增发100年期长期负债。迪斯尼 公司资本状况稳健，长期负债被穆迪公司评级为A1级，被标 准普尔公司评为AA级。过去几年中，利率在下降，接近过去 20年来最低水平。这使长期负债的发行具有较强的吸引力。 众多投资者开始相信，美国已控制住了通货膨胀，长期利率 不可能回到80年代初期的高水平。他们认为由于长期国债收 益率（30年期债券为6.40%）与预计的通货膨胀率（3%)之间 的差距，按历史标准看已相对很高，所以长期利率可能进一 步下跌，因此，100年的期限在几年前几乎是不可想象的，但 根据迪斯尼公司在摩根· 斯坦利公司的投资银行家顾问的看法 ，现在是可能的。 若迪斯尼公司行100年期债券，它希望保留一 些灵活性，以便能在到期以前就赎回。摩根· 斯坦 利公司建议迪斯尼公司发行本金数额为3亿美元的 100年期债券，自发行日起30年后开始，债券可提 前偿还。利息成本为年利率7.55%。首次的提前偿 债价格将是面值的103.02%。从发行日起的50年后 开始，提前偿还价格将逐步下降直至面值。 1993年6月30日的资本总额如表所示： 资本 单位：百万美元 账面价值 1993年6月30日 短期负债 长期负债 股东权益 资本总额 资本总额（包括短期负债） 503.7 1455.5 5169. 16624.6 7128.3 在至1993年6月30日为止的12个月内，利息保障如表所示： 利息保障 单位：百万美元 至1993年6月30日为止的12个月内 息税前盈余 利息费用 利息保障比率 1640.5 122.4 13.4 迪斯尼公司可按下表收益率发行不可提前赎回的长期债券（每半年支付一 次利息） 期限（年） 提供的收益率（%） 3 5 7 10 20 30 100 5.15 5.85 6.25 6.60 7.25 7.35 7.35 思考： 1、迪斯尼公司为什么选择债券筹资而不是股票筹资？ • 答： 债券融资是指企业通过举债筹措资金，资金供给者作为债 权人享有到期收回本息的融资方式。 • 采用发行债券的方式进行融资，其好处在于还款期限较长，附 加限制少，资金成本也不太高，筹资对象广，市场大。债券利 息可从税前利润扣除，而股息则从税后利润支付，存在公司法 人和股份持有人双重课税的问题，还可以发挥财务杠杆的作用 ，增加每股税后盈余。债券融资不影响原有股东的控制权，债 券投资者只有按期收取本息的权力，没有参与企业经营管理和 分配红利的权力，对于想控制股权，维持原有管理机构不变的 企业管理者来说，发行债券比发行股票更有吸引力。 2、为什么该公司能发行100年期的债券？ 答：（1）迪斯尼公司的资本状况很稳健，它的长期负债被...
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...The current-account balance is a report that covers a certain period; regularly a year, which indicates the difference between the inflow and outflow of money into and out of a country from the trade in goods and services, investment, saving, and income and cash transfers. When a country’s current account balance is positive (running a surplus), the country is a net lender to the rest of the world. When a country’s current account balance is negative (running a deficit), the country is a net borrower from the rest of the world. Therefore, the current-account balance is a way to determine its economic activity and can strongly reflect a country’s overall economic position. Ideally speaking, the current account balance should be zero, in the real world however this is highly improbable. The formula used for calculating the current account balance is CAB = X-M+NY+NCT. Where X = Exports of goods and services, M = Imports of goods and services, NY = Net income abroad and NCT = Net current transfers. It is important to understand from where a deficit or a surplus is stemming because sometimes looking at the current account as a whole could be misleading. In the United States, for example, current account deficit has been increasing steadily for several years now. Among the factors that have created a current account deficit, four of these are described as follows: 1) Consumer spending had been on the rise in the United States, motivated in great part to a growing real estate...
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...Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Fusce elementum. Integer blandit lorem vel tortor. Sed sit amet metus. Suspendisse metus. THE CHOCOLATE TEMPTATION Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Fusce elementum. Integer blandit lorem vel tortor. Sed sit amet metus. Suspendisse metus. Nunc augue mauris, porta in, adipiscing quis, eleifend id, libero. Duis rutrum ultricies erat. Nunc varius malesuada nunc. Praesent lorem sapien, suscipit in, imperdiet condimentum, hendrerit et, risus. Praesent sem turpis, dapibus sed, adipiscing vel, tempor sit amet, ante. Vestibulum dictum, neque ut tristique imperdiet, dolor est malesuada nulla, sit amet mollis arcu nisl eget massa. Phasellus nibh. Aenean sed lectus. Nam mi libero, mattis eget, gravida eget, dapibus nec, est. Etiam sed diam a mauris porta viverra. Cras eleifend risus et lectus. Duis molestie, nibh in mattis elementum, purus quam posuere sapien, vel convallis felis nunc sit amet turpis. Quisque hendrerit mi a lorem. Nam auctor pharetra ligula. Sed aliquet turpis in est. Sed nulla purus, volutpat nec, eleifend at, auctor non, tellus. Quisque ultrices porttitor eros. Nullam purus sem, hendrerit nec, hendrerit vel, elementum eu, sapien. Pellentesque tincidunt scelerisque enim. Suspendisse ut leo. Phasellus placerat nunc at erat. In hac habitasse platea dictumst. Suspendisse nonummy pharetra urna. Pellentesque accumsan. Fusce commodo hendrerit justo. In lobortis suscipit felis. Nunc sed risus...
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...I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for m I need to create an account Please let me do it midterm I need it for...
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...Create Company Code Name Code Country Currency Address Chart of Accounts Contains all A/C’s of the company Parameter ID Setup When u create a transaction what default info should come? Assign Company Code to Chart of A/C’s My Company will follow this Chart of A/C’s A company can follow a Chart of A/c. Assign a Fiscal Year for the Company. Assign Company Code to Fiscal Year Credit Control Area How much credit will u give your customers? Assign Company Code to Above Area. Create Account Groups 1) Balance Sheet Account 2) Income Statement Account 3) Reconciliation Account + Retained Earnings Account 4) Vendor Account – Will come later Create individual GL accounts 1) Bank Account – BS Account 2) A/C’s Receivable reconciliation acc – Reconciliation Group 3) Trading Goods Inventory acc – BS Account 4) Operating Supplies Acc – BS Account 5) A/C’s Payable reconciliation acc - Reconciliation Group If you put ZALL all fields will be open by default to enter data. 6) Goods Receipt A/C – BS 7) Input Tax A/C – BS 8) Output Tax A/C – BS 9) Retained Earnings A/C- BS 10) Common Stock A/C – BS – Capital Account in India 11) Trading Goods Consumption A/C – PL Account – COGS 12) Operating Supplies A/C – PL 13) Misc Expense A/C – PL Define posting periods and assign it to the company code. Create tolerance groups Create payment program to determine how do you...
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...course lead ➢ Password (e.g., init) provided by course lead ➢ Select EN as the language ➢ [pic] (Enter) Once you have pressed enter, the system will prompt you to change your password the first time you log on to the system. The following pop-up screen will appear. Enter your new password Repeat your new password Select [pic] (Enter) This will log you onto the system. The following page is a screen shot of the SAP Easy Access Menu you should see if you have been successful. If you can not get logged on to the system, please notify the course instructor. This is the SAP Easy Access Menu. It is from here that most all of your exercises will begin. [pic] Exercise 2: Create Vendor Master Navigation |Menu Path | | | |Logistics...
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...departments: Marketing and Sales, Manufacturing, Product Research, and Business. Which of the following Active Directory container design plans might you use to best manage the user accounts and network access needs of each department? a. Create four trees. b. Create four parent domains in one site. c. Create four OUs in one domain. d. Create four trees and map them to four domains. 2. Using the example in Question 1, what Active Directory capability can you use to establish different account lockout policies for each of the four departments? a. fine-grained password policies b. lightweight group policies c. password distribution groups d. shadow password files 3. Your colleague is trying to create a universal security group for the three administrators of the single stand-alone server in his company. The problem is that he can’t find an option to create a universal security group. What is the problem? a. He must first create the administrators’ personal accounts before it is possible to create a universal group. b. He needs to put the account creation tool into the Advanced Features mode. c. He must create a universal distribution group first and then create the universal security group. d. He cannot create a universal security group on a stand-alone server and must instead create a local security group. 4. One of the DCs in your company reports that it has an Active Directory error. You need to fix it as quickly as possible to reduce downtime. Which of...
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...TermPaperWarehouse.com is completely free! Simply donate one essay to the site to create your account. It only takes five minutes to create an account and you'll have instant access to the site TermPaperWarehouse.com is completely free! Simply donate one essay to the site to create your account. It only takes five minutes to create an account and you'll have instant access to the site TermPaperWarehouse.com is completely free! Simply donate one essay to the site to create your account. It only takes five minutes to create an account and you'll have instant access to the site TermPaperWarehouse.com is completely free! Simply donate one essay to the site to create your account. It only takes five minutes to create an account and you'll have instant access to the site TermPaperWarehouse.com is completely free! Simply donate one essay to the site to create your account. It only takes five minutes to create an account and you'll have instant access to the site TermPaperWarehouse.com is completely free! Simply donate one essay to the site to create your account. It only takes five minutes to create an account and you'll have instant access to the site TermPaperWarehouse.com is completely free! Simply donate one essay to the site to create your account. It only takes five minutes to create an account and you'll have instant access to the site Concept Map What is a Concept Map? Concept maps, developed by Joseph D. Novak [Novak & Gowin, 1984], are two-dimensional representations...
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...Directory. | Add-ADComputerServiceAccount | Adds one or more service accounts to an Active Directory computer. | Add-ADDomainControllerPasswordReplicationPolicy | Adds users, computers, and groups to the allowed or denied list of a read-only domain controller password replication policy. | Add-ADFineGrainedPasswordPolicySubject | Applies a fine-grained password policy to one more users and groups. | Add-ADGroupMember | Adds one or more members to an Active Directory group. | Add-ADPrincipalGroupMembership | Adds a member to one or more Active Directory groups. | Add-ADResourcePropertyListMember | Adds one or more resource properties to a resource property list in Active Directory. | Clear-ADAccountExpiration | Clears the expiration date for an Active Directory account. | Clear-ADClaimTransformLink | Removes a claims transformation from being applied to one or more cross-forest trust relationships in Active Directory. | Disable-ADAccount | Disables an Active Directory account. | Disable-ADOptionalFeature | Disables an Active Directory optional feature. | Enable-ADAccount | Enables an Active Directory account. | Enable-ADOptionalFeature | Enables an Active Directory optional feature. | Get-ADAccountAuthorizationGroup | Gets the accounts token group information. | Get-ADAccountResultantPasswordReplicationPolicy | Gets the resultant password replication policy for an Active Directory account. | Get-ADAuthenticationPolicy | Gets one or more Active Directory...
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........................................................................................... 2 INTRODUCTION ..................................................................................................................................................... 2 SALES FORCE AUTOMATION .............................................................................................................................................2 SALESFORCE AUTOMATION IN ZOHO CRM..........................................................................................................................3 Lead Management ................................................................................................................................................4 Account Management ..........................................................................................................................................4 Contact Management ...........................................................................................................................................5 Opportunity Management...
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...© 2009 Oracle Corporation – Proprietary and Confidential 1 Using TCA PL/SQL APIs Day,Friday, Date, 2004 time p.m. ET March 3, 2009 9:00 EST Teleconference Access: North America: xxxx Teleconference Access: International: xxxx North America: Password: Advisor +1-877-664-9143 International: +1-706-634 – 8961 Conference ID: 82200160 Upcoming Receivables Community Live Webcasts: March 6, 2009 - How to Use Receipts Application Programming Interfaces (APIs) to Create and Apply Receipts March 24, 2009 - Overview of Bills Receivable All Upcoming Advisor Webcasts are listed in Note 398884.1, Oracle Advisor Webcast Schedule. Do you have any requests for future Receivables Advisor Webcast Events? Please email your suggestions to ARNEWS_US@oracle.com, subject: Topics of Interest. © 2009 Oracle Corporation – Proprietary and Confidential 2 Agenda • Presentation and Demo – approximately 45 minutes • Q&A Session – approximately 15 minutes • • Please hold all questions to the end of the session. To ask a question, move your cursor to the top of the screen and select the ‘bubble’ icon next to the moderator’s name. A dialog box will open. Enter your question and select “Send.” • • During the Q&A session your question will be read and an answer will follow. © 2009 Oracle Corporation – Proprietary and Confidential 3 ATTENTION – AUDIO INFORMATION If you encounter any audio issues, please call InterCall (Audio Conferencing) and mute your phone. North...
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...webmin then update modules. 3- Using webmin, create a new user account auser with the real name Anne User. Use defaults for all other values. A. What was the default group used? auser B. What was the default shell used? /bin/sh C. Was the account created enabled or disabled? Enable D. What was the password used? Aaa4321 E. When (if ever) does the password expire? I didn’t put expire password F. When (if ever) does the account expire? There’s no expireation for the account What files were modified on your system as a result of the user account creation? Passwd , group, gshadow, shadow 4- A. Set new accounts default shell to /bin/bash. useradd -s /bin/bash auser1 B. Set new accounts to expire on December 15 (of this year). useradd -e 2016-12-15 auser2 C. Set new account passwords to expire after 3 months. useradd –f 45 D. Set new accounts to be disabled one week after the password has expired. (That is, after one week of inactivity after the password has expired.) useradd –e 2016-08-05 –f 45 auser3 What were the options used for each command? 5- create a new user account buser with real name Bob User. Make sure the account is initially disabled (locked). Be sure to set a password What is actually different in the configuration file(s) for locked/disabled accounted versus unlocked/enabled accounts? There’s no change in configuration I just...
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... Adelaide AD DS configuration Mt Gambier AD DS configuration DHCP * Install DHCP role on both servers. * Create a scope on the Adelaide server of 10.70.52.51 – 10.70.52.150. DNS * Install and configure DNS role on both servers. * Create a forward lookup zone on IT101ADLSrv01 server named ITtraining101zone.com. Sites * This is to be done on the IT101ADLSrv01 server * The sites to be created are IT101ADLSite and IT101MTGSite. * A site link named IT101ADL_IT101MTGSiteLink is to be created between them with a replication schedule of 30 minutes. * Create a subnet for each site HDD configuration * Setup RAID 5 on 3 hard drives. * This RAID drive is to be assigned the letter E:// and called UserData. * Create 3 folders- Management Admin Training * Two more folders, userdata and userprofiles will be created on the E: drive. OUs/Users/Groups The OUs that were created were: Top Level OU | OUs | Staff | Admin | | ICTstaff | | Lecturers | | Management | Students | Cisco | | ITsecurity | | Microsoft | | RedHat | | VMware | * Groups to create: AdminGroup, ICTGroup, LecturerGroup, ManagementGroup, StaffGroup, StudentGroup * Users: 2 staff, 2 student and 1 ICT administrator account were created. The properties of these accounts are as follows: Student Account: First name: Microsoft Last name: 1 Logon:...
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...Accounting (FI) consists of Client (entire enterprise), Company Code, and Credit Control Area. * The Material Management Organizational Structure consists of Client, Company Code, Plant, Valuation Area, Storage Locations, Purchasing Organization, and Purchasing Group. * Reconciliation Accounts are part of the General Ledger. Examples are Accounts Receivable (customers) and Accounts Payable (vendors). Entries to these accounts are system generated. * Account Groups include Balance Sheet Accounts, Reconciliation Accounts, and Income Statement/Profit and Loss Accounts. They are grouped by similar characteristics. * The Vendor Master can be created in accounting or in purchasing. The vendor master can also be created centrally, in which it will be created in both accounting and purchasing. * The Fiscal Year Variant determines the organization’s fiscal year. For example, K1 = Calendar year and one closing period. * Application Service Provider is a company that owns/maintains the application program and provides services. It is accessed through the client (computer). * A Field Status Variant shows the status of a field. Field can be an account. Status can be optional, required, or display only. Variant is...
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...ACCOUNTING CYCLE In this review, we have selected Accounts payable and Accounts Receivable cycle to make a comparison between UBS Accounting and SAP ERP Software. 4.1 Accounts Receivable The Accounts Receivable application component records and manages accounting data of all customers. It is also an integral part of sales management. All posting in Accounts Receivable are also recorded directly in the General Ledger. UBS Accounting System Accounts Setup : 1. Create two record to maintain for trade debtors, Ledger/General Ledger A/C Maintenance as a parent and Debtors | Debtors file Maintenance as a Subsidiary. 2. Then, set appropriate 4 digit for parent code. Usually, for trade debtors it will classify under CURRENT ASSET. So, for the suitable code is from 3000 to 3999. 3. Create code and fill in all the information needed by the system for every subsidiary accounts then this code will automatically display at Chart of Account and Statement of Financial Position. 4. Select Ledger/Enter Opening Balance to record opening balance. 5. Select Debtors/Distribute Last Year Aging to enter Debtors Aging Entry Business Transaction : 1. Select Batch no. before proceed to enter the transaction. 2. To start recording transaction, use Transaction/Transaction Maintenance – Select Batch No. – Select period – Fill in date – Fill in account no. – Fill the reference no. – Fill in Debit and...
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