...2013 MANAGERIAL ECONOMICS GROUP PROJECT: “US TREASURY BILLS AUCTION PRICING: ANALYSIS OF THE STRUCTURE AND PROCESSES” Professor: Done by: The goal of this paper was to analyze and explain the auction system process held by US Treasury and the possible alternatives for it (multiple-pricing auction). Introduction. The U.S. Treasury Department regularly borrows to finance the Federal Government's debt. From 1980 to 2006, the public debt of the United States grew from $930 billion to $8.68 trillion. Approximately one-half of that debt is held in Treasury bills, notes, and bonds, or "treasuries." The Treasury Department sells these securities at auctions held at the Federal Reserve Bank of New York, and the Bureau of Public Debt (BPD) in Washington, D.C. The rest of the debt is held mostly in federal and federally sponsored agency securities and U.S. Savings Bonds, and is not sold through the auction process.1 The modern auction process for bills, notes, and bonds begins with a public announcement by the Treasury. A typical announcement might read, "The Treasury will auction $11,000 million of 91-day bills to refund $9,000 million of maturing securities and to raise about $2,000 million new cash." This statement clearly describes the 2 goals of Treasury: to refund old debt and to raise new funds. Such announcement is carried by most...
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...__________________________ (Name of the Institution) __________________________ (Address) TO WHOM IT MAY CONCERN : We, the senior students of Finance & Treasury Management (FTM) under the College of Management and Entrepreneurship of Pamantasan Ng Lungsod Ng Maynila hereby respectfully request for the conduct of research / study about the following topics that concern your prestigious company, to wit: 1. Vision, Mission, Objectives, and Philosophy 2. Nature of Business 3. Corporate size 4. Rank in the industry as to profitability, liquidity, and solvency 5. Finance organizational structure and composition 6. Treasury department’s role, function, and delimitation of authority 7. Set qualification standards in the appointment or designation of a treasury manager 8. Treasury manager’s duties and responsibilities 9. Usual management practices that a corporate treasurer undertakes to ensure the company’s profitability 10. How does the treasury manager contribute towards the company’s growth 11. What are the common problems that the treasury manager encounters and how he resolves them? As such, the data and information that you may possibly disclose to us will be utilized in compliance with the terminal requirement of our currently being undertaken subject entitled TREASURY MANAGEMENT. Rest assured that all of your response to the aforesaid queries and other concerns will be used for academic purposes only, and shall be treated...
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...CHAPTER 11 Corporations: Organization, Share Transactions, Dividends, and Retained Earnings ASSIGNMENT CLASSIFICATION TABLE Brief Exercises Do It! Exercises 1, 2, 3, 4, 5, 6 1 1, 2 1, 2 Record the issuance of ordinary shares. 7, 8, 9, 10, 11 2, 3, 4 3 *3. Explain the accounting for treasury shares. 12, 13, 14 5 4 *4. Differentiate preference shares from ordinary shares. 15 6 *5. Prepare the entries for cash dividends and share dividends. 17, 18, 19, 20, 21, 22 7, 8, 9 *6. Identify the items that are reported in a retained earnings statement. 16, 23, 24 Questions *1. Identify the major characteristics of a corporation. *2. 7. Prepare and analyze a comprehensive equity section. *8. Compute book value per share. B Problems 2, 3, 4, 7, 8, 11, 12 1A, 3A, 6A 1B, 3B 5, 7, 9 11, 12 2A, 3A, 6A 2B, 3B 6, 7, 10, 11, 12, 24 1A, 3A, 6A 1B, 3B 5, 6 13, 14, 15, 16, 25 4A, 5A, 7A 4B, 6B 10, 11 7 17, 18 5A 5B, 6B 8 10, 11, 19, 20, 21, 22, 23, 25 1A, 2A, 3A, 4A, 5A, 6A, 7A, 8A 1B, 2B, 3B, 4B, 5B, 6B, 7B Describe the use and content of the statement of changes in equity. *9 A Problems 12 Study Objectives 9A 25, 26 13 23, 24, 25 3A, 8A 3B, 7B *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix to the chapter...
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...CHAPTER 15 Debt and Equity Capital Review Questions 15–1 A trust indenture is drawn to protect the position of bondholders by imposing restrictions upon the borrowing corporation. One of the most common of these restrictions is that the company must not declare dividends that would cause the working capital to fall below a specified amount. An overly generous dividend policy could leave the company so short of cash as to endanger the position of bondholders. 15–2 Restrictions commonly imposed on a borrowing company by long-term creditors relate to (a) dividend payments, (b) acquisition of property and equipment, (c) increases in managerial compensation and (d) acquisition of additional debt. Such actions are usually permitted only if they will not reduce the current ratio and amount of working capital below specified levels, or increase the debt to equity ratio above a specified level. Creation of a sinking fund is another common requirement designed to assure that cash will be available to pay the long-term debt at maturity. 15–3 The trustee protects the interests of the bondholders by accounting for the issuance and redemption of bond certificates, determining that provisions of the borrowing agreement are observed by the corporation, and reporting periodically on the amount of the liability and of any related sinking fund. This work by the trustee leaves little opportunity for either error or fraud in the issuance, servicing, or redemption of bonds...
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...Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 The following events occurred during 2014 and were not recorded: a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each. c. On March 31, Frick reissued 250 shares of treasury stock for $25 each. d. On July 1, Frick reissued 500 shares of treasury stock for $16 each. e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. One December 15, Frick split common stock 2 shares for 1. g. Net Income for 2014 was $275,000. Requirements: a. Prepare journal entries for the transactions listed above. b. Prepare a Stockholders’ section of a classified balance sheet as of December 31, 2014. Common Stock 100,000.00 Stock Dividend 5% Stock Dividend 5,000.00 Total No of common Stock 105,000.00 Preferred Stock 10,000.00 Par Value 100.00 Divivdend Rate 5% Preference Dividend 50,000.00 Cash Dividends on Common Stock @1.5(105,000*1.5) 157,500.00 ...
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...outstanding..................$2,600,000 c)= 0.60 x 360,000 = 216,000 $ d) It is likely that the company has repurchased its shares and retired them. 8.10 a. Annual dividend per share= $3.25 b. Preferred dividends= $3,900 Common dividends= $4,500 Total dividends received= $8,400 Exercise 8.18 a. 800 shares after the stock split b. Dividend income before the stock split= $3,600 $4.50 per share c. 33 1/3% stock dividend would accomplish the same Problem 8.22 a. Dr. Treasury stock- 330,000 Cr. Cash 330,000 b. Shares outstanding at beginning of year 574,600 shares purchased for treasury in first quarter (4,400) Shares outstanding during second quarter 570,200 Cash dividend per share *1.20 Dividend paid at the end of second quarter $684,240 c. assets=liabilities+owners equity<-net income=revenues-expenses cash Treasury stock +117,000 +105,000 additional paid in capital +12,600 d shares outstanding second quarter 570,200 treasury shares sold in third quarter 1,400 shares outstanding in fourth quarter 571,600 cash dividend per share *1.20 dividend paid at the end of fourth quarter 685,920 e...
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...Case Study: Wrigley Jr. Company – Capital Structure Case Problem: The managing partner of Aurora Borealis LLC, a hedge fund that strategized to focus on distressed companies, asked an associate to initiate the research for a potential investment in Wrigley. Aurora specialized in finding opportunities for corporate restructures, to invest significantly in the stock of the target firm and then persuade management to restructure. They noted that Wrigley had about $13.1 billion in common equity and did not have any debt on their balance sheet. Chandler was asked to perform an analysis to support the assumption that Wrigley can borrow $3 billion at a credit rating of BB to B, to yield 13%. Over the last few years, Wrigley has had revenue growth at an annual compound rate of 10% (earnings at 9%) which reflected the introduction of new products and foreign expansion. The firm has always been conservatively financed and had stock that was outperforming the S&P 500 composite index. The proposed leverage recapitalization would have Wrigley borrow $3 billion and use it to pay an equivalent dividend or repurchase an equivalent value of shares. This could increase the value of the firm by shielding the cash flows from taxes. An additional assumption is the debt rating for Wrigley, after they assume the debt would they be able to manage the interest payments. How does Chandler know that a rating of BB/B would be likely. Additionally, Chandler knew that the maximum value...
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...my sercice on July 30,200x,are excessive. Mr.Emerson was seen on an early sunday morning with a stab wound in the cheast, which had penetrated his lung producing an air leak into his chest wall. In addition, he had a laceration of his lung. After consulation and review of his x-rays, his laceration was repaired. He was observed in the hospital for 2 days, to be sure that he did not have continuing hemmorrhage or collapse of his lung. I feel, that the bill given to Mr.Emerson is a fair one.Wereceived on July 31,200x, a Tellememer Insurance Company check for $200: and feel that, your payment of $180 is unreasonable.It is doubtful,that one could get a plumber to come out early Sunday morning to fix a leaky pipe for $200; and Mr.Emerson's situation in my opinion,was much more serious then would be encountered by a plumber. We will bill Mr.Emerson for the remainder of the $680 balanceon his account but i want you to know,that we feel that your payment is insufficient.If he feels that the bill is excessive,we would be glad to submit to arbitration through the County Medical Society Fee Committee.If this fails,I suggest we seek help through the New Mexico Insurance Commission. Sincerely Yours, William A. Berry, Md rl Encolsed: x-ray report;history and physical report copy:Mr.Ron...
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...just as seriously about buying a Harley as soon as he gets his drivers-license, to impress his friend in Hells Angels, and maybe even make them a bit envious. Boozy doesn´t want Brian to move out just yet, so as soon as the inheritance is paid out, she spends a big part of her own inheritance and some of Brian´s, on decorating the garage in a super cool way, in order for Brian to live there. It looks real nice, but Barbie finds that it is short of a flat screen, so she visits Fona, and convinces the salesman to deliver one to the garage along with the bill. * Brian goes crazy, when he discovers that his mum has spent some of his money on the garage, and contacts a lawyer in order to get her to pay it back. * Mr. Bad calls all the time, in order to make Boozy pay up, or else…. * Barbie starts crying and wants to bring the flat screen to her own house, but drops it on the way, and renders it broken. Her dad finds the bill which he returns to Fona, unpaid. * As Fona never receives the money,...
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...U.S. Supply Chain Legislation Mandates, Compliance and Implications Brian Rezach, Principal, OmniMedia Associates Generic Pharmaceutical Association September 25, 2013 OmniMedia Associates - Background • Dual focus – Legislative / Implementation Project Management • SME for GPhA and other MFR clients • SCTF • PDSA Current Legislative Environment States ePedigree - California 2015/2016 THS = Transaction history (shipped) RTH = Transaction history (received) = Product information = Statement of accuracy/certification PI S Data Package/Records THS1 R1 TH THS2 PI R1 THS3 TH R2 TH PI S3 R1 TH R2 TH R3 TH PI S1 S1 S2 S1 S2 S1 S2 S3 Manufacturer Wholesaler Secondary Wholesaler Dispenser Trading partners pass product information and all prior transaction history upon each change of ownership. Electronic Pedigrees in California “Pedigree” means a record, in electronic form, containing information regarding each transaction resulting in a change of ownership of a given dangerous drug, from sale by a manufacturer, through acquisition and sale by one or more wholesalers, manufacturers, repackagers, or pharmacies, until final sale to a pharmacy or other person furnishing, administering, or dispensing the dangerous drug. The pedigree shall be created and maintained in an interoperable electronic system, ensuring compatibility throughout all stages of distribution. Pedigree includes: MFR name / address & registration number, drug name, quantity, dosage form...
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...roommate, “What kinds of food are they eating?” “Wait, let me look.” He responded and looked at the next table too. After few minutes, he pointed at one dish on the menu and indefinitely said “Maybe, they ordered these. We can ask the waiter.” Finally, I ordered the one which was the same as the next table’s dishes. While we were waited for our dishes, we were talking about some interested things and laughing. After about half an hour, here came my food which is steak, salad and soup. I tasted the dishes and found the food were very delicious. I ate the meal very fast and finished it very quickly. I wiped my napkin across my mouth, and belched loudly. After we finished the meals, we needed to wait for the waiter to pay the bill. When we got the bill, we started talking about how much tips we needed to pay. Finally, we just paid a ten percent service charge because in my mind, I thought it was enough. Then we walked out of the restaurant. Guests’ perspective Today, I had a meal in a restaurant which my classmate recommended with my girlfriend. My...
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...with manual processing that is erroneous in terms of calculations, time consuming in generating bills for the tenants because of their information and the loss of profit in the business because of the vacancy of apartments. With these problems, the company couldn’t offer a quick and accurate transaction for the customers and it would also susceptible to errors. 2.1.2 Specific Problems * How will the proponents develop a module that will be used for the computation of the monthly bills of the tenants? The tenants transact with their monthly bills manually, through writing their information on a paper which is a waste of time and the computation of their amount due could also lead to wrong computation. * How will the proponents develop a module that will maintain all the information about the tenants? The cashier has discovered that the copy of tenant’s receipt is not an enough proof that the customer was paid for this might be misplaced. All the information on monthly bills must be stored safely. * How will the proponents develop a module that will monitor the status of the tenants? The cashier has also discovered that the unpaid bills of each tenant are not arranged and ready when they’re asking for it. It must somehow be arranged for the customer convenience. * How will the proponents develop a module that will automatically generate a bill and tenant’s information report? The cashier of RSTMC writes the necessary information needed...
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...Discounts * Engage in tie-ups which will : * Compliment Lifestyle preferences * Build affinity & engagement * Drive customer satisfaction & loyalty Locations: City | Number of VENUES | Bombay | 4 | Pune | 4 | Bangalore | 4 | Hyderabad | 4 | Kochi | 4 | Chandigarh | 4 | Ahmedabad | 4 | Chennai | 4 | Roles and Responsibilities: Deliverables offered to Harley Davidson by Pubs: * The Harley Corner: A dedicated corner where the Harley Davidson merchandise & collaterals will come up * This corner will be available to Harley members provided they make prior reservation before 6.00 pm same day * Discounts: The Harley members will be eligible for a discount on the bill on flashing their HOG cards and intimating before the bill has been made * Parking space: There will be dedicated parking space for their bike and a small board indicative of Harley Owners Parking Deliverables offered by Harley-Davidson India: * Communication: * Harley will send mailer containing complete details of the special deal to all their customers, atleast once a month * Have a post about the offers on their Facebook page atleast twice a month * Exposure & Visibility to the Pubs: * Display a Harley Davidson outside the Pub once in a month (Harley to check with the Dealers if that’s possible) * Have Harley Officers visit the Pubs * Events: * Have HOG nights atleast once in every Pub (Venue to inform if they can organize such...
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...Discuss the importance of data accuracy. Inaccurate data leads to inaccurate information. What can be some of the consequences of data inaccuracy? What can be done to ensure data accuracy? Data accuracy is important because inaccurate data leads may lead to such things as the closing down of business, it may also lead to the loosing of jobs, and it may also lead to the failure of a new product. To ensure that one’s data is accurate one may double check the data given to them, as well as has more than one person researching the data they are researching. Project 3C and 3D Mastering Excel: Project 3G CGS2100L - Section 856 MAN3065 - Section 846 | | 1. (Introductory) Do you think Taco Bell was treated fairly by the mass media when the allegations were made about the meat filling in its tacos? I think so being that they are serving the people for which I must say that if you are serving the people then it’s in the people rights to know what exactly you are serving them. 2. (Advanced) Do you think the law firm would have dropped its suit against Taco Bell if there were real merits to the case? It’s hard to say but do think that with real merits it would have changed the playing feel for wit real merits whose the say that Taco Bell wouldn’t have had an upper hand in the case. 3. (Advanced) Do you think many people who saw television and newspaper coverage about Taco Bell's meat filling being questionable will see the news about the lawsuit being withdrawn? I doubt that...
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...1) Dealer 0833389313 – login to Account holder 0718855505 Navigate to Overview landing page Select SIM Menu item 31 May 2012: Retested successfully 2) Dealer 0833389313 – login to Account holder 0718855505 Navigate to Overview landing page Select Billing | Transactions Select Bill Request Select Email from the Bill Request Type dropdown box Submit, check the box then click Confirm button 31 May 2012: Retested successfully 3) 4) Unbilled 5) 6) Modify Payment Details 7) 8) PUK Request AxisFault faultCode: {http://schemas.xmlsoap.org/soap/envelope/}BillingCustomerInfoQueryWS-SystemException faultSubcode: faultString: <E12118> Tuxedo error 103142 occurred. Tuxedo error message, <E103142> Service name 27718855505 is not valid for effective date as 31-05-2012 15:29:18.. faultActor: http://mtnsa.co.za/si/Billing/BillingCustomerInfoQuery faultNode: faultDetail: {}BillingCustomerInfoQueryWS:<Message><E12118> Tuxedo error 103142 occurred. Tuxedo error message, <E103142> Service name 27718855505 is not valid for effective date as 31-05-2012 15:29:18..</Message><MessageCode/><Info/><Request><ns1:BillingCustomerInfoQuery xmlns:ns1="http://mtnsa.co.za/si/Billing/BillingCustomerInfoQuery"> <ns1:Request> <ns1:MSISDN>27718855505</ns1:MSISDN> </ns1:Request> ...
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