...require external financing in 2010, 2011, and 2012? How do these forecasted income statements and balance sheets differ if the company relies solely on additional notes payable from its commercial bank, compared to a sale of new equity? 4. As CFO Hathaway Browne, what financing alternative would you recommend to the board of directors to meet the financing needs you estimated in questions 1 through 3 above? What are the costs and benefits of each alternative? Questions for case 2: Williams, 2002 1. Evaluate the terms of the proposed $900 million financing from the perspective of both parties. How would you calculate the return to investors in this transaction? If you need more information, what information do you need? 2. What is the purpose of each of the terms of the proposed financing? 3. Conduct an analysis of Williams’ sources and uses of funds during the first half of 2002. How do you expect these numbers to evolve over the second half of 2002? What is the problem facing Williams? How did it get into this situation? How has it tried...
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...In 2010, Harold purchased a new condominium for $ 70,000 to use as his principal residence. Harold files as a single taxpayer. What is Harold's first-time home buyer credit in the following alternative situations? a. Harold purchased the condominium on February 1, 2010. Harold has lived in an apartment he rented since 2002. Harold's 2010 AGI is $ 60,000. The answer is: $ 7,000 ($ 70,000 × 10%) because Harold purchased the home before May 1, 2010 and he did not own a home in the previous three years, Harold may claim a credit equal to 10% of the purchase price (total credit may not exceed $ 8,000). b. Harold purchased the condominium on February 1, 2010. Harold has lived in an apartment he has rented since 2002. Harold's 2010 AGI is $ 135,000. The answer is: $ 3,500 ($ 70,000 × 10% × 50%) because Harold purchased the home before May 1, 2010 and he did not own a home in the previous three years, Harold may claim a credit equal to 10% of the purchase price (total credit may not exceed $ 8,000). However, because Harold's AGI is half way through the phase-out range for the credit ($ 125,000 - $ 145,000), he loses half of the credit he was otherwise eligible to claim ($ 135,000 is half way in between $ 125,000 and $ 145,000 so he loses 50% of the credit). c. Harold purchased the condominium on February 1, 2010. In the six years preceding this purchase, Harold lived in another home he owned. Harold sold that other home on March 1, 2010. Harold's 2010 AGI is...
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... July 14- A geomagnetic storm is caused on Earth by a solar flare. August 14- Dora the Explorer debuts. December 15- The Chernobyl Nuclear Power Plant is shut down completely. 2001 January 15- Wikipedia launches on the Internet. January 20- George W. Bush becomes the president of the United States. June 19- A malfunctioning Iraqi missile hits a soccer field, killing 23. July 2- The world’s first artificial heart is implanted. September 11- Four U.S. commercial airliners are hijacked by terrorists. Two were crashed into the World Trade Center towers, one into the Pentagon, and one into an open field in Shanksville, PA. November 10- The Peoples Republic of China is admitted to the World Trade Organization. 2002 January 8- The No Child Left Behind Act is approved by President Bush. February 28- The past currencies of all European nations...
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...default over the next twelve months. Also, a company with a 2% EDF credit measure is 10 times more likely to default than a firm with a 0.20% EDF credit measure. Letter ratings are for comparison purposes only--a point of reference to improve interpretation of default probabilities. • EDF credit measures range from a low of 0.02% to a high of 20% in one basis-point increments. A basis point = 1/100 of a percentage point. July 2001 July 2002 UAL posts a $341 million second-quarter loss. • • • UAL and US Airways call off merger after U.S. Justice Department says it would block merger on antitrust issues. S&P rating is BB+; Moody's rating is Ba2 EDF Credit Measure is 1.67%, equivalent to BB rating • • Within the past month, market cap falls by almost half to $332 • million while liabilities remain at about $22.5 billion • Market leverage rises to 90% • EDF Credit Measure rises to 20.00%, the maximum August 11, 2002 Airways • US since thefiles for bankruptcy, the largest U.S. airline to do so attacks. November 8, 2002 UAL says it expects to lay off 2,700 flight attendants. Flight attendants union agrees to $412 million in wage cuts over 5-1/2 years two days later. Market value of assets is almost $17 billion, but that includes $23.4 billion of liabilities that set the default point to be...
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...Fingerhut is used to be a catalogue retailer and still actually exist as a catalogue retailer. The thing separates Fingerhut from retailer that it offers catalogue through mails. User can receive the catalogue from home through mails but there is also a Fingerhut.com, which offers a variety of products like clothing, electronics, appliances, etc. However, there are other choices or online shopping sites far better than Fingerhut, but financing is the reason why people should go for Fingerhut. When you go to finger.com you will find out sort of message that let you to comprehend that they are willing to work with all credit types. Therefore, whether you have good credit or bad credit, Fingerhut could be a possibility for you when you want to make those type of purchases. You will going to see messages like “apply today, buy today”, inside the payment page of Fingerhut. Fingerhut is willing to work with the people who do not have greatest credit history but want to perform payment in installment. Although there is no guarantee that are really looking for such people, but definitely encouraging people a lot through their services to use their credits for financing and purchase making. Fingerhut offers two types of financing, namely Fingerhut advantage and Fresh Start account. Fingerhut advantage. Fingerhut advantage is as similar as other credit card that you may know or use for making payment. Like other credit cards, this has also a high interest rate, so you can going to be payed...
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...Bibliography Formats MLA APA MLA APA MLA APA MLA APA MLA APA MLA APA MLA APA MLA APA MLA APA Book: Single Author Morales, Ed. Living in Spanglish: The Search for Latino Identity in America. Los Angeles: LA Weekly Books, 2002. Morales, E. (2002). Living in spanglish: The search for latino identity in America. Los Angeles: LA Weekly Books. Book: Two or More Authors Schofield, Janet Ward, and Ann Locke Davidson. Bringing the Internet to School: Lessons from an Urban District. San Francisco: Jossey-Bass, 2002. Schofield, J. W., & Davidson, A. L. (2002). Bringing the internet to school: Lessons from an urban district. San Francisco: Jossey-Bass. Book: Second or Later Edition Segen, Joseph C., and Josie Wade. The Patient’s Guide to Medical Tests: Everything You Need to Know About the Tests Your Doctor Orders. 2nd ed. New York: Checkmark Books, 2002. Segen, J. C., & Wade, J. (2002). The patient’s guide to medical tests: Everything you need to know about the tests your doctor orders (2nd ed.). New York: Checkmark Books. Book: Corporate Author Editors of Kiplinger’s Personal Finance. Know Your Legal Rights. Washington, DC: Kiplinger Washington Editors, 2001. Editors of Kiplinger’s Personal Finance. (2001). Know your legal rights. Washington, DC: Kiplinger Washington Editors. Book: Anthology or Compilation Sloane, Thomas O., ed. Encyclopedia of Rhetoric. New York: Oxford University Press, 2001. Sloane, T. O. (Ed.). (2001). Encyclopedia...
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...Short Summary Atlanta Home Loan April 2002 - Al formed Atlanta Home Loan (AHL), a mortgage lending and financing company, in Atlanta, Georgia - Initial investment of $40,000 - Operated the company from his home Summer 2002 - Company grew rapidly - 4 telemarketers and 8 loan officers who all worked from their homes - Established banking relationships which allowed clients to borrow at wholesale rates - Rates varied according to client FICO scores The Company - Leads were bought from list brokers - Telemarketers called people on the lead lists to assess their interest in refinancing - The lists were then passed on Al who distributed them to the loan officers - Loan officers helped with the applications and ordered an appraisal and credit report - Admitted for EMBA in California, Al had several options for AHL - As the company was appraised for $600,000 and was continuing to grow, he decided to find someone to operate the business in his absence Back to School - June 2002 A Partner- July 2002 - Impressed by Joe's sales ability and being people oriented, the two reached a verbal partnership agreement - Joe would invest $8,400 and be entitled to half of the profits - Al soon found out Joe was irresponsible and terminated the agreement while appointing a new manager that lasted 3 days prior to rehiring Joe A New Partner and licensing agreement - Sept 2002 - As Joe neglected his responsibilities once again, Wilbur, an acquaintance of Joe, was then hired and given the use...
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...2013 Ethics in Accounting and the Fall of WorldCom In 2002, WorldCom was the second largest telecommunications company in the United States, but because of management failures and an unethical accounting culture it went bankrupt. This paper contains a discussion describing corporate ethics currently used in business; WorldCom's background, and the ethical breach; how WorldCom's ethical issue was discovered, describing how management failed to create an ethical environment; and recommendations. A conclusion summarizes the paper. Corporate Ethics If a company is driven by its responsibility to its Shareholders, then it should base its decisions and actions on the best interests of the owners, and generate more profit. If the company is stake-holder driven then its decisions and actions should be based on what is in the best interest of those impacted by the business (Gruble, 2011). Gruble (2011) further argued that "The most widely accepted definition for business ethics says that it is a set of corporate values and codes of principles, which may be written or unwritten, by which a company evaluates its actions and business-related decisions.” WorldCom was a company driven by its responsibility to its shareholders to the point where it began to behave unethically and this ultimately led to its demise. WorldCom History and the Ethics Breach In 1983, two business men, Murray Waldron and William Rector, created a plan to start a discount long-distance provider...
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...Economic Consequences of the Sarbanes-Oxley Act of 2002 Ivy Xiying Zhang* William E. Simon Graduate School of Business Administration Carol Simon Hall 4-312 University of Rochester Rochester, NY 14627 zhangxi@simon.rochester.edu February 2005 I am grateful for the guidance of my dissertation committee, Bill Schwert, Charles Wasley, Ross Watts, and especially Jerry Zimmerman (Chairman). I also appreciate comments from Jim Brickley, Philip Joos, Andy Leone, Jerry Warner, Joanna Wu, Yan Cao, Ling Lei, Laura Liu, Tao Kuang, and workshop participants at the University of Rochester. All errors are my own. * Abstract This paper investigates the economic consequences of the Sarbanes-Oxley Act through a study of market reactions to legislative events related to the Act. I find that the cumulative abnormal return around all legislative events leading to the passage of the Act is significantly negative. The loss in total market value around the most significant rulemaking events amounts to $1.4 trillion. I then examine the private benefits and costs of major provisions of the Act by investigating the cross-sectional variation in market reactions to the rulemaking events. Regression results are consistent with the hypothesis that shareholders consider both the restriction of nonaudit services and the provisions to enhance corporate governance costly to business. The results also show that Section 404 of SOX, which mandates an internal control test, imposes significant costs on...
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...Constructive Speech What determines the outcome of someone’s life? Is it the choices they make or is it the situations they have been placed into? Good morning Mrs.Gittins, mediator, scores, my opponents, my colleague and audience. My partner and I agree on the fact that Willie is most definitely not to blame for the situation he has ended up in. In Willy’s case the outcome of his life is based on the situations he was placed into. We believe this is due to the fact that during his childhood years a father figure was not present. Also, Willy’s wife Linda Lowman clearly understood that her husband was mentally unstable but she decided to turn a blind eye and deny just like the rest of society and pretend as if everything were okay. In the play, Willie’s character is a tragic hero and an unconscious victim. He sees the world around him changing and his own inability to change with it seals his fate. The audience learns that Willie strongly believes that success is not what you know, but who you know and how well you are liked. At one point in time Willie was a very successful salesman, when Howard’s father ran the company. Many promises were made between Willie and Howard’s father across that desk in the office. Despite the fact that Willie worked hard his entire life, and was rewarded very little, the promises that he believed in for all his years of work and strived towards fell through. Now that he is old and not able to keep up at the pace he used to Howard thinks...
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...Imperfect me I am hopeful, but sometime hopeless. I am thoughtful, but sometimes thoughtless. I am faithful, but sometimes faithless. I am careful, but sometimes careless. God loves me because I am per fect even with all my imperfections. Why do I try for those who can not see For I am the one who strive to be I give in to tou what have not to give But my life is his And not mine to live I trust in him athough I know not his name There is a plan in this world and his game My faith may fall and the truth may shatter But to al who may question it still does not matter I give what I can when you give none And all in all his work is still done So if you don’t believe me why should I try Will I hang my head low or even cry No that not why I am here on this earth My job is to show his true worth I may not do wh you see is right But the jod I do is withvall his might If I have touch you with thease word today Then ther is some truth in what I say We cant please everyone nor should I try But with his hand I will not lie I tell you this straight from the hart I play the roll a bigger part My life has meaning for you can not see The is the words from in perfect...
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...1 I'm Falling in Love with You by Walter de Jesus I sit here awake, i cannot sleep i think about this feeling in my heart that i keep i close my eyes and still i see a picture of tomorrow with u and me i don't know why i feel this way i try to come up with the words to say to express myself to show whats inside my thought of you i don't want to hide the magic i feel when I'm with you something that seems too good to be true I'm falling in love cant you see ? i wonder if you will ever fall in love with me only time can tell if this is real the happiness you and i feel but i care about you, I'm falling in love is this a gift, or a test from above ? 2 Feelings for You by Walter de Jesus I wish you knew Or had a clue About how I feel about you I just have so many feelings That I’m tired of dealing with I wish I had the guts to tell you What would you do ? Would things be different? I’ve already been through this before And I had my heart tore I don’t think I can go through that anymore Look I like you more than I should If only I could tell you my feelings Everything would be good . 3 My Love for Her by Walter de Jesus on Wednesday, November 10, 2010 at 12:05pm Love is a gamblE, and your heart is the dice. So before you roll, you'd better think twice. So here's my dilema, I love her, do I take the gambLe ? Should i go for it and just hope...
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...Upheld By Character Character is built upon strength and compassion. To be quite honest, I happened upon this photo as I was rummaging through the mountains of pictures my mother has collected over the years. To my knowledge, I have never seen this before but I feel as though this photo gives an extremely detailed overview of my life. The fate of most photographs usually consists of being overlooked and cast into the attic, yet every picture is a reminder of an important memory. However, photos such as school pictures, which can be seen throughout my house, seem useless to me. Often times in these pictures emotion tries to be built or controlled. A moment deserves to be captured when the subjects in it find themselves unable to hold back a smile or a prideful smirk not when one is forged. What good is a memory if it lacks emotion, the backbone of a picture? It is obvious that in my picture we are not overtaken by joy, however, emotion engulfs this photo. Determination and faith can be found in this mirror of a memory. My father has his hands around mine, preventing me from falling into the abyss. Maybe to an average person it would be called a swimming pool, but convincing the 3 month old version of myself that that was true would be quite a feat. This second nature act of protection is not what drew me to this photo. It was no great accomplishment to stand on the first step of the pool, true. A father has an innate desire for the well-being of his child, also true. But the...
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...Concealer to Conceal Her No object is so beautiful that, under certain conditions, it will not look ugly.Ó -Oscar Wilde. As true as this statement may be, women in today's society do as much as possible to hide themselves from ever being under those certain conditions. Women use make-up to hide unattractive features, and it is portrayed as a true benefit for women in a recent advertisement for women's powderflage concealer in the woman's magazine, Cosmopolitan. The scene appears to take place around the mid 1900Õs. The woman in the advertisement is wearing a long green camouflage dress. The man next to her, perhaps her husband, is stating to another man: You're telling me this little bad-boy will diffuse her dark circles & fine lines. The woman in this advertisement is actually smiling at the man's statement. He is speaking for her, about her body and her physical appearance to another man, yet she seems unfazed by his opinion. In today's society, men seem to have the most important opinions on beauty and their opinions have affected women's physical expectations of themselves. In order to understand this advertisement and the meanings within it, we have to establish a meaning of the product, concealer. Concealer is used to hide imperfections on the skin and therefore has a positive association with make-up. Men and women have associated beauty with perfection and, therefore, the more imperfections a woman can hide, the more beautiful she will look. In...
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...EWRT 2 Research Paper There are plenty of symptoms, but not everyone has all the same symptoms. The most common symptoms are feelings of sadness and loneliness, insomnia or sleeping too much, making excuses for staying indoors, questioning your decision to move to this place, feelings of anger, depression, vulnerability, fear of touching local people, overwhelming sense of homesickness. Some people also become too careful with everything happening around them. They’re afraid of being robbed or cheated. Moreover, those people desire to talk to people who “really make sense”. For me, my symptoms mostly were the feeling of loneliness and sadness. I also slept a lot. I felt like I just wanted to go deeper and deeper in my sleep and dream about my sweet home. I refused to go out and talk to native people. All I did was sitting in front of my laptop and watched Vietnamese movies or read Vietnamese magazines. It was all for the purpose of killing time and forgetting the emptiness in my heart. There are a lot of different theories about the phases of culture shock. The differences mostly depend on each individual’s personality. The most common theory is identified by Kalvero Oberg. He discovered the five distinct stages of culture shock in 1958, the five stages of culture shock. The first stage is called “honeymoon stage”. When entering to a new country, you may feel excited and eager to experiences new things. You’re in awe of the differences you see. Just looking...
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