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Question : 101. Firms occasionally issue stock options in order to A. compensate employees.B. compensate managers.C. motivate : 1230391

Accounting

 

 

101. Firms occasionally issue stock options in order to 
A. compensate employees.
B. compensate managers.
C. motivate employees to take actions that will increase the market value of the firm’s common shares.
D. conserve cash.
E. all of the above

 

102. The Prime Corporation is a new company about to issue stock. The corporation sells 2,000 shares of common stock (par value $2) at $10 per share. The journal entry to record this transaction is: 
A. Cash                                   2,000
      Common Stock                            2,000
B. Cash                                 20,000           
  Common Stock                           4,000
       Additional Paid-in Capital        16,000
C. Cash                                 20,000
  Owners’ Liability                      16,000
       Common Stock                           4,000
D. Cash                                 20,000
       Accounts Payable                     20,000
E. Cash                                 20,000
       Notes Payable                           20,000

 

103. The usual entry to record the conversion of convertible bonds or preferred stock into common shares ignores _____ and shows the swap of common shares for bonds or preferred stock at their _____. 
A. current market prices; carrying value
B. carrying value; current market prices
C. current market prices; par value
D. carrying value; par value
E. present value of future cash flows; current market prices

 

104. Which of the following is true regarding firms use of net assets (assets minus liabilities)?  
A. Firms use net assets to generate more net assets through the earnings
B. Firms typically retain some or all of the net assets generated by earnings, causing net assets to increase, along with retained earnings, which is the component of shareholders’ equity showing the cause of that increase in net assets.
C. The retention of net assets generated by earnings generally increases the market price of the firm’s common shares.
D. Some firms pay periodic dividends to the common shareholders out of net assets.
E. all of the above

 

105. Which of the following is not true regarding firms use of net assets (assets minus liabilities)?  
A. Firms use net assets to generate more net assets through the earnings
B. Firms typically retain some or all of the net assets generated by earnings, causing net assets to increase, along with retained earnings, which is the component of shareholders’ equity showing the cause of that increase in net assets.
C. The retention of net assets generated by earnings generally increases the market price of the firm’s common shares.
D. Some firms pay periodic dividends to the common shareholders out of net assets.
E. Regardless of whether a firm has more than one class of common stock and their dividend rights differ, each common shareholder always receives the same dividend per share as all other common shareholders.

 

106. Which of the following is not true regarding firms use of net assets (assets minus liabilities)?  
A. Firms may choose to use the net assets generated by earnings to repurchase common shares.
B. Firms may choose to use the net assets generated by earnings to repurchase common shares which result in cash outflows for a firm, similar to paying a cash dividend.
C. In the case of share repurchases, only those shareholders that choose to sell their shares to the firm receive cash.
D. Some firms pay periodic dividends to the common shareholders out of net assets.
E. Firms typically retain some or all of the net assets generated by earnings, causing net assets to decrease, along with retained earnings, which is the component of shareholders’ equity showing the cause of that decrease in net assets.

 

107. The _____ has the legal authority to declare dividends. When considering whether to declare dividends, they must conclude that declaring a dividend is both legal (under law and contract) and financially desirable.  
A. chief financial officer
B. chief operating officer
C. chief executive officer
D. board of directors
E. financial analysts

 

108. Jurisdiction-specific corporate laws limit directors’ freedom to declare dividends. Which of the following is/are true? 
A. The board may not declare dividends “out of capital,” that is, debited against the contributed capital accounts, which result from fund-raising transactions with owners.
B. The board must declare them “out of earnings” by debiting them against the Retained Earnings account, which results from earnings transactions.
C. “Capital” may mean the par or stated value of outstanding common shares or the total amount paid in by shareholders.
D. Some jurisdictions allow corporations to declare dividends out of the earnings of the current period even if the Retained Earnings account has a debit (negative) balance because of accumulated losses from previous period.
E. all of the above

 

109. Jurisdiction-specific corporate laws limit directors’ freedom to declare dividends. Which of the following is/are not true? 
A. The board may declare dividends “out of capital,” that is, debited against the contributed capital accounts, which result from fund-raising transactions with owners.
B. The board may declare dividends “out of earnings” by debiting them against the Retained Earnings account, which results from earnings transactions.
C. “Capital” may mean the par or stated value of outstanding common shares or the total amount paid in by shareholders.
D. Some jurisdictions allow corporations to declare dividends out of the earnings of the current period even if the Retained Earnings account has a debit (negative) balance because of accumulated losses from previous period
E. none of the above

 

110. Jurisdiction-specific corporate laws limit directors’ freedom to declare dividends. Which of the following is/are true? 
A. The board may declare dividends “out of capital,” that is, debited against the contributed capital accounts, which result from fund-raising transactions with owners.
B. The board may not declare dividends “out of earnings” by debiting them against the Retained Earnings account, which results from earnings transactions.
C. “Capital” may mean the par or stated value of outstanding common shares or the total amount paid in by shareholders.
D. No jurisdictions allows corporations to declare dividends out of the earnings of the current period even if the Retained Earnings account has a debit (negative) balance because of accumulated losses from previous period
E. none of the above

 

 

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July 1, 2023
    

MULTIPLE CHOICE

 

1.Quiz Company has a 12 year lease, with payments of $250,000 made at the beginning of each year. If no purchase option exists, and the company is in the 40% tax bracket, what is the annual after-tax cash outflow on the lease?

a.$416,667

b.$250,000

c.$150,000

d.$100,000

 

 

 

Loose Cannon Co.

Loose Cannon Co. is evaluating a new $75 million bond issue, the proceeds of which would be used to call and retire its outstanding $75 million bonds. Details on both bond issues are presented below. The firm is in the 35% tax bracket.

 

Old Bonds The old issue sold at par, with a coupon rate of 11 percent. It was issued five years ago with a twenty year maturity. The issue had $350,000 in flotation costs and carries a call price of $1150.

 

New Bonds The new issue are expected to sell at par with an 8.5 percent coupon rate and a 15 year maturity. Flotation costs are forecast to be $500,000. Interest payments will overlap for 2 months while the old bonds are retired.

 

2.Refer to Loose Cannon Co. What is the initial investment required to refund the bonds?

a.$11,250,000

b.$8,614,375

c.$7,312,500

d.$3,937,500

 

 

 

3.Refer to Loose Cannon Co. What are the annual cash flows associated with the new bonds?

a.$4,143,750

b.$6,375,000

c.$4,132,083

d.$6,357,051

 

 

 

4.Refer to Loose Cannon Co. What is the NPV of the refunding decision?

a.$3,654,164

b.$5,356,375

c.$1,224,292

d.$8,614,375

 

 

 

5.Booyah Company has a callable bond issue, with 55,000 bonds with $1000 par outstanding. If the call price is $1125 per bond, and Booyah’s tax rate is 35%, what is the after-tax cost of calling the bonds?

a.$10,576,925

b.$2,406,250

c.$6,875,000

d.$4,468,750

 

 

 

Bear Lake Equipment Company (BLEC)

Bear Lake Equipment Company (BLEC) is considering an expansion which will require a new machine that costs $125,000. BLEC can either lease or buy the equipment. The company’s tax rate is 40% and its after tax cost of debt is 5%.

 

Lease: Annual payments of $26,400 made at the beginning of each year over five years. The lessor covers all maintenance, while the lessee covers insurance and other costs. The lessee has the option to purchase the machine for $31,250 paid along with the final lease payment.

 

Purchase: The $125,000 cost will be financed over five years with annual end of year payments of $31,580. The machine will be depreciated on the five year MACRS schedule, and the firm will pay $3,500 per year for a service contract to cover all maintenance. The company will cover all insurance and other costs.

 

6.Refer to BLEC. What is the after-tax cash flow per year for the lease?

a.$26,400

b.$15,840

c.$10,560

d.$39,600

 

 

 

7.Refer to BLEC. What is the after tax cash flow for the first year from a purchase of the machine?

a.$31,583

b.$21,167

c.$19,515

d.$25,000

 

 

 

8.Refer to BLEC. What is the present value of the five years of after-tax cash flows from purchasing the machine?

a.$92,504

b.$108,120

c.$77,351

d.$123,273

 

 

 

9.If a 9%, $100,000 loan has a balance of $83,724 and an annual payment of $13,965 is to be made, what will the allocation of principal and interest be?

a.$9,000 interest, $4,965 principal

b.$7,535 interest, $6,430 principal

c.$6,430 interest, $7,535 principal

d.$4,965 interest, $9,000 principal

 

 

 

10.Contract terms that specify things a borrower “must”do are referred to as

a.instructive covenants

b.informative covenants

c.negative covenants

d.positive covenants

 

 

 

 

default image
July 1, 2023
    

MULTIPLE CHOICE

 

1.Quiz Company has a 12 year lease, with payments of $250,000 made at the beginning of each year. If no purchase option exists, and the company is in the 40% tax bracket, what is the annual after-tax cash outflow on the lease?

a.$416,667

b.$250,000

c.$150,000

d.$100,000

 

 

 

Loose Cannon Co.

Loose Cannon Co. is evaluating a new $75 million bond issue, the proceeds of which would be used to call and retire its outstanding $75 million bonds. Details on both bond issues are presented below. The firm is in the 35% tax bracket.

 

Old Bonds The old issue sold at par, with a coupon rate of 11 percent. It was issued five years ago with a twenty year maturity. The issue had $350,000 in flotation costs and carries a call price of $1150.

 

New Bonds The new issue are expected to sell at par with an 8.5 percent coupon rate and a 15 year maturity. Flotation costs are forecast to be $500,000. Interest payments will overlap for 2 months while the old bonds are retired.

 

2.Refer to Loose Cannon Co. What is the initial investment required to refund the bonds?

a.$11,250,000

b.$8,614,375

c.$7,312,500

d.$3,937,500

 

 

 

3.Refer to Loose Cannon Co. What are the annual cash flows associated with the new bonds?

a.$4,143,750

b.$6,375,000

c.$4,132,083

d.$6,357,051

 

 

 

4.Refer to Loose Cannon Co. What is the NPV of the refunding decision?

a.$3,654,164

b.$5,356,375

c.$1,224,292

d.$8,614,375

 

 

 

5.Booyah Company has a callable bond issue, with 55,000 bonds with $1000 par outstanding. If the call price is $1125 per bond, and Booyah’s tax rate is 35%, what is the after-tax cost of calling the bonds?

a.$10,576,925

b.$2,406,250

c.$6,875,000

d.$4,468,750

 

 

 

Bear Lake Equipment Company (BLEC)

Bear Lake Equipment Company (BLEC) is considering an expansion which will require a new machine that costs $125,000. BLEC can either lease or buy the equipment. The company’s tax rate is 40% and its after tax cost of debt is 5%.

 

Lease: Annual payments of $26,400 made at the beginning of each year over five years. The lessor covers all maintenance, while the lessee covers insurance and other costs. The lessee has the option to purchase the machine for $31,250 paid along with the final lease payment.

 

Purchase: The $125,000 cost will be financed over five years with annual end of year payments of $31,580. The machine will be depreciated on the five year MACRS schedule, and the firm will pay $3,500 per year for a service contract to cover all maintenance. The company will cover all insurance and other costs.

 

6.Refer to BLEC. What is the after-tax cash flow per year for the lease?

a.$26,400

b.$15,840

c.$10,560

d.$39,600

 

 

 

7.Refer to BLEC. What is the after tax cash flow for the first year from a purchase of the machine?

a.$31,583

b.$21,167

c.$19,515

d.$25,000

 

 

 

8.Refer to BLEC. What is the present value of the five years of after-tax cash flows from purchasing the machine?

a.$92,504

b.$108,120

c.$77,351

d.$123,273

 

 

 

9.If a 9%, $100,000 loan has a balance of $83,724 and an annual payment of $13,965 is to be made, what will the allocation of principal and interest be?

a.$9,000 interest, $4,965 principal

b.$7,535 interest, $6,430 principal

c.$6,430 interest, $7,535 principal

d.$4,965 interest, $9,000 principal

 

 

 

10.Contract terms that specify things a borrower “must”do are referred to as

a.instructive covenants

b.informative covenants

c.negative covenants

d.positive covenants

 

 

 

 

default image
July 1, 2023
    

MULTIPLE CHOICE

 

1.Quiz Company has a 12 year lease, with payments of $250,000 made at the beginning of each year. If no purchase option exists, and the company is in the 40% tax bracket, what is the annual after-tax cash outflow on the lease?

a.$416,667

b.$250,000

c.$150,000

d.$100,000

 

 

 

Loose Cannon Co.

Loose Cannon Co. is evaluating a new $75 million bond issue, the proceeds of which would be used to call and retire its outstanding $75 million bonds. Details on both bond issues are presented below. The firm is in the 35% tax bracket.

 

Old Bonds The old issue sold at par, with a coupon rate of 11 percent. It was issued five years ago with a twenty year maturity. The issue had $350,000 in flotation costs and carries a call price of $1150.

 

New Bonds The new issue are expected to sell at par with an 8.5 percent coupon rate and a 15 year maturity. Flotation costs are forecast to be $500,000. Interest payments will overlap for 2 months while the old bonds are retired.

 

2.Refer to Loose Cannon Co. What is the initial investment required to refund the bonds?

a.$11,250,000

b.$8,614,375

c.$7,312,500

d.$3,937,500

 

 

 

3.Refer to Loose Cannon Co. What are the annual cash flows associated with the new bonds?

a.$4,143,750

b.$6,375,000

c.$4,132,083

d.$6,357,051

 

 

 

4.Refer to Loose Cannon Co. What is the NPV of the refunding decision?

a.$3,654,164

b.$5,356,375

c.$1,224,292

d.$8,614,375

 

 

 

5.Booyah Company has a callable bond issue, with 55,000 bonds with $1000 par outstanding. If the call price is $1125 per bond, and Booyah’s tax rate is 35%, what is the after-tax cost of calling the bonds?

a.$10,576,925

b.$2,406,250

c.$6,875,000

d.$4,468,750

 

 

 

Bear Lake Equipment Company (BLEC)

Bear Lake Equipment Company (BLEC) is considering an expansion which will require a new machine that costs $125,000. BLEC can either lease or buy the equipment. The company’s tax rate is 40% and its after tax cost of debt is 5%.

 

Lease: Annual payments of $26,400 made at the beginning of each year over five years. The lessor covers all maintenance, while the lessee covers insurance and other costs. The lessee has the option to purchase the machine for $31,250 paid along with the final lease payment.

 

Purchase: The $125,000 cost will be financed over five years with annual end of year payments of $31,580. The machine will be depreciated on the five year MACRS schedule, and the firm will pay $3,500 per year for a service contract to cover all maintenance. The company will cover all insurance and other costs.

 

6.Refer to BLEC. What is the after-tax cash flow per year for the lease?

a.$26,400

b.$15,840

c.$10,560

d.$39,600

 

 

 

7.Refer to BLEC. What is the after tax cash flow for the first year from a purchase of the machine?

a.$31,583

b.$21,167

c.$19,515

d.$25,000

 

 

 

8.Refer to BLEC. What is the present value of the five years of after-tax cash flows from purchasing the machine?

a.$92,504

b.$108,120

c.$77,351

d.$123,273

 

 

 

9.If a 9%, $100,000 loan has a balance of $83,724 and an annual payment of $13,965 is to be made, what will the allocation of principal and interest be?

a.$9,000 interest, $4,965 principal

b.$7,535 interest, $6,430 principal

c.$6,430 interest, $7,535 principal

d.$4,965 interest, $9,000 principal

 

 

 

10.Contract terms that specify things a borrower “must”do are referred to as

a.instructive covenants

b.informative covenants

c.negative covenants

d.positive covenants

 

 

 

 

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