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Nancy and Betty enter into a partnership agreement where they decide to share profits according to the following rules: Nancy and Betty will receive salaries of $1, 300 and $13, 500 respectively as the first allocation. The next allocation is based on 10% of each partner’s capital balances. Any remaining profit or loss is to be allocated completely to Betty. The partnership’s net income for the first year is $40,000. Nancy’s capital balance is $100,000 and Betty’s capital balance is $11,000 as at the end of the year. Calculate the share of profit/loss to be allocated to Betty. (Round your answer to the nearest dollar.) $11,300 $10, 200 $28,700 $1,110

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2. A company’s board of directors votes to declare a cash dividend of $.80 per share of common stock. The company has 16,000 shares authorized, 11,000 issued, and 10,500 shares outstanding. The total amount of the cash dividend is: $11,800. $12,800. $8,400. $17,200. $8,800. 3. The following data has been collected about Keller Company’s stockholders’ equity accounts: Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is: 43,000. 65,000. 18,000. 10. 3,800. Torino Company has 1,800 shares of $10 par value, 5.0% cumulative and nonparticipating preferred stock and 18,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: $1,800. $400. $500. $1,300. $900. Carducci Corporation reported Net sales of $3.54 million and beginning Total assets of $0.96 million and ending Total assets of $1.36 million. The average Total asset amount is: $0.35 million. $2.58 million. $0.27 million. $2.18 million. $1.16 million

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1- The Lo Tech Co. just issued a dividend of $2.30 per share on its common stock. The company is expected to maintain a constant 7 percent growth rate in its dividends indefinitely. If the stock sells for $43.10 a share, what is the company’s cost of equity? a- 7% b-12.71% c-12.34% 2- Sixth Fourth Bank has an issue of preferred stock with a $6.10 stated dividend that just sold for $123 per share. What is the bank’s cost of preferred stock? a-6.10% b-4.96% c-2.02% 3- Jiminy’s Cricket Farm issued a 30-year, 7.6 percent semiannual bond 6 years ago. The bond currently sells for 92.5 percent of its face value. The company’s tax rate is 38 percent. What is the pretax cost of debt? a-8.33% b-4.16% c-7.60% 4-Mullineaux Corporation has a target capital structure of 64 percent common stock, 9 percent preferred stock, and 27 percent debt. Its cost of equity is 12.9 percent, the cost of preferred stock is 5.9 percent, and the cost of debt is 7.6 percent. The relevant tax rate is 40 percent. What is Mullineaux’s WACC? a-4.56% b-10.02% c-12.90% 5-Organic Produce Corporation has 9.4 million shares of common stock outstanding, 690,000 shares of 7.40 percent preferred stock outstanding, and 194,000 of 8.6 percent semiannual bonds outstanding, par value $1,000 each. The common stock currently sells for $65.90 per share and has a beta of 1.39, the preferred stock currently sells for $106.10 per share, and the bonds have 13 years to maturity and sell for 86.5 percent of par. The market risk premium is 7.00 percent, T-bills are yielding 5.70 percent, and the firm’s tax rate is 35 percent. Calculate the company’s WACC. a-13.04% b-15.43% c-10.53 6-Information on Janicek Power Co. is shown below. Assume the company’s tax rate is 38 percent. Debt: 9,300 8.3 percent coupon bonds outstanding, $1,000 par value, 22 years to maturity, selling for 101 percent of par; the bonds make semiannual payments. Common stock: 218,000 shares outstanding, selling for $83.80 per share; beta is 1.23. Preferred stock: 12,800 shares of 5.9 percent preferred stock outstanding, currently selling for $97.20 per share. Market: 7.15 percent market risk premium and 4.95 percent risk-free rate. Calculate the company’s WACC. a-8.20% b-6.07% c-10.60%

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1. Which of the following is not characteristic of a corporation? a. The financial loss that a stockholder may suffer from owning stock in a public company is limited. b. Cash dividends paid by a corporation are deductible as expenses by the corporation. c. A corporation can own property in its name. d. Corporations are required to file federal income tax returns. 2. Characteristics of a corporation include a. Shareholders who are mutual agents b. Direct management by the shareholders (owners) c. Its inability to own property d. Shareholders who have limited liability 3. One of the main disadvantages of the corporate form is the a. Professional management b. Double taxation of dividends c. Charter d. Corporation must issue stock 4. Under the corporate form of business organization a. Ownership rights are easily transferred. b. A stockholder is personally liable for the debts of the corporation. c. Stockholders’ acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation. d. Stockholders wishing to sell their corporation shares must get the approval of other stockholders. 5. Those most responsible for the major policy decisions of a corporation are the a. Management. b. Board of directors. c. Employees. d. Stockholders. 6. Stockholders’ equity a. Is usually equal to cash on hand b. Includes paid-in capital and liabilities c. Includes retained earnings and paid-in capital d. Is shown on the income statement 7. The price at which a stock can be sold depends upon a number of factors. Which statement below is not one of those factors? a. The financial condition, earnings record, and dividend record of the corporation b. Investor expectations of the corporation’s earning power c. How high the par value d. General business and economic conditions and prospects 8. Which of the following accounts below is reported in the paid-in capital/stockholders’ equity section of the corporate balance sheet? a. Cash b. Stock Dividends c. Organizational Expenses d. Preferred Stock 9. The excess of issue price over par of common stock is termed a(n) a. Discount b. Income c. Deficit d. Premium 10. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding? a. 40,000 b. 70,000 c. 50,000 d. 60,000 11. On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. Journalize the entries for April 1 and 7.

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Which of the following terms refers to legal protection provided against copying, distributing, performing, or changing both published and unpublished works? a. Intangible property b. tangible property c. copyright****** d. intellectual property What is piracy? a. The use of copyright in federal court b. copying, downloading, reproducing, or distributing material without permission ****** c. exercising your intellectual property rights d. giving others permission to use your tangible property. what is covered by the term intellectual property? a. Copyrighted material, plus intangible things like ideas, music, the written word, or pictures.******** b. anything that is owned and can be touched c. any item immune from piracy that is also purchased d. property that is available for public use.

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Please help: Investing $2,000,000 in TQM’s Channel Support Systems initiative will at a minimum increase demand for your products 1.7% in this and in all future rounds. (Refer to the TQM Initiative worksheet in the CompXM.xls Decisions menu.) Looking at the Round 0 Inquirer for Andrews, last year’s sales were $162,769,926. Assuming similar sales next year, the 1.7% increase in demand will provide $2,767,089 of additional revenue. With the overall contribution margin of 33.6%, after direct costs this revenue will add $929,742 to the bottom line. For simplicity, assume that the Please help: Investing $2,000,000 in TQM’s Channel Support Systems initiative will at a minimum increase demand for your products 1.7% in this and in all future rounds. (Refer to the TQM Initiative worksheet in the CompXM.xls Decisions menu.) Looking at the Round 0 Inquirer for Andrews, last year’s sales were $162,769,926. Assuming similar sales next year, the 1.7% increase in demand will provide $2,767,089 of additional revenue. With the overall contribution margin of 33.6%, after direct costs this revenue will add $929,742 to the bottom line. For simplicity, assume that the demand increase and margins will remain at last year’s levels. How long will it take to achieve payback on the initial $2,000,000 TQM investment, rounded to the nearest month? Select: 1 26 months 9 months 18 months TQM investment will not have a significant financial impact

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4. Choose an example of a type of new company you could start, and then use this company idea to answer the questions below. TIP: You might choose to open a hair salon, a babysitting service, a record store, or many other things. (a) Describe the type of company you chose. (1-2 sentences. 0.5 points) (b) If you were starting a new company, describe at least three departments to the company that you would need right away. Why are these departments so important? (1-5 sentences. 1.5 points) (c) What type of organizational structure would you want to use for this company (by function, by process, by product, and so on)? Explain why you would prefer this structure. (2-4 sentences. 1.0 points) (d) How important would liability protection be for this type of company? Explain why it would or would not be important. (2-4 sentences. 2.0 points) (e) Which business structure would make the most sense for this type of company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation)? Explain why this structure would be good for this type of company. Give at least 3 reasons. (3-6 sentences. 6.0 points) (f) Describe at least three factors of success that you would want to focus on for this company. (1-3 sentences. 1.5 points)

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