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5) You bought a yen-denominated corporate bond at the beginning of the year for ¥100,000. The bond paid 5 percent annual interest and was trading for ¥120,000 at year-end. The exchange rate was $1 = ¥100 at the beginning of the year and $1 = ¥115 at year-end.Required:a) What holding period return, measured in yen, did you earn on the bond? b) What was your U.S. dollar holding period return on the bond? c) Suppose the exchange rate at the end of the year was $1 = ¥93 instead. What would be your U.S. dollar holding return on the bond?6) At the end fiscal year 2011, Tektronix, Inc.’s stock price was $83.50. A year later it was $97.80. Per share dividends over the year were $1.15, while earnings per share were $1.17.Required:a)What rate of return did the common stock owners earn in fiscal year 2012? b)What was the dividend yield? What was the percentage change in the share price? c) What portion of the return earned by shareholders was received in the form ofdividends and what proportion was in the form of share price appreciation? 7) Law Dog, Inc. is a provider of temporary and permanent personnel in legal services. The following are selected financial data for the company for the period 2007-2011. 2007 2008 2009 2010 2011Profit margin % 6.89 4.94 .11 .32 5.25Retention ratio % 100.00 100.00 100.00 100.00 78.27Asset turnover x 2.78 2.47 2.03 2.00 2.23Financial leverage x 1.69 1.38 1.16 1.32 1.52Growth rate in sales % 22.89 -10.05 -28.76 3.55 26.19a) In general, why do financial managers need to understand the implications of the sustainable rate of growth?b)Calculate Law Dog's sustainable growth rate in each year. c)Comparing the company's sustainable growth rate with its actual growth rate in sales, what growth problems did the company face over this period? d)Considering economic conditions over the period, what appears a likely cause of these problems? e)Law Dog paid its first dividends in 2011. As an analyst, assess the company's decisionto pay dividends.
sustainable growth rate

sustainable growth rate

Question # 00072232 Posted By: solutionshere Updated on: 05/23/2015 04:01 AM Due on: 05/23/2015
Subject General Questions Topic General General Questions Tutorials:
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Chapter 3 Problem 14
a Using the information provided, construct a monthly cash budget for October through December 2011. Based on your analysis, will Noble enjoy a surfeit of cash, or require external financing?
b Construct a pro forma income statement for the first fiscal quarter of 2012 and a pro forma balance sheet as of December 31, 2011. What is your estimated external financing required for December 31?
c Does the December 31, 2011, estimated external financing equal your cash surplus (deficit) for this date from your cash budget?
d Based on your answers above, construct a cash flow forecast for Noble for the period October through December 2011.
Noble Selected Information and Financial Statements
Sales (20 percent for cash, the rest on 30-day credit terms):
2011 Actual 2011Projected
July August September October November December
76,000 88,000 266,000 125,000 51,000 53,000
Purchases (all on 60-day terms):
2011 Actual 2011 Projected
July August September October November December
116,000 122,000 257,000 62,000 27,000 26,000
Salaries payable monthly 20,000
Principal payment on debt due in December 25,700
Interest due in December 9,000
Dividend payable in December 15,000
Taxes payable in November 19,000
Addition to accumulated depreciation in December 4,000
Cash balance on October 1, 2011 35,000
Minimum desired cash balance 15,000
Noble’s annual income statement and balance sheet for September 30, 2011 appear below.
Additional information about the company's accounting methods and expectations for
the last three months of 2011 appear in the footnotes.
Noble
Annual Income Statement
Fiscal Year ended September 30, 2011 ($ 000)
Net sales 1,581.6
Cost of goods sold1 1,098.0
Gross profits 483.6
Selling and administrative expenses2 240.0
Interest expense 18.0
Depreciation3 16.0
Net profit before tax 209.6
Tax at 33% 69.2
Net profit after tax 140.4
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  1. solutionshere
    Tutorial # 00066905 Posted By: solutionshere Posted on: 05/23/2015 04:02 AM
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