Use the companies' financial statements to answer the following questions. 1. What is the par or...
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Use the companies' financial statements to answer the following questions. 1. What is the par or stated value of their ordinary shares? 2. How many shares were issued during the year? 3. How many shares are held as treasury shares? 4. How many ordinary shares are outstanding at the year end. 5. What amounts of cash dividends per share were declared? What were the monetary amount effects of the cash dividends on each company's equity? 6. Compute the following ratios: (a) Return on assets (ROA) (b) Return on shareholders' equity (ROE) (c) Debt to assets ratio Assume that year-end balances approximate annual averages. Briefly discuss the operating performance and financial position of the companies. Assume industry averages for these ratios were ROA 3.5%, ROE 16%, Debt to assets 75%. Amount due from subsidiaries Statutory deposits with Central Banks Subsidiary companies Investment in associated companies Property and equipment Intangible assets Right-of-use assets Goodwill Deferred tax assets Total assets Liabilities Deposits from customers. Investment accounts of customers 20 21 Deposits and placements of banks and other financial institutions 22 Obligations on securities sold under repurchase agreements Bills and acceptances payable Lease liabilities Other liabilities Derivative financial instruments Recourse obligation on loans/financing sold to Cagamas Berhad ("Cagamas") Tier 2 subordinated bonds Multi-currency Additional Tier 1 capital securities Provision for taxation Total liabilities 12 13 14 15 16 17 18 19 Equity Share capital Reserves Less: Treasury shares Total equity Total equity and liabilities Commitments and contingencies 23 24 10 25 26 27 28 29 30 45 493,605 5,501,542 1,197,788 242,317 214,726 1,831,312 275,670 237,129,240 183,289,771 1,145,154 12,130,039 742,750 189,642 209,761 5,358,784 909,666 1,033,339 1,502,340 806,390 351,990 207,670,126 7,739,063 22,439,081 (719,030) 29,459,114 237,129,240 278,901,435 The accompanying notes form an integral part of the financial statements 418,120 4,644,527 1,299,902 187,505 253,118 1,831,312 86,578 221,277,917 173,492,661 356,475 6,501,080 3,124,132 134,053 241,177 5,348,210 1,298,513 1,049,005 1,502,224 806,320 189,768 194,043,618 7,739,063 20,218,580 15,870 301,428 2,556,570 971,182 595,225 218,277 344,387 1,771,547 183,513 188,433,997 144,357,035 12,015,297 742,750 150,433 341,591 5,066,401 879,986 300,572 1,502,340 806,390 272,296 166,435,091 7,739,063 14,978,873 (723,344) (719,030) 27,234,299 21,998,906 221,277,917 188,433,997 147,233,168 261,848,638 106,36 254,18 2,558,90 971,182 685,169 168,060 420,653 1,771,547 55,984 177,707,172 Annual Report 2021 137,633,362 6,651,241 3,124,132 120,216 407,838 4,773,705 1,251,096 300,567 1,502,224 806,320 150,979 156,721,680 7,739,063 13,969,773 (723,344) 20,985,492 177,707,172 131,969,797 155 29 RESERVES Retained profits Other reserves: Share options reserve Fair value reserve - Financial investments at FVOCI Exchange fluctuation reserve Cash flow hedge reserve Regulatory reserves (c) Movement of the fair value reserve is as follows: At 1 July Equity instruments Net fair value changes -Net loss on disposal Debt instruments Net fair value changes Changes in expected credit losses Reclassification to net profit on disposal and impairment Deferred taxation Share of fair value reserve of associated Note company Net change in fair value reserve At 30 June (a) (b) (c) (d) (e) (f) Note The Group 43 2021 RM'000 20,751,376 63,386 115,212 1,091,184 (6,031) 423,954 1,687,705 22,439,081 The Group 2021 RM'000 341,819 9,228 (a) The Bank can distribute dividends out of its entire retained earnings under the single-tier system. (b) The share options reserve arose from share options and ordinary shares granted to eligible executives of the Bank pursuant to the Bank's ESS. Terms of the Bank's ESS are disclosed in Note 55 to the financial statements. (10) (118,457) 198 (171,425) 68,878 2020 RM'000 (15,019) (226,607) 115,212 54,913 18,172,806 14,139,555 341,819 809,103 (8,489) 2020 RM'000 150,952 15,763 480,401 502 2021 RM'000 (276,886) (44,889) 848,428 703,987 2,045,774 1,308,301 20,218,580 14,978,873 13,969,773 15,976 190,867 341,819 63,386 166,517 227,769 (6,031) The Bank 387,677 839,318 The Bank 2021 RM'000 325,937 9,228 (10) (50,088) 211 (171,425) 52,664 2020 RM'000 (159,420) 166,517 12,661,472 54,913 325,937 231,951 (8,487) 2020 RM'000 129,590 15,763 508,341 601 (276,665) (51,693) 196,347 325,937 29 30 RESERVES (CONTINUED) (d) Currency translation differences arising from translation of the Bank's foreign branches, subsidiaries, associated companies and joint venture are recognised in exchange fluctuation reserve. (e) Cash flow hedge reserve arises from cash flow hedge activities undertaken by the Bank to hedge the changes in the cash flow of customer deposits arising from the movement of market interest rates. The reserve is non-distributable and is reversed to the statements of income upon maturity or termination of the cash flow hedge. (1) Regulatory reserves represent the Group's and the Bank's compliance with BNM's Revised Policy Documents on Financial Reporting and Financial Reporting for Islamic Banking Institutions with effect from 1 July 2018, whereby the Bank and its domestic banking subsidiaries must maintain, in aggregate, loss allowance for non-credit impaired exposures and regulatory reserves of no less than 1% of total credit exposures, net of loss allowance for credit-impaired exposures. During the financial year, an amount of RM424.5 million at Group and RM316.3 million at Bank respectively have been transferred to retained profits from regulatory reserves. Included in the Group is the regulatory reserve maintained by the Group's banking subsidiary company in Vietnam of RM11.2 million (2020: RM11.2 million) in line with the requirements of the State Bank of Vietnam. TREASURY SHARES Purchase of own shares pursuant to Section 127, Companies Act 2016 Treasury shares for ESS Note (a) (b) The Group 2021 RM'000 431,829 287,201 719,030 2020 RM'000 431,829 291,515 723,344 The Bank 2021 RM'000 431,829 287,201 719,030 2020 RM'000 431,829 291,515 723,344 (a) Purchase of own shares pursuant to Section 127 of the Companies Act 2016 The shareholders of the Bank, via an ordinary resolution passed at the Annual General Meeting held on 23 October 2013, had approved the Bank's plan to purchase its own shares up to 10% of the issued and paid-up share capital. The Directors of the Bank are committed to enhance the value of the Bank to its shareholders and believe that the share buyback plan can be applied in the best interests of the Bank and its shareholders. As at 30 June 2021, the total number of shares bought was 81,101,700 (2020: 81,101.700) and the shares held were accounted as treasury shares in accordance with the provisions of Section 127 of the Companies Act 2016. There was no resale or cancellation of treasury shares during the financial year. The number of issued shares with voting rights as at 30 June 2021 after deducting treasury shares purchased is 2,086,616,584 shares (2020: 2,086,616,584). Treasury shares have no rights to vote nor participation in dividends or other distribution CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2021 EQUITY Capital and reserves attributable to owners of the Parent Ordinary share capital Reserves Less: Shares held under trust Treasury shares, at cost Perpetual preference shares Non-controlling interests Total equity Total equity and liabilities Commitments and contingencies Net assets per share attributable to owners of the Parent (RM) Note 32 34 35(a) 35(b) 33 50 2021 RM'000 27,099,681 31,764,188 (563) (43) 2020 RM'000 25,843,808 30,082,439 5.76 (563) (43) 55,925,641 58,863,263 200,000 200,000 1,045,485 1,048,481 60,108,748 57,174,122 621,907,058 602,354,899 1,213,155,193 1,123,995,768 5.64 (A) SHARES HELD UNDER TRUST At 1 January/31 December As an integral part of the CIMB Berhad's (CIMBB) restructuring exercise in 2005, the then existing CIMBBS ESOS and Employee Equity Scheme (EES) ceased to have any value pursuant to the delisting from Bursa Malaysia Securities Berhad Accordingly. consistent with the fair treatment to all Executive Employees and the spirit of continuity of the scheme in existence, the schemes were modified with terms and conditions remaining and subsequently called the Modified EESOS For the EES, the remaining options were accelerated and exercised prior to the completion of the CIMBB's restructuring () The CIMBB restructuring exercise and the schemes were approved by the shareholders of the Company during the Extraordinary General Meeting held on 8 September 2005. The modified schemes entailed the following: The Group 2021 RM'000 The setting up of a trust to subscribe for all the remaining CIMBB shares under the unexercisable tranches under the CIMBB ESOS (ESOS Trust) prior to the implementation of the CIMBB restructuring. The subscription was facilitated through an accelerated vesting of the unexercisable options. The funding for the subscription for the CIMBB shares by the trustee for both Trusts was provided by the Company by way of a loan A 1 January/31 December (Under the CIMBB restructuring exercise. both trustees have opted for new shares of the Company at the ratio of approximately 1.146 of the Company's shares for one CIMBB share. The Executive Employees or the CEO are entitled to instruct the trustee as to the sale, subject to a minimum market price that is higher than a price to be determined by dividing the existing adjusted exercise price by the ratio of approximately 1.146, plus transaction costs and any income tax liability, if applicable, of such shares of the Company in the manner as previously provided under the CIMBB ESOS. The number of the Company's shares subject to such instruction per annum will be in the same proportion as per the adjusted total outstanding number under the previous CIMBB ESOS multiplied by the ratio approximately 1.146 2021 Units 000 5 563 b) If the Executive Employee or CEO opt to instruct the trustee to transfer or sell in the market, upon such instruction under the Modified EESOS and Modified CEO Option, a proportion of the proceeds received by the Trustee, plus any income tax if applicable, will be retained by the Trustee and used to offset the Loan and the excess (net of transaction costs) will be payable to the Executive Employee or CEO. As at 31 December 2021, there are 258,000 (2020 258.000) units remain unexercised (B) TREASURY SHARES, AT COST The Group and the Company 2020 RM'000 RM'000 43 2020 Units 000 5 563 RM'000 43 The shareholders of the Company, via an ordinary resolution passed at the Annual General Meeting held on 22 April 2019, approved the Company's plan and mandate to authorise the Directors of the Company to buy back its own shares up to 10% of existing total paid up share capital. The Directors of the Company are committed to enhance the value of the Company to s shareholders and believe that the share buyback can be applied in the best interests of the Company and its shareholders. During the financial year, the Company did not buy back any of its issued share capital from the open market As at 31 December 2021, there were 4,908 ordinary shares held as treasury shares (2020 4908 Treasury shares have no rights to vote dividends and participation in other distribution Use the companies' financial statements to answer the following questions. 1. What is the par or stated value of their ordinary shares? 2. How many shares were issued during the year? 3. How many shares are held as treasury shares? 4. How many ordinary shares are outstanding at the year end. 5. What amounts of cash dividends per share were declared? What were the monetary amount effects of the cash dividends on each company's equity? 6. Compute the following ratios: (a) Return on assets (ROA) (b) Return on shareholders' equity (ROE) (c) Debt to assets ratio Assume that year-end balances approximate annual averages. Briefly discuss the operating performance and financial position of the companies. Assume industry averages for these ratios were ROA 3.5%, ROE 16%, Debt to assets 75%. Amount due from subsidiaries Statutory deposits with Central Banks Subsidiary companies Investment in associated companies Property and equipment Intangible assets Right-of-use assets Goodwill Deferred tax assets Total assets Liabilities Deposits from customers. Investment accounts of customers 20 21 Deposits and placements of banks and other financial institutions 22 Obligations on securities sold under repurchase agreements Bills and acceptances payable Lease liabilities Other liabilities Derivative financial instruments Recourse obligation on loans/financing sold to Cagamas Berhad ("Cagamas") Tier 2 subordinated bonds Multi-currency Additional Tier 1 capital securities Provision for taxation Total liabilities 12 13 14 15 16 17 18 19 Equity Share capital Reserves Less: Treasury shares Total equity Total equity and liabilities Commitments and contingencies 23 24 10 25 26 27 28 29 30 45 493,605 5,501,542 1,197,788 242,317 214,726 1,831,312 275,670 237,129,240 183,289,771 1,145,154 12,130,039 742,750 189,642 209,761 5,358,784 909,666 1,033,339 1,502,340 806,390 351,990 207,670,126 7,739,063 22,439,081 (719,030) 29,459,114 237,129,240 278,901,435 The accompanying notes form an integral part of the financial statements 418,120 4,644,527 1,299,902 187,505 253,118 1,831,312 86,578 221,277,917 173,492,661 356,475 6,501,080 3,124,132 134,053 241,177 5,348,210 1,298,513 1,049,005 1,502,224 806,320 189,768 194,043,618 7,739,063 20,218,580 15,870 301,428 2,556,570 971,182 595,225 218,277 344,387 1,771,547 183,513 188,433,997 144,357,035 12,015,297 742,750 150,433 341,591 5,066,401 879,986 300,572 1,502,340 806,390 272,296 166,435,091 7,739,063 14,978,873 (723,344) (719,030) 27,234,299 21,998,906 221,277,917 188,433,997 147,233,168 261,848,638 106,36 254,18 2,558,90 971,182 685,169 168,060 420,653 1,771,547 55,984 177,707,172 Annual Report 2021 137,633,362 6,651,241 3,124,132 120,216 407,838 4,773,705 1,251,096 300,567 1,502,224 806,320 150,979 156,721,680 7,739,063 13,969,773 (723,344) 20,985,492 177,707,172 131,969,797 155 29 RESERVES Retained profits Other reserves: Share options reserve Fair value reserve - Financial investments at FVOCI Exchange fluctuation reserve Cash flow hedge reserve Regulatory reserves (c) Movement of the fair value reserve is as follows: At 1 July Equity instruments Net fair value changes -Net loss on disposal Debt instruments Net fair value changes Changes in expected credit losses Reclassification to net profit on disposal and impairment Deferred taxation Share of fair value reserve of associated Note company Net change in fair value reserve At 30 June (a) (b) (c) (d) (e) (f) Note The Group 43 2021 RM'000 20,751,376 63,386 115,212 1,091,184 (6,031) 423,954 1,687,705 22,439,081 The Group 2021 RM'000 341,819 9,228 (a) The Bank can distribute dividends out of its entire retained earnings under the single-tier system. (b) The share options reserve arose from share options and ordinary shares granted to eligible executives of the Bank pursuant to the Bank's ESS. Terms of the Bank's ESS are disclosed in Note 55 to the financial statements. (10) (118,457) 198 (171,425) 68,878 2020 RM'000 (15,019) (226,607) 115,212 54,913 18,172,806 14,139,555 341,819 809,103 (8,489) 2020 RM'000 150,952 15,763 480,401 502 2021 RM'000 (276,886) (44,889) 848,428 703,987 2,045,774 1,308,301 20,218,580 14,978,873 13,969,773 15,976 190,867 341,819 63,386 166,517 227,769 (6,031) The Bank 387,677 839,318 The Bank 2021 RM'000 325,937 9,228 (10) (50,088) 211 (171,425) 52,664 2020 RM'000 (159,420) 166,517 12,661,472 54,913 325,937 231,951 (8,487) 2020 RM'000 129,590 15,763 508,341 601 (276,665) (51,693) 196,347 325,937 29 30 RESERVES (CONTINUED) (d) Currency translation differences arising from translation of the Bank's foreign branches, subsidiaries, associated companies and joint venture are recognised in exchange fluctuation reserve. (e) Cash flow hedge reserve arises from cash flow hedge activities undertaken by the Bank to hedge the changes in the cash flow of customer deposits arising from the movement of market interest rates. The reserve is non-distributable and is reversed to the statements of income upon maturity or termination of the cash flow hedge. (1) Regulatory reserves represent the Group's and the Bank's compliance with BNM's Revised Policy Documents on Financial Reporting and Financial Reporting for Islamic Banking Institutions with effect from 1 July 2018, whereby the Bank and its domestic banking subsidiaries must maintain, in aggregate, loss allowance for non-credit impaired exposures and regulatory reserves of no less than 1% of total credit exposures, net of loss allowance for credit-impaired exposures. During the financial year, an amount of RM424.5 million at Group and RM316.3 million at Bank respectively have been transferred to retained profits from regulatory reserves. Included in the Group is the regulatory reserve maintained by the Group's banking subsidiary company in Vietnam of RM11.2 million (2020: RM11.2 million) in line with the requirements of the State Bank of Vietnam. TREASURY SHARES Purchase of own shares pursuant to Section 127, Companies Act 2016 Treasury shares for ESS Note (a) (b) The Group 2021 RM'000 431,829 287,201 719,030 2020 RM'000 431,829 291,515 723,344 The Bank 2021 RM'000 431,829 287,201 719,030 2020 RM'000 431,829 291,515 723,344 (a) Purchase of own shares pursuant to Section 127 of the Companies Act 2016 The shareholders of the Bank, via an ordinary resolution passed at the Annual General Meeting held on 23 October 2013, had approved the Bank's plan to purchase its own shares up to 10% of the issued and paid-up share capital. The Directors of the Bank are committed to enhance the value of the Bank to its shareholders and believe that the share buyback plan can be applied in the best interests of the Bank and its shareholders. As at 30 June 2021, the total number of shares bought was 81,101,700 (2020: 81,101.700) and the shares held were accounted as treasury shares in accordance with the provisions of Section 127 of the Companies Act 2016. There was no resale or cancellation of treasury shares during the financial year. The number of issued shares with voting rights as at 30 June 2021 after deducting treasury shares purchased is 2,086,616,584 shares (2020: 2,086,616,584). Treasury shares have no rights to vote nor participation in dividends or other distribution CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2021 EQUITY Capital and reserves attributable to owners of the Parent Ordinary share capital Reserves Less: Shares held under trust Treasury shares, at cost Perpetual preference shares Non-controlling interests Total equity Total equity and liabilities Commitments and contingencies Net assets per share attributable to owners of the Parent (RM) Note 32 34 35(a) 35(b) 33 50 2021 RM'000 27,099,681 31,764,188 (563) (43) 2020 RM'000 25,843,808 30,082,439 5.76 (563) (43) 55,925,641 58,863,263 200,000 200,000 1,045,485 1,048,481 60,108,748 57,174,122 621,907,058 602,354,899 1,213,155,193 1,123,995,768 5.64 (A) SHARES HELD UNDER TRUST At 1 January/31 December As an integral part of the CIMB Berhad's (CIMBB) restructuring exercise in 2005, the then existing CIMBBS ESOS and Employee Equity Scheme (EES) ceased to have any value pursuant to the delisting from Bursa Malaysia Securities Berhad Accordingly. consistent with the fair treatment to all Executive Employees and the spirit of continuity of the scheme in existence, the schemes were modified with terms and conditions remaining and subsequently called the Modified EESOS For the EES, the remaining options were accelerated and exercised prior to the completion of the CIMBB's restructuring () The CIMBB restructuring exercise and the schemes were approved by the shareholders of the Company during the Extraordinary General Meeting held on 8 September 2005. The modified schemes entailed the following: The Group 2021 RM'000 The setting up of a trust to subscribe for all the remaining CIMBB shares under the unexercisable tranches under the CIMBB ESOS (ESOS Trust) prior to the implementation of the CIMBB restructuring. The subscription was facilitated through an accelerated vesting of the unexercisable options. The funding for the subscription for the CIMBB shares by the trustee for both Trusts was provided by the Company by way of a loan A 1 January/31 December (Under the CIMBB restructuring exercise. both trustees have opted for new shares of the Company at the ratio of approximately 1.146 of the Company's shares for one CIMBB share. The Executive Employees or the CEO are entitled to instruct the trustee as to the sale, subject to a minimum market price that is higher than a price to be determined by dividing the existing adjusted exercise price by the ratio of approximately 1.146, plus transaction costs and any income tax liability, if applicable, of such shares of the Company in the manner as previously provided under the CIMBB ESOS. The number of the Company's shares subject to such instruction per annum will be in the same proportion as per the adjusted total outstanding number under the previous CIMBB ESOS multiplied by the ratio approximately 1.146 2021 Units 000 5 563 b) If the Executive Employee or CEO opt to instruct the trustee to transfer or sell in the market, upon such instruction under the Modified EESOS and Modified CEO Option, a proportion of the proceeds received by the Trustee, plus any income tax if applicable, will be retained by the Trustee and used to offset the Loan and the excess (net of transaction costs) will be payable to the Executive Employee or CEO. As at 31 December 2021, there are 258,000 (2020 258.000) units remain unexercised (B) TREASURY SHARES, AT COST The Group and the Company 2020 RM'000 RM'000 43 2020 Units 000 5 563 RM'000 43 The shareholders of the Company, via an ordinary resolution passed at the Annual General Meeting held on 22 April 2019, approved the Company's plan and mandate to authorise the Directors of the Company to buy back its own shares up to 10% of existing total paid up share capital. The Directors of the Company are committed to enhance the value of the Company to s shareholders and believe that the share buyback can be applied in the best interests of the Company and its shareholders. During the financial year, the Company did not buy back any of its issued share capital from the open market As at 31 December 2021, there were 4,908 ordinary shares held as treasury shares (2020 4908 Treasury shares have no rights to vote dividends and participation in other distribution
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Based on the provided financial statements lets proceed to answer each question one by one 1 What is the par or stated value of their ordinary shares ... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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