[单项选择]Cullen Casket Company is considering a project that requires a $175000 cash outlay and is expected to produce cash flows of $65000 per year for the next four years. Cullen’s tax rate is 40 percent and the before-tax cost of debt is 9 percent. The current share price for Cullen stock is $32 per share and the expected dividend next year is $1.50 per share. Cullen’s expected growth rate is 5 percent. Cullen finances the project with 70 percent newly issued equity and 30 percent debt, and the flotation costs for equity are 4.5 percent. What is the dollar amount of the flotation costs attributable to the project, and that is the NPV for the project, assuming that flotation costs are accounted for correctly Dollar amount of floatation costs NPV of project（）①A. $5513 $30510 ②B. $5513 $32872 ③C. $7875 $32872
A. ①
B. ②
C. ③

[单项选择]A company is considering a $10000 project that will last 5 years. Annual after tax cash flows are expected to be $3000 Target debt/equity ratio is 0.4 Cost of equity is 12% Cost of debt is 6% Tax rate 34% What is the project’s net present value (NPV)（）
A. + $1460.
B. + $1245
C. $0.

[简答题]Considering purchasing KH Company, you are evaluating KH’s revenue generalizing ability. Then the following inventory valuation errors have been discovered. ·the 2000 year end inventory was overstated by ＄23,000 ·the 2001 year end inventory was understated by ＄61,000 ·the 2002 year end inventory was understated by ＄17,000 And the report income before taxes for KH was: Year Income before taxes 2000 ＄138,000 2001 ＄254,000 2002 ＄168,000 Required: (a)How much should the reported income before taxes have been for the years 2000, 2001 and 2002 (b)Discuss if 2000 year end inventory’s overvaluation will influence file 2002 year’s report income before taxes or not.

[单项选择]An analyst is considering a company that has had Net Income of $ 15000000 on sales of $ 500000000. The company also has a Total Asset Turnover rate of 1.50 and a Total Assets/Equity ratio of 2.0. The company has a target payout ratio of 40%, what is the expected long-term earnings growth rate for this company（）
A. 9.25%.
B. 6.00%.
C. 5.40%.

[简答题]Cullen征

[单项选择]A company is considering building a distribution center on developed land it acquired more than ten years ago at a cost of $400 000. The company estimates that the cost of putting in utilities, sewers, roads, and other such costs of preparing the land for the distribution center at $ 200 000. Alternatively, the undeveloped land could be sold today to another company for $600 000. If the company builds the distribution center, the cost of the land for capital budgeting purposes is closest to:（）
A. $400000.
B. $600000.
C. $800000.

[简答题]· Your company or organisation is considering the best way to improve efficiency.
You have been asked to write a report giving recommendations on this.
· Write the report, outlining some of the problems the company has concerning efficiency and suggesting solutions. Refer to at least two of the following areas:
· staffing levels
· administration
· communications
· management
· Write 200-250 words on a separate sheet.

[简答题]The Red Leaf Company is considering putting into effect a new work week schedule. Under this new schedule, the employees work ten hours per day for four days a week. This way they work a full number of hours per week, but they can also enjoy the benefits of a 3-day weekend.

[填空题]

The president of our company is considering a new policy of working hours. This system of working hours（1）in many companies all over the world, with this policy, the workers can choose what time to begin and（2）their work each day. However, they still work a set number of hours（3）.Also, the workers may be required to be at work during a few（4）hours during the day, such as from 10:00 a.m.to 1:00 p.m..The workers（5）this policy because it gives them the right to choose convenient working hours.
 

5（）

[填空题]Considering that Tom had worked for the company for 30 years,___________________(经理建议不要降低他的工资).

[单项选择]A company is considering issuing either a straight coupon bond or a coupon bond with warrants attached. The proceeds from either issue would be the same. If the firm issues the bond with warrants attached instead of the straight coupon bond, which of the following ratios will most likely be lower for the bond with warrants（）
A. Return on assets.
B. Debt on equity ratio.
C. Interest coverage ratio.

[简答题]· Your company is considering appointing someone as your assistant. Your boss has asked you to write a short report on whether an assistant would be useful for you. · Write the report for your manager, describing: · the advantages to you of having as assistant · what difficulties might arise if an assistant is appointed · what qualifications and experience would be desirable in an assistant · what personal qualities would be desirable in an assistant. · Write 200-250 words on a separate sheet.