Tarkes QUESTION FOUR
A. Discuss whether changing the capital structure of a company can lead to a reduction in its cost of capital and hence to an increase in the value of the company. (10 marks)
B. ABC LTD has recently taken out a new variable rate bank loan to fund an expansion programme into the East Africa. The capital structure of the company is now as follows:
i. TZS 400m nominal value of 50c shares trading at TZS 2.30 - ABC LTD has an equity beta of 1.1.
ii. TZS 600m nominal value of 6% irredeemable loan notes trading at
iii. TZS 107. TZS 100m variable rate bank loan the current interest charge is 5%.
The directors of ABC LTD are keen to know what the weighted average cost of capital has now become in order o cyaluat

Business writing is important in the business community. The writing style and material must be specific in order to elicit a meaningful reaction and be expressive in nature.

What is a company definition in a nutshell?

A business is described as a company or organisation that engages in commercial, industrial, or professional activity. Companies can be either for-profit or non-profit organisations. Limited liability firms, sole proprietorships, corporations, and partnerships are all examples of business structures. The introduction to the business plan provides a basic summary of the business plan, including a brief company description, aims and objectives, and the reason for launching the firm.

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The time value of money (TVM) is the concept that money available today is worth more than the same amount in the future due to its potential earning capacity.

This core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received. TVM is also sometimes referred to as present discounted value.

The time value of money impacts our lives in many ways. One way is through investments. If you invest a certain amount of money today, it will be worth more in the future due to the potential earning capacity of that money. This is why it is important to start investing early, so that your money has more time to grow and earn interest.

Another way that TVM impacts our lives is through loans. When you take out a loan, you have to pay interest on that loan. The longer you take to pay back the loan, the more interest you will have to pay. This is why it is important to pay off loans as quickly as possible, so that you are not paying more in interest than you have to.

An example from my own life is when I started saving for retirement. I started saving when I was 25, and I plan to retire at age 65. By starting to save early, my money has more time to grow and earn interest, which means that I will have more money when I retire. If I had waited until I was 45 to start saving, I would have less money when I retire because my money would have less time to grow.

In conclusion, the time value of money is an important concept in finance because it affects our investments, loans, and savings. It is important to understand the time value of money so that you can make informed financial decisions and plan for your future.

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The breaks in the curve will occur when there is a change in the cost of financing.

The Marginal Cost of Capital (MCC) curve represents the cost of financing a project at different levels of capital. It is typically a rising curve, meaning that the cost of financing increases as the amount of capital required for the project increases.

To find the breaks in the MCC curve, we need to first calculate the amount of retained earnings available for the project. This is done by multiplying the expected retention ratio by the expected earnings for the next year. In this case, the company expects to retain $420,000 in earnings over the next year.

Next, we need to determine the cost of financing for each level of capital required for the project. This can be done by calculating the weighted average cost of capital (WACC) for each level of capital.

Finally, we can plot the MCC curve by plotting the WACC against the amount of capital required for the project. The breaks in the MCC curve will occur when there is a change in the cost of financing, which is represented by a change in the slope of the curve.

In conclusion, to find the breaks in the MCC curve, we need to calculate the amount of retained earnings available for the project, determine the cost of financing for each level of capital required, and plot the MCC curve. The breaks in the curve will occur when there is a change in the cost of financing.

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A. If Lancaster decides to forgo discounts, the additional credit obtained is $240,000. B. The nominal cost of that credit is 21.90%. C. The effective cost of that credit is 25.64%.  D. The effective cost of the bank loan is 11.57%.

A. If Lancaster decides to forgo discounts, it could obtain additional credit of $240,000. This is calculated as follows:

Discount amount = $8,000,000 x 0.03 = $240,000
Additional credit = $240,000

B. The nominal cost of that credit would be 21.90%. This is calculated as follows:

Discount percentage = 3% / 97% = 0.03093
Days in credit period = 45 - 5 = 40
Nominal cost of credit = (0.03093 x 365) / 40 = 0.2190 or 21.90%

C. The effective cost of that credit would be 25.64%. This is calculated as follows:

Effective cost of credit = (1 + (0.03093 / 0.96907))^ (365 / 40) - 1 = 0.2564 or 25.64%

D. The effective cost of the bank loan would be 11.57%. This is calculated as follows:

Effective cost of bank loan = (1 + (0.11 / 12))^12 - 1 = 0.1157 or 11.57%

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Mr. Adam should deposit $3,079.22 at the end of each year from 2005 to 2010 in order to have $26,000 at the beginning of each year from 2015 to 2019.

In order to determine the amount of deposit at the end of each year from 2005 to 2010 at an interest rate is 12% per year follow the following steps.

1. First, we need to calculate the present value of the $26,000 that Mr. Adam requires at the beginning of each year from 2015 to 2019. We can use the formula for the present value of an annuity:

PV = PMT × [(1 - (1 + i)^-n)/i]

where PV is the present value, PMT is the payment, i is the interest rate, and n is the number of periods.

2. Plugging in the values from the question, we get:

PV = $26,000 × [(1 - (1 + 0.12)^-5)/0.12] = $95,396.38

3. Now, we need to calculate how much Mr. Adam should deposit at the end of each year from 2005 to 2010 in order to have this present value in 2015. We can use the same formula, but rearrange it to solve for PMT:

PMT = PV × [i/(1 - (1 + i)^-n)]

4. Plugging in the values from the question, we get:

PMT = $95,396.38 × [0.12/(1 - (1 + 0.12)^-6)] = $3,079.22

Therefore, Mr. Adam should deposit $3,079.22 at the end of each year from 2005 to 2010 in order to have $26,000 at the beginning of each year from 2015 to 2019.

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The under or over applied overhead can be calculated by finding the difference between the estimated production overhead and the actual overhead.

In this case, the estimated production overhead is $120,000 and the actual overhead is $116,000. The difference between these two values is $4,000.

Since the actual overhead is less than the estimated production overhead, this means that the overhead is under-applied. Therefore, the correct answer is option c. $4,000 under-applied.

Here is the calculation:

Estimated production overhead - Actual overhead = Under or over applied overhead

$120,000 - $116,000 = $4,000 under-applied

Answer: c. $4,000 under-applied

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The key difference between risks and assumptions is that risks refer to events or circumstances that may or may not happen, while assumptions are accepted facts used to make estimations and decisions.

It is important to identify both because risks can present potential threats to a project’s success, while assumptions help shape the project’s approach and strategy.  

Risks can include external elements such as changes in the market, economy, or technology, as well as internal elements such as employee absence, limited resources, or even natural disasters.

Assumptions, on the other hand, are often linked to knowledge gaps and unproven ideas. For example, a team might assume a new technology is suitable for a project and will perform as expected.

Identifying both risks and assumptions is important because it helps teams plan, design, and build more effective and accurate projects. Knowing both enables teams to make informed decisions, develop more effective strategies, and achieve their goals more efficiently.

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Expected sales are multiplied by the accounts receivable percentage, which is 0.098 or 9.8%, to calculate accounts receivable in the pro forma balance sheet.

We must make an educated guess as to what portion of sales will be collected as receivables in order to determine the accounts receivable value for the pro forma balance sheet. In this scenario, we are provided that accounts receivable constitute 9.8% of sales, which suggests that for every dollar of sales, the firm expects to recover $0.098 as receivables. As a result, we multiply the anticipated sales of $3,000,000 by the accounts receivable percentage of 0.098, which gives us $294,000, to estimate the accounts receivable value for the pro forma balance sheet. This means that at the end of 2016, we anticipate the firm to have $294,000 in accounts receivable.

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By inputting these variables and constraints into Excel and using Solver, the student can determine the optimal number of 3, 6, and 12 month CDs to invest in in order to maximize the interest earned and meet financial obligations.

To develop a linear optimization model to determine how to best invest the money and meet financial obligations, the following variables need to be defined:

X1 = Number of 3-month CDs

X2 = Number of 6-month CDs

X3 = Number of 12-month CDs

The objective of the linear optimization model is to maximize the interest earned, which is equal to X1*0.75% + X2*1.9% + X3*4.2%. The constraints of the linear optimization model must account for the financial obligations that must be met. The student must pay $1,500 in tuition for each of the autumn, winter, and spring quarter, and $500 in summer. Additionally, living expenses are estimated to be $1,500 per month, payable on the first day of the month. The foundation will pay her $18,000 on August 1 and the remainder on May 1.

X1 + X2 + X3 = 18,000

X1 + 6X2 + 12X3 = 28,000

X1 + X2 + X3 + 2X2 + 6X3 >= 18,000 + 2*1,500 + 6*1,500

X1 + X2 + X3 + 2X2 + 6X3 <= 28,000 + 2*1,500 + 6*1,500

X1, X2, and X3 >= 0

By inputting these variables and constraints into Excel and using Solver, the student can determine the optimal number of 3, 6, and 12 month CDs to invest in in order to maximize the interest earned and meet financial obligations.

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If the Japanese yen is currently trading at a forward discount relative to the US dollar in the one-month forward market, and the investor believes that the best forecast for the spot exchange rate one month from now is today's spot exchange rate, then the investor should sell yens in the one-month forward market now.

This is because a forward discount means that the forward exchange rate is lower than the spot exchange rate. If the investor believes that the spot exchange rate one month from now will be the same as today's spot exchange rate, then they will be able to sell the yen at a higher price in the spot market one month from now than they would be able to in the forward market now.

Therefore, by selling the yen in the one-month forward market now, the investor will be locking in a lower exchange rate and potentially missing out on the opportunity to sell at a higher exchange rate in the spot market one month from now.

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The liability characteristic of an LLC offers significant protection for its members, making it an attractive option for many small businesses and startups.

A limited liability company (LLC) is a type of corporate entity that shields its owners from legal responsibility for any debts or losses the company incurs. Liability in the event of a lawsuit or business failure is taken on by the company rather than the partners or shareholders that make up the firm.

An LLC is a hybrid business structure that combines the liability protection of a corporation with the flexibility of a partnership. This means that the owners of an LLC, also known as members, are not personally liable for the company's debts and obligations.

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The appropriate test is the paired t-test of m11-22 due to the paired nature of the data. b) Paired t-test shows strong evidence that cloud seeding is effective in increasing rainfall.

To test the hypothesis that cloud seeding is effective in increasing rainfall, two possible tests are suggested: Paired t-test and two sample t-test. The appropriate test for these data is the paired t-test of m11-22 because the data involves paired samples, with each pair having a natural association (i.e., the same cloud is seeded and unseeded). The paired t-test is used to compare the mean difference between the paired observations to zero, testing whether there is a significant difference in rainfall between seeded and unseeded clouds.Using the paired t-test, the authors found a mean difference of -277.39615, a t-statistic of -3.641 with 25 degrees of freedom, and a p-value of 0.0012. This indicates strong evidence against the null hypothesis that there is no difference in the amount of rainfall between seeded and unseeded clouds. Therefore, the authors concluded that cloud seeding is effective in increasing the amount of rainfall.In summary, the appropriate statistical test for the data collected by Simpson et al. is the paired t-test due to the nature of the data. The results of the test provide strong evidence that cloud seeding is effective in increasing rainfall.

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Q. Simpson, Alsen, and Eden (Technometrics 1975 ) report the results of trials in which clouds were seeded and the amount of rainfall recorded. The authors report on 26 seeded and 26 unseeded clouds in order of the amount of rainfall, largest amount first. Here are two possible tests to study the question of whether cloud seeding works. Which test is appropriate for these data? Explain your choice. Using the test you select, state your conclusion. (FIGURE CAN'T COPY) a) Which of these tests is appropriate for these data? Explain. b) Using the test you selected, state your conclusion.

1. The preferred stock are cumulative:

For the preferred stock dividends, we need to calculate 10% of $1,000,000 which is $100,000. This amount will be paid to the preferred stockholders before the common stockholders can receive any dividends.

Since the preferred stock are cumulative, the unpaid dividends will accumulate and will be paid before any common stock dividends are paid.

On January 2022, the available retained earnings for common stock dividends will be $87,000 - $100,000 = -$13,000. This means that there will be no common stock dividends paid on January 2022.

On January 2023, the available retained earnings for common stock dividends will be $87,000 + $130,000 - $100,000 - $100,000 = $17,000. This means that the maximum amount of common stock dividends that could be paid on January 2023 is $17,000.

2. The preferred stocks are non cumulative:

For the preferred stock dividends, we need to calculate 10% of $1,000,000 which is $100,000. This amount will be paid to the preferred stockholders before the common stockholders can receive any dividends.

Since the preferred stock are non cumulative, the unpaid dividends will not accumulate and will not be paid in the future.

On January 2022, the available retained earnings for common stock dividends will be $87,000 - $100,000 = -$13,000. This means that there will be no common stock dividends paid on January 2022.

On January 2023, the available retained earnings for common stock dividends will be $87,000 + $130,000 - $100,000 = $117,000. This means that the maximum amount of common stock dividends that could be paid on January 2023 is $117,000.

In conclusion, the maximum amount of common stock dividends that could be paid to the stockholders on January 2022 and January 2023 depends on whether the preferred stock are cumulative or non cumulative.

If the preferred stock are cumulative, the maximum amount of common stock dividends that could be paid on January 2023 is $17,000. If the preferred stock are non cumulative, the maximum amount of common stock dividends that could be paid on January 2023 is $117,000.

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If Carl is interested in becoming a market researcher, he is most likely to need to start in the Design or Advertising department.

Market research is focused on understanding consumer behavior and preferences, which can help inform the design and advertising of products and services.

In the Design department, Carl could work on creating products that meet the needs and wants of consumers by conducting market research to understand what features and designs are most desirable.

In the Advertising department, Carl could work on developing ad campaigns that are tailored to the needs and wants of different segments of the market, using market research to identify the best messaging and creative strategies.

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Option A: One specific issue that is important to one of the organization's stakeholder groups is environmental protection. However, this issue is not of interest to a particular company, which may prioritize profits over environmental concerns. This organization might oppose this issue in the legal arena by filing a lawsuit against the company for any potential environmental violations.

In the regulatory arena, the organization might lobby for stricter regulations on the company's activities that could have a negative impact on the environment. In the political arena, the organization might campaign for candidates who support stricter environmental regulations and advocate for policies that prioritize environmental protection.

Option B: As the leader of a stakeholder group that is affected by the issue of worker safety, I might use legal, regulatory, and political means to force a particular company into compliance with our needs. In the legal arena, I might file a lawsuit against the company for any potential violations of worker safety laws.

In the regulatory arena, I might lobby for stricter regulations on the company's activities that could have a negative impact on worker safety. In the political arena, I might campaign for candidates who support stricter worker safety regulations and advocate for policies that prioritize worker safety.

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(1) The purpose of calculating a firm's weighted average cost of capital (WACC) is to determine the required rate of return that the firm's investors expect for providing capital to the firm.

(2) In my opinion, the cost of debt is the easiest component cost to calculate because it is simply the interest rate that the firm pays on its debt.

The WACC is referred to as the hurdle rate because it represents the minimum rate of return that a project or investment must earn in order to be accepted by the firm. If a project's expected rate of return is lower than the WACC, then the firm should not undertake the project because it will not earn enough to compensate its investors for the risk they are taking.

The cost of new common stock is the most difficult to calculate because it requires estimating the expected rate of return that investors will require for providing new equity capital to the firm. This requires taking into account factors such as the firm's risk, the current state of the stock market, and the expected future performance of the firm.

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Using the contribution margin to calculate the net profit, it would not be profitable for VCR to add the new model LX4 to its line of DVD recorders.

To determine whether VCI should add the new model LX4 to its line of DVD recorders, we need to calculate the incremental profit from adding the new model and compare it to the fixed cost of $20,000.

First, let's calculate the contribution margin per unit for each of the existing models:

Next, let's calculate the incremental profit from adding the new model LX4:

Now let's consider the expected impact on the sales of existing models:

The total reduction in profit from the existing models is $92,550. However, the incremental profit from the new model is $45,000, so the net profit impact of adding the new model LX4 is:

Net profit impact = Incremental profit - Reduction in profit from existing models

Net profit impact = $45,000 - $92,550

Net profit impact = -$47,550

Since the net profit impact of adding the new model is negative, it would not be profitable for VCR to add the new model LX4 to its line of DVD recorders. The fixed cost of $20,000 to add the new model would only exacerbate the negative impact on VCI's profits. Therefore, VCR should not add the new model to its line.

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Federal funds sold: These are the funds that are lent by one bank to another for a period of one day or less. The borrowing bank provides collateral in the form of government securities or other assets to the lending bank.

Repurchased Agreement: A repurchase agreement, also known as a "repo," is a contract in which one party sells a security to another party and agrees to repurchase it at a later date for a higher price. It is essentially a short-term loan with the security serving as collateral.

Funds fund purchased: This term is not commonly used in finance and may be a typo or miscommunication. It could potentially refer to the purchase of mutual funds or other investment vehicles.

Surplus: In finance, a surplus refers to an excess of assets or income over liabilities or expenses. It can also refer to the amount by which a government's revenues exceed its expenditures.

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Based on the information provided, it appears that Edward is correct in his understanding of how machine hours and MOH costs are applied to the company's products. If a job is just waiting for the next processing step to be completed, it is not using machine hours, and thus, more MOH costs should not be applied. This means that Ruth's assumption that Job #AA111 will be more profitable because it didn't have to sit in processing as long may not necessarily be true.

Looking at the cost data provided, we can see that Job #AA110 had already incurred $7,300 of direct material costs and $2,950 of direct labor costs in 2024. In addition, $5,350 of MOH costs had been applied to the job in 2024. As of January 1, 2025, the job was still in process and had used an additional 90 machine hours. No new MOH costs would have been applied to the job in January because it was not waiting for the next processing step to be completed.

For the jobs started in January 2025, we can see that Job #AA111 had incurred $8,600 of direct material costs, $3,390 of direct labor costs, and had used 270 machine hours. Job #AA112 had incurred $6,800 of direct material costs, $2,800 of direct labor costs, and had used 160 machine hours. Job #AA113 had incurred $5,000 of direct material costs, $2,400 of direct labor costs, and had used 120 machine hours.

Overall, it is difficult to determine which job will be more profitable based solely on the information provided. Profitability depends on a variety of factors, including the selling price of the product, the amount of overhead costs applied, and the amount of revenue generated. However, it is clear that the amount of machine hours used and the amount of MOH costs applied are important factors to consider when analyzing profitability.

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Financial accounting is focused on recording and reporting historical financial information, whereas management accounting is focused on providing decision-making information for the future.

1. Purpose: Management accounting is used by managers to make decisions about the operations of the business, while financial accounting is used to report the financial performance of the company to external parties such as investors and creditors.

2. Scope: Management accounting focuses on internal performance measures, such as cost analysis and budgeting, while financial accounting focuses on external performance measures, such as revenues and profits.

3. Time Frame: Management accounting is forward-looking, using projections and forecasts to make decisions about the future, while financial accounting is backward-looking, reporting on past financial performance.

4. Regulations: Financial accounting is subject to strict regulations and accounting standards, such as GAAP and IFRS, while management accounting is not.

5. Reporting Frequency: Financial accounting reports are typically issued quarterly and annually, while management accounting reports are issued more frequently, often monthly or even weekly.

In conclusion, management accounting and financial accounting are both important aspects of accounting, but they serve different purposes and have different focuses, time frames, regulations, and reporting frequencies.

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The firm's WACC is 11.63%.

To find the firm's WACC, we need to calculate the cost of equity, cost of debt, and the weight of each in the firm's capital structure.

The cost of equity can be calculated using the Capital Asset Pricing Model (CAPM):
Cost of equity = Risk-free rate + Beta × Market risk premium
= 3.25% + 1.24 × 7.2%
= 12.17%

The cost of debt can be calculated using the Yield to Maturity (YTM) formula:
Cost of debt = (Coupon payment / Bond price) + [(Par value - Bond price) / Number of years to maturity]
= [(8.25% × $1,000) / $742] + [($1,000 - $742) / 36]
= 11.13% + 7.17%
= 18.30%

The weight of equity can be calculated by dividing the market value of equity by the total market value of the firm:
Weight of equity = (3,000,000 × $42.48) / [(3,000,000 × $42.48) + (65,000 × $742)]
= 0.91

The weight of debt can be calculated by dividing the market value of debt by the total market value of the firm:
Weight of debt = (65,000 × $742) / [(3,000,000 × $42.48) + (65,000 × $742)]
= 0.09

Finally, we can calculate the WACC by multiplying the cost and weight of each component and adding them together:
WACC = (Cost of equity × Weight of equity) + (Cost of debt × Weight of debt × (1 - Tax rate))
= (12.17% × 0.91) + (18.30% × 0.09 × (1 - 0.36))
= 11.63%
Therefore, the firm's WACC is 11.63%.

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The amount of exercise a dog needs every day depends on several factors, such as the dog's breed, age, and overall health. In general, dogs need at least 30 minutes of exercise every day to maintain a healthy weight and prevent behavioral problems.

For larger breeds or more energetic dogs, such as retrievers or herding breeds, they may need up to 2 hours of exercise every day. This can include a combination of activities, such as walking, running, playing fetch, and participating in dog sports or agility training.

In conclusion, the amount of exercise a dog needs every day varies depending on the dog's breed, age, and overall health. It is important to provide regular exercise to maintain a healthy weight and prevent behavioral problems.

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Once the decision is made, I would implement it by communicating the decision to the selected candidate and providing her with a clear job description and expectations.To monitor the decision, I would schedule regular check-ins with the new supervisor to discuss her progress and address any challenges she may be facing.

Based on the job description and the qualifications of the applicants, I recommend selecting the female applicant for the Level 3 supervisor's job. Although she does not have technical experience, she has a four-year business degree and work experience as a retail store department head.

She also has a strong work ethic, as evidenced by her ability to pay for all of her college expenses while working full time. Her professors also describe her as "a fast learner; highly motivated," which indicates that she would be able to quickly learn the technical aspects of the job.
I would also communicate the decision to the other applicants and provide them with feedback on their qualifications and the reasons for the decision.
I would also gather feedback from the technicians she is supervising to assess their satisfaction with her performance. By regularly monitoring the decision, I can make any necessary adjustments to ensure the success of the new supervisor and the section as a whole.

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The interview process could be improved by setting a realistic timeline for when candidates should expect to be interviewed.

This would reduce the amount of confusion and waiting around for candidates. Additionally, the interviewers should have a clear set of questions in advance to ensure the interview remains on topic and relevant.

Finally, the interviewers should be more welcoming and friendly towards the candidates, as a positive attitude can put candidates more at ease and allow them to do their best during the interview.

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The U.S. corporate income tax laws have encouraged some U.S.-based MNCs to consider moving their parent to another country in order to take advantage of lower tax rates. This process is known as "tax inversion" and it involves a U.S.-based MNC merging with a foreign company and moving its parent to the foreign company's home country.

One of the main reasons why U.S.-based MNCs consider moving their parent to another country is because the U.S. has one of the highest corporate income tax rates in the world. By moving their parent to a country with lower tax rates, MNCs can reduce their overall tax burden and increase their profits.

Additionally, the U.S. tax laws allow MNCs to defer paying taxes on their foreign earnings until they are repatriated to the U.S. This encourages MNCs to keep their profits overseas and to reinvest them in foreign operations rather than bringing them back to the U.S.

While tax inversion can be beneficial for MNCs, it can also have negative consequences for the U.S. economy. For example, when MNCs move their parent to another country, they may also move their headquarters and other operations, which can result in job losses in the U.S.

Additionally, tax inversion can reduce the amount of tax revenue that the U.S. government collects, which can have an impact on government programs and services.

In conclusion, U.S. corporate income tax laws have encouraged some U.S.-based MNCs to consider moving their parent to another country in order to take advantage of lower tax rates and to defer paying taxes on their foreign earnings. While this can be beneficial for MNCs, it can also have negative consequences for the U.S. economy.

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i) The code of ethics governing the conduct of auditors is designed to ensure that auditors maintain their independence and objectivity when conducting an audit.

This includes avoiding any conflicts of interest that may arise from accepting gifts or other forms of compensation from the company they are auditing.

ii) If Sam were to accept the offer to use the chalets at no charge, his independence as an auditor would be compromised.

This is because he would be receiving a personal benefit from the company he is auditing, which could create a conflict of interest and potentially influence his judgment and objectivity when conducting the audit.

It is important for auditors to avoid any appearance of impropriety and to maintain their independence at all times in order to maintain the integrity of the audit process and the trust of the public.

Therefore, it would be best for Sam to decline the offer to use the chalets and to ensure that his assistant accountants do the same. This will help to maintain the independence and objectivity of the audit team and ensure that they are able to conduct the audit in a fair and unbiased manner.

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Reading informational text can be a challenge for students, so two of the approaches/tools from Chapter 8 in "Classrooms That Work" that I will use with my students are the Question-Answer Relationship (QAR) strategy and Question-Generation Strategies (QGS).

I selected these tools because they focus on teaching students to actively engage with the text, rather than passively reading it. The QAR strategy helps students to understand what they are reading by prompting them to identify questions in the text and then find the answers within it.

This encourages them to pay attention to detail and to better comprehend the text. The QGS strategy teaches students to develop their own questions about a text, which is helpful for understanding and summarizing the information.

I think these tools will help my students engage more in reading informational text by teaching them to be active and critical readers.

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The inconsistency in ranking between the Sharpe ratio and Treynor measure could have occurred due to the different types of risks each measure takes into account.

The Sharpe ratio measures the excess return of a portfolio over the risk-free rate, relative to the total risk of the portfolio. This total risk includes both systematic and unsystematic risks. Systematic risks are risks that affect the entire market, such as changes in interest rates or inflation. Unsystematic risks are risks specific to a particular company or asset, such as management changes or product recalls.

The Treynor measure, on the other hand, only takes into account systematic risks. It measures the excess return of a portfolio over the risk-free rate, relative to the portfolio's beta, which is a measure of its sensitivity to market movements.

Therefore, it is possible for the JSE All-shares index to outperform some portfolios using the Sharpe ratio, but for those same portfolios to outperform the JSE All-share index using the Treynor measure. This could occur if the portfolios have lower unsystematic risks than the JSE All-shares index, but higher systematic risks.

In this case, the Sharpe ratio would rank the JSE All-shares index higher due to its lower total risk, but the Treynor measure would rank the portfolios higher due to their lower unsystematic risks.

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Our text states non profit organizations have more impact if they engage all spheres of society to be a force for good, including business, government, nonprofits, and the general public.

In other words, greatness has less to do with how nonprofits run their internal affairs and more to do with how they connect with those outside the walls of their organizations. The high-impact charities that have been investigated are content to create a "good enough" organization before directing their energies outside of their organization to spark significant change. In order to build thriving communities that are more equal, nonprofits are essential. And by working together to safeguard both their history and their crucial position in the future of America, charities may accomplish much more.

People are fed, healed, housed, educated, inspired, enlightened, and nurtured by America's 1.3 million charitable NGOs from coast to coast, border to border, and everywhere in between, of every age, gender, color, and financial position. They encourage civic participation and leadership, stimulate the economy, and bolster the social cohesion of the communities. Each and every day.

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a. The essential requisites of an obligation are:Active subject ,. Passive subject,Object , legal tie.b. Obligations under the Civil Code are a juridical necessity because they are legally enforceable. This means that if one party fails to fulfill their obligation, the other party can resort to legal remedies to compel the fulfillment of the obligation or to obtain damages for the breach.

A) 1. Active subject (creditor or obligee) - the one who has the right to demand the fulfillment of the obligation.
2. Passive subject (debtor or obligor) - the one who has the duty to fulfill the obligation.
3. Object (prestation) - the subject matter of the obligation, which can be to give, to do, or not to do something.
4. Cause or legal tie (vinculum juris) - the reason why the obligation exists.
Examples:- A loan agreement where the creditor lends money to the debtor, and the debtor has the obligation to pay back the money with interest. The object is the payment of the money and the cause is the loan agreement.
- A contract of sale where the seller has the obligation to deliver the goods to the buyer, and the buyer has the obligation to pay the price. The object is the delivery of the goods and the payment of the price, and the cause is the contract of sale.
B)  Without obligations, there would be no legal certainty and predictability in commercial and social relations, and parties could not rely on each other's promises and commitments. Obligations are therefore essential for the proper functioning of society and the economy.

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