Montana 1948 Practice Essay Essay Example

Montana 1948 Practice Essay Paper Development may come at any age whenever in a people life. One second the individual might be a lighthearted youngster, and afterward unexpectedly understand that they have been changed into a developed grown-up by a ground-breaking and horrendous experience, which they will recollect their entire lives. From that point onward, they were never same again. Accordingly, they quickly developed into grown-ups. In Montana, the late spring of 1948 held a progression of sad occasions which were to have a lasting and definitive effect on David and his folks. This chain of occasions were turn David’s youthful life and his family topsy turvy always which was to so rapidly lead him out of adolescence, decimating his blamelessness and young naivety all the while. Be that as it may, David’s stunning disclosures lead to his difficult picking up of knowledge. Right off the bat, David began to alter his perspective since their maid, Marie Little Soldier’s sickness. She would not see the specialist Frank which is sibling of David’s father Wes. Wes called Frank come to house, however Marie demanded Gail remain in room together. After Frank went, she revealed to Gail appalling things that Frank has been doing to Indian young ladies in reservation. David caught the discussion among Gail and Wes. â€Å"†¦I was starting as of now to consider Uncle Frank as a criminal†¦Charming, friendly Uncle Frank was away for acceptable. †P49 David thought his uncle was acceptable until he heard those alarming articulation. David realized this data would transform him until the end of time. He stepped toward adulthood by hearing and understanding what his uncle has done. Lamentably, Marie dead following a couple of days Frank went to the house. We will compose a custom exposition test on Montana 1948 Practice Essay explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on Montana 1948 Practice Essay explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on Montana 1948 Practice Essay explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Candid guaranteed her dead due to pneumonia. Essentially, she was debilitated, however David knew better, he went to agent sheriff Len McAuley’s house. Len was tanked and uncovers the way that he likewise observed Frank strolling into house before Marie was discovered dead. David decided to mention to his folks what he knew, or if nothing else part he thought about Frank. This shows he was creating in the zone of genuineness. Previously, David would remained quiet about this, instead of face his folks with information he realizes will disappoint them. Moreover, lost David’s guiltlessness likewise shows up during his slaughtering of a live jaybird. This got an abhorrent him additionally fortifying the way that he has executed a living animal in the wild and referencing that â€Å"it should be possible in a flick of the finger† â€Å"†¦Looking in the dead bird’s eye, I understood that these peculiar, unthought-of associations †sex and passing, desire and viciousness, want and corruption †are there, there, somewhere down in even a decent heart’s chambers. †P82 Finally, Wes decided to capture his sibling. Rather f taking him to a genuine prison, he imagined that he can diminish his killer and attacker sibling some humiliation by securing him cellar. Julian Hayden sent a few men from farm came to house to break Frank free. Here David was near being a grown-up in light of the fact that he understood how he should act and the gravity of circumstance in which he and his family are included . He’s a long way from the youngster who once anticipated visits from his uncle and visits to granddads farm. As a grown-up, he is worried about the government assistance of his family and guardians prosperity inwardly. David might want to remain by his family when they are out of luck. He didn’t desert them or feel dishonorable. He remained faithful and consistent with those he thinks about and adores. Hence, he has demonstrated his capacity to go about as a grown-up should. Accordingly, in the quick excursion which David has been compelled to attempt from guiltlessness to encounter, to seeing life in an entire, honest and absolutely increasingly difficult way, he learns numerous exercises and increases significant experiences, however none more upsetting than that which promptly follows Frank’s self destruction. â€Å"You see, I knew! I knew! †I knew! That Uncle Frank’s self destruction had tackled the entirety of our issues †¦ I felt something for my uncle in death that I hadn’t felt for him throughout everyday life. It was appreciation, truly, however it was something else. It was near love†. P161-162 One can never be too certain when the guiltlessnes s of adolescence is lost, the slam dunk is that everybody turns into a grown-up in the long run, and that is the point at which they lose their blamelessness. As a rule, this change from youngster to grown-up is a cruel thing, and frequently the acknowledgment the world isn't great.

Accounting Information Systems - Information Needs for the AIS Research Paper

Bookkeeping Information Systems - Information Needs for the AIS - Research Paper Example In any case, it is important that the advantages of the bundle by and large dwarf the advancement cost. Bookkeeping Information System conveys helpful data to its client in an auspicious and orderly way. The framework is used by the board for administering different authoritative capacities, for example, money exchanges, account receivables, creditor liability et cetera. In each association, the records office is liable for the board of huge volume of value-based information. The overabundance heap of the records office is facilitated by the AIS. The AIS gather these information, mastermind and store them in like manner and convey them at whatever point important. The AIS is a modernized framework containing practically totally mechanized capacities; all things considered, the segments of the framework incorporate contribution of human asset, directions, strategies, information, data innovation, safety efforts and interior controls. Thinking about every one of these elements, it tends to be learned that AIS isn't totally computerized and this is the explanation that the product is inclined to specific disadvantages. It has been seen that may corporate pioneers and administrators regularly make wrong suppositions with respect to AIS coming about to insufficient execution of the framework (Fuhong, 2012; Romney, et al., 2000). Contention: According to different creators, the extreme accessibility of data to a leader is considered as clamor to the data condition. Customers, by and by, have huge access to huge information through web and media transmission channels which therefore upgrades their choices and befuddle them. Various creators upheld that directors can settle on powerful choice just when they can intentionally recognize vital data and commotion inside a specific framework. Clamor by and large debilitates even the most creative chief, coming about to poor result (Lau, 2008). Contention: Research recommends that learning different parts of the bookkeeping data framework can be time

Testing Coursework Example | Topics and Well Written Essays - 1000 words

Testing - Coursework Example White-box test configuration permits one to look inside the container, and it centers explicitly around utilizing interior information on the product to direct the choice of test information. There are particular preferences to white-box testing like: 1. Meticulousness: As such, white-box testing is substantially more exhaustive as far as what level of the application we can test. This helped us in discovering that it will overwrite the point character on the off chance that you initially enter it and, at that point enter a number. 2. Steadiness: Delivers more prominent dependability and reusability of experiments if the items that contain an application never change like the adding machine whose augmentation is consistent however whose special case was not right. Be that as it may, there’s the other side of the coin too and every one of these accompany a couple of weaknesses too. The Black-Box Testing Techniques need precision and in spite of the usability need painstaking qu ality and it doesn’t look entirely steady to me. Different detriments incorporate the delicacy of contents and absence of thoughtfulness that accompanies no information on the inside structure. ... GUI testing JUnit testing Success of any GUI application relies upon how it associates through its UI with various clients. An application with invalid conduct or inaccurate client collaboration can prompt huge issues. GUI testing is a procedure to test the application's UI and to distinguish if the application is working fine practically. GUI Testing incorporates how the application manages console and mouse occasions, how extraordinary GUI segments like menu-bars, device bars, exchange boxes, catches, passage fields, list routes, pictures and so forth react to client input and to guarantee that the errands are proceeded as wanted. The GUI testing can be executed either physically or through robotized techniques. Manual testing is regularly blunder inclined just as a long way from thorough in this way computerized approach is liked. Robotized GUI Testing is utilization of a product program to check if the application is working fine practically. This incorporates mechanizing manual testing errands which are for the most part tedious and mistake inclined. To test a GUI, we required a decent technique for finding the parts of significant worth, choosing cells in a table, hauling things about, clicking catches, and so on. The occasions we test are like low level computing construct just these are appropriate for GUI testing. What the perfect methodology is in portraying the normal conduct is that we explain the designer's objectives before writing the code can; this abstains from overbuilding futile element and the connected capabilities. The following is the required refactoring of the Java adding machine program utilizing Test-Driven Development (TDD). There is no chance of exemption in duplication work so special case some portion of code can be considered as a dead code and can be evacuated. Open DivideByZeroExeption(String s), this capacity can

The Doctrine of Ultra Vires under Malaysian Company Law - Free Essay Example

Discuss the doctrine of ultra vires and its effect in Malaysian Company Law. According to s18 Contract Act 1965, every company formed should have a memorandum printed and divided into paragraph and with the date stated. In s18 (b) Contract Act 1965, it shows that the requirement of the Memorandum of Association (M/A) required a statement of object clause. The object clause can be used to describe the nature of the business such as manufacturing business, merchandising business or service business. Besides, it also show the company power, its purpose and the legal capacity of the company.[1] Furthermore, the purpose of the object of M/A should be lawful as stated in s14 (1) Company Act 1965. The consequence of unlawful purpose and incompatible to peace, welfare, security, public order, good order or morality in Malaysia will be Registrar of Company will refuse for the registration of the company as followed to s16(8)(a) Company Act 1965. As it has been stated that object of M/A function as recognize the legal capacity of the company, in the same time, it has limited the company which it require the company to act based on the statement. If the operation of the company is different with the object of M/A, ultra vires will be recognized. Ultra means à ¢Ã¢â€š ¬Ã…“beyondà ¢Ã¢â€š ¬Ã‚  whereas vires means à ¢Ã¢â€š ¬Ã…“powerà ¢Ã¢â€š ¬Ã‚  where ultra vires happened when an act is against the object clause. Although the company want to ratify the act, the act is void at initio. This can be further explained by the common law and statue. However, if the company wants to prevent ultra vires, the company must alter the object clause. There are certain requirement as stated s28 Company Act 1965. In s28 (1) Company Act 1965, it stated that alteration can be made based on a special resolution. Besides, by holding this special resolution, members and debentures holder of the company should be given 21days of notification to the special resolution as according to s28 (2) Company Act 1965. Common Law The doctrine of ultra vires under common law refers to the rules that company must act within their objects clause that is stated in the memorandum of association. Any activity that is outside from the company capacity is void. Neither the company nor the third party could enforce this. In other words, ultra vires act is void and the contract cannot be ratified even if the company wishes to. Under common law, the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s contract is void due to internal or external context. Externally, when a third party contracting with a company, if the contract was not fulfill the objects of company that stated in memorandum of association, then the contract was ultra vires and void. Internally, if the company and the director enter into an ultra vires contract, the company may immediately stop the act of the director and claim damages from the director who breach his fiduciary duties by entering into the contract which is outside from the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s capacity. If the company could not fulfill the main object in their memorandum, then they would have to be wound up. According to Ashbury Railway Carriage Iron Company v Riche (1875) LR 7HL 653, the case stated that the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s objects in their memorandum was to make, sell and hire railway carriages. The company entered into contract with Riche and the contract was approved by the shareholders at general meeting, then the company agreed to give Riche and his brother a loan to build a railway in Belgium. After that, the company changed their mind and refused the agreement. Riche sued the company. The court held that the construction of a railway was ultra vires, because construct a railway was not stated in their companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s memorandum of association. Thus, the contract is void because the construction of a railway is outside from the company capacity. Furthermore, since it is outside from the company capacity, so the company could not ratify the contract. Therefore, ultra vires exist and the contract is void even if all of the shareholders approved the contract. From Ashbury Railway Carriage case, we can see that the company could not sue or be sued by the third party for not performing the contract. This is because the contract is null and void. Thus, the company could avoid for not performing the contract and could not be sued by the third party because it is outside form the companyà ¢Ã¢â€š ¬Ã¢â€ ž ¢s capacity. Although it seems unfair for the other party but the object clause of a company is available at public for inspection. The other party should have checked whether the company has the capacity to enter into contract with them or not. Need to say if company itself can sue the director and SH? Shareholders pay less concerned on the corporation on how the director corporate as long as the business generates dividend to them. However this will put the creditor in high risk. This is because if the creditors credit sales the goods and services to the particular company, and the company has insolvent in later dates, the creditor could not claim any debts. Common law stated that an ultra vires act is null and void to protect the member or the creditors of the company who has invested the money into the company and expect the investment is only used for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s business. According to Cotman v Brougham (1918) A.C. 514, the objects clause of company c ontained 30 sub clauses, however, the first sub clause stated the company to develop rubber plantations. In the fourth clause, it empowered the company to deal in any shares of any company. Besides, the memorandum also stated that each sub clauses acts as the independent objects for the company. The company underwrote and had allotted to it shares in an oil company. After that, the oil company wound up and their company was on the list of contributories. The question arose is that whether this is intra vires the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s objects. The court held that the 30 independent object clause in the rubber companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s memorandum was an independent. Hence, the power to deal with the share in an oil company was within the legal power. Therefore, the company is liable for the underwriting. From the Cotman case, the company did not clearly specify the main object where constitution of Memorandum are not limited by using plain business language. Companies could n o longer avoid a contract based on the grounds that it was beyond the company objects which they have been done in the traditional ultra vires doctrine. This has increased a wider range of object clauses in the Memorandum as a result of each sub clause is independent which are not interrelated with the main clause. Hence, the object are not restricted to review on the main clause. This has rendered the companies to introduce a standard type of object clause to render almost all potential commercial objectives intra vires. Position under Companies Act 1965 According to s20 (1) of Companies Act 1965, any act or transfer of property that made by the company shall not be invalid with the reason that company dont have the power or capacity to do act. The effect for this section is transaction will become irrelevant with the fact that the company did not have the capacity to enter into it, even though a certain transaction is otherwise valid. Besides, the company can sued or be sued as acts against its object clause. In order to protect the interest of the shareholders and creditors, s20 (2) Companies Act 1965 has provided the remedies to restrain the ultra vires act. According to s20 (2) (a) Companies Act 1965, company is liable if a member of the company or the company itself has issued the debentures are available with a floating charge. The shareholders and debenture holders can sue the company for the taking any action outside the company and they can claimed the compensation from it. Besides, it also stated that the relief of s20 Companies Act 1965, the ultra vires only apply to specific person and not an outsider as refer to Pamaron Holdings Sdn Bhd v Ganda Holdings Bhd [1988] 3 MLJ 346. According to Pamaron Holdings Sdn Bhd v Ganda Holdings Bhd case, the Plaintiff and the Defendant entered into an agreement for sale and purchase of shares in a private limited company. The Defendant defaulted in the payment of the purchase price and the plaintiff applied for summary judgment against it. In opposing the application, the defendant proclaim that among the transaction was ultra vires the plaintiff company. Allowing the application, the court held that under s.20 a person other than a debenture holder or the minister may not raise ultra vires. The defendant being an outsider and not a debenture holder or the minister had no right under the section. The Defendant was liable for not being able to settle the payment of the purchase price. The Defendant also didnt purchase any shares or debentures from the Plaintiff Company, thus it cannot raise ultra vires. Defendant should purchase the shares or debenture from the plaintiff in order for the defendant have the right to raise ultra vires. From this case, only the person that are sufficient proximate to the company can apply ultra vires. Ultra vires is an action This act will only available to the contract that has been entered, yet to be completed as refer to the Hawkesbury Dev elopment Co Ltd v Landmark Finance Pty Ltd ( 1969 ) 2 NSWR 786. According to Hawkesbury Development Co. Ltd v Ladmark Finance Pty Ltd case, Plaintiff holds all of the shares in the Landmark Finance Pty Ltd. Landmark Finance has issued two debentures to United Dominion Corp (UDC). A request has been sent to court by Plaintiff about declaring both debentures to be invalid due that it is a company object ultra vires. Plaintiff also request that the court to prohibit the enforcement of UDC of the debentures. However, application that request by the plaintiff is rejected and the approval of court to void the declaration of the UDC had failed to be obtained. Due that the plaintiffs are the shareholders of the Landmark Finance, the application should make to Landmark Finance instead of UDC is a third party. If the company is make the act of ultra vires by issuing the debentures to the outsiders, the shareholders or debenture holders have the right to sue the company. However, s20 (2) (a ) Companies Act 1965 does not given its protection to debentures holders that secured by float charge and creditors who did not have any charge. According to s20 (2) (b) Companies Act 1965, officers are personally liable for any action taken by member of the company or the company itself. The shareholders or the company itself can sue the officers either former or current that who committed any Ultra Vires transactions which must be completed and realized. However, if any law suit against the officer will not affect the validity as stated in s20 (1) CA 1965, the act will be valid to the ground. According to s20 (2) (c) Companies Act 1965, any petition that may conducted by the Minister to the court to wind up the company that had committed ultra vires actions. The court will conducted its discretion when the company has changed the business totally from its original business. According to s20 (3) Companies Act, if any party has suffered any damage or loss due to the unautho rized act or transfer is yet to be performed and to be restrained under s20 (2) Companies Act 1965, the parties who have sustained the damage can be compensated. By comparing the common law and Companies Act 1965, under the doctrine of ultra vires, it is prefer to go for common law. This is because, under common law, the act of ultra vires is null and void, so the company could avoid for not performing the contract which is outside from their capacity. Besides, the company could not sue or be sued by others party just because they did not perform the contract. However, under the Companies Act 1965, it provides completed transactions remain valid as between the company and the third party and both of the party may sue each other. Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s compare the case of Ashbury Railway Carriage Iron Company v Riche under common law and the case of Hawkesbury Development Co Ltd v Landmark Finance Pty Ltd under Companies Act 1965, we can see that under Ashbury case, the ultra vir es are meant to protect the company by voiding the contract because it is outside the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s capacity. The other party could not sue the company although they had entered into the contract because ultra vires exist. Whereas, under the Hawkesbury case, the plaintiff failed to declare the debentures to the third party although it is a company object ultra vires because the plantiff are the shareholders of the Landmark Finance and it should make declaration to Landmark Finance instead of the third party. Conclusion For under the common law, the contract entered by the director of the company or the company itself is ultra vires, the contract is considered void due that it is beyond the companys capacity to perform it. If the contract made by the company with the third party is not fulfill the objects of the company that stated in memorandum of association also considered as ultra vires thus become void. When the contract has become void, the company could not sue or be sued by the third party for not performing the contract. For under the Companies Act 1965, any act that made by the company cannot be declared as invalid by using incapable to perform the act as an excuse. The transactions still remain valid between both the company and the third party that they may able to sue or be sued by each other. Thus, both companies and the third party should consider the capabilities of the company to perform the any act from the contract in order to avoid any ultra vires that may happen and cause the loss to the creditors, shareholders, debenture holders or any related parties. [1] Pg 205 principle of business law and corporation

Nike A Global Audience - 871 Words

Nike Nike is an American multinational company that sells, design and manufacturing clothing, footwear, sports equipment and accessories. Because Nike is a multinational company, Nike needs to have a great marketing strategy plan to be able to gain customers around the world. The strategy marketing can have pros and cons. Some of the pros are Nike is a mega brand, Technology and relations. Because Nike is a mega brand this helps the company to be more successful around the World, at this moment Nike continues to be the World’s largest athletic apparel and footwear company. One of Nike’s strategy plan to gain customers, is sponsoring Soccer teams and athletics around the World. In a recent article from BusinessofSoccer.com, â€Å"Nike the National Team: How Nike is Promoting the New USA Away Kits† Phillip Cunha write, A global audience tunes in and sees the United States team; to the common eye, consciously or unconsciously, what the team wears is a symbol of American culture and society. From the manufacturer’s perspective, this challenge is a major opportunity for Nike, especially in an American market, where average income and spending habits make the United States a major market for the Company and their soccer division. (Phillip Cunha). Sponsoring teams around the world helps Nike to gain access to markets that other companies can get access. Sponsoring national teams and athletics helps Nike to create relationships with countries and citizens. 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Tax Pack Dumped Online Returns Encouraged â€Myassignmenthelp.Com

Question: Discuss About The Tax Pack Dumped Online Returns Encouraged? Answer: Introducation It can be seen in the given case that Eric has bought some assets since the last year and because the given case does not mention an appropriate time for holding of such assets, it can be presumed that the same has been held for less than a year. Whenever the sale consideration of a specific asset exceeds its cost base, the taxability of capital gain arises and since in the given case, the assets are presumed to be held for less than a year, indexation benefit shall not accrue upon Eric. Eric has bought the following assets in the last year. Firstly, he has acquired assets for his own use excluding collectibles. These assets consist of a home sound system with an acquisition cost of $12,000. Besides, based on the law, if the acquisition cost of personal use assets is less than $10,000, then taxability of capital gain does not incur. Secondly, Eric has bought few collectibles that are usually to address his own benefits and enjoyment. Such collectibles consist of an antique chair with an acquisition cost of $3000, painting with an acquisition cost of $9000, and an antique vase with an acquisition cost of $2000 respectively. Besides, based on the law, if the acquisition cost of such assets does not exceed $500, then taxability of capital gain does not incur upon the transaction. Lastly, Eric has also bought few shares in a listed company for an acquisition cost of $5000 that attracts capital gain tax according to the law (Sadiq et. al, 2017). Nonetheless, in order to compute taxability of capital gain for the assets held for less than a year, the acquisition cost of such assets can be deducted from their capital proceeds that can derive the net capital gain or loss for the year (Kobestky, 2005). (Amounts in dollars) Assets Acquisition cost of the assets Net Capital Proceeds Net Capital Gain or Loss Home Sound System 12,000 11000 (1000) Painting 9,000 1000 (8000) Antique Vase 2,000 3000 1000 Listed companys shares 5,000 20000 15000 Antique Chair 3,000 1000 (2000) Net Capital Gain 5000 Therefore, it can be seen from the above computation that the net capital gain in relation to Eric comes to $5000 and the same is liable to be paid by him respectively. In relation to the previously mentioned computation, many points must be taken into account. Firstly, every personal asset bought by Eric have been purchased at an acquisition cost of more than $10,000 and that is why they are applicable for taxability of capital gain. Secondly, the collectibles bought by Eric have also been bought for an acquisition cost of more than $500 and that is the reason why these are taken into account for computing net capital gain or loss for the year (Pratt Kulsrud, 2013). Lastly, the net capital gain of $5000 has been derived by setting off the capital losses from the capital gain in the particular year It can be seen from the given case that the employer of Brian has granted him an opportunity to avail a three-year loan amounting to $1 million at a special rate of interest that must be paid by him in monthly installments. This criterion is also popularly known as loan fringe benefits wherein an employer offers loan facility to his employee at a special rate of interest that is lesser than the statutory interest rates of the market (Renton, 2005). Further, since the statutory interest is not known in the given case, it can be presumed that the loan provided on April 1, 2016, with an interest rate of 5.65% shall be the statutory interest rate of the given loan. Moreover, to compute the taxability of such loan fringe benefit, various steps can be carried out. Firstly, the taxable value of such benefit can be computed by excluding the deductible rule. In relation to this, the actual interest rate of such loan must be subtracted from the statutory rate of interest on such loan. Therefore, the interest as per the actual rate of interest shall amount to $1000000 * 1% = $10000. Similarly, the interest as per the statutory rate of interest shall amount to $1000000 * 5.65% that is $56,500 respectively. Thus, the taxable value shall amount to $56,500 - $10,000 = $46,500 Secondly, Brian must calculate the loan interest as per the statutory interest rate after assuming that the same was payable in relation to the loan. Therefore, interest as per the statutory rate of interest shall amount to $10,00,000 * 5.65% = $56,500 Thirdly, it can be observed that around forty percent of the loan has been utilized for settling the future obligations and other purposes. Therefore, the imaginary amount of tax deductible interest expense must amount to $56,500 * 40% = $22,600 Fourthly, just like the previously mentioned step, the actual interest amount of the tax deductible interest expense must amount to $10,000 * 40% = $4000 Fifthly, the actual amount given in the fourth step shall be subtracted from the imaginary amount in the third step. Therefore, it gives $22,600 - $4000 = $18,600 Lastly, after computing all the above-mentioned requirements, the final taxable figure can be ascertained by subtracting $18,600 from $46,500 that gives $27,900 respectively. After evaluating the previously mentioned steps, it can be stated that if the interest was payable after termination of the loan in place of payment through monthly installment basis, then the deemed time of such loan would have been considered from the time when such interest became payable or would have been paid (Nethercott et. al, 2013). An agreement has been entered into between Jack and Jill for the purpose of renting a property, and they are liable to share the property as joint tenants with no other disputes. Further, Jill is entitled to 90% share of the profits in relation to the sale of property whereas Jack will be liable to the remaining amount. Besides, in the event of losses, every loss must be borne by Jack alone and Jill does not take any responsibility for the same. Nonetheless, in the given case, it can be observed that a loss of $10,000 had taken place and based on the agreement, Jack alone is responsible to bear the same. However, he has full right to set off such losses with his other income so that the net income or loss for the year can be determined. Similarly, if no gains have accrued to him, he can also carry forward such losses for the upcoming years (Kenny et. al, 2017). Therefore, if Jack and Jill sell the mentioned property in the given case, it is assured that either gain or loss may incur. In the case of profit from the sale of such property, the same must be borne by both the tenants in the ratio of 90:10 wherein Jill shall attain 90% of the profits and Jack shall attain the rest. Besides, Jack can also set off the loss of $10,000 that has accrued last year in contrast to the profits that may arise from the sale of such property. Moreover, if there is a loss, Jill will not participate in the same, and Jack shall take responsibili ty for the entire amount wherein he can set off the same with other income or carry forward it to subsequent years. On a whole, the net outcome is that Jack has the right to set off his past losses with the profits of the current period so that net income or loss can be determined. Similarly, if by selling the property, losses are incurred, Jack is entirely responsible for the same and he can utilize his right to set off or carry forward the same. Therefore, Jill cannot be affected by any tax treatment in the provided case It can be observed from the case of IRC v Duke of Westminster [1936] that an individual has full right to make use of legal methods in a manner that can allow him or her to minimize his total income or total tax payable as a whole. Besides, no superior authority has jurisdiction in restricting him from doing so. However, if lawful methods are not adopted to manage the accounts, then the authorities have complete jurisdiction to restrict the same and ask for an increased amount of tax payable by him (Fullerton et.al, 2017). Further, the prevalence of authenticated documents in relation to managing the books of accounts is sufficient to prove that the methods adopted for decreasing total tax are genuine in nature. Nonetheless, the given case has proved to be of utmost significance until the emergence of other case laws in relation to accounting and taxation policies. As a result, the perception of people regarding the previously mentioned case has become distinct in nature. In relation to the current situation, this case has been of significant importance because it plays a key role in preventing organizations from influencing relevant details from their books of accounts and allows them to proceed only with genuine means (Saunders, 2015). This can be illustrated through an example wherein a business X suffering from major losses owing to high debts in the business can make use of the case law to change its details in the balance sheet or write off its fixed assets to their carrying values. In simple words, the organization X can alter its financials if it is facing major losses and even if authenticated documents are not shown, the mere transaction of writing off fixed assets will be enough t o validate the same (Fullerton et. al, 2017). Furthermore, if such business attempts to make use of fraudulent methods to do the same, then the case law plays a vital role in preventing the same from happening. On a whole, if any transaction or event that can assist an organization in doing a business efficiently and in a lawful manner, then it is appropriate for the business and not immoral or illegal It can be seen from the given case that there are various pine trees in a land that is owned by Bill and in order to graze sheep in the land, Bill has no other option than to cut the trees. If he hires a logging company to the same, he shall receive $1000 for every 100 meters of timber provided to them. Since, the given case does not provide relevant information about the total amount of receipts attained by Bill from the logging company, the same can be regarded as a revenue receipt, and capital gain tax must not incur upon the same. Further, if Bill attains a lump sum amount of $50,000 for providing the right to such logging company for clearing out the timber trees from his land, the same receipt cannot be regarded as a revenue receipt. This is because it is a non-recurring receipt and is associated with a lump sum payment that is received only after giving the right to perform the required task (Barcokzy, 2010). Nonetheless, this receipt must be considered as a capital receipt and the same must be taxable under the heading capital gain tax for the year. On a whole, it can be seen in both the cases that Bill receiving some amount of money. However, the major difference in both the cases is that in the first case, it is a recurring receipt and is not a lump sum payment that has been received after provision of the right to perform the required task. In contrast to this, it can be witnessed in the second case that the lump sum amount of $50,000 is a non-recurring figure because, after removal of timber from the land, it will surely take some time to grow again. Therefore, since Bill has offered a right to the logging company for clearing the timber from the land, and in exchange, he has received a lump sum amount, the same cannot be considered as a revenue receipt and instead, it must be regarded as a capital receipt (Thorpe, 2012). This is because it is mainly associated with the selling of an asset to the logging company and hence, taxable under capital gains. Similarly, the first case shall be taxable under the normal rate of taxes. References Barcokzy, S 2010, Australian Tax Casebook, CCH Australia Ltd Fullerton, I.G, Deutsch, R, Friezer, M.L, Hanley,P Snape, T 2017, The Australian Tax Handbook Tax Return Edition 2017, Thomson Reuters: Australia Kenny, P, Blissenden, M, Villios, S 2016, Australian Tax 2017, Thomson Reuters: Australia Kobestky, M 2005, Income Tax: Text, Materials and Essential Cases, Sydney: The Federation Press Nethercott, L, Richardson, G Devos,K. 2013, Australian Taxation Study Manual, Sydney. Pratt, J. W Kulsrud, W N 2013, Federal Taxation, Oxford university press. Renton N.E 2005, Income Tax and Investment, 2nd edition, Sydney Sadiq, K, Coleman, C , Hanegbi, R, Jogarajan,S, Krever, R, Obst, R, Teoh, J Ting, A 2017, Principles of Taxation Law 2017, Law book Australia Saunders, C 2015, The Australian Constitution, Carlton: Constitutional Centenary Foundation Thorpe, C 2012, Tax Pack dumped online returns encouraged ABC News, viewed 14 September 2017 https://www.abc.net.au/news/2012-07-09/tax-pack-dumped-online-returns-encouraged/411778

Lower Voting Age In Canada Essays - Elections, Youth Rights

Lower Voting Age In Canada The young as well as the older people of Canada seem to be in a deadlock. The question of if the federal government should or should not lower the voting age is a question debated surely around the dinner tables of families in Canada, as well as in the ranks of the government. Some people even suggest that the age needs to be raised. What would make people want the voting age to be lowered to an even lower age than the young adult age of 18? On the other hand how can the youth of Canada who have their own individual views be able to make a difference without being able to vote? Both sides provide for an intriguing look into the facts and resolutions for an appropriate way to either change the voting age or keep it the same. Throughout this paper I will look at and analyze the arguments of the youth who claim to be 'disenfranchised', as well as others who see the lowering of the voting age to be detrimental rather than an improvement to the Government of Canada's political process. In 1854, before Canada became a responsible government the only people allowed to vote were people who had a high value of land which they owned, and had a high income. Women and people with other ethnic backgrounds and religious beliefs were also denied the right to vote. This did not mean that these people did not have their views and beliefs on who and what they wanted in their government but rather they were denied the right. These laws have changed since then drastically and Canada has become a democratic country (rule by the people). However, the frustration of not being able to vote and support their ideals and politicians does live on in the hearts and minds of thousands of young Canadians under the age of eighteen. The youth of Canada between the ages of ten to eighteen years old accounts for approximately 12.5 percent of the overall population of Canada. Thousands of these young adults are politically informed, politically active and have the concerns and demands many of the people who actually vote have. However, the youth of Canada also have concerns of their own which they are unable to address substantially. People under the age of eighteen for the most part are concerned in matters much different than say an employed thirty five-year-old. The youth under eighteen still are in high school they are concerned about as a grade 10 student from Western Canada High School put class sizes, teacher disputes, and minimum wage, (Thompson) among other things. He later goes on to state the fact that by the time he has indeed graduated and become eighteen years old, he will no longer be interested in class sizes nor teacher disputes, therefore he will not address them in his decision on who he decided to vote for. This is a very valid argument and it is also true for the most part to say that the voices of these concerned children should be heard via the vote of their parents. The government of Canada sees the parents as a voice for their children, however parents inevitably will vote in a bias towards their needs such as tax cuts. Without the availability and opportunity to vote and voice their opinions in an electoral system the youth of Canada are left to impact the political process in other ways. Thousands of youth are involved in political parties, political rallies and interest groups all over the country and as the country starts recognizing these groups more it has become increasingly easier to voice one's opinion and join. This is a valid argument to the point that most youth can already impact the result in politics by voicing their opinions and informing others rather than voting. Interest groups are an influential part of politics in Canada and if one under the age o f eighteen does feel the need to voice their opinion and influence politics this can be argued to be easier and sometimes more efficient than actually voting. On the other hand, an interest group never can or will have the

Reflections on Federal Environmental Policy essay

Reflections on Federal Environmental Policy essay Reflections on Federal Environmental Policy essay Reflections on Federal Environmental Policy essayThe current major environmental issues include pollution (water, air and land pollution), overpopulation, water scarcity, land degradation, nuclear waste contamination, global climate change, and depletion of resources, and other issues. Most environmental issues require adequate solutions in the form of environmental protection. I think that related policies are effective, although much should be done to strengthen current policies. For example, waste management policy is regulated at the federal level, while municipal solid waste remains the issue of local policy. Current environmental policies tend to solve various environmental problems, which incorporate a set of interconnected issues that influence the sustainability of our planet.   There are many changes in the environmental policies that affect my personality and personalities of other people. Today people understand the dimensions of existing environmental problems and find the proper solutions to address these problems through the use of new technologies. As a result, particular environmental issues can be deconstructed. People understand the major causes and effects of current environmental issues. I have changed my attitudes toward environmental concerns. I use new technologies to save environment, e.g. energy saving, water saving, etc. My thoughts about environmental policies prior to reading this week’s reading assignment were improper. My perspective has been reinforced now that I am more informed.   I have learned much new information during this course. Now I have an opportunity to relate this, what I have learned this week to my own experiences. For example, I can define environmental protection as an important policy area that has direct relation to human health. I understand social, economic and political impact of current environmental policies.   Undoubtedly, one of the most complex and influential environmental problems is glo bal climate change. To address non-human induced climate change, it is necessary to find solutions to the problem of pollution, especially in large cities, because air pollution has global impact on the environment.

English class assignment Essay Example | Topics and Well Written Essays - 500 words - 1

English class assignment - Essay Example For example is the commercial ad of Bud Light where it uses the punch line of â€Å"Whatever is coming, #UpForWhatever† (MrMayoFella). This kind of rhetorical device appeals to public because it is easy to understand and to remember. Also the use of product endorsers is a big plus to the commercial advertisement. The maker of this ad uses repetition wherein the words in the punch line are repeated in such a way that people will get it easily and will have more impact. Another Super bowl commercial ad that used rhetorical choices as its strategy to public viewers is the commercial ad of Doritos. It has a punch line of â€Å"Doritos For the Bold†. In its commercial ad, the boy was proposing to his girlfriend and placed the ring inside the Doritos. His girlfriend accidentally ate the ring (MrMayoFella). Analyzing the commercial ad, the rhetorical choice used was appeal to pride because of the punch line â€Å"For The Bold†. It’s like the advertisers are advising the public viewers that they should eat Doritos to gain boldness or pride. While the other commercial ads are modernized, the commercial of Audi used the rhetorical choice of appeal to history. The Audi commercial presented its past showing its credibility in car-making (MrMayoFella). Also the use of stating credentials can be said to be used in the Audi commercial ad because the credibility of the Audi was being stated in the commercial clearly. Also the M&M’s commercial ad used another rhetorical choice to appeal into the public viewers. The company showed an M&M chocolate singing â€Å"I’ll Do Anything For Love† while resisting to be cooked or eaten by people (MrMayoFella). This kind of rhetorical choice is satire. Analyzing the commercial ad, the advertisers made the public viewer laugh while inserting their point that you M&M chocolate are delicious combined with other foods. For the halftime show, the Super Bowl organizers invite famous singers to entertain the crowd. Then the

Macro economics important assingments Assignment

Macro economics important assingments - Assignment Example If the borrowing is made long term it will ease or reduce inflation in the economy of Ghana. The government of Ghana opted to sell the long term bonds in order to get funds for the infrastructure. In 2012 the fiscal deficit of this country increased to 12% of the GDP hence pushed interest rates up. Due to this situation it has been focused that the interest rates will remain high and there will be more transaction of long term bonds (Melvin & Boyes, pp.149) In general to stabilize the economy of this country, a few things need to be done. From the article, it is well spelt out that the Ghana investors are highly attracted to long term bonds. Selling of Long term bonds with high interest is a central bank initiative to control circulation of money and to reduce inflation. In the short run, borrowings have led the state into public debts and increased inflation. The government therefore, sells bonds on long term to invest in infrastructure that can service government debts and reduce t he economies deficit. To ensure stability, the bonds should be sold in a long term and not on short term as many firms may take loans and fail to pay them in time hence creating debts. Therefore, long term bonds should be sold at high interest to reduce inflation and stabilize the money markets. ... There has been decrease in demand of grilled meat as change of weather is unbearable. For this reason consumers have resorted to other alternatives. Reaction: as there has been a fall for demand of barbecue cuts, there have been opting for things like slower cookers and crock pots. In the market the supply of grilled meat has increased as the demand for them has gone low forcing the prices to fall. The lowering of prices is to attract consumers as there is no enough demand to meet the supply. The sales department is therefore forced to export the barbecue products to overseas to meet the dispose of the surplus. It can be derived from the reaction that that change of the season to winter has led to the changes in demand. Most of the consumers prefer to stay in orders than to go to the grill to purchase meat. This in turn decreases its demand automatically and the supply increases. Compared to other meat like chucks and blade the grill meet has changed in its demand. Therefore, the gov ernment opts for other forms of meet as there demand has been maintained. There supply should therefore be increased to compensate for the gap that might have been created by the grill meat (Melvin & Boyes, pp.52) Assignment three Article: http://articles.washingtonpost.com/2013-04-05/opinions/38300337_1_minimum-wage-fair-labor-standards-act-workers Position: I agree that Stevenson’s assumptions of minimum wage that minimum wage takes care of everyone. The minimum wage always remain the same unless change by the government. If the minimum wage is increased the unemployment increases. The minimum wage cuts across everyone but they vary depending on the terms of employment. The government

Project Shakti Essay Example for Free

Project Shakti Essay The project was started to explore the business opportunity of the rural market, where the competition will be less than the urban market. The first challenge faced by the Shakti was the low margin to its entrepreneurs and lack of owner ship. Its initial plan was, federations purchase products from HLL and then sell them to SHGs and then to outlets in village. In this model no one took responsibility. This challenge was overcome by changing the business model as follows: A member of the SHG appointed as entrepreneur, who borrow money from respective SHG and buy products directly from HLL. By this model responsibility is only for entrepreneur and no need to share profit as well. HLLs pilot model was with women because they are the bulk consumer for the HLL products and they have access to home of potential consumers. Easy part of the project was the selection of the entrepreneurs. Problem starts once the stock started piling up, which was almost equal to their annual income. To add on to this, loan repayment schedule was also started which was threaten the feasibility of the project. These entrepreneurs did not have any previous experience in undertaking independent economic activity added up failure of this task. HLL had overcome this with following initiatives: 1. They had introduced RSP, to control stock. To reduce the cost they hired the trainers to train entrepreneurs and outsourced the administration to third party 2. Offered incentive for visiting specific number of homes and offered additional incentive for selling specific brands 3. Negotiated with bank to get more time to start initial payment. To scale up the project, implementation team has to undergo following tasks: 1. Arrange government permissions and secure the support of the district administration 2. Identify and seal partnerships with NGOs well established in the region 3. Interact with mainstream HLL sales to identify market for PS 4. Locate SHG and convince them that the project shakti was a reliable, sustainable source of income for their members 5. Appoint a right women as entrepreneurs 6. Ensure a steady supply of products In many placed HLL was not able get support from government, presuming that these attempts are an explosive attempt of a large multinational. This was overcome by the appointing MART and helped them to expand to 50405 villages across 310 districts in 12 states. To scale up they have addressed the requirement of the small income group by introducing low price packs Introduced Vani programme to educate personals and communities on their health and hygiene. Next challenge faced was to change the focus of the buyers from local retailers to Shakti entrepreneur. It has been overcome by doing the following: 1. Personalized service 2. Door step delivery 3. Assurance of quality 4. Credit to regular patrons 5. Creating a network for sale and passing a percentage of the profit to them as well

Free Essays - Superstitutions in The Adventures of Huckleberry Finn :: Adventures Huckleberry Huck Finn Essays

Superstitutions in The Adventures of Huckleberry Finn      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In The Adventures of Huckleberry Finn Jim and Huck use and believe in many superstitions.   There are many examples from the book, that show this in the characters.   Most of the superstitions are very ridiculous, but some actually make a little sense.      Ã‚  Ã‚  Ã‚  Ã‚   Huck seen a spider was crawling on his shoulder and he flipped it off and it landed in a lit candle.   It shriveled up and died.   Huck said it would fetch him some awful bad luck.   He got up and turned around three times and crossed his breast every time.   Then he tied up a little lock of his hair with a thread to keep witches away.   He says that the ritual he did was for losing a found horseshoe and did not know if it would work. These superstitions and remedies seem pretty far fetched and it is hard to say where they originated, but I would have to say they originated down South.   I think it originated down south because I am from up North and I have never heard any one speak of those superstitions.   Huck believes in these probably because he grew up with them and they were always taught to him and he is so ignorant he does not know better.      Ã‚  Ã‚  Ã‚  Ã‚   One morning Huck turned over the salt-cellar at breakfast.   He went to throw the salt- cellar over his left shoulder to cancel the bad luck, but Miss Watson stopped him.   All day he wondered when something would fall on him and what it would be.   This all implies that Huck thinks something is going to fall on him, because of his accident.   I have heard about bad luck from spilling salt so I think this Superstition started in the North or maybe it was just popular and spread quickly.   I do not believe there is hardly any fact at all to this.   Huck believes in this probably because of the way he grew up.      Ã‚  Ã‚  Ã‚  Ã‚   Jim said when young chickens flew a yard or two at a time and lighting it was a sign that it was going to rain.   He thought if birds did it, it would be the same.   Also Jim said if you caught one of them you Free Essays - Superstitutions in The Adventures of Huckleberry Finn :: Adventures Huckleberry Huck Finn Essays Superstitutions in The Adventures of Huckleberry Finn      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In The Adventures of Huckleberry Finn Jim and Huck use and believe in many superstitions.   There are many examples from the book, that show this in the characters.   Most of the superstitions are very ridiculous, but some actually make a little sense.      Ã‚  Ã‚  Ã‚  Ã‚   Huck seen a spider was crawling on his shoulder and he flipped it off and it landed in a lit candle.   It shriveled up and died.   Huck said it would fetch him some awful bad luck.   He got up and turned around three times and crossed his breast every time.   Then he tied up a little lock of his hair with a thread to keep witches away.   He says that the ritual he did was for losing a found horseshoe and did not know if it would work. These superstitions and remedies seem pretty far fetched and it is hard to say where they originated, but I would have to say they originated down South.   I think it originated down south because I am from up North and I have never heard any one speak of those superstitions.   Huck believes in these probably because he grew up with them and they were always taught to him and he is so ignorant he does not know better.      Ã‚  Ã‚  Ã‚  Ã‚   One morning Huck turned over the salt-cellar at breakfast.   He went to throw the salt- cellar over his left shoulder to cancel the bad luck, but Miss Watson stopped him.   All day he wondered when something would fall on him and what it would be.   This all implies that Huck thinks something is going to fall on him, because of his accident.   I have heard about bad luck from spilling salt so I think this Superstition started in the North or maybe it was just popular and spread quickly.   I do not believe there is hardly any fact at all to this.   Huck believes in this probably because of the way he grew up.      Ã‚  Ã‚  Ã‚  Ã‚   Jim said when young chickens flew a yard or two at a time and lighting it was a sign that it was going to rain.   He thought if birds did it, it would be the same.   Also Jim said if you caught one of them you

The Cost of Capital

THE COST OF CAPITALQ1. Place the creditor's hierarchy in the correct order. (P;D)Ordinary Shareholders 1Unsecured Creditors 2Creditors with floating charges 3Preference Shareholders 4Creditors with fixed charges 5(2 marks) Q2. Gecko Co. has just paid a dividend of $0.65/share ; the current share price in the market in the stock market is $3.6. Calculate the cost of equity? (FIB)3613156159500Ke %(2 marks) Q3. A share has a current market value of 86c, and the last dividend paid by the company was 7.23c. The expected annual growth rate of dividends is 7%. Calculate the cost of equity capital? (FIB)4013205270500Ke %(2 marks) Q4. Reeve Co. is about to pay a dividend of $1 per ordinary share. The Net assets of the company are $500,000. The Earnings for the company is $180,000.The Current share price is $7 per share. Reeve Co. has in total 100,000 Ordinary shares. What is the cost of equity to the nearest whole percentage? (MCQ)27%30%33%35%(2 marks) Q5. Sago Co.'s has 5 million shares in issue & their dividend payments in the years were as follows:End of the year 20X7 20X8 20X9 20Y0 20X1Dividends ($000) 250 275 295 222 350The current share price of Sago Co is $2/share. Calculate the cost of equity? (MCQ)11%12.6%13%15.1%(2 marks) Q6. Amok Co. is about to pay a dividend of 20c per share. The share price is 300c. The rate of return is 16% & 25% of the earnings is a dividend. Calculate the cost of equity? (FIB) 3917954508500Ke %(2 marks) Q7. Which of the following is/are the assumptions used by Dividend valuation model (DVM)? (MRQ) Income stream for the shareholders are the dividends paid by the companyDividends are constant or grow at a fixed rateThe model assumes there is no need to incorporate any riskThe dividends paid by the company are till eternity (2 marks) Q8. Which of the following statements is a disadvantage for Dividend valuation model (DVM)? (MCQ)The model takes capital gains of shareholders into accountIt assumes huge cost is applicable to the issue of new sharesNo allowance is made for the taxationThe growth in earnings is incorporated(2 marks) Q9. Shares in BLACK and WHITE have a beta of 0.75. The equity risk premium is 5% and the risk-free rate of return is 3%. What is the cost of equity capital for BLACK and WHITE? (FIB)4921256223000Ke %(2 marks) Q10. The current average market return being paid on risky investments is 14%, compared with 7% on Treasury bills. Halo Co cost of equity is 17.5%. What is the beta factor? (FIB)4921256350000Beta (2 marks) Q11. The Government securities return is 7%. The overall stock market return is 11%. The expected beta is 0.9. What would be the share's expected value if it is expected to earn an annual dividend of 5.3c, with no capital growth? (FIB) 2006606096000Cents (2 marks) Q12. All companies given below operate in the same business industry. They all have same characteristics except for the fact that their capital structures are different, which are as follows:Loco Co. Choco Co. Rocco Co.Debt from the total market 27 35 49Equity from the total market 73 65 51The equity beta of Rocco Co. is 1.32 ; the equity beta of Loco Co. is 0.74.What range will Choco Co. beta fall? (MCQ)The beta of Choco Co is higher than 1.32The beta of Choco Co. is above 0.74The beta of Choco Co. is between 0.74 ; 1.32The beta of Choco Co is lower than 0.74(2 marks) Q13. Investments required return can be predicted using the Capital asset pricing model. The risk-free rate of return is 5%. Investment Beta Value Return ValueAlpha 1.5 13%Beta 0.7 15.3%Mega 1 12%Zeta 1.2 12.2%If Zeta is correctly priced then select the appropriate option for each investment? (P;D) Alpha UnderpricedBeta Correct PriceMega Overpriced(2 marks) Q14. Beak Frees Co. makes biscuits and cookies and there are some factors in the market that the investors are unable to distinguish either they are a systematic or un-systematic risk to them. Help the investors in choosing the appropriate Risk? (HA) The immediate increase in interest rates SYSTEMATIC UNSYSTEMATIC Price increments in Flour used by the company SYSTEMATIC UNSYSTEMATICThe downfall of the economy in which the company operates SYSTEMATIC UNSYSTEMATICIndustrial unrest in one of the factories SYSTEMATIC UNSYSTEMATIC (2 marks) Q15. Which of the following assumption is not related to Capital asset pricing model? (MCQ)Investors have a spread of investment in multiple companiesThere are no taxes applicableIt ignores earning a potential of the companyAll forecast made are for single period transaction(2 marks) Q16. The systematic risk of a portfolio relative to the market portfolio is measured using the beta factor. Which of the following statements is/are true? (MRQ)If Beta is greater than 1, the security is less sensitive to systematic risk than the marketIf Beta is lesser than 1, the security is less sensitive to systematic risk than the marketIf Beta equals 1, the security's exposure to systematic risk matches the marketIf Beta equals 0 the security is risk-free(2 marks) Q17. Which of the following is an advantage of Capital asset pricing model? (MCQ)It provides a basis for establishing risk-adjusted discount rates for capital investment projects.Ignores taxation for the investorsIt is unable to distinguish between dividends & capital gainsIndividual companies have different systematic risk characteristics of their shares(2 marks) Q18. The cost of equity of a company is directly unaffected by which of the following? (MCQ)The expected market returnThe company's expected betaThe expected return on the company's assetThe government securities return (2 marks) Q19. 10% irredeemable preference shares having a share price-dividend of $7/share. The tax rate is 27%. Calculate the cost of preference shares if the par value is $0.6 correct to two decimal places? (FIB) 4521207747000Kp %(2 marks) Q20. Tangerine Co. wants to invest in an Investment appraisal project. The company decided to invest using a bank loan. The company borrowed 7% $200,000 loan for the investment. What will be the cost of debt if the tax rate is 25%? (FIB)4521207175500Kd %(2 marks) Q21. 3G Co. has in issue 12% irredeemable loan notes, currently trading at $105 cum-interest.If the tax rate changes from 27% to 20% for 3G co. then the cost of debt would likely: (MCQ) Decreases to 8.4%Decreases to 9.42% Increases to 9.42%Increases to 10.3%(2 marks) Q22. A company issued their 10% irredeemable loan notes at 150. The current market price is $75. The company is paying corporation tax of 28%. What is the cost of loan notes? (FIB)4521206985000Kd %(2 marks) Q23. A company has in issue 8% redeemable debt with three years to redemption at par. The current market value of the debt is $107.59. The corporation tax rate is 30%. What is the interest cost to the company? (MCQ)$8.6$32.3$8$5.6(2 marks) Q24. A company has in issue 5% redeemable loan notes having a current market value of $103/bond. These bonds will be redeemed in three year time at par value. Calculate the cost of debt if the tax rate is 29%? (MCQ)2%2.15%2.63%3% (2 marks) Q25. A 6% irredeemable preference shares are traded for $1.5 cumulative dividend. The tax rate is 30%. What is the cost of preference shares nearest to two decimal places? (FIB) 4521207810500Kp %(2 marks) Q26. A 3% 60,000 irredeemable preference shares are being traded for $0.5 ex. Dividend. What is the cost of preference shares? (FIB)4521206985000Kp %(2 marks) Q27. A company has irredeemable loan notes currently trading at $36 ex-interest. The coupon rate is 11% and the rate of corporation tax is 30%.What is the return required by the debt providers before tax is applicable? (MCQ)21.4%27.6%30.6%33%(2 marks) Q28. Sitcom Co. has a 5% redeemable loan notes which are redeemable at a 10% premium in 5 years' time. The current market value is $100 per loan note. The tax rate is 25%. Calculate the cost of debt? (MCQ)2.7%3.53%4%5.62%(2 marks) Q29. A company has issued convertible loan notes which are due to be redeemed at a 5% discount in five years' time. The coupon rate is 7% and the current MV is $85. Alternatively, the investor can choose to convert each loan note into 10 shares in five years' time. The company pays tax at 30% per annum. The company's shares are currently worth $9 and their value is expected to grow at a rate of 4% pa. Find the post-tax cost of the convertible debt to the company? (FIB)4521207683500Kd %(2 marks) Q30. Cobol Co. has in issue 6% convertible bonds having a market value of $115. These bonds can redeem at a premium of 2% in two years' time or can be converted to 25 ordinary shares in two years. The current share price $4 and its expected growth is 3% per annum. The corporation tax rate is 29%. Calculate the net present value if discount factor is 4%? (MCQ) $1.53$4.26$8.03$10(2 marks) Q31. Fichte Co. has in issue 12% convertible bonds having a market value of $97. These bonds can be converted into 40 ordinary shares in seven years' time or can be redeemed at 12% premium in seven years' time. The current share price is $3 with an annual growth rate of 4%.The tax rate per annum is 24%. Choose whether bonds should be converted or redeemed in seven years' time? (MCQ)$108.64 Redemption $157.91 Conversion$108.64 Conversion$157.91 Redemption (2 marks) The following information is for Q32 & Q33:Trico Co. has the capital structure:Capital Structure $ m4 million $0.2 ordinary shares 0.810% irredeemable loan notes 13.58% Preference shares 10Reserves 15Total 39.3The loan notes are quoted and the ordinary shares are currently quoted at $50 and $4 respectively in the market. The cost of equity for Trico Co. is 11% and the current corporation tax is 30%. The preference shares are currently traded for $2.25 ex. Dividend. Q32. Calculate the weighted average cost of capital (WACC) for Trico Co. using the Book values? (MCQ) 8.45%10.37%11.13%11.27%(2 marks) Q33. Calculate market value weighted average cost of capital (WACC) for Trico Co.?9.24%9.97%10.79%12.38%(2 marks) Q34. Zeeman Co. has 5m $1 ordinary shares, the reserves are held at $10m and there are 15% irredeemable loan notes of $9m. The market value of ordinary shares is $5, and the loan notes are currently traded at $80. Zeeman Co. has just paid a dividend of $0.7 and its corporation tax is 26%. What is the cost of capital? (MCQ)13.98%14.23%16.76%17.89%(2 marks)THE COST OF CAPITAL (ANSWERS)Q1. Creditors (payables) hierarchy:Creditors with fixed charges 1Creditors with floating charges 2Unsecured Creditors 3Preference Shareholders 4 Ordinary Shareholders 5 Q2. 18.1%Ke = (0.65 à · 3.6) Ãâ€" 100 = 18.1% Q3. 16%Ke = (7.23 [1 + 0.07] à · 86) + 0.07 = 0.1599 0.1599 Ãâ€" 100 = 16% Q4. DGrowth = b Ãâ€" re b = (1 – [1à ·1.8]) = 0.44 re = (1.8à ·5) = 0.36g = (0.44 Ãâ€" 0.36) Ãâ€" 100 = 15.84%Ke = [1Ãâ€"(1+15.84%)] à · (7 – 1) = 0.1931 + 15.84% = 0.351Ke = 0.351 Ãâ€" 100 = 35% Q5. Bg = [(350 à · 250) 1 à · (5-1) – 1] Ãâ€" 100 = 8.8%D1 = (350 à · 5000) Ãâ€" (1 + 8.8%) = 0.076Ke = [(0.076 à · 2) + 8.8% ] Ãâ€" 100 = 12.6% Q6. 12%g = (0.75 Ãâ€" 0.16) Ãâ€" 100 = 12%D1 = 0.2 (1 + 12%) = 0.224Ke = [0.224 à · (3 – 0.2)] = 0.08 + 12% = 0.2 Ãâ€" 100 = 12% Q7. All statements below are assumption of DVM: Income stream for the shareholders are the dividends paid by the companyDividends are constant or grow at a fixed rateThe dividends paid by the company are till eternity The model assumes there is no need to incorporate any risk. This is weakness not an assumption for Dividend growth model. Q8. CThe model does not take capital gains of shareholders into accountIt assumes no cost is applicable to the issue of new sharesNo allowance is made for the taxation (Disadvantage)The growth in earnings are ignored Q9. 6.75%Ke = 3 + (5 Ãâ€" 0.75)Ke =6.75% Q10. 1.517.5% = 7 + (14 – 7) Ãâ€" (beta)Beta =1.5 Q11. 50cKe = 7 + (11 – 7) Ãâ€" (0.9) = 10.6%Share price = 5.3c à · 10.6% = 50c Q12. CThe higher the debt, the riskier the company. The higher the equity, the safer the company.Loco Co. is safer as Debt lower & Rocco Co is riskier as debt is higher which indicates that Choco Co falls between both betas as its debt is between both companies debt. Q13.Alpha OverpricedBeta UnderpricedMega Correct PriceIf Investment Zeta is correctly priced, the actual return via CAPM will be 12.2 = 5 + 1.2 (Rm – 5)Rm = 12 Investment Alpha should provide a return of 5 + 1.5 (12 – 5) = 15.5Investment Beta should provide a return of 5 + 0.7 (12 – 5) = 9.9Investment Mega provides a return of 5 + 1 (12 – 5) = 12Investment Alpha does not provide a high return so is overpriced. Investment Beta provides too high return so is underpriced. Investment Mega provides the correct return so correct priced. Q14.The immediate increase in interest rates SYSTEMATIC Price increments in Flour used by the company UNSYSTEMATICThe downfall of the economy in which the company operates SYSTEMATIC Industrial unrest in one of the factories UNSYSTEMATICSystematic risk cannot be diversified by the investorUnsystematic risk can be diversified by the investor Q15. CInvestors have a spread of investment in multiple companies (Well-diversified portfolio)There are no taxes applicable (Indication of being in a perfect capital market)It ignores earning a potential of the company (Disadvantage of DVM)All forecast made are for the single period transaction (Considers single transaction rather than multiple transactions at once) Q16.If Beta is greater than 1, the security is less sensitive to systematic risk than the market (True)If Beta is lesser than 1, the security is less sensitive to systematic risk than the market (False, It is highly sensitive to systematic risk than the market)If Beta equals 1, the security's exposure to systematic risk matches the market (True)If Beta equals 0 the security is risk-free (True) Q17. AIt provides a basis for establishing risk-adjusted discount rates for capital investment projects. (Advantage)Ignores taxation for the investors (Disadvantage)It is unable to distinguish between dividends ; capital gains (Disadvantage)Individual companies have different systematic risk characteristics of their shares (Disadvantage) Q18. CThe formula for required return is Ke = risk-free rate + beta Ãâ€" (market rate – risk-free rate) Q19. 0.86%D= 0.6 Ãâ€" 10% = 0.06Ex-Dividend = 7 – 0.06 = 6.94Kp = (0.06 à · 6.94) Ãâ€" 100 = 0.86% Q20. 5.25%Kd = 7% Ãâ€" (1 – 25%) = 0.0525 Ãâ€" 100 = 5.25% Q21. DKd = [(12% Ãâ€" 100) Ãâ€" (1 – 27%)] à · (105 – 12) = 0.094 Ãâ€" 100 = 9.42%Kd = [(12% Ãâ€" 100) Ãâ€" (1 – 20%)] à · (105 – 12) = 0.103 Ãâ€" 100 = 10.3%Increases to 10.3% Q22. 9.6%Kd = [ (10% Ãâ€" 100) Ãâ€" ( 1 – 28%) ] à · 75 = 0.096 Ãâ€" 100 = 9.6% Q23. DInterest = (8% Ãâ€" 100) Ãâ€" (1 – 30%) = $5.6 Q24. BYear Cash flow ($) DF (5%) Present value ($) DF (10%) Present Value ($)MV/Bond 0 (103) 1 (103) 1 (103)Interest 1-3 3.55 2.723 9.67 2.487 8.83Redemption 3 100 0.864 86.4 0.751 75.1NPV (6.93) (19.07)IRR = 5 + [-6.93 à · (-6.93 – (-19.07)] Ãâ€" (10 – 5) = 2.15% Q25. 4.17%D= 1 Ãâ€" 6% = 0.06Ex-Dividend = 1.5 – 0.06 = 1.44Kp = (0.06 à · 1.44) Ãâ€" 100 = 4.17% Q26. 6%D= 1 Ãâ€" 3% = 0.03Kp = (0.03 à · 0.5) Ãâ€" 100 = 6% Q27. CAs the question states before tax the calculation will be:Kd = [(11% Ãâ€" 100) à · 36] Ãâ€" 100 = 30.6% Q28. DYear Cash flow ($) DF (5%) Present value ($) DF (10%) Present Value ($)MV/Bond 0 (100) 1 (100) 1 (100)Interest 1-5 3.75 4.329 16.23 3.791 14.22Redemption 5 110 0.784 86.24 0.621 68.31NPV 2.47 (17.47)IRR = 5 + [2.47 à · (2.47 – (-17.47)] Ãâ€" (10 – 5) = 5.62% Q29. 9.7%Year Cash flow ($) DF (5%) Present value ($) DF (10%) Present Value ($)MV/Bond 0 (85) 1 (85) 1 (85)Interest 1-5 4.9 4.329 21.21 3.791 15.58Convertible 5 109.5 0.784 85.85 0.621 68NPV 22.06 (1.42)Redemption= 85 Ãâ€" 95% = 80.75Convertible= 10 Ãâ€" [9 Ãâ€" (104%)5 ] = 109.5IRR = 5 + [22.06 à · (22.06 – (-1.42)] Ãâ€" (10 – 5) = 9.7% Q30. AYear Cash flow ($) DF (4%) Present value ($)MV/Bond 0 (115) 1 (115)Interest 1-2 4.26 1.886 8.03Redemption 2 117.3 0.925 108.5NPV 1.53Redemption= 115 Ãâ€" 102% = 117.3Convertible= 25 Ãâ€" [4 Ãâ€" (103%)2 ] = 106.1 Q31. BRedemption= $97 Ãâ€" 112% = $108.64Conversion= 40 Ãâ€" [3 Ãâ€" (104%)7] = $157.91 Q32. DKp= [(8% Ãâ€" 1) à · 2.25] Ãâ€" 100 = 3.56%Kd= [(10% Ãâ€" 100) (1 – 30%)] à · 50 = 0.14 Ãâ€" 100 = 14% Book Value ($m) Cost ($m)Equity (15+0.8) 15.8 15.8 Ãâ€" 11% 1.738Preference shares 10 10 Ãâ€" 8% 0.8Debt (irredeemable) 13.5 13.5 Ãâ€"14% 1.89Total 39.3 4.428WACC = (4.428 à · 39.3) Ãâ€" 100 = 11.27% Q33. CKp= [(8% Ãâ€" 1) à · 2.25] Ãâ€" 100 = 3.56%Kd= [(10% Ãâ€" 100) (1 – 30%)] à · 50 = 0.14 Ãâ€" 100 = 14% Market Value ($m) Cost ($m)Equity 4m Ãâ€" 4 =16 16 Ãâ€" 11% 1.76Preference shares 4m Ãâ€" 2.25 = 9 9 Ãâ€" 8% 0.72Debt (irredeemable) (13.5 à · 100) Ãâ€" 50 = 6.75 6.75 Ãâ€"14% 0.945Total 31.75 3.425WACC = (3.425 à · 31.75) Ãâ€" 100 = 10.79% Q34. AKe= ($0.7 à · $5) Ãâ€" 100 = 14%Kd= [(15% Ãâ€" 100) (1 – 26%)] à · 80 = 0.1387 Ãâ€" 100 = 13.87%Market Value ($m) Cost ($m)Equity 5m Ãâ€" 5 =25 25 Ãâ€" 14% 3.5Debt (9 à · 100) Ãâ€" 80 = 7.2 7.2 Ãâ€" 13.87% 1Total 32.2 4.5WACC = (4.5 à · 32.2) Ãâ€" 100 = 13.98%

22 Immutable Laws of Marketing - 1449 Words

The 22 Immutable Laws of Marketing Marketing consultants, Al Ries and Jack Trout, carefully and logically outline 22 absolute laws for succeeding in the marketing arena in this book. This duo is also credited for authoring Bottom-Up Marketing, Marketing Warfare, and Positioning. The main point, repeated throughout the book, is that marketing is based around the perception of the consumer and once that consumer has formed an opinion on your product or company, it s nearly impossible to change it. Each chapter identifies an immutable law and provides plenty of examples of how different prominent companies marketing strategies either succeeded or failed based on a particular law. Failures often occurred due to poor decision making†¦show more content†¦Two companies cannot own the same word in the prospect s mind, therefore the key is getting others to use your word and become a leader. Another strategy for getting into the mind of consumers is the law of candor. When you admit a negative, the prospect wil l give you a positive. For example, Listerine became very effective when they stated that their product was the taste you hate twice a day. While marketing your product, you have to watch for the law of division. Over time, a category will divide and become two or more categories. Cars are a great example of this law, but timing is important and you can be too early to exploit a new category. Moving farther into your project, you need to realize that marketing effects take place over an extended period of time. Donald Trump filing for bankruptcy is a great example of short-term success leading to long-term failures. Successful programs are not built on fads, they re built on trends. Fads are good for the short-term, but trends are better for the long-term. The key to a long-term trend is to never totally satisfy the demand of your product or service. 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