This is completed downloadable of Principles of Managerial Finance Brief Gitman 7th Edition Solutions Manual
Product Details:
- ISBN-10 ‏ : ‎ 0133546403
- ISBN-13 ‏ : ‎ 978-0133546408
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Guide students through complex material with a proven learning goal system. This system – a hallmark feature of Principles of Managerial Finance, Brief—weaves pedagogy into concepts and practice, giving students a roadmap to follow through the text and supplementary tools.
Table of Content:
- Part 1 Introduction to Managerial Finance
- Chapters in This Part
- 1 The Role of Managerial Finance
- Learning Goals
- Why This Chapter Matters to You
- 1.1 Finance and Business
- WHAT IS FINANCE?
- CAREER OPPORTUNITIES IN FINANCE
- Financial Services
- Managerial Finance
- LEGAL FORMS OF BUSINESS ORGANIZATION
- Sole Proprietorships
- Partnerships
- Matter of fact
- BizStats.com Total Receipts by Type of U.S. Firm
- TABLE 1.1 Strengths and Weaknesses of the Common Legal Forms of Business Organization
- Corporations
- FIGURE 1.1 Corporate Organization
- Other Limited Liability Organizations
- WHY STUDY MANAGERIAL FINANCE?
- TABLE 1.2 Career Opportunities in Managerial Finance
- REVIEW QUESTIONS
- 1.2 Goal of the Firm
- MAXIMIZE SHAREHOLDER WEALTH
- MAXIMIZE PROFIT?
- FIGURE 1.2 Share Price Maximization
- Example 1.1
- Timing
- Cash Flows
- Risk
- WHAT ABOUT STAKEHOLDERS?
- THE ROLE OF BUSINESS ETHICS
- Matter of fact
- Considering Ethics
- ETHICS AND SHARE PRICE
- in practice focus on ETHICS: Critics See Ethical Dilemmas in Google Glass?
- REVIEW QUESTIONS
- 1.3 Managerial Finance Function
- ORGANIZATION OF THE FINANCE FUNCTION
- RELATIONSHIP TO ECONOMICS
- Example 1.2
- RELATIONSHIP TO ACCOUNTING
- Emphasis on Cash Flows
- Example 1.3
- Personal Finance Example 1.4
- Decision Making
- PRIMARY ACTIVITIES OF THE FINANCIAL MANAGER
- FIGURE 1.3 Financial Activities
- REVIEW QUESTIONS
- 1.4 Governance and Agency
- CORPORATE GOVERNANCE
- Individual versus Institutional Investors
- Government Regulation
- THE AGENCY ISSUE
- The Agency Problem
- Management Compensation Plans
- Matter of fact
- The Threat of Takeover
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problem
- Warm-up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- 2 The Financial Market Environment
- Learning Goals
- Why This Chapter Matters to You
- 2.1 Financial Institutions and Markets
- FINANCIAL INSTITUTIONS
- Key Customers of Financial Institutions
- Major Financial Institutions
- COMMERCIAL BANKS, INVESTMENT BANKS, AND THE SHADOW BANKING SYSTEM
- Matter of fact
- FINANCIAL MARKETS
- THE RELATIONSHIP BETWEEN INSTITUTIONS AND MARKETS
- FIGURE 2.1 Flow of Funds
- THE MONEY MARKET
- THE CAPITAL MARKET
- Key Securities Traded: Bonds and Stocks
- Example 2.1
- Broker Markets and Dealer Markets
- in practice focus on PRACTICE: Berkshire Hathaway: Can Buffett Be Replaced?
- International Capital Markets
- Matter of fact
- The Role of Capital Markets
- REVIEW QUESTIONS
- 2.2 The Financial Crisis
- FINANCIAL INSTITUTIONS AND REAL ESTATE FINANCE
- FALLING HOME PRICES AND DELINQUENT MORTGAGES
- FIGURE 2.2 House Prices Soar and then Crash
- CRISIS OF CONFIDENCE IN BANKS
- FIGURE 2.3 Bank Stocks Plummet During Financial Crisis
- SPILLOVER EFFECTS AND THE GREAT RECESSION
- REVIEW QUESTIONS
- 2.3 Regulation of Financial Institutions and Markets
- REGULATIONS GOVERNING FINANCIAL INSTITUTIONS
- REGULATIONS GOVERNING FINANCIAL MARKETS
- REVIEW QUESTIONS
- 2.4 Business Taxes
- ORDINARY INCOME
- Example 2.2
- Marginal versus Average Tax Rates
- TABLE 2.1 Corporate Tax Rate Schedule
- Interest and Dividend Income
- Tax-Deductible Expenses
- Example 2.3
- CAPITAL GAINS
- Example 2.4
- REVIEW QUESTIONS
- Summary
- THE ROLE OF FINANCIAL INSTITUTIONS AND MARKETS
- REVIEW OF LEARNING GOALS
- Self-Test Problem
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- Part 2 Financial Tools
- Chapters in This Part
- 3 Financial Statements and Ratio Analysis
- Learning Goals
- Why This Chapter Matters to You
- 3.1 The Stockholders’ Report
- THE LETTER TO STOCKHOLDERS
- THE FOUR KEY FINANCIAL STATEMENTS
- Income Statement
- in practice focus on ETHICS: Taking Earnings Reports at Face Value
- TABLE 3.1 Bartlett Company Income Statements ($000)
- Personal Finance Example 3.1
- Balance Sheet
- TABLE 3.2 Bartlett Company Balance Sheets ($000)
- Personal Finance Example 3.2
- Statement of Retained Earnings
- TABLE 3.3 Bartlett Company Statement of Retained Earnings ($000) for the Year Ended December 31, 2015
- Statement of Cash Flows
- TABLE 3.4 Bartlett Company Statement of Cash Flows ($000) for the Year Ended December 31, 2015
- NOTES TO THE FINANCIAL STATEMENTS
- CONSOLIDATING INTERNATIONAL FINANCIAL STATEMENTS
- REVIEW QUESTIONS
- 3.2 Using Financial Ratios
- INTERESTED PARTIES
- TYPES OF RATIO COMPARISONS
- Cross-Sectional Analysis
- TABLE 3.5 Financial Ratios for Select Firms and Their Industry Median Values
- Example 3.3
- Time-Series Analysis
- Combined Analysis
- CAUTIONS ABOUT USING RATIO ANALYSIS
- FIGURE 3.1 Combined Analysis
- CATEGORIES OF FINANCIAL RATIOS
- REVIEW QUESTIONS
- 3.3 Liquidity Ratios
- CURRENT RATIO
- Matter of fact
- Personal Finance Example 3.4
- QUICK (ACID-TEST) RATIO
- Matter of fact
- REVIEW QUESTIONS
- 3.4 Activity Ratios
- INVENTORY TURNOVER
- AVERAGE COLLECTION PERIOD
- Matter of fact
- AVERAGE PAYMENT PERIOD
- TOTAL ASSET TURNOVER
- Matter of fact
- REVIEW QUESTION
- 3.5 Debt Ratios
- Example 3.5
- TABLE 3.6 Financial Statements Associated with Patty’s Alternatives
- DEBT RATIO
- DEBT-TO-EQUITY RATIO
- TIMES INTEREST EARNED RATIO
- FIXED-PAYMENT COVERAGE RATIO
- REVIEW QUESTIONS
- 3.6 Profitability Ratios
- COMMON-SIZE INCOME STATEMENTS
- GROSS PROFIT MARGIN
- OPERATING PROFIT MARGIN
- TABLE 3.7 Bartlett Company Common-Size Income Statements
- NET PROFIT MARGIN
- EARNINGS PER SHARE (EPS)
- RETURN ON TOTAL ASSETS (ROA)
- RETURN ON EQUITY (ROE)
- REVIEW QUESTIONS
- 3.7 Market Ratios
- PRICE/EARNINGS (P/E) RATIO
- MARKET/BOOK (M/B) RATIO
- REVIEW QUESTION
- 3.8 A Complete Ratio Analysis
- SUMMARIZING ALL RATIOS
- Liquidity
- Activity
- Debt
- Profitability
- Market
- DUPONT SYSTEM OF ANALYSIS
- DuPont Formula
- TABLE 3.8 Summary of Bartlett Company Ratios (2010–2015, Including 2015 Industry Averages)
- FIGURE 3.2 DuPont System of Analysis
- Modified DuPont Formula
- Matter of fact
- Applying the DuPont System
- Example 3.6
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- 4 Cash Flow and Financial Planning
- Learning Goals
- Why This Chapter Matters to You
- 4.1 Analyzing the Firm’s Cash Flow
- DEPRECIATION
- Depreciable Value of an Asset
- Example 4.1
- Depreciable Life of an Asset
- TABLE 4.1 First Four Property Classes under MACRS
- DEPRECIATION METHODS
- TABLE 4.2 Rounded Depreciation Percentages by Recovery Year Using MACRS for First Four Property Classes
- Example 4.2
- DEVELOPING THE STATEMENT OF CASH FLOWS
- Classifying Inflows and Outflows of Cash
- Matter of fact
- TABLE 4.3 Inflows and Outflows of Cash
- Preparing the Statement of Cash Flows
- TABLE 4.4 Baker Corporation 2015 Income Statement ($000)
- TABLE 4.5 Baker Corporation Balance Sheets ($000)
- Interpreting the Statement
- TABLE 4.6 Baker Corporation Statement of Cash Flows ($000) for the Year Ended December 31, 2015
- Example 4.3
- FREE CASH FLOW
- Example 4.4
- Example 4.5
- REVIEW QUESTIONS
- in practice focus on PRACTICE: Free Cash Flow at Cisco Systems
- 4.2 The Financial Planning Process
- LONG-TERM (STRATEGIC) FINANCIAL PLANS
- SHORT-TERM (OPERATING) FINANCIAL PLANS
- FIGURE 4.1 Short-Term Financial Planning
- Personal Finance Example 4.6
- REVIEW QUESTIONS
- 4.3 Cash Planning: Cash Budgets
- THE SALES FORECAST
- PREPARING THE CASH BUDGET
- TABLE 4.7 The General Format of the Cash Budget
- Total Cash Receipts
- Example 4.7
- TABLE 4.8 A Schedule of Projected Cash Receipts for Coulson Industries ($000)
- Total cash disbursements
- Example 4.8
- TABLE 4.9 A Schedule of Projected Cash Disbursements for Coulson Industries ($000)
- Net Cash Flow, Ending Cash, Financing, and Excess Cash
- Example 4.9
- TABLE 4.10 A Cash Budget for Coulson Industries ($000)
- EVALUATING THE CASH BUDGET
- Personal Finance Example 4.10
- COPING WITH UNCERTAINTY IN THE CASH BUDGET
- Example 4.11
- TABLE 4.11 A Scenario Analysis of Coulson Industries’ Cash Budget ($000)
- CASH FLOW WITHIN THE MONTH
- REVIEW QUESTIONS
- 4.4 Profit Planning: Pro Forma Statements
- PRECEDING YEAR’S FINANCIAL STATEMENTS
- SALES FORECAST
- REVIEW QUESTIONS
- TABLE 4.12 Vectra Manufacturing’s Income Statement for the Year Ended December 31, 2015
- TABLE 4.13 Vectra Manufacturing’s Balance Sheet, December 31, 2015
- TABLE 4.14 2016 Sales Forecast for Vectra Manufacturing
- 4.5 Preparing the Pro Forma Income Statement
- CONSIDERING TYPES OF COSTS AND EXPENSES
- TABLE 4.15 A Pro Forma Income Statement, Using the Percent-of-Sales Method, for Vectra Manufacturing for the Year Ended December 31, 2016
- Example 4.12
- REVIEW QUESTIONS
- 4.6 Preparing the Pro Forma Balance Sheet
- TABLE 4.16 A Pro Forma Balance Sheet, Using the Judgmental Approach, for Vectra Manufacturing (December 31, 2016)
- REVIEW QUESTIONS
- 4.7 Evaluation of Pro Forma Statements
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- 5 Time Value of Money
- Learning Goals
- Why This Chapter Matters to You
- 5.1 The Role of Time Value in Finance
- FUTURE VALUE VERSUS PRESENT VALUE
- FIGURE 5.1 Time Line
- FIGURE 5.2 Compounding and Discounting
- COMPUTATIONAL TOOLS
- Financial Calculators
- FIGURE 5.3 Calculator Keys
- Electronic Spreadsheets
- Cash Flow Signs
- BASIC PATTERNS OF CASH FLOW
- REVIEW QUESTIONS
- 5.2 Single Amounts
- FUTURE VALUE OF A SINGLE AMOUNT
- The Concept of Future Value
- Personal Finance Example 5.1
- The Equation for Future Value
- Personal Finance Example 5.2
- Personal Finance Example 5.3
- A Graphical View of Future Value
- FIGURE 5.4 Future Value Relationship
- PRESENT VALUE OF A SINGLE AMOUNT
- The Concept of Present Value
- Personal Finance Example 5.4
- The Equation for Present Value
- Personal Finance Example 5.5
- A Graphical View of Present Value
- REVIEW QUESTIONS
- FIGURE 5.5 Present Value Relationship
- EXCEL REVIEW QUESTIONS
- 5.3 Annuities
- TYPES OF ANNUITIES
- Personal Finance Example 5.6
- TABLE 5.1 Comparison of Ordinary Annuity and Annuity Due Cash Flows ($1,000, 5 Years)
- FINDING THE FUTURE VALUE OF AN ORDINARY ANNUITY
- Personal Finance Example 5.7
- FINDING THE PRESENT VALUE OF AN ORDINARY ANNUITY
- Example 5.8
- TABLE 5.2 Long Method for Finding the Present Value of an Ordinary Annuity
- FINDING THE FUTURE VALUE OF AN ANNUITY DUE
- Personal Finance Example 5.9
- Comparison of an Annuity Due with an Ordinary Annuity Future Value
- FINDING THE PRESENT VALUE OF AN ANNUITY DUE
- Example 5.10
- Comparison of an Annuity Due with an Ordinary Annuity Present Value
- Matter of fact
- FINDING THE PRESENT VALUE OF A PERPETUITY
- Personal Finance Example 5.11
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTIONS
- 5.4 Mixed Streams
- FUTURE VALUE OF A MIXED STREAM
- Example 5.12
- PRESENT VALUE OF A MIXED STREAM
- Example 5.13
- REVIEW QUESTION
- EXCEL REVIEW QUESTIONS
- 5.5 Compounding Interest More Frequently Than Annually
- SEMIANNUAL COMPOUNDING
- Personal Finance Example 5.14
- TABLE 5.3 Future Value from Investing $100 at 8% Interest Compounded Semiannually over 24 Months (2 Years)
- QUARTERLY COMPOUNDING
- Personal Finance Example 5.15
- TABLE 5.4 Future Value from Investing $100 at 8% Interest Compounded Quarterly over 24 Months (2 Years)
- TABLE 5.5 Future Value at the End of Years 1 and 2 from Investing $100 at 8% Interest, Given Various Compounding Periods
- A GENERAL EQUATION FOR COMPOUNDING MORE FREQUENTLY THAN ANNUALLY
- Personal Finance Example 5.16
- USING COMPUTATIONAL TOOLS FOR COMPOUNDING MORE FREQUENTLY THAN ANNUALLY
- Personal Finance Example 5.17
- CONTINUOUS COMPOUNDING
- Personal Finance Example 5.18
- NOMINAL AND EFFECTIVE ANNUAL RATES OF INTEREST
- Personal Finance Example 5.19
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTIONS
- 5.6 Special Applications of Time Value
- DETERMINING DEPOSITS NEEDED TO ACCUMULATE A FUTURE SUM
- Personal Finance Example 5.20
- LOAN AMORTIZATION
- Personal Finance Example 5.21
- TABLE 5.6 Loan Amortization Schedule ($6,000 Principal, 10% Interest, 4-Year Repayment Period)
- in practice focus on PRACTICE: New Century Brings Trouble for Subprime Mortgages
- FINDING INTEREST OR GROWTH RATES
- Personal Finance Example 5.22
- Personal Finance Example 5.23
- FINDING AN UNKNOWN NUMBER OF PERIODS
- Personal Finance Example 5.24
- Personal Finance Example 5.25
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- Part 3 Valuation of Securities
- Chapters in This Part
- 6 Interest Rates and Bond Valuation
- Learning Goals
- Why This Chapter Matters to You
- 6.1 Interest Rates and Required Returns
- INTEREST RATE FUNDAMENTALS
- Matter of fact
- The Real Rate of Interest
- FIGURE 6.1 Supply–Demand Relationship
- Nominal or Actual Rate of Interest (Return)
- Personal Finance Example 6.1
- FIGURE 6.2 Impact of Inflation
- TERM STRUCTURE OF INTEREST RATES
- Yield Curves
- FIGURE 6.3 Treasury Yield Curves
- Matter of fact
- Theories of Term Structure
- Expectations Theory
- Example 6.2
- Liquidity Preference Theory
- Market Segmentation Theory
- RISK PREMIUMS: ISSUER AND ISSUE CHARACTERISTICS
- Example 6.3
- TABLE 6.1 Debt-Specific Risk Premium Components
- REVIEW QUESTIONS
- 6.2 Corporate Bonds
- LEGAL ASPECTS OF CORPORATE BONDS
- Bond Indenture
- Standard Provisions
- Restrictive Provisions
- Sinking-Fund Requirements
- Security Interest
- Trustee
- COST OF BONDS TO THE ISSUER
- Impact of Bond Maturity
- Impact of Offering Size
- Impact of Issuer’s Risk
- Impact of the Cost of Money
- GENERAL FEATURES OF A BOND ISSUE
- BOND YIELDS
- BOND PRICES
- TABLE 6.2 Data on Selected Bonds
- BOND RATINGS
- in practice focus on ETHICS: Can We Trust the Bond Raters?
- TABLE 6.3 Moody’s and Standard & Poor’s Bond Ratings
- COMMON TYPES OF BONDS
- INTERNATIONAL BOND ISSUES
- TABLE 6.4 Characteristics and Priority of Lender’s Claim of Traditional Types of Bonds
- REVIEW QUESTIONS
- TABLE 6.5 Characteristics of Contemporary Types of Bonds
- 6.3 Valuation Fundamentals
- KEY INPUTS
- Cash Flows (Returns)
- Personal Finance Example 6.4
- Timing
- Risk and Required Return
- Personal Finance Example 6.5
- BASIC VALUATION MODEL
- Personal Finance Example 6.6
- REVIEW QUESTIONS
- 6.4 Bond Valuation
- BOND FUNDAMENTALS
- Example 6.7
- BASIC BOND VALUATION
- Personal Finance Example 6.8
- BOND VALUE BEHAVIOR
- Required Returns and Bond Values
- Example 6.9
- FIGURE 6.4 Bond Values and Required Returns
- TABLE 6.6 Bond Values for Various Required Returns (Mills Company’s 10% Coupon Interest Rate, 10-Year Maturity, $1,000 Par, January 1, 2014, Issue Date, Paying Annual Interest)
- Time to Maturity and Bond Values
- Constant Required Returns
- Example 6.10
- FIGURE 6.5 Time to Maturity and Bond Values
- Changing Required Returns
- Example 6.11
- YIELD TO MATURITY (YTM)
- Personal Finance Example 6.12
- SEMIANNUAL INTEREST AND BOND VALUES
- Example 6.13
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- 7 Stock Valuation
- Learning Goals
- Why This Chapter Matters to You
- 7.1 Differences between Debt and Equity
- VOICE IN MANAGEMENT
- CLAIMS ON INCOME AND ASSETS
- Matter of fact
- TABLE 7.1 Key Differences between Debt and Equity
- MATURITY
- TAX TREATMENT
- REVIEW QUESTION
- 7.2 Common and Preferred Stock
- COMMON STOCK
- Ownership
- Par Value
- Preemptive Rights
- Authorized, Outstanding, and Issued Shares
- Example 7.1
- Voting Rights
- Dividends
- International Stock Issues
- Matter of fact
- PREFERRED STOCK
- Basic Rights of Preferred Stockholders
- Features of Preferred Stock
- Restrictive Covenants
- Cumulation
- Other Features
- ISSUING COMMON STOCK
- Venture Capital
- Organization and Investment Stages
- TABLE 7.2 Organization of Venture Capital Investors
- Deal Structure and Pricing
- Going Public
- FIGURE 7.1 Cover of a Preliminary Prospectus for a Stock Issue
- The Investment Banker’s Role
- REVIEW QUESTIONS
- FIGURE 7.2 The Selling Process for a Large Security Issue
- 7.3 Common Stock Valuation
- MARKET EFFICIENCY
- Matter of fact
- THE EFFICIENT-MARKET HYPOTHESIS
- The Behavioral Finance Challenge
- BASIC COMMON STOCK VALUATION EQUATION
- in practice focus on PRACTICE: Understanding Human Behavior Helps Us Understand Investor Behavior
- Zero-Growth Model
- Personal Finance Example 7.2
- Preferred Stock Valuation
- Constant-Growth Model
- Example 7.3
- Variable-Growth Model
- Personal Finance Example 7.4
- TABLE 7.3 Calculation of Present Value of Warren Industries Dividends (2016–2018)
- FREE CASH FLOW VALUATION MODEL
- Example 7.5
- TABLE 7.4 Dewhurst, Inc.’s, Data for the Free Cash Flow Valuation Model
- TABLE 7.5 Calculation of the Value of the Entire Company for Dewhurst, Inc.
- OTHER APPROACHES TO COMMON STOCK VALUATION
- Book Value
- Example 7.6
- Liquidation Value
- Example 7.7
- Price/Earnings (P/E) Multiples
- Personal Finance Example 7.8
- Matter of fact
- REVIEW QUESTIONS
- 7.4 Decision Making and Common Stock Value
- FIGURE 7.3 Decision Making and Stock Value
- CHANGES IN EXPECTED DIVIDENDS
- Example 7.9
- CHANGES IN RISK
- Example 7.10
- COMBINED EFFECT
- Example 7.11
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- Part 4 Risk and the Required Rate of Return
- Chapters in This Part
- 8 Risk and Return
- Learning Goals
- Why This Chapter Matters to You
- 8.1 Risk and Return Fundamentals
- RISK DEFINED
- in practice focus on ETHICS: If It Seems Too Good to Be True, It Probably Is
- RETURN DEFINED
- Example 8.1
- TABLE 8.1 Historical Returns on Selected Investments (1900–2011)
- RISK PREFERENCES
- REVIEW QUESTIONS
- 8.2 Risk of a Single Asset
- RISK ASSESSMENT
- Scenario Analysis
- Example 8.2
- TABLE 8.2 Assets A and B
- Probability Distributions
- Matter of fact
- Example 8.3
- FIGURE 8.1 Bar Charts
- RISK MEASUREMENT
- FIGURE 8.2 Continuous Probability Distributions
- Standard Deviation
- Example 8.4
- TABLE 8.3 Expected Values of Returns for Assets A and B
- Example 8.5
- TABLE 8.4 The Calculation of the Standard Deviation of the Returns for Assets A and B
- TABLE 8.5 Historical Returns and Standard Deviations on Selected Investments (1900–2011)
- Historical Returns and Risk
- Matter of fact
- Normal Distribution
- FIGURE 8.3 Bell-Shaped Curve
- Example 8.6
- Coefficient of Variation: Trading off Risk and Return
- Example 8.7
- Personal Finance Example 8.8
- REVIEW QUESTIONS
- 8.3 Risk of a Portfolio
- PORTFOLIO RETURN AND STANDARD DEVIATION
- Example 8.9
- Example 8.10
- TABLE 8.6 Expected Return, Expected Value, and Standard Deviation of Returns for Portfolio XY
- CORRELATION
- DIVERSIFICATION
- FIGURE 8.4 Correlations
- FIGURE 8.5 Diversification
- Example 8.11
- TABLE 8.7 Forecasted Returns, Expected Values, and Standard Deviations for Assets X, Y, and Z and Portfolios XY and XZ
- CORRELATION, DIVERSIFICATION, RISK, AND RETURN
- Example 8.12
- FIGURE 8.6 Possible Correlations
- INTERNATIONAL DIVERSIFICATION
- Returns from International Diversification
- Risks of International Diversification
- REVIEW QUESTIONS
- 8.4 Risk and Return: The Capital Asset Pricing Model (CAPM)
- TYPES OF RISK
- THE MODEL: CAPM
- FIGURE 8.7 Risk Reduction
- Beta Coefficient
- Deriving Beta from Return Data
- FIGURE 8.8 Beta Derivationa
- TABLE 8.8 Selected Beta Coefficients and Their Interpretations
- Interpreting Betas
- TABLE 8.9 Beta Coefficients for Selected Stocks (May 20, 2013)
- Portfolio Betas
- Personal Finance Example 8.13
- TABLE 8.10 Mario Austino’s Portfolios V and W
- The Equation
- Historical Risk Premiums
- Example 8.14
- The Graph: The Security Market Line (SML)
- Example 8.15
- FIGURE 8.9 Security Market Line
- Shifts in the Security Market Line
- Changes in Inflationary Expectations
- Example 8.16
- Changes in Risk Aversion
- FIGURE 8.10 Inflation Shifts SML
- Example 8.17
- Some Comments on the CAPM
- FIGURE 8.11 Risk Aversion Shifts SML
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-up Exercises
- Problems
- Spreadsheet Exercise
- To Do
- MyFinanceLab
- 9 The Cost of Capital
- Learning Goals
- Why This Chapter Matters to You
- 9.1 Overview of the Cost of Capital
- THE BASIC CONCEPT
- Example 9.1
- SOURCES OF LONG-TERM CAPITAL
- REVIEW QUESTIONS
- 9.2 Cost of Long-Term Debt
- NET PROCEEDS
- Example 9.2
- BEFORE-TAX COST OF DEBT
- Using Market Quotations
- Calculating the Cost
- Example 9.3
- Approximating the Cost
- Example 9.4
- AFTER-TAX COST OF DEBT
- Example 9.5
- Personal Finance Example 9.6
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTION
- 9.3 Cost of Preferred Stock
- PREFERRED STOCK DIVIDENDS
- CALCULATING THE COST OF PREFERRED STOCK
- Example 9.7
- REVIEW QUESTION
- 9.4 Cost of Common Stock
- FINDING THE COST OF COMMON STOCK EQUITY
- Using the Constant-Growth Valuation (Gordon Growth) Model
- Example 9.8
- Using the Capital Asset Pricing Model (CAPM)
- Example 9.9
- Comparing Constant-Growth and CAPM Techniques
- COST OF RETAINED EARNINGS
- Example 9.10
- Matter of fact
- COST OF NEW ISSUES OF COMMON STOCK
- Example 9.11
- REVIEW QUESTIONS
- 9.5 Weighted Average Cost of Capital
- CALCULATING WEIGHTED AVERAGE COST OF CAPITAL (WACC)
- Example 9.12
- WEIGHTING SCHEMES
- Book Value versus Market Value
- TABLE 9.1 Calculation of the Weighted Average Cost of Capital for Duchess Corporation
- in practice focus on PRACTICE: Uncertain Times Make for an Uncertain Weighted Average Cost of Capital
- Historical versus Target Weights
- Personal Finance Example 9.13
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problem
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- Part 5 Long-Term Investment Decisions
- Chapters in This Part
- 10 Capital Budgeting Techniques
- Learning Goals
- Why This Chapter Matters to You
- 10.1 Overview of Capital Budgeting
- MOTIVES FOR CAPITAL EXPENDITURE
- STEPS IN THE PROCESS
- BASIC TERMINOLOGY
- Independent versus Mutually Exclusive Projects
- Unlimited Funds versus Capital Rationing
- Accept–Reject versus Ranking Approaches
- CAPITAL BUDGETING TECHNIQUES
- Bennett Company’s Relevant Cash Flows
- REVIEW QUESTION
- 10.2 Payback Period
- TABLE 10.1 Capital Expenditure Data for Bennett Company
- FIGURE 10.1 Bennett Company’s Projects A and B
- DECISION CRITERIA
- Example 10.1
- PROS AND CONS OF PAYBACK ANALYSIS
- Matter of fact
- Personal Finance Example 10.2
- TABLE 10.2 Relevant Cash Flows and Payback Periods for DeYarman man Enterprises’ Projects
- Example 10.3
- Example 10.4
- TABLE 10.3 Calculation of the Payback Period for Rashid Company’s Two Alternative Investment Projects
- REVIEW QUESTIONS
- 10.3 Net Present Value (NPV)
- DECISION CRITERIA
- Example 10.5
- FIGURE 10.2 Calculation of NPVs for Bennett Company’s Capital Expenditure Alternatives
- Project A
- Project B
- NPV AND THE PROFITABILITY INDEX
- Example 10.6
- NPV AND ECONOMIC VALUE ADDED
- Example 10.7
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTION
- 10.4 Internal Rate of Return (IRR)
- DECISION CRITERIA
- CALCULATING THE IRR
- Example 10.8
- FIGURE 10.3 Calculation of IRRs for Bennett Company’s Capital Expenditure Alternatives
- Personal Finance Example 10.9
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTION
- 10.5 Comparing NPV and IRR Techniques
- NET PRESENT VALUE PROFILES
- Example 10.10
- TABLE 10.4 Discount Rate–NPV Coordinates for Projects A and B
- FIGURE 10.4 NPV Profiles
- CONFLICTING RANKINGS
- Reinvestment Assumption
- Example 10.11
- TABLE 10.5 Reinvestment Rate Comparisons for a Project
- TABLE 10.6 Project Cash Flows after Reinvestment
- Timing of the Cash Flow
- TABLE 10.7 Ranking Projects A and B Using IRR and NPV Methods
- Magnitude of the Initial Investment
- WHICH APPROACH IS BETTER?
- Theoretical View
- Practical View
- Matter of fact
- in practice focus on ETHICS: Nonfinancial Considerations in Project Selection
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problem
- Warm-up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- 11 Capital Budgeting Cash Flows and Risk Refinements
- Learning Goals
- Why This Chapter Matters to You
- 11.1 Relevant Cash Flows
- in practice focus on ETHICS: A Question of Accuracy
- MAJOR CASH FLOW COMPONENTS
- EXPANSION VERSUS REPLACEMENT DECISIONS
- FIGURE 11.1 Cash Flow Components
- FIGURE 11.2 Relevant Cash Flows for Replacement Decisions
- SUNK COSTS AND OPPORTUNITY COSTS
- Example 11.1
- Matter of fact
- REVIEW QUESTIONS
- 11.2 Finding the Initial Investment
- INSTALLED COST OF NEW ASSET
- TABLE 11.1 The Basic Format for Determining Initial Investment
- AFTER-TAX PROCEEDS FROM SALE OF OLD ASSET
- Book Value
- Example 11.2
- Basic Tax Rules
- Example 11.3
- TABLE 11.2 Tax Treatment on Sales of Assets
- The sale of the asset for more than its book value
- FIGURE 11.3 Taxable Income from Sale of Asset
- The sale of the asset for its book value
- The sale of the asset for less than its book value
- CHANGE IN NET WORKING CAPITAL
- Matter of fact
- Example 11.4
- TABLE 11.3 Calculation of Change in Net Working Capital for Danson Company
- CALCULATING THE INITIAL INVESTMENT
- Example 11.5
- REVIEW QUESTIONS
- 11.3 Finding the Operating Cash Flows
- INTERPRETING THE TERM AFTER-TAX
- INTERPRETING THE TERM CASH FLOWS
- Example 11.6
- TABLE 11.4 Powell Corporation’s Revenue and Expenses (Excluding Depreciation and Interest) for Proposed and Present Machines
- TABLE 11.5 Depreciation Expense for Proposed and Present Machines for Powell Corporation
- TABLE 11.6 Calculation of Operating Cash Flows Using the Income Statement Format
- TABLE 11.7 Calculation of Operating Cash Flows for Powell Corporation’s Proposed and Present Machines
- INTERPRETING THE TERM INCREMENTAL
- TABLE 11.8 Incremental (Relevant) Operating Cash Flows for Powell Corporation
- Example 11.7
- REVIEW QUESTIONS
- 11.4 Finding the Terminal Cash Flow
- PROCEEDS FROM SALE OF ASSETS
- TAXES ON SALE OF ASSETS
- TABLE 11.9 The Basic Format for Determining Terminal Cash Flow
- CHANGE IN NET WORKING CAPITAL
- Example 11.8
- REVIEW QUESTION
- 11.5 Risk in Capital Budgeting (Behavioral Approaches)
- TABLE 11.10 Relevant Cash Flows and NPVs for Bennett Company’s Projects
- BREAKEVEN ANALYSIS
- Example 11.9
- SCENARIO ANALYSIS
- Example 11.10
- TABLE 11.11 Scenario Analysis of Treadwell’s Projects A and B
- SIMULATION
- FIGURE 11.4 NPV Simulation
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTION MyFinanceLab
- 11.6 Risk-Adjusted Discount Rates
- DETERMINING RISK-ADJUSTED DISCOUNT RATES (RADRS)
- Personal Finance Example 11.11
- Review of CAPM
- Using CAPM to Find RADRs
- FIGURE 11.5 CAPM and SML
- Example 11.12
- APPLYING RADRS
- Example 11.13
- FIGURE 11.6 Calculation of NPVS for Bennett Company’s Capital Expenditure Alternatives Using RADRs
- PORTFOLIO EFFECTS
- RADRS IN PRACTICE
- TABLE 11.12 Bennett Company’s Risk Classes and RADRs
- Example 11.14
- REVIEW QUESTIONS
- 11.7 Capital Budgeting Refinements
- COMPARING PROJECTS WITH UNEQUAL LIVES
- The Problem
- Example 11.15
- Annualized Net Present Value (ANPV) Approach
- Example 11.16
- RECOGNIZING REAL OPTIONS
- TABLE 11.13 Major Types of Real Options
- Example 11.17
- CAPITAL RATIONING
- Internal Rate of Return Approach
- Example 11.18
- FIGURE 11.7 Investment Opportunities Schedule
- Net Present Value Approach
- Example 11.19
- TABLE 11.14 Rankings for Tate Company Projects
- REVIEW QUESTIONS
- EXCEL REVIEW QUESTION MyFinanceLab
- Summary
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Risk Classes and RADRs
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- Part 6 Long-Term Financial Decisions
- Chapters in This Part
- 12 Leverage and Capital Structure
- Learning Goals
- Why This Chapter Matters to You
- 12.1 Leverage
- TABLE 12.1 General Income Statement Format and Types of Leverage
- BREAKEVEN ANALYSIS
- Algebraic Approach
- TABLE 12.2 Operating Leverage, Costs, and Breakeven Analysis
- Example 12.1
- FIGURE 12.1 Breakeven Analysis
- Graphical Approach
- Changing Costs and the Operating Breakeven Point
- TABLE 12.3 Sensitivity of Operating Breakeven Point to Increases in Key Breakeven Variables
- Example 12.2
- Personal Finance Example 12.3
- FIGURE 12.2 Operating Leverage
- OPERATING LEVERAGE
- Example 12.4
- TABLE 12.4 The EBIT for Various Sales Levels
- Measuring the Degree of Operating Leverage (DOL)
- Example 12.5
- Example 12.6
- in practice focus on PRACTICE: Adobe’s Leverage
- Fixed Costs and Operating Leverage
- Example 12.7
- FINANCIAL LEVERAGE
- TABLE 12.5 Operating Leverage and Increased Fixed Costs
- Example 12.8
- TABLE 12.6 The EPS for Various EBIT Levelsa
- Measuring the Degree of Financial Leverage (DFL)
- Example 12.9
- Personal Finance Example 12.10
- Example 12.11
- TOTAL LEVERAGE
- Example 12.12
- TABLE 12.7 The Total Leverage Effect
- Measuring the Degree of Total Leverage (DTL)
- Example 12.13
- Example 12.14
- Relationship of Operating, Financial, and Total Leverage
- Example 12.15
- REVIEW QUESTIONS
- 12.2 The Firm’s Capital Structure
- TYPES OF CAPITAL
- EXTERNAL ASSESSMENT OF CAPITAL STRUCTURE
- TABLE 12.8 Median Debt Ratios for Selected Industries (Fiscal Year 2011)
- Personal Finance Example 12.16
- CAPITAL STRUCTURE OF NON–U.S. FIRMS
- Matter of fact
- CAPITAL STRUCTURE THEORY
- Tax Benefits
- Probability of Bankruptcy
- Business Risk
- Example 12.17
- TABLE 12.9 Sales and Associated EBIT Calculations for Cooke Company ($000)
- Total Risk
- Example 12.18
- TABLE 12.10 Capital Structures Associated with Alternative Debt Ratios for Cooke Company
- TABLE 12.11 Level of Debt, Interest Rate, and Dollar Amount of Annual Interest Associated with Cooke Company’s Alternative Capital Structures
- TABLE 12.12 Calculation of EPS for Selected Debt Ratios ($000) for Cooke Company
- TABLE 12.13 Expected EPS, Standard Deviation, and Coefficient of Variation for Alternative Capital Structures for Cooke Company
- FIGURE 12.3 Probability Distributions
- FIGURE 12.4 Expected EPS and Coefficient of Variation of EPS
- Agency Costs Imposed by Lenders
- Asymmetric Information
- Pecking Order Theory
- Signaling Theory
- OPTIMAL CAPITAL STRUCTURE
- FIGURE 12.5 Cost Functions and Value
- Cost Functions
- Graphical View of Optimal Structure
- REVIEW QUESTIONS
- 12.3 EbIT–EPS Approach to Capital Structure
- PRESENTING A FINANCING PLAN GRAPHICALLY
- Data Required
- Example 12.19
- Plotting the Data
- FIGURE 12.6 EBIT–EPS Approach
- COMPARING ALTERNATIVE CAPITAL STRUCTURES
- Example 12.20
- CONSIDERING RISK IN EBIT–EPS ANALYSIS
- Example 12.21
- BASIC SHORTCOMING OF EBIT–EPS ANALYSIS
- REVIEW QUESTION
- 12.4 Choosing the Optimal Capital Structure
- LINKAGE
- TABLE 12.14 Required Returns for Cooke Company’s Alternative Capital Structures
- Example 12.22
- ESTIMATING VALUE
- Example 12.23
- TABLE 12.15 Calculation of Share Value Estimates Associated with Alternative Capital Structures for Cooke Company
- MAXIMIZING VALUE VERSUS MAXIMIZING EPS
- FIGURE 12.7 Estimating Value
- Example 12.24
- SOME OTHER IMPORTANT CONSIDERATIONS
- TABLE 12.16 Important Factors to Consider in Making Capital Structure Decisions
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- 13 Payout Policy
- Learning Goals
- Why This Chapter Matters to You
- 13.1 The Basics of Payout Policy
- ELEMENTS OF PAYOUT POLICY
- TRENDS IN EARNINGS AND DIVIDENDS
- FIGURE 13.1 Per Share Earnings and Dividends of the S&P 500 Index
- Matter of fact
- TRENDS IN DIVIDENDS AND SHARE REPURCHASES
- FIGURE 13.2 Aggregate Dividends and Repurchases for All U.S.–Listed Companies
- in practice focus on ETHICS: Are Buybacks Really a Bargain?
- Matter of fact
- REVIEW QUESTIONS
- 13.2 The Mechanics of Payout Policy
- FIGURE 13.3 U.S. Public Industrial Firms Increasing, Decreasing, or Maintaining Dividends
- CASH DIVIDEND PAYMENT PROCEDURES
- Example 13.1
- FIGURE 13.4 Dividend Payment Time Line
- SHARE REPURCHASE PROCEDURES
- Example 13.2
- TAX TREATMENT OF DIVIDENDS AND REPURCHASES
- Personal Finance Example 13.3
- DIVIDEND REINVESTMENT PLANS
- STOCK PRICE REACTIONS TO CORPORATE PAYOUTS
- REVIEW QUESTIONS
- 13.3 Relevance of Payout Policy
- RESIDUAL THEORY OF DIVIDENDS
- THE DIVIDEND IRRELEVANCE THEORY
- ARGUMENTS FOR DIVIDEND RELEVANCE
- REVIEW QUESTIONS
- 13.4 Factors Affecting Dividend Policy
- LEGAL CONSTRAINTS
- Example 13.4
- Example 13.5
- CONTRACTUAL CONSTRAINTS
- GROWTH PROSPECTS
- OWNER CONSIDERATIONS
- MARKET CONSIDERATIONS
- REVIEW QUESTION
- 13.5 Types of Dividend Policies
- CONSTANT-PAYOUT-RATIO DIVIDEND POLICY
- Example 13.6
- REGULAR DIVIDEND POLICY
- Example 13.7
- LOW-REGULAR-AND-EXTRA DIVIDEND POLICY
- REVIEW QUESTION
- 13.6 Other Forms of Dividends
- STOCK DIVIDENDS
- Accounting Aspects
- Example 13.8
- Shareholder’s Viewpoint
- Example 13.9
- The Company’s Viewpoint
- STOCK SPLITS
- Example 13.10
- Personal Finance Example 13.11
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problem
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- Part 7 Short-Term Financial Decisions
- Chapters in This Part
- 14 Working Capital and Current Assets Management
- Learning Goals
- Why This Chapter Matters to You
- 14.1 Net Working Capital Fundamentals
- WORKING CAPITAL MANAGEMENT
- Matter of fact
- NET WORKING CAPITAL
- TRADE-OFF BETWEEN PROFITABILITY AND RISK
- Changes in Current Assets
- TABLE 14.1 Effects of Changing Ratios on Profits and Risk
- FIGURE 14.1 Yearly Medians for All U.S.–Listed Manufacturing Companies
- Changes in Current Liabilities
- REVIEW QUESTIONS
- 14.2 Cash Conversion Cycle
- CALCULATING THE CASH CONVERSION CYCLE
- Matter of fact
- Example 14.1
- FUNDING REQUIREMENTS OF THE CASH CONVERSION CYCLE
- FIGURE 14.2 Time Line for Whirlpool’s Cash Conversion Cycle
- Permanent versus Seasonal Funding Needs
- Example 14.2
- FIGURE 14.3 Semper Pump Company’s Total Funding Requirements
- Aggressive versus Conservative Seasonal Funding Strategies
- Example 14.3
- STRATEGIES FOR MANAGING THE CASH CONVERSION CYCLE
- REVIEW QUESTIONS
- 14.3 Inventory Management
- DIFFERING VIEWPOINTS ABOUT INVENTORY LEVEL
- COMMON TECHNIQUES FOR MANAGING INVENTORY
- ABC System
- Economic Order Quantity (EOQ) Model
- Mathematical Development of EOQ
- Personal Finance Example 14.4
- Reorder Point
- Example 14.5
- Just-in-Time (JIT) System
- in practice focus on PRACTICE: RFID: The Wave of the Future?
- Computerized Systems for Resource Control
- INTERNATIONAL INVENTORY MANAGEMENT
- REVIEW QUESTIONS
- 14.4 Accounts Receivable Management
- CREDIT SELECTION AND STANDARDS
- Five C’s of Credit
- Credit Scoring
- Changing Credit Standards
- Example 14.6
- Making the Credit Standard Decision
- Example 14.7
- Managing International Credit
- TABLE 14.2 Effects on Dodd Tool of a Relaxation of Credit Standards
- CREDIT TERMS
- Cash Discount
- Example 14.8
- TABLE 14.3 Analysis of Initiating a Cash Discount for MAX Company
- Cash Discount Period
- Credit Period
- CREDIT MONITORING
- Average Collection Period
- Aging of Accounts Receivable
- Example 14.9
- Popular Collection Techniques
- TABLE 14.4 Popular Collection Techniques
- REVIEW QUESTIONS
- 14.5 Management of Receipts and Disbursements
- FLOAT
- SPEEDING UP COLLECTIONS
- Matter of fact
- SLOWING DOWN PAYMENTS
- CASH CONCENTRATION
- ZERO-BALANCE ACCOUNTS
- Personal Finance Example 14.10
- INVESTING IN MARKETABLE SECURITIES
- REVIEW QUESTIONS
- TABLE 14.5 Features of Popular Marketable Securities
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problems
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- 15 Current Liabilities Management
- Learning Goals
- Why This Chapter Matters to You
- 15.1 Spontaneous Liabilities
- ACCOUNTS PAYABLE MANAGEMENT
- Role in the Cash Conversion Cycle
- Example 15.1
- Analyzing Credit Terms
- Taking the Cash Discount
- Example 15.2
- Giving Up the Cash Discount
- FIGURE 15.1 Payment Options
- Example 15.3
- Using the Cost of Giving Up a Cash Discount in Decision Making
- Example 15.4
- TABLE 15.1 Cash Discounts and Associated Costs for Mason Products
- Effects of Stretching Accounts Payable
- Example 15.5
- Personal Finance Example 16.6
- ACCRUALS
- in practice focus on ETHICS: Accruals Management
- Example 15.7
- REVIEW QUESTIONS
- 15.2 Unsecured Sources of Short-Term Loans
- BANK LOANS
- Loan Interest Rates
- Fixed- and Floating-Rate Loans
- Method of Computing Interest
- Example 15.8
- Single-Payment Notes
- Example 15.9
- Personal Finance Example 15.10
- Lines of Credit
- Interest Rates
- Operating-Change Restrictions
- Compensating Balances
- Example 15.11
- Annual Cleanups
- Revolving Credit Agreements
- Example 15.12
- COMMERCIAL PAPER
- Interest on Commercial Paper
- Example 15.13
- Matter of fact
- INTERNATIONAL LOANS
- International Transactions
- Financing International Trade
- Transactions between Subsidiaries
- REVIEW QUESTIONS
- 15.3 Secured Sources of Short-Term Loans
- CHARACTERISTICS OF SECURED SHORT-TERM LOANS
- Collateral and Terms
- Institutions Extending Secured Short-Term Loans
- USE OF ACCOUNTS RECEIVABLE AS COLLATERAL
- Pledging Accounts Receivable
- The Pledging Process
- Notification
- Matter of fact
- Pledging Cost
- Factoring Accounts Receivable
- Factoring Agreement
- Matter of fact
- Factoring Cost
- USE OF INVENTORY AS COLLATERAL
- Floating Inventory Liens
- Trust Receipt Inventory Loans
- Warehouse Receipt Loans
- REVIEW QUESTIONS
- Summary
- FOCUS ON VALUE
- REVIEW OF LEARNING GOALS
- Self-Test Problem
- Warm-Up Exercises
- Problems
- Spreadsheet Exercise
- TO DO
- MyFinanceLab
- Back Matter
- Appendix Solutions to Self-Test Problems
- Chapter 1
- Chapter 2
- Chapter 3
- Chapter 4
- Chapter 5
- Chapter 6
- Chapter 7
- Chapter 8
- Chapter 9
- Chapter 10
- Chapter 11
- Chapter 12
- Chapter 13
- Chapter 14
- Chapter 15
- Glossary
- Index
- FREQUENTLY USED SYMBOLS AND ABBREVIATIONS
- MyFinanceLab™
- The Key to Your Success in Three Easy Steps!
- If your instructor assigns homework and tests using MyFinanceLab
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