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THIRD QUIZ FNCE 238/738 October 17, 2016
WRITE ALL ANSWERS ON THE TEST. IF YOUR ANSWER CONTINUES ON THE BACK, MAKE A NOTE OF IT ON THE FRONT.
45 PTS / 25 MINUTES NAME:_____________________________________________ SECTION (12, 1:30 or 3):__________________________________
1.
(10 pts) News release a couple weeks ago: Oct. 1, 2016 (GlobeNewswire) - Cosi, Inc. (NASDAQ:COSI), the fast-casual restaurant company, today announced that it has appointed Randy Kominsky of Alliance For Financial Growth to serve as Chief Restructuring Officer, effective Tuesday, October 4, 2016…As previously announced, Cosi and its subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Massachusetts on September 28, 2016. The appointment of a Chief Restructuring Officer acceptable to the lenders was required by the terms of the previously disclosed non-binding Debtor-In-Possession (DIP) Financing Term Sheet dated September 28, 2016. As previously announced, in accordance with the sale process under Section 363 of the Bankruptcy Code, notice of the proposed sale to the DIP lenders or their designees will be given to third parties and competing bids will be solicited. a.
(5 pts) In general, how does a bankruptcy filing change the day-to-day operations of a firm? What are the important changes to the operating environment from the day before the filing to the day after? (bullet points are fine) •
Automatic stay of creditor claims – creditors have to stop getting paid, and debtor has to stop paying them •
DIP financing •
Breaking leases (and other executory contracts) b.
(5 pts) Considering the specific information in this press release, how did filing bankruptcy benefit Cosi? That is, what did filing Chapter 11 allow them to do that would otherwise have been more difficult to do? Besides the issues mentioned specifically in this press release, what else might the filing allow Cosi to do that it might want to do? •
Need to file Chapter 11 to sell assets with Section 363 auction o
Difficult for distressed firm to sell assets outside of Chapter 11, due to fraudulent transfer concerns, and liens and other liabilities traveling with the assets •
Need DIP financing •
Also, allows Cosi to break leases and therefore shut down unprofitable locations
2.
(10 pts) Here’s a press release, edited and simplified a little, from this summer: FRISCO, TEXAS, August 1, 2016 - Comstock Resources, Inc. announced today that it has commenced an offer to exchange any and all of its existing senior notes for three new series of secured notes and, in the case of the Company's 10% Senior Secured Notes due 2020, warrants exercisable for the Company's common stock. The following table sets forth each series of outstanding notes subject to the Exchange Offer and the consideration offered for such series in the Exchange Offer: Notes to be Tendered Principal Amount Outstanding (MM) Exchange Consideration per $1,000 Principal Amount of Notes 10% Senior Secured Notes due 2020 $700.0 $1,000 principal amount of Senior Secured Toggle Notes due 2020 and warrants exercisable for 1.5 shares of common stock 7.75% Senior Notes due 2019 $288.5 $1,000 principal amount of 7.75% Second Lien Convertible PIK Notes due 2019 9.50% Senior Notes due 2020 $174.6 $1,000 principal amount of 9.50% Second Lien Convertible PIK Notes due 2020 The second lien notes will be convertible into 73.5% of the common stock. To validly tender their notes, the participating noteholders will be required to deliver a letter of transmittal and consent to certain amendments to the terms of the existing notes and related indentures that would remove certain of the covenants governing the existing senior notes and approve the release of the collateral with respect to the existing senior secured notes. The Exchange Offer is conditioned upon among other matters (i) the tender of (x) 95% outstanding principal amount of the existing senior secured notes and (y) 95% outstanding principal amount of the existing 2019 notes and 2020 notes (on an aggregate basis) and (ii) completion of the Exchange Offer by Sept. 15, 2016. [A PIK
(
P
ayment I
n K
ind) note is one that pays coupons in the form of more bonds, as opposed to cash, and a toggle
note is one where the issuer has an option to pay coupons in the form of more bonds, as opposed to cash] What might a bondholder be tempted to do when invited to make this exchange, and how is the offer structured to address that temptation? (
don’t worry about all the details of the structure, just the relevant ones)
Bondholders are invited to voluntarily exchange their bonds for new bonds that are less onerous for Comstock. This is likely to be a concession of value, and each would like to hold out while others exchange, thereby free-riding on their concessions. To encourage participation, this offer •
Is conditioned on 95% participation of the various classes of notes, which makes it difficult to hold out on an offer that goes through, and •
Is also conditioned on the exchanging bondholders voting to weaken the old bonds on their way out of them. This punishes the holdouts by leaving them with a weaker claim on the creditor
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3.
(10 pts) What assumptions lead to the conclusion that, in theory, the past performance of mutual funds should not help predict their future performance, even if some managers have more skill than others? •
You need decreasing returns to scale on money management, so that the manager’s alpha goes down as more money flows into the fund •
You also need investors to be able to freely reallocate their money across funds •
So when one fund’s prospects are better than another’s, money flows freely from the worse prospect to the better one, equalizing their expected performance by increasing the prospects of the worse fund and decreasing the prospects of the better one
4.
(10 pts) XLK is an exchange-traded fund holding tech stocks. On October 14
th
, at 9:45AM, the market price was $47.65/share, while the net asset value was $47.78/share. Does this suggest a profitable trading opportunity? What would it be, who would be making it, and what considerations are important? ETFs let large investors trade in kind with the fund. So in this case, with the NAV higher than the ETF share price, the indicated trade is to buy ETF shares, exchange them for the constituents, and then sell the constituents, thereby locking in the $0.13/share difference as a profit. The main consideration would be that transactions costs on the shares would eat into that $0.13/share paper profit.
5.
(5 pts) Your hedge fund routinely enters swap contracts, and when the trade is over, if your counterparty offers you bad terms for closing out a swap, you don’t bother closing it out, and instead enter an offsetting swap with a different counterparty. Since the effect on net cash flows is the same as closing it out, and you made money by avoiding the bad terms, the net effect is all positive. Comment on the last sentence. Agree or disagree? Explain. This logic is fine in good times, but runs into trouble when the fund runs low on capital. The multiplicity of swaps means that the clearing broker pays out and takes in more money each day, and will thus be less willing to pay what needs to be paid, in anticipation of receiving what should be received, when the fund has less capital to cover losses. If the fund had simply closed out the swap in the first place, the clearing broker would not be exposed like this.
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1. In this section we examine three theories of investor preference: The dividend irrelevance
theory. The "bird in the hand" theory, the tax preference theory, which theory is the best?
What is the different of stock dividends, stock splits, and stock repurchase.
2. In the working capital management, we know about cash conversion cycle model. For
problem if average inventories are $3 million and sales are $11 million. If receivables are
S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
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$12.82.
O $30.33
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$2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is
$1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts
Receivable at year-end.
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The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month,
the month of December 2017. (Note that the accounts are not
thus the balances in the temporary accounts are for
listed in their normal sequence -- rather they are listed in alphabetical sequence.)
Account Name
_Debit_
Credit_
Gradin
Accounts Payable
26,000
Accounts Receivable
28,850
Cash
10,000
Common Stock
12,500
Cost of Goods Sold
68,000
Equipment
73,000
150
Interest Expense
Interest Payable
500
Inventory
45,000
Note Payable
21,000
Retained Earnings
53,000
Sales Revenue
179,000
Supplies Expense
7,000
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292,000
292,000
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Fighting Irish Incorporated pays its employees $3,360 every two weeks ($240/day). The current two-week pay period ends on
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paid $3,360.
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Consider the following situations for Shocker:
1. On November 28, 2024, Shocker receives a $3,450 payment from a customer for services to be rendered evenly over the next
three months. Deferred Revenue was credited on November 28.
2. On December 1, 2024, the company paid a local radio station $2,490 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising was debited on December 1.
3. Employee salaries for the month of December totaling $7,300 will be paid on January 7, 2025.
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Consider the following situations for Shocker:
1. On November 28, 2024, Shocker receives a $3,450 payment from a customer for services to be rendered evenly over the next
three months. Deferred Revenue was credited on November 28.
2. On December 1, 2024, the company paid a local radio station $2,490 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising was debited on December 1.
3. Employee salaries for the month of December totaling $7,300 will be paid on January 7, 2025.
Hint
Required:
Record the necessary adjusting entries for Shocker at December 31, 2024. No adjusting entries were made during the year. (If no
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What is the Payback Period for the following investment?
Year
1
2
3
4
5
O a. 3.77
Ob. 3.73
Oc. 3.89
Od. 3.96
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$ (1,600,000)
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580,000
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640,000
670,000
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Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations
09 Operational and Legal Considerations -
>
Calculating Capacity
• How many machines do you need?
• You expect your sales to be
3,000,000 granola bars (20g each)
• How large is your plant?
per month
• How many workers do you need?
The machine:
• How much is the investment?
Capacity: 100 kgs per hour
• What are the operating costs?
Requires 2 people to operate it
Takes 8 ft x 40 ft space
• Cost per machine $15,000
Energy and maintenance: $5 per hour
• Cost of material and packaging:
$0.12 per bar
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Calculate interest using a 360-day year. If required, round your answers to the nearest cent.
Principal Interest Rate
Time
Interest
$2,700
9.6%
30 days
45 days
3,300
6.0%
80 days
3,800
10.5%
120 days
$4
5,300
150 days
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- ccounting | Spring 2023 uiz Course Home - kar X K Chapter 9 Quiz OA. $18,200 OB. $18,800 OC. $17,500 O D. $20,300 mylab.pearson.com Question 5 of 10 X G At year-end, Snow 0 4 kara harper 04/09/23 10:36 AM This quiz: 10 point(s) possible This question: 1 point(s) possible ? Submit quiz Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of $2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is $1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts Receivable at year-end.arrow_forwardEat min C e New tab Λ Content xW Quiz 3-MAT-143, section 03F, Fa X + Q A ✩ https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 Viewing Saved Work Revert to Last Response DETAILS MY NOTES You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year. DETAILS MY NOTES Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.) $ DETAILS MY NOTESarrow_forwardHey I was wondering if I can get help with this thank youarrow_forward
- #5 is the questionarrow_forwardP7arrow_forward5:42 AM Tue Nov 16 * 100% www-awu.aleks.coma Exam 2, 7.3-9.4 REVIEW Report Overall Assignment Score: 73% (Best Score) Ninotchka V Score. O O pont Submitteu. NOV Z 7.32 1 IVI Tme Spet. S s Español Incorrect Your answer is incorrect. Salma wants to save money to open a tutoring center. She buys an annuity with a monthly payment of $27 that pays 3.7% interest, compounded monthly. Payments will be made at the end of each month. Find the total value of the annuity in 10 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. 圖 Answer Submitted: 00 $12345.92 Correct Answer: $3913.49 Assignments List EVEI IVIUIawll LLC. All Rights Reserved. Terms of Use Privacy Center Accessibility IIarrow_forward
- New tab x Content x Quiz 3-MAT-143, section 03F, Fax + https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 a A ✰ DETAILS MY NOTES ASK YOUR TEACHE A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly. Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.) $ DETAILS MY NOTES ASK YOUR TEACHI logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 5.175% compounded monthly. Find the month ayment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.) Submit Assignment Home My Assignments Request Extension Copyright © 1998-2024 Cengage Learning, Inc. All Rights Reserved | TERMS OF USE PRIVACY 12:03 PMarrow_forwardвсе Google Chrome - D... My Learning Progre... N Northwestern Univ... Solution Manual Fo... Business Law Question 28 of 40 View Policies Show Attempt History < Current Attempt in Progress X Your answer is incorrect. 0/0.3 Your grandfather has agreed to deposit a certain amount of money each year into an account paying 7.90 percent annually to help you go to graduate school. Starting next year, and for the following four years, he plans to deposit $2,350, $8,600, $7,200, $6,600, and $12,150 into the account. How much will you have at the end of the five years? (Round answer to 2 decimal places, e.g. 15.25.) Future value at end of five years eTextbook and Media Save for Later Using multiple attempts will impact your score. 20% score reduction after attempt 2 Q Search 41719.11 GUND Attempts: 1 of 3 used Submit Answerarrow_forwardMy Monroe Z View Assessment > Bb Collaborate - 20FL-LA122-18 x M Daily Notifications - rblack8930 x 命 A https://elearn.monroecollege.edu/ultra/courses/ 40124 1/grades/assessment/_2440908 1/overview/attempt/ The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month, the month of December 2017. (Note that the accounts are not thus the balances in the temporary accounts are for listed in their normal sequence -- rather they are listed in alphabetical sequence.) Account Name _Debit_ Credit_ Gradin Accounts Payable 26,000 Accounts Receivable 28,850 Cash 10,000 Common Stock 12,500 Cost of Goods Sold 68,000 Equipment 73,000 150 Interest Expense Interest Payable 500 Inventory 45,000 Note Payable 21,000 Retained Earnings 53,000 Sales Revenue 179,000 Supplies Expense 7,000 Wages Expense 60,000 Total 292,000 292,000 Place the accounts in the correct order. Use the editor to formor your onswer A Past due This attempt will be submitted…arrow_forward
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