INTERMEDIATE FINANCIAL MANAGEMENT
INTERMEDIATE FINANCIAL MANAGEMENT
14th Edition
ISBN: 9780357516669
Author: Brigham
Publisher: CENGAGE L
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Chapter 15, Problem 11P

a)

Summary Introduction

To determine: Amount of retained earnings needed by company K to fund its capital budget.

b)

Summary Introduction

To determine: Dividend per share (DPS) and pay-out ratio.

c)

Summary Introduction

To determine: Amount of retained earnings needed by company K to fund its capital budget, if it maintains $2 DPS for next year.

d)

Summary Introduction

To determine: Whether company maintains its present capital structure with its DPS and maintain $15 million capital budget without raising new common stock.

e)

Summary Introduction

To determine: Portion of current year capital budget could have to be financed by debt.

f)

Summary Introduction

To determine: External (new) equity needed.

g)

Summary Introduction

To determine: Company’s capital budget for next year.

h)

Summary Introduction

To determine: Actions taken by company when its forecasted retained earnings are fewer than retained earnings required.

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4. On August 20, Mr. and Mrs. Cleaver decided to buy a property from Mr. and Mrs. Ward for $105,000. On August 30, Mr. and Mrs. Cleaver obtained a loan commitment from OKAY National Bank for an $84,000 conventional loan at 5 percent for 30 years. The lender informs Mr. and Mrs. Cleaver that a $2,100 loan origination fee will be required to obtain the loan. The loan closing is to take place September 22. In addition, escrow accounts will be required for all prorated property taxes and hazard insurance; however, no mortgage insurance is necessary. The buyer will also pay a full year's premium for hazard insurance to Rock of Gibraltar Insurance Company. A breakdown of expected settlement costs, provided by OKAY National Bank when Mr. and Mrs. Cleaver inspect the uniform settlement statement as required under RESPA on September 21, is as follows: I. Transactions between buyer-borrower and third parties: a. Recording fees--mortgage b. Real estate transfer tax c. Recording fees/document…
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