The title of the goods sold in a documentary sale is transferred through:
A) negotiation of the document only
B) delivery of the goods only.
C) negotiation of the document and delivery of the goods.
D) title to the goods is not transferred in a documentary sale.
A
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There are basically four types of insurance organizations. Which of the following is not one of these four types?
a. Group b. Stock companies c. Mutual companies d. Fraternal benefit societies e. Assessment companies
The Claustrophobic Solution, Inc., a residential window and door manufacturer, has the following historical record of earnings per share (EPS) from 2013 to 2017:
The company’s payout ratio has been 60% over the last five years and the last quoted price of the firm’s stock was $10. Flotation costs for new equity will be 7%. The company has 30,000,000 common shares outstanding and a debt-equity ratio of 0.50.
a) If dividends are expected to grow at the same arithmetic average growth rate of the last five years, what is the dividend payment in 2018?
b) Calculate the firm’s cost of retained earnings and the cost of new common equity using the constant growth dividend discount model.
c) Calculate the break-point associated with retained earnings.
d) If the Claustrophobic Solution’s after-tax cost of debt is 9%, what is the WACC with retained earnings? With new common equity?
e) Assuming that the cost of debt is constant, create a marginal cost of capital (MCC) schedule. Be sure to use a Scatter chart and make it a step function.