Discuss the following: 1.Facts of the case 2.The ethical issue and the stakeholders 3.Values involved
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Discuss the following:
1.Facts of the case
2.The ethical issue and the stakeholders
3.Values involved
4.Alternative course of actions
5.Evaluation of alternatives in terms of values
6.Possible consequences of alternatives
7.Decision
Step by step
Solved in 2 steps
- "We must get it," Erickson Santos, president of Industrial Fasteners, roared. "Without it, we're in big trouble." The "it" Mr. Santos referred to is the renewal of a $20 million loan with Manila First Bank. The big trouble he fears is the lack of funds necessary to repay the existing debt and few, if any, prospects for raising the funds elsewhere. Mr. Santos had just hung up the phone after a conversation with a bank vice-president in which it was made clear that this year's statement of cash flows must look better than last year's. Mr. Santos knows that improvements are not on course to happen. In fact, cash flow projections were dismal. Later that day, Timothy Dela Cruz, assistant controller, was summoned to Mr. Santos's office. "Dela Cruz," Santos barked, "I've looked at our accounts receivable. I think we can generate quite a bit of cash by selling or factoring most of those receivables. I know it will cost us more than if we collect them ourselves, but it sure will make our cash…4. Present value of an income stream Read No Evil (RNE) is a firm specializing in the destruction of sensitive documents. An industrial paper shredder costs $8,000. If bought, it would raise RNE's revenue by an additional $400 per year. The machine is designed to last forever and never require maintenance. If the firm does not purchase the machine, it will put the money into an interest-bearing bank account. At which interest rates would RNE be willing to buy the machine? Check all that apply. 12% 4% 6% 1%Karen Johnson, CFO for Raucous Roasters (RR), a specialty coffee manufacturer, is rethinking her company’s working capital policy in light of a recent scare she faced when RR’s corporate banker, citing a nationwide credit crunch, balked at renewing RR’s line of credit. Had the line of credit not been renewed, RR would not have been able to make payroll, potentially forcing the company out of business. Although the line of credit was ultimately renewed, the scare has forced Johnson to examine carefully each component of RR’s working capital to make sure it is needed, with the goal of determining whether the line of credit can be eliminated entirely. In addition to (possibly) freeing RR from the need for a line of credit, Johnson is well aware that reducing working capital will improve free cash flow. Historically, RR has done little to examine working capital, mainly because of poor communication among business functions. In the past, the production manager resisted Johnson’s efforts to question his holdings of raw materials, the marketing manager resisted questions about finished goods, the sales staff resisted questions about credit policy (which affects accounts receivable), and the treasurer did not want to talk about the cash and securities balances. However, with the recent credit scare, this resistance has become unacceptable and Johnson has undertaken a company-wide examination of cash, marketable securities, inventory, and accounts receivable levels. Johnson also knows that decisions about working capital cannot be made in a vacuum. For example, if inventories could be lowered without adversely affecting operations, then less capital would be required, and free cash flow would increase. However, lower raw materials inventories might lead to production slowdowns and higher costs, and lower finished goods inventories might lead to stockouts and loss of sales. So, before inventories are changed, it will be necessary to study operating as well as financial effects. The situation is the same with regard to cash and receivables. Johnson has begun her investigation by collecting the ratios shown here. (The partial cash budget shown after the ratios is used later in this mini case.) Johnson plans to use the preceding ratios as the starting point for discussions with RR’s operating team. Based on the data, does RR seem to be following a relaxed, moderate, or restricted current asset usage policy?
- 7. Would you lie to save your Company? “I’m at my board meeting,” begins the CEO of a $20 million toy manufacturer, “and I get this fax from our largest customer saying that our Rupert the Robot, our biggest seller, was self-destructing. The customer said that it was considering removing all Ruperts from the shelf and returning them to us. “Within a couple of hours,” he continues, “I get another call saying that another major customer stated the same problem. Then an hour later, another call. And then another. In all, our biggest selling product would be returned by our major customers. If we have to refund money to our customers for returns, we would be facing a $40 million loss. Put delicately, the company would be ruined.” For us as a business, returns of this magnitude would have been the end. The CEO could imagine only what might happen once word of this reached all of his lenders. “I had short-term loans with about eight banks for an amount of money equal to my equity in the…Critical analysis Why would haircuts on collateral increase sharply during a crisis? How would this lead to fire sales on assets? (120 Words) How can financial liberalizations lead to a financial crisis? (100 Words)22 Why should you be wary if many condo owners in a property you're evaluating are failing to make timely payments of their association dues? A O It means the condo is old and may need significant repairs soon. Because it's a sign that there may be many vacancies in the building in the near future. CO Because the association may not have enough money to keep common elements repaired. Because the condo association won't be able to pay the property taxes on the building.
- Recently the M&M Company has been having problems. As a result, its financial situation has deteriorated. M&M approached the First National Bank for a badly needed loan, but the loan officer insisted that the current ratio (now 0.5) be improved to at least 0.8 before the bank would even consider granting the credit. Which of the following actions would do the most to improve the ratio in the short run? * a. Using some cash to pay off some current liabilities b. Collecting some of the current accounts receivable. c. Paying off some long-term debt. d. Purchasing additional inventory on credit (accounts payable)Question 17 of 50 Read the scenario below and answer the following question. Chen at Chen Construction works on new neighbourhood developments that take many months to complete. They often cross a fiscal year. He typically requires a deposit from the homeowners. When a 3rd customer called to complain that they had recently overpaid for a home build, Chen discovered that their $200,000 deposit was still sitting in the Customer Deposits liability account. Due to this and other errors, he has just fired his bookkeeper and hired you to review and fix his books. He's looking for you to advise him on correct procedures to use going forward. What step was missed from the Unearned Income workflow to cause this scenario? A Recording the customer deposit into the Customer Deposits liability account B Recording a credit memo to reflect the amount of the deposit CO Writing a cheque to refund the overpayment DO Recording the deposit as a negative amount on invoices E Mapping the Customer Deposit…Karen Johnson, CFO for Raucous Roasters (RR), a specialty coffee manufacturer, is rethinking her company’s working capital policy considering a recent scare she faced when RR’s corporate banker, citing a nationwide credit crunch, balked at renewing RR’s line of credit. Had the line of credit not been renewed, RR would not have been able to make payroll, potentially forcing the company out of business. Although the line of credit was ultimately renewed, the scare has forced Johnson to examine carefully each component of RR’s working capital to make sure it is needed, with the goal of determining whether the line of credit can be eliminated entirely. In addition to (possibly) freeing RR from the need for a line of credit, Johnson is well aware that reducing working capital can also add value to a company by improving its EVA (Economic Value Added). In her corporate finance course Johnson learned that EVA is calculated by taking net operating profit after taxes (NOPAT) and then…
- Karen Johnson, CFO for Raucous Roasters (RR), a specialty coffee manufacturer, is rethinking her company’s working capital policy considering a recent scare she faced when RR’s corporate banker, citing a nationwide credit crunch, balked at renewing RR’s line of credit. Had the line of credit not been renewed, RR would not have been able to make payroll, potentially forcing the company out of business. Although the line of credit was ultimately renewed, the scare has forced Johnson to examine carefully each component of RR’s working capital to make sure it is needed, with the goal of determining whether the line of credit can be eliminated entirely. In addition to (possibly) freeing RR from the need for a line of credit, Johnson is well aware that reducing working capital can also add value to a company by improving its EVA (Economic Value Added). In her corporate finance course Johnson learned that EVA is calculated by taking net operating profit after taxes (NOPAT) and then…Karen Johnson, CFO for Raucous Roasters (RR), a specialty coffee manufacturer, is rethinking her company’s working capital policy considering a recent scare she faced when RR’s corporate banker, citing a nationwide credit crunch, balked at renewing RR’s line of credit. Had the line of credit not been renewed, RR would not have been able to make payroll, potentially forcing the company out of business. Although the line of credit was ultimately renewed, the scare has forced Johnson to examine carefully each component of RR’s working capital to make sure it is needed, with the goal of determining whether the line of credit can be eliminated entirely. In addition to (possibly) freeing RR from the need for a line of credit, Johnson is well aware that reducing working capital can also add value to a company by improving its EVA (Economic Value Added). In her corporate finance course Johnson learned that EVA is calculated by taking net operating profit after taxes (NOPAT) and then…QUESTION 10 Why are some banks considered too big to fail? A. The Glass-Steagal Act prohibits the failure of any bank wiht more than $5 billion in assets B. Very large banks have enough assets to prevent financial distress and cannot fail C. These banks are so large that their failure may initiate a financial crisis in the broader economy D. Congress has always stepped in to bail out banks owned by politically connected individuals