This is not how much the table will cost, but it is how much is taken off the original price! What is the sale price using the percent method? Sales Tax and Discount Lesson 8 — 8. Vocabulary Sales Tax — an additional amount of money charged to a purchase. Discount — the amount by which the regular. Sales Tax and Discount.
6.3: Solve Sales Tax, Commission, and Discount Applications
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Of course, the task of increasing shareholder value does not justify corrupt and unscrupulous behavior. We therefore discuss some of the ethical issues that confront managers. Chapter 2 surveys and sets out the functions of financial markets and institutions. This chapter also reviews the crisis of — The events of those years illustrate clearly why and how financial markets and institutions matter.
A large corporation is a team effort, and so the firm produces financial statements to help the players monitor its progress. Chapter 3 provides a brief overview of these finan- cial statements and introduces two key distinctions—between market and book values and between cash flows and profits.
This chapter also discusses some of the shortcom- ings in accounting practice. The chapter concludes with a summary of federal taxes. Chapter 4 provides an overview of financial statement analysis. In Chapter 5 we introduce the concept of the time value of money, and, since most readers will be more familiar with their own financial affairs than with the big leagues of finance, we motivate our discussion by looking first at some personal financial decisions.
We show how to value long- lived streams of cash flows and work through the valuation of perpetuities and annui- ties. Chapter 5 also contains a short concluding section on inflation and the distinction between real and nominal returns.
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Chapters 6 and 7 introduce the basic features of bonds and stocks and give students a chance to apply the ideas of Chapter 5 to the valuation of these securities. We show how to find the value of a bond given its yield, and we show how prices of bonds fluctuate as interest rates change. We look at what determines stock prices and how stock valuation formulas can be used to infer the return that investors expect. Finally, we see how investment opportunities are reflected in the stock price and why analysts focus on the price-earnings multiple.
Chapter 7 also introduces the concept of market. In Chapter 8 we introduce the concept of net present value and show how to calculate the NPV of a simple investment project. We then consider more com- plex investment proposals, including choices between alternative projects, machine replacement decisions, and decisions of when to invest. We show how the profitability index can be used to choose between investment projects when capital is scarce. The appendix to Chapter 8 shows how to sidestep some of the pitfalls of the IRR rule.
The first step in any NPV calculation is to decide what to discount. Therefore, in Chapter 9 we work through a realistic example of a capital budgeting analysis, show- ing how the manager needs to recognize the investment in working capital and how taxes and depreciation affect cash flows. We start Chapter 10 by looking at how companies organize the investment process and ensure everyone works toward a common goal. We then go on to look at various techniques to help managers identify the key assumptions in their estimates, such as sensitivity analysis, scenario analysis, and break-even analysis.
We explain the dis- tinction between accounting break-even and NPV break-even. We conclude the chap- ter by describing how managers try to build future flexibility into projects so that they can capitalize on good luck and mitigate the consequences of bad luck. Chapter 11 starts with a historical survey of returns on bonds and stocks and goes on to distinguish between the specific risk and market risk of individual stocks. Chapter 12 shows how to measure market risk and discusses the relationship between risk and expected return.
Chapter 13 intro- duces the weighted-average cost of capital and provides a practical illustration of how to estimate it. Chapter 14 pro- vides an overview of the securities that firms issue and their relative importance as sources of finance. In Chapter 15 we look at how firms issue securities, and we follow a firm from its first need for venture capital, through its initial public offering, to its continuing need to raise debt or equity. In Chapter 17 we study how firms should set dividend and payout policy. Chapter 19 is an introduction to short-term financial planning.
It shows how managers ensure that the firm will have enough cash to pay its bills over the coming year, and describes the principal sources of short-term borrowing. Chapter 20 addresses working capital management. It describes the basic steps of credit management, the principles of inventory management, and how firms handle payments efficiently and put cash to work as quickly as possible. Some of these topics are touched on in earlier chapters.
For example, we introduce the idea of options in Chapter 10, when we show how companies build flexibility into capital projects. How- ever, Chapter 23 generalizes this material, explains at an elementary level how options are valued, and provides some examples of why the financial manager needs to be concerned about options. International finance is also not confined to Chapter As one might expect from a book that is written by an international group of authors, examples from different countries and financial systems are scattered throughout the book. However, Chapter 22 tackles the specific problems that arise when a corpora- tion is confronted by different currencies.
We also introduce some interest- ing questions that either were unanswered in the text or are still puzzles to the finance profession. Thus the last chapter is an introduction to future finance courses as well as a conclusion to this one. Routes through the Book There are about as many effective ways to organize a course in corporate finance as there are teachers.
For this reason, we have ensured that the text is modular, so that topics can be introduced in different sequences.
We like to discuss the principles of valuation before plunging into financial plan- ning. Nevertheless, we recognize that many instructors will prefer to move directly from Chapter 4 Measuring Corporate Performance to Chapter 18 Long-Term Finan- cial Planning in order to provide a gentler transition from the typical prerequisite accounting course.
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Similarly, we like to discuss working capital after the student is familiar with the basic principles of valuation and financing, but we recognize that here also many instructors prefer to reverse our order. When we discuss project valuation in Part 2, we stress that the opportunity cost of capital depends on project risk. But we do not discuss how to measure risk or how return and risk are linked until Part 3.
This ordering can easily be modified. For exam- ple, the chapters on risk and return can be introduced before, after, or midway through the material on project valuation. Changes in the Eighth Edition Users of previous editions of this book will not find dramatic changes in either the material or the ordering of topics. But throughout we have made the book more up to date and easier to read. Here are some of the ways that we have done this. These digital extensions are not, as they may sound, false fingernails; they are additional examples, spreadsheet programs, and opportunities to explore topics in more depth.
This material is very easily accessed on the web. For example, it is seamlessly available with a click on the e-versions of the book, but it is also readily accessible in the traditional hard copy of the text using either QR codes from a smartphone or shortcut URLs, both provided in the margins of relevant pages. Often this has meant a word change here or a redrawn diagram there, but sometimes we have made more substantial changes. Consider, for example, Chapter 1, where we have made three significant changes.
First, we have included a completely rewritten section on corporate governance and agency issues. We empha- size that you need a good system of corporate governance to ensure that managers maximize value. Second, discussions of ethical issues often focus on the egregiously improper and illegal actions, but for honest financial managers the important problems are the gray areas.
We have therefore addressed three topics for which there are no easy answers—the role of corporate raiders, short-selling, and tax avoidance. Finally, students tackling finance for the first time need some broad understanding of what the subject is all about. We therefore conclude Chapter 1 with a review of the big themes. For example, since the previous edition, we have available an extra 3 years of data on security returns.
These show up in the figures in Chapter 11 of the long-run returns on stocks, bonds, and bills.
Solve Commission Applications
Measures of EVA, data on security ownership, dividend payments, and stock repurchases are just a few of the other cases where data have been brought up to date. The eurozone crisis was also a reminder that government debt is not risk-free. We come back to that issue in Chapter 6 when we discuss default risk. For example, students who have learned about the dividend discount model are often confused about how to value the many companies that also repurchase their stock.
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We introduce the issue in Chapter 13, and in Chapter 17 we explain how to value these companies. The growth in repurchases has also changed the way that we think about the dividend controversy. We have therefore substantially rewritten Chapter 17 to focus on the trade-off between dividends and repurchases.