Last night as you scrolled through the TV channels to find an action flick, you came across an old movie with tough guy, James Cagney, called “Yankee Doodle Dandy”. Although not particularly your kind of movie, you stayed on that channel for a few minutes because Cagney and another guy were in partnership together. They were arguing over who was the senior partner and who was the junior partner, even though, clearly, they started the business at the same time. If you were brought on board as their present-day business advisor, you would explain to them that all partnerships have at least one general partner (known as the senior partner) and one limited partner (known as the junior partner).

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Last year’s freshman class at Big State University totaled 5,346 students. 01’ those. 1,262 received a merit scholarship to help offsettuition costs their freshman year {although the amount varied per student]. The amount a student received was M$3.443. $450]. If thecost of full tuition was $4,200 last year, what percentage of students who received a merit scholarship did not receive enough to cover full tuition? (Round your answer to the nearest IIlIlIhole percent.) Percentage of students %

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Last year, Joban graduated from high school and received a $5,000 as a graduation gift from his uncle.  He just heard a guy in his dorm who invested in a software company and made a huge profit in a few months. Joban is considering investing his $5,000 in the company.  Joban has trouble managing his money and has a large balance on his credit card.  Joban has a part-time job, but spends all of the money he earns.  He also does not understand how investing works.

What advice would you give to Joban?

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Last year Jandik Corp. had $365,000 of assets, $18,750 of net income, and a debt-to-total-assets ratio of 37%. Now suppose the new CFO convinces the president to increase the debt ratio to 48%. Sales and total assets will not be affected, but interest expenses would increase. However, the CFO believes that better cost controls would be sufficient to offset the higher interest expense and thus keep net income unchanged. By how much would the change in the capital structure improve the ROE?

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Last year Hamdi Corp. had sales of $500,000, operating costs of $450,000, and year-end assets of $350,000. The debt-to-total-assets ratio was 17%, the interest rate on the debt was 7.5%, and the firm’s tax rate was 35%. The new CFO wants to see how the ROE would have been affected if the firm had used a 50% debt ratio. Assume that sales, operating costs, total assets, and the tax rate would not be affected, but the interest rate would rise to 8.0%. By how much would the ROE change in response to the change in the capital structure?

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