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For the year just ended，N company had an earnings of$2 per share and paid a dividend of

$1．2 0n its Stock．The growth rate in net income and dividend are both expected to be a constant 7 percent per year,indefinitely．N company has a Beta of 0．8，the risk-free interest rate is 6 percent，and the market risk premium is 8 percent．

P Company is very similar to N company in growth rate，risk and dividend payout rati0．It had 20 million shares outstanding and an earnings of$36 million for the year just ended．

The earnings will increase to$38．5 million the next year．

Requirement：

A．Calculate the expected rate of return on N company’S equity．

B．Calculate N Company’S current price—eaming ratio and prospective price-earning rati0．

C．Using N company’S current price-earning rati0，value P company’S stock price．

D．Using N company’S prospective price-earning rati0，value P company’S stock price．

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更多“For the year just ended，N comp…”相关的问题

第1题

Gardening is a moral occupation, as well, because you always start in spring resolved

to keep it looking neat this year, just like the pictures in the catalogues. But by July, you once again face the chaos of unthinned carrots, lettuce and beets.

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第2题

The year was 1932.Amelia Earhart was flying alone from North America to England in a s

mall single-engined aeroplane.At midnight, several hours after she had left Newfoundland, she ran into bad weather.To make things worse, her altimeter (高度表) failed and she didn't know how high she was flying.At night, and in a storm, a pilot is in great difficulty without an altimeter.At times, her plane nearly plunged into the sea.

Just before dawn, there was further trouble.Amelia noticed flames coming from the engine.Would she be able to reach land？ There was nothing to do except to keep going and to hope.

In the end, Amelia Earhart did reach Ireland, and for the courage she had shown, she was warmly welcomed in England and Europe.When she returned to the United States, she was honored by President Hoover at a special dinner in the White House.From that time on, Amelia Earhart was famous.

What was so important about her flight？ Amelia Earhart was the first woman to fly the Atlantic Ocean alone, and she had set a record of fourteen hours and fifty-six minutes.

In the years that followed, Amelia Earhart made several flights across the United States, and on each occasion she set a new record for flying time.Amelia Earhart made these flights to show that women had a place in aviation and that air travel was useful.

(1).Her engine went wrong when Amelia Earhart was flying alone from North America to England.()

A.T B.F

(2).When Amelia Earhart saw flames coming from the engine, she changed her direction and landed in Ireland.()

A.T B.F

(3).According to the passage, Amelia Earhart's reason for making her flights was to show that aviation was not just for men.()

A.T B.F

(4).Amelia Earhart was the first woman who succeeded in flying across the Atlantic Ocean alone.()

A.T B.F

(5)."A Dangerous Flight from North America to England would be the best title for the passage.()

A.T B.F

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第3题

Peter, a high school student, was pretty busy with school, and he was on the soccer team

. High school was hard，because everyone wanted to have nice clothes, hang out，drive cars, and all these cost money. Peter’s father was the sort of guy that believed you had to earn whatever you got，so he wasn’t just about to hand over lots of money for Peter to use to have fun. So，he had to get a job.

During his freshman year summer vacation, his classmate got him a job working on a hay (干草) farm. He threw hay up into wagons as the tractor drove around fields, and then they stacked (剁起) it in the hot barn. It was a hot，lowpaying job.

He once worked a few nights a week at a grocery store. He put things on the shelf. It was a lot of lifting and carrying，and his arms were strong from this and the previous job. It was dull and didn’t pay much.

He took some time off when soccer got serious，but the following summer he tried working at a lumber yard. It was hot outside, but he got a lot of exercise lifting and carrying things like boards and drywall. He also learned a lot about building supplies. It still didn’t pay well.

From there, he spent a year doing some tutoring for a friend of the family, but that was piecemeal. His first real job came the last year at school, when he fixed registers and worked on computers at a big box store. It was his favorite job yet, but it still didn’t pay well.

What Peter realized with all of these jobs was that he needed a better paying job! The only way to get that was to get trained or educated. He could go to school and get a 2year degree in an office or technical position. His other choices were going to a 4year college or joining the army. He wasn’t sure what he was going to do yet, but he knew he had to do something. Jobs were a lot of work, money was hard to earn，but he liked staying busy and being able to buy things. Peter wanted the most out of life, and that meant education.

25.All the jobs Peter had taken had one thing in common：_____.

A、They didn’t pay well

B、They were dull and tiresome

C、They needed hard labor

D、They were done during his vacation

26._____was the most important for Peter if he wanted a good job.

A、Confidence

B、Education

C、Opportunity

D、Wisdom

27.We can learn from the text that_____.

A、Peter knew what to do with his future

B、Peter’s father didn’t care about him

C、It was very hard for Peter to make his choices

D、Peter was determined to do whatever he liked

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第4题

CYCLES MOVE WITH THE TIMES Times have been hard for the UK cycle industry. Poor weather an

CYCLES MOVE WITH THE TIMES

Times have been hard for the UK cycle industry. Poor weather and competition from abroad have had a serious effect on sales. Manufacturers have had to cut back and last month more than 40 job losses were announced at Cycle World, one of the country's main bicycle factories in Leicester. But the company says it is fighting to win back customers, using such strategies as improved after-sales and bikes built to specific customer requirements.

Two years ago, Cycle World sold off its bike-making machinery in an effort to cut costs and save money. The company's Leicester factory is now only an assembly plant as most of the parts are imported.

The company produces half a million bikes a year across the full Cycle World range, with nearly all of these being sold in the UK. Production is largely done by hand. Workers use the batch production method - everyone making up to 600 bikes of a particular model at any one time.

At the height of its success, Cycle World employed 7,000 people but, like many areas of manufacturing, it has since shrunk. Its 1950s purpose- built factory now employs just 470 permanent workers, with numbers rising to 700 as temporary staff are taken on to meet seasonal demands in sales.

The weather has encouraged more people to buy bikes.

A．Right

B．Wrong

C．Doesn't say

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第5题

Most companies expect IT （Information Technology) managers to head an IT staff of computer

Most companies expect IT (Information Technology) managers to head an IT staff of computer technicians. But IT managers can also specialize in other areas. Some managers may also be responsible for keeping their company’s Internet safety. They protect both their company and their online customers from thieves.

Other managers focus more on the business rather than the technical part of computing. They become project managers, helping companies reach as many online customers as possible.

Some companies also look for IT managers who can act as trainers. These trainers help a company’s computer technicians keep up-to-date on computer skills.

Most companies require their IT managers to have both a bachelor’s degree and some experience in the computer field. Often, companies hire IT managers out of their existing staff of computer technicians.

Since IT managers are extremely important to companies’ success, it’s no surprise that they receive such high salaries – around US $56,000 a year to start with. And, in such a fast-changing field,

managers’ salaries usually increase after only a couple of years.

The world will be watching to see just how quickly e-commerce replaces the old ways of doing business. And as computers change the way the world does business, IT managers will be in the middle of it all. Few companies can survive without them.

Besides being the leader of computer technicians, IT managers are also expected to be ________.

(A) experienced product designers

(B) skilled online technicians

(C) doctorate holders

(D) online safety specialists

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第6题

In 20×8,following events related to Entity A were noted: （1)Entity A sells goods with a

In 20×8,following events related to Entity A were noted:

(1)Entity A sells goods with a warranty under which customers are covered for the cost of repairs of any manufacturing defects that become apparent within the first twelve months after purchase If minor defects were detected in all products sold, repair costs of RMB 6 000 000 would result. Entity A’s past experience and future expectations indicate that ,for the coming year,60 per cent of the goods sold in 20×8 will have minor defects and 10 per cent of the goods sold in 20×8 will have major defects.

(2)In November20×8,a customer sued Entity A and made a claim for damages of RMB 2 500 000,as Entity A failed to deliver the goods to the customer in time according to the delivery term of relevant sales contract. When Entity A prepared the financial statements for the year ended 31 December 20×8,its lawyers advised that it was probable that Entity a Would be found liable for making a payment of RMB 2 000 000 to the customer for compensation.

（3）Under new environment protection legislation, Entity A is required to fit smoke filters, which costs about RMB20 000 000,to its factories by 30 June 2008.Entity A has not fitted the smoke filters at 31 December 2008.Based on the best estimate of the management of Entity A, it is more likely that Entity A will be imposed a penalty of RMB 10 000 000.

（4）Entity A is required by law to overhaul its equipments once three years. The estimated remaining useful life of the equipments is 18 years. Entity A just spent RMB 6 000 000 in overhauling is equipments in 2007.

（5）Entity A entered into a sales contract with a customer in November 2008 to sell an equipment at the price of RMB 50 000 000.According to the sales contract, Entity A shall deliver the equipments to the customer in the end of 2009 and the amount of penalty is RMB 600 000 if Entity A or the customer fail to fulfill the contract. Entity A’s original estimated cost of fulfilling the sales contract is about RMB 45 000 000.However,due to the increase of the purchase prices of relevant raw materials, the estimated cost of fulfilling the sales contract increased to RMB 55 000 000 in the end of 2008.No inventory has been prepared by Entity A for the production of the equipment by the end of 2008.

Requirement:

According to the events described above, determine whether any provision should be recognized in Entity A’s financial statement for the year ended 31 December 2008.If any provision should be recognized, calculate the amount of provision and prepare related journal entries.

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第7题

My husband Christopher was once a financial planner. Even though he couldn't balance our b

udget，his clients trusted him completely and he made them feel secure. In exchange they paid him very well. We had a nice life then. At that time，my yoga studio(瑜伽馆)was just starting to make a profit，and I had recently decorated it. At last，I was in control of my working life and poured my heart and soul into making it succeed.

When we first met，I fell hard for Christopher right away. although I wouldn't call it love. I'd never been with a man who was prettier than I was，but after a while I got used to this. and it didn't bother me so much. I was recovering from a broken heart and needed something to help me move on. If it wasn't love，it was good enough，and when he asked me to marry him I jumped at the chance. knowing that it might be my last.

Things started out so well. I was working steadily and Christopher was patiently climbing up the ladder in his department. Then，without any warning，one gray winter afternoon in year five，he just upped and left his desk at the bank，handed in his resignation，and came home and told me he wanted to start an interior design business.

He has always loved mixing and matching，and has a real eye for color，texture，and shape，but the idea of turning a hobby into a business wasn't something we had ever discussed. I thought the stress of his job was becoming too much and perhaps he would take a few months off over the spring and summer to relax and get the idea out of his system. I didn't believe he could be serious. But once he had a few clients，he began to draw up plans，ordering catalogues and turning our empty workshop into a kind of makeshift studio with all of his sketches pinned to the wall. After spending a lot of time and money on all of this preparation，and really doing quite a nice job of it,he called each client in turn and apologized，saying he wouldn't be able to design their living spaces after all.

As a financial planner，Christopher______.

A．paid his clients very well

B．was trusted by his clients

C．was making his yoga studio profitable

D．could make his family's budget balanced

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第8题

PetraIt ____1____ one night at our local nightclub. I was dancing, and suddenly I ___

Petra

It ____1____ one night at our local nightclub. I was dancing, and suddenly I ____2____ the feeling that someone was watching me. I looked around and saw a boy on the other side of the room staring at me. I ____3____ to be brave and walked over to him. Hans was very shy but we had a drink and started talking. We just clicked and we quickly became friends.

Ricardo

It was New Year’s Eve and I ___4____ some people around to my house to celebrate. I planned a quiet party but my friends brought other friends and by twelve o’clock there were lots of people. I was ____5____ some drinks in the kitchen when I noticed this woman on her ____6____. She didn’t seem to know anybody, so I ____7____ over to her and ____8____ myself. She said, “So you’re not Antonio, then!” She was at the wrong party– she had made a____9____ with the address! I asked her to stay and we got on really ____10____…and now we’re together.

1、A、came

B、happened

C、went

2、A、had

B、felt

C、sensed

3、A、told

B、liked

C、decided

4、A、invited

B、loved

C、asking

5、A、washing

B、making

C、playing

6、A、side

B、self

C、own

7、A、ran

B、went

C、leaned

8、A、introduced

B、asked

C、talked

9、A、fuss

B、wrong

C、mistake

10、A、good

B、well

C、fine

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第9题

Genetically-modified (GM) foodstuffs are here to stay.That’s not to say that food prod

uced by conventional agriculture will disappear, but simply that food-buying patterns will polarize: there will be a niche market for conventional foodstuffs just as there is for organic food.It may even be that GM food will become the food of preference because consumers come to appreciate the health benefits of reduced pesticide use.

Currently there are some 20,000 chemicals in use, but the scientists only have detailed information around 1,000 of them.To see the advantages of GM food you have only to consider the recent press revelation that the average lettuce receives eleven pesticide applications before it reaches the supermarket shelf.I’m sure chemicals and their role in disease will become a big issue in the 21st century as the population of the developed world worries increasingly about its health.

The reason GM food will not go away is that we need a three-fold increase in food production by the year 2050 to keep pace with the world’s predicted population growth to ten or eleven billion.It’s not just a question of more mouths to feed either.What is often forgotten is that all these extra people will take up space, reducing the overall land available for agriculture.

The world has 800 million hungry people.Until now, food supplies have been increased by improved varieties, pesticides and artificial fertilizers: the green revolution.Now we’re on the edge of a new one: a genetic revolution.

It may well be that in the long term it is the developing world that benefits most from GM food.It is true that for the next years or so GM crops may be too expensive.

6. According to the passage, food supplies have been increased by all the following except_____________.

A.pesticides

B.artificial fertilizers

C.improved varieties

D.transportation

7.How many chemicals are still less familiar to the scientists？()

A.20,000.

B.1,000

C.19,000

D.21,000.

8.Why will people prefer GM food in the future？()

A.Because it uses less pesticides.

B.Because it is much cheaper.

C.Because the production is increased.

D.Because it is organic food.

9.Which of the following is NOT true？()

A.By 2050, the world population will grow to ten or eleven billion.

B.In the 21st century, GM food will take the place of conventional food.

C.More and more people will reduce the overall land available for farming.

D.More and more people will consume more food and occupy more space.

10.The author’s attitude towards GM food is _______.

A.negative

B.positive

C.critical

D.uncertain

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第10题

Exercise is one of the few factors with a positive role in longterm maintenance of body we

ight. Unfortunately, that message has not gotten through to the average American, who would rather try switching to "light" beer and lowcalorie bread than increase physical exertion. The Centers for Disease Control, for example, found that fewer than onefourth of overweight adults who were trying to shed pounds said they were combining exercise with their diet.

In rejecting exercise, some people may be discouraged too much by calorieexpenditure charts, for example, one would have to briskly walk three miles just to work off the 275 calories in one delicious Danish pastry. Even exercise professionals concede half a point here. "Exercise by itself is a very tough way to lose weight." said York Onnen, program director of the President's Council on Physical Fitness and Sports.

Still exercise's supporting role in weight reduction is vital. A study at the Boston University Medical Center of overweight police officers and other public employees confirmed that those who dieted without exercise regained almost all their old weight, while those who worked exercise into their daily routine maintained their new weight.

If you have been sedentary (极少活动的) and decide to start walking one mile a day, the added exercise could burn an extra 100 calories daily. In a year's time, assuming no increase in food intake, you could lose ten pounds. By increasing the distance of your walks gradually and making other dietary adjustments, you may lose even more weight.

What is said about the average American in the passage？

A．They tend to exaggerate the healthful effect of "light" beer.

B．They usually ignore the effect of exercise on losing weight.

C．They prefer "light" beer and lowcalorie bread to other drinks and food.

D．They know the factors that play a positive role in keeping down body weight.

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