## 会计代写|财务管理代写Financial Management代考|Mutually Exclusive Alternatives and Capital Rationing

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Mutually Exclusive Alternatives and Capital Rationing

We now consider briefly two common occurrences that often complicate investment selection. The first is known as mutually exclusive alternatives. Frequently, there is more than one way to accomplish an objective, and the investment problem is to select the best alternative. In this case, the investments are said to be mutually exclusive. Examples of mutually exclusive alternatives abound, including the choice of whether to build a concrete or a wooden structure, whether to drive to work or take the bus, and whether to build a 40-story or a 30 -story building. Even though each option gets the job done and may be attractive individually, it does not make economic sense to do more than one. If you decide to take the bus to work, driving to work as well could prove a difficult feat. When confronted with mutually exclusive alternatives, then, it is not enough to decide if each option is attractive individually; you must determine which is best. Mutually exclusive investments are in contrast to independent investments, where the capital budgeting problem is simply to accept or reject a single investment.

When investments are independent, all three figures of merit introduced earlier-the NPV, BCR, and IRR-will generate the same investment decision, but this is no longer true when the investments are mutually exclusive. In all of the preceding examples, we implicitly assumed independence.

A second complicating factor in many investment appraisals is known as capital rationing. So far, we have implicitly assumed that sufficient money is available to enable the company to undertake all attractive opportunities. In contrast, under capital rationing, the decision maker has a fixed investment budget that may not be exceeded. Such a limit on investment capital may be imposed externally by investors’ unwillingness to supply more money, or it may be imposed internally by senior management as a way to control the amount of investment dollars each operating unit spends. In either case, the investment decision under capital rationing requires the analyst to rank the opportunities according to their investment merit and accept only the best.
Both mutually exclusive alternatives and capital rationing require a ranking of investments, but here the similarity ends. With mutually exclusive investments, money is available, but for technological reasons only certain investments can be accepted; under capital rationing, a lack of money is the complicating factor. Moreover, even the criteria used to rank the investments differ in the two cases, so the best investment among mutually exclusive alternatives may not be the best under conditions of capital rationing. The Appendix to this chapter discusses these technicalities and indicates which figures of merit are appropriate under which conditions.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|Uneven Cash Flows

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Uneven Cash Flows

Perceptive readers may have noticed a problem with what we have covered to this point: All of the cash flows in all of the examples can be described using the four variables defined earlier. What happens when the cash flows are not so well behaved? What happens when they are more erratic? To illustrate the problem, let’s modify our container pier example a bit and assume that Pacific Container now estimates it will take time to ramp up to full capacity and that first-year cash flows will be only $\$ 3.5$million, not$\$7.5$ million as originally projected.

And we are now stuck because it is no longer possible to describe the investment’s cash flows purely in terms of the original four variables: nper, pv, pmt, and fv.

Fortunately, spreadsheets offer a simple, elegant solution to this problem involving two new functions known as =IRR and $=$ NPV. Table 7.3 shows an Excel spreadsheet illustrating their use. The numbers on the left are the revised container pier cash flows. The icons for the two new functions appear to the right. Looking first at the IRR icon, note that the prompt replaces the usual PV, PMT, and FV variables with a new variable called values. The values point the spreadsheet to a range of cells containing the investment’s cash flows. Here, the cash flows are in cells B3 through B13, and the values appear in the formula as B3:B13. All you need to do to calculate the IRR of an arbitrary list of numbers, then, is to enter the relevant range containing the numbers into the $=$ IRR function.

The $=$ NPV function is similar. It calls for an interest rate and a range of cash flows containing at least one nonzero value and returns the net present value of the cash flows. Here I have entered the cash flows in the range B4 through B13. “But wait,” you exclaim, “why did you omit the cash flow in B3 from this range?” The answer is that, by definition, the =NPV function calculates the net present value of the specified range as of one period before the first cash flow. Had I entered “=NPV $(\mathrm{C} 15, \mathrm{~B} 3: \mathrm{B} 13)$ )” the computer would have calculated the NPV of the investment as of time minus 1 . To avoid this error, I calculated the NPV of the cash flows from years 1 through 10 , which by definition the computer will calculate as of time 0 , and then I added the

## 会计代写|财务管理代写Financial Management代考|A Few Applications and Extensions

Think of it: Although the holder will receive a total of $\$ 100$, the present value is less than$\$9$. Why? Because if the investor put $\$ 8.33$in a bank account today yielding 12 percent a year, he could withdraw approximately$\$1$ in interest every year forever without touching the principal $(12 \% \times \$ 8.33=\$0.9996)$. Consequently, $\$ 8.33$today has approximately the same value as$\$1$ a year forever.
This suggests the following simple formula for the present value of a perpetuity. Letting $A$ equal the annual receipt, $r$ the discount rate, and $P$ the present value,
$$P=\frac{A}{r}$$
and
$$r=\frac{A}{P}$$
To illustrate, suppose a share of preferred stock sells for $\$ 980$and promises an annual dividend of$\$52$ forever. Then, its IRR is 5.3 percent (52/980). Because the equations are so simple, perpetuities are often used to value longlived assets and in many textbook examples.
Equivalent Annual Cost

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## FINN3120 Financial Management课程简介

Many of the demands placed on IT professionals are driven by an organization’s financial managers and their focus not only on the “bottom line,” but also on various “Return on Investment” measures. This course introduces students to some of the basic terminology, concepts and tools used by financial managers in making business decisions. Topics covered include: the relationship between an organization’s accounting function and the finance function; financial reporting principles and the financial statements; using financial statements in practice; determining relevant items in making short-term business decisions; the Time Value of Money principles; short- and long-term decision making; and the uses and misuses of accounting data in managing people and controlling processes.

## PREREQUISITES

Week 1: Course Overview – Financial Reporting, Managerial Accounting and Corporate Finance; The Three Major Financial Statements
Week 2: The Income Statement, Revenue Recognition, and Analysis of Monetary Assets
Week 3: Choices within GAAP: Inventory Costing and Depreciation;The Statement of Cash Flows
Week 4: Managerial Accounting – Decision-Making: Cost Behavior
Week 5: Managerial Accounting – Decision-Making Tools
Week 6: Managerial Accounting – Responsibility Accounting:Performance Evaluation and Control
Week 7: Managerial Accounting: Relevant Cost Information and Typical Decisions
Week 8: Corporate Finance and the Time Value of Money (TVM)
Week 9: Applications of TVM to Personal and Business Decisions
Week 10: Corporate Finance: Capital Budgeting
Teaching methods: The course will be primarily lecture format, combined with discussion of the assigned problems and cases. To obtain the maximum benefit from each class, the student should complete the relevant reading and homework assignments prior to class. Students should also attempt to solve the problems before the relevant session meets. Only those marked “Turn-In” (the cases) will form the basis of your course grade.

Grading criteria: There will be six graded case submissions. Performance on five of the six required cases will constitute $75 \%$ of the course grade ( $15 \%$ each). Students may choose not to submit one of the six cases, in which event the five cases submitted will determine the course grade. On the other hand, students may submit all six cases and only the five best will be used to determine the course grade. The remaining $25 \%$ of the course grade will be determined by class participation ( $5 \%$ ) and evaluations of each group member’s contribution to his/her group (20\%). An unexcused absence from more than one class will cause the final grade to be lowered one letter grade.

## FINN3120 Financial Management HELP（EXAM HELP， ONLINE TUTOR）

Answers to odd-numbered problems appear at the end of the book. Answers to even-numbered problems and additional exercises are available in the Instructor Resources within McGraw-Hill’s Connect (see the Preface for more information).

1. Looking at Table 6.4, why do public utilities have such a low times-interestearned ratio? Why is the ratio for information technology companies so high?

What is operating leverage? How, if at all, is it similar to financial leverage? If a firm has high operating leverage would you expect it to have high or low financial leverage? Explain your reasoning.

1. Explain why increasing financial leverage increases the risk borne by shareholders.
2. Explain how a company can incur costs of financial distress without ever going bankrupt. What is the nature of these costs?

1. One recommendation in the chapter is that companies with promising investment opportunities should strive to maintain a conservative capital structure. Yet many promising small businesses are heavily indebted.
a. Why should most companies with promising investment opportunities strive to maintain conservative capital structures?
b. Why do you suppose many promising small businesses fail to follow this recommendation?

## Textbooks

• An Introduction to Stochastic Modeling, Fourth Edition by Pinsky and Karlin (freely
available through the university library here)
• Essentials of Stochastic Processes, Third Edition by Durrett (freely available through
the university library here)
To reiterate, the textbooks are freely available through the university library. Note that
you must be connected to the university Wi-Fi or VPN to access the ebooks from the library
links. Furthermore, the library links take some time to populate, so do not be alarmed if
the webpage looks bare for a few seconds.

Statistics-lab™可以为您提供charlotte.edu FINN3120 Financial Management财务管理课程的代写代考辅导服务！ 请认准Statistics-lab™. Statistics-lab™为您的留学生涯保驾护航。

## 会计代写|财务管理代写Financial Management代考|BFA503

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Issue Costs

Financial securities impose two kinds of costs on the issuer: annual costs, such as interest expense, and issue costs. We will consider the more important annual costs later. Issue costs are the costs the issuer and its shareholders incur on initial sale. For privately negotiated transactions, the only substantive cost is the fee charged by the investment banker in his or her capacity as agent. On a public issue, there are legal, accounting, and printing fees, plus those paid to the managing underwriter. The managing underwriter states his fee in the form of a spread. To illustrate, suppose ABC Corporation is a publicly traded company that wants to sell 10 million new shares of common stock using traditional registration procedures, and its shares presently trade at $\$ 20$on the New York Stock Exchange (NYSE). A few hours prior to public sale, the managing underwriter might inform ABC management, “Given the present tone of the markets, we can sell the new shares at an issue price of$\$19.00$ and a spread of $\$ 1.50$, for a net to the company of$\$17.50$ per share.” This means the investment banker intends to underprice the issue $\$ 1.00$per share (\$20 market price less $\$ 19$issue price) and is charging a fee of$\$1.50$ per share, or $\$ 15$million, for his services. This fee will be split among the managing underwriter and the syndicate members by prior arrangement according to each bank’s importance in the syndicates. To underprice an issue means to offer the new shares at a price below that of existing shares, or in the case of an IPO, below the market price of the shares shortly after the issue is completed. One obvious motivation investment bankers have for underpricing is to make their own job easier. Selling something worth$\$20$ for $\$ 19$is a lot easier than selling for$\$20$. But there appears to be more to the practice than this. In any public sale of securities, well-informed insiders are selling paper of uncertain value to less informed outsiders. One way to quell outsiders’ natural concern with being victimized by insiders is to consistently underprice new issues. This gives uninformed buyers the expectation the shares will more likely rise than fall after issue. Underpricing is not an out-of-pocket cost to the company, but it is a cost to shareholders. The greater the underpricing, the more securities a company must issue to raise a given amount of money. If the securities are bonds, this translates into higher interest expense, and if they are shares, it translates into a reduced percentage ownership for existing owners.

## 会计代写|财务管理代写Financial Management代考|What Is an Efficient Market?

Market efficiency describes how prices in competitive markets respond to new information. The arrival of new information at a competitive market can be likened to the arrival of a lamb chop at a school of flesh-eating piranha, where investors are, plausibly enough, the piranha. The instant the lamb chop hits the water, turmoil erupts as the fish devour the meat. Very soon the meat is gone, leaving only the worthless bone behind, and the waters soon return to normal. Similarly, when new information reaches a competitive market, much turmoil erupts as investors buy and sell securities in response to the news, causing prices to change. Once prices adjust, all that is left of the information is the worthless bone. No amount of gnawing on the bone will yield any more meat, and no further study of old information will yield any more valuable intelligence.

An efficient market, then, is one in which prices adjust rapidly to new information, and current prices fully reflect available information about the assets traded. “Fully reflect” means investors rapidly pounce on new information, analyze it, revise their expectations, and buy or sell securities accordingly. They continue to buy or sell securities until price changes eliminate the incentive for further trades. In such an environment, current prices reflect the cumulative judgment of investors. They fully reflect available information.

The degree of efficiency a particular market displays depends on the speed with which prices adjust to news and the type of news to which they respond. It is common to speak of three levels of informational efficiency:

1. A market is weak-form efficient if current prices fully reflect all information about past prices.
2. A market is semistrong-form efficient if current prices fully reflect all publicly available information.
3. A market is strong-form efficient if current prices fully reflect all information public or private.

Extensive tests of many financial markets suggest that with limited exceptions, most financial markets are semistrong-form efficient but not strong-form efficient. In other words, you generally cannot make money trading on public information; insider trading, however, based on private information, can be lucrative. This statement needs to be qualified in two respects. First, there is the issue of perspective.

# 财务管理代考

## 会计代写|财务管理代写Financial Management代考|What Is an Efficient Market?

1. 如果当前价格完全反映有关过去价格的所有信息，则市场是弱式有效的。
2. 如果当前价格完全反映了所有公开可用的信息，则市场是半强式有效的。
3. 如果当前价格完全反映所有公开或私人信息，则市场是强型有效的。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|FINM1416

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Using Derivatives to Manage Risks

A discussion of financial instruments would not be complete without at least an introduction to financial derivatives. As mentioned earlier in the chapter, the term derivative refers to a broad class of financial instruments whose value depends upon, or is “derived” from, the value of some other asset. Derivatives have received some bad press over the years, perhaps rightfully so. Warren Buffett famously stated in Berkshire Hathaway’s 2002 annual report that “derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.” And, in fact, derivatives were very much entwined with many of the regrettable events of the financial crisis of 2008.

However, blaming derivatives for financial disasters is a bit like blaming a baseball bat for a vandalized storefront. Misuse of derivatives can be damaging, but in the right hands, derivatives help financial managers to mitigate risk and thereby create substantial value for companies. Indeed, the view of some executives is that a major element of modern business is getting paid to undertake intelligent risks, while deftly avoiding others. According to this view, a steel maker is well positioned to manage the vagaries of changing steel demand, but ill-equipped to cope with volatile interest rates or exchange rates. A logical response then is for the company to use financial instruments systematically to sidestep unwanted risks, enabling it to better focus on the activities at which it excels.

Despite the occasional complexity of derivatives, operating executives need to understand the basics of using derivatives for financial risk management for at least three reasons:

• The market for derivatives is huge. Statistics put the total value of derivative contracts of all types outstanding in 2020 at over $\$ 600$trillion.${ }^{14}$While the amount of money actually at risk in derivatives contracts is closer to “only”$\$20$ trillion, the markets are huge by any measure, and size alone warrants a basic familiarity. By comparison, the total value of all stocks trading on all exchanges worldwide in 2020 was $\$ 110$trillion.${ }^{15}$• Most large companies use derivatives. A survey of the world’s 500 largest companies found that 94 percent use derivatives for risk management.${ }^{16}$It is very likely that anyone embarking on a career as a financial manager will encounter derivatives of some type sooner or later. • Misuse of derivatives can be dangerous. A number of otherwise sophisticated companies have reported multimillion-dollar losses on what were originally intended as risk-reducing activities. Moreover, although financial risk management is an indisputably valuable activity, it is not a panacea. Executives throughout the firm need a clear understanding of what the techniques can and cannot do if they are to use them effectively. ## 会计代写|财务管理代写Financial Management代考|Hedging with Futures Contracts One potential difficulty with the scenario described above is that AWI and MBI could have trouble finding each other or, for that matter, any partner willing to take the opposite side of a forward contract in the same quantity and time to maturity that they require. So an alternative for companies looking to hedge risk is to deal with a futures exchange that facilitates the matching of parties to forward transactions, which in this case are called futures contracts. A futures contract is the same as a forward contract in spirit, but its terms (i.e., the amount, the time to maturity, and so on) are standardized to make it easier for them to be bought and sold between different parties. Suppose that in March, MBI knows that it needs to buy 100,000 bushels of wheat in September and decides to hedge the risk of wheat price fluctuations using futures contracts offered by CME Group, the largest futures exchange in the world. The CME buys and sells wheat futures contracts in increments of 5,000 bushels per contract and they offer contracts that mature in various months of the year, including September. To hedge its risk, MBI would buy (or go long, as a purchase is often called) 20 September wheat futures contracts in March. If the price of the September futures in March was$\$4.60$ per bushel, this would mean that MBI was effectively locking in a price of $\$ 460,000(20 \times 5,000 \times \$4.60)$ for 100,000 bushels of wheat in September. This long position ensures that MBI can obtain wheat in September at a cost that will allow them to be profitable.

At the same time, AWI can go to the CME in March and sell (or short) 20 September wheat futures contracts at a price of $\$ 4.60$per bushel. This short position allows AWI to lock in a selling price of$\$460,000$ for the wheat they need to sell in September. The CME acts as an intermediary to match up the buyer and the seller, eliminating the need for AWI and MBI to deal with each other. AWI does not even need to know that a company called MBI exists, and vice versa.

It is important to recognize that companies can hedge price risk using futures contracts without holding the contract to maturity and without making or taking delivery of the underlying asset through the exchange. Unlike with forward contracts, companies can (and almost always do) close out their futures contracts at some point prior to delivery and take profits or losses that have accrued on the contract to that point. Then, they simply buy or sell the underlying asset as they normally would in the spot market. When the hedge is set up properly, the company profits from its futures contract when spot market prices move against it, and suffers losses on its futures contract when spot market prices move in its favor. The company ends up paying or receiving roughly the same net amount regardless of which direction prices move.
To illustrate how this works, consider MBI’s long position in 20 September wheat futures contracts, which it bought in March at a price of $\$ 4.60$per bushel. Suppose that come September, when MBI needs to purchase wheat, poor weather conditions have caused the futures price for September wheat to rise to$\$5.10$ per bushel. The price increase is profitable for MBI’s futures contracts, because the contracts they purchased at $\$ 4.60$per bushel are now worth$\$5.10$ per bushel. Their profit from the futures can be calculated as the change in the futures price per bushel times the number of bushels contracted.

# 财务管理代考

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|AFM219

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Too Much Growth

This is the crux of the sustainable growth problem for rapidly expanding firms: Because increasing operating efficiency is not always possible and altering financial policies is not always wise, we see that it is entirely possible for a company to grow too fast for its own good. This is particularly true for smaller companies, which may do inadequate financial planning. Such companies see sales growth as something to be maximized and think too little of the financial consequences. They do not realize that rapid growth has them on a treadmill; the faster they grow, the more cash they need, even when they are profitable. They can meet this need for a time by increasing leverage, but eventually they will reach their debt capacity, lenders will refuse additional credit requests, and the companies will find themselves without the cash to pay their bills. All of this can be prevented if managers understand that growth above the company’s sustainable rate creates financial challenges that must be anticipated and managed.

Please understand; I am not suggesting that a company’s actual growth rate should always equal its sustainable growth rate, or even closely approximate it. Rather, I am saying that management must anticipate any disparity between actual and sustainable growth and have a plan in place for managing that disparity. The challenge is, first, to recognize the disparity and, second, to create a viable strategy to manage it.

## 会计代写|财务管理代写Financial Management代考|Balanced Growth

Here is another way to think about sustainable growth. Recalling that a company’s return on assets, ROA, can be expressed as the product of its profit margin times its asset turnover, we can rewrite the sustainable growth equation $\mathrm{as}^{2}$
$$g^{}=R \hat{T} \times \mathrm{ROA}$$ Here, $R$ and $\hat{T}$ reflect the company’s financial policies, while ROA summarizes its operating performance. So if a company’s retention ratio is 25 percent and its assets-to-equity ratio is $1.6$, its sustainable growth equation becomes simply $$g^{}=0.4 \times \mathrm{ROA}$$
This equation says that given stable financial policies, sustainable growth varies linearly with return on assets. Figure $4.2$ graphs this relationship with sales growth on the vertical axis, ROA on the horizontal axis, and the sustainable growth equation as the upward-sloping, solid, diagonal line.

The line bears the label “Balanced growth” because the company can self-finance only the sales growth-ROA combinations lying on this line. All growth-return combinations lying off this line generate either cash deficits or cash surpluses. Thus, rapidly growing, marginally profitable companies will plot in the upper-left portion of the graph, implying cash deficits, while slowly expanding, highly profitable companies will plot in the lower-right portion, implying cash surpluses. I should emphasize that the phrase “selffinance” does not imply constant debt but rather a constant debt-to-equity ratio. Debt can increase but only in proportion to equity.

## 会计代写|财务管理代写Financial Management代考|Balanced Growth

$$g=R \hat{T} \times \mathrm{ROA}$$

$$g=0.4 \times \mathrm{ROA}$$

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|FINA3326

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Sustainable Growth

We can think of successful companies as passing through a predictable life cycle. The cycle begins with a startup phase in which the company loses money while developing products or services and establishing a foothold in the market. This is followed by a rapid growth phase in which the company is profitable but is growing so rapidly that it needs regular infusions of outside financing. The third phase is maturity, characterized by a decline in growth and a switch from absorbing outside financing to generating more cash than the firm can profitably reinvest. The last phase is decline, during which the company is perhaps marginally profitable, generates more cash than it can reinvest internally, and suffers declining sales. Mature and declining companies frequently devote considerable time and money to seeking investment opportunities in new products or firms that are still in their growth phase.
We begin our discussion by looking at the growth phase, when financing needs are most pressing. Later, we will consider the growth problems of mature and declining firms. Central to our discussion is the notion of sustainable growth. Intuitively, sustainable growth is merely a formalization of the old adage “It takes money to make money.” Increased sales require more assets of all types, which must be paid for. Retained profits and the accompanying new borrowing generate some cash, but only limited amounts. Unless the company is prepared to sell common stock or borrow excessive amounts, this limit puts a ceiling on the growth it can achieve without straining its resources. This is the firm’s sustainable growth rate.

## 会计代写|财务管理代写Financial Management代考|The Sustainable Growth Equation

Let’s begin by writing a simple equation to express the dependence of growth on financial resources. For this purpose, assume

• The company has a target financing, or capital, structure and a target dividend policy it wishes to maintain.
• Management is unable or unwilling to sell new equity.
We will say more about these assumptions soon. For now, it is enough to realize that although they may not be appropriate for all firms, the assumptions describe a great many.

Figure $4.1$ shows the rapidly growing company’s plight. It represents the firm’s balance sheet as two rectangles, one for assets and the other for liabilities and owners’ equity. The two long, unshaded rectangles represent the balance sheet at the beginning of the year. The rectangles are, of course, the same height because assets must equal liabilities plus owners’ equity. Now, if the company wants to increase sales during the coming year, it must also increase assets such as inventory, accounts receivable, and productive capacity. The shaded area on the assets side of the figure represents the value of new assets necessary to support the increased sales. Because the company will not be selling equity by assumption, the cash required to pay for this increase in assets must come from retained profits and new debt.

## 会计代写|财务管理代写Financial Management代考|The Sustainable Growth Equation

• 公司有一个目标融资或资本结构，以及它希望维持的目标股息政策。
• 管理层不能或不愿出售新股权。
我们很快就会更多地谈论这些假设。就目前而言，认识到尽管它们可能并不适合所有公司，但这些假设描述了很多公司就足够了。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|GMBA6006

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|The Techniques Compared

Although the formats differ, it should be a relief to learn that all of the forecasting techniques considered in this chapter produce the same results. As long as the assumptions are the same and no arithmetic or accounting mistakes are made, all of the techniques will produce the same estimate of external funding required. Moreover, if your accounting skills are up to the task, it is possible to reconcile one format with another. Problems 10,11 , and 12 at the end of the chapter allow you to demonstrate this fact for yourself.
A second reassuring fact is that regardless of which forecasting technique is used, the resulting estimate of new financing needs is not biased by inflation. Consequently, there is no need to resort to elaborate inflation adjustments when making financial forecasts in an inflationary environment. This is not to say that the need for new financing is independent of the inflation rate. Indeed, as will become apparent in Chapter 4 , the financing needs of most companies rise with inflation. Rather, it means that direct application of the previously described forecasting techniques will correctly indicate the need for external financing even in the presence of inflation.

Mechanically, then, the three forecasting techniques are equivalent, and the choice of which one to use can depend on the purpose of the forecast. For most planning purposes and for credit analysis, I recommend pro forma statements because they present the information in a form suitable for additional financial analysis. For short-term forecasting and the management of cash, the cash budget is appropriate. A cash flow forecast lies somewhere between the other two. It presents a broader picture of company operations than a cash budget does and is easier to construct and more accessible to accounting novices than pro formas are, but it is also less informative than pro formas.

Regardless of which forecasting technique you use, keep in mind that-as mentioned in the opening paragraph to this chapter-financial forecasts are only the tip of the planning iceberg. Especially in large, multidivision corporations, effective planning usually involves multiple steps. First, headquarters executives and division managers hammer out a corporate strategy.

## 会计代写|财务管理代写Financial Management代考|Managing Growth

Growth and its management present special problems in financial planning, in part because many executives see growth as something to be maximized. They reason simply that, as growth increases, the firm’s market share and profits should rise as well. From a financial perspective, however, growth is not always a blessing. Rapid growth can put considerable strain on a company’s resources, and unless management is aware of this effect and takes active steps to control it, rapid growth can lead to bankruptcy. Companies can literally grow broke. It is a sad truth that rapid growth has driven almost as many companies into bankruptcy as slow growth has. It is doubly sad to realize that those companies that grew too fast met the market test by providing a product people wanted and failed only because they lacked the financial acumen to manage their growth properly.

At the other end of the spectrum, companies growing too slowly have a different but no less pressing set of financial concerns. As will become apparent, if these companies fail to appreciate the financial implications of slow growth, they will come under increasing pressure from restive shareholders, irate board members, and potential raiders. In either case, the financial management of growth is a topic worthy of close inspection.

We begin our look at the financial dimensions of growth by defining a company’s sustainable growth rate. This is the maximum rate at which company sales can increase without depleting financial resources. Then, we look at the options open to management when a company’s target growth rate exceeds its sustainable growth rate and, conversely, when growth falls below sustainable levels. An important conclusion will be that growth is not necessarily something to be maximized. In many companies, it may be necessary to limit growth to conserve financial strength. In others, the money used to finance unprofitable growth might better be returned to owners. The need to limit growth is a hard lesson for operating managers used to thinking that more is better. It is a critical one, however, because operating executives bear major responsibility for managing growth.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|AFM219

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Measuring Earnings

This is not the place for a detailed discussion of accounting. But because earnings, or lack of same, are a critical indicator of financial health, several technical details of earnings measurement deserve mention.
Accrual Accounting
The measurement of accounting earnings involves two steps: (1) identifying revenues for the period and (2) matching the corresponding costs to revenues. Looking at the first step, it is important to recognize that revenue is not the same as cash received. According to the accrual principle (a cruel principle?) of accounting, revenue is recognized as soon as “the effort required to generate the sale is substantially complete and there is a reasonable certainty that payment will be received.” The accountant sees the timing of the actual cash receipts as a mere technicality. For credit sales, the accrual principle means that revenue is recognized at the time of sale, not when the customer pays. This can result in a significant time lag between the generation of revenue and the receipt of cash. Looking at Polaris, we see that revenue in 2020 was $\$ 7,108$million, but accounts receivable increased by$\$67$ million. We conclude that cash received from sales during 2020 was only $\$ 7,041$million$(\$7,108-\$ 67$million). The other$\$67$ million still awaits collection.

## 会计代写|财务管理代写Financial Management代考|Sources and Uses Statements

Two very basic but valuable things to know about a company are where it gets its cash and how it spends the cash. At first blush, it might appear that the income statement will answer these questions because it records flows of resources over time. But further reflection will convince you that the income statement is deficient in two respects: It includes accruals that are not cash flows, and it lists only cash flows associated with the sale of goods or services during the accounting period. A host of other cash receipts and disbursements do not appear on the income statement. Thus, Polaris increased its investment in accounts receivable by $\$ 67$million in 2020 (Table$1.2$) with little or no trace of this buildup on its income statement. Polaris also decreased longterm debt by$\$218$ million with little effect on its income statement.

To gain a more accurate picture of where a company got its money and how it spent it, we need to look more closely at the balance sheet or, more precisely, two balance sheets. Use the following two-step procedure. First, place two balance sheets for different dates side by side, and note all of the changes in accounts that occurred over the period. The changes for Polaris in 2020 appear in the rightmost column of Table 1.2. Second, segregate the changes into those that generated cash and those that consumed cash. The result is a sources and uses statement.

Here are the guidelines for distinguishing between a source and a use of cash:

• A company generates cash in two ways: by reducing an asset or by increasing a liability. The sale of used equipment, the liquidation of inventories, and the reduction of accounts receivable are all reductions in asset accounts and are all sources of cash to the company. On the liabilities side of the balance sheet, an increase in a bank loan and the sale of common stock are increases in liabilities, which again generate cash.

## 会计代写|财务管理代写Financial Management代考|Sources and Uses Statements

• 公司通过两种方式产生现金：减少资产或增加负债。旧设备的出售、存货的清算、应收账款的减少都是资产账户的减少，都是公司的现金来源。在资产负债表的负债方面，银行贷款的增加和普通股的出售是负债的增加，这又会产生现金。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|FINA3326

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Overview of Financial Statements

The most important source of information for evaluating the financial health of a company is its set of financial statements, consisting principally of a balance sheet, an income statement, and a cash flow statement. Although these statements can appear complex at times, they all rest on a very simple foundation. To understand this foundation and to see the ties among the three statements, let us look briefly at each.

A balance sheet is a financial snapshot, taken at a point in time, of all the assets the company owns and all the claims against those assets. The basic relationship, and indeed the foundation for all of accounting, is
Assets = Liabilities $+$ Shareholders’ equity
It is as if a herd (flock? column?) of accountants runs through the business on the appointed day, making a list of everything the company owns, and assigning each item a value. After tabulating the firm’s assets, the accountants list all outstanding company liabilities, where a liability is simply an obligation to deliver something of value in the future-or more colloquially, some form of an “IOU.” Having thus totaled up what the company owns and what it owes, the accountants call the difference between the two shareholders’ equity. Shareholders’ equity is the accountant’s estimate of the value of the shareholders’ investment in the firm, just as the value of a homeowners’ equity is the value of the home (the asset), less the mortgage outstanding against it (the liability). Shareholders’ equity is also known variously as owners’ equity, stockholders’ equity, net worth, or simply equity.

It is important to realize that the basic accounting equation holds for individual transactions, as well as for the firm as a whole. When a firm pays $\$ 1$million in wages, cash declines$\$1$ million and shareholders’ equity falls by the same amount. Similarly, when a company borrows $\$ 100,000$, cash rises$\$100,000$, as does a liability named something like loans outstanding. And when a company receives a $\$ 10,000$payment from a customer, cash rises while another asset, accounts receivable, falls by the same figure. In each instance, the double-entry nature of accounting guarantees that the basic accounting equation holds for each transaction, and when summed across all transactions, it holds for the company as a whole. To see how the repeated application of this single formula underlies the creation of company financial statements, consider Worldwide Sports (WWS), a newly founded retailer of value-priced sporting goods. In January 2021, the founder invested$\$150,000$ of his personal savings and added another $\$ 100,000$borrowed from relatives to start the business. After buying furniture and display fixtures for$\$60,000$ and merchandise for $\$ 80,000$, WWS was ready to open its doors. ## 会计代写|财务管理代写Financial Management代考|The Balance Sheet We will now take a more in-depth look at each of the key financial statements in turn, beginning with the balance sheet. To illustrate the techniques and concepts presented throughout the book, I will refer whenever possible to Polaris Inc., the self-styled “Global leader in Powersports” including snowmobiles, all-terrain vehicles (ATVs), motorcycles, and boats. In addition to the United States, Polaris has manufacturing operations in China, France, Mexico, and Poland. It has offices in 14 countries and sells its products in over 100 countries, although 80 percent of sales originate in the United States. The company’s focus, as embodied in its marketing tagline “Think Outside” is to create products that enhance the experience of outdoor enthusiasts. Headquartered in Medina, Minnesota, a small town outside of Minneapolis, Polaris has$\$7$ billion in annual sales, and its stock trades on the New York Stock Exchange. The firm was founded in 1954 as one of the pioneers of the snowmobile industry. In the $1980 \mathrm{~s}$, Polaris diversified into off-road vehicles when they produced the first American-made ATVs. In 2011, Polaris extended its reach into on-road vehicles with its acquisition of the legendary Indian Motorcycle company. Between 2018 and 2019 , two more acquisitions added three well-known boat brands to Polaris’s product portfolio. Polaris’s recent ventures include forays into electric ATVs, electric motorcycles, and special-purpose electric automobiles. In 2020 , 64 percent of Polaris’s sales came from snowmobiles and off-road vehicles, with 9 percent coming from boats, 8 percent from motorcycles, and 19 percent from other products and services.

Table $1.2$ presents Polaris’s balance sheets for 2019 and 2020 . If the precise meaning of every asset and liability category in Table $1.2$ is not immediately apparent, be patient. We will discuss many of them in the following text. In addition, all of the accounting terms used appear in the glossary at the end of the book.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。