Case 13-8 Accounting for a Loss Contingency for a Verdict Overturned o.docx

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Case 13-8 Accounting for a Loss Contingency for a Verdict Overturned on Appeal M International ( Solution 1 As per IAS 37.10, an entity must recognise provision if present obligation has arisen due to past event and the payment is probable and the amount can be estimated reliably and accordingly M should recognise $ 17 million as liability as per IAS 37.40(for lawsuits provision must be recorded at most likely amount). 2 For the year end Dec 31, 2009 financial statement, M should adjust its liability as in Nov 2009, M had filed a Notice of appeal with the Court of Appeals against the verdict of Sept 24 2009 and thus the obligation became possible obligation and not probable obligation and therefore it became a Contingent liability and not a provision as per IAS 37. Therefore the liability should be adjusted. It need not be recorded now and only be disclosed as Contingent liability. Also it won .

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Case 6-10 SEC v. Zurich Financial Services Background On December 11, 2008, the SEC reached agreement with Zurich Financial Services (Zurich) to settle the commission's charges against Zurich Financial Services Group for aiding and abetting a fraud by Converium Holding AG involving the use of finite reinsurance transactions to inflate improperly Converium's financial performance. The commission's complaint alleges that Zurich aided and abetted Converium's violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Under the settlement, Zurich consented to the entry of a final judgment directing it to pay a $25 million penalty plus $1 in disgorgement and, in a related administrative proceeding, consented to the entry of a cease-and-desist order against it.1 The accounting issue in question deals with the complex topic of reinsurance. The facts of the accounting fraud have been simplified as much as possible to focus mainly on the legal liabilities of the company. Zurich is a corporation organized under the laws of Switzerland with its principal place of business in Zurich, Switzerland. Historically, Zurich operated its reinsurance business under the brand name Zurich Re, which operated as a separate division within Zurich Insurance Company (ZIC), a wholly owned subsidiary of Zurich, and through its North American subsidiary, Zurich Reinsurance (North America) Inc. (Zurich Re North America). Prior to Converium's IPO, Zurich restructured its reinsurance operations and transferred substantially all of the reinsurance business operated under Zurich Re to Converium. In December 2001 and January 2002, pursuant to the Registration Statement and Prospectus, Zurich sold 40 million shares of Converium in the form of shares and American Depository Shares (ADSs), representing its entire stake in Converium, for proceeds of approximately $1.9 billion. 1 · Securities and Exchange Commission, SEC v. Zurich Financial Services, 08 Civ. 10760 (WHP) (S.D.N.Y.), Litigation Release No. 20825, December 11, 2008, Accounting and Auditing Enforcement Release No. 2910, December 11, 2008. The complaint further alleges that Converium's misstatements were material to investors who purchased shares in the IPO. Through the IPO, which was the largest reinsurance IPO in history, Zurich raised significantly more than it would have raised had Zurich and Converium not improperly inflated Converium's financial performance. Reinsurance Accounting Principles In basic terms, reinsurance is insurance for insurers. Reinsurance is the transfer of insurance risk by the primary insurer to a second insurance carrier, called the reinsurer, in exchange 320 321 for a payment or premium. Whether a contract is accounted for as reinsurance depends on whether the contract indemnifies the ceding company—here Zurich and Converium—from loss or liability. Such indemnification is known as risk transfer. Risk is transferred when (1) the reinsurer assumes significant ins ...

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Define compensatory, liquidated, and nominal damages. Which provides for the loss of a bargain (financial) of the contract? What are the primary requirements for liquidated damages? Solution -- In a compensatory damage, money as a form of compensation is given away to the victim or plaintiff as a compensation for the damages or pain suffered by him. These are dealt in civil courts, the accidents usually happen due to the negligence of the accused or defendant. In this case the accused would have breached the contract while the victim would not have breached the contract. The 2 types of the compensatory damages are: Liquidated damages: These are specifically and explicitly written out by statements in the contract. These will cover such damages which are not so easy to predict or forecast. It provides a fair means of the amount of damage for such unexpected breaches. For example, if the cloud computing server crashes while ABC is running the RPA, then what compensation PQR will get? Primary requirements for liquidated damages will be the unpredictable, the issues that are hard to forecast or estimate and hard to foreseeable events. Nominal Damages: here there is no loss of money involved. Say John booked a Tennis coach and was waiting in the Tennis courts; the Coach forgot the appointment and did not show up. Here though John did not incur any loss of money, his time was wasted – in this case, in order to prove that John was correct, this will be treated as a tort (wrong doing, potential illegal activity) case. The loss of bargain (financial) of the contract is provided by the contractual liability. Loss of bargain rule says that enough damages must be paid to the victim in such a way that the victim is restored to a situation which is in par with the situation when the breach of contract had not occurred. It must be adequate enough to put the victim back to the position if the contract were delivered without any breach. --.

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Case Study Complete Case 6-10: SEC v. Zurich Financial Services. Answers the questions on the bottom of the page. On December 11, 2008, the SEC reached agreement with Zurich Financial Services (Zurich) to settle the commission's charges against Zurich Financial Services Group for aiding and abetting a fraud by Converium Holding AG involving the use of finite reinsurance transactions to inflate improperly Converium's financial performance. The commission's complaint alleges that Zurich aided and abetted Converium's violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Under the settlement, Zurich consented to the entry of a final judgment directing it to pay a $25 million penalty plus $1 in disgorgement and, in a related administrative proceeding, consented to the entry of a cease-and-desist order against it.1 The accounting issue in question deals with the complex topic of reinsurance. The facts of the accounting fraud have been simplified as much as possible to focus mainly on the legal liabilities of the company. Zurich is a corporation organized under the laws of Switzerland with its principal place of business in Zurich, Switzerland. Historically, Zurich operated its reinsurance business under the brand name Zurich Re, which operated as a separate division within Zurich Insurance Company (ZIC), a wholly owned subsidiary of Zurich, and through its North American subsidiary, Zurich Reinsurance (North America) Inc. (Zurich Re North America). Prior to Converium's IPO, Zurich restructured its reinsurance operations and transferred substantially all of the reinsurance business operated under Zurich Re to Converium. In December 2001 and January 2002, pursuant to the Registration Statement and Prospectus, Zurich sold 40 million shares of Converium in the form of shares and American Depository Shares (ADSs), representing its entire stake in Converium, for proceeds of approximately $1.9 billion. 1.Securities and Exchange Commission, SEC v. Zurich Financial Services, 08 Civ. 10760 (WHP) (S.D.N.Y.), Litigation Release No. 20825, December 11, 2008, Accounting and Auditing Enforcement Release No. 2910, December 11, 2008. Accounting Issues The SEC announced on December 11, 2008, the filing and settlement of charges against Zurich Financial Services Group for aiding and abetting a fraud by Converium Holding AG involving the use of finite reinsurance transactions to inflate improperly Converium's financial performance. The commission's complaint alleges that beginning in 1999, the management of Zurich Re developed three reinsurance transactions for the purpose of obtaining the financial benefits of reinsurance accounting. However, in order for a company to obtain the benefits of reinsurance accounting, the reinsurance transaction must transfer risk. Here, Zurich Re management designed the transactions to make them appear to transfer risk to third-party reinsurers, when, in fact, no risk was transferred outside of Zur ...

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signment/takeCovalent Activity.doPlocator-assignment take&takeAssignmentSessionLocator; assignment-take ea Use the Relerences to access imporlant values if needed fer this qeetion. Compare the solubility of iron(II) sulfide in each of the following aqueous solutions: Clear Al req 0.10 M Fe(CH coo2 More soluble than in pure water 0.10 M (NH42S Similar solubility as in pure water 0.10 M KNO3 Less soluble than in pure 0.10 M NaCHjCOO Submit Answer Rutry Entiee Group group attempts rmairing 96 7 8 9 5 6 0 Solution 1.) Less soluble than in pure water.(common ion effect due to Fe 2+ ) 2.) Less soluble than in pure water.(common ion effect due to S 2- ) 3.) More solubility than in pure water.( K + ions combine with S 2- ions. More Fe 2 S should be dissolved to maintain equilibrium) 4.) Same solubility as in pure water.( common ion effect due to acetate ion is balanced by decrease in concentration of sulfide by combining with Sodium ions.) .

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Simple interest is the interest cost for one or more periods when the amount on which interest is compounded stays the same from period to period. T.F. Ordinary annuity is a series of unequal payments or receipts that will begin one time period from the current period. T.F. The company\'s minimum rate of return is discounted by its present value to determine future cash Inflows and outflows. T.F. The earlier the cash flows, the lower their present values. T.F. The payback period is the number of periods It takes for net cash inflows from an investment to equal the initial investment cost. Solution (31) True: Simple interest is the interest is the interest cost for one or more periods when the amount on which interest is compounded stays the same from period to period. In the simple interest, Interest is not compounded for period to period like compound interest. The interest is fixed for whole periods. (32) False: An Ordinary annuity is a series of unequal payments or receipts that will begin one time period from the current period. (33) False: The company\'s minimum rate of return is multipled by its present value to determine future cash inflows and outflows. (34) True: The earlier the cash flows, the lower their present values. (35) True: The payback period is the number of periods it takes for net cash inflows from an investment to equal the initial investment cost. .

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show work 10. Divide 1436 by 203. The answer expressed to the correct number of sig figs is: a) 0.141 b) 0.1414 c) 7.07 d) 7.074 11. Add 114.32+12.1+ 13. The answer expressed to the correct number of sig figs is: a) 139 b) 139.4 c) 139.42 d) 140 12. The mass of a substance is 17.46 grams and its volume is 3.42 mL. What is the density of the substance rounded to the proper number of sig figs? a) 0.1959 g/mL b) 0.196 g/mL c) 5.105 g/mL d) 5.11 g/mL 13. Consider the element sodium, Na, and answer the following questions: a) b) c) Is it a metal, nonmetal or metalloid? What name is given to the group it belongs to on the periodic table? is it a representative element or a transition element? Solution 10) 1436/203 = 7.074 answer: c) 7.07 11) 114.32 + 12.1 + 13 = 139.4 answer: b) 139.4 12) density (d) = mass / volume = 17.46/3.42 = 5.105 g/ml answer: d) 5.11 g/ml 13) sodium,Na a) metal b) alkali metals(1st group) c) representatiove element. .

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Show the effect of dollar appeciation and depreciation with the yen on the price of exports and imports by updating Table 15.2 Effect of Dollar appreciation and Depreciation on U.S. Exports and Imports R =Y/$ Domestic price Jan 09: R=90 June 09: R=97 Effect on exports (x) and imports (M) US export: computer $10,000 Y900,000 Y970,000 X decreases US import: cars Y2,000,000 ~$22,200 ~$20,600 M increases Jan 08: R=108 Jan09: R=90 Computer $10,000 Y1,080,000 Y900,000 X increases Cars Y2,000,000 ~$18,500 ~22,200 M decreases Solution table is missing .

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Solubility products Ks(Fe(OH)2) = 4,9 x 10 ^ -17 Ks(Fe(OH)3) = 2,8 x 10 ^ -39 Ionic product of water Ke = 1,0 x 10 ^ -14 at 25 degrees Solution Molarity of Fe(+2) = Number of moles of FeSO4/Volume of solution in L = 0.100M Ksp(Fe(OH)2) = [Fe(+2)][OH-]^2 = 4.9 * 10^(-17) [OH-] = sqrt(4.9 * 10^(-16)) = 2.21 * 10^(-8) pOH = 8 - log(2.21) = 7.65 pH + pOH = 14 pH = 14 - 7.65 = 6.35 Molarity of Fe(+3) = Number of moles of FeCl3/Volume of solution in L = 0.020M Ksp(Fe(OH)3) = [Fe(+3)][OH-]^3 = 2.8 * 10^(-39) [OH-] = (140* 10^(-39))^(1/3) = 5.1924 * 10^(-13) pOH = 13 - log(5.1924) = 12.28 pH + pOH = 14 pH = 14 - 12.28= 1.72 Hence the Fe(OH)3 will precipitate first, since it rquire less amount of [OH-] So in the pH range of 1.72-6.34, only one precipitate will be present .

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Sodium fluoride is added to many municipal water supplies to reduce tooth decay. Calculate the pH of a 3.12×10-3 M solution of NaF, given that the Ka of HF = 6.80 x 10-4 at 25°C. Solution NaF(aq) --------------> Na^+ (aq) + F^- (aq) 3.12*10^-3 3.12*10^-3M F^- (aq) + H2O -------------> HF (aq) + OH^- (aq) I 0.00312 0 0 C -x +x +x E 0.00312-x +x +x Kb = Kw/Ka = 1*10^-14/6.8*10^-4 = 1.47*10^-11 Kb = [HF][OH^-]/[F^-] 1.47*10^-11 = x*x/0.00312-x 1.47*10^-11 *(0.00312-x) = x^2 x = 2.17*10^-7 [OH^-] = x = 2.17*10^-7 M POH = -log[OH^-] = -log2.17*10^-7 = 6.6635 PH = 14-POH = 14-6.6635 = 7.3365 .

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Societal Dimension of IPE Solution International political economy was the original term used for studying problems that arise from or are affected by the interaction of international politics, international economics, and different social systems and societal groups. IPE has four dimensions :- security, production, finance,and knowledge. Political institutions are important determinants of these economic outcomes. In turn, the state of the economy affects political outcomes, both in the long run and in the short. Economic development affects the evolution of institutions and short run economic conditions affect political change and elections. We will interpret \"political institutions\" in a broad sense and we will also be interested in related issues such as the role and evolution of legal and administrative institutions, and issues concerning social interactions. The group focuses both on developed and developing economies and both on \"macroeconomic\" and \"microeconomic\" issues including international trade and international relations. International political economy relations cannot be completely controlled / predictable, these generally effects negative of IPs are primarily due to export subsidies and non-tariff barriers, particularly in less-developed countries. .

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Soil & GW Remediation (Civil and Environmental Engineering) Solution Qn# 1 EXPLANATION: A) K ow - 3) octanol-water partitioning coefficient is the ratio of chemical concentration in octanol phase(hydrophobic) to its concentration in aqueous phase(hydrophilic). it is used to understand the hydrophobicity of the compound. B) K d - 1) it is called as distribution coefficient is the soil-water partitioning coefficient. it is used to calculate the soil concentration that is proactive of ground water. so this is the linear coefficient between aqueous and solid phase. C) K oc - 5) it is the soil organic carbon-water partitioning coefficient. it is the distribution coefficient restricted to total organic carbon content. used for predicting mobility of organic soil contaminants. D) K H - 4) it is the air-water partitioning coefficient. so it is used for partitioning of a compound between liquid and gaseous phase. E) V p - 2) it is used to describe the equilibrium between compound and gaseous phase. ANSWER is A) - 3) B) - 1) C) - 5) D) - 4) E) - 2) .

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Show that the worst-case time complexity for Binary Search is given by when n is not restricted to being a power of 2. Hint: First show that the recurrence equation for W(n) is given by T(1) = 1 To do this, consider even and odd values of n separately. Then use induction to solve the recurrence equation. I understand how to find this with base 2 but totally lost otherwise? Solution Hi there, The time to search in an array of N elements is equal to the time to search in an array of N/2 elements plus 1 comparison. T(N) = T(N/2) + 1 Now we re-write the function in recurrence. T(N) = T(N/2) + 1 T(N/2) = T(N/4) + 1 T(N/4) = T(N/8) + 1 â€¦â€¦ T(4) = T(2) + 1 T(2) = T(1) + 1 Next we sum up the left and the right sides of the equations above: T(N) + T(N/2) + T(N/4) + T(N/8) + â€¦ +T(2) = T(N/2) + T(N/4) + T(N/8) + â€¦ +T(2) + T(1) + (1 + 1 + â€¦ + 1) The number of 1â€™s on the right side is LogN Finally, we cross the equal terms on the opposite sides and simplify the remaining sum on the right side, we get, T(N) = T(1) + LogN T(N) = 1 + LogN as T(1)=1 The worst case time complexityof binary search is: T(N) = O(LogN) .

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Since Linux is an international operating system you can configure it to support a specific region. Discuss how you can configure its character set, keyboard layout, and date/time display formats for a specific region (or country) of your choice. Solution Region specific settings: Keyboard Layout: This is set using the loadkeys command.The local X configuation tool can be used for this purpose. XkbdLayout is the one that is used. Example: XkbdLayout \"us\" Fonts:The setfont tool is used for loading fonts in text mode.This usually comes with an innputrc file which enables the ability to combine characters. Example: export INPUTRC=\"/etc/inputrc\" Date and time display: This is usually done during installation.And then it can be updated using the Network Time Protocol. Example: debby: ^ > ps -ef | gre ntpd ntp 22458 1 0 2006? 00:00:24 ntpd -U ntp The ntp update is run manually in order to set the time every time we aproach the time server. root@box: ^ # ntpdate 12.2.4.100 15 Aug 15:35:43 ntpdate[20336]: adjust time server 12.2.4.100 offset -0.004567 sec NTP package can be checked in the given system manual.And the commands used for setting the correct time zone are tzconfig or timezone commands. Language : gdm or kdm commands are used to configure language settings before logigng in. Example: debby: ^> acroread/ var/ tmp /54743s.pdf Warning: charset \"UTF-8\" not supported,using \"ISO77695-1\". Aborted. debby: ^ > set | grep UTF LANG=en_US.UTF-8 debby: ^ > export LANG=en_US debby: ^?> acroread / var / tmp / 54743s.pdf <------ new window opens-----> .

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Sinking fund bands: Require the issuer to set aside assets in order retire the bonds at maturity Require equl payments of both prinipal and interest over the file of the bonus issues Decline in value bonds Are bearer bonds Bonds that have an option exercisable by the issuer to retire them at a stated dollar amount prior to maturity known as: Convertable bonds Sinking fund bonds Callable bonds Serial bonds Junk bonds Secured bonds: Are also referred to as debentures Have specific assets of the issuing company pledged as collateral Are subordinated to those of other unsecured liabilities Are the same as sinking fund bonds Bonds owned by investors whose names and address are recorded by the issuing company and for which interest payments are made with checks to the bondholders, are called: Callable bonds Serial bonds Registered bonds Coupon bonds Bearer bonds The contract between the bond issuer and the bondholders, which identifies the rights and oblignations of the parties is called a(n): Debebture Bond indenture Mortgage Installment note Mortgage contract Solution 9. Sinkind funds are teh bonds that require the issuer to set aside assets to retire the bonds at maturity. Option A is correct. 10. calleable bonds are the bonds with an option that is exercisable by the issuer to retire them at a stated dollar amount prior to maturity. Option C is correct. 11. Secured bonds are the bonds that have specifics assets of the issuers pledge as collateral. Option B is correct. 12. Registered bonds are the bonds that owned by investors whose names and addresses are recorded by the issuing company and the related interest payments are made to the bondholders. Option C is correct. 13. The Contract between the bond issuer and the bondholder\'s which identifies the rights and obligations of teh party is called bond indenture. Option B is correct. .

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Case: The Long, Loud Silence Background As the director of health information services recently hired from another organization, it did not take you long to discover that morale in the department had been at a low ebb for quite some time. As you undertook to become acquainted with each of your employees, you quickly became inundated with complaints and other evidences of discontent. Most of the complaints concerned problems with administration, the financial division, and the records-related practices of physicians, but there were also a few complaints by staff about other members of the department and a couple of thinly veiled charges concerning health information services personnel who Solution 1. Such behavior of employees might be the result of psychological factors including fear, mistrust, or indifference . To cope with this issue, the manger should gain the confidence of employees. Besides this, he should encourage them to share their problems in the group meetings. He should assure them that their problems would be adhered and addressed by the managers. 2. Managers should conduct a face to face meeting with the employees carrying tales to the other departments . He should try to analyze their viewpoints and address their issues. They should be barred from such practices. The manager should suggest him to share his viewpoint in the team meeting or with his immediate supervisor. Even then, if the employees would not adhere to the managers, strict actions should be taken against them as their behavior might create huge conflicts in future. 3. This departmentâ€™s problems can be addressed with the help of following means of communication: .

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Case 4.3 The Baptist Foundation of Arizona: The Whistleblower Hotline Consult Paragraph 5 of PCAOB Auditing Standard No. 10. Do you believe the Arthur Andersen auditors responded appropriately to the information received from BFA\'s former accountant, Karen Paetz? Why or why not? Solution Answer: Arthur Andersen auditors did not at all responded appropriately to the information received from BFA\'s former accountant, Karen Paetz! Beacuse, it is the fundamental duty of an auditor to bring all such concerns to the audit committee. It is unusual and unethical on the part of Andersen that he chose to completely ignore this individualâ€™s warning. Karen Paetz was employed by BFA for 7 years. Infact, she was a credible individual with a lot of knowledge of the accounting infrastructure at BFA. During Paetzâ€™s employment at BFA, she interacted frequently with Arthur Andersenâ€™s auditors on each audit engagement. The fact that she first resigned and then set up a lunch meeting with McGrath to voice her concerns ALOâ€™s deficit (in excess of $100 million) and ALOâ€™s monthly losses (approximately $2.5 million) underscored the importance of taking her concerns seriously. .

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Case 5-1 David L. Miller: Portrait of a White-Collar Criminal There is an old saying: Crime doesn Solution Ans1) 1 st PART: Miller does seem to fit the profile of the average fraud criminal. This is because he worked his way up to gain inside information and trust from his bosses. He spent the money to support his lifestyle which was above his means. He also was not violent and he tried to use the money to pay back the stolen funds from his previous employers. 2 ND PART: He was different because he owned up to what he did and took responsibility for his actions. He tried to pay back the stolen funds and he truly believed he would be able to pay it all back. He was also different from the profile because even though he got caught and showed remorse he continued to steal. 3 rd PART: Miller was hard to detect because he was so well liked and trusted by his employers and fellow coworkers. Ans2) He was able to commit the fraud by being in a high ranking position that was able to avoid internal security around the company .

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Carbon steel is an active metal meaning it has low corrosion resistance. Explain why it can be used to carry concentrated sulfuric acid (90 -95%) at room temperature (~ 25 C) which is a strong acid. 1.Predict what could happen if the system is open to atmosphere which has similar temperature (~25 C) and high humidity for a prolong period of time. 2.Describe possible corrosion forms of carbon steel exposed to concentrated sulfuric acid. 3. Corrosion rate of carbon steel in concentrated sulfuric acid initially decreases with liquid velocity, then after a critical velocity corrosion rate linearly increases. Explain why. Support your discussion with electrochemistry (thermodynamics and/or kinetics). Solution Corrosion is caused by moisture or water in the presence of acid. Concentrated sulphuric acid at that levels do not corrode carbon steel because presence of water in the solution is very less. 1. If the system is exposed to a high humidity environment for long times, it slowly starts to corrode because the amount of water becomes more. 2. The reaction product of corrosion are iron sulphate and hydrogen gas. The iron sulphate film is weak and can be disturbed by high acid velocities. CorossCoris also caused by hydrogen gas because it can take off mechanically weak iron sulphate film which is the only protection for the steel. 3. The corrosion reaction involves formation of iron sulphate and hydrogen. When liquid velocity is less, there are less amounts of hydrogen bubbles hitting the steel surface and they are uniformly carried. When the flow becomes turbulent, more bubbles hit the walls and scrape off the protective iron sulphate film which exposes the steel and there is an increase in corrosion. .

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Carbon dioxide in the atmosphere traps heat from the sun and makes life on Earth possible. Why then should we be concerned about adding carbon dioxide to the atmosphere if it is a natural occurrence and beneficial to life on Earth? Solution Before the industrial revolution, Earth\'s atmosphere already contained CO 2 . CO 2 levels were regulated by the natural carbon cycle, where animals would breathe out carbondioxide and plants would absorb it to convert sunlight to energy and the oceans and soils would absorb and emit CO 2 . As human activities increased, we began burning various sources like oil,gas and coal for energy therby releasing additionalÂ Â CO 2 into the atmosphere. The extent of additional carbondioxide released into the atmosphere has been increasing day by day such that the natural carbon cycle is disturbed. Plants no more absorb all the huge excess ofÂ Â CO 2 released into the atmosphere. As a result, all theÂ Â excess CO2 in the atmosphere is trapping lot of energy in the form of heat from the Sun and this is the reason for global warming. Hence, natural occurance ofÂ Â CO 2 is beneficial to life on the Earth. However it has way back crossed the natural permissible levels and is hazardous to release more and moreÂ Â CO 2 into the atmosphere. .

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Carnival Corporation has recently placed into service some of the largest cruise ships in the world. One of these ships, the Carnival Dream, can hold up to 3,600 passengers and cost $750,000,000 to build. Assume the following additional information: Solution A.) Annual net cash flow: Revenues = 320* 3600 * 280 = 3225,60000 Less: variable Cost = 95 * 320 * 3600 = 1094, 40000 Less: Fixed EXpenses othe than dEpreciation = 65000000 Thereofre, Annual Net Cash Flow = 148120000 (No need to reduce depreciation, Because there is no info about tax rate ) B.)NEt PRESENT VALUES Present value of inflows = 148120000*5.650 = 836878000 Present Value of Residual Value = 100000000*0.322= 32200000 Total Preent Value = 869078000 Less INitial Investment = 750000000 Net Present Value =119078,000 $ THanks .

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Canadian Income Tax Question Tiffany MacGraw, a Canadian citizen, left Canada in 2005 to settle in a country with which Canada has no tax treaty. In 2011, her 26-year-old daughter Cassidy came to Canada to attend university. On January 27, 2013, after completing her studies, Cassidy decided to remain in Canada on a permanent basis. To help her daughter settle in Canada, Tiffany made numerous visits to Canada in 2013 to see Cassidy. Tiffany visited her daughter from January 15 to March 15, and from May 10 to August 31. Required Determine if Tiffany and Cassidy are liable for Part I tax on their worldwide income for 2013, and justify your answer. Explain clearly the 2013 tax consequences for each. Solution Cassidy is a canadian citizen as she was born in canada & she was also residing in canada for the whole year 2013 and also decided to remain in canada on permanent basis on Jan,27 2013. Her income will be taxed as per the canadian laws. For Tiffany MacGrew he resided in canada for 2 month (Jan15 to March 15) and may 10 to Aug 31 i.e. for 112 days . that means a total of 171 days. As his purpose was not to reside permanently in canada & he resided there for less than 180 days he will not be taxed in canada on total income. If any income has been earned in canada during his stay then his income in canada will be taxed in canada. .

Canadian Income Tax Question Tiffany MacGraw- a Canadian citizen- left.docx

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