Fundamentals of Financial Management (10th Edition) by Eugene F. Brigham, Joel F. Houston

By Eugene F. Brigham, Joel F. Houston

The marketplace chief, Brigham/Houston keeps to develop in popularity because the most desirable process for studying uncomplicated finance ideas, instruments, and purposes. it's also up to date to mirror the newest in thought, study, real-world examples, and use of know-how. The seamless, built-in ancillary package deal - performed by way of the authors - is a trademark of this package deal that makes the topic extra obtainable for novices.

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44 CHAPTER 2 ■ Changes in retained earnings between balance sheet dates are reported in the statement of retained earnings. 5 million in common dividends, and plowed $56 million back into the business. Thus, the balance sheet item “Retained earnings” increased from $710 million at the end of 2000 to $766 million at the end of 2001. Note that “Retained earnings” represents a claim against assets, not assets per se. Moreover, firms retain earnings primarily to expand the business, and this means investing in plant and equipment, in inventories, and so on, not piling up cash in a bank account.

4 million Disney shares for a net profit (after taxes and brokerage expenses) of around $127 AN OVERVIEW OF FINANCIAL MANAGEMENT million. At the time, he had also earned another 8 million stock options, then valued at about $161 million. Year after year, Eisner ranks among the most highly compensated CEOs in America. In 1999, Michael Eisner’s total compensation from Walt Disney Co. 7 million in salary and exercised stock options. Let’s see if Mr. Eisner deserves such generous bonuses and stock options.

D. If you had purchased 100 shares of Disney stock for $2,500 in the company’s initial public offering 59 years ago and had purchased no additional Disney shares, how many shares would you have, and how much would they be worth, as of November 30, 1999? e. What is the compound annual growth rate of the stock’s value over this 59-year period? f. On the basis of the company’s performance through 1999, do you think that Mr. Eisner and his management team have done a good job? Has this impression changed based on the company’s recent performance?

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