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1. Mr. Au is an employee of a Hong Kong company and was granted a share option by the employer on 15/11/2005. The value of the relevant share at the time of granting the share option was $10 per share. Mr. Au exercised the option to buy 10,000 shares at a price of $6 per share on 01/01/2006 when the market value of the share was $9 per share. Subsequently on 01/02/2006, 5,000 share were sold at $13 per share. Calculate Mr. Au's liability to Salaries Tax in respect of the share option transaction for the year.
2. An employee's salaries tax return for a year of assessment shows: (1) salary $360,000, (2) housing allowance (in the nature of refund of rent) $120,000, (3) allowance employment expenses $20,000, (4) annual bonus $60,000. Calculate the total taxable amount of employment income (before deducting personal allowance).
A 30-year maturity bond making annual coupon payments with a coupon rate of 12% has duration of 11.54 years and convexity of 192.4. The bond currently sells at a yield to maturity of 8%. What is the price of the bond if its yield to maturity increase..
As you know, one of the regulations on banks relates to Capital Adequacy. Compare and contrast the Capital-to-Assets Ratio requirement with Risk-based Capital Ratios. In this connection, also discuss some of the key enhancements prescribed as part of..
Bourdon Software has 8.8 percent coupon bonds on the market with 19 years to maturity. The bonds make semiannual payments and currently sell for 107.2 percent of par. What is the effective annual yield?
A manager has decided to buy a widget. Two alternative financing methods are available: (A) use a financial lease or (B) purchase the widget using owner financing and borrowed capital. What is the present value of the lease payment (absolute value)? ..
Suppose you are committed to owning a $192,000 Ferrari. If you believe your mutual fund can achieve a 13 percent annual rate of return and you want to buy the car in 10 years on the day you turn 30, how much must you invest today?
Capital Structure: Theory and Taxes. Consider two firms in the same industry that operate in frictionless markets. Both firms, DebtHungry and Ner-aBorrower, have identical net operating income of $240000 per year. The riskiness of each company's asse..
Why doe sthe CAPM imply that investors should trade very rarely?
Mike decides that he is going to invest in just 2 stocks that he is comfortable owning, Apple and Google. Explain why he shouldn't expect to be rewarded, in the form of expected return on his "portfolio", for the special circumstances related to thes..
Valuation Methodologies ABC, Inc., is an unlevered venture that reached its mature life-cycle stage. ABC is expecting earnings before taxes of $30 million in perpetuity. The required return of the firm’s unlevered equity (rU) is 18 percent, and the f..
The pecking order of financing is followed by firms is. Since debt financing is cheaper than equity financing, raising a company's debt ratio will always reduce its WACC. Since a firm's beta coefficient it not affected by its use of financial leverag..
What are the conceptual differences between the trend, seasonal, and cyclical components of a bank's loans and deposits? Discuss why a bank should examine each component rather than simply look at total loans and deposits.
Over the past thirty years, has the yield curve more often sloped upward, downward or been flat? Explain why you believe this is so and relate your findings to the expectations theory of the term structure of interest rates. Are there other explanati..
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