EBBA103 Business Finance:Diagnostic Company

EBBA103 Business Finance:Diagnostic Company

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EBBA103 Business Finance

Question:

Diagnostic Company

Context

Felix Pharmaceuticals Inc. is a diagnostic company. They are a small start-up and have some promising developments for covid- 19 diagnostic tools. They have just completed their accounts for December 2019 but they did not finish the audit, as unfortunately most of their key staff in the finance team are ill due to the pandemic. You have been recruited as a consultant by the CEO as recent graduate from EU Business School to assist in this difficult situation. The CEO is a very bright scientist but gets very afraid of accounts. Your job is to get him through this difficult period with your deep insights about finance and accounting. 

Annex 1 – The CEO’s questions.

The CFO before she became ill prepared a budget but you need to prepare the journals and explain each one. The CEO is also worried about the financial situation of the company once these transactions are processed. The following journals are required to be prepared and explanations required. I. 1 Feb. They plan to borrow $1,300,000 from Valley Bank, signing a 90-days, 1.5% Note Payable on 1 February 2020. (Use 360 day rule) II. I March. The wants to sell some old plant and machinery for $500,000, receiving $100,000 cash and a five-year, 12 percent note receivable for the remaining balance in one year. (Use 360 day rule) III. 1 May. They paid Valley Bank the Note Payable plus the accrued interest. IV. 1 June.

They plan to issue 100,000 ordinary shares of par value $0.01 at $20 each V. 1 Oct they plan to purchase fixture and fitting for $1,500,000 with residual value of $200,000 at the end of its economic life of 5 years. VI. 1 December – they plan to buy 20,000 ordinary shares at $15. VII. 31 December.

a. Calculate the depreciation charge at 31 December for item bought on I October.

b. The interest receivable for item sold on 1 March Instructions – Your client has asked you to prepare the following for the report: 1.

Is the company healthy?:

Using ratio analysis examine the financial statements for 2018 and 2019 of the company and provide insights on profitability, solvency, ROE and leverage (20%) 2. Transactions planned: Prepare the required journals for transaction and put these in the annex to your report. However, please put a small explanation for each journal in the report. (45%) 3. Understanding Finance (30%): The CEO needs you to explain the following concepts which deeply trouble him:

a. What is advantage and disadvantages between raising money from debt and equity?

b. What is purpose of Treasury shares?

c. Explain the benefits and downside of different depreciation policies such as straight line and declining method?

d. Explain what is financial leverage and its advantage and disadvantage. The remaining marks, 5% are for overall professional presentation of the report.

EBBA103 Business Finance

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