After taking $45 billion in taxpayer funding to remain afloat, Citibank spent $50 million on a new private jet. this action was: unethical
What was the intention of taxpayer funding?
The taxpayer funding means that Citibank was granted a funding relief with taxes paid by the taxpayers to avert a collapse of the bank and to ensure the wider economy is not impacted negatively by the failure of a "too big to fail bank" such as the Citibank
The fact that funds meant to keep the bank liquid and to be able to continue smooth operations by having the required cash to meet obligations and they were diverted meant that directors at Citibank have acted unethically.
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Answer:
6.21%
Explanation:
The computation of the times interest earned ratio is given below:
As we know that
Times interest earned ratio = EBIT ÷ Interest
Now for determining this, following calculations must be done:
The interest is
= $960,000 × 8%
= $76,800
Net profit
= Annual sales × net profit margin
= $6,000,000 × 0.05
= $300,000
Now the pre tax income is
= net income ÷ ( 1 - tax rate)
= $300,000 ÷ (1 - 0.25)
= $400,000
Now the EBIT is
= Pre tax income + interest expense
= $400,000 + $76,800
= $476,800
So, the TIE ratio is
= $476,800 ÷ $76,800
= 6.21%
Answer and Explanation:
The SoX sarbanes oxley act of 2002 was enacted to address company fraud that was exemplary of Eron and worldcom and bring back the confidence held in the financial market
It was meant to increase the effectiveness of internal control in companies in keeping accounting records or financial reports reliable and fraud-proof. The SOX act increased the independence of company auditors making their reports more reliable as they didn't have to compromise because they were dependent on top managers. In addition top managers were held responsible for any fraud in accounting statements and so were to certify the reliability of reports released to the public
Answer:
Charge a lower price in the United States and a higher price in Japan.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
