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Apr 3, 2024
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Q1:
Looking at the balance sheet for McDonalds, you can see that the company’s debt has gone up 1.32% in 2022 and up 4.11% the year prior. However, through the last 7 years their debt has gone down each year.
In 2015 it went down to over 60% and then in 2019 it went down to over 50%. McDonalds paid $1,139(In Millions of USD) of the debt they owed in 2022. They raised their debt in 2021 but paid off some of their debt in every year prior to that one to 2015. Many shares of McDonalds were repurchased from 2022-2015 as well. Looking at the statement of cash flows you can also see that McDonalds has spent money on other financing activities, although the exact reason they spent the money has not been
stated in the statements. For Wendy’s, the balance sheet shows that the debt for the company has gone up tremendously as well for the last two years. However, from 2015-2020 the amount of debt decreased each year. More than likely due to what occurred during Covid for why Wendy’s debt went up so much the last two years. Looking at the statement of cash flows for Wendy’s, you will notice that from the years 2016-2022 they have spent numerous amounts of money for other financing activities as well. The exact purpose of what
they spent is not stated on the website. From the years 2015-2022, Wendy’s has bought back a lot more of their shares than they issued which has also lowered the number of dividends they have to pay out.
Q2:
McDonald’s
1)The source of debt- who supplies the credit?
McDonald's Corporation secures its debt from various sources to support its operational needs and strategic initiatives. The company obtains credit primarily through a combination of public and private debt offerings, as well as bank loans. Public debt, in the form of bonds and notes, is issued to the broader financial markets and acquired by investors as debt securities. Additionally, McDonald's utilizes private placements to secure debt financing, typically catering to a select group of institutional investors or lenders. Bank loans, sourced from commercial banks and financial institutions, further contribute to the company's debt structure. This debt may be issued at both fixed and floating interest rates, and it is denominated in various currencies, reflecting the global scope of McDonald's operations. The specific terms and conditions of the debt vary based on market conditions and negotiations with creditors. 2)Does it use short term or long-term debt?
McDonalds corporation utilizes both short term and long-term debt as part of its debt financing strategy.
The company's debt includes a combination of short-term and long-term obligations. Short-term debt typically refers to borrowings that are due within one year, while long-term debt has maturities extending beyond one year. As of December 31, 2022, McDonald's had a mixture of short-term and long-
term debt obligations on its balance sheet. The specific maturities of these debt obligations vary, with some extending several decades into the
future. 3)Is the debt from banks or is it publicly traded?
This debt comes from various sources, including banks and publicly traded debt markets. Bank loans are typically structured as term loans or revolving credit facilities, providing flexibility in managing the company's liquidity. Publicly traded debt securities, such as bonds, are issued to investors in the open market, allowing McDonald's to tap into capital from a wide range of institutional and individual investors. The choice between these debt sources depends on market conditions and the company.
4)Does the debt carry covenants that provide protection to creditors?
The debt listed doesn’t carry covenants that provide protection to creditors. I couldn’t find the information after reading through it but I did get information on each contract is different depending on the agreement.
WENDY’s
1/2) The source of debt- who supplies the credit? Does it use short term or long term debt?
The source of debt for Wendy's primarily consists of long-term debt instruments. Wendy's has issued various series of Class A-2 Notes, including the 2022-1 Class A-2 Notes, 2021-1 Class A-2 Notes, 2019-1 Class A-2 Notes, and 2018-1 Class A-2 Notes, which have anticipated repayment dates ranging from 2026
to 2032. Additionally, there are 7% debentures due in 2025. These long-term debt instruments make up a substantial portion of Wendy's total long-term debt
3) Is the debt from banks or is it publicly traded?
The debt is primarily issued through Wendy's Funding, LLC, a wholly-owned indirect subsidiary of The Wendy's Company. The debt is secured by a security interest in various assets of Wendy's and its subsidiaries, including franchise-related agreements, Company-operated restaurants, intellectual property, and license agreements.
4) Does the debt carry covenants that provide protection to creditors?
The debt comes with a series of covenants and restrictions, including maintaining specified reserve accounts, provisions for prepayments, indemnification payments in certain events, and covenants related to recordkeeping and access to information. Additionally, there are customary rapid amortization
events tied to debt service coverage ratios, gross sales levels, manager termination events, and defaults. Certain events of default are also outlined in the debt agreements.
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Related Questions
The 2018 balance sheet of Dido Daffodil Depot, Inc., showed long-term debt of $2.9 million, and the 2019 balance sheet showed long-term debt of $3.1 million. The 2019 income statement showed an interest expense of $145,000. During 2019, the company had a cash flow to creditors of –$55,000, and the cash flow to stockholders for the year was $80,000. Suppose you also know that the firm’s net capital spending for 2019 was $1,330,000, and its change in net working capital was -$61,000. What was the firm’s 2019 operating cash flow (OCF)?
Group of answer choices
$1,430,000
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$1,294,000
$1,520,000
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a.
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b.
What is the promised return on the company's debt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
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a. What is earnings management?
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AFN equation
Broussard Skateboard's sales are expected to increase by 15% from $7.4 million in 2019 to $8.51 million in 2020. Its assets totaled $4 million at the end of 2019.
Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2019, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 3%, and the forecasted payout ratio is 75%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as $1,200,000. Do not round intermediate calculations. Round your answer to the nearest dollar.
Answer is not 326175
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Q5
The Sleep Company had the following operating results for 2021-2022. In addition, the company paid dividends in both 2021 and 2022 of $61,800 per year and made capital expenditures in both years of $30,000 per year. The company's stock price in 2021 was $8 and $7 in 2022. The industry average earnings multiple for the mattress industry was 9 in 2022 and the free cash flow and sales multiples were 18 and 1.5, respectively. The company is publicly owned and has 1,000,000 shares of outstanding stock at the end of 2022.
Balance Sheet, December 31,
2022
2021
Cash
$ 346,000
$ 106,000
Accounts Receivable
$ 356,000
$ 406,000
Inventory
$ 256,000
$ 306,000
Total Current Assets
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Long-lived Assets
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1,160,000
Total Assets
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$ 1,978,000
Current Liabilities
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$ 306,000
Long-term Debt
606,000
506,000
Shareholder Equity
1,286,000
1,166,000
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$60,000.
$150,000.
-$150,000.
-$240,000.
$240,000.
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$960,000
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Multiple Choice
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2025
2024
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$43,000
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13,500
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102,000
Merchandise Inventory
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150,000
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547,000
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287,000
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57,000
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3. Refer to…
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Rs. 200,000
Accounts payable
Rs. 600,000
Account Receivables
400,000
Notes payable
500,000
Inventories
1,200,000
Long-term debt
200,000
Fixed Assets, net
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Stockholders’ equity
1,000,000
Total Assets
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