1. Do you believe Blaine’s current capital structure and payout policies are appropriate? Why or why not? (For this question, think especially about the combined implications for Blaine of the lessons of Chapters 14, 15, and 16, noting with regard to Chapter 15 that the approximately $200 million in interest-bearing marketable securities that Blaine holds, together with their resultant $16 million or so in taxable interest income (in contrast to interest expense, which would be tax deductible) could be viewed from a Miller and Modigliani perspective as a "negative tax shield.")

What is the most important type of decision that the financial manager makes?

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Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.