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1、Solutions to Homework 1 Chapters 1 2 Tax 34 60 000 20 400 Net income 60 000 20 400 39 600 23 Given the tax rates as shown what is the average tax rate for a firm with taxable income of 126 500 A 21 38 B 23 88 C 25 76 D 34 64 E 39 00 Tax 15 50 000 25 25 000 34 25 000 39 126 500 100 000 32 585 Average
2、 tax rate 32 585 126 500 2576 25 76 percent 24 The tax rates are as shown Your firm currently has taxable income of 74 000 How much additional tax will you owe if you increase your taxable income by 20 000 A 6 460 B 6 710 C 6 940 D 7 160 E 7 174 25 Teddy s Pillows has beginning net fixed assets of 6
3、00 and ending net fixed assets of 730 Assets valued at 400 were sold during the year Depreciation was 50 What is the amount of net capital spending A 130 B 150 C 165 D 180 E 330 26 At the beginning of the year long term debt of a firm is 270 and total debt is 340 At the end of the year long term deb
4、t is 290 and total debt is 390 The interest paid is 40 What is the amount of the cash flow to creditors A 50 B 20 C 20 D 50 E 60 27 Peggy Grey s Cookies has net income of 360 The firm pays out 40 percent of the net income to its shareholders as dividends During the year the company sold 80 worth of
5、common stock What is the cash flow to stockholders A 64 B 136 C 144 D 224 E 296 28 What is the change in the net working capital from 2009 to 2010 A 1 235 B 1 035 C 1 335 D 3 405 E 4 740 Change in net working capital 7 310 2 570 6 225 2 820 1 335 29 What is the amount of the non cash expenses for 20
6、10 A 570 B 630 C 845 D 1 370 E 2 000 The non cash expense is depreciation in the amount of 1 370 30 What is the amount of the net capital spending for 2010 A 290 B 795 C 1 080 D 1 660 E 2 165 Net capital spending 10 670 10 960 1 370 1 080 31 What is the operating cash flow for 2010 A 845 B 1 930 C 2
7、 215 D 2 845 E 3 060 Operating cash flow 1 930 1 370 455 2 845 32 What is the cash flow of the firm for 2010 A 405 B 430 C 1 340 D 2 590 E 3 100 Operating cash flow 1 930 1 370 455 2 845 Change in net working capital 7 310 2 570 6 225 2 820 1 335 Net capital spending 10 670 10 960 1 370 1 080 Cash f
8、low of the firm 2 845 1 335 1 080 430 33 What is the amount of net new borrowing for 2010 A 225 B 25 C 0 D 25 E 225 Net new borrowing 8 100 7 875 225 34 What is the cash flow to creditors for 2010 A 405 B 225 C 225 D 385 E 405 Topic Cash Flow To Stockholders 35 What is the taxable income for 2010 A
9、360 B 520 C 640 D 780 E 800 Net income 160 360 520 Taxable income 520 1 35 800 36 What is the operating cash flow for 2010 A 520 B 800 C 1 015 D 1 110 E 1 390 Earnings before interest and taxes 800 215 1 015 See problem 80 Operating cash flow 1 015 375 800 520 1 110 See problem 80 37 What are the sa
10、les for 2010 A 4 225 B 4 385 C 4 600 D 4 815 E 5 000 Sales 1 015 375 3 210 4 600 see problem 81 38 Calculate net income based on the following information sales are 300 cost of goods sold is 190 depreciation expense is 45 interest paid is 20 and the tax rate is 34 A 11 90 B 15 30 C 29 70 D 36 30 E 4
11、5 00 Sales COGS Depreciation Interest Taxes Net Income 300 190 45 20 15 30 29 70 39 What is the operating cash flow for 2010 A 940 52 B 985 71 C 1 075 50 D 1 230 00 E 1 354 55 Earnings before interest and taxes 685 71 300 985 71 See problem 84 Operating cash flow 985 71 450 685 71 480 1 230 See prob
12、lem 84 40 What are the sales for 2010 A 4 000 00 B 4 385 50 C 5 435 71 D 5 525 50 E 5 680 00 Sales 1 230 450 4 000 5 680 see problem 85 41 The only difference between Joe s and Moe s is that Joe s has old fully depreciated equipment Moe s just purchased all new equipment which will be depreciated ov
13、er eight years Assuming all else equal A Joe s will have a lower profit margin B Joe s will have a lower return on equity C Moe s will have a higher net income D Moe s will have a lower profit margin E Moe s will have a higher return on assets 42 The three parts of the Du Pont identity can be genera
14、lly described as I operating efficiency asset use efficiency and firm profitability II financial leverage operating efficiency and asset use efficiency III the debt equity ratio the capital intensity ratio and the profit margin IV the equity multiplier the profit margin and the total asset turnover
15、A I and II only B II and III only C I and IV only D II and IV only E III and IV only Difficulty level Medium Topic Du Pont Identity 43 A firm has sales of 3 600 costs of 2 800 interest paid of 100 and depreciation of 400 The tax rate is 34 What is the value of the cash coverage ratio A 2 B 4 C 6 D 8
16、 E 10 Cash coverage ratio 3 600 2 800 100 8 Difficulty level Medium Topic Long Term Solvency Ratios 44 Mario s Home Systems has sales of 2 800 cost of goods sold of 2 100 inventory of 500 and accounts receivable of 400 How many days on average does it take Mario s to sell its inventory A 65 2 days B 85 2 days C 86 9 days D 96 9 days E 117 3 days Inventory turnover 2 100 500 4 2 Days in inventory 365 4 2 86 9 days 45 Syed s Industries has accounts receivable of 700 inventory of 1 200 sales of 4 2
