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1、Chapter 2: Accounting Statements and Cash Flow2.10 AssetsCurrent assetsCash$ 4,000Accounts receivable 8,000Total current assets$ 12,000Fixed assetsMachinery$ 34,000Patents 82,000Total fixed assets$116,000Total assets$128,000Liabilities and equityCurrent liabilitiesAccounts payable$ 6,000Taxes payabl
2、e 2,000Total current liabilities$ 8,000Long-term liabilitiesBonds payable$7,000Stockholders equityCommon stock ($100 par)$ 88,000Capital surplus19,000Retained earnings 6,000Total stockholders equity$113,000Total liabilities and equity$128,0002.11One year agoTodayLong-term debt$50,000,000$50,000,000P
3、referred stock30,000,00030,000,000Common stock100,000,000110,000,000Retained earnings 20,000,000 22,000,000Total$200,000,000$212,000,0002.12Total Cash Flow of the Stancil CompanyCash flows from the firmCapital spending$(1,000)Additions to working capital (4,000)Total$(5,000)Cash flows to investors o
4、f the firmShort-term debt$(6,000)Long-term debt(20,000)Equity (Dividend - Financing) 21,000Total$(5,000)Note: This table isnt the Statement of Cash Flows, which is only covered in Appendix 2B, since the latter has the change in cash (on the balance sheet) as a final entry.2.13a.The changes in net wo
5、rking capital can be computed from:Sources of net working capitalNet income$100Depreciation50Increases in long-term debt 75Total sources$225Uses of net working capitalDividends$50Increases in fixed assets* 150Total uses$200Additions to net working capital$25*Includes $50 of depreciation. b.Cash flow
6、 from the firmOperating cash flow$150Capital spending(150)Additions to net working capital (25)Total$(25)Cash flow to the investorsDebt$(75)Equity 50Total$(25)Chapter 3: Financial Markets and Net Present Value: First Principles of Finance (Advanced)3.14 $120,000 - ($150,000 - $100,000) (1.1) = $65,0
7、003.15 $40,000 + ($50,000 - $20,000) (1.12) = $73,6003.16a.($7 million + $3 million) (1.10) = $11.0 millionb. i. They could spend $10 million by borrowing $5 million today.ii. They will have to spend $5.5 million = $11 million - ($5 million x 1.1) at t=1.Chapter 4: Net Present Value4.12a.$1,000 1.05
8、10 = $1,628.89b.$1,000 1.0710 = $1,967.15c.$1,000 1.0520 = $2,653.30d.Interest compounds on the interest already earned. Therefore, the interest earned in part c, $1,653.30, is more than double the amount earned in part a, $628.89.4.13Since this bond has no interim coupon payments, its present value
9、 is simply the present value of the $1,000 that will be received in 25 years. Note: As will be discussed in the next chapter, the present value of the payments associated with a bond is the price of that bond.PV = $1,000 /1.125 = $92.304.14PV = $1,500,000 / 1.0827 = $187,780.234.15a.At a discount ra
10、te of zero, the future value and present value are always the same. Remember, FV = PV (1 + r) t. If r = 0, then the formula reduces to FV = PV. Therefore, the values of the options are $10,000 and $20,000, respectively. You should choose the second option.b.Option one:$10,000 / 1.1 = $9,090.91Option
11、 two:$20,000 / 1.15 = $12,418.43Choose the second option.c.Option one:$10,000 / 1.2 = $8,333.33Option two:$20,000 / 1.25 = $8,037.55Choose the first option.d.You are indifferent at the rate that equates the PVs of the two alternatives. You know that rate must fall between 10% and 20% because the opt
12、ion you would choose differs at these rates. Let r be the discount rate that makes you indifferent between the options.$10,000 / (1 + r) = $20,000 / (1 + r)5(1 + r)4 = $20,000 / $10,000 = 21 + r = 1.18921r = 0.18921 = 18.921%4.16The $1,000 that you place in the account at the end of the first year w
13、ill earn interest for six years. The $1,000 that you place in the account at the end of the second year will earn interest for five years, etc. Thus, the account will have a balance of$1,000 (1.12)6 + $1,000 (1.12)5 + $1,000 (1.12)4 + $1,000 (1.12)3= $6,714.614.17PV = $5,000,000 / 1.1210 = $1,609,86
14、6.184.18a.$1.000 (1.08)3 = $1,259.71b.$1,000 1 + (0.08 / 2)2 3 = $1,000 (1.04)6 = $1,265.32c.$1,000 1 + (0.08 / 12)12 3 = $1,000 (1.00667)36 = $1,270.24d.$1,000 e0.08 3 = $1,271.25e.The future value increases because of the compounding. The account is earninginterest on interest. Essentially, the interest is added to the account balance at the end of every compounding period. During the next period, the account earns interest on the new balance. When the compounding period shortens, the balance that earns interest is rising faster.4.19The price of the conso
