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1、财务管理公司理财公司理财课后题答案Chapter2:AccountingStatementsandCashFlow2.10AssetsCurrentassetsCash$4,000Accountsreceivable 8,000Totalcurrentassets$12,000FixedassetsMachinery$34,000Patents 82,000Totalfixedassets$116,000Totalassets$128,000Liabilities and equityCurrentliabilitiesAccountspayable$6,000Taxespayable 2,0
2、00Totalcurrentliabilities$8,000Long-termliabilitiesBondspayable$7,000StockholdersequityCommonstock($100par)$88,000Capitalsurplus19,000Retainedearnings 6,000Totalstockholdersequity$113,000Totalliabilitiesandequity$128,0002.11One year agoTodayLong-termdebt$50,000,000$50,000,000Preferredstock30,000,000
3、30,000,000Commonstock100,000,000110,000,000Retainedearnings 20,000,000 22,000,000Total$200,000,000$212,000,0002.12TotalCashFlowoftheStancilCompanyCash flows from the firmCapitalspending$(1,000)Additionstoworkingcapital (4,000)Total$(5,000)Cash flows to investors of the firmShort-termdebt$(6,000)Long
4、-termdebt(20,000)Equity(Dividend-Financing) 21,000Total$(5,000)Note:ThistableisnttheStatementofCashFlows,whichisonlycoveredinAppendix2B,sincethelatterhasthechangeincash(onthebalancesheet)asafinalentry.2.13a.Thechangesinnetworkingcapitalcanbeputedfrom:Sources of net working capitalNetine$100Depreciat
5、ion50Increasesinlong-termdebt 75Totalsources$225Uses of net working capitalDividends$50Increasesinfixedassets* 150Totaluses$200Additionstonetworkingcapital$25*Includes$50ofdepreciation.b.Cash flow from the firmOperatingcashflow$150Capitalspending(150)Additionstonetworkingcapital (25)Total$(25)Cash f
6、low to the investorsDebt$(75)Equity 50Total$(25)Chapter3:FinancialMarketsandNetPresentValue:FirstPrinciplesofFinance(Advanced)3.14$120,000-($150,000-$100,000)(1.1)=$65,0003.15$40,000+($50,000-$20,000)(1.12)=$73,6003.16a.($7million+$3million)(1.10)=$11.0millionb.i.Theycouldspend$10millionbyborrowing$
7、5milliontoday.ii.Theywillhavetospend$5.5million=$11million-($5millionx1.1)att=1.Chapter4:NetPresentValue4.12a.$1,0001.0510=$1,628.89b.$1,0001.0710=$1,967.15c.$1,0001.0520=$2,653.30d.Interestpoundsontheinterestalreadyearned.Therefore,theinterestearnedinpartc,$1,653.30,ismorethandoubletheamountearnedi
8、nparta,$628.89.4.13Sincethisbondhasnointerimcouponpayments,itspresentvalueissimplythepresentvalueofthe$1,000thatwillbereceivedin25years.Note:Aswillbediscussedinthenextchapter,thepresentvalueofthepaymentsassociatedwithabondisthepriceofthatbond.PV=$1,000/1.125=$92.304.14PV=$1,500,000/1.0827=$187,780.2
9、34.15a.Atadiscountrateofzero,thefuturevalueandpresentvaluearealwaysthesame.Remember,FV=PV(1+r)t.Ifr=0,thentheformulareducestoFV=PV.Therefore,thevaluesoftheoptionsare$10,000and$20,000,respectively.Youshouldchoosethesecondoption.b.Optionone:$10,000/1.1=$9,090.91Optiontwo:$20,000/1.15=$12,418.43Chooset
10、hesecondoption.c.Optionone:$10,000/1.2=$8,333.33Optiontwo:$20,000/1.25=$8,037.55Choosethefirstoption.d.YouareindifferentattheratethatequatesthePVsofthetwoalternatives.Youknowthatratemustfallbetween10%and20%becausetheoptionyouwouldchoosediffersattheserates.Letrbethediscountratethatmakesyouindifferent
11、betweentheoptions.$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$1,000thatyouplaceintheaccountattheendofthefirstyearwillearninterestforsixyears.The$1,000thatyouplaceintheaccountattheendofthesecondyearwillearninterestforfiveyears,etc.Thus,theaccountwillhaveaba
12、lanceof$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=$1,609,866.184.18a.$1.000(1.08)3=$1,259.71b.$1,0001+(0.08/2)23=$1,000(1.04)6=$1,265.32c.$1,0001+(0.08/12)123=$1,000(1.00667)36=$1,270.24d.$1,000e0.083=$1,271.25e.Thefuturevalueincreasesbecauseofthepoundi
13、ng.Theaccountisearninginterestoninterest.Essentially,theinterestisaddedtotheaccountbalanceattheendofeverypoundingperiod.Duringthenextperiod,theaccountearnsinterestonthenewbalance.Whenthepoundingperiodshortens,thebalancethatearnsinterestisrisingfaster.4.19Thepriceoftheconsolbondisthepresentvalueofthe
14、couponpayments.Applytheperpetuityformulatofindthepresentvalue.PV=$120/0.15=$8004.20a.$1,000/0.1=$10,000b.$500/0.1=$5,000isthevalueoneyearfromnowoftheperpetualstream.Thus,thevalueoftheperpetuityis$5,000/1.1=$4,545.45.c.$2,420/0.1=$24,200isthevaluetwoyearsfromnowoftheperpetualstream.Thus,thevalueofthe
15、perpetuityis$24,200/1.12=$20,000.4.21ApplytheNPVtechnique.Sincetheinflowsareanannuityyoucanusethepresentvalueofanannuityfactor.NPV=-$6,200+$1,200=-$6,200+$1,200(5.3349)=$201.88Yes,youshouldbuytheasset.4.22Useanannuityfactortoputethevaluetwoyearsfromtodayofthetwentypayments.Remember,theannuityformulagivesyouthevalueofthestreamoneyearbeforethefirstpayment.Hence,theannuityfactorwillgiveyou
