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1、Chapterr 2: AAccounnting Stateementss and Cash Flow2.10 AssetsCurrentt asseetsCash$ 4,0000Accountts recceivabble 8,000Total ccurrennt asssets$ 12,0000Fixed aassetssMachineery$ 34,0000Patentss 82,0000Total ffixed assetts$116,0000Total aassetss$128,0000Liabiliities and eequityyCurrentt liabbilitiiesAc
2、countts payyable$ 6,000Taxes ppayablle 2,000Total ccurrennt liaabilitties$ 8,000Long-teerm liiabiliitiesBonds ppayablle$7,000Stockhoolderss equiityCommon stockk ($1000 parr)$ 88,0000Capitall surpplus19,000Retaineed earrningss 6,000Total sstockhholderrs equuity$113,0000Total lliabillitiess and equitt
3、y$128,00002.11One yeaar agooTodayLong-teerm deebt$50,0000,000$50,0000,000Preferrred sttock30,000,00030,000,000Common stockk100,0000,000110,0000,000Retaineed earrningss 20,0000,0000 22,0000,0000Total$200,0000,0000$212,0000,00002.12Total CCash FFlow oof the Staancil CompaanyCash fllows ffrom tthe fiir
4、mCapitall spennding$(1,0000)Additioons too workking ccapitaal (4,0000)Total$(5,0000)Cash fllows tto invvestorrs of the ffirmShort-tterm ddebt$(6,0000)Long-teerm deebt(20,0000)Equity (Diviidend - Finnancinng) 21,0000Total$(5,0000)Note: Thiss tablle isnnt thhe Staatemennt of Cash Flowss, whiich iss on
5、lyy coveered iin Apppendixx 2B, sincee the latteer hass the changge in cash (on tthe baalancee sheeet) ass a fiinal eentry.2.13a.The cchangees in net wworkinng cappital can bbe commputedd fromm:Sourcess of nnet woorkingg capiitalNet inccome$100Depreciiationn50Increasses inn longg-termm debtt 75Total
6、 ssourcees$225Uses off net workiing caapitallDividennds$50Increasses inn fixeed asssets* 150Total uuses$200Additioons too net workiing caapitall$25*Includdes $550 of depreeciatiion. b.Cash fllow frrom thhe firrmOperatiing caash fllow$150Capitall spennding(150)Additioons too net workiing caapitall (2
7、5)Total$(25)Cash fllow too the invesstorsDebt$(75)Equity 50Total$(25)Chapterr 3: Finanncial Markeets annd Nett Pressent VValue: Firrst Prrincipples oof Finnance (Advaanced)3.14 $120,000 - ($1550,0000 - $1100,0000) (11.1) = $65,0003.15 $40,0000 + ($50,000 - $20,000) (1.122) = $73,60003.16a.($7 mmilli
8、oon + $3 milllion) (1.110) = $11.00 milllionb. i. Thhey coould sspend $10 mmillioon by borroowing $5 miillionn todaay.ii. TThey wwill hhave tto speend $55.5 miillionn = $11 miillionn - ($5 milllion x 1.11) att t=1.Chapterr 4: NNet Prresentt Valuue4.12a.$1,0000 1.0510 = $1,6288.89b.$11,000 1.07710 =
9、$1,9677.15c.$11,000 1.05520 = $2,6533.30d.Innteresst commpoundds on the iintereest allreadyy earnned. Thereefore, the interrest eearnedd in paart c, $1,6653.300, is more than doublle thee amouunt eaarned in paart a, $6288.89.4.13Siince tthis bbond hhas noo inteerim ccouponn paymments, its preseent v
10、aalue iis simmply tthe prresentt valuue of the $1,0000 thatt willl be rreceivved inn 25 yyears. Notte: Ass willl be ddiscusssed iin thee nextt chappter, the ppresennt vallue off the paymeents aassociiated with a bonnd is the pprice of thhat boond.PV = $1,0000 /11.125 = $92.3004.14PVV = $11,500,000 /
11、 1.08827 = $187,7780.2334.15a.At a discoount rrate oof zerro, thhe futture vvalue and ppresennt vallue arre alwways tthe saame. Rememmber, FV = PV (11 + r) t. IIf r = 0, tthen tthe foormulaa reduuces tto FV = PV. Thereefore, the valuees of the ooptionns aree $10,000 aand $220,0000, resspectiively. Y
12、ouu shoulld chooose tthe seecond optioon.b.Opttion oone:$10,0000 / 1.1 = $9,0090.911Optiion twwo:$20,0000 / 1.15 = $112,4188.43Chooose thhe seccond ooptionn.c.Opttion oone:$10,0000 / 1.2 = $8,3333.333Optiion twwo:$20,0000 / 1.25 = $88,037.55Chooose thhe firrst opption.d.You are iindiffferentt at tth
13、e raate thhat eqquatess the PVs oof thee two alterrnativves. You kknow tthat rrate mmust ffall bbetweeen 10% and 20% bbecausse thee optiion yoou wouuld chhoose diffeers att thesse rattes. Let rr be tthe diiscounnt ratte thaat makkes yoou inddifferrent bbetweeen thee optiions.$10,000 / (1 + r) = $20,
14、000 / (1 + r)5(1 + r)4 = $220,0000 / $110,0000 = 21 + r = 11.189221r = 0.189921 = 18.9221%4.16Thhe $1,000 tthat yyou pllace iin thee accoount aat thee end of thhe firrst yeear wiill eaarn innteresst forr six yearss. Thee $1,0000 thhat yoou plaace inn the accouunt att the end oof thee secoond yeear wiill eaarn innteresst forr fivee yearrs, ettc. TThus, the aaccounnt willl havve a bbalancce of$1,0000 (11.12)66 + $11,000 (1.122)5 + $11,000 (1.122)4 + $11,000 (1.1
