财务管理英文版第九版答案fundamentalsofcorporatefinance9thedition

财务管理英文版第九版答案fundamentalsofcorporatefinance9thedition内容摘要：

shareholder wealth can be increased, at least temporarily. However, given the questionable ethics of this practice, the pany (and shareholders) will lose value if the practice is discovered. Solutions to Questions and Problems NOTE: All end of chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem. Basic 1. To find owner‘s equity, we must construct a balance sheet as follows: Balance Sheet CA $5,100 CL $4,300 NFA 23,800 LTD 7,400 OE ?? TA $28,900 TL amp。 OE $28,900 We know that total liabilities and owner‘s equity (TL amp。 OE) must equal total assets of $28,900. We also know that TL amp。 OE is equal to current liabilities plus longterm debt plus owner‘s equity, so owner‘s equity is: OE = $28,900 – 7,400 – 4,300 = $17,200 NWC = CA – CL = $5,100 – 4,300 = $800 B6 SOLUTIONS 2. The ine statement for the pany is: Ine Statement Sales $586,000 Costs 247,000 Depreciation 43,000 EBIT $296,000 Interest 32,000 EBT $264,000 Taxes(35%) 92,400 Net ine $171,600 3. One equation for ine is: Net ine = Dividends + Addition to retained earnings Rearranging, we get: Addition to retained earnings = Net ine – Dividends = $171,600 – 73,000 = $98,600 4. EPS = Net ine / Shares = $171,600 / 85,000 = $ per share DPS = Dividends / Shares = $73,000 / 85,000 = $ per share 5. To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for current assets, we get: CA = NWC + CL = $380,000 + 1,400,000 = $1,480,000 The market value of current assets and fixed assets is given, so: Book value CA = $1,480,000 Market value CA = $1,600,000 Book value NFA = $3,700,000 Market value NFA = $4,900,000 Book value assets = $5,180,000 Market value assets = $6,500,000 6. Taxes = ($50K) + ($25K) + ($25K) + ($236K – 100K) = $75,290 7. The average tax rate is the total tax paid divided by ine, so: Average tax rate = $75,290 / $236,000 = % The marginal tax rate is the tax rate on the next $1 of earnings, so the marginal tax rate = 39%. CHAPTER 2 B7 8. To calculate OCF, we first need the ine statement: Ine Statement Sales $27,500 Costs 13,280 Depreciation 2,300 EBIT $11,920 Interest 1,105 Taxable ine $10,815 Taxes (35%) 3,785 Net ine $ 7,030 OCF = EBIT + Depreciation – Taxes = $11,920 + 2,300 – 3,785 = $10,435 9. Net capital spending = NFAend – NFAbeg + Depreciation Net capital spending = $4,200,000 – 3,400,000 + 385,000 Net capital spending = $1,185,000 10. Change in NWC = NWCend – NWCbeg Change in NWC = (CAend – CLend) – (CAbeg – CLbeg) Change in NWC = ($2,250 – 1,710) – ($2,100 – 1,380) Change in NWC = $540 – 720 = –$180 11. Cash flow to creditors = Interest paid – Net new borrowing Cash flow to creditors = Interest paid – (LTDend – LTDbeg) Cash flow to creditors = $170,000 – ($2,900,000 – 2,600,000) Cash flow to creditors = –$130,000 12. Cash flow to stockholders = Dividends paid – Net new equity Cash flow to stockholders = Dividends paid – [(Commonend + APISend) – (Commonbeg + APISbeg)] Cash flow to stockholders = $490,000 – [($815,000 + 5,500,000) – ($740,000 + 5,200,000)] Cash flow to stockholders = $115,000 Note, APIS is the additional paidin surplus. 13. Cash flow from assets = Cash flow to creditors + Cash flow to stockholders = –$130,000 + 115,000 = –$15,000 Cash flow from assets = –$15,000 = OCF – Change in NWC – Net capital spending = –$15,000 = OCF – (–$85,000) – 940,000 Operating cash flow = –$15,000 – 85,000 + 940,000 Operating cash flow = $840,000 B8 SOLUTIONS Intermediate 14. To find the OCF, we first calculate ine. Ine Statement Sales $196,000 Costs 104,000 Other expenses 6,800 Depreciation 9,100 EBIT $76,100 Interest 14,800 Taxable ine $61,300 Taxes 21,455 Net ine $39,845 Dividends $10,400 Additions to RE $29,445 a. OCF = EBIT + Depreciation – Taxes = $76,100 + 9,100 – 21,455 = $63,745 b. CFC = Interest – Net new LTD = $14,800 – (–7,300) = $22,100 Note that the new longterm debt is negative because the pany repaid part of its long term debt. c. CFS = Dividends – Net new equity = $10,400 – 5,700 = $4,700 d. We know that CFA = CFC + CFS, so: CFA = $22,100 + 4,700 = $26,800 CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF. Net capital spending is equal to: Net capital spending = Increase in NFA + Depreciation = $27,000 + 9,100 = $36,100 Now we can use: CFA = OCF – Net capital spending – Change in NWC $26,800 = $63,745 – 36,100 – Change in NWC Solving for the change in NWC gives $845, meaning the pany increased its NWC by $845. 15. The solution to this question works the ine statement backwards. Starting at the bottom: Net ine = Dividends + Addition to ret. earnings = $1,500 + 5,100 = $6,600 CHAPTER 2 B9 Now, looking at the ine statement: EBT – EBT Tax rate = Net ine Recognize that EBT Tax rate is simply the calculation for taxes. Solving this for EBT yields: EBT = NI / (1– tax rate) = $6,600 / (1 – ) = $10,154 Now you can calculate: EBIT = EBT + Interest = $10,154 + 4,500 = $14,654 The last step is to use: EBIT = Sales – Costs – Depreciation $14。