财务管理课后习题答案.doc

第二章p40（页码）1.（题号）Percentage Holding Period Return:= (44- 40 + 0.4)/40 x 100% = 11%2Percentage Holding Period Return:= (100,000 - 99500)/99500 x 100% = 0.50%3. Percentage Holding Period Return:= (1,000 - 975 + 60)/975 x 100% = 8.72%4.a. Expected Percentage Holding Period Return = (65 - 60 + 4)/60 x 100% = 15.0% b. Realized Percentage Holding Period Return = (75 - 60 + 4)/60 x 100% = 31.67% c. Realized Percentage Holding Period Return =(58 - 60 + 4)/60 x 100% = 3.33% d. Realized Percentage Holding Period Return = (50 - 60 + 4)/60 x 100% = -10.0% 5. Percentage Holding Period (HP) Return = (12,800 - 14,000)/14,000 x 100% = -8.57%第三章 p731. a. 50 days = Accounts Receivable/(1,600,000/365 days) 50 days = Accounts Receivable/4,383.56 Accounts Receivable = 219,178 b. Cost of sales = (1 - 0.35)(1,600,000) = 1,040,000 Inventory Turnover = Cost of Sales/Average Inventory Inventory Turnover =6 6 = 1,040,000/Average Inventory Average Inventory = 173,333 6. Forecasted Balance Sheet Cash 104,000Accounts receivable 1,096,000 Total current liabilities 1,200,000Inventory 1,200,000 Long term debt 2,800,000Total current assets 2,400,000 Total debt 4,000,000Net fixed assets 7,600,000 Stockholders equity 6,000,000Total assets 10,000,000 Total liabilities and 10,000,000 stockholders equity a. Profit margin on sales = 0.05 = 1,000,000/Sales Sales = 20,000,000 b. Total asset turnover = 2 = 20,000,000/Total assets Total assets = 10,000,000 c. Total debt to total assets = 0.4 = Total debt/10,000,000 Total debt = 4,000,000 d. Current liabilities to stockholders equity = 0.2 = Current liabilities/6,000,000 Current liabilities = 1,200,000 e. Current ratio = 2 = Current assets/1,200,000 Current assets = 2,400,000 f. Fixed assets = Total assets minus current assets = 10,000,000 - 2,400,000 = 7,600,000 g. Quick ratio = 1 = (2,400,000 - Inventories)/1,200,000 Inventories = 1,200,000 h. Average collection period = 20 days = Accounts receivable/(20,000,000/365) Accounts receivable = 1,096,000 (rounded to the nearest 1,000) i. Cash = Current assets minus accounts receivable minus inventories Cash = 2,400,000 - 1,096,000 - 1,200,000 = 104,000第四章 P931. ATCF = EAT + Depreciation + Deferred taxes = 650,000 + 400,000 + 100,000 = 1,150,000 3. Midland Manufacturing CorporationStatement of Cash Flows For the Year Ended December 31, 2002 ( millions) Cash Flows from Operating Activities: Net income 8.3 Adjustments to reconcile net income to net cash provided from operating activities Depreciation 9.5 (Increase) decrease in current assets or liabilities Accounts receivable (0.3) Inventories (0.7) Accounts payable 1.5 Other current liabilities 2.2 Increase (decrease) in deferred taxes 0.2 Total adjustments 12.4 Net cash provided from (used by) operating activities 20.7 Cash Flows from Investing Activities Proceeds from sale of facilities or equipment 1.0 Capital expenditures (115.0 - 80.7 + 1.0) (35.3) Net cash used by investing activities (34.3) Cash Flows from Financing Activities Proceeds from issuance of long-term debt 15.0 Repayments of long-term debt (2.0) Dividends paid (3.5) Net cash provided from (used by) financing activities 9.5 Net Increase (Decrease) in Cash (4.1)Cash - Beginning of Year 4.9Cash - End of Year 0.8第五章 P1241. a. FV3 = 1,000(FVIF0.06,3) = 1,000(1.191) = 1,191 b. FV5 = 1,000(FVIF0.06,5) = 1,000(1.338) = 1,338 c. FV10 = 1,000(FVIF0.06,10) = 1,000(1.791) = 1,791 2. a. Present value of 5,000 today = 5,000 b. Present value of 15,000 received in 5 years at 9%: PV0 = 15,000(PVIF0.09,5) = 15,000 (0.650) = 9,750 c. Present value of a 15 year, 1,000 annuity at 9%: PVAN0 = 1,000 (PVIFA0.09,15) = 1,000(8.061) = 8,061 15 a. FV3 = 10,000(FVIF0.04,6) = 10,000(1.265) = 12650b.FV3 = 10,000(FVIF0.02,12) = 10,000(1.268) = 12680c.FV3 = 10,000(FVIF0.006,36) = 10,000(1.270) = 1270018.PV0 = 20,000(PVIF0.15,1) + 30,000(PVIF0.15,2) + 15,000(PVIF0.15,3) PV0 = 20,000(0.870) + 30,000(0.756) + 15,000(0.658) PV0 = 49,950 49,950 = PMT(PVIFA0.15,3) = PMT(2.283) PMT = 21,879第六章 P16711 . a. Security Beta P 0.8(0.10)(0.08)/(0.8)2 = 1.00 Q 0.6(0.20)(0.08)/(0.8)2 = 1.50 R 0.4(0.15)(0.08)/(0.8)2 = 0.75b. Security Expected Return Beta Required Return P 12% 1.00 7% + 8.8 (1.00) = 15.8% Q 18 1.50 7% + 8.8 (1.50) = 20.2% R 15 0.75 7% + 8.8 (0.75) = 13.6% 第七章P188 1. a. Po = I/kd I = 1000 X0 .04 = 40 kd =0 .04Po = 40/0.04 = 1000 b. I = 40 kd = 0.05Po = 40/0.05 = 800 c. I = 40 kd = 0.06 Po = 40/0.06 = 666.673. a. Po = I/(1 + kd)t + M/(1 + kd)n t=1 I =0 .0875 X 1000 = 87.50 kd = 0.07 M = 1000 n = 12 years (2012 - 2004)=12 Po = 87.50/(1 + 0.07)t + 1000/(1 + 0.07)12 = 87.50(PVIFA0.07,12) + 1000 (PVIF0.07,12) = 87.50(7.943) + 1000 (0.444) = 1139b. I = 87.50 kd =0 .09 M = 1000 n = 12 Po = 87.50/(1 +0 .09)t + 1000/(1 + 0.09)12 = 87.50 (PVIFA0.09,12) + 1000(PVIF0.09,12) = 87.50(7.161) + 1000 (0.356) = 983 c. I = 87.50 kd =0 .11 M = 1000 n = 12 Po = 87.50/(1 + 0.11)t + 1000/(1 + 0.11)12 = 87.50 (PVIFA0.11,12) + 1000(PVIF0.11,12） = 87.50(6.492) + 1000 (0.286) = 854 d. I =0 .0875(1000)/2 = 43.75 M = 1000 kd = 0.08/2 = 0.04; n = 12 X 2 = 24 Po = 43.75/(1 + 0.04)t + 1000/(1 + 0.04)24 = 43.75(PVIFA0.04,24) + 1000(PVIF0.04,24) = 43.75(15.247) + 1000(0.390) = 1057第八章 P2051 Present Value of First 6-Years Dividends:Do(1 + g1)t/(1 + ke)t; Do = 5.00; g1 =0 .07; ke =0 .12 Year Dividend Interest Factor Present Valuet Dt = 5.00(1 + 0.07)t PVIF.12,t Dt x PVIF.12,t 1 5.00(1 + .07)1 = 5.35 0.893 4.7782 5.00(1 + 0.07)2 = 5.725 0 .797 4.5633 5.00(1 +0 .07)3 = 6.125 0 .712 4.3614 5.00(1 +0 .07)4 =6.554 0 .636 4.1685 5.00(1 +0 .07)5 = 7.013 0.567 3.9766 5.00(1 +0 .07)6 = 7.504 0.507 3.805 PV (First 6-Years Dividends) = 25.651alue of Stock at End of Year 6:P6 = D7/(ke - g2) g2 = 0.00D7 = D6(1 + g2) = 7.504(1 + 0.00) = 7.504P6 = 7.504/(0.12 - 0.00) = 62.533 Present Value of P6: PV(P6) = P6/(1 + ke)6 = 62.533/(1 +0 .12)6= 62.533 x PVIF0.12,6= 62.533 X 0.507= 31.704 Value of Common Stock (Po): Po = PV (First 6-Years Dividends) + PV(P6) = 25.651 + 31.704 = 57.36 第九章P2291.a.straight-lineafter-tax operating cash flow=(200-130+15)x60%+15=48accelerated depreciationafter-tax operating cash flow=(200-130+25)x60%+25=52 2. Annual depreciation amount = Installed cost / Number of years over which the asset is depreciate