公司理财第10版课后习题第四章
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ROE PM
19 SGR Retention Asset Turnover PM
ROE EM D/E
20 Internal Retention
PM
ROA Total Asset Turnover
21 PM Total Asset Turnover Total Debt Ratio Assets/Equity ROE Payout Ratio Retention Rate
17.14% 30.0% 70.0%
13.64%
Next Year
195,000
227,108
Net Income Dividends Retained Income Total Debt Total Equity Total Assets Retention Rate ROE ROA a SGR b Required Financing c IGR
Sustainable Growth Rate
1 Sales Costs Net Income Dividend Retained Earnings
2
Sales Costs Net Income Dividend Retained Earnings
3 Sales
Full capacity
Sales
Room to grow
14,000 210,400 73,640 136,760 41,028 95,732
70.00%
30360 48840 104280 183480 495600
679,080
Current Assets Net Fixed Assets
$ 900.0 2,200.0
Total assets
$ 3,100.0
6 Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
Internal Growth Rate
7 Sustainable Growth Rate
8
4,370 2,730
26,400 17,300 9,100 3,640.0 5,460
2300 3,160 42.12% 57.88%
5,200.30 3,249 3,249
15.00% 30,360 19,895 10,465
4,186 6,279 2,645 3,634
5,700.00 4,200.00 1,500.00
Internal Growth Rate
9 Sustainable Growth Rate
12 Internal Growth Rate
13 Sustainable Growth Rate
14 Profit Margin Total asset turnover EM ROE Sustainable Growth Rate
232,250
25,300 40,700 86,900 152,900 413,000
565,900
30360 48840 104280 183480 413000
596,480
27
Sales Costs Other Expenses EBIT
ห้องสมุดไป่ตู้
2008 929,000 723,000
19,000 187,000
2009 1,114,800
867,600 22,800 224,400
Interest Paid Taxable income Taxes Net Income Dividends Addition to retained earnings Retention Ratio Sales Growth
Pro-Forma 36,800 28,060 8,740 5,815 2,925
Pro-Forma
32,000
36,800
24,400
28,060
7,600
8,740
4,370
4,370
7,100
19.00% 8,449.00
Costs Net Income Dividend Retained Earnings
End 151,500 250,000
19,000 2,500
16,500 86.84%
12.5%
12.22%
7.07%
2008 929,000 723,000
19,000 187,000
14,000 173,000
60,550 112,450
33,735 78,715 70.00%
2009 1,114,800
Fixed Assets Currently
How much Fixed Assets Needed
Additional Fixed Required
42,000.00 28,500.00 13,500.00
4,590.00 8,910.00 2,673.00 6,237.00
30.00% 70.00%
SGR
22 Sales
1.333333333 2.2
0.13 0.7
16.43% 5.60%
0.115 0.7
1.666666667 0.062
0.164348925 1.590473472 0.590473472
7.00% 75.00%
5.00%
8.72% 1.74
0.048 1.25 0.65 2.86
Cash A/R Inventory Current Assets Fixed Assets
Total Assets
14,000 173,000
60,550 112,450
33,735 78,715 70.00% 20.00%
25,300 40,700 86,900 152,900 413,000
565,900
17,500 9,300 8,200 86,000 58,000 144,000 46.86% 30.17% 12.15% 16.47% 14,161 6.04%
20,382 10,831
9,550 100,161 67,550 167,711
Beginning 135,000
14.1% 7.60% 13.92%
6.19%
12.53%
6.84%
10.86%
0.071 0.75 1.6
8.52% 6.54%
2.7 6.50%
1.2 21.06%
15.86%
695,652 5.26%
730,000 695,652
490,000
514,194
24,194
18 PM Asset Turnover EM ROE
Sustainable Growth Rate Retention Rate
6.51%
10.00%
19,250.00 12,980.00
6,270.00 2,508.00 3,762.00 1,128.60 2,633.40
Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
$
247.5
$
82.6
164.9
Dividend Payout Plowback
33.4% 66.6%
Sales Costs Taxable Income
Taxes (34%) Net Income Dividends Addition to retained earnings
Dividend Payout Retention
4 Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
5 Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
164.9
33.4% 66.6%
$
4,250.0
3,875.0
4,675.0 4,262.5
$
375.0 $
412.5
127.5
140.3
$
247.5 $
272.3
$
82.6
164.9
90.86 181.4
33.4% 66.6%
4.2 @ 60% utilization @ 95% utilization
510.00 990.00 396.00 594.00 40.00% 60.00%
15.00% 6,555.00 4,830.00 1,725.00
586.50 1,138.50
455.40 683.10
17,500 11,800 5,700 2,280 3,420 1,026.00 2,394.00 30.00% 70.00%
867,600 22,800 224,400 14,000 210,400 73,640 136,760 41,028 95,732 70.00%
Sales Growth
Cash A/R Inventory Current Assets Fixed Assets
Total Assets
26 Utilization Sales that can handle 100% Sales Growth not requiring EFN
Cash A/R Inventory Current Assets Fixed Assets
Total Assets
20.00%
25,300 40,700 86,900 152,900 413,000
565,900
30360 48840 104280 183480 495600
679,080
0.8 1,161,250
7,083.33
-
4,473.68
2,273.68
$
4,250.0
3,875.0
4,675.0 4,262.5
$
375.0 $
412.5
127.5
140.3
$
247.5 $
272.3
$
82.6
164.9
90.86 181.4
33.4% 66.6%
5.62% 25.96%
Existing 32,000 24,400 7,600
Sales Costs Taxable Income
Taxes (34%) Net Income Dividends Addition to retained earnings
Dividend Payout Retention
$
4,250.0
3,875.0
$
375.0
127.5
$
247.5
$
82.6
15 Sustainable Growth Rate Total asset turnover Profit Margin EM ROE
Sustainable Growth Rate
16 Full capacity Sales % Growth
17 Expected Sales Full Capacity
Chapter Review and Self-Test Problems
4.1
Sales Costs Taxable Income
$
4,250.0
3,875.0
$
375.0
Taxes (34%) Net Income Dividends Addition to retained earnings
127.5
Sales Costs Taxable Income
Taxes (34%) Net Income Dividends Addition to retained earnings
Dividend Payout Retention
4.3 Internal Growth Rate =ROA*plowback%/1-ROA*plowback%
Current liabilities Long-term debt
Owners' equity Total liabilities and owners'
equity
$
500.0
1,800.0
800.0
$
3,100.0
Current Assets Net Fixed Assets
$ 900.0 2,200.0
23
Equity Total Assets
Net Income Dividends Retained Earnings Retention Ratio
ROE ROA
SGR - Beginning SGR - End ROE
24 Internal Growth - End
25
Sales Costs Other Expenses EBIT Interest Paid Taxable income Taxes Net Income Dividends Addition to retained earnings Retention Ratio
19 SGR Retention Asset Turnover PM
ROE EM D/E
20 Internal Retention
PM
ROA Total Asset Turnover
21 PM Total Asset Turnover Total Debt Ratio Assets/Equity ROE Payout Ratio Retention Rate
17.14% 30.0% 70.0%
13.64%
Next Year
195,000
227,108
Net Income Dividends Retained Income Total Debt Total Equity Total Assets Retention Rate ROE ROA a SGR b Required Financing c IGR
Sustainable Growth Rate
1 Sales Costs Net Income Dividend Retained Earnings
2
Sales Costs Net Income Dividend Retained Earnings
3 Sales
Full capacity
Sales
Room to grow
14,000 210,400 73,640 136,760 41,028 95,732
70.00%
30360 48840 104280 183480 495600
679,080
Current Assets Net Fixed Assets
$ 900.0 2,200.0
Total assets
$ 3,100.0
6 Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
Internal Growth Rate
7 Sustainable Growth Rate
8
4,370 2,730
26,400 17,300 9,100 3,640.0 5,460
2300 3,160 42.12% 57.88%
5,200.30 3,249 3,249
15.00% 30,360 19,895 10,465
4,186 6,279 2,645 3,634
5,700.00 4,200.00 1,500.00
Internal Growth Rate
9 Sustainable Growth Rate
12 Internal Growth Rate
13 Sustainable Growth Rate
14 Profit Margin Total asset turnover EM ROE Sustainable Growth Rate
232,250
25,300 40,700 86,900 152,900 413,000
565,900
30360 48840 104280 183480 413000
596,480
27
Sales Costs Other Expenses EBIT
ห้องสมุดไป่ตู้
2008 929,000 723,000
19,000 187,000
2009 1,114,800
867,600 22,800 224,400
Interest Paid Taxable income Taxes Net Income Dividends Addition to retained earnings Retention Ratio Sales Growth
Pro-Forma 36,800 28,060 8,740 5,815 2,925
Pro-Forma
32,000
36,800
24,400
28,060
7,600
8,740
4,370
4,370
7,100
19.00% 8,449.00
Costs Net Income Dividend Retained Earnings
End 151,500 250,000
19,000 2,500
16,500 86.84%
12.5%
12.22%
7.07%
2008 929,000 723,000
19,000 187,000
14,000 173,000
60,550 112,450
33,735 78,715 70.00%
2009 1,114,800
Fixed Assets Currently
How much Fixed Assets Needed
Additional Fixed Required
42,000.00 28,500.00 13,500.00
4,590.00 8,910.00 2,673.00 6,237.00
30.00% 70.00%
SGR
22 Sales
1.333333333 2.2
0.13 0.7
16.43% 5.60%
0.115 0.7
1.666666667 0.062
0.164348925 1.590473472 0.590473472
7.00% 75.00%
5.00%
8.72% 1.74
0.048 1.25 0.65 2.86
Cash A/R Inventory Current Assets Fixed Assets
Total Assets
14,000 173,000
60,550 112,450
33,735 78,715 70.00% 20.00%
25,300 40,700 86,900 152,900 413,000
565,900
17,500 9,300 8,200 86,000 58,000 144,000 46.86% 30.17% 12.15% 16.47% 14,161 6.04%
20,382 10,831
9,550 100,161 67,550 167,711
Beginning 135,000
14.1% 7.60% 13.92%
6.19%
12.53%
6.84%
10.86%
0.071 0.75 1.6
8.52% 6.54%
2.7 6.50%
1.2 21.06%
15.86%
695,652 5.26%
730,000 695,652
490,000
514,194
24,194
18 PM Asset Turnover EM ROE
Sustainable Growth Rate Retention Rate
6.51%
10.00%
19,250.00 12,980.00
6,270.00 2,508.00 3,762.00 1,128.60 2,633.40
Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
$
247.5
$
82.6
164.9
Dividend Payout Plowback
33.4% 66.6%
Sales Costs Taxable Income
Taxes (34%) Net Income Dividends Addition to retained earnings
Dividend Payout Retention
4 Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
5 Sales Costs Taxable Income Taxes Net Income Dividend Retained Earnings Payout Ratio Retention
164.9
33.4% 66.6%
$
4,250.0
3,875.0
4,675.0 4,262.5
$
375.0 $
412.5
127.5
140.3
$
247.5 $
272.3
$
82.6
164.9
90.86 181.4
33.4% 66.6%
4.2 @ 60% utilization @ 95% utilization
510.00 990.00 396.00 594.00 40.00% 60.00%
15.00% 6,555.00 4,830.00 1,725.00
586.50 1,138.50
455.40 683.10
17,500 11,800 5,700 2,280 3,420 1,026.00 2,394.00 30.00% 70.00%
867,600 22,800 224,400 14,000 210,400 73,640 136,760 41,028 95,732 70.00%
Sales Growth
Cash A/R Inventory Current Assets Fixed Assets
Total Assets
26 Utilization Sales that can handle 100% Sales Growth not requiring EFN
Cash A/R Inventory Current Assets Fixed Assets
Total Assets
20.00%
25,300 40,700 86,900 152,900 413,000
565,900
30360 48840 104280 183480 495600
679,080
0.8 1,161,250
7,083.33
-
4,473.68
2,273.68
$
4,250.0
3,875.0
4,675.0 4,262.5
$
375.0 $
412.5
127.5
140.3
$
247.5 $
272.3
$
82.6
164.9
90.86 181.4
33.4% 66.6%
5.62% 25.96%
Existing 32,000 24,400 7,600
Sales Costs Taxable Income
Taxes (34%) Net Income Dividends Addition to retained earnings
Dividend Payout Retention
$
4,250.0
3,875.0
$
375.0
127.5
$
247.5
$
82.6
15 Sustainable Growth Rate Total asset turnover Profit Margin EM ROE
Sustainable Growth Rate
16 Full capacity Sales % Growth
17 Expected Sales Full Capacity
Chapter Review and Self-Test Problems
4.1
Sales Costs Taxable Income
$
4,250.0
3,875.0
$
375.0
Taxes (34%) Net Income Dividends Addition to retained earnings
127.5
Sales Costs Taxable Income
Taxes (34%) Net Income Dividends Addition to retained earnings
Dividend Payout Retention
4.3 Internal Growth Rate =ROA*plowback%/1-ROA*plowback%
Current liabilities Long-term debt
Owners' equity Total liabilities and owners'
equity
$
500.0
1,800.0
800.0
$
3,100.0
Current Assets Net Fixed Assets
$ 900.0 2,200.0
23
Equity Total Assets
Net Income Dividends Retained Earnings Retention Ratio
ROE ROA
SGR - Beginning SGR - End ROE
24 Internal Growth - End
25
Sales Costs Other Expenses EBIT Interest Paid Taxable income Taxes Net Income Dividends Addition to retained earnings Retention Ratio