Nama : Isna Wirda Lutfiyah

Kelas : 4-17
NPM : 1302170688

P12-8
Diketahui :

- Expected changes in net OI : $775,000

- Marginal tax rate : 34%
- Depreciation per year : $200,000
Without the Project Witha The Project Increase
Accounts Receivable $55,000 $89,000 $34,000
Inventory 100,000 180,000 80,000
Accounts Payable 70,000 120,000 50,000

Ditanyakan : Free Cash Flow for year 1 ?

Jawaban :

STEP 1 (Rumus)
Free CF = (Net OI-Taxes+Depreciation) - Capital Expenditure – Net Operating Working Capital
Investment in NOWC = ( Increase in Accounts Receivables + Increase in Inventory) – Increase
in Accounts Payables
STEP 2 (Hitungan)
NOWC = ($34,000) + ($80,000) – ($50,000)
= $64,000
Net Operating Income $775,000
Less : Taxes $263,500
Add : Changes in Depreciation $200,000
Less : Changes in net WC $64,000
Less : Change in capital spending 0
Equals : Change in Free CF $647,500

Free CF = ($900,000 - $263,500 + $200,000) - 0 - $64,000 = $647,500

P13-5
Diketahui :

Demand State Probability of State NPV Estimate

Low 20% $(300,000)
Medium 50% $200,000
High 30% $400,000

Ditanyakan :
a. Expected NPV for the MRI ? How would you interpret the meaning of the expected
NPV ? Does this look like a good investment to you ?
b. Assuming that the probability of the medium demand state remains 50% calculate the
maximum probability you can assign to the low demand state and still have an
expected NPV pf 0 or higher.
Jawaban :
STEP 1 (Menghitung point a )
a. Expected NPV for the MRI

Expected NPV = (NPV for Low Estimate x Probability of Low Demand) + (NPV for
Medium Estimate x Probability of Medium Demand) + (NPV for High
Estimate x Probability of High Demand)

Expected NPV = ((300,000) x 0.2) + (200,000 x 0.5) + (400,000 x 0.3)

= $160,000

How would you interpret the meaning of the expected NPV ?

- The expected NPV is the Weighted Average of the NPV for the MRI machine.

Does this look like a good investment to you ?

- The expected value is good.

STEP 2 (Menghitung point b)
b. Probability of low demand =P
Probability of medium demand = 50%
Probability of high demand = 1-0.5-P

Expected NPV = 0
Expected NPV = ((300,000) x P ) + (200,000 x 0.5) + (400,000 x (1-0.5-P))
0 = -300,000P + 100,000 + 400,000(0,5-P)
 0 = -300,000P + 100,000 + 200,000 – 400,000P
0 = -300,000P + 300,000 – 400,000P
-300,000 = -700,000P
P = 0,429
P = 42,9%
Adi, untuk memperoleh expected NPV = 0 nilai Probability of low demandnya adalah 42,9%.

P13-8
Diketahui :
cost of the new facility : $600,000, masa manfaat 6 years
depreciation expense : $100,000, tidak mempunyai nilai sisa
unit yang terjual 2,000 unit dengan harga $1,000/unit
variable cost : $600
fixed cost : $80,000
total fixed cost : $80,000+$100,000 = $180,000
Ditanyakan :
1. Find the accounting and the cash break-even units of production
2. Will the plant make a profit based on its current expected level of operation?
3. Will the plant contribute cash flow to the firm at the expected level of operations?
Jawaban :
STEP 1 (Rumus)
𝑡𝑜𝑡𝑎𝑙 𝑓𝑖𝑥𝑒𝑑 𝑐𝑜𝑠𝑡 𝑡𝑜𝑡𝑎𝑙 𝑓𝑖𝑥𝑒𝑑 𝑐𝑜𝑠𝑡
Qaccounting break-even = 𝑝𝑟𝑖𝑐𝑒 =
− 𝑣𝑎𝑟𝑖𝑎𝑏𝑙𝑒 𝑐𝑜𝑠𝑡 𝑐𝑜𝑛𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛 𝑚𝑎𝑟𝑔𝑖𝑛
𝑢𝑛𝑖𝑡

STEP 2 (Penyelesaian)
180,000 180,000
a. Qaccounting break-even = = = 450 units
1,000−600 400

180,000−100,000
Cash break-even = = 200 units
400

b. Dari perhitungan a, untuk menghasilkan accounting profit perusahaan hanya menjual

450 units lebih rendah dari ekspektasi awal yaitu 2,000 unit. Sehingga akan membuat
accounting profit.
 c. Dari perhitungan a diperoleh cash break even sebanyak 200 unit, sedangkan
ekspektasi perusahaan 2,000 unit, sehingga perusahaan dapat mengharapkan cash
flow yang positif.

P14-9
Diketahui :
Bond dengan nilai par $1,000, 8%, 15 tahun
Investor akan membeli bond dengan harga $950 dengan tax rate 35%
Ditanyakan :
What is Temple’s after-tax cost of debt on the bond where interest is paid semiannually?
Jawaban :
STEP 1
Yield to maturity = 8.61
After-tax Cost of Debt = kd x (1-T)
After-tax Cost of Debt = 8.61% x (1-35%) = 5.6%

P14-23
Diketahui :
The firm has financed 45% asse using debt and 55% using equity
Ditanyakan : WACC ?
Jawab :
STEP 1 (rumus)

STEP 2 (Penyelesaian)
 Source of capital Weights After-tax Cost of Product
Financing
Debt 0,45 *0,048 0,0216
Comon Stock 0,55 0,2 0,11
WACC 13,16%
*kd (1 – T) = 8% (1 – 40%)

P15-9
Diketahui :

2008 2007 2006

Earnings before $7,316,000 $9,700,000 $9,425,000
interest and taxes
Interest Expense (696,000) (392,000) (143,000)
Income before tax $6,620,000 $9,308,000 $9,282,000
Income tax expense (2,410,000) (3,547,000) (3,444,000)
Net Income $4,210,000 $5,761,000 $5,838,000

Ditanyakan :
a. Time Interest earned ratio ?
b. What is your assesment of how the firm’s ability to service its debt obligations has
changed over this period ?
Jawab :
STEP 1 (rumus)
𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒 𝑜𝑟 𝐸𝐵𝐼𝑇
Time Interest Earned Ratio =
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐸𝑥𝑝𝑒𝑛𝑠𝑒

STEP 2 (penyelesaian)
7,316,000
a. Time Interest Earned Ratio tahun 2008 = = 10,51
696,000
9,700,000
Time Interest Earned Ratio tahun 2007 = = 24,74
392,000

9,425,000
Time Interest Earned Ratio tahun 2006 = = 65,91
143,000

b. Kemampuan Home Depot to service its debt obligation selalu menurun sepanjang
tahun.

P16-8
Diketahui :
Share of stock outstanding = 8,000,000
Maket price = $12
Ditanyakan :
What will be the price of Chaney’s shares after each of the following :

a. A 20% stock dividend

b. A four-for-one stock split
c. A 32,5% stock dividend
d. What would be the total number of shares outstanding after parts a through c ?

Jawaban :

STEP 1 (Penyelesaian)
a. A 20% stock dividend :

𝑂𝑙𝑑 𝑃𝑟𝑖𝑐𝑒 𝑥 𝑂𝑙𝑑 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠

New Price =
(1+𝑝%)𝑥 𝑜𝑙𝑑 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠

$12
New Price = = $10
(1+20%)

$12
b. New Price = = $3
4

$12
c. New Price = =$9.06
(1+32.5%)

d. The total number of share outstanding after 20% stock dividend is given by :

New Number of shares = (1+p%) x Old Number of shares

New Number of shares = (1+0.2) x $8,000,000
= $9,600,000
The total number of share outstanding after the four-for-one stock split is given by :
New Number of shares = s x Old Number of shares
New Number of shares = 4 x $8,000,000
= $32,000,000
The total number of share outstanding after 32.5% stock dividend is given by :

New Number of shares = (1+p%) x Old Number of shares

New Number of shares = (1+32.5%) x $8,000,000
 = $10,600,000

P17-7
Penyelesaian
a. Net Income for next year is expected to be :

Net Income = Sales x Net Profit margin

Net Income = $7,000,000 x 7% = $490,000

Next year’s retained earnings balance will be :
RE next year = RE this year + NI next year – Dividends next year
Retained Earnings = $1,500,000 + $490,000 - $0 = $1,990,000

Armadillo Dog Biscuit Co., Inc.

Present Level Percent Of Sales Projected Level
Current assets $2,000,000 40% $2,800,000
Net fixed assets $3,000,000 60% $4,200,000
Total $5,000,000 $7,000,000

Account Payable $500,000 10% $700,000

Accrued Expense $500,000 10% $700,000
Notes Payable 0 $1,110,000
Current Liabilities $1,000,000 $2,510,000
Long-term debt $2,000,000 $2,000,000
Total Liabiities $3,000,000 $4,510,000
Common stock $500,000 $500,000
Retained Earnings $1,500,000 $1,990,000
Common Equity $2,000,000 $2,490,000
Total $5,000,000 $7,000,000
 Armadillo’s total financing requirements (total assets) are $7,000,000
The disrectionary financing needed is $1,110,000.
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
b. 1. Current Ratio =
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

This year’s current ratio is:

$2,000,000
Current Ratio = = 2.00
$1,000,000

Next year’s current ratio is :

$2,800,000
Current Ratio = = 1.12
$2,510,000

𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
2. Debt Ratio =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

$3,000,000
This year’s Debt Ratio = = 0.600
$5,000,000

$4,510,000
Next year’s Debt Ratio = = 0.644
$7,000,000

Perusahaan mengalami penurunan pada current ratio dan kenaikan pada debt ratio

c. Tidak ada perhitungan yang diwajibkan. Jika perusahaan meningkatkan penjualan

lebih lambat, mungkin saja mendanai pertumbuhannya dengan RE dan mengurangi
ketergantungannya pada utang.

P20-5
Diketahui :

Call option contract with an exercise prie of $50 for wich a $5 premium is paid.

Ditanyakan :

a. Break-even point, maximum profit, and maximum loss?

b. Assuming an exercise price of $55 and a $6 premium is paid

Jawab :
STEP 1 (RUMUS)

Profit or loss = Max { (Stock price expiration – exercise price of the option – option
premium) – option premium }

Break-even point = Exercise price + option premium

STEP 2 (PENYELESAIAN)

a. Profit or loss :
Stock price at Exercise price Option (a)-(b)-(c) Profit/Loss
expiration of option premium (d) Max{(d),(-c)}
(a) (b) (c)
$0 $50 $5 -$55 -$5
$10 $50 $5 -$45 -$5
$20 $50 $5 -$35 -$5
$30 $50 $5 -$25 -$5
$40 $50 $5 -$15 -$5
$50 $50 $5 -$5 -$5
$60 $50 $5 $5 $5
$70 $50 $5 $15 $15

Break-even point = $50 + $5 = $55

b. Profit or Loss :
Stock price at Exercise price Option (a)-(b)-(c) Profit/Loss
expiration of option premium (d) Max{(d),(-c)}
(a) (b) (c)
$0 $55 $6 -$61 -$6
$10 $55 $6 -$51 -$6
$20 $55 $6 -$41 -$6
$30 $55 $6 -$31 -$6
$40 $55 $6 -$21 -$6
 $50 $55 $6 -$11 -$6
$60 $55 $6 -$1 -$1
$70 $55 $6 $9 $9
$80 $55 $6 $19 $19

Break-even point = $55 + $6 = $61