DEWA SATRIA RACHMAN LUBIS

1302170432
ABSEN 11
TUGAS MANAJEMEN KEUANGAN ABSEN 11

P12-8

Without the With the

project Project

Account $ 55000 $ 89000

Receivable

Inventory 100000 180000

Account Payable 70000 120000

Expected Change in net operating income : $775000

Marginal tax rate : 34%
Depresiasi per tahun : $200000

Pertanyaan: Free cash flow project pada tahun 1

Jawaban:

Investment in Net Operating Working Capital = (Increase in Account

Receivable)+(Increase in Inventory)-(Increase in Account Payable)

Without the With the Pertambaha

project Project n
 Account $ 55000 $ 89000 $34000
Receivable

+Inventory 100000 180000 80000

- Account 70000 120000 50000

Payable

Total $64000

Free Cash Flow = Net Operating Income (Profit) - Taxes + Depresiasi Expense -
Increase in capital expenditures - Increase in Net Operating Working Capital

Free Cash Flow = 775000 - 263500 + 200000 - 0 - 64000 = $647500

Maka, Free cash flow pada tahun 1 = $647500

P13-5

Demand State Probability of State NPV Estimate

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

Pertanyaan:
A. Expected NPV untuk Mesin MRI NPV? Bagaimana anda menafsirkan arti dari
xpected NPV?apakah terlihat bagus untuk investasi?
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:

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

Expected NPV adalah Weighted Average dari NPV untuk mesin MRI.
Expected valuenya bagus maka bagus untuk investasi.

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%

untuk memperoleh expected NPV = 0 nilai Probability of low demandnya

adalah 42,9%.

P13-8

Cost fasilitas baru = $600000 masa manfaat 6 tahun

Depreciation expense = $100000, tidak ada nilai sisa
Unit terjual = 2000 unit, $1000/unit
Variable cost = $600
Fixed Cost = $80000

Pertanyaan:
A. Carilah accounting dan cash break even unit dari produksi
B. Will the plant make a profit based on its current expected level of operation?
C. Will the plant contribute cash flow to the firm at the expected level of
operations?

Jawaban:

𝑡𝑜𝑡𝑎𝑙 𝑓𝑖𝑥𝑒𝑑 𝑐𝑜𝑠𝑡 𝑡𝑜𝑡𝑎𝑙 𝑓𝑖𝑥𝑒𝑑 𝑐𝑜𝑠𝑡

A. Qaccounting break-even = 𝑝𝑟𝑖𝑐𝑒 = 𝑐𝑜𝑛𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛 𝑚𝑎𝑟𝑔𝑖𝑛
− 𝑣𝑎𝑟𝑖𝑎𝑏𝑙𝑒 𝑐𝑜𝑠𝑡
𝑢𝑛𝑖𝑡

Total fixed cost = 100000+80000 = 180000

180,000 180,000
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

Temple issuing Bond memiliki nilai par $1000,8%, 15 tahun

Investor akan membel bond dengan harga $950, tax rate 35%

Pertanyaan:
What is Temples after tax cost of debt on the bond where interest is paid
semiannually?

Jawaban:

Yield to maturity = 8
After tax cost of debt = kd (1 – T) = 8% (1 – 40%)
After tax cost of debt = 8,61% (1 – 35%)
= 5,6%

P14-23

The firm now has financed 45% asset using debt and 55% using equity
Pertanyaan : Hitung WACC saat firm borrowing rate of debt 8%, 40% tax rate dan
common stockholder require 20% rate of return

Jawaban:

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

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

Pertanyaan:
 A. time interest earned ratio for each year
B. What is your assesment of how the firms ability to service ts debt obligation
has changed oveer this period?

Jawaban:

𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒 𝑜𝑟 𝐸𝐵𝐼𝑇

A . Time Interest Earned Ratio = 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐸𝑥𝑝𝑒𝑛𝑠𝑒

7,316,000
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 untuk service debt obligation itu selalu menurun
sepanjang tahun.

P16-8

Share of stock outstanding = 8,000,000

Maket price = $12

Pertanyaan:

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:

a. A 20% stock dividend :

𝑂𝑙𝑑 𝑃𝑟𝑖𝑐𝑒 𝑥 𝑂𝑙𝑑 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠

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

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

$12
b. New Price = = $3
4

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

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
In millions

Present Level Percent of Sales Projected level

Current Assets $2

Net Fixed assets $3

Total $5
Account payable $0.5

Accrued Expense 0.5

Notes Payable

Current Liabilities $1

Long term Debt $2

Common Stock 0.5

Retained Earnings 1.5

Common equity 2

Total 5

Advertising campaign expected to raise sales from the current level of 5 million to 7
million by the end of the next year.
Firm net profit were 6% of current years sales but expected to rise to 7% of next
years sales.
$1.5 million per share dividend was paid anually

Pertanyaan:
A. Fill in the table and project the firm’s needs for discretionary financing. Use notes
payable as the balancing entry for future discretionary financing needs.
B. Compare armadilo current ratio and debt ratio ( total liabilties/total asset) before
the growth in sales and after. What was the effect of the expanded sales on these
two dimensions of armadillos financial condition?
C. WHat difference, if any, would have resulted if Armadilo’s sales had risen to $6
million in one year and $7 million only after two years?

Jawaban:

A.
Net income for next year = Sales x Net profit margin
Net income = $7 million x 7% = $490000
 Retained earning next year= retained earning this year + Net income next year - Div next year

Retained earnings = $1500000+ $490000 - $0 = $1990000

Armadilo dog biscuit

Present Level Percent of Sales Projected level

Current Assets $2000000 40% $2800000

Net Fixed assets $3000000 60% 4200000

Total $5000000 $7000000

Account payable $ 500000 10% $ 700000

Accrued Expense 500000 10% 700000

Notes Payable 0 1110000

Current Liabilities $1000000 $2510000

Long term Debt $2000000 2000000

Total Liabilities $3000000 $4510000

Common Stock 500000 500000

Retained Earnings 1500000 1990000

Common equity 2000000 $2490000

Total 5000000 $7000000

Total assets = $ 7000000’

Discretionary financing yang diperlukan sebesar $ 1110000

B.
CurrentAsset
Current ratio =
CurrentLiability

Current ratio tahun ini: Current ratio tahun depan:

 $2000000 $2800000
Current ratio= =2 Current ratio= = 1.12
$1000000 $2510000

TotalLiabi lities
Debt Ratio =
TotalAsset s

Debt ratio tahu ini: Debt ratio tahun depan:

$3000000 $4510000
Debt ratio= = 0.6 Debt ratio= = 0.644
$5000000 $7000000

Perusahaan mengurangi ratio dari current assets ke current liabilities dan

menambah debt ratio.

C. jika dia meningkatkan penjualan lebih pelan pelan, itu bisa mendanai lebih dari
pertumbuhannya dengan retained earning, mengurangi ketergantungannya
pada debt.

P20-5

Call option cotract with an exercise price of $50 for which a $5 premium is paid
Pertanyaan:
 1.Identify breakeven point, maximum profit dan maximum loses
2.Draw the profit or loss graph assuming an exercise price of $55 and a $6
premium.

Jawaban:

Profit or loss = Max {stock price at expiration - exercise price of the option - option
premium), -optionpremium}
Break event point = exercise price + option premium

1. breakevent point = 50+5 = $55

Maximum loss = $5, maximum profit = tak hingga

2.

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