LEMBAR JAWABAN LEVERAGE AND CAPITAL STRUCTURE

Nama : Radinne Fakhri

Nim : 022001901270

Diketahui:
P = $26
FC = $28,000
VC = $16
I = $4,500
PD = $3,000
T = 40%

Jawab
a. Breakeven point in units
FC
Q =
( P−VC )

$ 28,000
Q = =2800 unit
( $ 26−$ 16 )

Q x ( P−VC )
b. DOL =
Q x ( P−VC ) −FC

350000 x ($ 26−$ 16)

DOL = =1,008
350000 x ( $ 26−$ 16 )−$ 28000

EBIT∗¿
¿
c. DFL = 1
(
EBIT∗−I − PD x
1−T )
*EBIT = Q x (P – VC) – FC

$ 3,472,000
DFL = 1 = 1,003
(
$ 3,472,000−$ 4,500− $ 3000 x
1−40 %)
 *EBIT = 350000 x ($26 - $16) - $ 28000
= $ 3,472,000

d. DTL = DOL x DFL

= 1,008 x 1,003
= 1,011
 Diketahui:

FC = €1,500,000
VC = 75% x Sales Level
I = €135,000
T = 24%

Probability 0.25 0.50 0.25

Sales €12,000,000 €15,500,000 €18,300,000
-Variable Cost (75% x Sales) 9,000,000 11,625,000 13,725,000
-Fixed Cost (1,500,000) (1,500,000) (1,500,000)
a. EBIT 1,500,000 2,375,000 3,075,000
-Interest (135,000) (135,000) (135,000)
EBT 1,365,000 2,240,000 2,940,000
-TAX (24% x EBT) (327,600) (537,600) (705,600)
EAT 1,037,400 1,702,400 2,234,400
b. EPS (EAT/Number of 40,68 66,76 87,62
outstanding share)
Expected EPS = ∑ EPS x Probability

= (40,68 x 0.25) + (66,76 x 0.50) + (87,62 x 0.25)

= € 65,455

Standard Deviation= √ Σ( EPS – Expected EPS)2 x Probability

√ {(40,68−€ 65,455)2 x 0.25 }+{(66,76−€ 65,455)2 x 0.50 }+{(87,62−€ 65,455)2 x 0.25}

= €16,65
 Standard Deviation
CV of EPS =
Expected EPS

€ 16,65
= = 0,25
€ 65,455

c. Jika leverage dikurangi sampai menjadi 0, maka tidak perlu lagi membayar bunga,
jadi:

Probability 0.25 0.50 0.25

EBIT 1,500,000 2,375,000 3,075,000
-Interest (0) (0) (0)
EBT 1,500,000 2,375,000 3,075,000
-TAX (24% x EBT) (360,000) (570,000) (738,000)
EAT 1,140,000 1,805,000 2,337,000
EPS (EAT/Number of outstanding 38 60,16 77,9
share)

Expected EPS = ∑ EPS x Probability

= (38 x 0.25) + (60,16 x 0.50) + (77,9 x 0.25)

= €59,06

Standard Deviation= √ Σ ( EPS – Expected EPS )2 x Probability

√ {(38−€ 59,06)2 x 0.25}+{(60,16−€ 59,06)2 x 0.50 }+ {(77,9−€ 59,06)2 x 0.25 }= €14,15

Standard Deviation
CV of EPS =
Expected EPS

€ 14,15
= = 0,24
€ 59,06

d. Pengurangan hingga 0 berdampak pada penurunan resiko financial sebuah

perusahaan. Dari yang memiliki standar deviasi sebesar €16,65 menjadi €14,15. Dan
juga pengurangan pada CV dari sebesar 0,25 menjadi 0,24.