Annisa Salma Fauziyah

22/495632/NEK/26459 Matrikulasi

TUGAS 2 MANAJEMEN KEUANGAN

1. P3-14: Bailey Corporation’s finansial statements (dollar and shares are in million) are
provided here

a. What was net operating working capital for 2014 and 2015?
Annisa Salma Fauziyah
22/495632/NEK/26459 Matrikulasi

b. What was Bailey’s 2015 free cash flow?

c. Construct Bailey’s 2015 statement of stockholders’ equity.
d. What was Bailey’s 2015 EVA? Assume that its after-tax cost of capitasl is 10%
e. What was Bailey’s 2015 MVA? Assume that its stock price at December 31, 2015
was $20.
Jawab:
a. NOWC = Current assets – (Current liabilities-Notes payable)
NOWC2014 = $59,000-($20,150-$5,150)
= $59,000-$15,000
NOWC2014 = $44,000
NOWC2015 = $72,125-($25,100-$6,700)
= $72,125-$18,400
NOWC2015 = $53,725
b. FCF
Capital Expenditure = Δnet plant and equipment + Depreciation
= $3,000 + $5,000
Capital Expenditure = $8,000
ΔNOWC = NOWC2015 – NOWC2014
= $53,725 - $44,000
ΔNOWC = $9,725
FCF = EBIT(1-T) +Depreciation – (Capital expenditure + ΔNOWC)
= $39,000(1-0,4) + $5,000 – ($8,000 + $9,725)
` = $39,000(0,6) + $5,000 – $17,725
= $23,400 + $5,000 – $17,725
FCF = $10,675
Annisa Salma Fauziyah
22/495632/NEK/26459 Matrikulasi

c. Statement of Stockholder’s Equity (in million)

Common Stock Retained Total
Shares Amount Earning Stockholders’Equity
Balances, 5,000 $50,000 $20,850 $70,850
beginning of
year
Net income $22,350
Cash -$11,175
dividends
Addition to $11,175
retained
earnings
Balances, end 5,000 $50,000 $32,025 $82,025
of year

d. EVA
Long-term debt = Total liabilities & equity – Common equity – Current liabilities
= $122,125 – $82,025 – $25,100
Long-term debt = $15,000
Total invested capital = Notes payable + Long-term debt + Common equity
= $6,700 + $15,000 +82,025
Total invested capital = $103,725
EVA = EBIT(1-T) - [Total invested capital x After-tax % cost of capital]
= $39,000(1-0,4) - [$103,725 x 0.1]
= $23,400 - $10,372.5
EVA = $13,027.5
e. MVA = (Po x Number of shares) – Book value of equity
= ($20 x 5,000) - $82,025
= $100,000 - $82,025
MVA = $17,975
Annisa Salma Fauziyah
22/495632/NEK/26459 Matrikulasi

2. P3-16: The Davidson Corporation’s balance sheet and income statement are provided
here

a. Construct the statement of stockholder’s equity for December 31, 2015. No.
common stock was issued during 2015
b. How much money has been reinvested in the firm over the years?
c. At the present time, how large check could be written without it bouncing?
d. How much money must be paid to current creditors within next years?
Jawab:
Annisa Salma Fauziyah
22/495632/NEK/26459 Matrikulasi

a. Statement of stockholder’s equity for December 31, 2015 (in million)

Common Stock Retained Total
Shares Amount Earning Stockholders’Equity
Balances, 100 $260 $1,374* $1,634
beginning of
year
Net income $372
Cash -$146
dividends
Addition to $226
retained
earnings
Balances, end 100 $260 $1,600 $1,860
of year

*RE2014 = RE2015 – Net Income – Common dividend paid

= $1,600 – $372 – $146
RE2014 = $1,374

b. Money has been reinvested = retained earning = $1,600 milion

Besarnya retained earning merepresentasikan jumlah uang yang diinvestasikan
kembali pada tahun tersebut. Secara tidak langsung berarti besarnya pendapatan
yang disimpan oleh perusahaan dan tidak dibayarkan ke pemegang saham dalam
bentuk dividen, tapi diinvestasikan oleh perusahaan untuk menunjang pendanaan
dalam rangka kegiatan operasi dan ekspansi
c. Besarnya dana yang dikeluarkan melalui cek tanpa terjadinya cek yang terpental
digambarkan dari besarnya kas (cash and equivalent) yaitu sebesar $15 million
d. Besarnya dana yang harus dibayarkan ke kreditur saat ini untuk tahun depan
digambarkan pada besarnya current liabilities, yaitu $620 million. Current
liabilities adalah kewajiban yang harus dibayarkan dalam jangka pendek atau dalam
1 tahun dari laporan keuangan.