Finanças Empresariais

Capítulo 2 - Demonstrações financeiras e fluxos de caixa

EXERCÍCIOS II

Exercise 1 – (RWJ, 2013, Ch. 2, Ex.3)

Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $9.5
million. The machinery can be sold to the Romulans today for $6.5 million. Klingon’s
current balance sheet shows net fixed assets of $5.2 million, current liabilities of $2.4
million, and net working capital of $800,000. If all the current assets were liquidated
today, the company would receive $2.6 million cash. What is the book value of Klingon’s
assets today? What is the market value?

Exercise 2 – (HRWJJ, 2013, Ch. 3, Ex. 12)

A firm has net revenues of £6.065 million (including net non-cash expenses). Net non-
cash expenses (including depreciation) were £2.380 million. Cash outflows from
investing activities (including capital expenditures) were £3.270 million. The firm paid a
total cash dividend of £1.380 million and net interest expense was £3.410 million. What
was the firm’s net cash flow?

Exercise 3 – (HRWJJ, 2016, Ch. 3, Ex. 13)

Morena’s Driving School’s 2015 statement of financial position showed non-current

assets of £4.2 million. One year later, the 2016 statement of financial position showed
non-current assets of £4.7 million. The company’s 2016 income statement showed a
depreciation expense of £925,000. What was Morena’s net capital spending for 2016?

Lic. Gestão - 2017/2018 – 2.º Semestre

Finanças Empresariais
Capítulo 2 - Demonstrações financeiras e fluxos de caixa

Exercise 4 – (HRWJJ, 2013, Ch. 3, Ex. 14)

The following table presents the long-term debt and shareholders’ equity of Tumbler SA
one year ago:
(€)
Long-term debt 60,000,000
Preference shares 18,000,000
Ordinary shares (€1 par value) 25,000,000
Capital surplus 49,000,000
Accumulated retained earnings 89,000,000

During the past year, Tumbler issued 20 million shares at a total price of €52 million, and
issued €16 million in new long-term debt. The company generated €14 million in net
income and paid €8 million in dividends. Construct the current statement of financial
position reflecting the changes that occurred at Tumbler during the year.

Exercise 5 – (RWJ, 2013, Ch. 2, Ex. 8)

The 2011 balance sheet of Anna’s Tennis Shop, Inc., showed long-term debt of $1.45
million, and the 2012 balance sheet showed long term debt of $1.52 million. The 2012
income statement showed an interest expense of $127,000. What was the firm’s cash flow
to creditors during 2012?

Exercise 6 – (RWJ, 2013, Ch. 2, Ex. 9)

The 2011 balance sheet of Anna’s Tennis Shop, Inc., showed $490,000 in the common
stock account and $3.4 million in the additional paid-in surplus account. The 2012 balance
sheet showed $525,000 and $3.7 million in the same two accounts, respectively. If the
company paid out $275,000 in cash dividends during 2012, what was the cash flow to
stockholders for the year?

Lic. Gestão - 2017/2018 – 2.º Semestre

Finanças Empresariais
Capítulo 2 - Demonstrações financeiras e fluxos de caixa

Exercise 7 – (RWJ, 2013, Ch. 2, Ex. 10)

Given the information for Anna’s Tennis Shop, Inc., in the previous two problems,
suppose you also know that the firm’s net capital spending for 2012 was $945,000 and
that the firm reduced its net working capital investment by $87,000. What was the firm’s
2012 operating cash flow, or OCF?

Lic. Gestão - 2017/2018 – 2.º Semestre