罗斯《公司理财》英文习题答案chap027

公司理财习题答案第二十七章AnswerstoEnd-of-ChapterProblemsB-219Chapter27:Short-TermFinanceandPlanning27.1Assets=Liabilities+EquityCurrentassets+Fixedassets=Currentliabilities+Long-termdebt+EquityNetworkingcapital+Fixedassets=Long-termdebt+EquityCash+Othercurrentassets-Currentliabilities=Long-termdebt+Equity-FixedassetsCash=Long-termdebt+Equity-Networkingcapital(excludingcash)-Fixedassets27.2a.Decreaseb.Decreasec.Nochanged.Increasee.Nochangef.Nochangeg.Increaseh.Nochangei.Increasej.Decreasek.Increasel.Nochangem.Nochangen.Nochangeo.Decreasep.Decreaseq.Nochanger.Decrease27.3SourcesandUsesofCashCountryKettles,Inc.19X6Sourcesofcash:CashfromoperationsNetincome$68,600Depreciation5,225DecreaseinnetworkingcapitalIncreaseinaccountspayable（60500-55000）5,500Newstock3,000$82,325Usesofcash:Increaseinfixedassets$12,725Dividends30,800IncreaseinnetworkingcapitalInvestmentininventory3,750Increaseinaccountsreceivable9,750Decreaseinaccruedexpenses3.300Decreaseinlong-termdebt15,000$75,325Changeincashbalance$7,000AnswerstoEnd-of-ChapterProblemsB-22027.4SourcesandUsesofCashS/BCorporation19X6Sourcesofcash:CashfromoperationsNetincome$83,000Depreciation50,000DecreaseinnetworkingcapitalDecreaseininventory114,000Increaseinaccountspayable23,000Increaseinloanspayable376,000$646,000Usesofcash:Increaseinfixedassets$139,000Dividends100,000IncreaseinnetworkingcapitalIncreaseinaccountsreceivable251,000Decreaseintaxespayable132,000Decreaseinaccruedexpenses11,000$633,000Changeincashbalance$13,00027.5Inventoryturnoverratio=CostsofGoodSoldAverageInventory2004060/24Receivableturnoverratio=CreditSalesAverageReceivables2403050/26Accountspayableturnoverratio=200(1030)/210a.Operatingcycle=36543656152.1(Days)b.Cashcycle=152.136510115.6(Days)27.6a.Theoperatingcyclebeginswheninventorystockarrivesatafirmandendswhencashiscollectedfromreceivables.Theoperatingcycleisalsothesumofthecashcycleandtheaccountspayableperiod.b.Thecashcyclebeginswhencashispaidformaterialsandendswhencashiscollectedfromreceivables.Thecashcycleisthetimebetweencashdisbursementandcashcollection.c.Theaccountspayableperiodisthelengthoftimethefirmisabletodelaypaymentonthepurchaseofmanufacturingresources.公司理财习题答案第二十七章AnswerstoEnd-of-ChapterProblemsB-22127.7CashcycleOperatingcyclea.DecreaseNochangeb.NochangeDecreasec.IncreaseNochanged.DecreaseDecreasee.IncreaseIncreasef.DecreaseDecrease27.8a.Aflexibleshort-termfinancingpolicymaintainsahighratioofcurrentassetstosales.Thepolicyincludeslimiteduseofshort-termdebtandheavyrelianceonlong-termdebt.b.Arestrictiveshort-termfinancingpolicyentailsalowratioofcurrentassetstosales.Thispolicyreliesupontheuseofshort-termliabilities.c.Ifcarryingcostsarelowand/orshortagecostsarehigh,aflexibleshort-termfinancingpolicyisoptimal.d.Ifcarryingcostsarehighand/orshortagecostsarelow,arestrictiveshort-termfinancingpolicyisoptimal.27.9Shortagecostsarethosecostsincurredbyafirmwhenitsinvestmentincurrentassetsislow.Thesecostsareoftwotypes.i.Tradingorordercosts.Ordercostsarethecostsofplacinganorderformorecashormoreinventory.ii.Costsrelatedtosafetyreserves.Thesecostsincludelostsales,lostcustomergoodwillanddisruptionofproductionschedules.27.10a.ThecurrentassetsofClevelandCompressorarefinancedlargelybyretainedearnings.From19X1to19X2,totalcurrentassetsgrewby$7,212.Only$2,126ofthisincreasewasfinancedbythegrowthofcurrentliabilities.PnewYorkPneumatic’scurrentassetsarelargelyfinancedbycurrentliabilities.Bankloansarethemostimportantofthesecurrentliabilities.Theygrew$3,077tofinanceanincreaseincurrentassetsof$8,333.b.ClevelandCompressorholdsthelargerinvestmentincurrentassets.Ithascurrentassetsof$92,616whilePnewYorkPneumatichas$78,434incurrentassets.ThemainreasonforthedifferenceisthelargersalesofClevelandCompressor.c.ClevelandCompressorismorelikelytoincurshortagecostsbecausetheratioofcurrentassetstosalesis0.57.ThatratioforPnewYorkPneumaticis0.86.Similarly,PnewYorkPneumaticisincurringmorecarryingcostsforthesamereason,ahigherratioofcurrentassetstosales.27.11Along-termgrowthtrendinsaleswillrequiresomepermanentinvestmentincurrentassets.Thus,intherealworld,networkingcapitalisnotzero.Also,thevariationacrosstimeforassetsmeansthatnetworkingcapitalisunlikelytobezeroatanypointintime.27.12a.Tosolvethisproblemyoumustassumethatallsalesareoncreditandtheremaining30%ofcreditsales(100%-30%-40%)arenevercollected.Theyarebaddebtsthatarewrittenoffthebooks.AnswerstoEnd-of-ChapterProblemsB-222LetSbethesalesinDecember.30%ofSwillbecollectedinDecemberand40%ofSwillbecollectedinJanuary.YouaretoldthatthebalanceofaccountreceivableattheendofDecemberis$36,000.$30,000ofthisamountisuncollectedDecembersales.ThatamountmustbethedifferencebetweenSand0.3S.Therefore,S-0.3S=$30,0000.7S=$30,000S=$42,857Decembercollections=0.3($42,857)=$12,857Januarycollections=0.4($42,857)=$17,143b.DecemberJanuaryFebruaryMarchCreditsales$42,875$90,000$100,000$120,000Collectionsofcurrentmonth12,87527,00030,00036,000Collectionsofpreviousmonth17,14336,00040,000January:$27,000+$17,143=$44,143February:$30,000+$36,000=$66,000March:$36,000+$40,000=$