公司理财课后题答案.doc

Chapter 2: Accounting Statements and Cash Flow 2.10 Assets Current assets Cash $ 4,000 Accounts receivable 8,000 Total current assets $ 12,000 Fixed assets Machinery $ 34,000 Patents 82,000 Total fixed assets $116,000 Total assets $128,000 Liabilities and equity Current liabilities Accounts payable $ 6,000 Taxes payable 2,000 Total current liabilities $ 8,000 Long-term liabilities Bonds payable $7,000 Stockholders equity Common stock ($100 par) $ 88,000 Capital surplus 19,000 Retained earnings 6,000 Total stockholders equity $113,000 Total liabilities and equity $128,000 2.11 One year ago Today Long-term debt $50,000,000 $50,000,000 Preferred stock 30,000,000 30,000,000 Common stock 100,000,000 110,000,000 Retained earnings 20,000,000 22,000,000 Total $200,000,000 $212,000,000 2.12 Total Cash Flow of the Stancil Company Cash flows from the firm Capital spending $(1,000) Additions to working capital (4,000) Total $(5,000) Cash flows to investors of the firm Short-term debt $(6,000) Long-term debt (20,000) Equity (Dividend - Financing) 21,000 Total $(5,000) [Note: This table isn’t the Statement of Cash Flows, which is only covered in Appendix 2B, since the latter has the change in cash (on the balance sheet) as a final entry.] 2.13 a. The changes in net working capital can be computed from: Sources of net working capital Net income $100 Depreciation 50 Increases in long-term debt 75 Total sources $225 Uses of net working capital Dividends $50 Increases in fixed assets* 150 Total uses $200 Additions to net working capital $25 *Includes $50 of depreciation. b. Cash flow from the firm Operating cash flow $150 Capital spending (150) Additions to net working capital (25) Total $(25) Cash flow to the investors Debt $(75) Equity 50 Total $(25) Chapter 3: Financial Markets and Net Present Value: First Principles of Finance (Advanced) 3.14