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business
principles of finance

Questions and Answers of Principles Of Finance

Multiple IRRS How many possible IRRS could you find for the following set of cash flows? (LG1) Time: Cash flow 1 2 3 4 -$11,000 $3.350 $4.180 $1,520 $2,000
Multiple IRRS How many possible IRRS could you find for the following set of cash flows? (LG1) Time: 1 3. Cash flow -$211,000 -$39.350 $440,180 $217.520 -$2,000
Payback Use the payback decision rule to evaluate this project; should it be accepted or rejected? (LG2)
Discounted Payback Use the discounted payback decision rule to evalu- ate this project; should it be accepted or rejected? (LG2)
IRR Use the IRR decision rule to evaluate this project; should it be accepted or rejected? (LG4)
MIRR Use the MIRR decision rule to evaluate this project; should it be accepted or rejected? (LG4)
NPV Use the NPV decision rule to evaluate this project; should it be accepted or rejected? (LG3)
PI Use the PI decision rule to evaluate this project; should it be accepted or rejected? (LG6)
NPV Profiles Graph the NPV profiles for both projects on a common chart, making sure that you identify all of the "crucial" points. (LG5)
IRR Applicability For what range of possible interest rates would you want to use IRR to choose between these two projects? For what range of rates would you NOT want to use IRR? (LG5)
Multiple IRRS Construct an NPV profile and determine EXACTLY how many nonnegative IRRS you can find for the following set of cash flows: (LG5) Time: 1 2 3 4 5 6 7 Cash flow -$200 $400 $150 -$100
Multiple IRRS Construct an NPV profile and determine EXACTLY how many nonnegative IRRS you can find for the following set of cash flows: (LG5) Time: 1 2 3 4 5 6 7 Cash flow -$150 $275 $150 -$100
Cumulative Net Cash Flow The net cash flow for a firm in January, February, and March is $-2.5 million, $-3.0 million, and $2.4 million, respectively. What is the cumulative net cash flow for March?
Cumulative Net Cash Flow The net cash flow for a firm in January, February, and March is $3.5 million, $-1.0 million, and $1.4 million, respectively. What is the cumulative net cash flow for March?
Cash Disbursement The Hug-a-Bear company makes its teddy bears the month before they are sold and pays for all materials in the month of purchase. If sales of $2.5 million are expected in November
Cash Disbursement The Snow Adventures company makes its snow- boards the month before they are sold and pays for all materials in the month of purchase. If sales of $7.8 million are expected in
Cash Collection Consider a company that has sales in May, June, and July of $10 million, $12 million, and $9 million, respectively. The firm is paid by 35 percent of its customers in the month of the
Cash Collection Consider a company that has sales in May, June, and July of $11 million, $10 million, and $12 million, respectively. The firm is paid by 25 percent of its customers in the month of
Cash Surplus or Deficit A firm has estimated the 2-month cash budget below. What is the cash surplus or deficit for these two months? (LG12) ($ in millions) Sales MAR APR 120.0 130.0 Cash
Cash Surplus or Deficit A firm has estimated the two-month cash budget below. What is the cash surplus or deficit for these two months? (LG12) ($ in millions) Sales Cash collection MAR APR 75.0 68.0
Cash Budget Spreadsheet Problem The company from the text, Yellow Jacket, has decided to change its production strategy. Instead of a steady production throughout the year, they will produce the
Compare and contrast the use of pro forma financial statements in corporate financial planning with their use in accounting. (LG1)
Why might current liabilities be considered a spontaneous source of funding for a firm? (LG2)
What approach should be used to forecast sales if a firm believes that sales will be stable over time? (LG3)
What approach should be used to forecast sales if a firm believes that sales will increase over time? (LG3)
What is the optimal length of time over which to take an average of historic sales when using the average approach? (LG3)
What is the theoretical minimum value for MAPE? (LG3)
Can the procedure described in this chapter for adjusting for seasonality apply to periods longer than a year? How? (LG3)
Everything else held constant, which will be greater: AFN for a firm with excess fixed-asset capacity, or AFN for a firm with no excess fixed-asset capacity? Why? (LG4)
What does a negative value for AFN mean? (LG4)
Which specific item of a pro forma income statement should be most expected to vary proportionately with sales? Why? (LG5)
Explain why we need to use the iterative calculation approach described in the text to get a complete solution for AFN. (LG5)
Describe the type of people who use the financial markets. (LG1)
What is the purpose of financial management? Describe the kinds of activities that financial management involves. (LG1)
What is the difference in perspective between finance and accounting? (LG2)
What personal decisions can you think of that will benefit from your learning finance? (LG3)
What are the three basic forms of business ownership? What are the advantages and disadvantages to each? (LG4)
Between the three basic forms of business ownership, describe the ability of each form to access capital. (LG4)
Explain how the founder of a business can eventually lose control of the firm. How can the founder ensure this will not happen? (LG4)
Explain the shareholder wealth maximization goal of the firm and how it can be measured. Make an argument for why it is a better goal than maxi- mizing profit. (LG5)
Name and describe as many corporate stakeholders as you can. (LG5)
What conflicts of interest can arise between managers and stockholders? (LG6)
Figure 1.9 shows firm monitors. In your opinion, which group is in the best position to monitor the firm? Explain. Which group has the potential to be the weakest monitor? Explain. (LG6)
Every year, the media report on the vast amounts of money (sometimes hundreds of millions of dollars) that some CEOs earn from the compa- nies they manage. Are these CEOs worth it? Give examples.
Why is ethical behavior so important in the field of finance? (LG7)
Does the goal of shareholder wealth maximization conflict with behaving ethically? Explain. (LG7)
Describe how financial institutions and markets facilitate the expansion of a company's business. (LG8)
List and describe the four major financial statements. (LG1)
On which of the four major financial statements (balance sheet, income state- ment, statement of cash flows, or statement of retained earnings) would you find the following items? (LG1)a. Earnings
What is the difference between current liabilities and long-term debt? (LG1)
How does the choice of accounting method used to record fixed asset depreciation affect management of the balance sheet? (LG1)
What are the costs and benefits of holding liquid securities on a firm's bal- ance sheet? (LG1)
Why can the book value and market value of a firm differ? (LG2)
From a firm manager's or investor's point of view, which is more important the book value of a firm or the market value of the firm? (LG2)
What do we mean by a progressive tax structure? (LG3)
What is the difference between an average tax rate and a marginal tax rate? (LG3)
How does the payment of interest on debt affect the amount of taxes the firm must pay? (LG3)
The income statement is prepared using GAAP. How does this affect the reported revenue and expense measures listed on the balance sheet? (LG4)
Why do financial managers and investors find cash flow to be more impor- tant than accounting profit? (LG4)
What is the difference between net cash flow from operating activities, net cash flow from investing activities, and net cash flow from financing activi- ties? (LG5)
What are free cash flows for a firm? What does it mean when a firm's free cash flow is negative? (LG5)
What is earnings management? (LG6)
What does the Sarbanes-Oxley Act require of firm managers? (LG6)
Balance Sheet You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $400,000, accounts
Balance Sheet Zoeckler Mowing & Landscaping's year-end 2012 balance sheet lists current assets of $435,200, fixed assets of $550,800, current liabil- ities of $416,600, and long-term debt of
Income Statement The Fitness Studio, Inc.'s, 2012 income statement lists the following income and expenses: EBIT = $538,000, interest expense = $63,000, and net income = $435,000. Calculate the 2012
Income Statement The Fitness Studio, Inc.'s, 2012 income statement lists the following income and expenses: EBIT = $773,500, interest expense = $100,000, and taxes = $234,500. The firm has no
Corporate Taxes Oakdale Fashions, Inc., had $245,000 in 2012 taxable income. Using the tax schedule in Table 2.3, calculate the company's 2012 income taxes. What is the average tax rate? What is the
Corporate Taxes Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2012. In addition to $42.4 million of taxable income, the firm received $2,975,000 of interest on
Statement of Cash Flows Ramakrishnan, Inc., reported 2012 net income of $15 million and depreciation of $2,650,000. The top part of Ramakrishnan, Inc.'s 2012 and 2011 balance sheets is reproduced
Statement of Cash Flows In 2012, Usher Sports Shop had cash flows from investing activities of -$4,364,000 and cash flows from financing activities of -$5,880,000. The balance in the firm's cash
Free Cash Flow You are considering an investment in Fields and Struthers, Inc., and want to evaluate the firm's free cash flow. From the income statement, you see that Fields and Struthers earned an
Free Cash Flow Tater and Pepper Corp. reported free cash flows for 2012 of $39.1 million and investment in operating capital of $22.1 million. Tater and Pepper incurred $13.6 million in depreciation
Statement of Retained Earnings Mr. Husker's Tuxedos Corp. began the year 2012 with $256 million in retained earnings. The firm earned net income of $33 million in 2012 and paid dividends of $5
Statement of Retained Earnings Use the following information to find dividends paid to common stockholders during 2012. (LG1) Balance of retained earnings, December 31, 2011 Plus: Net income for 2012
Balance Sheet Brenda's Bar and Grill has total assets of $15 million, of which $5 million are current assets. Cash makes up 10 percent of the cur- rent assets and accounts receivable makes up another
Balance Sheet Glen's Tobacco Shop has total assets of $91.8 million. Fifty percent of these assets are financed with debt of which $28.9 million is current liabilities. The firm has no preferred
Market Value versus Book Value Muffin's Masonry, Inc.'s, balance sheet lists net fixed assets as $14 million. The fixed assets could currently be sold for $19 million. Muffin's current balance sheet
Market Value versus Book Value Ava's SpinBall Corp. lists fixed assets of $12 million on its balance sheet. The firm's fixed assets have recently been appraised at $16 million. Ava's SpinBall Corp.'s
Debt versus Equity Financing You are considering a stock investment in one of two firms (NoEquity, Inc., and NoDebt, Inc.), both of which oper- ate in the same industry and have identical operating
Debt versus Equity Financing You are considering a stock investment in one of two firms (AllDebt, Inc., and AllEquity, Inc.), both of which operate in the same industry and have identical operating
Income Statement You have been given the following information for Corky's Bedding Corp.:a. Net sales = $11,250,000.b. Cost of goods sold = $7,500,000.c. Other operating expenses = $250,000.d.
Income Statement You have been given the following information for Moore's Honey Bee Corp.:a. Net sales = $32,000,000.b. Gross profit=$18,700,000.c. Other operating expenses = $2,500,000.d. Addition
Corporate Taxes The Dakota Corporation had a 2012 taxable income of $33,365,000 from operations after all operating costs but before (1) interest charges of $8,500,000; (2) dividends received of
Corporate Taxes Suppose that in addition to $17.85 million of taxable income, Texas Taco, Inc., received $1,105,000 of interest on state-issued bonds and $760,000 of dividends on common stock it owns
Statement of Cash Flows Use the balance sheet and income statement below to construct a statement of cash flows for Clancy's Dog Biscuit Corporation. (LG5) CLANCY'S DOG BISCUIT CORPORATION Balance
Statement of Cash Flows Use the balance sheet and income statement below to construct a statement of cash flows for Valium's Medical Supply Corporation. (LG5) VALIUM'S MEDICAL SUPPLY CORPORATION
Statement of Cash Flows Chris's Outdoor Furniture, Inc., has net cash flows from operating activities for the last year of $340 million. The income statement shows that net income is $315 million and
Statement of Cash Flows Dogs 4 U Corporation has net cash flow from financing activities for the last year of $34 million. The company paid $178 million in dividends last year. During the year, the
Free Cash Flow The 2012 income statement for Duffy's Pest Control shows that depreciation expense was $197 million, EBIT was $494 million, and the tax rate was 30 percent. At the beginning of the
Free Cash Flow The 2012 income statement for Egyptian Noise Blasters shows that depreciation expense is $85 million, EBIT is $365 million, and taxes paid on EBIT are $119 million. At the end of the
Statement of Retained Earnings Thelma and Louie, Inc., started the year with a balance of retained earnings of $543 million and ended the year with retained earnings of $589 million. The company paid
Statement of Retained Earnings Jamaica Tours, Inc., started the year with a balance of retained earnings of $1,780 million. The company reported net income for the year of $284 million and paid
Income Statement Listed below is the 2012 income statement for Tom and Sue Travels, Inc.The CEO of Tom and Sue's wants the company to earn a net income of $2.250 million in 2013. Cost of goods sold
Income Statement You have been given the following information for Kellygirl's Athletic Wear Corp. for the year 2012:a. Net sales = $38,250,000.b. Cost of goods sold = $22,070,000.c. Other operating
Free Cash Flow Rebecky's Flowers 4U, Inc., had free cash flows during 2012 of $43 million, EBIT of $110 million, tax expense paid on its EBIT of $25 million, and depreciation of $14 million. Using
Free Cash Flow Vinny's Overhead Construction had free cash flow during 2012 of $25.4 million. The change in gross fixed assets on Vinny's balance sheet during 2012 was $7.0 million and the change in
Classify each of the following ratios according to a ratio category (liquidity ratio, asset management ratio, debt management ratio, profitability ratio, or market value ratio). (LG1-LG5)a. Current
For each of the actions listed below, determine what would happen to the current ratio. Assume nothing else on the balance sheet changes and that net working capital is positive. (LG1)a. Accounts
Explain the meaning and significance of the following ratios. (LG1-LG5)a. Quick ratiob. Average collection periodc. Return on equityd. Days' sales in inventorye. Debt ratiof. Profit margin g.

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