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In preparation for the quarterly cash budget, the following revenue and cost information have been compiled. Prepare and briefly evaluate a cash budget for the
In preparation for the quarterly cash budget, the following revenue and cost information have been compiled. Prepare and briefly evaluate a cash budget for the months of October, November, and December based on the information shown below. What should the company be prepared for: a credit line or marketable securities for short term investments during the planning period?
| Month | Sales | Purchases | ||
| August (actual) | $3,000,000 | $3,500,000 | ||
| September (actual) | $4,500,000 | $2,000,000 | ||
| October (actual) | $1,000,000 | $500,000 | ||
| November (actual) | $1,500,000 | $750,000 | ||
| December (actual) | $2,000,000 | $1,000,000 |
? The firm collects 60 percent of sales for cash and 40 percent of its sales one month later.
? Interest income of $50,000 on marketable securities will be received in December.
? The firm pays cash for 40 percent of its purchases.
? The firm pays for 60 percent of its purchases the following month.
? Salaries and wages amount to 15 percent of the preceding month's sales.
? Sales commissions amount to 2 percent of the preceding month's sales.
? Lease payments of $100,000 must be made each month.
? A principal and interest payment on an outstanding loan is due in December of $150,000.
? The firm pays dividends of $50,000 at the end of the quarter (March, June, September and December).
? Fixed assets costing $600,000 will be purchased in December (all paid in cash).
? Depreciation expense each month of $45,000.
? The firm has a beginning cash balance in October of $100,000 and maintains a minimum cash balance of $200,000."
Question 2.
Anaconda Inc. has decided against borrowing and to have all its assets financed by equity. Further, it intends to keep its payout ratio at 40%. Its asset turnover ratio is 0.9, its profit margin is 8% and its profits are taxed at 40%. The firm?s target growth rate is 5%.
A) Is the target growth rate consistent with firm?s financing policy?
B) If not, how much does it need to increase the asset turnover ratio or profit margin to meet the target growth rate?
C) Explain what happens if Anaconda Inc. cannot close the gap between its sustainable growth rate and target growth rate.
QUESTION 3: Based on the following financial statement, calculate the free cash flows generated by Magna as of end of December 31, 2010. When you calculate free cash flows please use actual taxes paid by Magna rather than using a short cut.
The credit manager at First National Bank has just received the income statement and balance sheet for Magna Fax, Inc. for the year ended December 31,2010 (See Tables below). The bank requires the firm to report its earnings performance and financial position quarterly as a condition of a loan agreement. The bank's credit manager must prepare two key financial statements based on the information sent by Magna Fax, Inc. This will be passed on to the commercial loan officer assigned to this account, so that he may review the financial conditions of the firm.
Magna Fax, Inc,
Income Statement for the Year ending December 31st, 2010
| Sales Revenue | $150,000 | |||
| Cost of Goods Sold | $117,500 | |||
| Gross Profits | $32,500 | |||
| Selling Expenses | $4,500 | |||
| General and Admin. Expenses | $4,000 | |||
| Depreciation Expense | $4,000 | |||
| Operating Profits | $20,000 | |||
| Interest Expense | $2,500 | |||
| Net Profit before Taxes | $17,500 | |||
| Taxes (40%) | $7,000 | |||
| Net Profit after Taxes | $10,500 |
Magna Fax, Inc.,Balance Sheet
For the Years Ended December 31, 2009 and 2010
| 2010 | 2009 | ||||||
| Assets | |||||||
| Cash | $24,000 | $21,000 | |||||
| Accounts Receivable | $45,000 | $39,000 | |||||
| Inventory | $30,000 | $27,000 | |||||
| Gross fixed Assets | $42,000 | $40,000 | |||||
| Acc. Depreciation | $22,000 | $18,000 | |||||
| Net fixed assets | $20,000 | $22,000 | |||||
| Total Assets | |||||||
| Liabilities and Equity | |||||||
| Accounts Payable | $25,000 | $30,000 | |||||
| Notes Payable | $50,000 | $40,000 | |||||
| Accruals | $1,000 | $2,000 | |||||
| Long-term Debts | $10,000 | $8,000 | |||||
| Common Stock at par | $1,000 | $1,000 | |||||
| Paid-in Capital in excess of par | $4,000 | $4,000 | |||||
| Retained Earnings | $28,000 | $24,000 | |||||
| Total Liabilities and Equity | $119,000 | $109,000
|
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Case Studies in Finance Managing for Corporate Value Creation
Authors: Robert F. Bruner, Kenneth Eades, Michael Schill
7th edition
007786171X, 77861711, 978-0077861711
