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PROBLEM SET 1 : Mnagerial Finance INCOME STATEMENT(2-3) Molteni Motors Inc. recently reported $16 million of net income. Its EBIT was $13 million, and its tax rate was 40%. What was its interest expense? (write heading for income statement, then fill out known values). Then divide $16 million net income by 1-T=0.6 to find the pre tax income. The difference between EBIT and taxable income must be the interest expense. Use this procedure to workout some other principles. Income Statement(2-5) Kendell Corners Inc. recently reported net income of $3.1 million and depreciation of $500,000. What was its net cash flow. Assume it had no expense. Statement of Retained Earnings (2-6) In its most recent financial statements Del Castillo Inc. reported $70 million of net income and $900 million of retained earnings. The previous retained earnings were $855 million. How much in dividends did the firm pay the shareholders during the year? Chapter 3 (3-2) Debt Ratios Vigo Vacations has $200 million in total assets, $5 million in notes payable, and $25 million in long term debt. What is the debt ratio? (3-4) Price/Earnings Ratio Reno Revolvers has an EPS of $1.50, a cash flow per share of $3.00 and a price/cash flow ratio of 8.0. What is its P/E ratio? (3-5) ROE Needham Pharmacueticals has a profit margin of 3% and a equity multiplier of 2.0. Its sales are $100 million and it has total assets of $50 million. What is ROE? (3-8) Profit Margin/Debt Ratio you are given relationships for Haslam Co. Sales, Total Assets 1.2. Return on Assets 4%, Return on Equity 7%. Calculate Haslams profit margin and liabilities to asset ratios. Suppose half of its liabilities are from debt. Calculate the debt to asset ratio. (3-9) Current/quick ratio The Nelson Company has $1,312,500 in current assets and $525,000 in current liabilities. Its initial inventory level is $375,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelsons short term debt (notes payable) increase without pushing its current ratio below 2.0? What will be the firm quick ratio after NEelson raised the maximum amount of short term funds? Chapter 4 (4-6) Future Value: Ordinary Annuity vs Annuity Due What is the future of a 7%, 5 year ordinary annuity that pays $300 dollars each year? If this was annuity due what would the future value be? (4-10) Future/Present Values of Single Cash Flows for Different Interest Rate Use both TVM equations and a financial calculator to find values. a. An initial $500 compounded for 10 years at 6% b. An initial $500 compounded for 10 years at 12% c. The present value of $500 due in 10 years at a 6% discount rate d. The present value of $500 due in 10 years at a 6% discount rate (4-16) Uneven Cash Flow Stream Find Present Values of cash flow streams. The interest rate is 8%. YEAR Cash Stream A Cash Stream B 1 $100 $300 2 400 400 3 400 400 4 400 400 5 300 100 What is the value of each cash flow stream at a 0% interest rate? (4-25) Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 9%. If Mary repays $1,500 per year, the how long long will it take to repay her loan? (4-26) Reaching Financial Goal You need to accumulate $10,000. To do so, you plan to make deposits of $ 1 250 per year with the first payment being made a year from today, into a bank accounts that pays 12% annual interest. Your last deposit will be less than 1,250 if less is needed to round out to 10,000. How many years will it take to reach your goal, and how large will the deposit be