Success Resources telah menyediakan ramalan jualan dan kebarangkalian mencapai setiap tahap jualan seperti berikut

Success Resources has prepared a sales forecast and the probability of achieving each sales level are as follows

	Forecast Sales Level
Jualan/Sales (RM)	200,000	300,000	400,000
Kebarangkalian/Probability	0.20	0.60	0.20

Success Resources juga mempunyai kos operasi tetap sebanyak RM75,000 dan kos operasi berubah bersamaan dengan 70% pada setiap tahap jualan. Firma ini membayar faedah sebanyak RM 12,000 setiap tahun. Kadar cukai semasa adalah 40%.

Success Resources also has fixed operating costs of RM75,000 and variable operating costs of which equal to 70% of the respective sales level. The firm pays RM 12,000 as interest each year. The present tax rate is 40%.

i)

Berapakah pendapatan sebelum faedah dan cukai (EBIT) untuk setiap tahap jualan?

What would be the earnings before interest and taxes (EBIT) for each level of sales?

(1 markah/mark)

ii)

Hitung soalan berikut dengan anggapan bahawa terdapat 10,000 unit terbitan saham biasa untuk setiap tahap jualan.

Calculate the following questions with the assumption that there are 10,000 shares of common stock outstanding for each level of sales.

a. Keuntungan bagi setiap saham

b. Jangkaan pendapatan sesaham

c. Sisihan piawai pendapatan sesaham

d. Pekali variasi pendapatan sesaham .

a. earnings per share

b. the expected earnings per share

c. the standard deviation of the earnings per share

d. the coefficient of variation of earnings per share

(4 markah/marks)

iii)

Success Resources dapat mengurangkan leverage menjadi sifar sehingga perlu membayar faedah. Bagi mencapainya, jumlah terbitan saham mesti ditingkatkan menjadi 15,000 unit saham. Ulangi bahagian (ii) berdasarkan andaian ini.

Success Resources could reduce its leverage to zero so that it has no interest to pay. To achieve this, the number of shares outstanding must be increased to 15,000 units of shares. Repeat part (ii) above under this assumption.

(4 markah/marks)

iv)

Berdasarkan jawapan anda di bahagian (ii) dan (iii) di atas, berikan komen mengenai kesan pengurangan hutang kepada sifar terhadap risiko kewangan syarikat.

Based on your findings in parts (ii) and (iii) above, comment on the effect of the reduction of debt to zero on the firms financial risk.