FINANCIAL MANAGEMENT

TUGAS SESI 5 : Chapter 10-11-12

Kelompok 5
Nama : Dewi Amelia
Mirza Zulkarnain
Rieza Sidafril Febianti
Unggul Satriya Anugrah
Kelas : Eksekutif B 39 E

CHAPTER 10 : The Basics of Capital Budgeting : Evaluating Cash Flow

10-13

a. r NPVA NPVB
0.0% $890 $399
10.0 283 179
12.0 200 146
18.1 0 62
20.0 (49) 41
24.0 (138) 0
30.0 (238) (51)

b. IRRA = 18.1%
IRRB = 24.0%

c. If r = 10%
Project A has the greater NPV, specifically $283.34 as compared to Project B’s NPV of
$178.60.
Project A would be selected.

If r = 17%
Project B has an NPV of $75.95 which is higher than Project A’s NPV of $31.05.
Choose Project B if r = 17%.

d. Here is the MIRR for Project A when r = 10%:

PV costs = 300 + 387/(1.10)+193/(1.10)2 +100/(1.10)3 + 180/(1.10)7 = 978.82.

TV inflows = 600(1.10)3 + 600(1.10)2 + 850(1.10)1 = 2,459.60.

MIRR is that discount rate 2,459.60 in 7 years to equal 978.82

978.82 = 2,459.60(1 + MIRR)7

MIRRA = 14.07%.

Similarly, 405 = 1,137.28(1 + MIRR)7

MIRRB = 15.89%.
 At r = 17%,
MIRRA = 17.57%.
MIRRB = 19.91%.

e. To find the crossover rate, construct a Project ∆ which is the difference in the two projects’
cash flows:

Project ∆ =
Year CFA – CFB
0 105
1 (521)
2 (327)
3 (234)
4 466
5 466
6 716
7 (180)

IRR∆ = Crossover rate = 14.53%.

CHAPTER 11 : Cash Flow Estimation and Risk Analys

11-1 a. Equipment 9,000,000

NWC Investment 3,000,000
Initial investment outlay 12,000,000

b. Tidak, biaya sebesar 50.000 pada pengeluaran tahun sebelumnya dianggap sebagai
biaya hangus dan tidak mewakili arus kas tambahan. Oleh karena itu, tidak boleh
dimasukkan dalam analisis.
c. Penjualan yang ada mewakili opportunity cost untuk melakukan proyek di gedung
itu. Oleh karena itu, harga jual setelah pajak harus dibebankan sebagai biaya.

11-2 Hanya uang tunai yang dapat digunakan atau diinvestasikan kembali, dan karena laba
akuntansi tidak dapat mewakili cash daripada arus kas untuk analisis investasi.
CHAPTER 12 : Financial Planning and Forecasting Financial Statement

12-3 AFN = (0.6)(1000000) – (0.1)(1,000,000) – 0.05(6,000,000)(1 – 0)

= 600000 – 100000 – 300000
= 200.000.

12-6

Cash 100 × 2.0 = 200

Accounts receivable 200 × 2.0 = 400

Inventories 200 × 2.0 = 400

Net fixed assets* 500 × 1.0 = 500

Total assets 1000 1.500

Accounts payable 50.00 × 2 = 100

Accruals 50.00 × 2 = 100

Notes payable 150.00 + 0 = 150

Long-term debt 400.00 + 0 = 400

Common stock 100.00 + 0 = 100

Retained earnings 250.00 + 40 = 290

Total liabilities and equity 1000 1140

AFN = 360

Capacity sales = Sales / 0,5 = 1000/0,5 = 2000

Target FA/S ratio = 500/2000 = 0,25.

FA = Fixed Asset

Target FA = 0,25(2000) = 500 = Required FA.

Since the firm currently has 500 for the fixed assets, so no new fixed assets will be required.
RE (Retained Earnings)

RE = (M)(S1)(1 – Payout ratio) = 0.05(2000)(0.4) = 40.