ASSETS (JUTA) LIABILITIES AND OWNER'S EQUITY (JUTA)

Cash $ 94.50 A/P

A/R $ 139.50 Accrued expenses
Inventory $ 229.50 Short term notes
Other current assets $ 13.50 Total current liabilities
Total current assets $ 477.00 Long-term debt
Gross plant and equipment $ 1,669.50 Total liabilities
Less accumulated depreciation $ 382.50 Common stockholders equity
Net plant and equipment $ 1,287.00 Common stock - par value
Total assets $ 1,764.00 Paid-in capital
Retained earnings
Annual credit sales $ 1,500.00 Total common stockholders equity
Total liabilities and stockholders equity

RASIO LIKUIDIT
Keterangan Hasil Satuan Rumus
Likuiditas Keseluruhan
Current Ratio 1.63 kali Current assets / Current liabilities
Acid-Test / Quick Ratio 0.85 kali (Curent assets - Inventory) / Current liabilities
Likuiditas Aset Tertentu
A/R / (Annual credit sales / 365 hari) ATAU
Average Collection Period 24.65 hari
A/R / Daily credit sales
Accounts Receivable Turnover
10.75 kali Annual credit sales / A/R
Ratio
Inventory Turnover Ratio 8.82 kali COGS / Inventory
Day's Sales in Inventory 41.37 hari 365 / Inventory turnover ratio

RASIO STRUKTUR M
Keterangan Hasil Satuan Rumus
Debt Ratio (DER) 1.74 % Total liabilities / Total assets
Time Interest Ratio (TIE) 5.67 kali Net operating income / Interest expense

RASIO EFISIENSI MANAJ

Keterangan Hasil Satuan Rumus
Total Assers Turnover Ratio
1.53 kali Sales / Total assets
(TATO)
Fixed Assers Turnover Ratio
2.10 kali Sales / Net plant and equipment
(FATO)

RASIO STRUKTUR M
Keterangan Hasil Satuan Rumus
Gross Profit Margin (GPM) 0.25 % Gross profits / Sales
Operating Profit Margin (OPM) 0.14 % Net operating income / Sales
Net Profit Margin (NPM) 0.08 % Net income / Sales
Operating Return on Assets Ratio Net operating income / Total asets ATAU
0.22 %
(OROA) OPM / TATO
 IMBALAN UNTUK INVEST
Keterangan Hasil Satuan Rumus
Net income / Common equity ATAU
Return on Equity Ratio (ROE) 0.27 % NPM x TATO x Equity Multiplier

RASIO NILAI PAS

Keterangan Hasil Satuan Rumus
Price Earning Ratio (PEA) 9.65 - Market price per share / Earning per share
Market price per share / Book value per
Market-to-Book Ratio (MTB) 2.63 kali
share
D OWNER'S EQUITY (JUTA) Sales
$ 184.50 COGS
$ 45.00 Gross profits
$ 63.00 Operating expenses:
s $ 292.50 Selling expenses
$ 720.00 General and administrative expense
$ 1,012.50 Depreciation and amortization expense
equity Total operating expense
alue $ 45.00 Net operating income (EBIT, or earnings before interest and taxes)
$ 324.00 Interest expense
$ 382.50 Earnings before taxes
holders equity $ 751.50 Income taxes
tockholders equity $ 1,764.00 Net income

RASIO LIKUIDITAS
mus Fungsi

y) / Current liabilities

les / 365 hari) ATAU

Mengukur jumlah hari yang dibutuhkan perusahaan untuk menagih piutang

/R Mengukur berapa kali piutang "berputar" selama setahun

Mengukur berapa kali perusahaan "memutar" inventory dalam setahun. Perputaran inventory pendek berarti
tingkat likuiditas besar karena inventory berubah menjadi kas lebih cepat
er ratio

RASIO STRUKTUR MODAL

mus Fungsi
assets Mengukur porsi aset perusahaan yang dibiayai melalui pinjaman / utang
Interest expense Mengukur kemampuan perusahaan untuk memenuhi kewajiban (membayar utang & bunga utang)

RASIO EFISIENSI MANAJEMEN ASET

mus Fungsi
Mengukur jumlah penjualan dari tiap aset yang diinvestasikan

equipment Mengukur efisiensi perusahaan dalam pemanfaatan aset tetap

RASIO STRUKTUR MODAL

mus Fungsi
Mengukur kemampuan perusahaan untuk mengendalikan biaya dalam memperoleh profit
Sales Mengukur kemampuan perusahaan untuk memenuhi kewajiban (membayar utang & bunga utang)
Mengukur penghasilan dari tiap penjualan (setelah disesuaikan dengan biaya, termasuk income taxes)
Total asets ATAU Mengukur tingkat profitabilitas operasi perusahaan & menentukan tingkat kesuksesan manajemen dalam
mengendalikan biaya-biaya dan efisiensi penggunaan aset
 IMBALAN UNTUK INVESTASI PEMILIK
mus Fungsi

Mengukur imbalan investasi pemegang saham biasa. Equity multiplier = 1 / (1 - DER)

RASIO NILAI PASAR

mus Fungsi
/ Earning per share Mengukur porsi aset perusahaan yang dibiayai melalui pinjaman / utang
/ Book value per
Mengukur kemampuan perusahaan untuk memenuhi kewajiban (membayar utang & bunga utang)
 $ 2,700.00 Dividends paid to stockholders $ 45.00
$ 2,025.00 Number of common shares outstanding $ 90.00
$ 675.00 Earning per share (EPS) $ 2.28
Dividends per share $ 0.50
$ 90.00 Market price per share $ 22.00
$ 67.50 Common shares outstanding (juta lembar) 90
$ 135.00 Book value per share $ 8.35
$ 292.50 >>>> Income from operating activities
$ 382.50 >>>> Cost of debt financing
$ 67.50
$ 315.00 >>>> Cost of corporate income taxes
$ 110.25 >>>> Income resulting from operating and financing acitivities
$ 204.75

nventory pendek berarti

bunga utang)

profit
bunga utang)
suk income taxes)
n manajemen dalam
)

bunga utang)
 FUTURE VALUE PRESENT VALUE
PV $ -500.00 >>> HARUS MINUS FV $ -551.25
Interest (i) 5% Interest (i) 5%
Years (N) 2 Years (N) 2
PMT 0 PMT 0
FV $ 551.25 >>> BIAR DISINI POSITIF PV $ 500.00

YEARS INTEREST RATE

FV $ 551.25 FV $ 551.25
PV $ -500.00 >>> HARUS MINUS PV $ -500.00
Interest (i) 5% Years (N) 2
PMT 0 PMT 0
N 2.00 >>> BIAR DISINI POSITIF Interest 5%

CONTINUOUS
EAR
COMPOUNDING
Quoted Annual Rate 13% e 2.71828
Compounding Periods per
12 PV $ 500.00
Year (m)
EAR 13.80% Years (N) 2
Interest (i) 5%
FV $ 552.59
EAR 5.13%

FUTURE VALUE PRESENT VALUE

(ORDINARY ANNUITY) (ORDINARY ANNUITY)
PMT $ -500.00 >>> HARUS MINUS PMT $ -500.00
Interest(i) 5% Interest(i) 5%
Years (N) 2 Years (N) 2
PV 0 FV 0
FV $ 1,025.00 >>> BIAR DISINI POSITIF PV $ 929.71

YEARS (ORDINARY INTEREST RATE

ANNUITY) (ORDINARY ANNUITY)
FV $ 551.25 FV $ 1,025.00
PMT $ -500.00 >>> HARUS MINUS PMT $ -500.00
Interest (i) 5% Years (N) 2
PV 0 PV 0
N 1.10 >>> BIAR DISINI POSITIF Interest 5%

AMORTIZED LOAN
Annual Interest Rate 8%
Monthly Interest Rate 0.0067
PMT $ -2,201.29 >>> HARUS MINUS

Sisa waktu pembayaran

15
(tahun)
Sisa waktu pembayaran
180
(bulan)
Sudah dibayar selama
15
(tahun)
FV 0
PV $ 230,344.29 >>> BIAR DISINI POSITIF

FUTURE VALUE PRESENT VALUE

(ANNUITY DUE) (ANNUITY DUE)
PMT $ -500.00 >>> HARUS MINUS PMT $ -500.00
Interest (i) 5% Interest (i) 5%
Years (N) 2 Years (N) 2
PV 0 FV 0
FV $ 1,076.25 >>> BIAR DISINI POSITIF PV $ 976.19

PRESENT VALUE (LEVEL PRESENT VALUE (GROWING

PERPETUITY) PERPETUITY)
PMT $ 500.00 PMT $ 500.00
Interest (i) 5% Interest (i) 5%
Future Rate
PV $ 10,000.00 (g)
2%
PV $ 16,666.67
>>> HARUS MINUS

>>> BIAR DISINI POSITIF

>>> HARUS MINUS

>>> BIAR DISINI POSITIF

>>> HARUS MINUS

>>> BIAR DISINI POSITIF

>>> HARUS MINUS

>>> BIAR DISINI POSITIF

>>> HARUS MINUS

>>> BIAR DISINI POSITIF

 CASH RETURN RATE OF RETURN
Beginning price $ 95 Cash return $ 205
Ending price $ 200 Beginning price $ 95
Cash contribution
$ 100 Rate of Return 215.79%
(dividend)
Cash return $ 205

PROBABILITY ENDING PRICE BEGINNING PRICE DIVIDEND CASH RETURN

40% $ 400.00 $ 105.00 $ 130.00 $ 425.00
60% $ 300.00 $ 125.00 $ 155.00 $ 330.00
80% $ 200.00 $ 145.00 $ 175.00 $ 230.00
TOTAL EXPECTED RATE OF RETURN
VARIANCE
STANDARD DEVIATION

GEOMETRIC AVERAGE ARITHMATIC AVERAGE

RETURN RETURN
GAR 14.84 AAR 2.76
 EXPECTED RATE OF
CASH RETURN RATE OF RETURN RETURN
STEP 2 STEP 3
$ 425.00 4.05 1.62 1.3447 0.5379
$ 330.00 2.64 1.58 0.0615 0.0369
$ 230.00 1.59 1.27 1.6947 1.3558
2.89
E 1.9305
ATION 1.3894

VARIANCE
 WEIGHT STANDARD STANDARD
PORTFOLIO RETURN (E[r]) WEIGHT (^2) DEVIATION DEVIATION (^2)
A 4% 0.25 0.0625 20% 0.0400
B 8% 0.25 0.0625 30% 0.0900
C 12% 0.50 0.2500 35% 0.1225
TOTAL E(r portfolio)
STANDARD DEVIATION OF PORTFOLIO
PORTFOLIO BETA

BETA FOR MARKET

r(f) ASSET RATE
E(r asset)
4.50% 0.75 6% 9.00%
4.50% 0.80 6% 9.30%
4.50% 0.45 6% 7.20%
 STANDARD KORELA BETA FOR
DEVIATION (^2)
E(r portfolio) ASSET
SI A & B
0.0400 0.01 1.50
0.0900 0.02 0.30 0.80
0.1225 0.06 0.95
0.09
10.19%
1.05