MUNICH EXPORT CORPORATION

BALANCE SHEET
2015 2016
Current Assets
Cash $ 50,000 $ 50,000
Account Receivable $ 200,000 $ 300,000
Inventory $ 450,000 $ 570,000
Total current assets $ 700,000 $ 920,000
Fixed assets, net $ 300,000 $ 380,000
Total Assets $ 1,000,000 $ 1,300,000

Account Payable $ 130,000 $ 180,000

Acrruals $ 50,000 $ 70,000
Bank Loan $ 90,000 $ 90,000
Total Current Liabilities $ 270,000 $ 340,000
Long-term debt $ 400,000 $ 550,000
Common Stock (0,05 par) $ 50,000 $ 50,000
Additional paid-in-capital $ 200,000 $ 200,000
Retained Earnings $ 80,000 $ 319,000
Total liabilities and equity $ 1,000,000 $ 1,300,000

INCOME STATEMENT
2015
Net Sales $ 1,300,000
Costs of Goods Sold $ 780,000
Gross Profit $ 520,000
Marketing $ 130,000
General&Administrative $ 150,000
Depreciation $ 40,000
EBIT $ 200,000
Interest $ 45,000
Earnings before taxes $ 155,000
Income taxes (40% rate) $ 62,000
Net Income $ 93,000
2016
$ 1,600,000
$ 960,000
$ 640,000
$ 160,000
$ 150,000
$ 55,000
$ 275,000
$ 55,000
$ 220,000
$ 88,000
$ 132,000

1. Operating Activity
Net Income $ 132,000
Depreciation $ 55,000
Increase in Receivables $ -100,000
Increase in Inventories $ -120,000
Increase in Payables $ 50,000
Increase in Accrued $ 20,000
Net Cash Flow in Operations $ 37,000
2. Investing Activity
Increase in fixed assets $ -80,000

3. Financing Activity
Increase in other long-term liabilities $ 150,000
Cash Dividend Paid $ -107,000
Net from Financing Activities $ 43,000
Net Change excluding other account $ -
Beginning cash and marketable securities $ 50,000
Ending Cash and marketable securities $ 50,000

4. Arus Kas masuk yang paling banyak diperoleh Munich Export Corporation adalah dari kegiatan financing.
Arus Kas keluar Munich Export Corporation adalah di kegiatan investasi (investing).

5. How to seach "munich export corporation" is burncash or cash build?

Operating Activities $ 37,000
Investing Activities $ -80,000
Annuel Net Cash Burn $ -43,000 Rumusnya : Operating Activities + Investing Acti

6. Mengetahui Cash Burn selama berapa bln ?

Besarnya jumlah cash burn per bulan adala $ -3,583 Rumusnya : Annuel Net Cash Burn adalah $

Ending cash $ 50,000

Cash Burn per bulan $ 3,583
Lamanya waktu sebelum kas habis 13.95 Rumusnya : Ending Cash / Cash Burn per B
Jadi Munich Export Corporation akan kehabisan kas dalam jangka waktu 14 bulan
tan financing.

Activities + Investing Activities

Net Cash Burn adalah $ 3,58

Cash / Cash Burn per Bulan

 SCANDI HOME FURNISHING, Inc.

BALANCE SHEETS

2015
Current Assets
Cash $ 50,000
Account Receivable $ 200,000
Inventory $ 450,000
Total current assets $ 700,000
Fixed assets, net $ 300,000
Total assets $ 1,000,000
Account payable $ 130,000
Accruals $ 50,000
Bank Loan $ 90,000
Total current liabilities $ 270,000
Long-term debt $ 300,000
Common stock* $ 350,000
Retained earnings $ 80,000
Total liabilities and equity $ 1,000,000

INCOME STATEMENT
$ 2,015
Net sales $ 1,300,000
Cost of goods sold $ 780,000
Gross profit $ 520,000
Marketing $ 130,000
General & administrative $ 150,000
Depreciation $ 40,000
EBIT $ 200,000
Interest $ 45,000
Earning before taxes $ 155,000
Income taxes (40% rate) $ 62,000
Net income $ 93,000
Cash dividens $0

A. Hitunglah Liquidity ratio yang meliputi current rasio, quick ratio, dan NWC to total assets ratio

Current Ratio Formula 2015

Current Assets $ 700,000
Current Liabilities $ 270,000
Current Ratio 2.59
 Quick Ratio Formula 2015
Current Assets $ 700,000
Inventory $ 450,000
Current Liabilities $ 270,000
Quick Ratio 0.93

NWC to Total Assets Ratio 2015

Current Assets $ 700,000
Current Liabilities $ 270,000
Total Assets $ 1,000,000
NWC to Total Assets Ratio (%) 0.43

B. Hitunglah Leverage ratio yang meliputi total debt to total assets ratio, equity multiplier, debt to equity ratio, current liabi

Total Debt to total Assets Ratio 2015

Total Debt $ 480,000
Total Asset $ 1,000,000
Total Debt to total Assets Ratio 0.48

Equity Multiplier Formula 2015

Total Assets $ 1,000,000
Owner's Equity $ 350,000
Equity Multiplier 2.86

Debt to Equity Ratio 2015

Total Debt $ 480,000
Owner's Equity $ 350,000
Debt to Equity Ratio 1.37

Current Liabilities To Total Debt 2015

Current Liabillities $ 270,000
Total Debt $ 480,000
Current Liabilities To Total Debt 0.56

Interst Coverage Ratio Formula 2015

EBITDA $ 240,000
Interest $ 45,000
Interest Coverage Ratio 5.33
Sebanyak 5X

Fixed Charges Coverage 2015

EBITDA + Lease Payments $ 240,000
INTEREST+Lease Payments + ( Debt Payments/(1-tax rate)) $ 545,000.00
Fixed Charges Coverage 0.44
C. Hitunglah Profitability ratio yang meliputi gross profit margin, operating profit margin, net profit margin, dan N

Gross Profit Margin 2015

Net Sales-COGS $ 520,000
Net Sales $ 1,300,000
Gross Profit Margin 0.4

Operating Profit Margin 2015

EBIT $ 200,000
Net Sales $ 1,300,000
Operating Profit Margin 0.15

Net Profit Margin 2015

Net Income $ 93,000
Net Sales $ 1,300,000
Net Profit Margin 0.07

NOPAT Margin 2015

EBIT (1-Tax Rate ) $ 120,000
Net Sales $ 1,300,000
NOPAT Margin 0.09

D. Hitunglah Efficiency ratio yang meliputi sales to total assets ratio, operating return on assets, return on assets,

Sales to total Asset 2015

Net Sales $ 1,300,000
Total Assets $ 1,000,000
Sales to total Asset Ratio 1.30

Operating Return On Assets 2015

EBIT $ 200,000
Total Assets $ 1,000,000
Operating Return On Assets 0.20

Return on Assets 2015

Net Income $ 93,000
Total Assets $ 1,000,000
Return on Assets Ratio 0.09

ROA Model 2015

Net Income / Net Sales 0.07
Net Sales/Total Assets 1.3
ROA Model 0.09
 ROE Model 2015
Net Profit Margin 0.07
Sales to total Assets Ratio 1.30
Equity Multiplier 2.86
ROE Model 0.27

Return On Equity 2015

Net Income $ 93,000
Onwers Equity $ 350,000
Return On Equity 0.27

E Lakukan interpretasi data pada masing-masing poin a-d

KOMPONEN 2015
Current Ratio 2.59
Quick Ratio 0.93
NWC to Total Assets Ratio (%) 0.43
Total Debt to total Assets Ratio 0.48
Equity Multiplier 2.86
Debt to Equity Ratio 1.371
Interest Coverage Ratio 0.56
Current Liabilities to Toal Debt 5.33
Fixed Charges Coverage 0.44
Gross Profit Margin 0.4
Operating Profit Margin 0.15
Net Profit Margin 0.07
NOPAT Margin 0.09
Sales to total Asset Ratio 1.30
Operating Return On Assets 0.20
Return on Assets Ratio 0.09
ROA Model 0.09
ROE Model 0.27
Return On Equity 0.27
 2016 2017

$ 40,000 $ 10,000
$ 260,000 $ 360,000
$ 500,000 $ 600,000
$ 800,000 $ 970,000
$ 400,000 $ 500,000
$ 1,200,000 $ 1,470,000
$ 170,000 $ 180,000
$ 70,000 $ 80,000
$ 90,000 $ 184,000
$ 330,000 $ 444,000
$ 400,000 $ 550,000
$ 350,000 $ 350,000
$ 120,000 $ 126,000
$ 1,200,000 $ 1,470,000

$ 2,016 $ 2,017
$ 1,500,000 $ 1,800,000
$ 900,000 $ 1,260,000
$ 600,000 $ 540,000
$ 150,000 $ 200,000
$ 150,000 $ 200,000
$ 53,000 $ 60,000
$ 247,000 $ 80,000
$ 57,000 $ 70,000
$ 190,000 $ 10,000
$ 76,000 $ 4,000
$ 114,000 $ 6,000
$ 74,000 $ -

C to total assets ratio

2016 2017
$ 800,000 $ 970,000 Yang terdapat pada current assets adalah cash + receivables + inventory
$ 330,000 $ 444,000 Yang terdapat pada current liabilities adalah payables + accruals + bank loan
2.42 2.18 Rumusnya adalah Current Assets/ Current Liabilities
 2016
$ 800,000 $
$ 500,000 $
$ 330,000 $
0.91
2017
970,000 Yang terdapat pada current assets adalah cash + receivables + inventory
600,000
444,000 Yang terdapat pada current liabilities adalah payables + accruals + bank loan
0.83 Rumusnya adalah (Current Assets - Inventories) / Current Liabilities

2016
$ 800,000 $
$ 330,000 $
$ 1,200,000 $
0.39
2017
970,000 Yang terdapat pada current assets adalah cash + receivables + inventory
444,000 Yang terdapat pada current liabilities adalah payables + accruals + bank loan
1,470,000 yang terdapat pada total assets adalah cash + account receivable + inventory + To
0.36 Rumusnya adalah (Current Assets - Current Liabilities) / Total Assets

ier, debt to equity ratio, current liabilities to total debt ratio, interest coverage, dan fixed charges coverage.

2016 2017
$ 640,000 $ 810,000 Yang terdapat pad total debt adalah payables + accruals + long-term loan
$ 1,200,000 $ 1,470,000 yang terdapat pada total assets adalah cash + account receivable + inventory
0.53 0.55 Rumusnya adalah Total Debt/Total Assets

2016 2017
$ 1,200,000 $ 1,470,000 yang terdapat pada total assets adalah cash + account receivable + inventory
$ 350,000 $ 350,000
3.43 4.20 Rumusnya : Total Assets / Owner's Equity

2016 2017
$ 640,000 $ 810,000
$ 350,000 $ 350,000
1.83 2.31 Rumusnya : Total debt / Equity

2016 2017
$ 330,000 $ 444,000
$ 640,000 $ 810,000
0.52 0.55 Rumusnya : Current Liabilities/Total Debt

2016 2017
$ 300,000 $ 140,000 Rumus : Depreciation + EBIT
$ 57,000 $ 70,000
5.26 2.00 Rumusnya : EBITDA/Interest
Sebanyak 5X Sebanyak 2X

2016 2017
$ 300,000 $ 140,000
$ 723,666.67 $ 986,666.67
0.41 0.14 Rumusnya : EBITDA / Interest + (Debt Payments / 60%)
fit margin, net profit margin, dan NOPAT margin

2016 2017
$ 600,000 $ 540,000
$ 1,500,000 $ 1,800,000
0.4 0.3 Rumusnya : (Net Sales-COGS)/Net Sales

2016 2017
$ 247,000 $ 80,000
$ 1,500,000 $ 1,800,000
0.16 0.04 Rumusnya : EBIT/Net Sales

2016 2017
$ 114,000 $ 6,000
$ 1,500,000 $ 1,800,000
0.08 0.003 Rumusnya : Net Income/Net Sales

2016 2017
$ 148,200 $ 48,000 Tax Rate adalah 40 %
$ 1,500,000 $ 1,800,000
0.10 0.03 Rumusnya : (EBIT X (1-TAX RATE)) / Net Sales

eturn on assets, return on assets, ROA Model, return on equity, dan ROE Model

2016 2017
$ 1,500,000 $ 1,800,000
$ 1,200,000 $ 1,470,000
1.25 1.22 Rumusnya : Net Sales/Total Assets

2016 2017
$ 247,000 $ 80,000
$ 1,200,000 $ 1,470,000
0.21 0.05 Rumusnya : EBIT/Total Assets

2016 2017
$ 114,000 $ 6,000
$ 1,200,000 $ 1,470,000
0.10 0.004 Rumusnya : Net Income/Total Assets

2016 2017
0.08 0.003
1.25 1.22
0.10 0.004 Rumusnya : (Net Income/Net Sales) x (Net Sales/Total Assets)
 2016 2017
0.08 0.00
1.25 1.22
3.43 4.20
0.33 0.02 Rumusnya : Net Profitt Margin x Sales to total Assets Ratio x Equity Multip

2016 2017
$ 114,000 $ 6,000
$ 350,000 $ 350,000
0.33 0.02 Rumusnya : Net Income/Owner's Equity

2016 2017
2.42 2.18
0.91 0.83
0.39 0.36
0.53 0.55
3.43 4.20
1.829 2.314
0.52 0.55
5.26 2.00
0.41 0.14
0.4 0.3
0.16 0.04
0.08 0.003
0.10 0.03
1.25 1.22
0.21 0.05
0.10 0.004
0.10 0.004
0.33 0.02
0.33 0.02
 eivables + inventory
es + accruals + bank loan
eivables + inventory

es + accruals + bank loan

rrent Liabilities

eivables + inventory
es + accruals + bank loan
nt receivable + inventory + Total Current Assets + Fixed Assets,net `
s) / Total Assets

ccruals + long-term loan

ount receivable + inventory + Total Current Assets + Fixed Assets,net

ount receivable + inventory + Total Current Assets + Fixed Assets,net

s/Total Assets)
Assets Ratio x Equity Multiplier
yang sudah sebelumnya Anda kerjakan. Berpedoman pada PDC Company’s projected monthly operating schedules pada tabel 6.2 di

September $ 80,000
Oktober $ 100,000
November $ 130,000
December $ 160,000
Januari 2018 $ 190,000

A Buatlah sales schedule, purchase schedule, dan wages & commissions schedule untuk September – Desember 201
B Buatlah cash budget untuk bulan September – Desember 2017 dan jelaskan bagaimana sebuah forecasting memp
C Buatlah proyeksi bulanan laporan laba rugi (income statement) untuk periode September – Desember 2017.
D Buatlah proyeksi bulanan neraca (balance sheet) untuk periode September – Desember 2017.
E Buatlah proyeksi bulanan laporan arus kas (statement of cash flow) untuk periode September – Desember 2017.

A SALES SCHEDULE
AUGUST SEPTEMBER
Schedule 1 : Sales Forecast $ 92,000 $ 80,000
Credit Sales,40 % $ 36,800 $ 32,000
Credit Sales, 60% $ 55,200 $ 48,000

Schedule 2 : Cash Collections

Cash sales this month $ 55,200 $ 48,000
100% of last month’s credit sales $ 46,000 $ 36,800
Total Collections $ 101,200 $ 84,800

PURCHASES SCHEDULE
AUGUST SEPTEMBER
Schedule 3 : Purchases
Ending Inventory $ 90,800 $ 102,000
Costs of Goods Sold $ 64,400 $ 56,000
Total needed $ 155,200 $ 158,000
Beginning Inventory $ (97,520) $ (90,800)
Purchases $ 57,680 $ 67,200

Schedule 4 : Purchase Disbursements

50% of last month’s purchases $ 33,810 $ 28,840
50% of this month’s purchases $ 28,840 $ 33,600
Disbursements for purchases $ 62,650 $ 62,440
 WAGES & COMMISSIONS SCHEDULE
AUGUST SEPTEMBER
Schedule 5 : Wages and Commissions
Wages, all fixed $ 5,750 $ 5,750
Commissions (15% of current sales) $ 13,800 $ 12,000
Total $ 19,550 $ 17,750

Schedule 6 : Disburments-Wages and Commissions

50% of last month’s expenses $ 11,500 $ 9,775
50% of this month’s expenses $ 9,775 $ 8,875
Total $ 21,275 $ 18,650

B CASH BUDGET
AUGUST SEPTEMBER
Beginning cash balance $ 29,487 $ 37,562
Cash Receipts
Collection from customers $ 101,200 $ 84,800
Total cash available for needs before financing $ 130,687 $ 122,362
Cash disbursements
Merchandise $ 62,650 $ 62,440
Wages and commissions $ 21,275 $ 18,650
Miscellaneous expenses $ 4,600 $ 4,000
Rent $ 4,600 $ 4,600
Truck purchase $ - $ -
Total disbursements $ 93,125 $ 89,690
Minimum cash balance desired $ 23,000 $ 23,000
Total cash needed $ 116,125 $ 112,690
Excess of total cash $ 14,562 $ 9,672
Financing
New borrowing $ - $ -
Repayments $ - $ -
Loan balance $ - $ -
Interest $ - $ -
Total effects of financing $ - $ -
Cash balance $ 37,562 $ 32,672

C Income Statements
SEPTEMBER OKTOBER
 Sales $ 80,000 $ 100,000
(-) Costs of goods sold $ (56,000) $ (70,000)
Gross margin $ 24,000 $ 30,000
Operating expenses
(-)Wages and commissions $ (17,750) $ (20,750)
(-)Rent $ (4,600) $ (4,600)
(-)Miscellaneous expenses $ (4,000) $ (5,000)
(-) Insurance $ (460) $ (460)
(-)Depreciation $ (1,150) $ (1,150)
(-)Total operating expenses $ (27,960) $ (31,960)
(-)Income from operations $ (3,960) $ (1,960)
(-)Interest expense $ - $ -
Net Income $ (3,960) $ (1,960)

D Balance Sheets

Current Assets
SEPTEMBER OKTOBER
Cash $ 32,672 $ 23,000
Accounts receivale $ 32,000 $ 40,000
Merchandise inventory $ 102,000 $ 118,800
Prepaid insurance $ 1,380 $ 920
Total Current Assets $ 168,052 $ 182,720
Plant
Equipment, fixtures, and others $ 92,000 $ 92,000
Accumulated depreciation $ (36,340) $ (37,490)
Net property, plant, and equipment $ 55,660 $ 54,510
Total Assets $ 223,712 $ 237,230
Current Liabilities
Accounts payable $ 33,600 $ 43,400
Accrued wages and commissions payable $ 8,875 $ 10,375
Loan $ - $ 4,178
Total current liabilities $ 42,475 $ 57,953
Owners’ Equity $ 181,237 $ 179,277
Total liabilities and equity $ 223,712 $ 237,230

E Statement of Cash Flow

SEPTEMBER OKTOBER
Cash flow(CF) from activities
Net Income $ (3,960) $ (1,960)
Adjustments to net income for CF
(+) Depreciation expenses $ 1,150 $ 1,150
(-) Change in Accounts Receivable $ 4,800 $ (8,000)
(-) Change in Inventory $ (11,200) $ (16,800)
(-) Change in prepaid insurance $ 460 $ 460
Change in accounts payable $ 4,760 $ 9,800
(+) Change in accrued wages $ (900) $ 1,500
Total Adjustments $ (930) $ (11,890)
Net Cash flow from operations $ (4,890) $ (13,850)
Cash Flow from investing
Capital expenditures (CAPEX) $ - $ -
Net cash used by investments $ - $ -
Cash flows from financing
Equity issues $ - $ -
Dividends
Debt issues $ - $ 4,178
Net cash flows from financing $ - $ 4,178
Net change in cash $ (4,890) $ (9,672)
Beginning cash balance $ 37,562 $ 32,672
Ending cash balance $ 32,672 $ 23,000
hedules pada tabel 6.2 di textbook; kemudian dik etahui proyeksi penjualan Perusahaan PDC tahun 2017 sebagai berikut:

ptember – Desember 2017.

ebuah forecasting mempengaruhi cash balance di akhir bulan.
– Desember 2017.

mber – Desember 2017.

SCHEDULE
OKTOBER NOVEMBER DESEMBER
$ 100,000 $ 130,000 $ 160,000
$ 40,000 $ 52,000 $ 64,000
$ 60,000 $ 78,000 $ 96,000

$ 60,000 $ 78,000 $ 96,000

$ 32,000 $ 40,000 $ 52,000
$ 92,000 $ 118,000 $ 148,000

ES SCHEDULE
OKTOBER NOVEMBER DESEMBER

$ 118,800 $ 135,600 $ 152,400

$ 70,000 $ 91,000 $ 112,000
$ 188,800 $ 226,600 $ 264,400
$ (102,000) $ (118,800) $ (135,600)
$ 86,800 $ 107,800 $ 128,800

$ 33,600 $ 43,400 $ 53,900

$ 43,400 $ 53,900 $ 64,400
$ 77,000 $ 97,300 $ 118,300
MISSIONS SCHEDULE
OKTOBER NOVEMBER DESEMBER

$ 5,750 $ 5,750 $ 5,750

$ 15,000 $ 19,500 $ 24,000
$ 20,750 $ 25,250 $ 29,750

$ 8,875 $ 10,375 $ 12,625

$ 10,375 $ 12,625 $ 14,875
$ 19,250 $ 23,000 $ 27,500

BUDGET
OKTOBER NOVEMBER DESEMBER
$ 32,672 $ 23,000 $ 23,000

$ 92,000 $ 118,000 $ 148,000

$ 124,672 $ 141,000 $ 171,000

$ 77,000 $ 97,300 $ 118,300

$ 19,250 $ 23,000 $ 27,500
$ 5,000 $ 6,500 $ 8,000
$ 4,600 $ 4,600 $ 4,600
$ - $ - $ -
$ 105,850 $ 131,400 $ 158,400
$ 23,000 $ 23,000 $ 23,000
$ 128,850 $ 154,400 $ 181,400
$ (4,178) $ (13,400) $ (10,400)

$ 4,178 $ 13,463 $ 10,665

$ - $ - $ -
$ 4,178 $ 17,641 $ 28,306
$ - $ 63 $ 265
$ 4,178 $ 13,400 $ 10,400
$ 23,000 $ 23,000 $ 23,000

NOVEMBER DESEMBER SEPTEMBER TO DESEMBER

$ 130,000 $ 160,000 $ 470,000
$ (91,000) $ (112,000) $ (329,000)
$ 39,000 $ 48,000 $ 141,000

$ (25,250) $ (29,750) $ (93,500)

$ (4,600) $ (4,600)
$ (6,500) $ (8,000) $ (23,500)
$ (460) $ (460)
$ (1,150) $ (1,150)
$ (37,960) $ (43,960) $ (141,840)
$ 1,040 $ 4,040 $ (840)
$ (63) $ (265) $ (327)
$ 977 $ 3,775 $ (1,167)

NOVEMBER DESEMBER SEPTEMBER TO DESEMBER

$ 23,000 $ 23,000 $ 101,672
$ 52,000 $ 64,000 $ 188,000
$ 135,600 $ 152,400 $ 508,800
$ 460 $ - $ 2,760
$ 211,060 $ 239,400 $ 801,232
$ -
$ 92,000 $ 92,000 $ 368,000
$ (38,640) $ (39,790) $ (152,260)
$ 53,360 $ 52,210 $ 215,740
$ 264,420 $ 291,610 $ 1,016,972
$ -
$ 53,900 $ 64,400 $ 195,300
$ 12,625 $ 14,875 $ 46,750
$ 17,641 $ 28,306 $ 50,124
$ 84,166 $ 107,581 $ 292,174
$ 180,254 $ 184,030 $ 724,798
$ 264,420 $ 291,610 $ 1,016,972

NOVEMBER DESEMBER SEPTEMBER TO DESEMBER

$ 977 $ 3,775 $ (1,167)

$ 1,150 $ 1,150 $ 4,600

$ (12,000) $ (12,000) $ (27,200)
$ (16,800) $ (16,800) $ (61,600)
$ 460 $ 460 $ 1,840
$ 10,500 $ 10,500 $ 35,560
$ 2,250 $ 2,250 $ 5,100
$ (14,440) $ (14,440) $ (41,700)
$ (13,463) $ (10,665) $ (42,867)

$ - $ -
$ - $ -

$ - $ -
$ - $ -
$ 13,463 $ 10,665 $ 28,306
$ 13,463 $ 10,665 $ 28,306
$ - $ 0 $ (14,562)
$ 23,000 $ 23,000 $ 116,234
$ 23,000 $ 23,000 $ 101,672
haan PDC tahun 2017 sebagai berikut:

Keterangan :
JANUARI SEPTEMBER TO JANUARI
$ 190,000 $ 660,000
$ 76,000 $ 264,000 Rumusnya : 40% dari Sales Forecast
$ 114,000 $ 396,000 Rumusnya : 60% dari Sales Forecast

$ 114,000 $ 396,000
$ 64,000 $ 224,800
$ 178,000 $ 620,800

Keterangan :
SEPTEMBER TO DESEMBER

$ 508,800 Rumusnya : Sales Forecast Bulan Depan x 0,7 x 0,8 + 46.000 ( 46.000 adalah had
$ 329,000 Rumusnya : Sales Forecast x 0,7
$ 837,800
$ (447,200) Rumusnya : melihat ending inventory bulan lalu
$ 390,600

$ 159,740 Rumusnya : 50% dari Purchases Bulan Lalu

$ 195,300 Rumusnya : 50% dari Purchases Bulan Ini
$ 355,040
 Keterangan :
SEPTEMBER TO DESEMBER

$ 70,500 Rumusnya : 15% dari Sales Forecast Bulan tersebut

$ 93,500

$ 41,650 Rumusnya : 50% Total wages and commissions bulan lalu

$ 46,750 Rumusnya : 50% Total wages and commissions bulan ini
$ 88,400

Keterangan :
SEPTEMBER TO DESEMBER
$ 116,234 Rumusnya : Cash Balance Bulan Lalu

$ 442,800 Rumusnya : Total Collection Bulan tersebut

$ 559,034

$ 355,040 Rumusnya : Disbursements for Purchases Bulan tersebut

$ 88,400 Rumusnya : Total Disbursements Wages and Commission Bulan Tersebut
$ 23,500 Rumusnya : 5% dari Sales Forecast bulaan tersebut
$ 18,400

$ 485,340
$ 92,000
$ 577,340
$ (18,306) Rumusnya : Total cash available for needs before financing - total cash needed

$ 28,306

$ 50,124
$ 327
$ 27,978
$ 101,672 Rumusnya : Excess of total cash + minimum cash balance desired bulan tersebut +

Rumusnya
 Sale Forecast Bulan Tersebut
COGS bulan tersebut
Sales Forecast - COGS

Total Wages and Commision bulan tersebut

Total Rent
5% Sales Forecast
Total Insurance
Total Depreciation
Total dari (Wages and Commision sampai depreciation)
Total Operating Expenses -/+ Gross Margin
Total Bunga
Income from Operation + Interest Expense

Rumusnya

Cash Balance bulan tersebut

Credit Sale bulan tersebut
Merchandise bulan tersebut (ending inventory)
Prepaid Insurance Bulan lalu - 460
Total cash balance sampai prepaid insurance

Depresiasi bulan lalu - (1150)

Equipment, fixture, and other - Accumulated Depreciation
Total current assets + net property,plant, and equipment

50 % this month purchase

50 % this month expenses

Total Account Payable + Accrued Wages and Commisions Payable

Total Assets - Total Current Liabilities
Total Current Liabilities + Owner’s Equity

Rumusnya
 Net Income Bulan tersebut

Depresiasi Bulan tersebut

Account Receivable Bulan Lalu-Bulan Ini
Inventory Bulan Lalu-Bulan Ini
Prepaid Insurance Bulan Lalu-Bulan Ini
Account Payable Bulan Ini-Bulan Lalu
Accrued Wages and Commision Bulan Ini - Bulan Lalu
Total dari Depreciation Expenses + Change in Accrued Liabilities
Net Income Bulan Tersebut + Total Adjustments

Total dari Equity issues sampai Debt Issues

Net Cash Flow from operations + Net Cash Flow from Financing
Beginning Cash Balance Bulan Lalu
Ending Cash Balance Bulan tersebut
0% dari Sales Forecast
0% dari Sales Forecast

x 0,8 + 46.000 ( 46.000 adalah hadiah berupa bantal)

ns bulan lalu
ns bulan ini

Commission Bulan Tersebut

ore financing - total cash needed

ash balance desired bulan tersebut + total effect of financing

)

on
t

ayable
ncing
 ALPHAONE SOFTWARE CORPORATION

BALANCE SHEET
2016
Current Assets
Cash $ 20,000
Account Receivable $ 250,000
Inventory $ 350,000
Total current assets $ 620,000
Fixed assets, net $ 480,000
Total Assets $ 1,100,000

Account Payable $ 125,000

Acrruals $ 125,000
Bank Loan $ 100,000
Total Current Liabilities $ 350,000
Long-term debt $ 500,000
Common Stock (20.000 shares) $ 100,000
Retained Earnings $ 150,000
Total liabilities and equity $ 1,100,000

INCOME STATEMENT
2016
Net Sales $ 1,500,000
Costs of Goods Sold $ 850,000
Gross Profit $ 650,000
Marketing $ 250,000
General&Administrative $ 206,000
Depreciation $ 50,000
EBIT $ 144,000
Interest $ 84,000
Earnings before taxes $ 69,000
Income taxes (40% rate) $ 24,000
Net Income $ 36,000

A. Hitunglah besarnya laba operasional setelah dipotong pajak (net operating profit after taxes atau NOPAT)

NOPAT = Earnings before interest and tax * (1 – Tax rate) = $144,000 * (1 – 40%) = $ 144.000 * 60% = $ 8

B. Hitunglah biaya modal rata – rata tertimbang (weighted average cost of capital atau WACC)

Tax Rate : 0,6 Rumusnya : (1 - 40%)

Debt Rate : 38%
Common Equity : 20%
Total Equity : 350.000
Total Loan and Equity : 850.000
Debt-to Value : 0,588 atau 58,8%
Rumus mencari : Common Stock + Bank Loan
Rumus mencari : Long-term debt + Total Equity
Rumus mencari : Long-term debt / Total Loan and Equity
 After-tax WACC: (1-tax rate) x (debt rate) x (debt-to-value) + (equity rate) x (1-debt to value)
: (0,6) X (0,38) X (0,588) + (0,2) X (0,412) = 0,216 atau 21,6%

C. Tentukanlah besanya biaya modal finansial (cost of financial capital) yang digunakan perusahaan Alpha One

Cost of financial capital used = Total Loan & Equity x WACC

= 850.000 x 21,6% = $ 183,600

D. Hitunglah estimasi nilai tambah ekonomi (economic value added atau EVA). Lakukanlah analisis apakah per

EVA = NOPAT - cost of financial capital used

EVA = 86,400 – 183,600 = $ -97,200

Analisis : Alpha One Software membangun nilai ekonominya di tahun 2016

ofit after taxes atau NOPAT)

– 40%) = $ 144.000 * 60% = $ 86.400

al atau WACC)

Loan and Equity

(1-debt to value)

gunakan perusahaan Alpha One Software

Lakukanlah analisis apakah perusahaan Alpha One Software membangun atau menghancurkan nilai ekonominya di tahun 2016
konominya di tahun 2016