SOAL UJIAN AKHIR : INTERMEDIATE FINANCIAL MANAGEMENT

KELAS : MAGISTER ILMU MANAGEMENT /FEB USU

1. Barnaby Cartage Company has current assets of $800,000 and current liabilities of $500,000.
What effect would the following transactions have on the firm’s current ratio (and state the
resulting figures)?
a. Two new trucks are purchased for a total of $100,000 in cash.
b. The company borrows $100,000 short term to carry an increase in receivables of the same
amount.
c. Additional common stock of $200,000 is sold and the proceeds invested in the expansion of
several terminals.
d. The company increases its accounts payable to pay a cash dividend of $40,000 out of cash.

2. Acme Plumbing Company sells plumbing fixtures on terms of 2/10, net 30. Its financial
statements over the last three years are as follows:
20X1 20X2 20X3
Cash $ 30,000 $ 20,000 $ 5,000
Accounts receivable 200,000 260,000 290,000
Inventory 400,000 480,000 600,000
Net fixed assets 800,000 800,000 800,000
$1,430,000 $1,560,000 $1,695,000
Accounts payable $ 230,000 $ 300,000 $ 380,000
Accruals 200,000 210,000 225,000
Bank loan, short term 100,000 100,000 140,000
Long-term debt 300,000 300,000 300,000
Common stock 100,000 100,000 100,000
Retained earnings 500,000 550,000 550,000
$1,430,000 $1,560,000 $1,695,000
Sales $4,000,000 $4,300,000 $3,800,000
Cost of goods sold 3,200,000 3,600,000 3,300,000
Net profit 300,000 200,000 100,000
Using the LIQUIDITY ratios, LEVERAGE RATIOS, ACTIVITY RATIOS, PROFITABILITY
RATIOS analyze the company’s financial condition and performance over the last three years.
Are there any problems?

( Pilihan jawaban untuk no.3 dan no.4 harus disertai perhitungannya)

3. Uptown Interior Designs is an all equity firm that has 40,000 shares of stock outstanding. The
company has decided to borrow $1 million to buy out the shares of a deceased stockholder who
holds 2,500 shares. What is the total value of this firm if you ignore taxes?
a. $15.5 million
b. $15.6 million
c. $16.0 million
d. $16.8 million
e. $17.2 million
4.The Backwoods Lumber Co. has a debt-equity ratio of .80. The firm’s required return on
assets is 12% and its cost of equity is 15.68%. What is the pre-tax cost of debt based on MM
Proposition II with no taxes?
a. 6.76%
b. 7.00%
c. 7.25%
d. 7.40%
e. 7.50%

5. Favorite Foods, Inc buys 50,000 boxes of ice cream cones every 2 months to service steady
demand for the product. Order costs are $100 per order, and carrying costs are $0.40 per box.
a. Determine the optimal order quantity.
b. The vendor now offers Favorite Foods a quantity discount of $0.02 per box if it buys cones in
order sizes of 10,000 boxes. Should Favorite Foods avail itself of the quantity discount? (Hint:
Determine the increase in carrying cost and decrease in ordering cost relative to your answer in
part a. Compare these with the total savings available through the quantity discount.)

6. The net present value method of capital budgeting assumes that cash flows are reinvested at:
a. the internal rate of return on the project.
b. the rate of return on the company's debt.
c. the discount rate used in the analysis.
d. a zero rate of return.

7.Some investment projects require that a company expand its working capital to service the
greater volume of business that will be generated. Under the net present value method, the
investment of working capital should be treated as:
a. an initial cash outflow for which no discounting is necessary.
b. a future cash inflow for which discounting is necessary.
c. both an initial cash outflow for which no discounting is necessary and a future cash inflow for
which discounting is necessary.
d. irrelevant to the net present value analysis

8.Which of the following capital budgeting techniques consider(s)cash flow over the entire life
of the project?
Internal rate of return Payback
a. Yes Yes
b. Yes No
c. No Yes
d. No No
9. A corporation issues for cash $9,000,000 of 8%, 25-year bonds, interest payable semiannually.
The amount received for the bonds will be :
A. present value of 50 semiannual interest payments of $360,000, plus present value of
$9,000,000 to be repaid in 25 years
B. present value of 25 annual interest payments of $720,000
C. present value of 25 annual interest payments of $720,000, plus present value of $9,000,000 to
be repaid in 25 years
D. present value of $9,000,000 to be repaid in 25 years, less present value of 50 semiannual
interest payments of $360,000.

10. Accounts Receivable Turnover measures

A. how frequently during the year the accounts receivable are converted to cash
B. the number of days of accounts receivable outstanding
C. the fair market value of accounts receivable
D. the efficiency of the accounts payable function

11. The number of days' sales in receivables

A. is an estimate of the length of time the receivables have been outstanding
B. measures the number of times the receivables turn over each year
C. is Net Credit Sales divided by Average Receivables
D. is not meaningful and therefore is not used

12. Given the following information, compute Accounts Receivable Turnover:

Gross Sales: $150,000 Accounts Receivable, Beginning of Year: $18,000

Net Sales: $135,000 Accounts Receivable, End of Year: $22,000

A. 6.75
B. 7.5
C. 6.13
D. 6.82

13. Match each of the following terms associated with the best description of that term.
1. The difference between Accounts Receivable
and Allowance for Doubtful Accounts. Accounts Receivable ____
2. A list of customer accounts sorted by age
classes. Aging Report ____
3. Operating expense recorded as a result of
receivables becoming uncollectible. Allowance for Doubtful Accounts ____
4. A contra asset that represents the amount of
estimated uncollectible receivables at a specific
date. Direct Write-off Method ____
5. A receivable created from selling merchandise
or services on account. Bad Debt Expense ____
6. All money claims against other entities. Net Realizable Value ____
7. Another term for selling receivables. Factoring ____
8. Records bad debt expense only when a specific
customer’s account is deemed worthless. Receivables ____
9. Measures how frequently during the year
accounts receivables are being turned into cash. Accounts Receivable Turnover ____