UNIVERSITAS PARAMADINA

MID-TERM QUIZ MANAJEMEN KEUANGAN

Roki Fajri 119108077

Manajemen

1. PT. Sportwares had the following operating results for 2011: sales = $22,800; cost of
goods sold = $16,050; depreciation expense = $4,050; interest expense = $1,830;
dividend paid = $1,300. At the beginning of the year, net fixed assets were $13,650,
current assets were $4,800, and current liabilities were $2,700. At the end of the year,
net fixed assets were $16,800, current assets were $5,930, and current liabilities were
$3,150. The tax rate for 2011 was 34 percent.
a. What is PT Sportwares’ net income for 2011?
b. What is its operating cash flow for 2011?
c. What is its cash flow from assets for 2011? Is it possible

2. If Roten Rooters Inc., has an equity multiplier of 2.80, total asset turnover of 1.15,
and a profit margin of 5.5 percent, what is its ROE?

3. The most recent financial statements for Summer Tyme, Inc., are shown here:

Income Statement Balance Sheet

Sales $4,200 Assets $3,600 Curr. Liabilities $2,100
Costs 3,300 Fixed asset 7,900 Long-term debt 3,650
Taxable income $ 900 Equity 5,750
Taxes (34%) 306 Total $11,500 Total $11,500
Net income $ 594

Assets and costs, and current liabilities are proportional to sales. Long-term debt and
equity are not. The company maintains a constant 40 percent dividend payout ratio. As
with every other firm in its industry, next year’s sales are projected to increase by
exactly 15 percent. What is the external financing needed?

4. Second Bank pay 10 percent simple interest on its savings account balances, whereas
Third Bank pays 10 percent interest compounded annually. If you made a $15,000
deposit in each bank, how much more money would you earn from your Third Bank
account at the end of 10 years

Corporate Finance I Page 1 of 3

 Jawaban

1.
a. What is PT Sportwares’ net income for 2011?
income stetmen
sales 22800
COGS 16050
Depreciation 4050
EBIT 2700
interest 1830
taxable income 870
tax (34%) 296
net income 574

b. What is its operating cash flow for 2011?

OCF=Ebit + depreciation-(ebit*0,34)

2700+4050-918=5832

c. What is its cash flow from assets for 2011? Is it possible

Change in NOWC = NOWCend– NOWCbeg
= (CAend– CLend) – (CAbeg– CLbeg)
= ($5,930 – 3,150) – ($4,800 – 2,700)
= $2,780 – 2,100 = $680
;assuming that the current liabilities are non-interest bearing
Net capital spending = NFAend– NFAbeg+ Depreciation
= $16,800 – 13,650 + 4,050 = $7,200
CFFA = OCF – Change in NOWC – Net capital spending
= $5,832 – 680 – 7,200 = –$2,048

2.ROE= Profit margin x equty multiplier x total asset turnover

= 5,5% x 2,80 x 1,15

= 0,1771 or 17,1%

3. assuming cost , assets , carrent lialibilities increases prpotionally, the pro forma financial
stetment

Corporate Finance I Page 2 of 3

 Summer tyme incom stetment Summer tyme
sales 4830 balance sheet
costs 3795 CA 4140 CL 2415
taxable income 1035 FA 9085 LTD 3650
tax (34%) 352
net income 683 equitt
y 6159,8
12224,
total 13225 total 8
The payout ratio is 40% so dividnens will
Dividens = 0,40 *(683)
Dividens = 273,2

The addition retained erninng is;

addition retained erninng= 683-273,2
addition retained erninng= 409,8

EFN =Total asst – total lialibilities and equity

EFN = 13255-12224,8
EFn = 1030,2

Corporate Finance I Page 3 of 3