公司理财（英文版）题库2说课讲解

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d 47. Cash flow to stockholders is defined as: a. interest payments. b. repurchases of equity less cash dividends paid plus new equity sold. c. cash flow from financing less cash flow to creditors. d. cash dividends plus repurchases of equity minus new equity financing. e. None of the above.

FREE CASH FLOW

d 48. Free cash flow is: a. without cost to the firm. b. net income plus taxes. c. an increase in net working capital. d. cash flow in excess of that required to fund profitable capital projects. e. None of the above.

CASH FLOW

d 49. The cash flow of the firm must be equal to: a. cash flow to equity minus cash flow to debtholders. b. cash flow to debtholders minus cash flow to equity. c. cash flow to governments plus cash flow to equity. d. cash flow to equity plus cash flow to debtholders. e. None of the above.

STATEMENT OF CASH FLOWS

a 50. Which of the following are all components of the statement of cash flows? a. Cash flow from operating activities, cash flow from investing activities, and cash flow

from financing activities

b. Cash flow from operating activities, cash flow from investing activities, and cashflow

from divesting activities

c. Cash flow from internal activities, cash flow from external activities, and cash flow

from financing activities

d. Cash flow from brokering activities, cash flow from profitable activities, and cash flow

from non-profitable activities

e. None of the above.

III. PROBLEMS

CURRENT ASSETS

b 51. A firm has $300 in inventory, $600 in fixed assets, $200 in accounts receivables, $100

in accounts payable, and $50 in cash. What is the amount of the current assets?

a. $500 b. $550 c. $600 d. $1,150 e. $1,200

NET WORKING CAPITAL

b 52. The total assets are $900, the fixed assets are $600, long-term debt is $500, and short-term debt is $200. What is the amount of net working capital?

a. $0 b. $100

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c. $200 d. $300 e. $400

LIQUIDITY

d 53. Brad’s Company has equipment with a book value of $500 that could be sold today at a

50 percent discount. Their inventory is valued at $400 and could be sold to a

competitor for that amount. The firm has $50 in cash and customers owe them $300. What is the accounting value of their liquid assets?

a. $50 b. $350 c. $700 d. $750

e. $1,000

BOOK VALUE

c 54. Martha’s Enterprises spent $2,400 to purchase equipment three years ago. This

equipment is currently valued at $1,800 on today’s balance sheet but could actually be sold for $2,000. Net working capital is $200 and long-term debt is $800. What is the book value of shareholders’ equity? a. $200 b. $800 c. $1,200 d. $1,400

e. The answer cannot be determined from the information provided.

NET INCOME

b 55. Art’s Boutique has sales of $640,000 and costs of $480,000. Interest expense is

$40,000 and depreciation is $60,000. The tax rate is 34%. What is the net income?

a. $20,400 b. $39,600 c. $50,400 d. $79,600 e. $99,600

MARGINAL TAX RATE

c 56. Given the tax rates as shown, what is the average tax rate for a firm with taxable

income of $126,500?

Taxable Income Tax Rate $ 0 - 50,000 15% 50,001 - 75,000 25% 75,001 - 100,000 34% 100,001 - 335,000 39%

a. 21.38 percent b. 23.88 percent c. 25.76 percent d. 34.64 percent e. 39.00 percent

TAXES

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57. The tax rates are as shown. Your firm currently has taxable income of $79,400. How

much additional tax will you owe if you increase your taxable income by $21,000? Taxable Income Tax Rate $ 0 - 50,000 15% 50,001 - 75,000 25% 75,001 - 100,000 34% 100,001 - 335,000 39% a. b. c. d. e.

$7,004 $7,014 $7,140 $7,160 $7,174

OPERATING CASH FLOW

d 58. Your firm has net income of $198 on total sales of $1,200. Costs are $715 and

depreciation is $145. The tax rate is 34 percent. The firm does not have interest expenses. What is the operating cash flow? a. $93 b. $241 c. $340 d. $383 e. $485

NET CAPITAL SPENDING

c. 59. Teddy’s Pillows has beginning net fixed assets of $480 and ending net fixed assets of

$530. Assets valued at $300 were sold during the year. Depreciation was $40. What is the amount of capital spending? a. $10 b. $50 c. $90 d. $260 e. $390

CHANGE IN NET WORKING CAPITAL

b 60. At the beginning of the year, a firm has current assets of $380 and current liabilities of

$210. At the end of the year, the current assets are $410 and the current liabilities are $250. What is the change in net working capital? a. -$30 b. -$10 c. $0 d. $10 e. $30

CASH FLOW TO CREDITORS

e 61. At the beginning of the year, long-term debt of a firm is $280 and total debt is $340. At

the end of the year, long-term debt is $260 and total debt is $350. The interest paid is $30. What is the amount of the cash flow to creditors? a. -$50 b. -$20 c. $20

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d. e. $30 $50

CASH FLOW TO CREDITORS

a 62. Pete’s Boats has beginning long-term debt of $180 and ending long-term debt of $210.

The beginning and ending total debt balances are $340 and $360, respectively. The interest paid is $20. What is the amount of the cash flow to creditors? a. -$10 b. $0 c. $10 d. $40 e. $50

CASH FLOW TO STOCKHOLDERS

a 63. Peggy Grey’s Cookies has net income of $360. The firm pays out 40 percent of the net

income to its shareholders as dividends. During the year, the company sold $80 worth of common stock. What is the cash flow to stockholders? a. $64 b. $136 c. $144 d. $224 e. $296

CASH FLOW TO STOCKHOLDERS

a 64. Thompson’s Jet Skis has operating cash flow of $218. Depreciation is $45 and interest

paid is $35. A net total of $69 was paid on long-term debt. The firm spent $180 on fixed assets and increased net working capital by $38. What is the amount of the cash flow to stockholders? a. -$104 b. -$28 c. $28 d. $114 e. $142

The following balance sheet and income statement should be used for questions #65 through #71:

Nabors, Inc.

2005 Income Statement

($ in millions)

Net sales $9,610 Less: Cost of goods sold 6,310 Less: Depreciation 1,370 Earnings before interest and taxes 1,930 Less: Interest paid 630 Taxable Income $1,300 Less: Taxes 455 Net income $ 845

Nabors, Inc.

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2004 and 2005 Balance Sheets

($ in millions)

Cash Accounts rec. Inventory Total Net fixed assets 2004 2005 $ 310 $ 405 2,640 3,055 3,275 3,850 $ 6,225 $ 7,310 10,960 10,670 Accounts payable Notes payable Total Long-term debt Common stock Retained earnings 2004 2005 $ 2,720 $ 2,570 100 0 $ 2,820 $ 2,570 7,875 8,100 5,000 5,250 1,490 2,060 Total assets

$17,185 $17,980 Total liab.& equity $17,185 $17,980

CHANGE IN NET WORKING CAPITAL

c 65. What is the change in the net working capital from 2004 to 2005?

a. $1,235 b. $1,035 c. $1,335 d. $3,405 e. $4,740

NONCASH EXPENSES

d 66. What is the amount of the non-cash expenses for 2005?

a. $570 b. $630 c. $845 d. $1,370 e. $2,000

NET CAPITAL SPENDING

c 67. What is the amount of the net capital spending for 2005?

a. -$290 b. $795 c. $1,080 d. $1,660 e. $2,165

OPERATING CASH FLOW

d 68. What is the operating cash flow for 2005?