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SOLUTIONS TO TEST BANK PROBLEMS
Chapter 2 51. Current assets = $300 + $200 + $50 = $550 52. Net working capital = $900 - $600 - $200 = $100 53. Liquid assets = $400 + $50 + $300 = $750 54. Book value of shareholders’ equity = $1,800 + $200 - $800 = $1,200 55. Taxable income = $640,000 - $480,000 - $40,000 – $60,000 = $60,000; Tax
= .34($60,000) = $20,400; Net income = $60,000 - $20,400 = $39,600
56. Tax = .15($50,000) + .25($25,000) + .34($25,000) +.39($126,500 - $100,000) = $32,585;
Average tax rate = $32,585 ? $126,500 = .2576 = 25.76 percent
57. Additional tax = .34($100,000 - $79,400) + .39($79,400 + $21,000 - $100,000) = $7,160 58. Earnings before interest and taxes = $1,200 - $715 - $145 = $340; Tax = [$198 ? (1 -.34)]
- $198 = $102; Operating cash flow = $340 + $145 - $102 = $383
59. Net capital spending = $530 - $480 + $40 = $90 60. Change in net working capital = ($410 - $250) - ($380 - $210) = -$10 61. Cash flow to creditors = $30 – ($260 - $280) = $50 62. Cash flow to creditors = $20 – ($210 - $180) = -$10 63. Cash flow to stockholders = .40($360) – $80 = $64 64. Cash flow of the firm = $218 - $38 - $180 = $0; Cash flow to creditors =
$35 – (-$69) = $104; Cash flow to stockholders = $0 - $104 = -$104
65. Change in net working capital = ($7,310 - $2,570) – ($6,225 - $2,820) = $1,335 66. The non-cash expense is depreciation in the amount of $1,370. 67. Net capital spending = $10,670 - $10,960 + $1,370 = $1,080 68. Operating cash flow = $1,930 + $1,370 - $455 = $2,845 69. Operating cash flow = $1,930 + $1,370 - $455 = $2,845; Change in net working capital =
($7,310 - $2,570) - ($6,225 - $2,820) = $1,335; Net capital spending = $10,670 - $10,960 + $1,370 = $1,080; Cash flow of the firm = $2,845 - $1,335 - $1,080 = $430
70. Net new borrowing = $8,100 - $7,875 = $225 71. Cash flow to creditors = $630 - ($8,100 - $7,875) = $405 72. Net working capital = $75 + $502 + $640 - $405 = $812
73. Change in net working capital = ($75 + $502 + $640 - $405) – ($70 + $563 +$662 - $390)
= -$93
74. Net capital spending = $1,413 - $1,680 + $210 = -$57 75. Earnings before interest and taxes = $785 - $460 - $210 = $115; Taxable income = $115 -
$35 = $80; Taxes = .35($80) = $28; Operating cash flow = $115 + $210 - $28 = $297
76. Cash flow of the firm = $297 - (-$93) - (-$57) = $447 (See problems 73 and 74) 77. Net new borrowing = $410 - $340 = $70 78. Cash flow to creditors = $35 – ($410 - $340) = -$35 79. Cash flow to stockholders = $447 - (-$35) = $482 (See problems 76 and 78); or, Cash
flow to stockholders = $17 – ($235 - $700) = $482
80. Net income = $160 + $360 = $520; Taxable income = $520 ? (1 - .35) = $800 81. Earnings before interest and taxes = $800 + $215 = $1,015 (See problem 80); Operating
cash flow = $1,015 + $375 – ($800 - $520) = $1,110 (See problem 80)
82. Sales = $1,015 + $375 + $3,210 = $4,600 (see problem 82)
83. ((Sales-COGS)-Depreciation-Interest)-Taxes = Net Income (($250-$160)-$35-$20)-$11.9=$23.10
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公司理财（英文版）题库2说课讲解
