公司财务管理题库3Word格式文档下载.doc
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公司财务管理题库3Word格式文档下载.doc
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3.Nguyen,Inc.isconsideringthepurchaseofanewcomputersystem(ICX)for$130,000.Thesystemwillrequireanadditional$30,000forinstallation.Ifthenewcomputerispurchaseditwillreplaceanoldsystemthathasbeenfullydepreciated.Thenewsystemwillbedepreciatedoveraperiodof10yearsusingstraight-linedepreciation.IftheICXispurchased,theoldsystemwillbesolefor$20,000.TheICXsystem,whichhasausefullifeof10years,isexpectedtoincreaserevenuesby$32,000peryearoveritsusefullife.Operatingcostsareexpectedtodecreaseby$2,000peryearoverthelifeofthesystem.Thefirmistaxedata40percentmarginalrate.
a.WhatnetinvestmentisrequiredtoacquiretheICXsystemandreplacetheoldsystem?
b.ComputetheannualnetcashflowsassociatedwiththepurchaseoftheICXsystem.
4.Benford,Inc.isplanningtoopenanewsportinggoodsstoreinasuburbanmall.Benfordwillleasetheneededspaceinthemall.Equpmentandfixtureforthestorewillcost$200,000andbedepreciatedovera5-yearperiodonastraight-linebasisto$0.ThenewstorewillrequireBenfordtoincreaseitsnetworkingcapitalby$200,000attime0.First-yearsalesareexpectedtobe$1millionandtoincreaseatanannualrateof8percentovertheexpected10-yearlifeofthestore.Operatingexpenses(includingleasepaymentsandexcludingdepreciation)areprojectedtobe$700,000duringthefirstyearandincreaseata7percentannualrate.Thesalvagevalueofthestore’sequipmentandfixtureisanticipatedtobe$10,000attheendof10Years.Benford’smarginaltaxrateis40percent.
a.ComputethenetinvestmentrequiredforBenford.
b.Computetheannualnetcashflowsforthe10-yearprojectedlifeofthestore.
5.Calculatethenetpresentvalueofaprojectwithanetinvestmentof$20,000forequipmentandanadditionalnetworkingcapitalinvestmentof$5,000attime0.Theprojectisexpectedtogeneratenetcashflowsof$7,000peryearovera10-yearestimatedeconomiclife.Inaddition,thenetworkingcapitalwillberecoveredattheendoftheproject.Therequiredreturnontheprojectis11percentandthecompanyhasamarginaltaxrateof40percent.Whatisthemeaningofthecomputednetpresentvaluefigure?
6.Calculatetheinternalrateofreturnandprofitabilityindexforaprojectthatisexpectedtogenerate8yearsofannualnetcashflowsof$75,000.Theprojecthasanetinvestmentof$360,000andtherequiredreturnontheprojectis12percent.
7.Twomutuallyexclusiveprojectshavethefollowingexpectedcashflow:
Year
G
H
1
2
3
-$10,000
5,000
17,000
a.Calculatetheinternalrateofreturnforeachproject.
b.Calculatethenetpresentvalueforeachproject,assumingthefirm’sweightedcostofcapitalis12percent.
c.Whichprojectshouldbeadopted?
Why?
8.JeffersonProducts,Inc.,isconsideringpurchasinganewautomaticpressbrake,whichcosts#300,000includinginstallationandshipping.Themachineisexpectedtogeneratenetcashinflowsof$80,000peryearfor10years.Attheendof10years,thebookvalueifthemachinewillbe$0,anditisanticipatedthatthemachinewillbesolefor$100,000.Ifthepressbrakeprojectisundertaken,Jeffersonwillhavetoincreaseitsnetworkingcapitalby75,000.Whentheprojectisterminatedin10years,therenolongerwillbeaneedforthisincrementalworkingcapital,anditcanbeliquidatedandmadeavailabletoJeffersonforotheruses.Jeffersonrequiresa12percentannualreturnonthistypeofprojectanditsmarginaltaxrateis40percent.
a.Calculatethepressbrake’snetpresentvalue.
b.Istheprojectacceptable?
c.Whatisthemeaningofthecomputednetpresentvaluefigure?
d.Whatistheproject’sinternalrateofreturn?
e.Forthepressbrakeproject,atwhatannualratesofreturndothenetpresentvalueandinternalrateofreturnmethodsassumethatthenetcashinflowsarebeingreinvested?
9.TheTaylorMountainUraniumCompanycurrentlyhasannualrevenuesof$1.2millionandannualexpensesexclusiveofdepreciationof$700,000.Depreciationamountsto$200,000peryear.Thesefiguresareexpectedtoremainconstantfortheforeseeablefuture(atleast15years).Thefirm’smarginaltaxrateis40percent.
Anewhigh-speedprocessingunitcosting$1.2millionisbeingconsideredasapotentialinvestmentdesignedtoincreasethefirm’soutputcapacity.Thisnewpieceofequipmentwillhaveanestimatedusablelifeof10yearsanda$0estimatedsalvagevalue.Iftheprocessingunitisbought,Taylor’sannualrevenuesareexpectedtoincreaseto$1.6million,andannualexpensesexclusiveofdepreciationwillincreaseto$900,000.Annualdepreciationwillincreaseto$320,000.Assumethatmoincreaseinnetworkingcapitalwillberequiredasaresultofthisproject.
a.Calculatetheprocessingunit’snetpresentvalue,usinga12percentrequiredreturn.
b.ShouldTayloraccepttheproject?
c.Howmanyinternalratesofreturndoestheprocessingunitprojecthave?
d.Calculatetheprocessingunit’sinternalrateofreturn.
10.TurbomachineryParts,Inc.isconsideringtwomutuallyexclusiveequipmentinvestmentsthatwouldincreaseitsproductioncapacity.Thefirmusesa14percentrequiredrateofreturntoevaluatecapitalexpenditureprojects,Thetwoinvestmentshavethefollowingcostsandexpectedcashflowstreams;
InvestmentD
InvestmentE
-$50,000
24,000
15,000
4
5
6
-
15,000
a.CalculatethenetpresentvalueforInvestmentDandE,usingtheabovedata.
b.CreateareplacementchainforInvestmentD.Assumethatthecostofreplacinginflowsof$24,000foryears4through6.Usingthesesfigures,recomputedthenetpresentvalueforInvestmentD.
c.Whichofthetwoinvestmentsshouldbechosen,DorE?
d.Usetheequivalentannualannuitymethodtosolvetheproblem.HowdoesyouranswercomparewiththeoneobtainedinPartb?
Cases
Instructions:
Youmayworkonandsubmitthisassignmentinagroupcomposedofuptofivestudents.Yourgroupmustworkindependentlyofothergroups;
youmaynotshareorborrowyouranswerswithstudentsoutsideyourgroup.Pleasekeepyouranswerstothepointandwellwritten.TheentireassignmentmustbetypedandyoumustsubmitBOTHaprintedcopytome,ANDanelectronictomymailbox.Toreceivecredit,yournamemustbeontheassignmentatthetimeofsubmission.Youalsomustanswerallpartsofthequestionandshowfullworktoreceivecreditforaproblem.
Problem#1:
AvoidingtheYakuza(ThePoisonFistofthePacificRim)
EagertocompetewithherformerInvestmentClubcolleagues,MargeSimpsonwantstoopenupaPretzelWagonfranchisetofurtherfillAmerica’salreadybloatedsnackhole.Theoneminorobstaclethatstandsinherwayisthatshehasnomoneyofherowntodoso.Therefore,shewillhavetoborrowallofthe$50,000requiredtostarthernewbusiness.Margedecidesthatbestwaytoborrowthismoneyistotapintovariousfinancialmarkets.
Toallowforfinancialflexibilityandpossibleearlyoperatinglosses,Margewantstofundmostofherbusinessusingcommonequity.Shedecidesthatshewillobtain$35,000byissuing1750sharesofcommonstock.Shewillpayadividendnextyearof$1.62andsheexpectsthatshewillbeabletoincreasetheannualdividendby6%peryear.
Margealsowantstoobtain$5,000byissuing250sharesofpreferredequity.Margewillpayaconstantdividendof$1.50pershareonpreferredequity.
Finally,Margeisgoingtoobtaintheremainingnecessaryfundsthroughabondissue.Shewillissuetwelve$1000parbondsatapriceof$833.33perbond.
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