财务管理课后习题6-2.doc

精品文档就在这里-各类专业好文档，值得你下载，教育，管理，论文，制度，方案手册，应有尽有-Chapter 66-4.Boatler Used Cadillac Co. requires $800,000 in financing over the next two years. The firm can borrow the funds for two years at 9 percent interest per year. Mr. Boatler decides to do economic forecasting and determines that if he utilizes short-term financing instead, he will pay 6.75 percent interest in the first year and 10.55 percent interest in the second year. Determine the total two-year interest cost under each plan. Which plan is less costly?Solution:Boatler Used Cadillac Co.Cost of Two Year Fixed Cost Financing$800,000 borrowed * 9% per annum x 2 years = $144,000 interest costCost of Two Year Variable Short-term Financing1st year $800,000 * 6.75% per annum = $54,600 interest cost2nd year $800,000 * 10.55% per annum = $84,400 interest cost $138,400 total interest costThe short-term plan is less costly.6-7.Winfrey Diet Food Corp. has $4,500,000 in assets.Temporary current assets$1,000,000Permanent current assets1,500,000Fixed assets 2,000,000Total assets$4,500,000Short-term rates are 8 percent. Long-term rates are 13 percent. Earnings before interest and taxes are $960,000. The tax rate is 40 percent.If long-term financing is perfectly matched (synchronized) with long-term asset needs, and the same is true of short-term financing, what will earnings after taxes be? For an example of perfectly matched plans, see Figure 6-5.Solution:Winfrey Diet Food CorporationLong-term financing equals:Permanent current assets$1,500,000Fixed assets2,000,000$3,500,000Short-term financing equals:Temporary current assets$1,000,000Long-term interest expense = 13% * $3,500,000 = $ 455,000Short-term interest expense = 8% * 1,000,000 = 80,000Total interest expense$ 535,000Earnings before interest and taxes$ 960,000Interest expense 535,000Earnings before taxes$ 425,000Taxes (40%) 170,000Earnings after taxes$ 255,0006-9. Collins Systems, Inc., is trying to develop an asset-financing plan. The firm has $300,000 in temporary current assets and $200,000 in permanent current assets. Collins also has $400,000 in fixed assets. Assume a tax rate of 40 percent.a.Construct two alternative financing plans for the firm. One of the plans should be conservative, with 80 percent of assets financed by long-term sources and the rest financed by short-term sources. The other plan should be aggressive, with only 30 percent of assets financed by long-term sources and the remaining assets financed by short-term sources. The current interest rate is 15 percent on long-term funds and 10 percent on short-term financing. Also compute the annual interest payments under each plan.b.Given that Collins earnings before interest and taxes are $180,000, calculate earnings after taxes for each of your alternatives.Solution:Collins Systems Inc.a.Temporary current assets$300,000Permanent current assets200,000Fixed assets 400,000Total assets$900,000Conservative % of Interest InterestAmount Total Rate Expense$900,000 * .80 = $720,000 * .15 = $108,000 Long-term$900,000 * .20 = $180,000 * .10 = 18,000 Short-termTotal interest charge $126,000Aggressive % of Interest InterestAmount Total Rate Expense$900,000 * .30 = $270,000 * .15 = $ 40,500 Long-term$900,000 * .70 = $630,000 * .10 = 63,000 Short-termTotal interest charge $103,500ConservativeAggressiveEBIT$180,000$180,000Int 126,000 103,500EBT54,00076,500Tax 40% 21,600 30,600EAT$ 32,400$ 45,9006-14. Garza Electronics expects to sell 500 units in January, 250 units in February, and 1,000 units in March. Decembers ending inventory is 700 units. Expected sales for the year are 7,200 units. Garza has decided on a level production schedule of 600 units (7,200 units for the year/12 months = 600 units per month). What is the expected unit volume of end-of-month inventory for January, February, and March? Show the beginning inventory, production, and sales for each of the three months that is used to derive the ending inventory.Solution:Garza ElectronicsBeginning EndingInventory + Production Sales = InventoryJanuary700+600500=800February800+600250=1,150March1,150+6001,000=750 3、通过活动，使学生养成博览群书的好习惯。B比率分析法和比较分析法不能测算出各因素的影响程度。C采用约当产量比例法，分配原材料费用与分配加工费用所用的完工率都是一致的。C采用直接分配法分配辅助生产费用时，应考虑各辅助生产车间之间相互提供产品或劳务的情况。错 C产品的实际生产成本包括废品损失和停工损失。C成本报表是对外报告的会计报表。C成本分析的首要程序是发现问题、分析原因。C成本会计的对象是指成本核算。C成本计算的辅助方法一般应与基本方法结合使用而不单独使用。C成本计算方法中的最基本的方法是分步法。XD当车间生产多种产品时，“废品损失”、“停工损失”的借方余额，月末均直接记入该产品的产品成本 中。D定额法是为了简化成本计算而采用的一种成本计算方法。F“废品损失”账户月末没有余额。F废品损失是指在生产过程中发现和入库后发现的不可修复废品的生产成本和可修复废品的修复费用。F分步法的一个重要特点是各步骤之间要进行成本结转。()G各月末在产品数量变化不大的产品，可不计算月末在产品成本。错G工资费用就是成本项目。()G归集在基本生产车间的制造费用最后均应分配计入产品成本中。对J计算计时工资费用，应以考勤记录中的工作时间记录为依据。()J简化的分批法就是不计算在产品成本的分批法。()J简化分批法是不分批计算在产品成本的方法。对 J加班加点工资既可能是直接计人费用，又可能是间接计人费用。J接生产工艺过程的特点，工业企业的生产可分为大量生产、成批生产和单件生产三种，XK可修复废品是指技术上可以修复使用的废品。错K可修复废品是指经过修理可以使用，而不管修复费用在经济上是否合算的废品。P品种法只适用于大量大批的单步骤生产的企业。Q企业的制造费用一定要通过“制造费用”科目核算。Q企业职工的医药费、医务部门、职工浴室等部门职工的工资，均应通过“应付工资”科目核算。 S生产车间耗用的材料，全部计入“直接材料”成本项目。 S适应生产特点和管理要求，采用适当的成本计算方法，是成本核算的基础工作。()W完工产品费用等于月初在产品费用加本月生产费用减月末在产品费用。对Y“预提费用”可能出现借方余额，其性质属于资产，实际上是待摊费用。对 Y引起资产和负债同时减少的支出是费用性支出。XY以应付票据去偿付购买材料的费用，是成本性支出。XY原材料分工序一次投入与原材料在每道工序陆续投入，其完工率的计算方法是完全一致的。Y运用连环替代法进行分析，即使随意改变各构成因素的替换顺序，各因素的影响结果加总后仍等于指标的总差异，因此更换各因索替换顺序，不会影响分析的结果。()Z在产品品种规格繁多的情况下，应该采用分类法计算产品成本。对Z直接生产费用就是直接计人费用。XZ逐步结转分步法也称为计列半成品分步法。A按年度计划分配率分配制造费用，“制造费用”账户月末(可能有月末余额/可能有借方余额/可能有贷方余额/可能无月末余额)。A按年度计划分配率分配制造费用的方法适用于(季节性生产企业)-精品 文档-