课程名称︰财务管理 课程性质︰选修 课程教师︰陈建宏 开课学院：管理学院 开课系所︰国企系 考试日期（年月日）︰97.4.14 考试时限（分钟）：2:30 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 1.Below are the financial statement of Wonderful Co.in 2006 and 2007 Income Statement 2006 2007 Sales $165390 $201600 Cost of goods sold 84310 106450 Selling & administrative 16580 21640 Depreciation 23800 26900 ------- ------ EBIT $40700 $46610 Interest 5180 5930 ------ ----- EBT $35520 $40680 Taxes 7104 8136 ------ ------ Net Income $28416 $32544 ====== ====== Dividends $8525 $9763 Addition to retained earnings 19891 22781 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Balance Sheet as of Dec. 31,2006 Cash $12165 Account payable $21500 Accounts receivable 8620 Note payable 9800 ------ Inventory 18140 Current liabilities $31300 ------ Current assets $38920 Long-term debt $53000 Net fixed assets $105000 ------- Owners' equity 59625 ------- Total assets $143925 Total liab. & equity $143925 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Balance Sheet as of Dec. 31,2007 Cash $18380 Account payable $24350 Account receivable 11182 Note payable 10700 Inventory 24894 Current liabilities $31300 Current assets 54456 Net fixed assets $134000 Lomg-term debt $61000 Total assets $188456 Owners' equity $92406 Total liab. & equity $188456 Required: (1) Calculate (a)the operating cash flow in 2007 and (b)the cash flow from assets in 2007. (10分) (2) Calculate the cash flow to creditors in 2007. (5分) (3) Calculate the cash flow to stockholders in 2007. (5分) (4) Calculate the inventory turnover and the cash coverage ratio in 2007 (5分) (5) Calculate the profit margin, total asset turnover, and equity multiplier in 2007. And then, verify the Du Pont Identity. (10分) 2. You have the following data for the Brave Company as December 31, 2007: "Balance, December 31,2006": Retained Earning: $80000 "Activity, 2007": Sales $12000000 "Balance, December 31,2007": Note Payable: $900000 Common Stock: $6532000 "Percentage-of-Sales": Cash: 5% Accounts Receivable: 15% Inventories: 20% Plant, net: 40% Account Payable: 10% Accrual Payable: 5% Net Profit margin: 4% Payout ratio: 40% Required: (1) Suppose that in 2008, sales is expected to increase by 20% over year 2007 sales. Please determine Bravo's external funds needed (EFN) for 2008. (10分) (2) If the customers' slower payment increased in colletion period to 72 days, what would happen tp Bravo's external funds needed in 2008. (5分) (3) Calculate the internal growth rate of Bravo for 2008. (5分) (4) Calculate the sustainable growth rate of Bravo for 2008. (5分) 3. You are saving for graduate school, which you expect to pay for 4 annual payments of $15000 beginning 6 years today. In the meantime, you can earn 8% on any money you invest. If you fund this with 8 equal annual payments ending at the same time as you last payment to the school, how much should each payment be? (5分) 4. Find the present value of an ordinary annuity of $500 per quarter for 5 years at an interest rate of 8% compounded monthly. (5分) 5. The Marvellous Company has just paid a cash dividend of $2 per share. Invenstors require a 8 percent return from investments such as this. What should the stock sell for today, if the dividend was expected to grow at 10 percent per year for the next three years and then settle down to 5 percent per year indefinitely? (5分) 6. Amazing Company ia adding production capacity and must choose between two machines, Both cost $200000, but Machine A has an anticipated 4 year life, while the life of Machine B is forcast to be 7 years. Amazing Co. has done a complete incremental after-tax cash flow analysis for each machine with the following results: (Amazing Co. has 10% cost of capital) Year Machine A Machine B 1 $90000 $65000 2 90000 65000 3 90000 65000 4 90000 65000 5 65000 6 65000 7 65000 Required: (1) Calculate the NPV and IRR from investing in each machine. (7分) (2) Calculate the Modified IRR (MIRR) from investing in each machine. (5分) (3) Which machine should Amazing Co. select? Why? (8分) 7.甲公司有闲余资金1000万元，拟进行投资，假设公司只有A、B两个互斥的投资计画案 可以采行，否则就只能将资金放定存，定存年利率是8%。 根据下列资料，财务经理说B案的NPV大於A案，故应该采B案；可是总经理说不对， 虽然B案的NPV比A案多，但是A案投资只用了600万元，还有400万元可以放定存， 可以多赚利息32万元，加上原来的NPV(100万元)成为132万元，比B案佳，故应采A案。 计画案 投资成本 NPV 定存利息 合计 A 600 100 32 132 B 1000 110 0 110 你认为财务经理还是总经理的说法才对? 为什麽? (5分) 备注一: 本次考试可使用财务计算机 备注二: 试卷附有年金的现值表和终值表供查询 --

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