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ID:12616156
大小:1.01 MB
页数:95页
时间:2018-07-18
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1、CaseSolutionsCorporateFinanceRoss,Westerfield,andJaffe9thedition95CHAPTER2CASHFLOWSATWARFCOMPUTERSTheoperatingcashflowforthecompanyis:(NOTE:Allnumbersareinthousandsofdollars)OCF=EBIT+Depreciation–CurrenttaxesOCF=$1,332+159–386OCF=$1,105Tocalculatethecashflowfr
2、omassets,weneedtofindthecapitalspendingandchangeinnetworkingcapital.Thecapitalspendingfortheyearwas:Capitalspending Endingnetfixedassets$2,280 –Beginningnetfixedassets1,792 +Depreciation159 Netcapitalspending$647Andthechangeinnetworkingcapitalwas: Changeinnetw
3、orkingcapital EndingNWC$728 –BeginningNWC586 ChangeinNWC$142So,thecashflowfromassetswas: Cashflowfromassets Operatingcashflow$1,105 –Netcapitalspending647 –ChangeinNWC142 Cashflowfromassets$316Thecashflowtocreditorswas: Cashflowtocreditors Interestpaid$95 –Ne
4、tNewBorrowing20 CashflowtoCreditors$7595Thecashflowtostockholderswas: Cashflowtostockholders Dividendspaid$212 –Netnewequityraised–29 CashflowtoStockholders$241Theaccountingcashflowstatementofcashflowsfortheyearwas: StatementofCashFlows Operations Netincome$7
5、42 Depreciation159 Deferredtaxes109 Changesinassetsandliabilities Accountsreceivable(31) Inventories14 Accountspayable17 Accruedexpenses(99) Other(9) Totalcashflowfromoperations$902 Investingactivities Acquisitionoffixedassets$(786) Saleoffixedassets139 Tota
6、lcashflowfrominvestingactivities$(547) Financingactivities Retirementofdebt$(98) Proceedsoflong-termdebt118 Notespayable5 Dividends(212) Repurchaseofstock(40) Proceedsfromnewstockissues11 Totalcashflowfromfinancingactivities$(216) Changeincash(onbalanceshe
7、et)$3995Answerstoquestions1.Thefirmhadpositiveearningsinanaccountingsense(NI>0)andhadpositivecashflowfromoperationsandapositivecashflowfromassets.Thefirminvested$142innewnetworkingcapitaland$647innewfixedassets.Thefirmwasabletoreturn$241toitsstockholdersand$75
8、tocreditors.2.Thefinancialcashflowspresentamoreaccuratepictureofthecompanysinceitaccuratelyreflectsinterestcashflowsasafinancingdecisionratherthananoperatingdecision.3.Theexpansion
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