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1、编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第91页共49页Chapter2:AccountingStatementsandCashFlow2.10AssetsCurrentassetsCash$4,000Accountsreceivable8,000Totalcurrentassets$12,000FixedassetsMachinery$34,000Patents82,000Totalfixedassets$116,000Totalassets$128,000LiabilitiesandequityCurrentliabili
2、tiesAccountspayable$6,000Taxespayable2,000Totalcurrentliabilities$8,000Long-termliabilitiesBondspayable$7,000StockholdersequityCommonstock($100par)$88,000Capitalsurplus19,000Retainedearnings6,000Totalstockholdersequity$113,000Totalliabilitiesandequity$128,0002.11OneyearagoTodayL
3、ong-termdebt$50,000,000$50,000,000Preferredstock30,000,00030,000,000Commonstock100,000,000110,000,000Retainedearnings20,000,00022,000,000Total$200,000,000$212,000,0002.12TotalCashFlowoftheStancilCompanyCashflowsfromthefirmCapitalspending$(1,000)Additionstoworkingcapital(4,000)To
4、tal$(5,000)CashflowstoinvestorsofthefirmShort-termdebt$(6,000)Long-termdebt(20,000)Equity(Dividend-Financing)21,000Total$(5,000)[Note:Thistableisn’ttheStatementofCashFlows,whichisonlycoveredinAppendix2B,sincethelatterhasthechangeincash(onthebalancesheet)asafinalentry.]2.13a.Thec
5、hangesinnetworkingcapitalcanbecomputedfrom:第91页共49页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第91页共49页SourcesofnetworkingcapitalNetincome$100Depreciation50Increasesinlong-termdebt75Totalsources$225UsesofnetworkingcapitalDividends$50Increasesinfixedassets*150Totaluses$200Additionstonetwork
6、ingcapital$25*Includes$50ofdepreciation.b.CashflowfromthefirmOperatingcashflow$150Capitalspending(150)Additionstonetworkingcapital(25)Total$(25)CashflowtotheinvestorsDebt$(75)Equity50Total$(25)Chapter3:FinancialMarketsandNetPresentValue:FirstPrinciplesofFinance(Advanced)3.14$120
7、,000-($150,000-$100,000)(1.1)=$65,0003.15$40,000+($50,000-$20,000)(1.12)=$73,6003.16a.($7million+$3million)(1.10)=$11.0millionb.i.Theycouldspend$10millionbyborrowing$5milliontoday.ii.Theywillhavetospend$5.5million[=$11million-($5millionx1.1)]att=1.Chapter4:NetPresentValue4.12a.$
8、1,000´1.0510=$1,628.89b.$1,000´1.0710=$1,967.15
