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1、ros3059X_ch02.qxd12/27/0505:15PMPage37www.mhhe.com/rwj9.CashFlowtoStockholdersandCreditorsCouldacompany’scashflowtostockholdersbenegativeinagivenyear?(Hint:Yes.)Explainhowthismightcomeabout.Whataboutcashflowtocreditors?10.FirmValuesReferringbacktotheViacomexampleusedatthebeginnin
2、gofthechapter,notethatwesuggestedthatViacom’sstockholdersprobablydidn’tsufferasaresultofthereportedloss.Whatdoyouthinkwasthebasisforourconclusion?QUESTIONSANDPROBLEMS1.BuildingaBalanceSheetCulligan,Inc.,hascurrentassetsof$5,000,netfixedassetsof$23,000,currentliabilitiesof$4,300,
3、andlong-termdebtof$13,000.Whatisthevalueoftheshareholders’equityaccountforthisfirm?Howmuchisnetworkingcapital?2.BuildinganIncomeStatementRagsdale,Inc.,hassalesof$527,000,costsof$280,000,depre-Basicciationexpenseof$38,000,interestexpenseof$15,000,andataxrateof35percent.Whatisthe(
4、Questions1–10)netincomeforthefirm?Supposethecompanypaidout$48,000incashdividends.Whatistheadditiontoretainedearnings?3.MarketValuesandBookValuesKlingonCruisers,Inc.,purchasednewcloakingmachinerythreeyearsagofor$7million.ThemachinerycanbesoldtotheRomulanstodayfor$3.2million.Kling
5、on’scurrentbalancesheetshowsnetfixedassetsof$4,000,000,currentliabilitiesof$2,200,000,andnetworkingcapitalof$900,000.Ifallthecurrentassetswereliquidatedtoday,thecompanywouldreceive$2.8millioncash.WhatisthebookvalueofKlingon’sassetstoday?Whatisthemarketvalue?4.CalculatingTaxesThe
6、HerreraCo.had$273,000intaxableincome.UsingtheratesfromTable2.3inthechapter,calculatethecompany’sincometaxes.Whatistheaveragetaxrate?Whatisthemarginaltaxrate?5.CalculatingOCFRanney,Inc.,hassalesof$13,500,costsof$5,400,depreciationexpenseof$1,200,andinterestexpenseof$680.Ifthetax
7、rateis35percent,whatistheoperatingcashflow,orOCF?6.CalculatingNetCapitalSpendingGordonDrivingSchool’s2005balancesheetshowednetfixedassetsof$4.2million,andthe2006balancesheetshowednetfixedassetsof$4.7million.Thecompany’s2006incomestatementshowedadepreciationexpenseof$925,000.Whatwa
8、sGordon’snetcapitalspendingfor2006?7.BuildingaBalanceS
