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1、Chapter26:CorporateFinancialModelsandLong-termPlanningCONCEPTQUESTIONS–CHAPTER2626.1·Whatarethetwodimensionsofthefinancial-planningprocess?Thetimeframeandthelevelofaggregation.·Whyshouldfirmsdrawupfinancialplans?Itaccomplishesvariousgoals:1.Itimprovesinteractionsbetweeninve
2、stmentproposalsforthedifferentoperatingactivitiesofthefirm.2.Itprovidesopportunitiesforthefirmtoworkthroughvariousinvestmentandfinancialalternatives.3.Itprovidesgreaterflexibility.4.Itavoidssurprises.·Whenmightthegoalsofgrowthandvaluemaximizationbeinconflictandwhenwouldthey
3、bealigned?TheymightbeinconflictifmanagementiswillingtoacceptnegativeNPVprojectsjustforthesakeofgrowth.Theywouldbealignedifgrowthisanindeterminategoalthatleadstohighervalue.·Whatarethedeterminantsofgrowth?1.Profitmargin2.Assetutilization3.Payoutratio4.DebtratioAnswerstoEnd-o
4、f-ChapterProblems26.1Forecastsales:S=0.00001GNP=0.00001($2,050billion)=$20,500,000Computetheothervalues:CA=$500,000+0.25($20,500,000)=$5,625,000FA=$1,000,000+0.50($20,500,000)=$11,250,000CL=$100,000+0.10($20,500,000)=$2,150,000NP=0.02($20,500,000)=$410,000Computethenewamoun
5、tofretainedearnings:DRE=NP(1-0.34)=$410,000(0.66)=$270,600RE=$3,400,000+$270,600=$3,670,600Computethenewamountofbonds:Debt-to-AssetRatio=($1,100,000+$2,500,000)/($3,000,000+$6,000,000)=0.40Bonds=[(CA+FA)x0.40]-CL=($5,625,000+$11,250,000)(0.40)-$2,150,000=$4,600,000B-219Answ
6、erstoEnd-of-ChapterProblemsComputethenewamountofstock:Stock=[(CA+FA)-(CL+Bonds+RE)]=($5,625,000+$11,250,000)-($2,150,000+4,600,000+3,670,600)=$6,454,400BalanceSheetCurrentAssets5,625,000CurrentLiabilities$2,150,000FixedAssets11,250,000Bonds4,600,000TotalAssets$16,875,000Com
7、monStock6,454,400RetainedEarnings3,670,600TotalLiabs&CS$16,875,00026.2DS=330-330/(1+10%)=$30milliona.Externalfundsneeded=(25%+150%)x30-(40%+45%)x30-(12%x330)(1-40%)=$3.24millionb.Currentassets=25%x330/(1+10%)=75Fixedassets=150%x330/(1+10%)=450Totalassets=Currentassets+Fixed
8、assets=75+450=$525millionShorttermdebt=40%x330/(1+10%)=120Longtermdebt=45%x330/(1+
