公司理财课后小案例答案解析.doc

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1、CaseSolutionsCorporateFinanceRoss,Westerfield,andJaffe9thedition95CHAPTER2CASHFLOWSATWARFCOMPUTERSTheoperatingcashflowforthecompanyis:(NOTE:Allnumbersareinthousandsofdollars)OCF=EBIT+Depreciation–CurrenttaxesOCF=$1,332+159–386OCF=$1,105Tocalculatethecashflowfro

2、massets,weneedtofindthecapitalspendingandchangeinnetworkingcapital.Thecapitalspendingfortheyearwas:Capitalspending Endingnetfixedassets$2,280 –Beginningnetfixedassets1,792 +Depreciation159 Netcapitalspending$647Andthechangeinnetworkingcapitalwas: Changeinnetwor

3、kingcapital EndingNWC$728 –BeginningNWC586 ChangeinNWC$142So,thecashflowfromassetswas: Cashflowfromassets Operatingcashflow$1,105 –Netcapitalspending647 –ChangeinNWC142 Cashflowfromassets$316Thecashflowtocreditorswas: Cashflowtocreditors  Interestpaid$95 –NetNe

4、wBorrowing20 CashflowtoCreditors$7595Thecashflowtostockholderswas: Cashflowtostockholders  Dividendspaid$212 –Netnewequityraised–29 CashflowtoStockholders$241Theaccountingcashflowstatementofcashflowsfortheyearwas: StatementofCashFlows Operations Netincome$742 D

5、epreciation159 Deferredtaxes109 Changesinassetsandliabilities Accountsreceivable(31) Inventories14 Accountspayable17 Accruedexpenses(99) Other(9) Totalcashflowfromoperations$902   Investingactivities Acquisitionoffixedassets$(786) Saleoffixedassets139 Totalcash

6、flowfrominvestingactivities$(547)   Financingactivities Retirementofdebt$(98) Proceedsoflong-termdebt118 Notespayable5 Dividends(212) Repurchaseofstock(40) Proceedsfromnewstockissues11 Totalcashflowfromfinancingactivities$(216)   Changeincash(onbalancesheet)$39

7、95Answerstoquestions1.Thefirmhadpositiveearningsinanaccountingsense(NI>0)andhadpositivecashflowfromoperationsandapositivecashflowfromassets.Thefirminvested$142innewnetworkingcapitaland$647innewfixedassets.Thefirmwasabletoreturn$241toitsstockholdersand$75tocredi

8、tors.2.Thefinancialcashflowspresentamoreaccuratepictureofthecompanysinceitaccuratelyreflectsinterestcashflowsasafinancingdecisionratherthananoperatingdecision.3.Theexpansion