Fundamentals of Corporate Finance Phần 3 pot

... Inc., year ending March 31 2000 1999 1998 1997 1996 1995 Net sales 3, 351 3, 314 2,845 2,796 2,4 93 2,160 EBIT –9 31 2 256 2 43 212 156 Interest 37 63 65 58 48 46 Taxes 3 60 46 43 39 34 Net profit –49 189 145 ... 0.44 0.42 0 .37 0.25 Current assets 669 469 491 435 39 2 4 23 Net fixed assets 9 23 780 7 53 680 610 536 Total assets 1,5 73 1,249 1,244 1,115 1,002 959 Current l...

Ngày tải lên: 05/08/2014, 13:20

... Are Diversifiable 33 1 Message 2: Market Risks Are Macro Risks 33 2 Message 3: Risk Can Be Measured 33 3 Summary 33 4 Related Web Links 33 4 Key Terms 33 4 Quiz 33 5 Practice Problems 33 6 Solutions to ... Rule 36 3 Capital Rationing 36 5 Soft Rationing 36 5 Hard Rationing 36 6 Pitfalls of the Profitability Index 36 67 Summary 36 7 Related Web Links 36 8 Key Terms 36 8 Quiz...

Ngày tải lên: 05/08/2014, 13:20

... per yard) Year 1 234 5 1. Yards sold 100.00 100.00 100.00 100.00 100.00 2. Price per yard 30 .00 30 .00 30 .00 30 .00 30 .00 3. Revenue (1 × 2) 3, 000.00 3, 000.00 3, 000.00 3, 000.00 3, 000.00 4. Cost of goods ... 30 0) × (1 – .35 ) + (200 × .35 ) = 265 5 MACRS 3- Year PV Tax Shield Year Depreciation Tax Shield at 12% 1 3, 333 1,167 1,042 2 4,445 1,556 1,240 3 1,481 518 36...

Ngày tải lên: 05/08/2014, 13:20

... 28.657 30 .1 13 31.6 43 33. 2 53 34.945 36 .7 23 38.5 93 40.556 42.619 11 25. 733 27.200 28.755 30 .404 32 .150 34 .001 35 .962 38 . 039 40. 238 42.566 45. 031 47. 639 50 .39 8 53. 318 56.405 12 30 .850 32 .824 34 . 931 37 .180 ... 1 23. 414 138 .166 154.740 1 73. 354 194.254 217.712 244. 033 2 73. 556 30 6.658 34 3.758 38 5 .32 3 431 .870 4 83. 9 73 20 115 .38 0 130 . 033...

Ngày tải lên: 05/08/2014, 13:20

... 2.090 2.100 3 3.1 53 3.184 3. 215 3. 246 3. 278 3. 310 4 4 .31 0 4 .37 5 4.440 4.506 4.5 73 4.641 5 5.526 5. 637 5.751 5.867 5.985 6.105 10 12.578 13. 181 13. 816 14.487 15.1 93 15. 937 20 33 .066 36 .786 40.995 ... of Loan 0 $1,000 $100 $31 5.47 $215.47 1 ——— ——— 31 5.47 ——— 2 ——— ——— 31 5.47 ——— 3 ——— ——— 31 5.47 ——— 40 0 — — c. Show that the loan balance after 1 year is...

Ngày tải lên: 05/08/2014, 13:20

... days 3, 518 /36 5 This is a reduction of 22.8 days from the original value of 48.7 days. Days in receivables = 30 0 = 27.6 days 3, 968 /36 5 This is a reduction of 16.2 days from the original value of 43. 8 ... 0 Repayments 9. Of stretched payables 0 0 10.8 0 10. Of bank loan 0 0 13. 8 31 .2 Increase in cash balances 11. Addition to cash balances 0 0 0 3. 2 Bank loan 12. Begi...

Ngày tải lên: 05/08/2014, 13:20

... 45 2098 35 2 681 5488 11097 39 4 297 35 998 4568 76 30 50 1 637 58 146 4250 219 99 92866 32 0 32 566 4968 129 12 1 /2 36 9 /16 26 15 /16 29 1 /4 5 15 /16 18 7 /16 5 1 /16 3 9 /16 34 3 /8 69 7 /8 4 13 /16 27 7 1 /8 14 1 /16 32 1 /16 16 3 /4 11 /16 47 1 /8 33 5 /16 4 5 /16 48 7 /8 51 9 /16 20 3 /16 12 7 /16 34 1 /16 26 1 /2 28 1 /8 5 1 /2 17 4 3 /4 3 5 /16 33 3...

Ngày tải lên: 05/08/2014, 13:20

... stocks. Ϫ20 Ϫ15 Ϫ10 Ϫ5 0 5 10 15 20 25 30 Merck return, percent Ϫ25 30 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 Ϫ20 Ϫ15 Ϫ10 Ϫ5 0 5 10 15 20 25 30 Ϫ25 30 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 ... percent Number of years 0Ϫ10Ϫ20 30 Ϫ40 10 20 30 40 50 13. 2 20 .3 Common stocks Rate of return, percent Number of years 0Ϫ10 10 20 3. 2 4.5 In...

Ngày tải lên: 05/08/2014, 13:20

... profits will increase by .01 × (sales – variable costs) = .01 × (profits + fixed costs). Now recall the definition of DOL: DOL = percentage change in profits = change in profits/level of profits percentage ... profits percentage change in sales .01 = 100 × change in profits = 100 × .01 × (profits + fixed costs) level of profits level of profits =1 + fixed costs profits t helps to use...

Ngày tải lên: 05/08/2014, 13:20

... Ϫ$0,680 depreciation tax shield Cost of ϩ$10,000 machine Total cash ϩ$10,000 Ϫ$2 ,33 0 Ϫ$2 ,33 0 Ϫ$2 ,33 0 Ϫ$2 ,33 0 Ϫ$2 ,33 0 flow TABLE B.2 Incremental cash flows for Tasha Corp. from leasing instead of buying Leasing ... prior to Offering Owned after Offering Name of Shares Beneficial Owner Number Percent to Be Sold Number Percent Emma Lucullus 400,000 13. 3 25,000 37 5,000 12.9 Ed...

Ngày tải lên: 05/08/2014, 13:20