Chapter 1Goal OF FirmN0.2, 3, 4, 5, 10.2. Not-for-Profit Firm Goals Suppose you were the financial manager of a not-for-profit business (anot-for-profit hospital, perhaps). What kinds of goals do you think would be appropriate?答：所有者权益的市场价值的最大化。
3.Goal of the Firm Evaluate the following statement: Managers should not focus on the current stock value because doing so will lead to an overemphasis on short-term profits at the expense of long-term profits.答：错误；因为现在的股票价值已经反应了短期和长期的的风险、时间以及未来现金流量。
4. Ethics and Firm Goals Can the goal of maximizing the value of the stock conflict with other goals, such as avoiding unethical or illegal behavior? In particular, do you think subjects like customer and employee safety, the environment, and the general good of society fit in this framework, or are they essentially ignored? Think of some specific scenarios to illustrate your answer.答：有两种极端。
一种极端，所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端，我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案：公司估计提高某种产品安全性的成本是30万美元。
然而，该公司认为提高产品的安全性只会节省20万美元。
请问公司应该怎么做呢?”5.International Firm Goal Would the goal of maximizing the value of the stock differ for financial management in a foreign country? Why or why not?答：财务管理的目标都是相同的，但实现目标的最好方式可能是不同的(因为不同的国家有不同的社会、政治环境和经济制度)10. Goal of Financial Management Why is the goal of financial management to maximize the current value of the company’s stock? In other words, why isn’t the goal to maximize the future value?答：最大化现在公司股票的价格和最大化未来股票价格是一样的。
股票的价值取决于公司未来所有的现金流量。
从另一方面来看，支付大量的现金股利给股东，股票的预期价格将会上升。
Chapter 21. Building a Balance Sheet Sankey, Inc., has current assets of $4,900, net fixed assets of $25,000, current liabilities of $4,100, and long-term debt of $10,300. What is the value of the shareholders’ equity account for this firm? How much is net working capital?答：所有者权益=资产-负债 the shareh olders’ equity account =25000-10300=14700净运营资本=流动资产-流动负债 net working capital=4900-4100=8002. Building an Income Statement Shelton, Inc., has sales of $435,000, costs of $216,000, depreciation expense of $40,000, interest expense of $21,000, and a tax rate of 35 percent. What is the net income for the firm? Suppose the company paid out $30,000 in cash dividends. What is the addition to retained earnings? 答：息税前利润=销售额-成本-折旧税前利润=息税前利润-利息费用 税收=税前利润x35% 净利润=税前利润-税收 净利润=股利+留存收益，即 留存收益=净利润-股利 =102700-30000=727004. Calculating Taxes The Stefani Co. had $198,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate the company’s income taxes. What is the average tax rate? What is the marginal tax rate?（表2.3 P23 ）答： 0.15 x 50000 = 7500 0.25 x (75000-5000) = 6250 0.34 x (100000-75000) = 8500 0.39 x (198000-100000) = 38220税款总额=7500+6250+8500+38220=60470 平均税率=60470/198000=0.3054 边际税率=0.3913. Building an Income Statement During the year, the Senbet Discount Tire Company had gross sales of $925,000. The firm’s cost of goods sold and selling expenses were $490,000 and $220,000, respectively. Senbet also had notes payable of $740,000. These notes carried an interest rate of 4 percent. Depreciation was $120,000. Senbet’s tax rate was 35 percent. a. What was Senbet’s net income? b. What was Senbet’s operating cash flow? 答：损益表销售额 435 000 成本 216 000 折旧 40 000 息税前利润 179 000 利息费用 21 000 税前利润158 000税收（35%） 55 300 净利润 102 700损益表销售额 925 000 成本 490 000 销售费用220 000净利润为42510经营现金流量=息税前利润+折旧-税收 =19211017. Marginal versus Average Tax Rates (Refer to Table 2.3.) Corporation Growth has $82,500 in taxable income, and Corporation Income has $8,250,000 in taxable income. a. What is the tax bill for each firm?b. Suppose both firms have identified a new project that will increase taxable income by $10,000. How much in additional taxes will each firm pay? Why is this amount the same? 答：a.成长公司应纳税额=50000×15%+25000×25%+10000×34%=17150盈利公司应纳税额=50000×15%+25000×25%+25000×34%+235000×39%+8165000×34%=2890000b .10000×34%=3400，边际税率都为34%。
因为所有新产生的现金流量都按边际税率征税。
22. Financial Statements Draw up an income statement and balance sheet for this company for 2014 and 2015.折旧 120 000 息税前利润 95 000 利息费用 29 600 税前利润65 400税收（35%） 22 890 净利润 42 510Chapter 34. Sustainable Growth In the chapter, we used Rosengarten Corporation to demonstrate how to calculate EFN. The ROE for Rosengarten is about 7.3 percent, and the plowback ratio is about 67 percent. If you calculate the sustainable growth rate for Rosengarten, you will find it is only5.14 percent. In ourcalculation for EFN, we used a growth rate of 25 percent. Is this possible? (Hint: Yes. How?) （可持续增长在本章的我们使用Rosengarten公司演示了如何计算EFN外汇融资需求。
