第七章财务管理课后习题答案

第七章1某软件公司目前有两个项目A、B可供选择，其各年现金流量情况如下表所示。

（1）若公司要求的项目资金必须在2年内收回，应选择哪个项目？（2）公司现在采用净现值法，设定折现率为15%，应采纳哪个项目？年份项目A 项目B0 1 2 3 -7500400035001500-50002500120030003华荣公司准备投资一个新的项目以扩充生产能力，预计该项目可以持续5年，固定资产投资750万元。

固定资产采用直线法计提折旧，折旧年限为5年，估计净残值为50万元。

预计每年的付现固定成本为300万元，每件产品单价为250元，年销量30000件，均为现金交易。

预计期初需要垫支营运资本250万元。

假设资本成本率为10%，所得税税率为25%，要求：1、计算项目营业净现金流量2、计算项目净现值3、计算项目的内涵报酬率初始投资=-（750+250）万元1、计算（1）项目营业净现金流量固定资产年折旧额=（750-50）/5=140万元营业净现金流量=（营业收入-付现成本）*（1-所得税率）+折旧额*所得税率=（250*3-300）*（1-25%）+140*25%=372.5万元第0年：-1000万元第1-4年：372.5万元第5年：372.5+250+50=672.5万元2、计算（2）项目净现值NPV=372.5*(P/A,10%,4)+672.5*(P/F,10%,5)-1000 =372.5*3.1699+672.5*0.6209-1000=598.35（3）计算项目的内涵报酬率按28%估行的贴现率进行测试，372.5*(P/A,28%,4)+672.5*(P/F,28%,5)-1000=30.47万元按32%估行的贴现率进行测试，372.5*(P/A,32%,4)+672.5*(P/F,32%,5)-1000=-51.56万元内涵报酬率IRR=28%+((30.47-0)/(30.47+51.56))*(32%-28%)=29.49%3 某公司要在两个项目中选择一个进行投资：A项目需要160000元的初始投资，每年产生80000元的现金净流量，项目的使用寿命为3年，3年后必须更新且无残值；B项目需要210000元的初始投资，每年产生64000元的现金净流量，项目的使用寿命为6年，6年后必须更新且无残值。

财务管理课后习题答案第一章 答案一、单项选择题1.C2.A3.D4.A5.B 二、多项选择题1.ABC2.BC3.ABCD4.AC5. AC 三、判断题1. ×2. ×3. ×4. √5. ×第二章 答案一、单项选择题1.A2.C3.A4.D5.B6.B7.A8.C9.C 10.B 二、多项选择题1.AC2.ABD3.ACD4.ABCD5.ABD6.ABC7.BCD8.AC9.BD 10.ABCD 三、判断题1. √2. ×3. ×4. √5. × 四、计算题1．PV=8000×（P/A,8%12,240）=953,594（元）银行贷款的年利率为8%时，分期付款方式好，低于一次性付款。

PV=8000×（P/A,6%12,240）=1,116,646（元）银行贷款的年利率为6%时，一次性付款方式好，低于分期付款的现值。

2．（1）由100=10×（F/P,10%,n ）得：（F/P,10%,n ）=10 查复利终值系数表，i=10%，（F/P,10%,n ）=10，n 在24~25年之间； （2）由100=20×（F/P,5%,n ）得：（F/P,5%,n ）=5 查复利终值系数表，i=5%，（F/P,5%,n ）=5，n 在30~35年之间；（3）由100=10×（F/A,10%,n ）得：（F/A,10%,n ）=50 查年金终值系数表，i=10%，（F/A,10%,n ）=50，n 在18~19年之间； 因此，第三种方式能使你最快成为百万富翁。

3.（1）2010年1月1日存入金额1000元为现值，2013年1月1日账户余额为3年后终值： F ＝P ×（F/P ，12%，3）＝1000×1.405＝1405（元）（2）F ＝1000×（1＋12%/4）3×4 ＝1000×1.426 ＝1426（元）（3）2013年1月1日余额是计算到期日的本利和，所以是普通年金终值：F ＝250×（F/A ，12%，4）＝250×4.779 ＝1194.75（元） （4）F ＝1405，i ＝12%，n ＝4 则：F ＝A ×（F/A ，i ，n ） 即1405＝A ×（F/A,12%，4）＝A ×4.779 ,A ＝1405÷4.779=293.99（元） 4. 10=2×（P/A ，i ，8） （P/A ，i ，8）=5查年金现值系数表， i =8，（P/A, i.8）=5， i 在11~12年之间178.0146.0146.5%1%%11⎪⎪⎫⎪⎫⎪⎪⎫⎪⎫x2021 得,借款利率为11.82%5.递延年金现值P ＝300×（P/A ，10%，5）×（P/F ，10%，2）＝300×3.791×0.826＝939.4098（万元）。

第7章投资决策原理【例1·单选题】将企业投资区分为固定资产投资、流动资产投资、期货与期权投资等类型所依据的分类标志是（D）。

A.投入行为的介入程度B.投入的领域C.投资的方向D.投资的内容『答案解析』根据投资的内容，投资可以分为固定资产投资、无形资产投资、其他资产投资、流动资产投资、房地产投资、有价证券投资、期货与期权投资、信托投资和保险投资等。

【例2·判断题】直接投资是指通过购买被投资对象发行的金融工具而将资金间接转移交付给被投资对象使用的投资（错）『答案解析』间接投资是指通过购买被投资对象发行的金融工具而将资金间接转移交付给被投资对象使用的投资，如企业购买特定投资对象发行的股票、债券、基金等。

【例3·计算题】某企业拟投资新建一个项目，在建设起点开始投资，历经两年后投产，试产期为1年，主要固定资产的预计使用寿命为10年。

据此，可以估算出该项目的如下指标：（1）建设期；（2）运营期；（3）达产期；（4）项目计算期。

『正确答案』建设期＝2年运营期＝10年达产期＝10－1＝9（年）项目计算期＝2＋10＝12（年）【例4·计算题】B企业拟新建一条生产线项目，建设期2年，运营期20年。

全部建设投资分别安排在建设起点、建设期第2年年初和建设期末分三次投入，投资额分别为100万元、300万元和68万元；全部流动资金投资安排在投产后第一年和第二年年末分两次投入，投资额分别为15万元和5万元。

根据项目筹资方案的安排，建设期资本化利息22万元。

要求：计算下列指标（1）建设投资；（2）流动资金投资；（3）原始投资；（4）项目总投资。

『正确答案』（1）建设投资合计＝100＋300＋68＝468（万元）（2）流动资金投资合计＝15＋5＝20（万元）（3）原始投资＝468＋20＝488（万元）（4）项目总投资＝488＋22＝510（万元）【例5·判断题】在项目投资决策中，净现金流量是指经营期内每年现金流入量与同年现金流出量之间的差额所形成的序列指标。

第七章练习题答案：1．解：留存收益市场价值＝400500800250=⨯(万元) 长期资金＝200+600+800+400＝2000(万元)(1)长期借款成本=5％×（1-25％）＝3.75％比重=2001200010= (2)债券成本=5008%(125%) 5.21%600(14%)⨯⨯-=⨯- 比重=6003200010= (3)普通股成本=50010%(16%)6%12.97%800(15%)⨯⨯++=⨯- 比重=8004200010= (4)留存收益成本=25010%(16%)6%12.63%400⨯⨯++= 比重=4002200010= (5)综合资金成本=3.75%×110+5.21%×310+12.97%×410+12.63％×210=9.65%2. 解：（1）2009年变动经营成本=1800×50%=900（万元）2009年息税前利润EBIT 2009=1800-900-300=600（万元）2009/600450/450 1.67/18001500/1500EBIT EBIT DOL S S ∆===∆（-）（-） 2009200920102009200920091800(150%) 1.51800(150%)300S C DOL S C F -⨯-===--⨯-- （2）2008200920082008450 1.8450200EBIT DFL EBIT I ===-- 2010/22.5% 1.5/15%EPS EPS DFL EBIT EBIT ∆===∆ （3）200920092009 1.67 1.8 3.006DTL DOL DFL =⨯=⨯=201020102010 1.5 1.5 2.25DTL DOL DFL =⨯=⨯=3．解：（1）设每股利润无差别点为EBIT 0，那么220110)1)((EBIT )1)((EBIT N T I N T I --=-- 00(EBIT 40012%)(125%)(EBIT 40012%30014%)(125%)9060-⨯--⨯-⨯-= EBIT 0=174（万元）（2）如果预计息税前利润为150万元，应当选择第一个方案，即发行股票方案。

第七章证券投资决策一、单项选择题1、市场利率上升时，债券价值的变动方向是（）。

A.上升B.下降C.不变D.随机变化【正确答案】：B【答案解析】：债券价值指的是未来收到的利息和本金的现值，其中的折现率是市场利率，因此，市场利率上升，债券价值会下降。

参见教材166页。

2、甲公司在2008年1月1日发行5年期债券，面值1000元，票面年利率8%，于每年6月30日和12月31日付息，到期时一次还本。

ABC公司欲在2011年7月1日购买甲公司债券100张，假设市场利率为6%。

则债券的价值为（）元。

已知（P/A，3%，3）＝2.8286；（P/F，3%，3）＝0.9151；（P/A，6%，2）＝1.8334；（P/F，6%，2）＝0.8900A.998.90B.1108.79C.1028.24D.1050.11【正确答案】：C【答案解析】：债券的价值＝1000×4%×（P/A，3%，3）＋1000×（P/F，3%，3）＝40×2.8286＋1000×0.9151＝1028.24（元）。

参见教材166页。

3、下列各项中，不会对债券价值的计算产生影响的是（）。

A.债券面值B.票面利率C.到期日D.发行价格【正确答案】：D【答案解析】：影响债券价值的因素主要有债券的面值、期限、票面利率和所采用的贴现率等因素。

债券的发行价格不影响债券价值。

参见教材166页。

4、假设市场上有甲乙两种债券，甲债券目前距到期日还有3年，乙债券目前距到期日还有5年。

两种债券除到期日不同外，其他方面均无差异。

如果市场利率出现了急剧上涨，则下列说法中正确的是（）。

A.甲债券价值上涨得更多B.甲债券价值下跌得更多C.乙债券价值上涨得更多D.乙债券价值下跌得更多【正确答案】：D【答案解析】：市场利率上涨，债券价值下降，A、C错误；距到期日越近受利率影响越小，选项B错误。

参见教材166页。

5、现有一份刚发行的面值为1000元，每年付息一次，到期归还本金，票面利率为14%，5年期的债券，若某投资者现在以1000元的价格购买该债券并持有至到期，则该债券的投资收益率应（）。

《财务管理》参考答案第七章一．单项选择1.A2.A3.B4.C5.B6.A7.B8.D9.B 10.B二．多项选择1.CD2.BC3.ABCD4.AC5.BC6.ABCD7.AB8.ABC9.ABC 10.BC 三．判断1.×2.×3.×4.√5.√6.√7.×8.×9.×10.√四．计算题1.(1) 最佳现金持有量（Q）=%2500002⨯⨯500/10=50000（元）(2) 最佳现金持有量下的全年现金管理总成本（TC）=%⨯2⨯⨯10250000500=5000（元）全年现金转换成本 =（250000÷50000）×500=2500（元）全年现金持有机会成本 =（50000÷2）×10%=2500（元）(3) 最佳现金持有量下的全年有价证券交易次数（T/Q）= 250000/50000= 5（次）有价证券交易间隔期 = 360÷5 = 72(天)2.（1）赊销额 = 4500× 1/1+4 = 3600(万元)（2）应收账款平均余额 = 3600/360 ×60 = 600（万元）（3）维持赊销业务所需要的资金额 = 600×50% = 300（万元）（4）应收账款的机会成本额 = 300×10% = 30（万元）（5）应收账款平均收账天数 = 400÷(3600÷360) = 40(天)3.（1）第一种方案应收账款的平均收现期＝10×50％＋30×50％＝20（天）应收账款周转率＝360/20＝18（次）应收账款的机会成本＝400000/360×20×0.7×10%=1555.56（元）现金折扣＝400000×50％×2％＝4000（元）坏账损失＝400000×50％×3％＝6000（元）该折扣政策下的总成本＝1555.56+4000+6000=11555.56（元）第二种方案：平均收现期＝20×50％＋30×50％＝25（天）应收账款周转率＝360/25=14.4（次）应收账款的机会成本＝400000/360×25×0.7×10％＝1944.44（元）现金折扣＝400000×50％×1％＝2000（元）坏账损失＝400000×50％×3％＝6000（元）该折扣政策下的总成本＝1944.44+2000+6000=9944.44（元）应选择第二种折扣政策（2）第三种折扣政策：平均收现期＝20×1／3＋30×2／3≈26.7（天）应收账款周转率＝360/26.7＝13.48（次）应收账款的机会成本＝400000/360×26.7×0.7×10%=2076.67(元)现金折扣=400000×1/3×1%≈1333.33(元)坏账损失=400000×2/3×3%≈8000(元)该折扣政策下的总成本=2076.67+1333.33+8000=11410(元)所以应选择第二种折扣政策。

《财务管理学》第七章作业及答案《财务管理学》第七章作业及答案一、名词解释1．营运资金（狭义）2．企业的资产组合3．企业的筹资组合4．经济批量二、单选题1．在下列各项中，属于应收账款机会成本的是( )。

A 坏账损失B 收账费用C 对客户信用进行调查的费用D 应收账款占用资金的应计利息2．信用条件“1/10，n/30”表示( )。

A 信用期限为10天，折扣期限为30天B 如果在开票后10天～30天内付款可享受10%的折扣C 信用期限为30天，现金折扣为10%D 如果在10天内付款，可享受1%的现金折扣，否则应在30天内全额付款3．在对存货采用ABC法进行控制时，应当重点控制的是( )。

A 数量较大的存货B 占用资金较多的存货C 品种多的存货D 价格昂贵的存货4、某公司现金收支平稳，预计全年现金需要量为250000元，现金与有价证券的转换成本为每次500元，有价证券年利率为10%。

则最佳现金持有量为：A．50000元B．5000元C．2500元D．500元三、多选题1．不同的资产组合对企业报酬和风险的影响主要有( )。

A 较多地投资于流动资产可以降低企业的风险，但会减少企业的盈利B 流动资产投资过多，而固定资产又相对不足，会使企业生产能力减少C 如果企业的固定资产增加，会造成企业的风险增加，盈利减少D 如果企业的固定资产减少，会造成企业的风险增加，盈利减少E 企业采用比较冒险的资产组合，会使企业的投资报酬率上升2．为了评价两个可选择的信用标准孰优孰劣，必须计算两个方案各自带来的利润和成本，为此应测试的项目有( )。

A 信用条件的变化情况B 销售量变化对利润销售的影响C 应收账款投资及其机会成本的变化D 坏账成本的变化E 管理成本的变化3．利息率状况对企业筹资组合的影响是( )。

A 一般来说，由于长期资金的利息率高，因此企业较少使用长期资金，较多使用短期资金B 当长期资金的利息率和短期资金的利息率相差较少时，企业一般较多地利用长期资金，较少使用流动负债C 短期资金和长期资金利息率的波动都很大，不易确定D 当长期资金利息率远远高于短期资金利息率时，会促使企业较多地利用流动负债，以降低资金成本E 利息率对企业的筹资组合没有影响4．下列关于商业信用的叙述中正确的是( )。

Chapter 7Problems1. City Farm Insurance has collection centers across the country to speed up collections. The company alsomakes its disbursements from remote disbursement centers. The collection time has been reduced by two days and disbursement time increased by one day because of these policies. Excess funds are being invested in short-term instruments yielding 12 percent per annum.a. If City Farm has $5 million per day in collections and $3 million per day in disbursements, howmany dollars has the cash management system freed up?b. How much can City Farm earn in dollars per year on short-term investments made possible by thefreed-up cash?7-1. Solution:City Farm Insurancea. $5,000,000 daily collections× 2.0 days speed up = $10,000,000 additional collections$3,000,000 daily disbursements× 1.0 days slow down = $ 3,000,000 delayed disbursements$13,000,000 freed-up fundsb. $13,000,000 freed-up funds12% interest rate$1,560,000 interest on freed-up cash2. Nicholas Birdcage Company of Hollywood ships cages throughout the country. Nicholas has determined that through the establishment of local collection centers around the country, he can speed up the collection of payments by one and one-half days. Furthermore, the cash management department of his bank has indicated to him that he can defer his payments on his accounts by one-half day without affecting suppliers. The bank has a remote disbursement center in Florida.a. If the company has $4 million per day in collections and $2 million per day in disbursements, howmany dollars will the cash management system free up?b. If the company can earn 9 percent per annum on freed-up funds, how much will the income be?c. If the annual cost of the new system is $700,000, should it be implemented?7-2. Solution:Nicholas Birdcage Company of Hollywooda. $4,000,000 daily collections× 1.5 days speed up = $6,000,000 additional collections$2,000,000 daily disbursements× .5 days slow down = $1,000,000 delayed disbursements$7,000,000 freed-up fundsb.$7,000,000 freed-up funds9% interest rate$630,000 interest on freed-up cash⨯ c.No. The annual income of $630,000 is $70,000 less than the annual cost of $700,000 for the new system.3. Megahurtz International Car Rentals has rent-a-car outlets throughout the world. It also keeps funds for transactions purposes in many foreign countries. Assume in 2003, it held 100,000 reals in Brazil worth 35,000 dollars. It drew 12 percent interest, but the Brazilian real declined 20 percent against the dollar. a . What is the value of its holdings, based on U.S. dollars, at year-end (Hint: multiply $35,000 times 1.12 and then multiply the resulting value by 80 percent.)b .What is the value of its holdings, based on U.S. dollars, at year-end if it drew 9 percent interest and the real went up by 10 percent against the dollar? 7-3.Solution:Megahurtz International Car Rentala.$35,000 × 1.12 = $39,200$39,200 × 80% = $31,360 dollar value of real holdings b.$35,000 × 1.09 = $38,150$38,150 × 110% = $41,965 dollar value of real holdings4. Thompson Wood Products has credit sales of $2,160,000 and accounts receivable of $288,000. Computethe value of the average collection period. 7-4.Solution:Thompson Wood ProductsAccounts ReceivableAverage collection period Average daily credit sales$288,000$2,160,000/360$288,00048days $6,000====5. Lone Star Petroleum Co. has annual credit sales of $2,880,000 and accounts receivable of $272,000. Compute the value of the average collection period. 7-5.Solution:Lone Star Petroleum Co.Accounts ReceivableAverage collection period Average daily credit sales$272,000$2,288,000/360$272,0008,00034days====6. Knight Roundtable Co. has annual credit sales of $1,080,000 and an average collection period of 32 days in 2008. Assume a 360-day year. What is the company ’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. 7-6.Solution:Knight Roundtable Co.$1,080,000annual credit sales$3,000credit sales a day 360days per year=$3,000 average 32 average $96,000 average accounts daily credit sales collection period receivable balance=⨯ 7. Darla ’s Cosmetics has annual credit sales of $1,440,000 and an average collection period of 45 days in 2008. Assume a 360-day year.What is the company ’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. 7-7.Solution:Darla ’s Cosmetic Company$1,440,000 annual credit sales/360 = $4,000 per day credit sales$4,000 credit sales × 45 average collection period = $180,000 average accounts receivable balance8. In Problem 7, if accounts receivable change to $200,000 in the year 2009, while credit sales are$1,800,000, should we assume the firm has a more or a less lenient credit policy? 7-8.Solution:Darla ’s Cosmetics (Continued)To determine if there is a more lenient credit policy, compute the average collection period.Accounts ReceivableAverage collection period Average daily credit sales$200,000$1,800,000/360$200,00040 days $5,000====Since the firm has a shorter average collection period, it appears that the firm does not have a more lenient credit policy.9. Hubbell Electronic Wiring Company has an average collection period of 35 days. The accounts receivable balance is $105,000. What is the value of its credit sales? 7-9.Solution:Hubbell Electronic Wiring CompanyAccounts receivable Average collection period Average daily credit sales$105,00035 days credit sales 360$105,000Credit sales/36035 daysCredit sales/360$3,000 credit sales per dayCredit sales $3,==⎛⎫ ⎪⎝⎭===000360$1,080,000⨯=10.Marv ’s Women ’s Wear has the following schedule for aging of accounts receivable.Age of Receivables, April 30, 2004(1) (2)(3) (4)Month of SalesAge of AccountAmounts Percent of AmountDue April ....................................... 0–30 $ 88,000 ____ March .....................................31–6044,000____February ................................. 61–90 33,000 ____January ................................... 91–120 55,000 ____Total receivables ................. $220,000 100%a. Fill in column (4) for each month.b. If the firm had $960,000 in credit sales over the four-month period, compute the averagecollection period. Average daily sales should be based on a 120-day period.c. If the firm likes to see its bills collected in 30 days, should it be satisfied with the averagecollection period?d. Disregarding your answer to part c and considering the aging schedule for accounts receivable,should the company be satisfied?e. What additional information does the aging schedule bring to the company that the averagecollection period may not show?7-10. Solution:Marv’s Women’s WearAge of Receivables, April 30, 2004a.(1)(2)(3)(4)Month of Sales Age of Account Amounts Percent of AmountDueApril 0-30 $ 88,000 40% March 31-60 44,000 20% February 61-90 33,000 15% January 91-120 55,000 25% Total receivables $220,000 100%b.Accounts receivable Average Collection PeriodAverage daily credit sales$220,000$960,000/120$220,000$8,00027.5 days====c. Yes, the average collection of 27.5 days is less than 30 days.d. No. The aging schedule provides additional insight that 60 percent of the accounts receivableare over 30 days old.e. It goes beyond showing how many days of credit sales accounts receivables represent, toindicate the distribution of accounts receivable between various time frames.11. Nowlin Pipe & Steel has projected sales of 72,000 pipes this year, an ordering cost of $6 per order, and carrying costs of $2.40 per pipe. a . What is the economic ordering quantity?b . How many orders will be placed during the year?c .What will the average inventory be? 7-11.Solution:Nowlin Pipe and Steel Companya.EOQ 600 units=====b. 72,000 units/600 units = 120 ordersc.EOQ/2 = 600/2 = 300 units (average inventory)12.Howe Corporation is trying to improve its inventory control system and has installed an online computer at its retail stores. Howe anticipates sales of 126,000 units per year, an ordering cost of $4 per order, and carrying costs of $1.008 per unit. a . What is the economic ordering quantity?b . How many orders will be placed during the year?c . What will the average inventory be?d .What is the total cost of inventory expected to be? 7-12.Solution:Howe Corp.a.EOQ 1,000 units ===b.126,000 units/1,000 units = 126 orders7-12. (Continued)c. EOQ/2 = 1,000/2 = 500 units (average inventory)d.126 orders × $4 ordering cost = $ 504 500 units × $1.008 carrying cost per unit = 504 Total costs= $1,00813. (See Problem 12 for basic data.) In the second year, Howe Corporation finds it can reduce ordering costs to $1 per order but that carrying costs will stay the same at $1.008 per unit. a . Recompute a, b, c , and d in Problem 12 for the second year. b .Now compare years one and two and explain what happened. 7-13.Solution:Howe Corp. (Continued)a.EOQ 500 units=====126,000 units/500 units = 252 ordersEOQ/2 = 500/2 = 250 units (average inventory) 252 orders × $1 ordering cost = $252 250 units × $1.008 carrying cost per unit = 252 Total costs = $504b.The number of units ordered declines 50%, while the number of orders doubles. The average inventory and total costs both decline by one-half. Notice that the total cost did not decline in equal percentage to the decline in ordering costs. This is because the change in EOQ and other variables (½) is proportional to the square root of the change in ordering costs (¼).14. Higgins Athletic Wear has expected sales of 22,500 units a year, carrying costs of $1.50 per unit, and an ordering cost of $3 per order. a . What is the economic order quantity?b . What will be the average inventory? The total carrying cost?c .Assume an additional 30 units of inventory will be required as safety stock. What will the new average inventory be? What will the new total carrying cost be? 7-14.Solution:Higgins Athletic Weara. EOQ==300 units ===b. EOQ/2 = 300/2 = 150 units (average inventory)150 units × $1.50 carrying cost/unit = $225 total carrying costc.EOQAverage inventory Safety Stock230030150301802=+=+=+=180 inventory × $1.50 carrying cost per year= $270 total carrying cost15. Dimaggio Sports Equipment, Inc., is considering a switch to level production. Cost efficiencies would occur under level production, and aftertax costs would decline by $35,000, but inventory would increase by $400,000. Dimaggio would have to finance the extra inventory at a cost of 10.5 percent.a. Should the company go ahead and switch to level production?b. How low would interest rates need to fall before level production would be feasible?7-15. Solution:Dimaggio Sports Equipment, Inc.a. Inventory increases by $400,000× interest expense 10.5%Increased costs $ 42,000Less: Savings 35,000Loss ($ 7,000)Don’t switch to level production. Increased ROI is less than the interest cost of moreinventory.b. If interest rates fall to 8.75% or less, the switch would be feasible.$35,000 Savings8.75%$400,000 increased inventory=16. Johnson Electronics is considering extending trade credit to some customers previously considered poorrisks. Sales will increase by $100,000 if credit is extended to these new customers. Of the new accounts receivable generated, 10 percent will prove to be uncollectible. Additional collection costs will be 3 percent of sales, and production and selling costs will be 79 percent of sales. The firm is in the 40percent tax bracket.a. Compute the incremental income after taxes.b. What will Johnson’s incremental return on sales be if these new credit customers are accepted?c. If the receivable turnover ratio is 6 to 1, and no other asset buildup is needed to serve the newcustomers, what will Johnson’s incremental return on new average investment be?7-16. Solution:Johnson Electronicsa. Additional sales ............................................................................................ $100,000Accounts uncollectible (10% of new sales) .................................................. – 10,000Annual incremental revenue ......................................................................... $ 90,000Collection costs (3% of new sales) ............................................................... – 3,000Production and selling costs (79% of new sales) .......................................... – 79,000Annual income before taxes ......................................................................... $ 8,000Taxes (40%) .................................................................................................. – 3,200Incremental income after taxes ..................................................................... $ 4,800b.Incremental income Incremental return on salesIncremental sales$4,800/$100,000 4.8%===c. Receivable turnover = Sales/Receivable turnover = 6xReceivables = Sales/Receivable turnover= $100,000/6= $16,666.67Incremental return on new average investment = $4,800/$16,666.67 = 28.80%17. Collins Office Supplies is considering a more liberal credit policy to increase sales, but expects that 9 percent of the new accounts will be uncollectible. Collection costs are 5 percent of new sales, production and selling costs are 78 percent, and accounts receivable turnover is five times. Assume income taxes of 30 percent and an increase in sales of $80,000. No other asset buildup will be required to service the new accounts.a. What is the level of accounts receivable to support this sales expansion?b. What would be Collins’s incremental aftertax return on investment?c. Should Collins liberalize credit if a 15 percent aftertax return on investment is required?Assume Collins also needs to increase its level of inventory to support new sales and that inventory turnover is four times.d. What would be the total incremental investment in accounts receivable and inventory to support a$80,000 increase in sales?e. Given the income determined in part b and the investment determined in part d, should Collinsextend more liberal credit terms?7-17. Solution:Collins Office Suppliesa.$80,000 Investment in accounts receivable$16,0005==b. Added sales .................................................................................................. $ 80,000Accounts uncollectible (9% of new sales) .................................................... – 7,200Annual incremental revenue ......................................................................... $ 72,800Collection costs (5% of new sales) ............................................................... – 4,000Production and selling costs (78% of new sales) – 62,400Annual income before taxes ......................................................................... $ 6,400Taxes (30%) .................................................................................................. – 1,920Incremental income after taxes ..................................................................... $ 4,480Return on incremental investment = $4,480/$16,000 = 28%c. Yes! 28% exceeds the required return of 15%.7-17. (Continued)d.$80,000 Investment in inventory =$20,0004=Total incremental investmentInventory $20,000Accounts receivable 16,000Incremental investment $36,000 $4,480/$36,000 = 12.44% return on investmente. No! 12.44% is less than the required return of 15%.18. Curtis Toy Manufacturing Company is evaluating the extension of credit to a new group of customers.Although these customers will provide $240,000 in additional credit sales, 12 percent are likely to be uncollectible. The company will also incur $21,000 in additional collection expense. Production and marketing costs represent 72 percent of sales. The company is in a 30 percent tax bracket and has a receivables turnover of six times. No other asset buildup will be required to service the new customers.The firm has a 10 percent desired return on investment.a. Should Curtis extend credit to these customers?b. Should credit be extended if 14 percent of the new sales prove uncollectible?c .Should credit be extended if the receivables turnover drops to 1.5 and 12 percent of the accounts are uncollectible (as was the case in part a ). 7-18.Solution:Curtis Toy Manufacturing Companya.Added sales ...................................................................................................... $240,000 Accounts uncollectible (12% of new sales) ...................................................... 28,800 Annual incremental revenue ............................................................................. 211,200 Collection costs ................................................................................................ 21,000 Production and selling costs (72% of new sales) .............................................. 172,800 Annual income before taxes ............................................................................. 17,400 Taxes (30%) ...................................................................................................... 5,220 Incremental income after taxes .........................................................................$ 12,180$240,000Receivable turnover 6.0x6.040,000 in new receivables==$12,180Return on incremental investment 30.45%$40,000==b.Added sales .................................................................................................. $240,000 Accounts uncollectible (14% of new sales) .................................................. – 33,600 Annual incremental revenue ......................................................................... $206,400 Collection costs ............................................................................................ – 21,000 Production and selling costs (72% of new sales) .......................................... –172,800 Annual income before taxes ......................................................................... $ 12,600 Taxes (30%) .................................................................................................. – 3,780 Incremental income after taxes .....................................................................$ 8,820$8,820Return on incremental investment 22.05%$40,000==Yes, extend credit.7-18. (Continued)c.If receivable turnover drops to 1.5x, the investment in accounts receivable would equal $240,000/1.5 = $160,000. The return on incremental investment, assuming a 12% uncollectible rate, is 7.61%.$12,180==Return on incremental investment7.61%$160,000The credit should not be extended. 7.61% is less than the desired 10%.19. Reconsider problem 18. Assume the average collection period is 120 days. All other factors are the same(including 12 percent uncollectibles). Should credit be extended?7-19. Solution:Curtis Toy Manufacturing Company (Continued)First compute the new accounts receivable balance.Accounts receivable = average collection period × average daily sales240,000⨯=⨯=120 days120$667$80,040360 daysorAccounts receivable = sales/accounts receivable turnover360 days==Accounts receivable turnover3x120 days=$240,000/3$80,000Then compute return on incremental investment.$12,18015.23%=$80,000Yes, extend credit. 15.23% is greater than 10%.20. Apollo Data Systems is considering a promotional campaign that will increase annual credit sales by $600,000. The company will require investments in accounts receivable, inventory, and plant and equipment. The turnover for each is as follows:Accounts receivable (5x)Inventory (8x)Plant and equipment (2x)All $600,000 of the sales will be collectible. However, collection costs will be 3 percent of sales, and production and selling costs will be 77 percent of sales. The cost to carry inventory will be 6 percent of inventory. Depreciation expense on plant and equipment will be 7 percent of plant and equipment. The tax rate is 30 percent.a. Compute the investments in accounts receivable, inventory, and plant and equipment based on theturnover ratios. Add the three together.b. Compute the accounts receivable collection costs and production and selling costs and add thetwo figures together.c. Compute the costs of carrying inventory.d. Compute the depreciation expense on new plant and equipment.e. Add together all the costs in parts b, c, and d.f. Subtract the answer from part e from the sales figure of $600,000 to arrive at income before taxes.Subtract taxes at a rate of 30 percent to arrive at income after taxes.g. Divide the aftertax return figure in part f by the total investment figure in part a. If the firm has arequired return on investment of 12 percent, should it undertake the promotional campaigndescribed throughout this problem.7-20. Solution:Apollo Data Systemsa. Accounts receivable = sales/accounts receivable turnover=$120,000$600,000/5Inventory = sales/inventory turnover=$75,000$600,000/8Plant and equipment = sales/(plant and equipment turnover)=$600,000/2$300,000Total investment$495,0007-20. (Continued)b. Collection cost = 3% × $600,000 $ 18,000Production and selling costs = 77% × $600,000 = 462,000Total costs related to accounts receivable $480,000c. Cost of carrying inventory6% × inventory6% × $75,000 $4,500d. Depreciation expense7% × Plant and Equipment7% × $300,000 $21,000e. Total costs related to accounts receivable $480,000Cost of carrying inventory 4,500Depreciation expense 21,000Total costs $505,500f. Sales $600,000– total costs 505,500 Income before taxes 94,500 Taxes (30%) 28,350 Income after taxes $ 66,150g. Income after taxes$66,15013.36%Total investment495,000==Yes, it should undertake the campaignThe aftertax return of 13.36% exceeds the required rate of return of 12%21. In Problem 20, if inventory turnover had only been 4 times:a. What would be the new value for inventory investment?b. What would be the return on investment? You need to recompute the total investment and thetotal costs of the campaign to work toward computing income after taxes. Should the campaign beundertaken?7-21. Solution:Apollo Data Systems (Continued)a. Inventory = sales/inventory turnover$150,000 = $600,000/4b. New Total InvestmentAccounts receivable $120,000Inventory 150,000Plant and equipment 300,000$570,000Total Cost of the CampaignCost of carrying inventory6% × $150,000 = $9,000 ($4,500 more than previously)New Income After TaxesSales $600,000– total costs 510,000 ($505,500 + 4,500)Income before taxes 90,000Taxes (30%) 27,000Income after taxes $ 63,000Income after taxes$63,00011.05%Total investment570,000==No, the campaign should not be undertakenThe aftertax return of 11.05% is less than the required rate of return of 12%(Problems 22–25 are a series and should be taken in order.)22. Maddox Resources has credit sales of $180,000 yearly with credit terms of net 30 days, which is also theaverage collection period. Maddox does not offer a discount for early payment, so its customers take the full 30 days to pay.What is the average receivables balance? What is the receivables turnover?7-22. Solution:Maddox ResourcesSales/360 days = average daily sales$180,000/360 = $500Accounts receivable balance = $500 × 30 days = $15,000Receivable turnover =Sales$180,00012x Receivables$15,000==or360 days/30 = 12x23. If Maddox were to offer a 2 percent discount for payment in 10 days and every customer took advantageof the new terms, what would the new average receivables balance be? Use the full sales of $180,000 for your calculation of receivables.7-23. Solution:Maddox Resources (Continued)$500 × 10 days = $5,000 new receivable balance24. If Maddox reduces its bank loans, which cost 12 percent, by the cash generated from its reducedreceivables, what will be the net gain or loss to the firm?7-24. Solution:Maddox Resources (Continued)Old receivables – new receivables with discount = Funds freed by discount$15,000 – $5,000 .................................................................... = $10,000Savings on loan = 12% × $10,000 ............................................ = $ 1,200Discount on sales = 2% × $180,000 ......................................... = (3,600)Net change in income from discount ........................................ $(2,400) No! Don’t offer the discount since the income from reduced bank loans does not offset the loss onthe discount.25. Assume that the new trade terms of 2/10, net 30 will increase sales by 20 percent because the discountmakes the Maddox price competitive. If Maddox earns 16 percent on sales before discounts, should it offer the discount? (Consider the same variables as you did for problems 22 through 24.)7-25. Solution:Maddox Resources (Continued)New sales = $180,000 × 1.20 = $216,000 Sales per day = $216,000/360 = $600 Average receivables balance = $600 × 10 = $6,000 Savings in interest cost ($15,000 – $6,000) × 12% = 1,080Increase profit on new sales = 16% × $36,000* = $5,760Reduced profit because of discount = 2% × $216,000 = (4,320) Net change in income ................................................................................... $2,520 Yes, offer the discount because total profit increases.*New Sales $36,000 = $216,000 – $180,000COMPREHENSIVE PROBLEMBailey Distributing Company sells small appliances to hardware stores in the southern California area. Michael Bailey, the president of the company, is thinking about changing the credit policies offered by the firm to attract customers away from competitors. The current policy calls for a 1/10, net 30, and the new policy would call for a 3/10, net 50. Currently 40 percent of Bailey customers are taking the discount, and it is anticipated that this number would go up to 50 percent with the new discount policy. It is further anticipated that annual sales would increase from a level of $200,000 to $250,000 as a result of the change in the cash discount policy.The increased sales would also affect the inventory level. The average inventory carried by Bailey is based on a determination of an EOQ. Assume unit sales of small appliances will increase from 20,000 to 25,000 units. The ordering cost for each order is $100 and the carrying cost per unit is $1 (these values will not change with the discount). The average inventory is based on EOQ/2. Each unit in inventory has an average cost of $6.50.Cost of goods sold is equal to 65 percent of net sales; general and administrative expenses are 10 percentof net sales; and interest payments of 12 percent will be necessary only for the increase in the accounts receivable and inventory balances. Taxes will equal 25 percent of before-tax income.a. Compute the accounts receivable balance before and after the change in the cash discount policy.Use the net sales (Total sales – Cash discounts) to determine the average daily sales and theaccounts receivable balances.b. Determine EOQ before and after the change in the cash discount policy. Translate this intoaverage inventory (in units and dollars) before and after the change in the cash discount policy.c. Complete the income statement.Before Policy Change After Policy ChangeNet sales (Sales – Cash discounts)Cost of goods soldGross profitGeneral and administrativeexpenseOperating profitInterest on increase in accountsreceivable and inventory (12%)Income before taxesTaxesIncome after taxesd. Should the new cash discount policy be utilized? Briefly comment.CP 7-1. Solution:Bailey Distributing Companya. Accounts receivable = average collection × averageperiod daily sales Before Policy ChangeAverage collection period.40 × 10 days = 4.60 × 30 days = 1822 daysAverage daily sales。

第一章：一．单项选择1.C2.A3.D4.D5.B6.D7.B8.C9.C 10.B二．多项选择1.ABD2.BC3.BCE4.AB5.ABD6.ABC三．判断1. 2.√ 3.√ 4.× 5.× 6.×7.×8.×9.×10.√第二章:一．单项选择1.A2.C3.B4.B5.C6.A7.B8.B9.B 10.CD二．多项选择1.ABCD2.BD3.ABCD4.ABCD5.CD6.CD7.ABCD8.BCD9.BC三．判断1.√2.√3.√4. ×5. ×6. ×7. ×8.√9.√10.√四．计算题1.现值P=5000（P/A，10%，10）*（P/F，10%，10）=11843.722.（P/A，5%，20）=12.4622 （F/A，5%，20）=33.0663.预付年金终值系数=34.7193 预付年金现值系数=13.08534.P=10（P/A，10%，10）*（P/F，10%，3）=46.1644万元5.永续年金现值P=10/6%=166.67元五．案例分析（一）、（1）根据资料(1)计算系列租金的现值和终值?终值是（F/A，5%，6）A=38090.64；现值是（P/A，5%，6）A=28423.92如果年租金改按每年年初支付一次，再计算系列租金的现值和终值?终值是（F/A，5%，7）A-A=39995.2；现值是（P/A，5%，5）A+A=29845.2 （2）每年年金A=10000+5000*2+3000*3+1000*4=33000元利民公司应存入：P=A/i=33000÷4%=825000元（3）借入本金P=A(P/A,6%,8)-A(P/,6%,3)=70736元偿还本息F=A（F/A，6%，5）=20000*5.637=30043.36元（二）（1）太平洋保险股份期望报酬率-E=20%×0.2+30%×0.6+40%×0.2=30%高新实业股份期望报酬率-E =0%×0.2+30%×0.6+60%×0.2=30% σ太平洋=2.0%)30%40(6.0%)30%30(2.0%)30%20(222⨯-+⨯-+⨯-=0.063σ高新实业=2.0%)30%60(6.0%)30%30(2.0%)30%0(222⨯-+⨯-+⨯-=0.190 V 太平洋 =%30063.0=E -σ=0.21 V 高新实业= %30190.0=E -σ=0.63所以，太平洋保险股份风险小。