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Bài Tập TCDN

1. Net income was negative due to tax deductibility of depreciation and interest expenses, but cash flow from operations was positive since depreciation is non-cash and interest is financing expense, not operating. 2. A firm can pay dividends even with negative net income if it has sufficient cash flow. Change in NWC and net new equity were zero. Cash flow to assets was positive. 3. Owner's equity increased from 2011 to 2012 due to higher retained earnings despite higher total liabilities, as total assets also increased. Change in net working capital was positive.

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43 views9 pages

Bài Tập TCDN

1. Net income was negative due to tax deductibility of depreciation and interest expenses, but cash flow from operations was positive since depreciation is non-cash and interest is financing expense, not operating. 2. A firm can pay dividends even with negative net income if it has sufficient cash flow. Change in NWC and net new equity were zero. Cash flow to assets was positive. 3. Owner's equity increased from 2011 to 2012 due to higher retained earnings despite higher total liabilities, as total assets also increased. Change in net working capital was positive.

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Quyên Nguyễn
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1.

E= A – L =27000 + 5700 - 4400 – 12900 = 15400


NWC = CA – CL = 5700 – 4400 = 1300
2. Net income = sales – cost – tax = 98150
RE= 98150 – 30k = 68150
3. Book value CA = NWC + CL = 800k + 2m4 = 3m2
Book value asset = CA + NFA (book value) = 3m2 + 5m2 = 8m4
Market value CA = 2m6
Market value asset = 2m6 + NFA (market value) = 2m6 + 6m5 = 9m1
4. 273000
Tax bill = 50k x 15% + 25k x 25% + 25k x 34% + 173k x 39% = 89720
Average tax rate = 89720 / 273000 = 32,86%
Marginal = 39%

OCF = EBIT + Depreciation – Taxes


OCF = $6,500 + 1,900 – 2,100
5. EBIT = 18700 – 10300 -1900 = 6500
Taxable income = EBIT – interest = 6500 – 1250 = 5250
Net income = 5250 – (2100) tax = 3150
 OCF = EBIT + depreciation – taxes = 6500 + 1900 – 2100 = 6300
6. Net capital spending = NFAend – NFAbeg + Depreciation = 1m69 – 1m42 + 145k = 415k
7. Balance sheet:
Longterm debt 100m (65m + 35m)
Total debt 100m
Shareholders equity
Preferred stock 4m
Common stock (1$ pv). 25m (15m + 10m new)
Accumulated retained earnings 142m ( 135m + 9m (net income) – 2m (dividend)
Capital surplus 93m ( 45 + (58 -10)stock)
Total equity 264m
Total 364m
8. Cash flow to creditors = Interest – (LTDend – LTDbeg) = 127000 – (1.52m – 1.45m) = 57000
9. Cash flow to stockholders = Dividends paid – Net new equity = Dividend paid – (stock sold – stock issue) =
275k – (525k– 490k) - (3m7 – 3m4) = - 60k
10. CF(A) = CF(S) + CF(B) = 57k – 60k = -3k
-3k = OCF – NCS – changeNWC
-3k = OCF – 945k – (- 87k) => OCF =855k
11. Accounting statement
Operation activities
Add: Net income 95
Add: Depreciation 90
Less: Change in Current assets 5

1 2 . Statement
of cash flows
1 3 .
Operations
1 4 .
Net income $95
1 5 .
Depreciation 90
1 6 .
Changes in other current assets (5)
1 7 .
Accounts payable 10
1 8 .
Total cash flow from operations $190
19.
2 0 .
Investing activities
2 1 .
Acquisition of fixed assets $(110)
2 2 .
Total cash flow from investing
activities $(110)
23.
2 4 .
Financing activities
2 5 .
Proceeds of long-term debt $5
2 6 .
Dividends (75)
2 7 .
Total cash flow from financing
activities ($70)
28.
2 9 .
Change in cash (on balance sheet)
$10
3 0 . Statement
of cash flows
3 1 .
Operations
3 2 .
Net income $95
3 3 .
Depreciation 90
3 4 .
Changes in other current assets (5)
3 5 .
Accounts payable 10
3 6 .
Total cash flow from operations $190
37.
3 8 .
Investing activities
3 9 .
Acquisition of fixed assets $(110)
4 0 .
Total cash flow from investing
activities $(110)
41.
4 2 .
Financing activities
4 3 .
Proceeds of long-term debt $5
4 4 .
Dividends (75)
4 5 .
Total cash flow from financing
activities ($70)
46.
4 7 .
Change in cash (on balance sheet)
$10
4 8 . Statement
of cash flows
4 9 .
Operations
5 0 .
Net income $95
5 1 .
Depreciation 90
5 2 .
Changes in other current assets (5)
5 3 .
Accounts payable 10
5 4 .
Total cash flow from operations $190
Accpayable 10
Total 190
Investing activities
Acquisition of fixed assets - 110 (- NCS = (- Depreciation + change in NFA)
Total -110
Financing activities
Proceeds of long-term debt. 5
Less: Dividend. 75
Total -70
Net cash flow. 10
Opening cash balance. 55
Closing 65

b) Change in NWC = NWC2012 – NWC2011


= CA – CL = (Cash + other CA) – accpayable = (65 + 170 – 125) – (55+165 – 115) = 5
c) CFA = EBIT + depreciation – 110 – 5 = 70
12. CFA = OCF – NCS – NWC = 0 – 21000 – 1900 = - 22900
CFS = 14500 – 17000 - 4000 = -6500
13. Net income = (1m06 – 525k – 215k – 130k – 800k x 7%) – ans x 35% = 87100
OCF =1m06 – 525k – 215k – 134000x35% = 273100
14. OCF = 185k – 98k – 6k7 – 16k5 + 16k5 – 19180 = 61120
CF(B) = interest – net new LTD = 9000 –(0 - 7100) =16100
net new long-term debt is negative because the company repaid part of its long- term debt.
CF(S) = dividend paid – net new equity = 9500 – 7550 =1950
CFA = OCF – NCS – NWC <=> 16100 + 1950 = 61120 – (depreciation + change in NFA) – NWC
 18050 = 61120 – (16500 + 26100) – NWC => NWC = 470
15. net income = dividend + retain earning = 1570 + 4900 = 6470
Sales 41000
Cost of goods sold. 26400
Depreciation 2806.15
EBIT 11793.85
Interest paid 1840
Taxable income 9953.85
Taxes (35%) 3483.85
Net income 6470
Dividends 1570
Addition to retained earnings 4900

The market value of shareholders’


16.

equity cannot be negative. A negative


market
value in this case would imply that the
company would pay you to own the
stock.
The market value of shareholders’ equity
can be stated as: Shareholders’ equity =
Max [(TA – TL), 0]. So, if TA is
$12,400, equity is equal to $1,500, and if
TA is
$9,600, equity is equal to $0. We should
note here that while the market value of
equity cannot be negative, the book value
of shareholders’ equity can be negative.
16. market value không thể âm, nếu nó âm có nghĩa là công ty phải trả tiền cho bạn để sở hữu chứng khoán.
Market value của shareholders’ equity = MAX[(total asset – total liabilities),0]
Case 1: TA = 12400 => marketvalue = MAX[(12400 – 10900), 0] = 1500
Case 2: TA = 9600 => market value = MAX[9600 – 10900),0] =0
17. taxbill CG = 50k x 15% + 25k x 25% + 11k x 34% = 17490
Tax bill CI = 50k x 15% + 25k x 25% + 25k x 34% + 235k x 39% + 8265k x 34% = 2926k
CG -> 960000 => 10000X0.34=3400, CI -> 8610000 => 10000X0.34=3400 => same marginal tax rate
18. Net income = taxable income + taxes = -145000 – 0 (no income mà còn âm) = -145k
OCF = 630k – 470k – 95k =.65k

Net income was negative because of


the tax deductibility of depreciation
and interest expense.
However, the actual cash flow from
operations was positive because
depreciation is a non-cash
expense and interest is a financing
expense, not an operating expense.
Net income was negative because of the tax deductibility of depreciation and interest expense. However, the
actual cash flow from operations was positive because depreciation is a non-cash expense and interest is a
financing expense, not an operating expense.
19. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficient cash flow to
make the dividend payments. Change in NWC = NCS = Net new equity = 0.
CF(A) = OCF – NWC – NCS = 65k
CF(S) = dividends – net new equity = 34k – 0 = 34k
CF(B) = CF(A) – CF(S) = 65k – 34k = 31k
CF(B) = interest – net new LTD => 31k = 70k – net new LTD <=> Net new LTD = 39k
20. net income = 1398
OCF = 3000 + 2700 – 932 = 4768
CF(A) = 4768 – NCS – NWC = 4768 - 4130 – 650 = -12
The cash flow from assets can be positive or negative, since it represents whether the firm raised funds or
distributed funds on a net basis. In this problem, even though net income and OCF are positive, the firm invested
heavily in both fixed assets and net working capital; it had to raise a net $12 in funds from its stockholders and
creditors to make these investments.
CF(B) = interest – net new LTD = 670 – 0 = 670
CF(B) = CF(A) – CF(S) = -12 – 670 = - 680
21. Owner equity 2011 = TA – TL = 936 + 4176 – (382 + 2160) = 2570
OE 2012 =. 015 + 4896 – (416 + 2477) = 3018
Change in NWC =.(1015 – 416) – (936 – 382) = 45

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