吉大19秋学期《公司理财》在线作业二答案
【奥鹏】吉大19秋学期《国际商务管理》在线作业二[4]答案
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【奥鹏】吉大19秋学期《国际商务管理》在线作业二
试卷总分:100 得分:100
一、单选题（共15题，60分）
1、国际贸易中最主要的运输方式是（）
A海洋运输
B航空运输
C内河运输
D公路运输
[仔细分析以上题目，运用所学知识完成作答]
参考选择：A
2、企业制定国际竞争战略的着眼点主要包括（）
A区位优势、规模经济、学习经济
B规模经济、区位优势、政策适应、市场适应
C市场适应、区位优势
D区位优势、规模经济、学习经济、政策适应、市场适应
[仔细分析以上题目，运用所学知识完成作答]
参考选择：D
3、仲裁机构属于（）
A民间组织
B官方组织
C半民间组织
D半官方组织
[仔细分析以上题目，运用所学知识完成作答]
参考选择：A
4、企业把目标集中在一个或少数几个子市场的战略，被称为（）
A产品差异化战略
B成本集中战略
C集中战略
D市场竞争战略
[仔细分析以上题目，运用所学知识完成作答]
参考选择：C
5、商品FOB价为69元，运费为20元，保险费率为10%，保险额为CIF价格的110%，则CIF 价为（）
A97.9
B100
C197.9
D89
[仔细分析以上题目，运用所学知识完成作答]
参考选择：B。
【奥鹏】吉大19秋学期《商业银行学》在线作业二[4]答案
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【奥鹏】吉大19秋学期《商业银行学》在线作业二
试卷总分:100 得分:100
一、单选题（共10题，40分）
1、单一银行制度主要存在于（）。
A英国
B美国
C法国
D中国
[仔细分析以上题目，运用所学知识完成作答]
参考选择：B
2、银团贷款按贷款人与借款人的关系分为（）。
A定期贷款和循环贷款
B备用贷款和循环贷款
C直接银团贷款和间接银团贷款
D外国出口信贷和国际商业信贷
[仔细分析以上题目，运用所学知识完成作答]
参考选择：C
3、假设一家银行，今年的税后利润是10000万元，资产总额为500000万元，股东权益总额为300000万元，则股本收益率是（）。
A0.02
B0.03
C0.04
D0.05
[仔细分析以上题目，运用所学知识完成作答]
参考选择：B
4、银行的资产中，流动性最强的有（）。
A库存现金
B托收中的款项
C存放同业款项
D在央行的超额准备金存款
[仔细分析以上题目，运用所学知识完成作答]
参考选择：A
5、银行资产负债表的编制原理是（）。
A资产=负债
B资产=所有者权益
C资产=负债+所有者权益
D资产=利润总额
[仔细分析以上题目，运用所学知识完成作答]
参考选择：C。
【奥鹏】吉大19秋学期《公共财政学》在线作业二[4]答案
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【奥鹏】吉大19秋学期《公共财政学》在线作业二
试卷总分:100 得分:100
一、单选题（共5题，20分）
1、预算不能通过（）来实现它的调节功能。
A赤字预算
B盈余预算
C平衡预算
D政治预算
[仔细分析以上题目，运用所学知识完成作答]
参考选择：D
2、詹姆斯.布坎南提出的理论是（）
A政府行为扩张
B经济发展阶段论
C公共选择理论
D非均衡增长理论
[仔细分析以上题目，运用所学知识完成作答]
参考选择：C
3、关于基尼系数说法不正确的是（）
A它是意大利经济学家吉尼根据洛伦茨曲线提出的
B它是定量测定收入分配差异程度的指标
C基尼系数越小，则收入分配越不均
D它的经济含义是：在全部居民收入中用于不平均分配的百分比[仔细分析以上题目，运用所学知识完成作答]
参考选择：C
4、（）不是古典经济学派的代表人物。
A斯密
B李嘉图
C穆勒
D罗尔斯
[仔细分析以上题目，运用所学知识完成作答]
参考选择：D
5、《赋税论》的作者是（）
AＴ．霍布斯
BＷ．配第
C凯恩斯
DＪ．博丹
[仔细分析以上题目，运用所学知识完成作答]
参考选择：B
二、多选题（共10题，40分）。
吉大19秋学期《财务管理》在线作业一-0004参考答案
吉大《财务管理》在线作业一-0004
试卷总分:100 得分:100
一、单选题 (共 15 道试题,共 60 分)
1.在计算下列各项资金的筹资成本时,不需要考虑筹资费用的是( )。
A.普通股
B.债券
C.长期借款
D.留存收益
答案:D
2.U企业2010年年末流动资产为40万元,固定资产为10万元,流动负债为20万元,长期借款为15万元,则U企业2010年年末营运资本为()。
A.30万元
B.20万元
C.15万元
D.5万元
答案:B
3.下列哪一项不包括在流动资产中()。
A.现金
B.存货
C.应收账款
D.固定资产
答案:D
4.企业财务管理环境中最主要的影响环境是( )
A.金融环境
B.经济环境
C.法律环境
D.政治环境
答案:A
5.下列指标中,属于效率比率的是( )。
A.资产负债率
B.营业净利率
C.流动资产占全部资产的比重
D.流动比率
答案:B
6.估计股票价值时,不能使用的贴现率为( )。
A.股票市场的平均收益率
B.债券收益率加风险报酬率
C.国债的利息率
D.投资人要求的必要收益率
答案:C
7.下列各项中,不属于财务预算的有()。
吉大19秋学期《市场营销学》在线作业二【第1组】答案
【奥鹏】吉大19秋学期《市场营销学》在线作业二
试卷总分:100 得分:100
一、单选题（共15题，60分）
1、下列组织中，( )不是营销中介单位。
A中间商
B供应商
C银行
D保险公司
[提示：仔细阅读以上试题，并作答]
正确答案是：B
2、( )推销结构规定每一个推销员专门负责某一地区的推销。
A区域
B产品
C顾客
D复式
[提示：仔细阅读以上试题，并作答]
正确答案是：A
3、品牌中可以用语言称呼、表达的部分是( )。
A品牌
B商标
C品牌标志
D品牌名称
[提示：仔细阅读以上试题，并作答]
正确答案是：D
4、产品生命周期中在（）购买者一般较多。
A引入期
B成长期
C成熟期
D衰退期
[提示：仔细阅读以上试题，并作答]
正确答案是：C
5、（）是企业实行目标市场营销的基础。
A市场营销组合
B市场细分
C大市场营销
D市场选择
[提示：仔细阅读以上试题，并作答]
正确答案是：B。
吉大19春学期《管理会计》在线作业二答案
吉大19春学期《管理会计》在线作业二管理会计的定义，最著名的是（）大学教师。
A.哈佛B.麻省C.清华D.浙江正确答案:A中原公司有一台机器，其原价为80000元，现欲处理，有以下两个方案可供选择：①外地晨光机器厂拟出价56000元购买，但需中原公司支付拆卸、包装及运输费用共计12000元。
②本市黄河机器厂拟租用这台机器10年，每年愿出租金8000元，但需中原公司每年支付该机器的维修费和保险费1000元。
假定租赁期满，该机器无残值；该公司的资金成本率为12%。
哪个方案较为有利（）。
A.方案①B.方案②正确答案:A假定某企业预算期第一季度A产品各月的预计销售量分别为1000件、1500件和2000件，其单价为50元／件；销售款当期可收回50％，次月收回30％，第三个月收回20％；预算期期初应收账款余额为22000元，其中包括上年11月份销售的应收账款4000元和12月份销售的应收账款18000元。
计算上年11月份和12月份的销售总额分别为：（）A.21000元；35000元B.20000元；36000元C.25000元；36000元D.20000元；39000元正确答案:B某公司于一年前购置机床一台，估计尚可使用10年，将来使用期满有残值2000元。
最近市场上有一种新型机床，其售价为50000元，购进后可使每年的销售收入从100000增加到115000元，每年的变动成本将从原来的86000增加到91800元。
该项新型机床的使用寿命为10年，期未有残值2000元。
假定该公司原有机床的账面价值为32000元，将其立刻出售，可得价款10000元。
该公司的资金成本率为18%。
根据上述分析，采用净现值法并结合差量分析，该公司售旧换新是否可行（不考虑折旧）。
（）A.可行B.不可行正确答案:A某公司生产经营甲、乙、丙三种产品，固定成本为45900元。
甲产品、乙产品、丙产品的销售单价分别为100元／件、120元／件和160元／件，单位变动成本分别80元／件、90元／件和112元／件，销售量分别为600件、500件和500件。
吉大19秋学期《银行会计学》在线作业二答案
吉大18春学期《银行会计学》在线作业二-0003试卷总分:100 得分:100一、单选题(共20 道试题,共80 分)1.能记入“营业税金及附加”帐户借方的税金是( )A.营业税B.增值税C.土地使用税D.印花税答案:A2.银行按税后利润的一定比例提取，专门备用于职工福利设施建设的是指( )A.资本公积B.法定盈余公积C.公益金D.任意盈余公积答案:C3.能够反映固定资产出售，报废或毁损的主要帐户是( )A.“营业外支出”B.“待处理财产损溢”C.“固定资产清理”D.“固定资产”答案:C4.同城票据交换中，提入行提回借方票据时，应贷记（）A.活期存款B.待清算票据款项C.存放中央银行款项D.其他应收款答案:B5.“所有者(股东)权益变动表”是商业银行的（）A.附表B.附注C.财务情况说明书D.主表答案:A6.在我国，外汇业务在记帐方法上的特点表现为采用( )A.外汇统帐制B.外汇分帐制C.单式记帐法D.借贷复式记帐法答案:B7.存款人因特定用途需要而开立的存款帐户是( )A.基本存款帐户B.临时存款帐户C.专用存款帐户D.一般存款帐户答案:C8.同城、异地均可采用的支付结算方式是( )A.银行汇票B.银行本票C.支票D.商业汇票答案:D9.对出纳短款，当按规定的审批手段予以报损时，可确认为银行的( )A.营业费用B.营业外支出C.手续费支出D.其他营业支出答案:B10.商业银行缴存中央银行法定存款准备金可称为( )A.金融企业往来B.辖内往来C.联行往来D.同业往来答案:A11.凡是在总行清算中心开立备付金存款帐户，办理其辖属行处汇划款项清算的分行称为( )A.经办行B.清算行C.收报行D.发报行答案:B12.贷款呆账(损失)准备金计提范围不应该包括的项目是（）A.贴现B.应收利息C.同业拆出D.各项贷款答案:B13.对利随本清的存款计算存期时，下列说法正确的是（）。
公司理财第九版课后习题答案第二章
公司理财第九版课后习题答案第二章CHAPTER 2FINANCIAL STATEMENTS AND CASH FLOWAnswe rs to Concepts Review and Critical Thinking Questions1. True. Every asset can be converted to cash at some price. However, when we are referring to a liquidasset, the added assumption that the asset can be quickly converted to cash at or near market value is important.2. The recognition and matching principles in financial accounting call for revenues, and the costsassociated with producing those revenues, to be ―booked‖when the revenue process isessentiallycomplete, not necessarily when the cash is collected or bills are paid. Note that this way is notnecessarily correct; it‘s the way accountants have chosen to do it.3. The bottom line number shows the change in the ca sh balanc e on the balance sheet. As such, it is nota use ful number for analyzing a company.4. The major difference is the treatment of interest expense. The accounting statement of cash flowstreats interest as an operating ca sh flow, while the financial ca sh flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing expense, which results from the company‘s choice of debt and equity. We will have more to say about this in a laterchapter. When compa ring the two c ash flow statements, the financial statement of cash flows is a more appropriate measure of the company‘s performa ncebecause of its treatment of interest.5. Market values can never be negative. Imagine a share of stock selling for –$20. This would meanthat if you placed an order for 100 shares, you would get the stock along with a check for $2,000.How ma ny shares do you want to buy? More generally, because of corpora te andindividualbankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6. For a successful c ompany that is rapidly expanding, for example, capital outlays will be large,possibly leading to negative c ash flow from assets. In general, what matters is whether the money is spent wisely, not whe ther cash flow from assets is positive or negative.7. It‘s probably not a good sign for an e stablished company to have negative cash flow from operations,but it would be fairly ordinary for a start-up, so it depends.would have this effect. Negative net c apital spending would mea n more long-lived assets wereliquidated than purchased.49.10. If a company raises more money from selling stock than it pays in dividends in a particular period,its cash flow to stockholders will be negative. If a companyborrows more than it pays in interest and principal, its cash flow to creditors will be negative.The adjustments discussed were purely accounting changes; they had no cash flow or market value consequences unless the new accounting information caused stockholders to revalue the derivatives.Solutions to Questions and Proble msNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiplesteps. Due to space and readability constraints, when these intermediate steps are included in thissolutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1. To find owners‘ equity, we must construct a balance sheet as follows:Balance SheetCA $ 5,300 CL $ 3,900NFA 26,000 LTD 14,200OE ??TA $31,300 TL & OE $31,300We know that total liabilities and owners‘ equity (TL & OE) must equal total assets of $31,300. We also know that TL & OE is equal to current liabilities plus long-term debt plus owner‘s equity, soowner‘s equity is:OE = $31,300 –14,200 – 3,900 = $13,200NWC = CA – CL = $5,300 – 3,900 = $1,4002. The income statement for the company is:Income StatementSales $493,000Costs 210,000Depreciation 35,000EBIT $248,000Interest 19,000EBT $229,000Taxes 80,150Net income $148,8503.4.5.6. One equation for net income is:Net income = Dividends + Addition to retained earningsRearranging, we get:Addition to retained earnings = Net income – Divide ndsAddition to retained earnings = $148,850 – 50,000Addition to retained earnings = $98,850To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for current assets, we get:CA = NWC + CL = $800,000 + 2,100,000 = $2,900,000The market value of current assets and net fixed assets is given, so:Book value CA= $2,900,000 Market value CA= $2,800,000Book value NFA = $5,000,000 Market value NFA= $6,300,000 Book value assets = $7,900,000 Market value assets= $9,100,000Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($246K – 100K)Taxes = $79,190The average tax ra te is the total tax paid divided by net income, so:Average tax rate = $79,190 / $246,000Average tax rate = 32.19%The marginal tax rate is the tax rate on the next $1 of earnings, so the marginal tax ra te = 39%.To calculate OCF, we first need the income state ment:Income StatementSales $14,900Costs 5,800Depreciation 1,300EBIT $7,800Interest 780Taxable income $7,020Taxes 2,808Net income $4,212OCF = EBIT + Depreciation – TaxesOCF = $7,800 + 1,300 – 2,808OCF = $6,292Net capital spending = $1,730,000 – 1,650,000 + 284,000Net capital spending = $364,0007. The long-term debt account will increase by $10 million, the amount of the new long-term debt issue.Since the company sold 10 million new shares of stock with a $1 par value, the common stockaccount will increase by $10 million. The capital surplus account will increase by $33 million, thevalue of the new stoc k sold above its par value. Since the company had a net income of $9million,and pa id $2 million in dividends, the addition to retained earnings was $7 million, which willinc rease the accumulated retained earnings account. So, the new long-term debt a nd stockholders‘ equity portion of the balance sheet will be:Long-term debt $82,000,000Total long-term debt $82,000,000Shareholders equityPreferred stock $9,000,000Common stock ($1 par value) 30,000,000Ac cumulated retained earnings 104,000,000Capital surplus 76,000,000Total equity $ 219,000,000Total Liabilities & Equity $ 301,000,0008.9. Cash flow to creditors = Interest paid – Net new borrowingCash flow to creditors = $118,000 – ($1,390,000 – 1,340,000) Cash flow to creditors = $118,000 – 50,000Cash flow to creditors = $68,000Cash flow to stockholders = Dividends paid – Net new equity Cash flow to stockholders = $385,000 – [(Common+ APIS) –(Common+ APIS)]end end beg beg10. Cash flow to stockholders = $385,000 –[($450,000 + 3,050,000) – ($430,000 + 2,600,000)] Cash flow to stockholders = $385,000 – ($3,500,000 – 3,030,000)Cash flow to stockholders = –$85,000Note, APIS is the additional paid-in surplus.Cash flow from assets= Cash flow to creditors + Cash flow to stockholders= $68,000 – 85,000= –$17,000Cash flow from assets= –$17,000 = OCF – Change in NWC –Net capital spending–$17,000 = OCF – (–$69,000) – 875,000Operating cash flowOperating cash flow= –$17,000 – 69,000 + 875,000= $789,000Cash flow to creditors = $118,000 – (LTD– LTD)11. a. IntermediateThe accounting statement of cash flows explains the change in cash during the year. Theaccounting statement of cash flows will be:Statement of cash flowsOperationsNet income $105Depreciation 90Changes in other current assets (55)Accounts payable (10)Total cash flow from operations $170Investing activitiesAcquisition of fixed assets $(140)Total cash flow from investing activities $(140)Financing activitiesProc eeds of long-term debt $30Dividends (45)Total cash flow from financing activities ($15)Change in cash (on balance sheet) $15b.Change in NWC= NWC e nd– NWC beg= (CA end–CL en d ) – (CA beg–CL be g)c.= [($50 + 155) – 85] – [($35 + 140) – 95)= $120 – 80= $40To find the cash flow generated by the firm‘s assets, we need the operating cash flow, and thecapital spending. So, calculating each of these, we find:Operating cash flowNet income $105Depreciation 90Operating cash flow $195Note that we can calculate OCF in this manner since there a re no taxes.Capital spendingEnding fixed assets Beginning fixed assets DepreciationCapital spending $340 (290)90 $140Now we c an calculate the cash flow gene rated by the firm‘s assets, which is: Cash flow from assetsOperating cash flow Capital spending Change in NWC Cash flow from assets $195 (140) (40) $1512. With the information provided, the cash flows from the firm are the capital spending and the changein net working capital, so:Cash flows from the firmCapital spending $(15,000)Additions to NWC (1,500)Cash flows from the firm $(16,500)And the cash flows to the investors of the firm are:Cash flows to investors of the firmSale of long-term debt (19,000)Sale of common stock (3,000)Dividends paid 19,500Cash flows to investors of the firm $(2,500)13. a.b. The interest expense for the company is the amount of debt times the interest rate on the debt. So, the income statement for the company is:Income StatementSales $1,200,000Cost of goods sold 450,000Selling costs 225,000Depreciation 110,000EBIT $415,000Interest 81,000Taxable income $334,000Taxes 116,900Net income $217,100And the opera ting cash flow is:OCF = EBIT + Depreciation – TaxesOCF = $415,000 + 110,000 – 116,900OCF = $408,10014. To find the OCF, we first calculate net income.Income StatementSales $167,000Costs 91,000Depreciation 8,000Other expe nses 5,400EBIT $62,600Interest 11,000Taxable income $51,600Taxes18,060Net income $33,540Dividends $9,500Additions to RE $24,040a.OCF = EBIT + Depreciation – TaxesOCF = $62,600 + 8,000 – 18,060OCF = $52,540b.CFC = Interest – Net new LTDCFC = $11,000 – (–$7,100)CFC = $18,100Note that the net new long-term debt is negative because the compa ny repaid part of its long-term debt.c.CFS = Dividends – Net new equityCFS = $9,500 – 7,250CFS = $2,250d.We know that CFA = CFC + CFS, so:CFA = $18,100 + 2,250 = $20,350CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.Net capital spending is equal to:Net capital spending = Increase in NFA + De preciationNet capital spending = $22,400 + 8,000Net capital spending = $30,400Now we c an use:CFA = OCF – Net capital spending – Change in NWC$20,350 = $52,540 – 30,400 – Change in NWC.Solving for the change in NWC gives $1,790, me aning the company increased its NWC by$1,790.15. The solution to this question works the income statement backwards. Starting at the bottom:Net income = Dividends + Addition to ret. earningsNet income = $1,530 + 5,300Net income = $6,830Now, looking at the income statement:EBT –(EBT × Tax rate) = Net incomeRecognize that EBT × tax rate is simply the calculation for ta xes. Solving this for EBT yields: EBT = NI / (1– Tax rate) EBT = $6,830 / (1 – 0.65)EBT = $10,507.69Now we can calculate:EBIT = EBT + InterestEBIT = $10,507.69 + 1,900EBIT = $12,407.69The last step is to use:EBIT = Sales – Costs – Depreciation$12,407.69 = $43,000 – 27,500 – DepreciationDepreciation = $3,092.31Solving for depreciation, we find that depreciation = $3,092.3116. The balance sheet for the company looks like this:Balance SheetCash $183,000 Accounts payableAc counts receivable 138,000 Notes payableInventory 297,000 Current liabilitiesCurrent assets $618,000 Long-term debtTotal liabilities Tangible net fixed assets 3,200,000Intangible net fixed assets 695,000 Common stockAccumulated ret. earnings Total assets $4,513,000 Total liab. & owners‘ equity Total liabilities and owners‘ equity is: TL & OE = T otal debt + Common stock + Accumulated retained earnings Solving for this equation for equity gives us: Common stock = $4,513,000 – 1,960,000 – 2,160,000Common stock = $393,000$465,000145,000 $610,000 1,550,000 $2,160,0001,960,000 $4,513,00017.18.19. The market value of shareholders‘ equity canno t be negative. A negative market value in this casewould imply that the company would pay you to own the stock. The market value of sha reholders‘ equity can be stated as: Shareholders‘ equity = Max [(TA –TL), 0]. So, if TA is $9,700, equity isequal to $800, and if TA is $6,800, e quity 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.a.Taxes Growth= 0.15($50K) + 0.25($25K) + 0.34($3K) = $14,770Taxes Income= 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) + 0.34($7.465M)= $2,652,000b. Each firm has a marginal tax rate of 34% on the next$10,000 of taxa ble income, despite theirdifferent average ta x rates, so both firms will pay an additional $3,400 in taxes.Income State mentSales $740,000COGS 610,000A&S expenses 100,000Depreciation 140,000EBIT ($115,000)Interest 70,000Taxable income ($185,000)Taxes (35%) 0/doc/5b4332add1f34693daef3eb1.html income ($185,000)b.OCF = EBIT + Depreciation – TaxesOCF = ($115,000) + 140,000 – 0OCF = $25,00020.21. c. Net income was negative because of the tax deductibility of depreciation and interest expense.However, the actual cash flow from operations wa s positive because de preciation is a non-cashexpense and interest is a financing expense, not an operating expense.A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficientcash flow to make the dividend payments.Change in NWC = Net ca pital spending = Net new equity = 0. (Given)Cash flow from assets = OCF – Change in NWC – Net capitalspendingCash flow from assets = $25,000 – 0 – 0 = $25,000Cash flow to stockholders = Divide nds – Net new equityCash flow to stockholders = $30,000 – 0 = $30,000Cash flow to creditors = Cash flow from assets – Cash flow to stockholdersCash flow to creditors = $25,000 – 30,000Cash flow to creditors = –$5,000Cash flow to creditors is also:Cash flow to creditors = Interest – Net new LTDSo:Net new LTD = Interest – Cash flow to creditorsNet new LTD = $70,000 – (–5,000)Net new LTD = $75,000a. The income statement is:Income StatementSales $15,300Cost of good sold 10,900Depreciation 2,100EBIT $ 2,300Interest 520Taxable income $ 1,780Taxes712Net income $1,068b.OCF= EBIT + Depreciation – TaxesOCF = $2,300 + 2,100 – 712OCF = $3,688c. Change in NWC=NWC end– NWC beg= (CA end–CL en d ) – (CA beg–CL be g)22.= ($3,950 – 1,950) – ($3,400 – 1,900)= $2,000 – 1,500 = $500Ne t capital spending= NFA end– NFA beg+ Depreciation= $12,900 – 11,800 + 2,100= $3,200CFA= OCF – Change in NWC – Net capital spending= $3,688 – 500 – 3,200= –$12The cash flow from assets can be positive or ne gative, since it represents whether the firm raisedfunds or distributed funds on a net basis. In this problem, even though net income and OCF arepositive, 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.d. Ca sh flow to creditors= Interest – Net new LTD= $520 – 0= $520Ca sh flow to stoc kholders = Cash flow from assets – Cash flow to creditors= –$12 – 520= –$532We can also calculate the cash flow to stockholders as:Ca sh flow to stoc kholders = Dividends – Ne t new equity Solving for net new equity, we get:Net new equity= $500 – (–532)= $1,032The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow fromoperations. The firm invested $500 in new net working capital and $3,200 in new fixed assets. The firm had to raise $12 from its stakeholders to support this new inve stment. It accomplished this by raising $1,032 in the form of new equity. After paying out $500 of this in the form of dividends to shareholders and $520 in the form of interest to creditors, $12 was left to meet the firm‘s ca sh flow needs for investment.a. Total assets 2009= $780 + 3,480 = $4,260Total liabilities 2009= $318 + 1,800 = $2,118Owners‘ equity 2009 = $4,260 – 2,118 = $2,142Total assets 2010= $846 + 4,080 = $4,926Total liabilities 2010= $348 + 2,064 = $2,412Owners‘ equity 2010= $4,926 – 2,412 = $2,51414b. NWC 2009NWC 2010Change in NWC = CA09 – CL09 = $780 – 318 = $462= CA10 – CL10 = $846 – 348 = $498= NWC10 – NWC09 = $498 – 462 = $36c.d. We can calculate net capital spe nding as:Net capital spending = Net fixed assets 2010 –Net fixed assets 2009 + Deprec iationNet capital spending = $4,080 – 3,480 + 960Net capital spending = $1,560So, the company had a net capital spending cash flow of$1,560. We also know that net capital spending is:Net capital spending = Fixed assets bought –Fixed assets sold$1,560= $1,800 – Fixed assets soldFixed assets sold= $1,800 – 1,560 = $240To c alculate the cash flow from assets, we must first calculate the operating cash flow. Theoperating cash flow is calculated as follows (you can also prepare a traditional incomestatement):EBIT = Sales – Costs – DepreciationEBIT = $10,320 – 4,980 – 960EBIT = $4,380EBT = EBIT – InterestEBT = $4,380 – 259EBT = $4,121Taxes = EBT ? .35Taxes = $4,121 ? .35Taxes = $1,442OCF = EBIT + Depreciation – TaxesOCF = $4,380 + 960 – 1,442OCF = $3,898Ca sh flow from a ssets = OCF – Change in NWC – Net capital spending.Ca sh flow from a ssets = $3,898 – 36 – 1,560Ca sh flow from a ssets = $2,302Net new borrowing = LTD10 – LTD09Net new borrowing = $2,064 – 1,800Net new borrowing = $264Ca sh flow to creditors = Interest – Net ne w LTDCa sh flow to creditors = $259 – 264Ca sh flow to creditors = –$5Net new borrowing = $264 = Debt issue d – Debt retired Debt retired = $360 – 264 = $9623.CashAccounts receivable InventoryCurrent assetsNet fixed assets Total assetsCashAccounts receivable InventoryCurrent assetsNet fixed assets Total assets Balance sheet as of Dec. 31, 2009 $2,739 Accounts payable3,626 Notes payable6,447 Current liabilities$12,812Long-term debt$22,970 Owners' equity$35,782 Total liab. & equityBalance sheet as of Dec. 31, 2010$2,802Accounts payable4,085 Notes payable6,625Current liabilities$13,512Long-term debt$23,518Owners' equity$37,030Total liab. & equity$2,877529$3,406$9,173$23,203$35,782$2,790497$3,287$10,702$23,041$37,03024.2009 Income StatementSales $5,223.00COGS 1,797.00Othe r expenses 426.00Depreciation 750.00EBIT $2,250.00Interest 350.00EBT $1,900.00Taxes646.00Net income $1,254.00Dividends $637.00Additions to RE 617.00OCF = EBIT + Depreciation – TaxesOCF = $2,459 + 751 – 699.38OCF = $2,510.62Change in NWC = NWC end– NWC beg= (CA – CL)end 2010 Income StatementSales $5,606.00COGS 2,040.00Other expense s 356.00Depreciation 751.00EBIT $2,459.00Interest 402.00EBT $2,057.00Taxes699.38Net income $1,357.62Dividends $701.00Additions to RE 656.62– (CA – CL)begChange in NWC = ($13,512 – 3,287) – ($12,812 – 3,406)Change in NWC = $819Net capital spending = $23,518 – 22,970 + 751Net capital spending = $1,299Net capital spending = NFA– NFA+ Depreciation25. Cash flow from assets = OCF –Change in NWC –Net capital spendingCash flow from assets = $2,510.62 – 819 – 1,299Cash flow from assets = $396.62Cash flow to creditors = Interest – Net new LTDNet new LTD = LTD end– LTD begCash flow to creditors = $402 – ($10,702 – 9,173)Cash flow to creditors = –$1,127Common stock + Retained earnings = Total owners‘ equity Net new equity = (OE – RE)end– (OE – RE)begRE end= RE beg+ Additions to RENet new equity = $23,041 – 23,203 – 656.62 = –$818.62Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = $701 – (–$818.62)Cash flow to stockholders = $1,519.62As a check, ca sh flow from assets is $396.62.Cash flow from assets = Cash flow from creditors + Cash flow to stockholdersCash flow from assets = –$1,127 + 1,519.62Cash flow from assets = $392.62ChallengeWe will begin by calculating the operating cash flow. First, we need the EBIT, which c an becalculated as:EBIT = Net income + Current taxes + Deferred taxes + Inte restEBIT = $144 + 82 + 16 + 43EBIT = $380Now we can calculate the operating cash flow as:Operating cash flowEarnings before interest and taxes $285Depreciation 78Current taxes (82)Operating cash flow $281Net new equity = Common stock– Common stockNet new equity = OE– OE+ RE– RE∴ Net new equity= OE– OE+ RE– (RE+ Additions to RE)= OE– OE– Additions to REThe cash flow from assets is found in the investing activities portion of the accounting statement of cash flows, so: Cash flow from assetsAcquisition of fixed a ssets $148Sale of fixed assets (19)Capital spending $129The net working capital cash flows are all found in theoperations cash flow section of theaccounting statement of cash flows. However, instead of c alculating the net working capital cashflows as the change in net working capital, we must calculate each item individually. Doing so, wefind:Net working capital cash flowCash $42Accounts receivable 15Inventories (18)Accounts payable (14)Accrued expenses 7Notes payable (5)Other (2)NWC cash flow $25Except for the interest expense and note s payable, the ca sh flow to creditors is found in the financing activities of the accounting statement of cash flows. The inte rest expense from the income statementis given, so:Cash flow to creditorsInterest $43Retirement of debt 135Debt service $178Proceeds from sale of long-term debt (97)Total $81And we can find the cash flow to stockholders in the financing se ction of the accounting stateme nt of cash flows. The cash flow to stockholders was:Cash flow to stockholdersDividends $ 72Repurchase of stock 11Cash to stockholders $ 83Proceeds from new stock issue(37)Total $ 4626. Net capital spending= (NFA– NFA + Depreciation) + (Depreciation + AD) – AD= (NFA+ AD) – (NFA+ ADbeg) =FAbeg– FAend end beg beg end beg27. a.b.c. The tax bubble causes average tax rates to catch up to marginal tax rates, thus eliminating the tax advantage of low marginal rates for high inc ome corporations.Assuming a taxable income of $335,000, the taxes will be:Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) = $113.9KAverage tax rate = $113.9K / $335K = 34%The marginal tax rate on the next dollar of income is 34 percent.For corporate taxable income levels of $335K to $10M, average tax rates are equal to marginal tax rates.Taxes = 0.34($10M) + 0.35($5M) + 0.38($3.333M) = $6,416,667Average tax rate = $6,416,667 / $18,333,334 = 35%The marginal tax rate on the ne xt dollar of income is 35 percent. For corporate taxable income levels over $18,333,334, ave rage tax rates are again e qual to marginal tax rates.Taxes= 0.34($200K) = $68K = 0.15($50K) + 0.25($25K) + 0.34($25K) + X($100K);X($100K)= $68K – 22.25K = $45.75KX= $45.75K / $100KX= 45.75%=NFA– NFAend= (NFAbeg– NFA)+ AD– AD。
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B.预防动机
C.投机动机
D.特定需要动机
答案:B
6.某公司股票的β系数为2.0，无风险利率为6%，市场上所有股票的平均报酬率为10%，那么公司股票的报酬率为：
A.6%
B.10%
C.14%
D.8%
答案:C
7.某企业预计全年需要现金800万元，现金与有价证券的转换成本为每次0.1万元，有价证券的利息率为10%，则最佳现金余额为：
D.平均报酬率
答案:AB
18.标准成本管理的特点有：
A.制定比较复杂
B.对管理基础工作要求较高
C.简化成本核算
D.是一种全员的管理
答案:ABC
19.股利政策的类型包括：
A.稳定的股利政策
B.正常股利加额外股利政策
C.变动股利政策
D.剩余股利政策
答案:ABCD
20.从理论上将投资报酬率由以下哪几部分组成：
A.40
B.20
C.80
D.100
答案:A
8.现代成本管理的目的是：
A.降低成本费用
B.厉行节约
C.减少各种开支
D.完成成本责任，提高成本效率
答案:D
9.由于存在固定利息费用而导致的普通股每股收益的变动率大于息税前利润变动率的现象，被成为：
A.财务杠杆
B.经营杠杆
C.总杠杆
D.复合杠杆
答案:A
10.（）是理财的中心环节。
A.市场报酬率
B.无风险报酬率
C.风险报酬率
D.通货膨胀贴补
答案:BCD
21.影响股利政策的企业内部因素有：
A.资本限制
B.盈余的稳定性
C.变现能力
D.筹资能力
答案:BCD
22.目标成本管理的特点有：
A.全过程的管理
B.全员的管理
C.要求发挥每个人的主观能动性
D.有助于加强管理基础工作
答案:ABCD
A.9.67%
B.6.5%
C.7.5%
D.15%
答案:A
13.若固定成本总额为80万元，变动成本率为60%，在销售额为400元时，息税前利润为80万元，经营杠杆系数为：
A.1B.2ຫໍສະໝຸດ C.3D.4答案:B
14.企业筹资决策的核心是：
A.衡量筹资的资本成本
B.运用杠杆原理衡量筹资风险
C.确定最佳资本结构
D.制定合理的信用政策
23.普通股筹资有以下哪些优点：
A.没有固定的利息负担
B.利息可以抵税
C.筹资风险小
D.能增加公司的信誉
答案:ACD
24.债券筹资有以下哪些缺点：
A.风险高
B.存在一些限制
C.筹资的有限性
D.分散控制权
答案:ABC
25.不可分散风险包括：
A.公司风险
B.利息风险
C.购买力风险
D.经济周期风险
答案:BCD
吉大18春学期《公司理财》在线作业二-0001
试卷总分:100得分:100
一、单选题(共15道试题,共60分)
1.现代成本管理的核心是：
A.管理者的成本意识
B.降低成本费用
C.完成成本责任
D.提高成本效率
答案:A
2.某企业销售额为1000万元，变动成本总额为400万元，固定成本总额为400万元，利息费用为80万元，则总杠杆系数为：
A.财务预测
B.财务分析
C.财务决策
D.财务控制
答案:C
11.以下属于权益资本筹资方式的是：
A.发行可转换债券筹资
B.吸收直接投资
C.银行借款筹资
D.发行债券筹资
答案:B
12.某企业拟筹资规模确定为6000万元，选定某方案其资本结构为长期借款2000万元，利息率为6.5%，债券2000万元，利率为7.5%，股本为2000万元，资本成本为15%，计算该筹资方案的综合资本成本：
答案:C
15.现金的控制主要是确定：
A.现金持有成本
B.现金短缺成本
C.现金转换成本
D.最佳现金余额
答案:D
二、多选题(共10道试题,共40分)
16.存货成本包括以下几项内容：
A.采购成本
B.订货成本
C.储存成本
D.缺货成本
答案:ABCD
17.以下属于贴现指标的是：
A.净现值
B.内部报酬率
C.投资回收期
A.2
B.3
C.4
D.5
答案:D
3.现在的1000元，按单利计算，年利率为8%时，5年后的单利终值是:
A.1000
B.1080
C.1400
D.1200
答案:C
4.以下不属于可转换债券的优点的是：
A.有利于降低资金成本
B.有利于筹集更多资金
C.有利于提高股票发行价格
D.风险较小
答案:D
5.企业为了应付意外事件而需要保持的一定数量的现金，这种动机是：