ch2
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ch2

Course: ACCT 433, Spring 2011

School: Lake Superior State...

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CHAPTER 2ANALYSIS OF FINANCIAL STATEMENTS TRUE/FALSE 1. The income statement measures the flow of funds into (i.e. revenue) and out of (i.e. expenses) the firm over a certain time period. It is always based on accounting data. ANS: T DIF: Easy TOP: Income statement 2. The balance sheet is a financial statement measuring the flow of funds into and out of various accounts over time while the income statement...

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2ANALYSIS CHAPTER OF FINANCIAL STATEMENTS TRUE/FALSE 1. The income statement measures the flow of funds into (i.e. revenue) and out of (i.e. expenses) the firm over a certain time period. It is always based on accounting data. Register to View AnswerDIF: Easy TOP: Income statement 2. The balance sheet is a financial statement measuring the flow of funds into and out of various accounts over time while the income statement measures the progress of the firm at a point in time. Register to View AnswerDIF: Easy TOP: Financial statements 3. An increase in an asset account is a source of cash, whereas an increase in a liability account is a use of cash. Register to View AnswerDIF: Easy TOP: Sources and uses of cash 4. Depreciation, as shown on the income statement, is regarded as a use of cash because it is an expense. Register to View AnswerDIF: Easy TOP: Sources and uses of cash 5. When a firm pays off a loan using cash, the source of funds is the decrease in the asset account, cash, while the use of funds involves a decrease in a liability account, debt. Register to View AnswerDIF: Easy TOP: Sources and uses 6. Non-cash assets are expected to produce cash over time but the amount of cash they eventually produce could be higher or lower than the values at which the assets are carried on the books. Register to View AnswerDIF: Easy TOP: Non-cash assets 7. Taxes, payment patterns, and reporting considerations, as well as credit sales and non-cash costs, are reasons why operating cash flows can differ from accounting profits. Register to View AnswerDIF: Easy TOP: Operating cash flows 8. Ratio analysis involves a comparison of the relationships between financial statement accounts so as to analyze the financial position and strength of a firm. Register to View AnswerDIF: Easy TOP: Ratio analysis 9. The current ratio and inventory turnover ratio measure the liquidity of a firm. The current ratio measures the relation of a firm's current assets to its current liabilities and the inventory turnover ratio measures how rapidly a firm turns its inventory back into a "quick" asset or cash. Register to View AnswerDIF: Easy TOP: Liquidity ratios 10. If a firm has high current and quick ratios, this always is a good indication that a firm is managing its liquidity position well. Register to View AnswerDIF: Easy TOP: Current ratio 11. A decline in the inventory turnover ratio suggests that the firm's liquidity position is improving. Register to View AnswerDIF: Easy TOP: Inventory turnover ratio 11 Chapter2AnalysisofFinancialStatements 12. The degree to which the managers of a firm attempt to magnify the returns to owners' capital through the use of financial leverage is captured in debt management ratios. Register to View AnswerDIF: Easy TOP: Debt management ratios 13. Profitability ratios show the combined effects of liquidity, asset management, and debt management on operations. Register to View AnswerDIF: Easy TOP: Profitability ratios 14. Determining whether a firm's financial position is improving or deteriorating requires analysis of more than one set of financial statements. Trend analysis is one method of measuring a firm's performance over time. Register to View AnswerDIF: Easy TOP: Trend analysis 15. The information contained in the annual report is used by investors to form expectations about future earnings and dividends. Register to View AnswerDIF: Easy TOP: Annual report 16. The balance sheet presents a summary of the firms revenues and expenses over an accounting period. Register to View AnswerDIF: Easy TOP: Financial statements 17. On the balance sheet, total assets must equal total liabilities plus stockholders equity. Register to View AnswerDIF: Easy TOP: Balance sheet 18. One of the biggest noncash items on the income statement is depreciation which needs to be subtracted from net income to determine cash flows for the firm. Register to View AnswerDIF: Easy TOP: Cash flows 19. A firm's net income reported on its income statement must equal the operating cash flows on the statement of cash flows. Register to View AnswerDIF: Easy TOP: Accounting profit and cash flows 20. A statement reporting the impact of a firms operating, investing, and financing activities on cash flows over an accounting is the statement of cash flows. Register to View AnswerDIF: Easy TOP: Statement of cash flows 21. When a firm conducts a seasoned equity offering, it increases an equity account which is an example of a source of funds. Register to View AnswerDIF: Easy TOP: Sources and uses of cash 22. When a firm conducts a stock repurchase, it increases an equity account which is an example of a source of funds. Register to View AnswerDIF: Easy TOP: Sources and uses of cash 23. A liquid asset is an asset that can be easily converted into cash without a significant loss of its original value. Register to View AnswerDIF: Easy TOP: Liquidity ratios Chapter2AnalysisofFinancialStatements 12 24. Genzyme Corporation has seen its days sales outstanding (DSO) decline from 38 days last year to 22 days this implying that more of the firms suppliers are being paid on time. Register to View AnswerDIF: Easy TOP: Days sales outstanding (DSO) 25. Funds supplied by common stockholders mainly includes capital stock, paid-in capital, and retained earnings, while total equity is comprised of common equity plus preferred stock. Register to View AnswerDIF: Medium TOP: Total equity 26. Retained earnings is the cash that has been generated by the firm through its operations which has not been paid out to stockholders as dividends. Retained earnings are kept in cash or near cash accounts and thus, these cash accounts, when added together, will always be equal to the total retained earnings of the firm. Register to View AnswerDIF: Medium TOP: Retained earnings 27. The financial position of companies whose business is seasonal can be dramatically different depending upon the time of year chosen to construct financial statements. This time sensitivity is especially true with respect to the firm's balance sheet. Register to View AnswerDIF: Medium TOP: Balance sheet changes 28. In order to accurately estimate cash flow from operations, depreciation must be added back to net income. The reason for this is that even though depreciation is deducted from revenue it is really a non-cash charge. Register to View AnswerDIF: Medium TOP: Cash flows 29. In accounting, emphasis is placed on determining net income. In finance, the primary emphasis also is on net income because that is what investors use to value the firm. However, a secondary consideration is cash flow because that's what is used to run the business. Register to View AnswerDIF: Medium TOP: Cash flow and net income 30. Current cash flow from existing assets is highly relevant to the investor. However, the value of the firm depends primarily upon its growth opportunities. As a result, profit projections from those opportunities are the only relevant future flows with which investors are concerned. Register to View AnswerDIF: Medium TOP: Future cash flows 31. If the current ratio of Firm A is greater than the current ratio of Firm B, we cannot be sure that the quick ratio of Firm A is greater than that of Firm B. However, if the quick ratio of Firm A exceeds that of Firm B, we can be assured that Firm A's current ratio also exceeds B's current ratio. Register to View AnswerDIF: Medium TOP: Liquidity ratios 32. The inventory turnover and current ratios are related. The combination of a high current ratio and a low inventory turnover ratio relative to the industry norm might indicate that the firm is maintaining too high an inventory level or that part of the inventory is obsolete or damaged. Register to View AnswerDIF: Medium TOP: Inventory turnover ratio 33. We can use the fixed asset turnover ratio to legitimately compare firms in different industries as long as all the firms being compared are using the same proportion of fixed assets to total assets. Register to View AnswerDIF: Medium TOP: Fixed asset turnover 13 Chapter2AnalysisofFinancialStatements 34. Suppose two firms with the same amount of assets pay the same interest rate on their debt and earn the same rate of return on their assets, and that ROA is positive. However, one firm has a higher debt ratio. Under these conditions, the firm with the higher debt ratio will also have a higher rate of return on common equity. Register to View AnswerDIF: Medium TOP: ROA and ROE 35. Suppose a firm wants to maintain a specific TIE ratio. If the firm knows the level of its debt, the interest rate it will pay on that debt and the applicable tax rate, the firm can then calculate the earnings level required to maintain its target TIE ratio. Register to View AnswerDIF: Medium TOP: TIE ratio 36. The fixed charge coverage ratio recognizes that firms often lease equipment under contract and thus, some firms must meet more than just their scheduled interest payments out of earnings. Therefore, the fixed charge coverage is more inclusive than the TIE ratio. Register to View AnswerDIF: Medium TOP: Fixed charge coverage ratio 37. If sales decrease and financial leverage increases, we can say with certainty that the profit margin on sales will decrease. Register to View AnswerDIF: Medium TOP: Profit margin and leverage 38. Selling new stock is an equity transaction; it does not affect any asset or liability account and therefore, does not appear on the statement of cash flows. Register to View AnswerDIF: Medium TOP: Financing activities MULTIPLE CHOICE 1. Other things held constant, which of the following will not affect the quick ratio? (Assume that current assets equal current liabilities.) a. Fixed assets are sold for cash. b. Cash is used to purchase inventories. c. Cash is used to pay off accounts payable. d. Accounts receivable are collected. e. Long-term debt is issued to payoff a short-term bank loan. Register to View AnswerThe quick ratio is calculated as follows: The only action that doesn't affect the quick ratio is statement d. While this action decreases receivables (a current asset), it increases cash (also a current asset). The net effect is no change in the quick ratio. DIF: Easy OBJ: TYPE: Conceptual TOP: Quick ratio Chapter2AnalysisofFinancialStatements 14 2. Changes in balance sheet accounts are necessary for a. A typical ratio analysis. b. Pro forma balance sheet construction. c. Statement of cash flows construction. d. Profit and loss analysis. e. Pro forma income statement construction. Register to View AnswerDIF: Easy TOP: Statement of cash flows OBJ: TYPE: Conceptual 3. All of the following represent cash outflows to the firm except a. Taxes. b. Interest payments. c. Dividends. d. Purchase of plant and equipment. e. Depreciation. Register to View AnswerDIF: Easy OBJ: TYPE: Conceptual TOP: Cash flows 4. Other things held constant, if a firm holds cash balances in excess of their optimal level in a noninterest bearing account, this will tend to lower the firm's a. Profit margin. b. Total asset turnover. c. Return on equity. d. All of the above. e. Answers b and c above. Register to View AnswerDIF: Easy TOP: Excessive cash balances OBJ: TYPE: Conceptual 5. Other things held constant, which of the following will not affect the current ratio, assuming an initial current ratio greater than 1.0? a. Fixed assets are sold for cash. b. Long-term debt is issued to pay off current liabilities. c. Accounts receivable are collected. d. Cash is used to pay off accounts payable. e. A bank loan is obtained, and the proceeds are credited to the firm's checking account. Register to View AnswerDIF: Easy OBJ: TYPE: Conceptual TOP: Current ratio 6. The annual report contains all of the following financial statements except a. income statement. b. statement of changes in long-term financing. c. statement of cash flows. d. balance sheet. e. statement of retained earnings. Register to View AnswerDIF: Easy OBJ: TYPE: Conceptual TOP: Annual report 7. Which of the following financial statements shows a firms financing activities (how funds were generated) and investment activities (how funds were used) over a particular period of time? a. balance sheet b. income statement c. statement of retained earnings d. statement of cash flows e. proxy statement 15 Chapter2AnalysisofFinancialStatements Register to View AnswerDIF: Easy TOP: Financial statements OBJ: TYPE: Conceptual 8. Which of the following statements shows the portion of the firms earnings that has been saved rather than paid out as dividends? a. balance sheet b. income statement c. statement of retained earnings d. statement of cash flows e. proxy statement Register to View AnswerDIF: Easy TOP: Financial statements OBJ: TYPE: Conceptual 9. Which of the following financial statements includes information about a firms assets, equity, and liabilities? a. Income statement b. Cash flow statement c. Balance sheet d. Statement of retained earnings e. All of the above Register to View AnswerDIF: Easy TOP: Financial statements OBJ: TYPE: Conceptual 10. When constructing a Statement of Cash Flows, which of the following actions would be considered a source of funds? a. increase in the cash account b. decrease in accounts payable c. increase in inventory d. increase in long-term bonds e. increase in fixed assets Register to View AnswerDIF: Easy TOP: Financial statements OBJ: TYPE: Conceptual 11. Which of the following groups probably would not be interested in the financial statement analysis of a firm? a. creditors b. management of the firm c. stockholders d. Internal Revenue Service e. All of the above would be interested in the financial statement analysis. Register to View AnswerDIF: Easy OBJ: TYPE: Conceptual TOP: Ratio analysis 12. Which of the following ratios measures how effectively a firm is managing its assets? a. quick ratio b. times interest earned c. profit margin d. inventory turnover ratio e. price earnings ratio Register to View AnswerDIF: Easy TOP: Inventory turnover ratio OBJ: TYPE: Conceptual Chapter2AnalysisofFinancialStatements 16 13. If your goal is determine how effectively a firm is managing its assets, which of the following sets of ratios would you examine? a. profit margin, current ratio, fixed charge coverage ratio b. quick ratio, debt ratio, time interest earned c. inventory turnover ratio, days sales outstanding, fixed asset turnover ratio d. total assets turnover ratio, price earnings ratio, return on total assets e. time interest earned, profit margin, fixed asset turnover ratio Register to View AnswerDIF: Easy TOP: Asset management ratios OBJ: TYPE: Conceptual 14. Which of the following ratios measures the extent to which operating income can decline before the firm is unable to meet its annual interest costs a. fixed charge coverage ratio b. debt ratio c. times-interest-earned ratio d. return on equity e. profit margin Register to View AnswerDIF: Easy OBJ: TYPE: Conceptual TOP: TIE ratio 15. An analysis of a firms financial ratios over time that is used to determine the improvement or deterioration in its financial situation is called a. sensitivity analysis b. DuPont chart c. ratio analysis d. progress chart e. trend analysis Register to View AnswerDIF: Easy OBJ: TYPE: Conceptual TOP: Trend analysis 16. Which of the following statements is most correct? a. An increase in a firm's debt ratio, with no changes in its sales and operating costs, could be expected to lower its profit margin on sales. b. An increase in DSO, other things held constant, would generally lead to an increase in the total asset turnover ratio. c. An increase on the DSO, other things held constant, would generally lead to an increase in the ROE. d. In a competitive economy, where all firms earn similar returns on equity, one would expect to find lower profit margins for airlines, which require a lot of fixed assets relative to sales, than for fresh fish markets. e. It is more important to adjust the Debt/Asset ratio than the inventory turnover ratio to account for seasonal fluctuations. Register to View AnswerStatement a is true because, if a firm takes on more debt, its interest expense will rise, and this will lower its profit margin. Of course, there will be less equity than there would have been, hence the ROE might rise even though the profit margin fell. DIF: Medium OBJ: TYPE: Conceptual TOP: Financial statement analysis 17. Which of the following statements is correct? a. The annual report contains four basic financial statements: the income statement; balance sheet; statement of cash flows; and statement of changes in long-term financing. b. Although the annual report is geared toward the average stockholder, it represents financial analysts' most complete source of financial information about the firm. 17 Chapter2AnalysisofFinancialStatements c. The key importance of annual report information is that it is used by investors when they form their expectations about the firm's future earnings and dividends and the riskiness of those cash flows. d. The annual report provides no relevant information for use by financial analysts or by the investing public. e. None of the above statements is correct. Register to View AnswerDIF: Medium OBJ: TYPE: Conceptual TOP: Annual report 18. A firm's current ratio has steadily increased over the past 5 years, from 1.9 five years ago to 3.8 today. What would a financial analyst be most justified in concluding? a. The firm's fixed assets turnover probably has improved. b. The firm's liquidity position probably has improved. c. The firm's stock price probably has increased. d. Each of the above is likely to have occurred. e. The analyst would be unable to draw any conclusions from this information. Register to View AnswerDIF: Medium OBJ: TYPE: Conceptual TOP: Liquidity ratios 19. Which of the following actions will cause an increase in the quick ratio in the short run? a. $1,000 worth of inventory is sold, and an account receivable is created. The receivable exceeds the inventory by the amount of profit of the sale, which is added to retained earnings. b. A small subsidiary which was acquired for $100,000 two years ago and which was generating profits at the rate of 10 percent is sold for $100,000 cash. (Average company profits are 15 percent of assets.) c. Marketable securities are sold at cost. d. All of the above. e. Answers a and b above. Register to View AnswerDIF: Medium OBJ: TYPE: Conceptual TOP: Quick ratio 20. Which of the following statements is correct? a. In the text, depreciation is regarded as a use of cash because it reduces fixed assets, which then must be replaced. b. If a company uses some of its cash to pay off short-term debt, then its current ratio will always decline, given the way ratio is calculated, other things held constant. c. During a recession, it is reasonable to think that most companies inventory turnover ratios will change while their fixed asset turnover ratio will remain fairly constant. d. During a recession, we can be confident that most companies' DSOs (or ACPs) will decline because their sales will probably decline. e. Each of the above statements is false. Register to View AnswerDIF: Medium TOP: Miscellaneous ratio behavior OBJ: TYPE: Conceptual 21. As a short-term creditor concerned with a company's ability to meet its financial obligation to you, which one of the following combinations of ratios would you most likely prefer? Current ratio a. b. c. d. 0.5 1.0 1.5 2.0 TIE 0.5 1.0 1.5 1.0 Debt ratio 0.33 0.50 0.50 0.67 Chapter2AnalysisofFinancialStatements 18 e. 2.5 Register to View Answer 0.5 0.71 DIF: Medium OBJ: TYPE: Conceptual TOP: Ratio analysis 22. Which of the following statements about ratio analysis is incorrect? a. Classifying a large, well-diversified firm into a single industry often is difficult because many of the firms divisions are involved with different products from different industries. b. As a rule of thumb, it is safe to conclude that any firm with a current ratio greater than 1.0 should be able to meet its current obligationsthat is, pay bills that come due in the current period. [Current ratio = (Current assets) / (Current liabilities)] c. Sometimes firms attempt to use window dressing techniques to make their financial statements look better than they actually are in the current period. d. Computing the values of the ratios is fairly simple; the toughest and most important part of ratio analysis is interpretation of the values derived from the computations. General e. conclusions about a firm should not be made by examining one or a few ratios ratio analysis should be comprehensive. Register to View AnswerDIF: Medium OBJ: TYPE: Conceptual TOP: Ratio analysis 23. Yesterday, Bicksler Corporation purchased (and received) raw materials on credit from its supplier. All else equal, if Bickslers current ratio was 2.0 before the purchase, what effect did this transaction have on Bickslers current ratio? a. increased b. decreased c. stayed the same d. There is not enough information to answer this question. e. None of the above is a correct answer. Register to View AnswerDIF: Medium OBJ: TYPE: Conceptual TOP: Current ratio 24. Bubbles Soap Corporation has a quick ratio of 1.0 and a current ratio of 2.0 implying that a. the value of current assets is equal to the value of inventory. b. the value of current assets is equal to the value of current liabilities. c. the value of current liabilities is equal to the value of inventory. d. All of the above. e. None of the above. Register to View AnswerDIF: Medium TOP: Current ratio and quick ratio OBJ: TYPE: Conceptual 25. Which of the following statements is most correct? a. firms with relatively low debt ratios have higher expected returns when the business is good. b. firms with relatively low debt ratios are exposed to risk of loss when the business is poor. c. firms with relatively high debt ratios have higher expected returns when the business is bad. d. firms with relatively high debt ratios have higher expected returns when the business is good. e. none of the above. Register to View AnswerDIF: Medium TOP: Debt management ratios OBJ: TYPE: Conceptual 26. All other things constant, an increase in a firms profit margin would a. increase the additional funds needed for financing a growth in operations. b. decrease the additional funds needed for financing a growth in operations. 19 Chapter2AnalysisofFinancialStatements c. have no effect on the additional funds needed for financing a growth in operations. d. decrease its taxes. e. none of the above. Register to View AnswerDIF: Medium OBJ: TYPE: Conceptual TOP: Profit margin 27. Which of the following statements is correct? a. If Company A has a higher debt ratio that Company B, then we can be sure that A will have a lower times-interest-earned ratio than B. b. Suppose two companies have identical operations in terms of sales, cost of goods sold, interest rate on debt, and assets. However, Company A used more debt than Company B; that is, Company A has a higher debt ratio. Under these conditions, we would expect B's profit margin to be higher than A's. c. The ROE of any company which is earning positive profits and which has a positive net worth (or common equity) must exceed the company's ROA. d. Statements a, b, and c are all true. e. Statements a, b, and c are all false. Register to View AnswerDIF: Tough TOP: ROE and debt ratios OBJ: TYPE: Conceptual 28. Pepsi Corporation's current ratio is 0.5, while Coke Company's current ratio is 1.5. Both firms want to "window dress" their coming end-of-year financial statements. As part of their window dressing strategy, each firm will double its current liabilities by adding short-term debt and placing the funds obtained in the cash account. Which of the statements below best describes the actual results of these transactions? a. The transactions will have no effect on the current ratios. b. The current ratios of both firms will be increased. c. The current ratios of both firms will be decreased. d. Only Pepsi Corporation's current ratio will be increased. e. Only Coke Company's current ratio will be increased. Register to View AnswerPepsi Corporation: Before: Current ratio = 50/100 = 0.50. After: Current ratio = 150/200 = 0.75. Coke Company: Before: Current ratio = 150/100 = 1.50. After: Current ratio = 250/200 = 1.25. DIF: Easy OBJ: TYPE: Problem TOP: Current ratio 29. The Charleston Company is a relatively small, privately owned firm. Last year the company had after-tax income of $15,000, and 10,000 shares were outstanding. The owners were trying to determine the market value for the stock, prior to taking the company public. A similar firm which is publicly traded had a price/earnings ratio of 5.0. Using only the information given, estimate the market value of one share of Charleston's stock. a. $10.00 b. $7.50 c. $5.00 d. $2.50 e. $1.50 Register to View AnswerEPS = $15,000/10,000 = $1.50. Chapter2AnalysisofFinancialStatements 20 P/E = 5.0 = P/$1.50. P = $7.50 DIF: Easy OBJ: TYPE: Problem TOP: Market price per share 30. If Boyd Corporation has sales of $2 million per year (all credit) and days sales outstanding of 35 days, what is its average amount of accounts receivable outstanding (assume a 360 day year)? a. $194,444 b. $57,143 c. $5,556 d. $97,222 e. $285,714 Register to View AnswerA/R = (Sales/360)(DSO) = (($2,000,000)/(360))(35) = $194,444. DIF: Easy OBJ: TYPE: Problem TOP: Accounts receivable 31. A firm has a profit margin of 15 percent on sales of $20,000,000. If the firm has debt of $7,500,000, total assets of $22,500,000, and an after-tax interest cost on total debt of 5 percent, what is the firm's ROA? a. 8.4% b. 10.9% c. 12.0% d. 13.3% e. 15.1% Register to View AnswerNet income = 0.15($20,000,000) = $3,000,000. ROA = $3,000,000/$22,500,000 = 13.3%. DIF: Easy OBJ: TYPE: Problem TOP: ROA 32. Collins Company had the following partial balance sheet and complete income statement information for last year: Balance Sheet: Cash A/R Inventories Total current assets Net fixed assets Total assets Income Statement: Sales Cost of goods sold EBIT Interest (10%) EBT Taxes (40%) Net Income $ 20 1,000 2,000 $3,020 2,980 $6,000 $10,000 9,200 $ 800 400 $ 400 160 $ 240 The industry average DSO is 30 (360-day basis). Collins plans to change its credit policy so as to cause its DSO to equal the industry average, and this change is expected to have no effect on either sales or cost of goods sold. If the cash generated from reducing receivables is used to retire 21 Chapter2AnalysisofFinancialStatements debt (which was outstanding all last year and which has a 10% interest rate), what will Collins' debt ratio (Total debt/Total assets) be after the change in DSO is reflected in the balance sheet? a. 33.33% b. 45.28% c. 52.75% d. 60.00% e. 65.71% Register to View AnswerCurrent Reduce receivables by Debt = $400/0.10 = $4,000. 36 days. Industry average DSO = 30 days. DIF: Medium OBJ: TYPE: Problem TOP: Financial statement analysis 33. A firm has total interest charges of $10,000 per year, sales of $1 million, a tax rate of 40 percent, and a net profit margin of 6 percent. What is the firm's times-interest-earned ratio? a. 16 times b. 10 times c. 7 times d. 11 times e. 20 times Register to View AnswerNI = $1,000,000(0.06) = $60,000. EBT = $60,000/0.6 = $100,000. EBIT = $100,000 + $10,000 = $110,000. TIE = EBIT/I = $110,000/$10,000 = 11 times. DIF: Medium OBJ: TYPE: Problem TOP: TIE ratio 34. Alumbat Corporation has $800,000 of debt outstanding, and it pays an interest rate of 10 percent annually on its bank loan. Alumbat's annual sales are $3,200,000; its average tax rate is 40 percent; and its net profit margin on sales is 6 percent. If the company does not maintain a TIE ratio of at least 4 times, its bank will refuse to renew its loan, and bankruptcy will result. What is Alumbat's current TIE ratio? a. 2.4 b. 3.4 c. 3.6 d. 4.0 e. 5.0 Register to View AnswerTIE = EBIT/I, so find EBIT and I. Interest = $800,000 0.1 = $80,000. Net income = $3,200,000 0.06 = $192,000. Taxable income = EBT = $192,000/(1 T) = $192,000/0.6 = $320,000. EBIT = $320,000 + $80,000 = $400,000. TIE = $400,000/$80,000 = 5.0 times. Chapter2AnalysisofFinancialStatements 22 DIF: Medium OBJ: TYPE: Problem TOP: TIE ratio 35. Determine the increase or decrease in cash for Rinky Supply Company for last year, given the following information. (Assume no other changes occurred during the past year.) Decrease in marketable securities Increase in accounts receivables Increase in notes payable Decrease in accounts payable Increase in accrued wages and taxes Increase in inventories Retained earnings a. b. c. d. e. -$50 +$40 -$30 +$20 -$10 = = = = = = = $25 $50 $30 $20 $15 $35 $5 Register to View AnswerStatement of cash flows: Cash Flows from Operations Retained earnings Additions (sources of cash): Increase in accrued wages and taxes Subtractions (uses of cash): Increase in accounts receivable Increase in inventories Decrease in accounts payable Net Cash Flows from Operations Cash Flows Associated with Financing Activities Decrease in marketable securities Increase in notes payable Net Cash Flows from Financing Net reduction in Cash DIF: Medium OBJ: TYPE: Problem $5 15 (50) (35) (20) ($85) $25 30 55 ($30) TOP: Change in cash flows 36. Cannon Company has enjoyed a rapid increase in sales in recent years, following a decision to sell on credit. However, the firm has noticed a recent increase in its collection period. Last year, total sales were $1 million, and $250,000 of these sales were on credit. During the year, the accounts receivable account averaged $41,664. It is expected that sales will increase in the forthcoming year by 50 percent, and, while credit sales should continue to be the same proportion of total sales, it is expected that the days sales outstanding will also increase by 50 percent. If the resulting increase in accounts receivable must be financed by external funds, how much external funding will Cannon need? a. $41,664 b. $52,086 c. $47,359 d. $106,471 e. $93,750 23 Chapter2AnalysisofFinancialStatements Register to View AnswerDSO = ($41,664/$250,000)/360 = 60 days. New A/R = (($250,000)(1.5)/(360))(60)(1.5) = $93,750. Hence, increase in receivables = $93,750 $41,664 = $52,086. DIF: Medium OBJ: TYPE: Problem TOP: Receivables increase 37. The Meryl Corporation's common stock currently is selling at $100 per share, which represents a P/E ratio of 10. If the firm has 100 shares of common stock outstanding, a return on equity of 20 percent, and a debt ratio of 60 percent, what is its return on total assets (ROA)? a. 8.0% b. 10.0% c. 12.0% d. 16.7% e. 20.0% Register to View AnswerP/E = 10 = $100/EPS EPS = $100/10 = $10. Earnings = NI = $10(100 shares) = $1,000. ROE = NI/Equity = $1,000/Equity = 20% Equity = $1,000/0.20 = $5,000. Debt ratio = 60%, so Equity ratio = 40% = Equity/TA TA = Equity/0.40 = $5,000/0.40 = $12,500. ROA = NI/TA = $1,000/$12,500 = 0.08 = 8%. DIF: Medium OBJ: TYPE: Problem TOP: ROA 38. Selzer Inc. sells all its merchandise on credit. It has a profit margin of 4 percent, days sales outstanding equal to 60 days, receivables of $150,000, total assets of $3 million, and a debt ratio of 0.64. What is the firm's return on equity (ROE)? a. 7.1% b. 33.3% c. 3.3% d. 71.0% e. 8.1% Register to View Answer(Sales per day)(DSO) = A/R (Sales/360)(60) = $150,000 Sales = $900,000. Profit margin = Net profit after tax/Sales. Net profit = 0.4($900,000) = $36,000. Debt ratio = 0.64 = Total debt/$3,000,000. Total debt = $1,920,000. Total equity = $3,000,000 $1,920,000 = $1,080,000. ROE = $36,000/$1,080,000 = 3.3%. DIF: Medium OBJ: TYPE: Problem TOP: ROE 39. You are given the following information about a firm: The growth rate equals 8 percent; return on assets (ROA) is 10 percent; the debt ratio is 20 percent; and the stock is selling at $36. What is the return on equity (ROE)? a. 14.0% b. 12.5% Chapter2AnalysisofFinancialStatements 24 c. 15.0% d. 2.5% e. 13.5% Register to View AnswerDebt ratio = TL/TA = 20%, so Equity = (1 - 0.20)TA = 0.80(TA). ROA = NI/TA = 10%. NI = 10%(TA) = 0.10(TA). ROE = NI/Equity = [0.10(TA)]/[0.80(TA)] = 0.10/0.80 = 0.125 = 12.5%. DIF: Medium OBJ: TYPE: Problem TOP: ROE 40. Assume Meyer Corporation is 100 percent equity financed. Calculate the return on equity, given the following information: (1) (2) (3) (4) (5) a. b. c. d. e. Earnings before taxes = $1,500; Sales = $5,000; Dividend payout ratio = 60%; Total assets turnover = 2.0; Applicable tax rate = 30%. 25% 30% 35% 42% 50% Register to View AnswerNI = $1,500(1 - 0.3) = $1,050. Total assets turnover = Sales/TA = 2.0. TA = Sales/2.0 = $5,000/2.0 = $2,500 = Equity. ROE = NI/Equity = $1,050/$2,500 = 42%. DIF: Medium OBJ: TYPE: Problem TOP: ROE 41. The Amer Company has the following characteristics: Sales: Total Assets: Total Debt/Total Assets: EBIT: Tax rate: Interest rate on total debt: What is Amer's ROE? a. 11.04% b. 12.31% c. 16.99% d. 28.31% e. 30.77% Register to View AnswerCalculate debt and equity: Debt = D/A TA = 0.35($1,000) = $350. Equity = TA - Debt = $1,000 - $350 = $650. Calculate net income and ROE: $1,000 $1,000 35% $ 200 40% 4.57% 25 Chapter2AnalysisofFinancialStatements Net income = (EBIT - I)(1 - T) = [$200 0.0457($350)](0.6) = $110.4. ROE = $110.4/$650 = 16.99%. DIF: Medium OBJ: TYPE: Problem TOP: ROE 42. Aurillo Equipment Company (AEC) projected that its ROE for next year would be just 6%. However, the financial staff has determined that the firm can increase its ROE by refinancing some high interest bonds currently outstanding. The firm's total debt will remain at $200,000 and the debt ratio will hold constant at 80%, but the interest rate on the refinanced debt will be 10%. The rate on the old debt is 14%. Refinancing will not affect sales which are projected to be $300,000. EBIT will be 11% of sales, and the firm's tax rate is 40%. If AEC refinances its high interest bonds, what will be its projected new ROE? a. 3.0% b. 8.2% c. 10.0% d. 15.6% e. 18.7% Register to View AnswerRelevant information: Old ROE = NI/Equity = 0.06 = 6%. Sales = $300,000; EBIT = 0.11(Sales) = 0.11($300,000) = $33,000. Debt = $200,000; D/A = 0.80 = 80%. Tax rate = 40%. Interest rate change: Old bonds 14%; new bonds 10%. Calculate total assets and equity amounts: Since debt = $200,000, total assets = $200,000/0.80 = $250,000. E/TA = 1 D/A = 1 0.80 = 0.20. Equity = E/TA TA = 0.20 $250,000 = $50,000. Construct comparative Income Statements from EBIT, and calculate new ROE: EBIT Less: Interest EBT Less: Taxes (40%) Net income New ROE = NI/Equity = $7,800/$50,000 = 0.1560 = 15.6%. DIF: Medium OBJ: TYPE: Problem TOP: ROE and refinancing Old $33,000 28,000 5,000 2,000 $ 3,000 New $33,000 20,000 13,000 5,200 $ 7,800 43. Savelots Stores' current financial statements are shown below: Inventories Other current assets Fixed assets Total assets Sales Operating costs EBIT Less: Interest EBT Less: Taxes (40%) Net income $ 500 400 370 $1,270 Accounts payable Short-term notes payable Common equity Total liab. and equity $ 100 370 800 $1,270 $2,000 1,843 157 37 120 48 72 Chapter2AnalysisofFinancialStatements 26 A recently released report indicates that Savelots' current ratio of 1.9 is in line with the industry average. However, its accounts payable, which have no interest cost and which are due entirely to purchases of inventories, amount to only 20% of inventory versus an industry average of 60%. Suppose Savelots took actions to increase its accounts payable to inventories ratio to the 60% industry average, but it (1) kept all of its assets at their present levels (that is, the asset side of the balance sheet remains constant) and (2) also held its current ratio constant at 1.9. Assume that Savelots' tax rate is 40%, that its cost of short-term debt is 10%, and that the change in payments will not affect operations. In addition, common equity would not change. With the changes, what would be Savelots' new ROE? a. 10.5% b. 7.8% c. 9.0% d. 13.2% e. 12.0% Register to View AnswerThe firm is not using its "free" trade credit (that is, accounts payable (A/P)) to the same extent as other companies. Since it is financing part of its assets with 10% notes payable, its interest expense is higher than necessary. Calculate the increase in payables: Current (A/P)/Inventories ratio = 100/500 = 0.20. Target A/P = 0.60(Inventories) = 0.60(500) = 300. Increase in A/P = 300 - 100 = 200. Because the current ratio and total assets remain constant, total liabilities and equity must be unchanged. The increase in accounts payable must be matched by an equal decrease in interest bearing notes payable. Notes payable decline by 200. Interest expense decreases by 200 0.10 = 20. Construct comparative Income Statements: Sales Operating costs EBIT Less: Interest EBT Less: Taxes Net income (NI) ROE = NI/Equity = $72/$800 = 9%. $84/$800 = 10.5%. New ROE = 10.5%. DIF: Medium OBJ: TYPE: Problem TOP: ROE and financing Old $2,000 1,843 157 37 120 48 $ 72 New $2,000 1,843 157 17 140 56 $ 84 44. Harvey Supplies Inc. has a current ratio of 3.0, a quick ratio of 2.4, and an inventory turnover ratio of 6. Harvey's total assets are $1 million and its debt ratio is 0.20. The firm has no long-term debt. What is Harvey's sales figure if the total cost of goods sold is 75% of sales? a. $960,000 b. $720,000 c. $1,620,000 d. $120,000 e. $540,000 Register to View Answer 27 Chapter2AnalysisofFinancialStatements Current liabilities: (0.2)($1,000,000) = $200,000. Current assets: CA/$200,000 = 3.0; CA = $600,000. Inventory: ($600,000 - I)/$200,000 = 2.4; I = $120,000. Sales: (0.75)S/$120,000 = 6; S = $720,000/0.75 = $960,000. DIF: Medium OBJ: TYPE: Problem TOP: Sales volume 45. Given the following information, calculate the market price per share of WAM Inc. Earnings after interest and taxes = $200,000 Earnings per share = $2.00 Stockholders' equity = $2,000,000 Market/Book ratio = 0.20 a. b. c. d. e. $20.00 $8.00 $4.00 $2.00 $1.00 Register to View AnswerNumber of shares = $200,000/$2.00 = 100,000. Book value per share = $2,000,000/100,000 = $20. Market value = 0.2(Book value) = 0.2($20) = $4.00 per share. DIF: Medium OBJ: TYPE: Problem TOP: Market price per share 46. On its December 31st balance sheet, LCG Company reported gross fixed assets of $6,500,000 and net fixed assets of $5,000,000. Depreciation for the year was $500,000. Net fixed assets a year earlier on December 31st, had been $4,700,000. What figure for "Cash Flows Associated with Long-Term Investments (Fixed Assets)" should LCG report on its Statement of Cash Flows for the current year? a. $500,000 b. $600,000 c. $700,000 d. $800,000 e. $900,000 Register to View AnswerFunds = NFA1 NFA0 + Depreciation = $5,000,000 $4,700,000 + $500,000 = $800,000. Alternative long-form solution: Gross fixed assets Accumulated depreciation Net fixed assets Accumulated assetsYear ago Funds used to purchase DIF: Medium Current Year One Year Ago $6,500,000 $5,700,000 1,500,000 1,000,000 5,000,000 4,700,000 = $4,700,000 + ($1,500,000 - $500,000) = $5,700,000. = GFACurrent - GFAYear ago fixed assets = $6,500,000 - $5,700,000 = $800,000. TOP: Depreciation cash flows OBJ: TYPE: Problem 47. Lombardi Trucking Company has the following data: Chapter2AnalysisofFinancialStatements 28 Assets: Debt ratio: Tax rate: What is Lombardi's TIE ratio? a. 0.95 b. 1.75 c. 2.10 d. 2.67 e. 3.45 Register to View Answer $10,000 60.0% 40% Profit margin: Interest rate: Total asset turnover: 3.0% 10.0% 2.0 TA Turnover = S/A = 2 S/$10,000 = 2 S = $20,000 Debt = $6,000 INT = $6,000 (0.1) = $600 NI = $600 EBIT Int. EBT Taxes (40%) NI TIE = $1,600/$600 = 2.67 DIF: Tough OBJ: TYPE: Problem TOP: TIE ratio $1,600 600 $1,000 400 $ 600 48. Retailers Inc. and Computer Corp. each have assets of $10,000 and a return on common equity equal to 15%. Retailers has twice as much debt and twice as many sales relative to Computer Corp. Retailers' net income equals $750, and its total asset turnover is equal to 3. What is Computer Corp.'s profit margin? a. 2.50% b. 5.00% c. 7.50% d. 10.00% e. 12.50% Register to View AnswerD = Debt for Computer Corp.; S = Sales for Computer Corp. 29 Chapter2AnalysisofFinancialStatements 2D = Debt for Retailers; 2S = Sales for Retailers Retailers: ROE = 0.15 = $1,500 - 0.3D = $750 D = $2,500 Computer Corp.: 0.15 = 0.15 = NI = $1,125 Retailers: TATO = =3 S = $15,000 PM for Computer Corp.: DIF: Tough OBJ: TYPE: Problem TOP: Profit margin

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Lake Superior State University - ACCT - 433
CHAPTER 3THE FINANCIAL ENVIRONMENT: MARKETS, INSTITUTIONS, AND INVESTMENT BANKINGTRUE/FALSE1. If an individual investor buys and sells existing stocks through a broker, these are primary market transactions. ANS: F DIF: Easy TOP: Stock market transactio
Lake Superior State University - ACCT - 433
CHAPTER 4THE TIME VALUE OF MONEYTRUE/FALSE1. Cash flow time lines are used primarily for decisions involving paying off debt or investing in financial securities. They cannot be used when making decisions about investments in physical assets. ANS: F DIF
Lake Superior State University - ACCT - 433
CHAPTER 5 THE COST OF MONEY (INTEREST RATES)TRUE/FALSE1. The nominal rate of interest is defined as the sum of the nominal risk-free rate of return and the expected inflation rate. ANS: F kNom = kRF + DRP + LP + MRP. DIF: Easy TOP: Interest rates2. If
Lake Superior State University - ACCT - 433
CHAPTER 6BONDSCHARACTERISTICS AND VALUATIONTRUE/FALSE1. Typically, debentures have higher interest rates than mortgage bonds primarily because the mortgage bonds are backed by assets while debentures are unsecured. ANS: T DIF: Easy TOP: Mortgage bonds2
Lake Superior State University - ACCT - 433
CHAPTER 7 STOCKSCHARACTERISTICS AND VALUATIONTRUE/FALSE1. The additional paid-in capital account represents the difference between a stock's par value and the funds actually received from the sale of new common stock. ANS: T DIF: Easy TOP: Additional pa
Lake Superior State University - ACCT - 433
CHAPTER 8RISK AND RATES OF RETURNTRUE/FALSE1. If we develop a weighted average of the possible return outcomes, multiplying each outcome or "state" by its respective probability of occurrence for a particular stock, we can construct a payoff matrix of e
Lake Superior State University - ACCT - 433
CHAPTER 9CAPITAL BUDGETING TECHNIQUESTRUE/FALSE1. Beyond some point, a further increase in the size of the firm's total capital budget may lead to a decrease in the NPVs of all the investments being considered. ANS: T DIF: Easy TOP: Capital budget2. Th
Lake Superior State University - ACCT - 433
CHAPTER 10PROJECT CASH FLOWS AND RISKTRUE/FALSE1. If an investment project would make use of land which the firm currently owns, the project should be charged with the opportunity cost of the land. ANS: T DIF: Easy TOP: Relevant cash flows2. When calcu
Lake Superior State University - ACCT - 433
CHAPTER 11THE COST OF CAPITALTRUE/FALSE1. Capital refers to items on the right-hand side of a firm's balance sheet. ANS: T DIF: Easy TOP: Balance sheet and capital2. The component costs of capital are market-determined variables in as much as they are
Lake Superior State University - ACCT - 433
CHAPTER 12CAPITAL STRUCTURETRUE/FALSE1. The optimal capital structure is that capital structure which strikes a balance between risk and return such that the firm's stock price is maximized. ANS: T DIF: Easy TOP: Optimal capital structure2. Business ri
Lake Superior State University - ACCT - 433
CHAPTER 13DIVIDEND POLICYTRUE/FALSE1. The dividend irrelevance theory, proposed by Miller and Modigliani, says that as long as a firm pays a dividend, how much it pays does not affect either its cost of capital or its stock price. ANS: F DIF: Easy TOP:
Lake Superior State University - ACCT - 433
CHAPTER 14WORKING CAPITAL POLICYTRUE/FALSE1. The fact that no explicit interest cost is paid on accruals and that the firm can exercise considerable control over their level makes accruals an attractive source of additional funding. ANS: F DIF: Easy TOP
Lake Superior State University - ACCT - 433
CHAPTER 15MANAGING SHORT-TERM ASSETSTRUE/FALSE1. Firms hold cash balances in order to complete transactions that are necessary in business operations and as compensation to banks for providing loans and services. ANS: T DIF: Easy TOP: Motives for holdin
Lake Superior State University - ACCT - 433
CHAPTER 16MANAGING SHORT-TERM LIABILITIES (FINANCING)TRUE/FALSE1. If a firm is offered credit terms of 2/10, net 30, it is in the firm's financial interest to pay as early during the discount period as possible. ANS: F DIF: Easy TOP: Trade credit terms
Lake Superior State University - ACCT - 433
CHAPTER 17FINANCIAL PLANNING AND CONTROLTRUE/FALSE1. Errors in the sales forecast can be offset by similar errors in costs and income forecasts. Thus, as long as the errors are not large, sales forecast accuracy is not critical to the firm. ANS: F DIF:
Lake Superior State University - ACCT - 433
CHAPTER 18ALTERNATIVE FINANCING ARRANGEMENTS & CORPORATE RESTRUCTURINGTRUE/FALSE1. Leasing is typically a financing decision and not a capital budgeting decision. Thus, the availability of lease financing cannot affect the capital budgeting decision. AN
University of Texas - PHY - 301
armington (kma786) hw0215 ete (57165) This print-out should have 6 questions. Multiple-choice questions may continue on the next column or page nd all choices before answering. 001 10.0 points An elevator is being lifted up an elevator shaft at a constant
University of Texas - PHY - 301
armington (kma786) hw0210 ete (57165) This print-out should have 13 questions. Multiple-choice questions may continue on the next column or page nd all choices before answering. 001 10.0 points A space station in the form of a large wheel, 341 m in diamet
University of Texas - M - 408S
armington (kma786) 8.1 Stepp (55860) This print-out should have 6 questions. Multiple-choice questions may continue on the next column or page nd all choices before answering. 001 10.0 points 3. I = 4. I =e11. I = 2. I =12 5 x sin 2x x cos 2x + sin 2x
University of Texas - M - 408S
armington (kma786) Chapter 7 Stepp (55860) This print-out should have 6 questions. Multiple-choice questions may continue on the next column or page nd all choices before answering. 001 10.0 points At x = 1, therefore, f (1) = 002 60 4 7 e. 7 7110.0 poi
Universitas Indonesia - MGMT - 12085
Materi buku ajar tentang penganggaran modal
Universitas Indonesia - MGMT - 12085
BAB I PENDAHULUANPengertian Manajemen KeuanganManajemen Keuangan adalah aktivitas pemilik dan manajemen perusahaan untuk memperoleh sumber modal yang semurah-murahnya dan menggunakannya se-efektif, se-efisien, seproduktif mungkin untuk menghasilkan laba
Universitas Indonesia - MGMT - 12085
BAB II NILAI UANG TERKAIT DENGAN WAKTU (Time Value Of Money)1. PengertianDunia bisnis adalah aktivitas uang sebagai. Kapital akhir periode (K2) harus lebih besar dari pada kapital awal periode (K1), itu artinya bisnis memperoleh laba, atau dapat dikatak
Universitas Indonesia - MGMT - 12085
BAB III PENYUSUTAN DAN PAJAK1. Peraturan PerpajakanNegara memungut pajak untuk membiayai administrasi pemerintahnya. Makin besar biaya pemerintah, makin tinggi pajak yang dipungut, dan makin berat beban rakyat. Peraturan perpajakan Negara-negara di duni
Universitas Indonesia - MGMT - 12085
BAB 4 PASAR MODALA. SISTEM KEUANGANUang sebagai subyek dan sekaligus obyek itu dapat membentuk system yang disebut system keuangan, yaitu perpindahan dari pihak yang memiliki kelebihan uang ke pihak yang membutuhkan uang yang menciptakan harta keuangan
Universitas Indonesia - MGMT - 12085
BAB 5 HASIL DAN RISIKOA. RISIKO BISNISDalam dunia bisnis ada dalil klasik yakni menanggung risiko yang sekecilkecilnya untuk memperoleh hasil sebesar-besarnya. Kenyataannya bagi kaum kapiltalis adalah : (1) enggan menananggung risiko atau berupaya mempe
Universitas Indonesia - MGMT - 12085
BAB 6 PENYAJIAN LAPORAN KEUANGANKegiatan bisnis adalah mencari keuntungan yang digerakkan oleh kapital. Kapital ialah uang, barang, ilmu, teknologi, dan kemampuna Sumber Daya Manusia yang digunakan untuk mencari keuntungan. Kaum yang memiliki kapital unt
Universitas Indonesia - MGMT - 12085
BAB 7 ANALISIS KINERJA KEUANGAN (Financial Performance Analisis)Kinerja Keuangan ialah hasil kegiatan operasi perusahaan yang disaikan dalam bentuk angka-angka keuangan. Hasil kegiatan perusahaan periode sekarang haeus dibandingkan dengan: (1) Kinerja ke
Universitas Indonesia - MGMT - 12085
BAB 8 PERENCANAAN KEUANGANPerencanaan keuangan suatu perusahaan pada umumnya disajikan dengan model : (1) anggaran, (2) titik impas, (3) tingkat leverage operasi, dan (4) return on investment atau ROIAnggaranHasil peramalan keuangan tabel 8.3 (mengenai
Universitas Indonesia - MGMT - 12085
BAB 9 MANAJEMEN KASKas merupakan awal dari investasi dan operasi dari suatu perusahaan. Kas terdiri dari mata uang (currency), giro, dan rekening koran di bank (bank deposits). Perusahaan atau perseorangan menyimpan uang tunai (kas) untuk motif transaksi
Universitas Indonesia - MGMT - 12085
BAB 10 MANAJEMEN PIUTANGPada umumnya perusahaan menjual hasil produksinya secara kredit, kemudian melahirkan piutang dagang; penagihan piutang melahirkan kas. Hubungan antara piutang dengan kas adalah sebagai berikut: Kas Persediaan Barang Jadi Piutang K
Universitas Indonesia - MGMT - 12085
BAB 11 MANAJEMEN PERSEDIAANKegiatan bisnis yang memerlukan manajemen persediaan adalah bidang industri manufaktur dan perdagangan. Dalam industri manufaktur, persediaan terdiri dari: (1)persediaan bahan baku, (2)persediaan barang dalam proses, (3)persedi
Universitas Indonesia - MGMT - 12085
BAB 12 MANAJEMEN MODAL KERJAModal kerja adalah investasi dalam harta jangka pendek atau investasi dalam harta lancar (current assets). Modal kerja dapat dikategorikan menjadi dua yaitu modal kerja kotor (gross working capital) dan modal kerja bersih (net
Universitas Indonesia - MGMT - 12085
BAB 13. MANAJEMEN HARTA KEUANGANPerusahaan besar pada umumnya memiliki investasi di beberapa perusahaan yang berupa surat-surat berharga saham dan obligasi. Tujuannya adalah untuk mendapatkan deviden (saham) dan bunga (obligasi). Investasi yang dimiliki
Universitas Indonesia - MGMT - 12085
BAB I MERENCANAKAN BISNIS 1.1. Membangun Mindset berbisnis Di era globalisasi ini, sudah saatnya bangsa Indonesia memikirkan cara mencari terobosan dengan menanamkan sedini mungkin tentang nilai-nilai kewirausahaan terutama bagi kalangan terdidik, terlebi
Universitas Indonesia - MGMT - 12085
BAB II MENJALANKAN BISNIS Untuk memulai sebuah usaha memang harus didahului dengan taktik dan strategi. Membuat usaha yang besar tidak selalu membutuhkan modal yang besar. Mengawalinya dengan modal kecil pun sebuah usaha bisa tumbuh menjadi besar. Pengemb
Universitas Indonesia - MGMT - 12085
BAB III ASPEK Manajemen 3.1. Pengelolaan Manajemen Dalam Menjalankan sebuah bisnis, manajemen merupakan faktor yang paling penting karena tan pa manajemen perusahaan tidak akan terkelola dengan baik dan benar. dalam menjalankan perusahaan ada beberapa asp
Universitas Indonesia - MGMT - 12085
BAB IV Aspek Pasar Tantangan utama perusahaan- perusahaan adalah bagaimana membangun dan mempertahankan bisnis yang sehat dalam pasar dan lingkungan yang terus berubah. Agar perusahaan tetap dapat survive perusahaan harus mampu mengenali pelanggannya. Den
Universitas Indonesia - MGMT - 12085
BAB V ASPEK PEMASARAN 5.1. Pengertian Pemasaran Pemasaran (Marketing) : Adalah suatu aktivitas untuk memenuhi kebutuhan dan keinginan yang ada melalui penciptaan proses pertukaran yang saling menguntungkan. Aktivitas pemasaran tersebut antara lain perenca
Universitas Indonesia - MGMT - 12085
BAB VI ASPEK SDM Revolusi teknologi komunikasi dan informasi membuat dunia yang luas ini semakin lama semakin kecil (Global Village). Konsukensinya skala kompetisipun meningkat dari local competitive menjadi global Dengan competitive. Bisnis baru akan ber
Universitas Indonesia - MGMT - 12085
BAB VII ASPEK PRODUKSI Schroeder (1993) memberikan penekanan terhadap definisikegiatan produksi dan operasi pada 3 hal yaitu: 1. Pengelolaan fungsi organisasi dalam menghasilkan barang dan jasa. 2. Adanya sistem transformasi yang menghasilkan barang dan
Universitas Indonesia - MGMT - 12085
BAB VIII ASPEK KEUANGAN Keuangan merupakan salah satu fungsi bisnis yang bertujuan untuk membuat keputusan keputusan investasi, pendanaan dan dividen. Keputusan investasi ditujukan untuk menghasilkan kebijakan yang berhubungan dengan (a) kebijakan pengalo
Universitas Indonesia - MGMT - 12085
BAB IX ASPEK TEKNOLOGI INFORMASI 9.1. Pengertian Teknologi Informasi Banyak istilah yang berhubungan dengan teknologi informasi karena banyaknya perubahan dan tidak adanya kesepakatan istilah yang digunakan. Beberapa istilah yang sering digunakan adalah y
Universitas Indonesia - MGMT - 12085
BAB X MEMAHAMI PERILAKU KONSUMEN Secara sederhana, perilaku konsumen mengacu kepada perilaku yang ditunjukkan oleh individu dalam membeli dan menggunakan barang dan jasa. Studi secara sistematis mengenai konsumen telah berkembang pesat sejak dekade 1950an
Universitas Indonesia - MGMT - 12085
BAB XI ANALISIS INDUSTRI DAN PERSAINGAN11.1. Analisis Situasi Untuk Pembuatan Strategi Analisis situasi bertujuan untuk mempertimbangkan keadaan baik situasi internal perusahaan maupun lingkungan eksternal, yang langsung mempengaruhi peluang dan pilihan
Universitas Indonesia - MGMT - 12085
BAB XII ANALISIS PROFIL PERUSAHAAN Seberapa baik strategi yang sedang dijalankan? Apa kekuatan,kelemahan, peluang dan tantangan perusahaan? Apakah perusahaan kompetitif dalam biaya? Bagaimana posisi perusahaan di pasar? Semua pertanyaan ini mencerminkan
Universitas Indonesia - MGMT - 12085
BAB XIII ASPEK RESIKOIstilah resiko dalam manajemen mempunyai berbagai makna. Resiko adalah suatu variasi dari hasil-hasil yang dapat terjadi selama periode tertentu atau probabilitas sesuatu hasil/outcome yang ebrbeda dengan yang diharapkan. Resiko dapa
Universitas Indonesia - MGMT - 12085
BAB XIV Menyusun Proposal Bisnis Dalam Menyusun Proposal bisnis ada beberapa hal yang perlu diperhatikan yakni 1. Menggambar keseluruhan (overview) rencana strategi perusahaan yang akan dijalankan. 2. memuat latar belakang usaha 3. Menggabungkan seluruh a
Universitas Indonesia - MGMT - 12085
BAB XI ANALISIS INDUSTRI DAN PERSAINGANSYAFRIZAL HELMIAnalisis Situasi Pembuatan StrategiTiga peran utama dalam analisis lingkungan Policy-Oriented Role Peran analisis yang berorientasi pada kebijakan manajemen tingkatan atas dan bertujuan untuk memper
Universitas Indonesia - MGMT - 12085
BAB XII ANALISIS PROFIL PERUSAHAANSYAFRIZAL HELMIANALISIS SWOT SWOT singkatan dari Strength (Kekuatan), Weakness (Kelemahan), Opportunity (Peluang), Threat (Tantangan). Analisis SWOT berisi evaluasi faktor internal perusahaan beruapa kekuatan dan kelem
Universitas Indonesia - MGMT - 12085
BAB VIII ASPEK KEUANGANSYAFRIZAL HELMIKeputusan investasi Keputusan investasi ditujukan untuk menghasilkan kebijakan yang berhubungan dengan (a) kebijakan pengalokasian sumber dana secara optimal, (b) kebijakan modal kerja (c) kebijakan invesasi yang b
Universitas Indonesia - MGMT - 12085
BAB III ASPEK ManajemenSYAFRIZAL HELMIPengelolaan ManajemenAnnual Objectives & Policies Resources & Structures Productions & HRD Suportive culture Natural Environment Resistance to Change Restructuring Rewards/IncentivesManagement Issues Annual Objec
Universitas Indonesia - MGMT - 12085
BAB IV Aspek PasarSYAFRIZAL HELMIPengertian Pasar Pasar adalah orang-orang yang mempunyai keinginan untuk puas, uang untuk berbelanja, dan kemauan untuk membelanjakannya. Tiga unsur penting yang terdapat dalam pasar, yaitu: 1.Orang dengan segala keingi
Universitas Indonesia - MGMT - 12085
BAB V ASPEK PEMASARANSYAFRIZAL HELMIDEFENISIPemasaran (Marketing) : Adalah suatu aktivitas untuk memenuhi kebutuhan dan keinginan yang ada melalui penciptaan proses pertukaran yang saling menguntungkan. Aktivitas pemasaran antara lain perencanaan produ
Universitas Indonesia - MGMT - 12085
BAB VII ASPEK PRODUKSISYAFRIZAL HELMISchroeder (1993) memberikan penekanan terhadap definisi kegiatan produksi dan operasi pada 3 hal yaitu: 1. Pengelolaan fungsi organisasi dalam menghasilkan barang dan jasa. 2. Adanya sistem transformasi yang menghasi
Universitas Indonesia - MGMT - 12085
BAB XIII ASPEK RESIKOSYAFRIZAL HELMI Resiko adalah suatu variasi dari hasil-hasil yang dapat terjadi selama periode tertentu atau probabilitas sesuatu hasil/outcome yang ebrbeda dengan yang diharapkan. Resiko dapat juga dikatakan ketidakpastian yang mun
Universitas Indonesia - MGMT - 12085
BAB VI ASPEK SDMSYAFRIZAL HELMI Keberhasilan sebuah perusahaan sangat ditentukan sejauhmana perusahaan mampu mengelola, mengembangkan dan memotivasi karyawan yang potensial. Ed Michaels, Helen Handfield-Jhons dan Axelrod (konsultan dari McKinsey & Compa
Universitas Indonesia - MGMT - 12085
BAB IX ASPEK TEKNOLOGI INFORMASISYAFRIZAL HELMIDefinisi teknologi informasi Menurut Haag dan Keen, teknologi informasi adalah seperangkat alat yang membantu anda bekerja dengan informasi dan melakukan tugastugas yang berhubungan dengan pemrosesan infor
Universitas Indonesia - MGMT - 12085
BAB X MEMAHAMI PERILAKU KONSUMENSYAFRIZAL HELMILingkup studi perilaku konsumen Siapa yang membeli produk atau jasa ? ( WHO ) Apa yang dibeli ? ( WHAT ) Mengapa membeli produk atau jasa tersebut ? ( WHY ) Kapan membeli ? ( WHEN ) Di mana membelinya ? (
Universitas Indonesia - MGMT - 12085
BAB II MENJALANKAN BISNISSYAFRIZAL HELMI Untuk memulai sebuah usaha memang harus didahului dengan taktik dan strategi. Membuat usaha yang besar tidak selalu membutuhkan modal yang besar. Mengawalinya dengan modal kecil pun sebuah usaha bisa tumbuh menja
Universitas Indonesia - MGMT - 12085
BAB I MERENCANAKAN BISNISSYAFRIZAL HELMIMembangun Mindset berbisnis Kampus sebagai tempat untuk Merubah Paradigma cara berfikir mahasiswa dari mencari pekerjaan menjadi pencipta lapangan pekerjaan Untuk itu diperlukan sebuah jiwa entrepreneurship (kewi