Excel_solutions_to_cases (1)

Excel_solutions_to_cases (1) - Fundamentals of Corporate...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Fundamentals of Corporate Finance 4th South African Edition Case Solution Case # Input boxes in tan 1 Output boxes in yellow 2 Given data in blue 3 Calculations in red 4 Answers in green 5 6 7 8 9 10
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
ns List of Mini-Cases Chapter Sunset Boards 2 4 Pop Goes the Balloon 6 7 Valuing Refresh Ltd 8 Crystal Electronics 11 SDC's Cost of Capital 14 Spinning Wheels' Dividend Policy 17 Winter Woollies 18 21
Background image of page 2
Case #1 - Cash Flows and Financial Statements at Sunset Boards Input area: 2007 2008 Cost of goods sold R84,310 R106,450 Cash 12,165 18,380 Depreciation 23,800 26,900 Interest expense 5,180 5,930 16,580 21,640 Accounts payable 21,500 24,350 Fixed assets 105,000 134,000 Sales 165,390 201,600 Accounts receivable 8,620 11,182 Bank overdraft 9,800 10,700 Long-term debt 53,000 61,000 Inventory 18,140 24,894 New equity - 10,000 Tax rate 20% Dividend percentage 30% Output area: 2007 Income Statement Sales R165,390 Cost of goods sold 84,310 16,580 Depreciation 23,800 PBIT R40,700 Interest 5,180 PBT R35,520 Taxes 7,104 NPAT R28,416 Dividends R8,525 Addition to retained profits R19,891 2007 Income Statement Sales R201,600 Cost of goods sold 106,450 21,640 Depreciation 26,900 PBIT R46,610 Interest 5,930 PBT R40,680 Taxes 8,136 NPAT R32,544 Dividends R9,763 Addition to retained profits R22,781
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Balance sheet as of Dec. 31, 2007 Owners equity R59,625 Net non-current assets R105,000 Long-term debt 53,000 Inventory 18,140 Accounts payable 21,500 Accounts receivable 8,620 Short-term debt 9,800 Cash R12,165 Current liabilities R31,300 Current assets R38,925 Total equity and liabilities R143,925 Total assets R143,925 Balance sheet as of Dec. 31, 2008 Owners equity R92,406 Net non-current assets R134,000 Long-term debt 61,000 Inventory 24,894 Accounts payable 24,350 Accounts receivable 11,182 Short-term debt 10,700 Cash R18,380 Current liabilities R35,050 Current assets R54,456 Total equity and liabilities R188,456 Total assets R188,456 2007 2008 Operating cash flow R57,396 R65,374 Capital Spending Ending net non-current assets R134,000 - Beginning net non-current assets 105,000 + Depreciation 26,900 Net capital spending R55,900 Change in Net Working Capital Ending NWC R19,406 -Beginning NWC 7,625 Change in NWC R11,781 Cash Flow from Assets Operating cash flow R65,374 - Net capital spending 55,900 -Change in NWC 11,781 Cash flow from assets R(2,307) Cash Flow to Lenders Interest paid R5,930 -Net New Borrowing 8,000 Cash flow to Lenders R(2,070) Cash Flow to Shareholders Dividends paid R9,763 -Net new equity raised 10,000 Cash flow to Shareholders R(237) 1 The firm had positive earnings in an accounting sense (NPAT > 0) and had positive cash flow from operations. The firm invested R11 781 in new net working capital and R55 900 in new net non-current assets. The firm had to raise R2 307 from its stakeholders to support this new investment. It
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 33

Excel_solutions_to_cases (1) - Fundamentals of Corporate...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online