Sikh Essay

2184 words - 9 pages

Answers to homework questions
Chap.4
13. a. Current ratio will be unaffected. Inventories are replaced with either cash or accounts receivable, but total current assets are unchanged.
b. Current ratio will be unaffected. Due trade payables are replaced with the bank loan, but total current liabilities are unchanged.
c. Current ratio will be unaffected. Receivables are replaced with cash, but total current assets are unchanged.
d. Current ratio will be unaffected. Inventories replace cash, but total current assets are unchanged.

17. Days in inventory =
Annual cost of goods sold = Inventory x 365/Days in inventory
= $10,000 365/30 ...view middle of the document...

The IRR is 15.34%, which is the highest discount rate before project NPV turns negative.

11. Payback = 2500/600 = 4.167 years, which is less than the cutoff. So the firm would accept the project.

14. NPV = 2.2 + .3 annuity factor(r, 15 years) .9/(1 + r)15

When r = 6%, NPV = 2.2 + 2.538 = $0.338 billion
When r = 16%, NPV = 2.2 + 1.576 = $0.624 billion

21. a. NPV of the two projects at various discount rates is tabulated below.
NPVA = –20,000 + 8,000 annuity factor(r%, 3 years)
= –20,000 + 8,000 [– ]
NPVB = –20,000 + 25,000
Discount Rate NPVA NPVB
0% 4000 5000
2% 3071 3558
4% 2201 2225
6% 1384 990
8% 617 –154
10% –105 –1217
12% –785 –2205
14% –1427 –3126
16% –2033 –3984
18% –2606 –4784
20% –3148 –5532
From the NPV profile, it can be seen that Project A is preferred over Project B if the discount rate is above 4%. At 4% and below, Project B has the higher NPV.
b. IRRA = 9.70% [PV = (–)20; PMT = 8; FV = 0; n = 3; compute i]
IRRB = 7.72% [PV = (–)20; PMT = 0; FV = 25; n = 3; compute i]

26. a. Cash flow each year = $5,000 – $2,000 = $3,000
NPV = –10,000 + 3,000 annuity factor(8%, 5 years) = 1,978.13
b. The accounting change has no effect on project cash flows, and therefore no effect on NPV.
NPV is positive so you should pursue the project.
Chap.9
2. a. NWC = Acct Receivable + Inventory Acct Payable
= $1,500 + $1,000 $2,000 = $2,500
b. Cash flow = $36,000 $24,000 + $2,500 = $14,500

3. Net income = ($7 4 1) .40 ($7 4 1) = $2 $0.8 = $1.2 million
Revenues cash expenses taxes paid = $3 $0.8 = $2.2 million
Net Profit + Deprec = $1.2 + $1.0 = $2.2 million
(Revenues cash expenses) (1 T) + T Deprec
= $3 .60 + .40 $1 = $2.2 million

4. While depreciation is a non-cash expense, it still has an impact on net cash flow because of its impact on taxes. Every dollar of depreciation reduces taxable income by one dollar, and thus reduces taxes owed by $1 times the firm’s marginal tax rate. In Canada, such tax savings can be generated by capital cost allowance (CCA) which, for most assets, is computed using the written-down value method. CCA is computed for asset classes rather than for individual assets. Also, in the first year of the asset’s life, the half-year rule becomes applicable. The various unique features of the declining balance CCA system make it quite different from straight-line depreciation. Compared with straight-line depreciation, declining balance CCA will move the tax benefits in time, and thus provide a different present value of the tax shield, thereby altering the value of the project.
7. a. Net Profit + Depreciation = $45,500 + $10,000 = $55,500
b. Revenue – rental costs – variable costs – taxes
= $160,000 – $35,000 – $45,000 – $24,500
= $55,500
c. (Revenue – rental costs –...

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