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Homework 1 Essay

918 words - 4 pages

Homework 1

 

1. Cuda Marine Engines, Inc. must develop the relevant cash flows for a replacement capital investment proposal. The proposed asset costs $50,000 and has installation costs of $3,000. The asset will be depreciated using a five-year recovery schedule. The existing equipment, which originally cost $25,000 and will be sold for $10,000, has been depreciated using an MACRS five-year recovery schedule and three years of depreciation has already been taken. The new equipment is expected to result in incremental before-tax net profits of $15,000 per year. The firm has a 40 percent tax rate. • • The initial outlay equals ________. The annual incremental after-tax cash flow from ...view middle of the document...

Key Financial Data

4. Complete the balance sheet for General Aviation, Inc. based on the following financial data. Balance Sheet General Aviation, Inc. December 31, 2013

Key Financial Data (2013) 1. Sales totaled $720,000. 2. The gross profit margin was 38.7 percent. 3. Inventory turned 6 times. 4. There are 360 days in a year. 5. The average collection period was 31 days. 6. The current ratio was 2.35. 7. The total asset turnover was 2.81. 8. The debt ratio was 49.4 percent. 9. Total current assets equal $159,565.

5. The income statement and balance sheet for the ZZZ Mattress Co. for the year ended December 31, 2010 follow.

Balance Sheet ZZZ Mattress Company December 31, 2010

The ZZZ Mattress Co. has been requested by the 1st National Bank, a major creditor, to prepare a pro forma balance sheet for the year ending, December 31, 2011. Using the percent-of-sales method and the following financial data, prepare the pro forma income statement and balance sheet and discuss the resulting external financing required. · 2011 sales are estimated at $330,000. · Accounts receivable represent 20 percent of sales. · A minimum cash balance of $1,650 is maintained. · Inventory represents 32 percent of sales. · Fixed-asset outlays in 2011 are $20,000. Total depreciation expense for 2011 will be $15,000. · Accounts payable represents 15 percent of sales. · Notes payable and accruals will remain the same. · No long-term debt will be retired in 2011. · No common stock will be repurchased in 2011. · The firm will pay dividends equal to 50...

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