Soal Latihan manajemen Keuangan 1 : Chapter 2

1.   BOOK VALUE VS MARKET VALUE

The home page for Coca-cola Company can be found at www.coca-cola.com. Locate the most recent annual report, which contains a balance sheet for the company. What is the book value of equity for Coca-Cola? The market value of a company is the number of share of stock outstanding times the price per share. This information can be found at www.finance.yahoo.com using the ticker symbol for Coca-Cola (KO). What is the market value of equity? Which number is more relevant for shareholder?

Assignment Manajemen Keuangan : BOOK VALUE VS MARKET VALUE

The home page for Coca-cola Company can be found at

www.coca-cola.com

Locate the most recent annual report, which contains a balance sheet for the company. What is the book value of equity for Coca-Cola?

The market value of a company is the number of share of stock outstanding times the price per share.

This information can be found at www.finance.yahoo.com using the ticker symbol for Coca-Cola (KO).

What is the market value of equity?

Which number is more relevant for shareholder?

Latihan Soal Manajemen Keuangan 1 : Ross Chapter 19

1. Accounts receivable

Over the past five years, your firm has had average daily sales of $26,780. The average collection period is 34 days.

What is the average accounts receivable balance you would expect to find if you analyzed the monthly balance sheets of your firm?

2. Discount terms

Today, June 10, you purchased $5,000 worth of materials from one of your suppliers. The terms of the sale are 3/15, net 45.

What is the discounted price?

By what day do you have to pay to receive the discount?

What is the effective annual rate of the discount?

3. Credit policy switch

Currently, your firm has a cash only policy. Under this policy, your monthly sales are 70 units at a selling price of $50 a unit. The variable cost is $34 a unit. You are trying to decide if you want to change your credit policy to net 30. You estimate that if you switch your credit policy that your monthly sales will increase to 90 units. The applicable monthly interest rate is .5%.

What is the incremental cash inflow from the proposed switch in your credit policy?

What is the net present value of the proposed switch?

4. Switch break-even point

Your brother owns a company that also has a cash only credit policy. He, too, is considering switching to a net 30 credit policy. His current sales per month are 85 units at an average selling price of $60 a unit. His variable cost is $42 a unit. His applicable monthly interest rate is 1.5%. Your brother wants to know how many additional units he would have to sell to break-even on this proposed credit policy switch.

What should you tell him?

5. One-time sale

A customer just walked into your store and wants to buy some electronics costing $89. The customer states that he is from out of town and is just passing through on an extended vacation. Thus, you know that this is a one-time sale. Your variable cost for this merchandise is $50 and your relevant interest rate is 1.5% per month. Since this customer had not planned on making this purchase, he does not have sufficient funds with him to pay for it and thus asks for credit for one month until he arrives back home.

Should you grant credit to this customer if you feel there is a 30% chance that he will default?

6. Repeat sale

A new customer just walked into your store. She says that she is new to the area and is out checking out the various retail stores to decide where she will shop in the future. She’s looking at some merchandise costing $250 but states that she won’t have that much money until next month. You know that your variable cost in the item is $180 and that your monthly interest rate is 1.7%.

Should you offer her credit for one month if you feel that the chance of default is 10%?

7. Economic Order Quantity (EOQ)

You have just accepted a job as the purchasing manager for a local retailer. You have identified one key item that you believe needs close monitoring. You’ve been told that your store sells 31,200 units of this item each year. The fixed costs per order are $75. The carrying cost per unit is $1.10.

What is the economic order quantity?

8. Economic Order Quantity (EOQ)

You sell 12,000 units of a product each year at an average price of $15 each. Your variable cost per unit is $9. Your carrying cost per unit is $.60. You allow your inventory of this product to drop to zero before restocking. Each order you place is for 2,500 units. The fixed cost per order is $40.

What is your annual total carrying cost?

What is your annual total restocking cost?

What is the EOQ?

9. One-shot approach

Your firm currently sells 200 units each month at a price of $24 each. The variable cost per unit is $14 and the monthly interest rate is 1.5%. If you switch your credit policy from cash only to net 30, you think you can increase your sales to 215 units a month.

Use the one-shot approach to compute the NPV of the switch.

10. Accounts receivable approach

Your firm currently sells 200 units each month at a price of $24 each. The variable cost per unit is $14 and the monthly interest rate is 1.5%. If you switch your credit policy from cash only to net 30, you think you can increase your sales to 215 units a month.

Use the accounts receivables approach to compute the NPV of the switch.

11. Discounts and default risk

Currently, you sell 50 units per period at $22.50 a unit. You are considering implementing a net 30 credit policy along with increasing your credit price to $24. If you make this change, you expect that your sales will remain at their current level. You also expect all of your customers to take advantage of the credit period and that 2% of them will default. The applicable monthly interest rate is 1.5%.

What is the net present value of this proposed credit policy?

What is the break-even default rate?

Latihan Soal Manajemen Keuangan 1 : Degree of Operating Leverage

1.     Manakah yang Lebih baik PT.100T ber DOL tinggi dengan PT.10S ber DOL rendah

1)    Semakin tinggi DOL, makin besar fluktusasi naik-turunnya laba sebagai akibat dari perubahan volume penjualan

2)    Sehingga mana yang lebih baik antara PT.100T dan PT.10S, jawabannya sangat subjektif tergantung sejauh mana investor mau untuk menanggung resiko.

2.     Jelaskan  dengan contoh yang dimaksud dengan tameng pajak

1)    Semakin tinggi DOL, makin besar fluktusasi naik-turunnya laba sebagai akibat dari perubahan volume penjualan

2)    Sehingga mana yang lebih baik antara PT.100T dan PT.10S, jawabannya sangat subjektif tergantung sejauh mana investor mau untuk menanggung resiko.

3.     Kompensasi melalui saham bonus

1)    Kompensasi yang diberikan kepada pihak manajer tidak perlu terlalu besar sehingga menciptakan kekebalan bagi manajer, namun nilainya harus cukup berarti bagi manajer.

Latihan Soal Manajemen Keuangan 1 : Degree of Operating Laverage

1.     Manakah yang Lebih baik PT.100T ber DOL tinggi dengan PT.10S ber DOL rendah

1)    Semakin tinggi DOL, makin besar fluktusasi naik-turunnya laba sebagai akibat dari perubahan volume penjualan

2)    Sehingga mana yang lebih baik antara PT.100T dan PT.10S, jawabannya sangat subjektif tergantung sejauh mana investor mau untuk menanggung resiko.

2.     Jelaskan  dengan contoh yang dimaksud dengan tameng pajak

1)    Semakin tinggi DOL, makin besar fluktusasi naik-turunnya laba sebagai akibat dari perubahan volume penjualan

2)    Sehingga mana yang lebih baik antara PT.100T dan PT.10S, jawabannya sangat subjektif tergantung sejauh mana investor mau untuk menanggung resiko.

3.     Kompensasi melalui saham bonus

1)    Kompensasi yang diberikan kepada pihak manajer tidak perlu terlalu besar sehingga menciptakan kekebalan bagi manajer, namun nilainya harus cukup berarti bagi manajer.

Latihan Soal Manajemen Keuangan : Semester Pendek

1. Liquidity ratios

Use this information to calculate the ratios below :

Cash                                             $   900

Accounts receivable                        1,200

Inventory                            2,100

Accounts payable                1,600

Average daily operating costs               70

Total assets                                      8,600

Current ratio    = __________      

Quick ratio       = __________      

Net working capital to total assets  = __________

2. Profitability ratios

Your firm has net income of $123,000 on sales of $2.4 million.

Total assets are $2.46 million and total equity is $1.5 million.

What is the profit margin?

What is the return on assets?

What is the return on equity?

3. Market value ratios

A firm has net income of $638,000 and total equity of $3.828 million. There are 200,000 shares of common stock outstanding. Each share is currently selling for $76.56.

What is the P/E ratio?

What is the market-to-book ratio?

4. Marginal Vs. Average Rates

Suppose your firm earns $4 million in taxable income.

1. What is the firm’s tax liability?
2. What is the average tax rate?
3. What is the marginal tax rate?

5. If you are considering a project that will increase the firm’s taxable income by $1 million, what tax rate should you use in your analysis?

6. Understanding a balance sheet

The Dinmore Company has total assets of $6.4 million, current assets of $2.3 million, current liabilities of $2.5 million and total liabilities of $4.2 million.

ü  What is the amount of the stockholders’ equity?

ü  What is the amount of the net working capital?

ü  What is the amount of the long-term assets?

ü  What is the amount of the long-term debt

7. BOOK VALUE VS MARKET VALUE

The home page for Coca-cola Company can be found at www.coca-cola.com

Locate the most recent annual report, which contains a balance sheet for the company. What is the book value of equity for Coca-Cola? The market value of a company is the number of share of stock outstanding times the price per share. This information can be found at www.finance.yahoo.com using the ticker symbol for Coca-Cola (KO). What is the market value of equity? Which number is more relevant for shareholder?

8. Capital Market

What is the first lesson from capital market history?

What is the second lesson from capital market history?

What do we mean by excess return and risk premium?

What is an efficient market?

What are the forms of market efficiency?

9. Capital gains yield

Last year, you purchased shares of Baker and Sons, Inc. at a price of $28.42 a share. Since that time you have received $1.20 in dividends per share. Currently, the stock is selling for $31.18 per share. What is the capital gains yield?

10. Last year, you purchased shares of Baker and Sons, Inc. at a price of $28.42 a share. Since that time you have received $1.20 in dividends per share. Currently, the stock is selling for $31.18 per share. What is the capital gains yield?

11. Arithmetic vs. geometric averages

A stock has the following year-end prices and dividends.

            Year                 Price                Dividend

               0                   $38.16             ---

               1                   $39.43             $.60

               2                   $38.04             $.62

               3                   $45.09             $.65

               4                   $44.10             $.70

What are the arithmetic and geometric returns for this stock?

Latihan Soal Manajemen Keuangan 1

1.   Pak Soegeh adalah seorang investor yang kaya raya dari negeri “Loempor” , berminat untuk berinvestasi di pasar saham negeri “Lapindo” . ada dua saham yang dia pertimbangkan untuk investasinya yaitu saham  “Siring Inc” dan “ Jatiroto Inc”. kedua  saham tersebut mempunyai distribuís probabilitas pengembalian yang diharapkan di masa depan sebagai berikut:

Probabilitas                               Siring Inc                              Jatiroto Inc

0,1                                           - 10%                                      - 35 %

0,2                                           2%                                          0%

0,4                                           12%                                        20%

0,2                                           20%                                        25%

0,1                                           38%                                        45%

a.    Hitunglah tingkat pengembalian yang diharapkan, , untuk saham  “Jatiroto Inc”. (tingkat pengembalian yang diharapkan saham  “Siring Inc” adalah 12%).

b.    Hitunglah diviasi standar pengembalian yang diharapkan untuk saham “Siring Inc” (untuk saham “Jatiroto Inc”adalah 20,35%). Sekarang hitunglah koefisien  variasi untuk saham “Jatiroto Inc”. Apakah  mungkin bahwa sebagian besar  investor  termasuk pak Soegeh akan memandang saham  “Jatiroto Inc”   mempunyai risiko yang lebih kecil daripada saham “Siring Inc” ? Jelaskan.