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财务管理双语部分课后练习答案2-7a.Calculationofgrossincome:2000Salary$60,000DividendIncome10,000InterestIncome(IBMbondsonly)5,000STcapitalgains1,000=$22,000-$21,000GrossIncome(excludingLTcapitalgains)$76,000LTcapitalgains=$22,000-$9,000=13,000**LTCapitalgainstaxrate=20%.Nottaxed:$10,000interestonFloridamunicipalbondsCalculationoftaxableincome:GrossIncome$76,000Exemption(2,750)Deductions(5,000)TaxableIncome(excludingLTcapitalgains)$68,250Personaltax=Taxontaxableincome(excludingLTcapitalgains)+LTcapitalgainstax=[$14,138.5+($68,250-$62,450)(0.31)+$13,000(0.2)=[$14,138.5+$1,798]+$2,600=$18,536.50b.Marginaltaxrate=31%.Averagetaxrate=$18,536.50/($68,250+$13,000)=22.8%.c.After-taxreturns:IBM=(0.11)-(0.31)(0.11)=7.59%FLA=(0.09)-0=9.00%TheFloridabondsprovideahigherafter-taxreturn.d.9%=11%(1-T).NowsolveforT:9%=11%-11%T11%T=2T=2/11=18.18%.Atataxratelessthan18.2percent,Margaretwouldbebetteroffholding11percenttaxablebonds,butatataxrateover18.2percent,shewouldbebetteroffholdingtax-exemptmunicipalbonds.Givenourprogressivetaxratesystem,itmakessenseforwealthypeopletoholdtax-exemptbonds,butnotforthosewithlowerincomesandconsequentlylowertaxrates.2-8a.Salaryandincome:aDonald’ssalary$50,000.0Interestfrombonds2,500.0Incomefromrentalproperty42,000.0=$3,500x12monthsAdjustedincome$94,500.0Expenses,exemptions,anddeductions:Exemptions=2x$2,750$5,500.0Interestonmortgagesb18,000.0Plumbingexpensesc1,250.0Totalexpensesanddeductions$24,750.0Taxableincome$69,750.0Taxes=$6457.5+($69,750-$43,050)x0.28=$13,933.50aWecouldhaveincludedMaryanne’ssalaryinthissection,butthenwewouldhavehadtorecognizetheamountsheearnedasanexpenseassociatedwiththerentalproperty.Becausethetwoitemscanceleachother,weneednotincludethemhere.Also,weignoreemploymenttaxesinthisproblem.bTheamountoftheinterestandpropertytaxespaidonbothhousesistaxdeductible.cOnlytheplumbingexpenseassociatedwiththerentalpropertyistaxdeductiblebecauseitwasincurredinthegenerationofbusinessrevenues.Suchpersonalexpensesarenotdeductible.b.Salaryandincome:Donald’ssalary$50,000.0Interestfrombonds2,500.0Adjustedincome$52,500.0Expenses,exemptions,anddeductions:Exemptions=2x$2,750$5,500.0Interestonmortgagesa5,350.0Totalexpensesanddeductions$10,850.0Taxableincome$41,650.0Taxes=$0+$41,650x(0.15)=$6,247.50aOnlytheamountofinterestandpropertytaxespaidonthecouple’sresidenceisapplicable.c.Expensesincurredtogeneratebusinessincomearetaxdeductible,butpersonalexpensesarenot.Thecostoffixingtheplumbingintherentalhousewouldbeconsideredabusinessexpense,butthecostoffixingtheplumbingintheJefferson’sownhousewouldbeconsideredapersonalexpense.3-2a.IndustryCampseyAverage000,330$000,655$sliabilitieCurrentassetsCurrent1.98x2.0x28.465,4$000,336$360/SalesreceivableAccounts75.0days35.0days500,241$000,353,1$sInventoriesoldgoodsofCost5.60x5.6x500,947$500,607,1$assetsTotalSales1.70x3.0x500,607,1$300,27$SalesincomeNet1.7%1.2%500,947$300,27$assetsTotalincomeNet2.9%3.6%000,361$300,27$equityCommonincomeNet7.6%9.0%500,947$500,586$assetsTotaldebtTotal61.9%60.0%b.ForCampsey,ROA=PMxTAturnover=1.7%x1.7=2.9%.Fortheindustry,ROA=1.2%x3.0=3.6%.c.Campsey’sdayssalesoutstandingismorethantwiceaslongastheindustryaverage,indicatingthatthefirmshouldtightencreditorenforceamorestringentcollectionpolicy.Thetotalassetsturnoverratioiswellbelowtheindustryaveragesosalesshouldbeincreased,assetsdecreased,orboth.WhileCampsey’sprofitmarginishigherthantheindustryaverage,itsotherprofitabilityratiosarelowcomparedtotheindustry—netincomeshouldbehighergiventheamountofequityandassets.However,thecompanyseemstobeinanaverageliquiditypositionandfinancialleverageissimilartoothersintheindustry.d.If2005representsaperiodofsupernormalgrowthforCampsey,ratiosbasedonthisyearwillbedistortedandacomparisonbetweenthemandindustryaverageswillhavelittlemeaning.Potentialinvestorswholookonlyat2005ratioswillbemisled,andareturntonormalconditionsin2006couldhurtthefirm’sstockprice.3-4a.FinnertyIndustryFurnitureAverage111$303$sliabilitieCurrentassetsCurrent2.73x2.0x450$135$assetsTotalDebtratioDebt30.00%30.0%5.4$5.49$InterestEBITearnedinterestTimes11.00x7.0x159$660$sInventoriesoldgoodsofCostturnoverInventory4.15x8.5x360/795$66$360/SalesreceivableAccountsDSO29.89days24.0days147$795$assetsFixedSalesturnoverassetsFixed5.41x6.0x450$795$assetsTotalSalesturnoverassetsTotal1.77x3.0x795$27$SalesincomeNetmarginprofitNet3.40%3.0%450$27$assetsTotalincomeNetassetstotalonReturn6.00%9.0%315$27$equityTotalincomeNetequityonturnRe8..57%12.9%b.ROA=ProfitmarginxTotalassetsturnover%0.677.1%4.3450$795$795$27$assetsTotalSalesSalesincomeNetFinnertyIndustryCommentProfitmargin3.4%3.0%GoodTotalassetsturnover1.8x3.0xPoorReturnontotalassets6.0%9.0%Poorc.AnalysisoftheDuPontequationandthesetofratiosshowsthattheturnoverratioofsalestoassetsisquitelow.Eithersalesshouldbeincreasedatthepresentlevelofassets,orthecurrentlevelofassetsshouldbedecreasedtobemoreinlinewithcurrentsales.Thus,theproblemappearstobeinthebalancesheetaccounts.d.Thecomparisonofinventoryturnoverratiosshowsthatotherfirmsintheindustryseemtobegettin
本文标题:财务管理双语课后练习答案
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