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  • Str581 STR - 581 Final Exam Capstone

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    teacher.theacestud
    127 просмотров6 страниц
    STR581 STR/581 FINAL EXAM CAPSTONE STR581 STR/581 FINAL EXAM CAPSTONE 1. Which of the following financial statements is concerned with the company at a point in time? income statement statement of cash flows retained earnings statement balance sheet 2. A cost which remains constant per unit at various levels of activity is a: fixed cost mixed cost variable cost manufacturing cost 3. M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock. If Dynamo wishes to change its capital structure from 75 percent equity to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they use? $600 $375 $225 $321 Solution: Debt = 0.25 x $1,500=$375 After restructuring =0.40 x $1,500=$600 Total debt issuance = $600-$375 = $225 4. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.) 32% 16% 12% 40% Solution: 2 years ago the price was $20 After one year it was sold for $25 (Po=$25) & Now it is selling for $28 (p1=$28) Dividend (D1=110) Rate of return (R) = D1+(P1-Po)/ Pox100 = [$1.10+$(28-25)]x100=16% 5. The process of evaluating financial data that change under alternative courses of action is called: contribution margin analysis cost-benefit analysis double entry analysis incremental analysis 6. What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects? the discounted payback the profitability index the internal rate of return the modified internal rate of return 7. The convention of consistency refers to consistent use of accounting principles: among firms within industries throughout the accounting period among accounting periods 8. External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support? 27.3% 32.9% 25.1% 30.3% Solution: Total Assets = $4,417,665 Net income = $2,771,342 Dividend payout ratio = 60% Growth rate = RR x ROE = (1-Divident payout ratio) x ($2,771,342 /$4,417,665) = 25.1% 9. Which of the following is considered a hybrid organizational form? limited liability partnership partnership sole proprietorship corporation 10. An activity that has a direct cause-effect relationship with the resources consumed is a(n): overhead rate product activity cost driver cost pool 11. Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return if 14 percent, what is the present value of their dividends over the next four years? $11.63 $13.50 $9.72 $12.50 Solution: Given n=3,D1=$3.00,G=0.25,R=14% Present value of dividends over the next 4 years =$(3.00/1.14)+$3.25/(1.14)2+$3.50/(1.14)3+$3.75/(1.14)4=$(2.63+2.50+2.36+2.22)=$9.72 12. TuleTime Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project? 1.90 0.90 0.11 1.11 Solution: Annual cashflow=$100,000 Initial outflow ==$1,500,000, i=6% Profitability index = Cash Inflow/Cash outflow=${100,000/.06}/$1,500,000=1.11 13. Your firm has an equity multiplier of 2.47. What is the d

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    STR581 STR/581 FINAL EXAM CAPSTONE STR581 STR/581 FINAL EXAM CAPSTONE 1. Which of the following financial statements is concerned with the company at a point in time? income statement statement of cash flows retained earnings statement balance sheet 2. A cost which remains constant per unit at various levels of activity is a: fixed cost mixed cost variable cost manufacturing cost 3. M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock. If Dynamo wishes to change its capital structure from 75 percent equity to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they use? $600 $375 $225 $321 Solution: Debt = 0.25 x $1,500=$375 After restructuring =0.40 x $1,500=$600 Total debt issuance = $600-$375 = $225 4. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.) 32% 16% 12% 40% Solution: 2 years ago the price was $20 After one year it was sold for $25 (Po=$25) & Now it is selling for $28 (p1=$28) Dividend (D1=110) Rate of return (R) = D1+(P1-Po)/ Pox100 = [$1.10+$(28-25)]x100=16% 5. The process of evaluating financial data that change under alternative courses of action is called: contribution margin analysis cost-benefit analysis double entry analysis incremental analysis 6. What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects? the discounted payback the profitability index the internal rate of return the modified internal rate of return 7. The convention of consistency refers to consistent use of accounting principles: among firms within industries throughout the accounting period among accounting periods 8. External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support? 27.3% 32.9% 25.1% 30.3% Solution: Total Assets = $4,417,665 Net income = $2,771,342 Dividend payout ratio = 60% Growth rate = RR x ROE = (1-Divident payout ratio) x ($2,771,342 /$4,417,665) = 25.1% 9. Which of the following is considered a hybrid organizational form? limited liability partnership partnership sole proprietorship corporation 10. An activity that has a direct cause-effect relationship with the resources consumed is a(n): overhead rate product activity cost driver cost pool 11. Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return if 14 percent, what is the present value of their dividends over the next four years? $11.63 $13.50 $9.72 $12.50 Solution: Given n=3,D1=$3.00,G=0.25,R=14% Present value of dividends over the next 4 years =$(3.00/1.14)+$3.25/(1.14)2+$3.50/(1.14)3+$3.75/(1.14)4=$(2.63+2.50+2.36+2.22)=$9.72 12. TuleTime Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project? 1.90 0.90 0.11 1.11 Solution: Annual cashflow=$100,000 Initial outflow ==$1,500,000, i=6% Profitability index = Cash Inflow/Cash outflow=${100,000/.06}/$1,500,000=1.11 13. Your firm has an equity multiplier of 2.47. What is the d

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    Str581 STR - 581 Final Exam Capstone

    Загружено:

    teacher.theacestud
    STR581 STR/581 FINAL EXAM CAPSTONE STR581 STR/581 FINAL EXAM CAPSTONE 1. Which of the following financial statements is concerned with the company at a point in time? income statement statement of cash flows retained earnings statement balance sheet 2. A cost which remains constant per unit at various levels of activity is a: fixed cost mixed cost variable cost manufacturing cost 3. M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock. If Dynamo wishes to change its capital structure from 75 percent equity to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they use? $600 $375 $225 $321 Solution: Debt = 0.25 x $1,500=$375 After restructuring =0.40 x $1,500=$600 Total debt issuance = $600-$375 = $225 4. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.) 32% 16% 12% 40% Solution: 2 years ago the price was $20 After one year it was sold for $25 (Po=$25) & Now it is selling for $28 (p1=$28) Dividend (D1=110) Rate of return (R) = D1+(P1-Po)/ Pox100 = [$1.10+$(28-25)]x100=16% 5. The process of evaluating financial data that change under alternative courses of action is called: contribution margin analysis cost-benefit analysis double entry analysis incremental analysis 6. What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects? the discounted payback the profitability index the internal rate of return the modified internal rate of return 7. The convention of consistency refers to consistent use of accounting principles: among firms within industries throughout the accounting period among accounting periods 8. External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support? 27.3% 32.9% 25.1% 30.3% Solution: Total Assets = $4,417,665 Net income = $2,771,342 Dividend payout ratio = 60% Growth rate = RR x ROE = (1-Divident payout ratio) x ($2,771,342 /$4,417,665) = 25.1% 9. Which of the following is considered a hybrid organizational form? limited liability partnership partnership sole proprietorship corporation 10. An activity that has a direct cause-effect relationship with the resources consumed is a(n): overhead rate product activity cost driver cost pool 11. Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return if 14 percent, what is the present value of their dividends over the next four years? $11.63 $13.50 $9.72 $12.50 Solution: Given n=3,D1=$3.00,G=0.25,R=14% Present value of dividends over the next 4 years =$(3.00/1.14)+$3.25/(1.14)2+$3.50/(1.14)3+$3.75/(1.14)4=$(2.63+2.50+2.36+2.22)=$9.72 12. TuleTime Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project? 1.90 0.90 0.11 1.11 Solution: Annual cashflow=$100,000 Initial outflow ==$1,500,000, i=6% Profitability index = Cash Inflow/Cash outflow=${100,000/.06}/$1,500,000=1.11 13. Your firm has an equity multiplier of 2.47. What is the d

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