Latihan

1.

Afirmthatisunabletopayitsbillsastheycomedueistechnicallyinsolvent.
Answer: TRUE
LevelofDifficulty:1
LearningGoal:1
Topic:BasicsofShortTermFinancialManagement

2.

Theshorttermfinancialmanagementisconcernedwithmanagementofthefirmscurrentassetsand
currentliabilities.
Answer: TRUE
LevelofDifficulty:1
LearningGoal:1
Topic:BasicsofShortTermFinancialManagement

3.

Intheshorttermfinancialmanagement,thegoalistomanageeachofthefirmscurrentassetsand
currentliabilitiesinordertoachieveabalancebetweenprofitabilityandriskthatcontributestothe
firmsvalue.
Answer: TRUE
LevelofDifficulty:1
LearningGoal:1
Topic:BasicsofShortTermFinancialManagement

4.

Workingcapitalrepresentstheportionofthefirmsinvestmentthatcirculatesfromoneformto
anotherinthelongtermconductofbusiness.
Answer: FALSE
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement

5.

Ingeneral,themoreafirmscurrentassetscoveritsshorttermobligations,thebetterableitwillbe
topayitsbillsastheycomedue.
Answer: TRUE
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement

6.

Themorepredictableitscashinflows,themorenetworkingcapitalafirmneeds.
Answer: FALSE
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement

7.

Astheratioofcurrentassetstototalassetsincreases,thefirmsriskincreases.
Answer: FALSE
LevelofDifficulty:2
LearningGoal:1
Topic:WorkingCapitalManagement

8.

Becausefirmsareunabletomatchcashinflowstooutflowswithcertainty,mostofthemneed
currentliabilitiesthatmorethancoveroutflowsforcurrentassets.
Answer: FALSE
LevelofDifficulty:2
LearningGoal:1
Topic:WorkingCapitalManagement

9.

Toomuchinvestmentincurrentassetsreducesprofitability,whereastoolittleinvestmentincreases
theriskofnotbeingabletopaydebtsastheycomedue.
Answer: TRUE
LevelofDifficulty:2
LearningGoal:1
Topic:TradeoffBetweenProfitabilityandRisk

10.

Toolittlecurrentliabilityfinancingreducesprofitability,whereastoomuchofthisfinancing
increasestheriskofnotbeingabletopaydebtsastheycomedue.
Answer: TRUE
LevelofDifficulty:2
LearningGoal:1
Topic:TradeoffBetweenProfitabilityandRisk

.1

Multiple Choice Questions

1.

Networkingcapitalisdefinedas
(a) aratiomeasureofliquiditybestusedincrosssectionalanalysis.
(b) theportionofthefirmsassetsfinancedwithshorttermfunds.
(c) currentliabilitiesminuscurrentassets.
(d) currentassetsminuscurrentliabilities.
Answer: D
LevelofDifficulty:1
LearningGoal:1
Topic:NetWorkingCapital

2.

Theportionofafirmscurrentassetsfinancedwithlongtermfundsmaybecalled
(a)
(b)
(c)
(d)

workingcapital.
accountsreceivable.
networkingcapital.
inventory.

Answer: C
LevelofDifficulty:1
LearningGoal:1
Topic:NetWorkingCapital
3.

Inworkingcapitalmanagement,riskismeasuredbytheprobabilitythatafirmwillbecome
(a) liquid.
(b) technicallyinsolvent.
(c) unabletomeetlongtermobligations.
(d) lessprofitable.
Answer: B
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement

4.

Theconversionofcurrentassetsfrominventorytoreceivablestocashprovidesthe_________of
cashusedtopaythecurrentliabilities,whichrepresentsa(n)_________ofcash.
(a) outflow;inflow
(b) use;source
(c) source;use
(d) inflow;outflow
Answer: C
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement

5.

Thegoalofworkingcapitalmanagementisto
(a)
(b)
(c)
(d)

balancecurrentassetsagainstcurrentliabilities.
payoffshorttermdebts.
achieveabalancebetweenriskandreturninordertomaximizethefirmsvalue.
achieveabalancebetweenshorttermandlongtermassetssothattheyaddtotheachievement
ofthefirmsoverallgoals.

Answer: C
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement
6.

Currentliabilitiescanbeviewedas
(a)
(b)
(c)
(d)

debtsdueinoneyear.
debtsdueinlessthanayear.
sourcesofcashinflows.
sourcesofcashoutflows.

Answer: D
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement
7.

Themostdifficultsetofaccountstopredictare
(a) currentassets.
(b) currentliabilities.
(c) fixedassets.
(d) longtermdebt.
Answer: A
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement

8.

Currentliabilitiesare
(a)
(b)
(c)
(d)

easytoobtain.
lowerincostthanlongtermliabilities.
tiedtotheleveloffixedassets.
afunctionofcollectionpolicy.

Answer: B
LevelofDifficulty:1
LearningGoal:1
Topic:WorkingCapitalManagement

9.

Ingeneral,themoreworkingcapitalafirmhas,
(a)
(b)
(c)
(d)

thegreateritsrisk.
theloweritsrisk.
thelesslikelyarecreditorstolendtothefirm.
theloweritsleveloflongtermfunds.

Answer: B
LevelofDifficulty:2
LearningGoal:1
Topic:WorkingCapitalManagement
10.

A(n)_________incurrentassets_________networkingcapital,thereby_________theriskof
technicalinsolvency.
(a)
(b)
(c)
(d)

decrease;increases;increasing
increase;decreases;increasing
increase;increases;reducing
decrease;decreases;reducing

Answer: C
LevelofDifficulty:3
LearningGoal:1
Topic:WorkingCapitalManagement

Soal1.
MinnyFishingProductsisanalyzingtheperformanceofitscashmanagement.Ontheaverage,thefirm
holdsinventory65days,paysitssuppliersin35days,andcollectsitsreceivablesin15days.The
firmhasacurrentannualoutlayof$1,960,000onoperatingcycleinvestments.Minnycurrentlypays
10percentforitsnegotiatedfinancing.(Assumea360dayyear.)
(a) Calculatethefirmscashconversioncycle.
(b) Calculatethefirmsoperatingcycle.
(c) Calculatethedailyexpenditureandthefirmsannualsavingsiftheoperatingcycleisreduced
by15days.
Soal2
Table14.7
AceBusinessForms
Month

Current
Assets

Fixed
Assets

January
February
March
April
May
June
July
August
September
October
November
December

$125,000
130,000
135,000
150,000
150,000
125,000
115,000
120,000
115,000
100,000
110,000
115,000

$250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000

Total
Assets
$375,000
380,000
385,000
400,000
400,000
375,000
365,000
370,000
365,000
350,000
360,000
365,000

AceBusinessFormshascompiledseveralfactorsrelativetoitsfinancingmix.Thefirmpays8
percentonshorttermfundsand10percentonlongtermfunds.Thefirmsmonthlycurrent,fixed
andtotalassetrequirementsforthepreviousyeararesummarizedinTable14.7.
Determine:
(a) themonthlyaveragepermanentfundsrequirement
(b) themonthlyaverageseasonalfundsrequirement
(c) theannualfinancingcosts(aggressivestrategy)
(d) theannualfinancingcosts(conservativestrategy)

Soal 3
3.
Ligure Jewelers has seasonal financing needs that vary from $250,000 to $2,725,000. The
permanent financing requirement is $4,100,000. Check the appropriate box indicating the better strategy for
each of the following events.

Event
1.Duetohigh
inflation,short
terminterestrates
aremuchhigherthan
longtermrates.
2.Salesrevenueis
unpredictable.
3.Thefirmhasa
largeproportion
ofitsassetsin
fixedassets.
4.Theaverage
seasonalfinancing
needis$1,000,000.
5.Theaverage
seasonalfinancing
needis$2,000,000.

Aggressive
Financing
Strategy

Conservative
Financing
Strategy

Soal 4
Contex,Inc.uses800unitsofaproductperyearonacontinuousbasis.Theproducthascarryingcostsof
$50perunitperyearandordercostsof$300perorder.Ittakes30daystoreceiveashipmentafter
anorderisplacedandthefirmrequiresasafetystockof5daysusageininventory.
(a) Calculatetheeconomicorderquantity(EOQ).
(b) Determinethereorderpoint.
Soal 5
KrugGoldCoin,Inc.isconsideringshorteningitscreditperiodfrom30daysto20daysandbelieves,asa
resultofthischange,itsaveragecollectionperiodwilldecreasefrom36daysto30days.Baddebt
expensesarealsoexpectedtodecreasefrom1.2percentto0.8percentofsales.Thefirmiscurrently
selling300,000unitsbutbelievesasaresultofthechange,saleswilldeclineto275,000units.On
300,000units,salesrevenueis$4,200,000,variablecoststotal$3,300,000,andfixedcostsare
$300,000.Thefirmhasarequiredreturnonsimilarriskinvestmentsof15percent.Evaluatethis
proposedchangeandmakearecommendationtothefirm.

Jawaban Soal 1
Answers:
(a) CCC65153545
(b) OC651580
(c) Dailyexpenditure$1,960,000/360$5,444.44
Annualsavings$5,444.44150.10$8,167
Jawaban Soal 2
Answers:
(a) $350,000
(b)
Month
January
February
March
April
May
June
July
August
September
October
November
December
MonthlyAverage

Total
Assets
$375,000
380,000
385,000
400,000
400,000
375,000
365,000
370,000
365,000
350,000
360,000
365,000

Permanent
Requirement

Seasonal
Requirement

$350,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000

$25,000
30,000
35,000
50,000
50,000
25,000
15,000
20,000
15,000
0
10,000
15,000
$24,167

(c)
$350,000(0.10)
24,167(0.08)
Totalfinancingcost
(Aggressivestrategy)

$35,000
1,933
$36,933

(d) Totalfinancingcost(Conservativestrategy)$400,000(0.10)$40,000

Jawaban soal 3
Answer:
Event
1.Duetohigh
inflation,short
terminterestrates
aremuchhigherthan
longtermrates.
2.Salesrevenueis
unpredictable.
3.Thefirmhasa
largeproportion
ofitsassetsin
fixedassets.
4.Theaverage
seasonalfinancing
needis$1,000,000.
5.Theaverage
seasonalfinancing
needis$2,000,000.

Aggressive
FinancingStrategy

Conservative
FinancingStrategy

LevelofDifficulty:3
LearningGoal:2
Topic:AggressiveversusConservativeFinancingStrategy

Jawabansoal4
Answers:
(a) EOQ (2 800 $300)/50 98units
(b) Reorderpoint[30days(800/360)][5(800/360)]66.711.1177.8178
units

Jawaban soal 5

Answer:

300,000275,00025,000unitsdeclineinsales
PriceP4,200,000/300,000$14
Variablecostperunitv3,300,000/300,000$11
Reductioninprofitcontributionfromdeclineinsales
(300,000275,000units)(1411)$75,000
CostofmarginalinvestmentinA/R:
TurnoverofA/Rwithproposedplan360/3012
Averageinvestmentwithproposedplan

(275,000)(11)
$252,083
12

TurnoverofA/Rwithpresentplan360/3610
Averageinvestmentwithpresentplan

(300,000)(11)
$330,000
10

MarginalinvestmentinA/R$77,917
ReductionincostofmarginalinvestmentinA/R77,917(0.15)$11,687
Reductioninmarginalbaddebts:
Baddebtswithproposedplan(0.012)(4,200,000)$50,400
Baddebtswithpresentplan(0.008)(275,000)(14)$30,800
Netlossfromimplementationofproposedplan$19,600
Donotrecommend.

$43,713

Soal EOQ
Kebutuhan material atau bahan baku perusahaan PT. Prima Sembada selama satu tahun 2400 unit. Harga
per unit Rp 100, ordering cost setiap kali pesan Rp 3000. Carrying cost ditetapkan 40 % dari nilai average
inventory atau Rp 40 per unit. Safety stock ditetapkan 200 unit. Lead time selama satu bulan . Berdasarkan
data tersebut hitunglah.
a. EOQ
b. ROP
Jawab :
a.
R
P
I
S

: 2400 unit
: Rp 100
: 40 %
: Rp 3000

EOQ = 2 x 2400 x 3000 / 100 x 0.4 = 600 unit

b. penggunaan bahan satu tahun
: 2400 unit
penggunaan selama lead time 1 bulan
: 2400/12
ROP = 200 unit + 200 unit
= 400 unit

= 200 unit

Soal Manajemen Piutang

Perusahaan Prima Abadi selama satu tahun 2006 telah menjual barang sebanyak 5000 unit dengan harga Rp
2000 per unit. Biaya tetap yang dikeluarkan untuk memproduksi barang tersebut Rp 2000.000,- dan biaya
variabel Rp 1500 per unit. Standard penjualan kredit yang telah ditetapkan diketahui 60 % dari total
penjualan. Periode penjualan ditetapkan dengan syarat 2/10 net 30. Account receivable pada tahun 2006 Rp
750.000,- Dari data tersebut hitunglah :
a. Piutang yang seharusnya
b. Receivable turn over yang diharapkan dan kenyataannya
c. Periode kredit dalam kenyataan
d. Kesimpulan yang dapat diambil dari perhitungan a, b, dan c
Jawab :
a. Piutang seharusnya :
Penjualan : 5000 x 2000 = Rp 10.000.000,Net credit sales : 60% x Rp 10.000.000,- = Rp 6.000.000,Periode kredit yang ditetapkan
: 30 hari
Piutang yang seharusnya : Rp 6.000.000 : 360/30 = 500.000,b. Receivable turnover yang diharapkan
= 360/30 = 12 x
Receivable turnover yang sebenarnya
= 6.000.000 / 750.000 = 8 x
c. Periode kredit yang sebenarnya : 360 / 8 = 45 hari
d. Langganan tidak menggunakan kesempatan memperoleh discount .