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Fin 534 homework set 1

15/12/2020 Client: saad24vbs Deadline: 2 Day

FIN 534 – Homework Set #1


© 2015 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.


FIN 534 Homework Set #1 1156 (5-19-2015) Page 1 of 3


Directions: Answer the following questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in the course shell. This homework assignment is worth 100 points.


Use the following information for Questions 1 through 4:


Assume that you recently graduated and have just reported to work as an investment advisor at the one of the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Sheets of one of the firm’s clients. Your boss has developed the following set of questions you must answer.


Income Statements and Balance Sheet


Balance Sheet 2012 2013 2014


Cash $9,000 $7,282 $14,000


Short-term investments 48,600 20,000 71,632


Accounts receivable 351,200 632,160 878,000


Inventories 715,200 1,287,360 1,716,480


Total current assets $1,124,000 $1,946,802 $2,680,112


Gross fixed assets 491,000 1,202,950 1,220,000


Less: Accumulated depreciation 146,200 263,160 383,160


Net fixed assets $344,800 $939,790 $836,840


Total assets $1,468,800 $2,886,592 $3,516,952


Liabilities and Equity


Accounts payable $145,600 $324,000 $359,800


Notes payable 200,000 720,000 300,000


Accruals 136,000 284,960 380,000


Total current liabilities $481,600 $1,328,960 $1,039,800


Long-term debt 323,432 1,000,000 500,000


Common stock (100,000 shares)


460,000 460,000 1,680,936


Retained earnings 203,768 97,632 296,216


Total equity $663,768 $557,632 $1,977,152


Total liabilities and equity $1,468,800 $2,886,592 $3,516,952


FIN 534 – Homework Set #1


© 2015 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.


FIN 534 Homework Set #1 1156 (5-19-2015) Page 2 of 3


Income Statements 2012 2013 2014


Sales $3,432,000 $5,834,400 $7,035,600


Cost of goods sold except depr. 2,864,000 4,980,000 5,800,000


Depreciation and amortization 18,900 116,960 120,000


Other expenses 340,000 720,000 612,960


Total operating costs $3,222,900 $5,816,960 $6,532,960


EBIT $209,100 $17,440 $502,640


Interest expense 62,500 176,000 80,000


EBT $146,600 ($158,560) $422,640


Taxes (40%) 58,640 -63,424 169,056


Net income $87,960 ($95,136) $253,584


Other Data 2012 2013 2014


Stock price $8.50 $6.00 $12.17


Shares outstanding 100,000 100,000 250,000


EPS $0.88 ($0.95) $1.104


DPS $0.22 0.11 0.22


Tax rate 40% 40% 40%


Book value per share $6.64 $5.58 $7.909


Lease payments $40,000 $40,000 $40,000


FIN 534 – Homework Set #1


© 2015 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.


FIN 534 Homework Set #1 1156 (5-19-2015) Page 3 of 3


Ratio Analysis 2012 2013 Industry Average


Current 2.3 1.5 2.7


Quick 0.8 0.5 1.0


Inventory turnover 4 4 6.1


Days sales outstanding 37.3 39.6 32.0


Fixed assets turnover 10 6.2 7.0


Total assets turnover 2.3 2 2.5


Debt ratio 35.60% 59.60% 32.0%


Liabilities-to-assets ratio 54.80% 80.70% 50.0%


TIE 3.3 0.1 6.2


EBITDA coverage 2.6 0.8 8.0


Profit margin 2.60% −1.6% 3.6%


Basic earning power 14.20% 0.60% 17.8%


ROA 6.00% −3.3% 9.0%


ROE 13.30% −17.1% 17.9%


Price/Earnings (P/E) 9.7 −6.3 16.2


Price/Cash flow 8 27.5 7.6


Market/Book 1.3 1.1 2.9


1. What is the free cash flow for 2014?


2. Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No changes in operations occurred. What would happen to reported profit and to net cash flow?


3. Calculate the 2014 current and quick ratios based on the projected balance sheet and income statement data. What can you say about the company’s liquidity position in 2013?


4. Use the extended DuPont equation to provide a summary and overview of company’s financial condition as projected for 2014. What are the firm’s major strengths and weaknesses?


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