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Klingon Widgets, Inc., purchased new cloaking machinery four years ago for $15 million. The machinery can be sold to the Romulans today for $14.2 million. Klingon’s current balance sheet shows net fixed assets of $12 million, current liabilities of $880,000, and net working capital of $225,000. If all the current assets were liquidated today, the company would receive $1.07 million cash.
What is the book value of Klingon’s total assets today? (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.)
Book value of total assets
$
What is the market value? (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.)
Market value of total assets??
JUST DEW IT CORPORATION 2011 and 2012 Balance Sheets
Assets
Liabilities and Owners’ Equity
2011
2012
2011
2012
Current assets
Current liabilities
Cash
$
7,800
$
12,250
Accounts payable
$
46,400
$
52,750
Accounts receivable
15,800
31,000
Notes payable
20,600
26,500
Inventory
53,400
64,250
Total
$
77,000
$
107,500
Total
$
67,000
$
79,250
Long-term debt
$
46,000
$
40,000
Owners’ equity
Common stock and paid-in surplus
$
50,000
$
50,000
Retained earnings
237,000
330,750
Net plant and equipment
$
323,000
$
392,500
Total
$
287,000
$
380,750
Total assets
$
400,000
$
500,000
Total liabilities and owners’ equity
$
400,000
$
500,000
Just Dew It Corporation reports the following balance sheet information for 2011 and 2012.
Based on the balance sheets given for Just Dew It:
a.
Calculate the current ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))
2011
2012
Current ratio
times
times
b.
Calculate the quick ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))
2011
2012
Quick ratio
times
times
c.
Calculate the cash ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))
2011
2012
Cash ratio
times
times
d.
Calculate the NWC to total assets ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))
2011
2012
NWC ratio
%
%
e.
Calculate the debt–equity ratio and equity multiplier for each year. (Round your answers to 2 decimal places. (e.g., 32.16))
2011
2012
Debt-equity ratio
times
times
Equity multiplier
f.
Calculate the total debt ratio and long-term debt ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))
2011
2012
Total debt ratio
times
times
Long-term debt ratio
times
times
3.
The most recent financial statements for Fleury Inc., follow. Sales for 2012 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets and accounts payable increase spontaneously with sales.
FLEURY, INC. 2011 Income Statement
Sales
$
763,000
Costs
598,000
Other expenses
19,000
Earnings before interest and taxes
$
146,000
Interest paid
10,000
Taxable income
$
136,000
Taxes (20%)
27,200
Net income
108,800
Dividends
$
21,760
Addition to retained earnings
87,040
FLEURY, INC. Balance Sheet as of December 31, 2011
Assets
Liabilities and Owners’ Equity
Current assets
Current liabilities
Cash
$
22,240
Accounts payable
$
56,400
Accounts receivable
34,560
Notes payable
15,600
Inventory
71,520
Total
$
72,000
Total
$
128,320
Long-term debt
$
146,000
Fixed assets
Owners’ equity
Net plant and equipment
$
420,000
Common stock and paid-in surplus
$
132,000
Retained earnings
198,320
Total
$
330,320
Total assets
$
548,320
Total liabilities and owners’ equity
$
548,320
If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 25 percent growth rate in sales? (Do not round intermediate calculations.)
EFN
$
4.
The most recent financial statements for Live Co. are shown here:
Income Statement
Balance Sheet
Sales
$
14,400
Current assets
$
11,700
Debt
$
16,200
Costs
9,600
Fixed assets
28,250
Equity
23,750
Taxable income
$
4,800
Total
$
39,950
Total
$
39,950
Taxes (40%)
1,920
Net income
$
2,880
Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 20 percent dividend payout ratio. No external equity financing is possible.
What is the sustainable growth rate? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Sustainable growth rate
%
5.
Y3K, Inc., has sales of $6,309, total assets of $2,925, and a debt–equity ratio of 1.60. If its return on equity is 11 percent, what is its net income? (Do not round intermediate calculation and round your final answer to 2 decimal places. (e.g., 32.16))
Net income
$
6.
The 2010 balance sheet of Maria's Tennis Shop, Inc., showed long-term debt of $5.7 million, and the 2011 balance sheet showed long-term debt of $5.90 million. The 2011 income statement showed an interest expense of $190,000. During 2011, Maria’s Tennis Shop, Inc., had a cash flow to creditors of -$10,000 and the cash flow to stockholders for the year was $70,000. Suppose you also know that the firm’s net capital spending for 2011 was $1,420,000, and that the firm reduced its net working capital investment by $79,000.
What was the firm’s 2011 operating cash flow, or OCF? (Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.)
Operating cash flow
$
7.
illy’s Exterminators, Inc., has sales of $752,000, costs of $312,000, depreciation expense of $64,000, interest expense of $42,000, and a tax rate of 35 percent.
What is the net income for this firm?
Net income
$
8.
Penguin Pucks, Inc., has current assets of $5,760, net fixed assets of $25,500, current liabilities of $5,200, and long-term debt of $12,500.
What is the value of the shareholders’ equity account for this firm?
Shareholders' equity
$
How much is net working capital?
Net working capital
$
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