Module 3 Answer Key – Financial Management
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FINANCIAL MANAGEMENT
CONTENTS
Search in book …
Module 3 Answer Key
3.5 Exercises
A. Problem: Short-term Financial Planning
Section 3.5 Exercise Answer Key – Short-term Financial Planning and Growth Spreadsheet
1.
https://financialmanagement.pressbooks.tru.ca/chapter/module-3-answer-key/
5/31/24, 6
:
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Page 1 of 18
Budgeted Income Statement
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Year
Sales
CAD
170,775
CAD
314,550
CAD
251,325
CAD 111,375
CAD
848,025
Cost of sales
109,568
198,450
161,700
75,075
544,793
Gross profit
CAD 61,207
CAD
116,100
CAD 89,625
CAD
36,300
CAD
303,232
Operating expenses
–
Selling
10,583
12,021
11,388
9,989
43,980
Distribution
2,079
3,558
3,076
1,617
10,330
Administration
9,550
9,550
9,550
9,550
38,200
Depreciation
1,750
3,050
3,538
3,538
11,875
Operating income
CAD 37,245
CAD 87,922
CAD 62,073
CAD 11,607
CAD 198,847
Interest income
–
–
–
250
250
Interest expense
1,500
2,506
2,340
1,781
8,126
Income before tax
CAD 35,745
CAD 85,416
CAD 59,733
CAD 10,076
CAD
190,970
Income tax
16,085
38,437
26,880
4,534
85,937
Net income
CAD 19,660
CAD 46,979
CAD 32,853
CAD 5,542
CAD
105,034
Cash Budget
Quarter 1
Quarter
2
Quarter 3
Quarter 4
Year
Cash balance, beginning
CAD
21,483
CAD
20,000
CAD
20,000
CAD
20,000
CAD 21,483
Cash receipts
Sales
Last quarter
26,700
40,986
75,492
60,318
203,496
129,789
239,058
191,007
84,645
644,499
–
–
–
250
250
Total cash receipts
CAD
156,489
CAD
280,044
CAD
266,499
CAD
145,213
CAD
848,245
Cash disbursements
Purchases
1
2
3
4
5
5
6
7
Previous: Module 2 Answer Key
Next: Module 4 Answer Key
https://financialmanagement.pressbooks.tru.ca/chapter/module-3-answer-key/
5/31/24, 6
:
18 AM
Page 2 of 18
Last quarter
CAD
27,563
CAD
40,856
CAD
56,228
CAD
40,714
CAD
165,360
This quarter
95,330
131,198
94,999
64,349
385,875
Selling expenses
10,583
12,021
11,388
9,989
43,980
Distribution expenses
2,079
3,558
3,076
1,617
10,330
Administrative
expenses
9,550
9,550
9,550
9,550
38,200
Interest expense
1,500
2,506
2,340
1,781
8,126
Income tax
16,085
38,437
26,880
4,534
85,937
Regular dividend
15,000
15,000
15,000
15,000
60,000
Capital purchase
26,000
19,500
–
–
45,500
Total cash disbursements
CAD
203,690
CAD
272,624
CAD
219,460
CAD
147,533
CAD
843,308
Sub-total
-CAD
25,718
CAD
27,420
CAD
67,039
CAD
17,679
CAD 26,420
Financing
Borrowing/repayment
Line of credit
CAD
27,418
–
–
–
CAD 27,418
Term loan
20,800
–
–
–
20,800
Repayment
–
Line of credit
–
-3,880
-23,538
–
-27,418
Term loan
-2,500
-3,540
-3,540
-3,540
-13,120
Special dividends
–
–
–
–
–
Issue/repurchase of
shares
–
–
–
–
–
Total financing
CAD
45,718
-CAD
7,420
-CAD
27,078
-CAD
3,540
CAD 7,680
Temporary investment
–
–
-CAD
19,961
CAD 5,861
-CAD 14,100
Cash balance, ending
CAD
20,000
CAD
20,000
CAD
20,000
CAD
20,000
CAD 20,000
9
10
11
12
https://financialmanagement.pressbooks.tru.ca/chapter/module-3-answer-key/
5/31/24, 6
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Page 3 of 18
Budgeted Balance Sheet
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Assets
Current assets
Cash
CAD 20,000
CAD 20,000
CAD
20,000
CAD 20,000
Temporary investments
–
–
19,961
14,100
Accounts receivable
40,986
75,492
60,318
26,730
Inventory
59,535
48,510
22,523
39,375
Total current assets
CAD 120,521
CAD
144,002
CAD
122,801
CAD
100,205
Fixed assets
Equipment, net
CAD 116,038
CAD
132,488
CAD
128,951
CAD 125,413
Total Assets
CAD
236,559
CAD
276,490
CAD
251,752
CAD
225,618
Liabilities
Current liabilities
Accounts payable
CAD 40,856
CAD 56,228
CAD 40,714
CAD 27,578
Line of credit
27,418
23,538
–
–
Current portion of long-term
debt
14,160
14,160
14,160
14,160
Total current liabilities
CAD 82,434
CAD 93,926
CAD 54,874
CAD 41,738
Long-term liabilities
Term loan
CAD 64,140
CAD 60,600
CAD 57,060
CAD 53,520
Shareholders’ equity
Common shares
CAD 53,000
CAD 53,000
CAD
53,000
CAD 53,000
Retained earnings
36,986
68,964
86,818
77,360
Total liabilities and equities
CAD
236,559
CAD
276,490
CAD
251,752
CAD
225,618
13
14
15
16
17
18
19
https://financialmanagement.pressbooks.tru.ca/chapter/module-3-answer-key/
5/31/24, 6
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Page 4 of 18
Key Financial Ratios
Quarter 1
Quarter 2
Quarter
3
Quarter
4
Current ratio – 1.520
1.46
1.53
2.24
2.40
Line of credit / (Accounts receivable +
Inventory)21
89.0%
42.0%
–
–
Line of credit financing – CAD 35,000
CAD
27,418
CAD
23,538
–
–
Long-term Debt / Total Capitalization –
40.0%22
47.0%
38.0%
34.0%
34.0%
12-Month cash flow coverage ratio23
4.58
Purchases Budget
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Sales
209
378
308
143
Add: Ending inventory
113 (378 X .3)
92 (308 X .3)
43 (143 X .3)
75 (250 X .3)
Subtotal
322
470
351
218
Less: Beginning inventory
63
113
92
43
Purchases
259
357
259
175
1
(132x900) + (77x675)
2
32, 198 + (132 + 77
−
63)(525)
3
(
) + (.01)(170, 775)
4
(7)(132) + (15)(77)
5
(
)
6
7
(.45)(35, 745)
8
(180, 775)(.76),
.20 + (.8)(.7)
= .76
9
(259)(525)(.7)
35,500
4
(45,200
−
7,000)
,
7,000
4
(60,000)(.10)
4
(45,200
−
7,000)
https://financialmanagement.pressbooks.tru.ca/chapter/module-3-answer-key/
5/31/24, 6
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Page 5 of 18
2. Wind’n Wave experienced a cash shortage in Q1 because:
Quarter 1 is the second slowest sales period so less cash is generated
In Quarter 1, they are building up inventory for Quarter 2 which is the busiest quarter – In
Quarter 1, 30.0% of Quarter 2’s inventory is purchased in advance and 70.0% of that must
be paid for in Quarter 1
A major acquisition took place in Quarter 1 and a down payment of no less than 20.0% had
to be made
Quarter 1 follows the slowest period Quarter 4 so there a fewer accounts receivable from
Quarter 4 being collected – 80.0% of sales in Quarter 4 are on credit and 30.0% of the
credit sales from Quarter 4 are collected in Quarter 1
3. Wind’n Wave could increase its cash flows in Q1 by:
Delaying the capital purchase – but the company may need the equipment now
Offering early payment discounts to customers – but this is very expensive
Selling accounts receivable to a factor – but this is very expensive
Stretching payables – but it could hurt your credit rating and supplier relationships
Reducing level of inventory buildup for the next quarter – but the stock buildup may be
10
11
(26, 000)(.8)
12
13
(.24)(170, 775)
14
(.3)(378)(525)
15
91, 788
−
(
) + 26, 000
16
(259)(525)(.3)
17
((
) + (
))(4) = 14,
160
18
60, 000 + 20, 800
−
2, 500
−
14, 160
19
32, 326 + 19, 660
−
15, 000
20
21
22
(45,200
−
7,000)
4
10,000
4
7,000
4
10,000
4
20,800
5
4
120,521
82,434
27,418
((.75)(40,986)+(.0)(59,535))
(198,847+11,875+18,000)
(8,126+18,000+(
))
13,120
(1
−
.45)
https://financialmanagement.pressbooks.tru.ca/chapter/module-3-answer-key/
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
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$ 13,000
$32,000
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88,000
3,000
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22,000
17,000
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11,000
6,000
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$112,000
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$ 15,000
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
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Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
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E Chapter 5 Homework - FINANCIA X
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E Chapter 5 Homework
Question 5 of 6
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The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of
the transactions listed below as:
1.
Operating activity-add to net income.
2.
Operating activity-deduct from net income.
3.
Investing activity.
4.
Financing activity.
5.
Reported as significant noncash activity
The transactions are as follows.
Transactions
Classifications of Activities
(a)
Issuance of common stock.
(b)
Purchase of land and building.
(c)
Redemption of bonds.
(d)
Sale of equipment.
(e)
Depreciation of machinery.
(f)
Amortization of patent.
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None of the above
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Quantitative Problem 1: You plan to deposit $2,200 per year for 6 years into a money market account with an annual return of 2%. You plan
to make your first deposit one year from today.
a. What amount will be in your account at the end of 6 years? Do not round intermediate calculations. Round your answer to the nearest cent.
4
b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Do not round intermediate calculations.
Round your answer to the nearest cent.
6
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Review the FVAN definition and its equation.
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Understand the difference between an ordinary annuity and an annuity due.
Be careful about the order of mathematical operations if using the equation.
If using a financial calculator, be…
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2 Project: Company Accour X
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Current Position Analysis
The following items are reported on a company's balance sheet:
$365,600
Marketable securities
285,700
Accounts receivable (net)
254,900
Inventory
236,400
Accounts payable
394,000
Determine (a) the current ratio and (b) the quick ratio. Round to one declmal place.
a. Current ratio
b. Quick ratio
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a. Divide current assets by current liabilities.
b. Divide quick assets by current liabilities. Quick assets are cash, temporary investments, and receivables.
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1. Ch11 Financial Planning Exercise 1
BE
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Chapter 11
Financial Planning Exercise 1
Calculate amount to invest to meet objectives
Use Worksheet 11.1. Phoebe Jones is now employed as the managing editor of a well-known business journal. Although she thoroughly enjoys her job and the people she works with, what she would really like to do is open a bookstore of her own. She would like to open her store
in about seven years and figures she'll need about $ 45,000 in capital to do so. Given that Phoebe thinks she can make about 7 percent on her money, use Worksheet 11.1 to answer the following questions.
a. How much would Phoebe have to invest today, in one lump sum, to end up with $45,000 in seven years? Round the answer to two decimal places.
$
b. If she's starting from scratch, how much would she have to put away annually to accumulate the needed capital in seven years? Round the answer to two decimal places.
$
c. How about if she already has $5,000 socked away, how much would she…
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Common Stockholders' Profitability Analysis
A company reports the following:
Net income
$125,000
Preferred dividends
000
976,563
Average stockholders' equity
Average common stockholders' equity
588,235
Determine (a) the return on stockholders' equity and (b) the return on common stockholders' equity. If required, round your answers to one decimal place.
a. Return on Stockholders' Equity
0.2 X %
b. Return on Common Stockholders' Equity
%
V Check My VWork
a. Divide net income by average stockholders' equity.
b. Divide net income minus preferred dividends by average common stockholders equity
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