FIN 311_Exam Review 1_S23_Solutions (1)
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FIN 311 Exam Review Assignment #1
–
S23
Names ______________________________________________________________________________
You are welcome to use Excel to do your calculations and copy and paste your answers here. You may
work as a team or individually on this exam review assignment. If you work with a team, make sure all
names are included on this assignment on the line above. Only one team member needs to submit the
assignment on BbLearn.
1.
[10 points]
You have been given the following information for NAUFIN Company.
They
have asked you to do trend and comparative analyses and evaluate the financial strength of
the company.
Compute the ratios below for 2022 (show your work) and
provide the
required ratio analysis.
Ratio
Actual 2020
Actual 2021
Actual 2022
Industry Avg
Current
1.4
1.55
1.67
1.85
Quick
1
0.92
0.875
1.05
Inventory Turnover
9.52
9.21
7.89
8.6
Debt Ratio
0.2
0.2
0.35
0.3
Times Interest Earned
8.2
7.3
6.5
8
Net Profit Margin
0.062
0.062
0.066
0.053
EPS
$1.75
$2.20
3.05
$1.50
2022 information:
Sales
$10,000,000
Accounts Receivable
$800,000
Cost of Goods Sold
$7,500,000
Inventory
$950,000
Operating Profit (EBIT)
$1,300,000
Total Current Assets
$2,000,000
Interest Expense
$200,000
Total Assets
$12,000,000
Net Income
$660,000
Total Current Liabilities
$1,200,000
Preferred Dividends
50,000
$
Total Liabilities
$4,200,000
Earnings Avail for
Common Stock
$600,000
Common Shareholders
$610,000
(200,000 shares outstanding)
Current: 2,000,000/1,200,000 = 1.67 Quick: (2,000,000-950,000)/1,200,000 = .875
Inventory Turnover: 7,500,000/950,000 = 7.89 Debt Ratio: 4,200,000/12,000,000 = .35
Times Interest Earned: 1,300,000/200,000 = 6.5 Net Profit Margin: 660,000/10,000,000 = .066
Earnings Per Share: 610,000/200,000
The company’s overall liquidity is improving, but they are not as liquid as their competitors. The
declining quick ratio shows that they are increasingly relying on inventory sales to pay their short-
term bills. This may become an issue because they are turning over their inventory at a slower rate
each year (fewer times per year). The debt ratio has increased showing that they are financing a
larger portion of assets with debt. The higher debt ratio is mainly in line with competitor debt
usage. The times interest earned is declining likely indicating that their interest expense has
increased from the added debt. The added interest expense has reduced their ability to pay interest
FIN 311 Exam Review Assignment #1
–
S23
expense below that of their competitors. Net profit margin and EPS have increased showing that
the company has done a good job controlling expenses, and they are performing better than their
competitors.
2.
[6 points]
Use the following information from Apple, Inc. financial statements to calculate
their Free Cash Flows for 2021 (fiscal year-end 09/30/2021). Use finance.yahoo.com or
money.msn.com to access their
financial statements
. Their ticker symbol is AAPL. EBIT and
tax information can be found on the income statement. Calculate the effective tax rate.
2021 EBIT =
111,852,000 EBIT
(from income statement) OR
108,949,000 operating income
Tax rate (Effective) = Tax provision/Earnings Before Tax =
14,527,000/109,207,000 =
.1330 or
13.30%
2021 Depreciation & Amortization = 11,284,000
2021 Investment in Gross Fixed Assets = 6,197,000
2021 NOWC = 65,962,000
2020 NOWC = 90,153,000
Apple 2021 FCF =
[111,852,000(1-.1330)+11,284,000]
–
[6,197,000 + (65,962,000-90,153,000)]
= 108,259,684
–
(-17,994,000) = $126,253,684
OR FCF = [108,949,000(1-.1330)+11,284,000]
–
[6,197,000 + (65,962,000-90,153,000)]
= 105,742,783
–
(-17,994,000) = $123,736,783
SINGLE
Persons
If the Adjusted Wage Amount
(line 1d) is
The tentative
amount to
withhold is…
Plus this
percentage…
of the amount
that the wage
exceeds…
at least…
But less than…
A
B
C
D
E
$0
$5,250
$0.00
0%
$0
$5,250
$16,250
$0.00
10%
$5,250
$16,250
$49,975
$1,100.00
12%
$16,250
$49,975
$100,625
$5,147.00
22%
$49,975
$100,625
$187,350
$16,290.00
24%
$100,625
$187,350
$236,500
$37,104.00
32%
$187,350
$236,500
$583,375
$52,832.00
35%
$236,500
$583,375
$174,238.25
37%
$583,375
FIN 311 Exam Review Assignment #1
–
S23
3.
(
6 points
) Use the following information and tax table above to complete parts a-d. Assume you are
offered a job with a salary of $47,000 and a bonus of 8% based on your performance during the
year. The bonus is taxable income. You will contribute 3% of your salary and bonus to your 401k
which results in lower taxable income.
a.
If you receive your full bonus at the end of the year, what is your total (gross or before tax) pay
for the year?
Gross pay is $47,000*(1.08) = $50,760
Gross pay less 401k contribution = .97*50760 = $49,237.20
b.
What is your marginal tax rate?
12%
(this is the bracket for the pay from part a. )
c.
Look up the standard deduction for a single taxpayer for 2022. Use this, your salary and bonus
information, 401k deduction, and the tax table to determine your tax liability.
2022 Standard Deduction = $12,950
Taxable income = 49237.20
–
12950 = $36,287.50
Tax = [(36287.50
–
16250)*.12] + 1100 = $3,504.46
d.
Calculate your effective (average) tax rate?
Average tax = 3504.46/49237.20 = .0711 or 7.11%
e.
Calculate your take-home pay using the gross pay in part a. and the taxes calculated in part c.
(ignore employment taxes).
Take-home pay = $49,237.20
–
3504.46 = $45,732.74
4.
(
5 points
) Byron Books Inc. recently reported $6 million of net income. Its EBIT was $13.1 million,
and its tax rate was 25%.
What was its interest expense?
(Hint: Write out the headings for an
income statement, and then fill in the known values. Then divide $6 million of NI by (1 - T) = 0.75 to
find the pretax income. The difference between EBIT and taxable income must be interest expense).
EBIT
$13,100,000
Interest
13100000-800000 = $5,100,000
EBT
6000000/.75 = $8,000,000
Taxes
8000000*.25 = $2,000,000
Net Income
$6,000,000
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FIN 311 Exam Review Assignment #1
–
S23
5.
(
8 points
) The assets of Dallas & Associates consist entirely of current assets and net plant and
equipment, and the firm has no excess cash. The firm has total assets of $2.6 million and net plant
and equipment equals $2.3 million. It has notes payable of $140,000, long-term debt of $750,000,
and total common equity of $1.45 million. The firm does have accounts payable and accruals on its
balance sheet. The firm only finances with debt and common equity, so it has no preferred stock on
its balance sheet. (Hint: Write out the headings for a balance sheet, and then fill in the known
values.)
a.
What is the company’s total debt (total liabilities)?
b.
What is the amount of total liabilities and equity that appears on the firm's balance sheet?
c.
What is the balance of current assets on the firm's balance sheet?
d.
What is the balance of current liabilities on the firm's balance sheet?
e.
What is the total amount of accounts payable and accruals on its balance sheet? (Hint:
Consider this as a single line item on the firm's balance sheet.)
Cash
A/P and Accruals
400000-140000 = $260,000
Inventory/Accts Rec
$300,000
Notes Payable - given
$140,000
Total Current Liabilities
$300,000
Total Current Liabilities
1150000-750000 - $400,000
Net PP&E - given
$2,300,000
Long-term Debt - given
$750,000
Total Liabilities
$2.6 m
–
1.45 m = $1,150,000
Total Common Equity
$1,450,000
Total Assets - given
$2,600,000
Total Liabilities and Equity
$2,600,000
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$11,200 overapplied.
$18,400 overapplied.
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $392,400; materials of
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$11,200 underapplied.
$18,400 underapplied.
$4,600 underapplied.
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Zachary Services Company has 61 employees, 36 of whom are assigned to Division A and 25 to Division B. Zachary incurred $364,170
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20
points
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Allocated
Cost
Division
A
s 160,420 O
B
$ 172,760
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Howick Inc. is trying to decide whether to purchase Machine A or Machine B. Below are the
1.
associated costs. Which are relevant?
Machine A
Machine B
Relevant or Not Relevant?
Cost of Machine
000'08$
000'0L$
Setup Costs
000'0$
000'$
Costs incurred for research of
$1,300
009$
the machine
Annual operating costs for
$12,500
the machine
000'
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Date
Sept 20 2021
45°F
Rain coming
V
Total Assets
Total Liabilities
Total Equity
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B
D
*** All amounts should be calculated using formulas ***
Problem 1. Accounting for partner contributions
Problei..
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a) Journalize the partnership's receipt of assets and liabilities from Billy Bob and Junior.
Accounts and Explanations
==
Notes payable
Billy Bob Capital
Junior Capital
==
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Billy Bob and Junior want to develop a water park in Colorado. On Sept 20, 2021 Billy Bob contributes $2,000,000 4uuuuuu
and land with a current market value of $7,500,000. When Billy Bob purchased the land it cost $5,500,000. The
partnership will also take over a…
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P MindTap HW 1 - Spring 2021 - Fi X
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Partner Offers
7. Problem 3.05 (MVA)
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Harper Industries has $400 million of common equity on its balance sheet; its stock price is $70 per share; and its market value added (MVA) is $90 million. How many common shares are
currently outstanding? Write out your answer completely. For example, 5 million shares should be entered as 5,000,000. Round your answer to the nearest whole number, if necessary.
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common shares
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P MindTap HW 1 - Spring 2021 - Fi X
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b Details | bartleby
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In its most recent financial statements, Nessler Inc. reported $35 million of net income and $420 million of retained earnings. The previous retained earnings were $391 million. How much in
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dividends were paid to shareho
during the year? Assume
dividends declared were actually paid. Write out your answer completely. For example, 25 mill
be entered as
25,000,000. Round your answer to the nearest dollar, if necessary.
$
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* MindTap - Cengage Learning
b Details | bartleby
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Barton Industries has operating income for the year of $3,500,000 and a 37% tax rate. Its total invested capital is $20,000,000 and its after-tax percentage cost of capital is 8%. What is the firm's
EVA? Round your answer to the nearest dollar, if necessary.
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$
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