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Module 7: June 1 - June 14 (2 Weeks)
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Quiz 4
Started on
Wednesday, May 13, 2020, 1:55 AM
State
Finished
Completed on
Wednesday, May 13, 2020, 2:06 AM
Time taken
10 mins 30 secs
Points
20.00/20.00
Grade
80.00
out of 80.00 (
100
%)
Question
1
Correct
1.00 points out of 1.00
Which of the following statements is most correct?
Select one:
a. The rate of depreciation will often affect operating cash flows, even though depreciation
is not a cash expense.
b. Corporations should fully account for sunk costs when making investment decisions.
c. Corporations should fully account for opportunity costs when making investment
decisions.
d. All of the answers above are correct.
e. Answers a and c are correct.
Statements a and c are correct; therefore, statement e is the correct answer. Net cash flow = Net
income + depreciation; therefore, depreciation affects operating cash flows. Sunk costs should be
disregarded when making investment decisions, while opportunity costs should be considered
when making investment decisions, as they represent the best alternative use of an asset.
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Question
2
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1.00 points out of 1.00
A company is considering an expansion project. The company’s CFO plans to calculate the
project’s NPV by discounting the relevant cash flows (which include the initial up-front costs, the
operating cash flows, and the terminal cash flows) at the company’s cost of capital (WACC).
Which of the following factors should the CFO include when estimating the relevant cash flows?
Select one:
a. Any sunk costs associated with the project.
b. Any interest expenses associated with the project.
c. Any opportunity costs associated with the project.
d. Answers b and c are correct.
e. All of the answers above are correct.
The correct answer is c. Sunk costs should be excluded from the analysis, and interest expense is
incorporated in the WACC and not the cash flows.
Question
3
Correct
1.00 points out of 1.00
Other things held constant, which of the following would increase the NPV of a project being
considered?
Select one:
a. A shift from MACRS to straight-line depreciation.
b. Making the initial investment in the first year rather than spreading it over the first 3
years.
c. A decrease in the discount rate associated with the project.
d. The sale of the old machine in a replacement decision at a capital loss rather than at
book value.
e. An increase in required working capital.
When discount rate or interest rate used in the calculation of present value decreases, NPV of the
project goes up. Review assigned reading materials for additional information
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Question
4
Correct
1.00 points out of 1.00
Which of the following statements is correct?
Select one:
a. An asset that is sold for less than book value at the end of a project's life will generate a
loss for the firm and will cause an actual cash outflow attributable to the project.
b. Only incremental cash flows are relevant in project analysis and the proper incremental
cash flows are the reported accounting profits because they form the true basis for investor
and managerial decisions.
c. It is unrealistic to expect that increases in net operating working capital that are required
at the start of an expansion project are simply recovered at the project's completion. Thus,
these cash flows are included only at the start of a project.
d. Equipment sold for more than its book value at the end of a project's life will increase
income and, despite increasing taxes, will generate a greater cash flow than if the same asset
is sold at book value.
e. All of the statements above are false.
At the end of capital budgeting project, equipment used may be sold. If it is sold for more than the
book value, it will generate positive cash flow that will increase the cash flow at the end of capital
budgeting project. Review assigned reading materials for additional information.
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Question
5
Correct
1.00 points out of 1.00
The Target Copy Company is contemplating the replacement of its old printing machine with a
new model costing $60,000. The old machine, which originally cost $40,000, has 6 years of
expected life remaining and a current book value of $30,000 versus a current market value of
$24,000. Target's corporate tax rate is 40 percent. If Target sells the old machine at market value,
what is the initial after-tax outlay for the new printing machine?
Select one:
a. -$22,180
b. -$30,000
c. -$33,600
d. -$36,000
e. -$40,000
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Question
6
Correct
1.00 points out of 1.00
Foxglove Corp. is faced with an investment project. The following information is associated with
this project:
*Assume no interest expenses and a zero tax rate.
The project involves an initial investment of $100,000 in equipment that falls in the 3-year MACRS
class and has an estimated salvage value of $15,000. In addition, the company expects an initial
increase in net operating working capital of $5,000 which will be recovered in year 4. The cost of
capital for the project is 12 percent. What is the project’s net present value? (Round your final
answer to the nearest whole dollar.)
Select one:
a. $153,840
b. $159,071
c. $162,409
d. $168,604
e. $182,344
Step 1 Calculate depreciation:
Dep 1 = 100,000(0.33) = 33,000.
Dep 2 = 100,000(0.45) = 45,000.
Dep 3 = 100,000(0.15) = 15,000.
Dep 4 = 100,000(0.07) = 7,000.
Step 2 Calculate cash flows:
CF 0 = -100,000 - 5,000 = -105,000.
CF 1 = 50,000 + 33,000 =
83,000.
CF 2 = 60,000 + 45,000 = 105,000.
CF 3 = 70,000 + 15,000 =
85,000.
CF 4 = 60,000 + 7,000 + 5,000 + 15,000 = 87,000.
Step 3 Calculate NPV:
Use CF key on calculator. Enter cash flows shown above. Enter I/YR = 12%. Solve for NPV =
$168,604. If you use Excel or formula, your answer will be approximately the same.
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Question
7
Correct
1.00 points out of 1.00
Helena Furnishings wants to sharply reduce its cash conversion cycle. Which of the following
steps would reduce its cash conversion cycle?
Select one:
a. The company increases its average inventory without increasing its sales.
b. The company reduces its days sales outstanding (DSO).
c. The company starts paying its bills sooner, which reduces its average accounts payable
without reducing its sales.
d. Statements a and b are correct.
e. All of the statements above are correct.
Statement a is false. If inventory increases, and sales do not, more cash is being “tied up” in
inventory so the cash conversion cycle is increased, not reduced. Statement b is true. If the
company reduces its DSO, it is collecting its accounts receivables more efficiently, so it reduces
the cash conversion cycle. Statement c is false. If the company pays its bills sooner, it uses its
cash to pay off accounts payable, and this increases its cash conversion cycle.
Question
8
Correct
1.00 points out of 1.00
Which of the following might be attributed to efficient inventory management?
Select one:
a. High inventory turnover ratio.
b. Low incidence of production schedule disruptions.
c. High total assets turnover.
d. Statements a and c are correct.
e. All of the statements above are correct.
Review assignment readings on working capital management
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Question
9
Correct
1.00 points out of 1.00
Firms generally choose to finance temporary net operating working capital with short-term debt
because
Select one:
a. Matching the maturities of assets and liabilities reduces risk.
b. Short-term interest rates have traditionally been more stable than long-term interest
rates.
c. A firm that borrows heavily long-term is more apt to be unable to repay the debt than a
firm that borrows heavily short-term.
d. The yield curve has traditionally been downward sloping.
e. Sales remain constant over the year, and financing requirements also remain constant.
Review assignment readings on working capital management
Question
10
Correct
1.00 points out of 1.00
Which of the following actions are likely to reduce the length of a company’s cash conversion
cycle?
Select one:
a. Adopting a new inventory system that reduces the inventory conversion period.
b. Reducing the average days sales outstanding (DSO) on its accounts receivable.
c. Reducing the amount of time the company takes to pay its suppliers.
d. Statements a and b are correct.
e. All of the statements above are correct.
Statements a and b are true; therefore, statement d is the appropriate choice. Delaying payments
to suppliers increases the length of the cash conversion cycle.
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Question
11
Correct
1.00 points out of 1.00
Spartan Sporting Goods has $5 million in inventory and $2 million in accounts receivable. Its
average daily sales are $100,000. The company’s payables deferral period (accounts payable
divided by daily purchases) is 30 days. What is the length of the company’s cash conversion
cycle?
Select one:
a. 100 days
b. 60 days
c. 50 days
d. 40 days
e. 33 days
Facts given:
Payables deferral period = 30 days; Inv = $5,000,000; Rec. = $2,000,000; ADS =
$100,000.
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Question
12
Correct
1.00 points out of 1.00
For the Cook County Company, the average age of accounts receivable is 60 days, the average
age of accounts payable is 45 days, and the average age of inventory is 72 days. Assuming a
365-day year, what is the length of the firm’s cash conversion cycle?
Select one:
a. 87 days
b. 90 days
c. 65 days
d. 48 days
e. 66 days
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Question
13
Correct
1.00 points out of 1.00
Bowa Construction’s days sales outstanding is 50 days (on a 365-day basis). The company’s
accounts receivable equal $100 million and its balance sheet shows inventory equal to $125
million. What is the company’s inventory turnover ratio? (Hint: start by finding total sales using
DSO equation: DSO = Accounts Receivable/(sales/365)
Select one:
a. 5.84
b. 4.25
c. 3.33
d. 2.75
e. 7.25
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Question
14
Correct
1.00 points out of 1.00
On average, a firm sells $2,000,000 in merchandise a month. It keeps inventory equal to one-half
of its monthly sales on hand at all times. If the firm analyzes its accounts using a 365-day year,
what is the firm’s inventory conversion period (ICP)? (Hint: ICP = 365/(sales/inventory)
Select one:
a. 365.0 days
b. 182.5 days
c. 30.3 days
d. 15.2 days
e. 10.5 days
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Question
15
Correct
1.00 points out of 1.00
You have recently been hired to improve the performance of Multiplex Corporation, which has
been experiencing a severe cash shortage. As one part of your analysis, you want to determine
the firm’s cash conversion cycle. Using the following information and a 365-day year, what is your
estimate of the firm’s current cash conversion cycle?
• Current inventory = $120,000.
• Annual sales = $600,000.
• Accounts receivable = $157,808.
• Accounts payable = $25,000.
• Total annual purchases = $365,000.
• Purchases credit terms: net 30 days.
• Receivables credit terms: net 50 days.
Select one:
a. 49 days
b. 193 days
c. 100 days
d. 168 days
e. 144 days
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16
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1.00 points out of 1.00
A company may set up a lockbox service with its bank for receiving customers' payments. The
company's customers send their payments to the PO box. Then the bank collects and processes
these payments directly and deposits them to the company's account. A lockbox plan is therefore
most beneficial to firms which
Select one:
a. Send payables over a wide geographic area.
b. Have widely disbursed manufacturing facilities.
c. Have a large marketable securities account to protect.
d. Hold inventories at many different sites.
e. Make collections over a wide geographic area.
A company may set up a lockbox service with its bank for receiving customers' payments. The
company's customers send their payments to the PO box. Then the bank collects and processes
these payments directly and deposits them to the company's account. A lockbox plan is therefore
most beneficial when the company’s customers are in different geographic areas.
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Question
17
Correct
1.00 points out of 1.00
Which of the following statements is most correct?
Select one:
a. Accruals are an expensive way to finance working capital.
b. A conservative financing policy is one in which the firm finances all of its fixed assets with
long-term capital and part of its permanent net operating working capital with short-term,
nonspontaneous credit.
c. If a company receives trade credit under the terms 2/10 (2% discount if payment is made
within 10 days), net 30 days (no discount if paid after 30 days), this implies the company has
10 days of free trade credit.
d. Statements a and b are correct.
e. None of the answers above is correct.
If a company receives trade credit under the terms 2/10 (2% discount if payment is made within
10 days), net 30 days (no discount if paid after 30 days), this implies the company has 10 days of
free trade credit.
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Question
18
Correct
1.00 points out of 1.00
Which of the following statements is most correct?
Select one:
a. The cash balances of most firms consist of transactions, compensating, and
precautionary balances. The total desired cash balance can be determined by calculating the
amount needed for each purpose and then summing them together.
b. The easier a firm’s access to borrowed funds, the higher its precautionary balances will
be in order to protect against sudden increases in interest rates.
c. For some firms holding highly liquid marketable securities is a substitute for holding cash,
because the marketable securities accomplish the same objective as cash.
d. All companies hold the same amount of funds for a transaction balance.
e. None of the statements above is correct.
For some firms holding highly liquid marketable securities is a substitute for holding cash,
because the marketable securities accomplish the same objective as cash. Marketable securities
are short-term investment that can be converted to cash immediately.
Question
19
Correct
1.00 points out of 1.00
A lockbox plan is
Select one:
a. A method for safe-keeping of marketable securities.
b. Used to identify inventory safety stocks.
c. A system for slowing down the collection of checks written by a firm.
d. A system for speeding up a firm's collections of checks received.
e. Not described by any of the statements above.
A company may set up a lockbox service with its bank for receiving customers' payments. The
company's customers send their payments to the PO box. Then the bank collects and processes
these payments directly and deposits them to the company's account.
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Question
20
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1.00 points out of 1.00
When evaluating a new project, the firm should consider all of the following factors except:
Select one:
a. Changes in working capital attributable to the project.
b. Previous expenditures associated with a market test to determine the feasibility of the
project, if the expenditures have been expensed for tax purposes.
c. The current market value of any equipment to be replaced.
d. The resulting difference in depreciation expense if the project involves replacement.
e. All of the statements above should be considered.
Previous expenditures associated with a market test to determine the feasibility of the project, if
the expenditures have been expensed for tax purposes. This type of expenditure is considered
sunk cost.
◄ Week 7 Discussion: Working Capital Management
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Exercise 9-12 a-b (Part Level Submission)
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
December 31.
Nov. 1
Loaned $23,50Chcash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note.
16
Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
31
Accrued interest revenue on all notes receivable.
(a)
Your answer is correct.
lournalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are…
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Installment Loan
How much of the first
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installment loan
18% shown in the table will
Principal
$2000.00
Term Length
2 years
Interest Rate
go towards principal?
Monthly Payment
$100.00
B. $70.00
A. $88.00
D. $30.00
C. $111.00
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A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly.
Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.)
$
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logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 5.175% compounded monthly. Find the month
ayment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.)
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You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year.
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Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.)
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HW 20 Simple and Compound Interest: Problem 14
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What are the effective annual rates for an account paying an annual interest rate of 6% which is compounded:
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els B: Lesson 1 - Salary
Target due: 1/14/21 58.33%
$344.75
$700
2) Choose the best answer.
Caleb has a job that pays $11.15 per hour for a 40-hour work week. He is paid time
and a half for every hour over 40 that he works in a week. What will his gross pay be
for a week in which he works 46 hours?
NTT
$546.35
$446
$512.90
$256.45
$769.35
O O O
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Chef Amy does beginning inventory on Thursday night and finds that she has $4194 in food products in the restaurant. Throughout the week
she purchases:
• $2088 produce,
• $1678 protein,
• $870 dry goods, and
• $3914 dairy.
The following Thursday she does ending inventory and finds that she has $3464 in food. She looks at her sales and finds that she made
$30541 over the same 7 day period. What is her total food cost?
Select one:
a. $12,744
K b. $16,208
c. $8,550
d. $9,280
Chef Fabio does beginning inventory on Thursday night and finds that he has $1456 in food products in the restaurant,. Throughout the week he
ered
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Question 6
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Oshifting the graph of f(x) to the right 39 units
shifting the graph of f(x) to the left 39 units
shifting the graph of f(x) upwards 39 units
shifting the graph of f(x) downwards 39 units
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Business started off great the first year that the Golden Wolves Statues started production. Corey
realized, however, that the business was seasonal and had peak sales in the fall, during the third
quarter, when the students started college and continued through the beginning of the football
season. The following information concerns operations for Year 2, the coming year, and for the
first two quarters of Year 3.
A. Golden Wolves Statue Company is now making only the forward-facing statue with the
Alvernia University t-shirt and sells the product for $150/unit. Budgeted unit sales for the
next six quarters are as follows (all sales are on credit).
Year 2 Quarter
Year 3 Quarter
3
4
2.
Budgeted unit sales
680
000
009
B. Sales are collected in the following pattern: 75% in the quarter the sales are made, and the
remaining 25% in the following quarter. On January 1, Year 2, the company's balance sheet
shows $6,500 in accounts receivable, all of which will be collected in the…
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Return to the original data. Monk Builders has just signed a contract with the state government to replace the windows in low-
income housing units throughout the state. Monk needs 80,000 windows to complete the job and has offered to buy them from
Wilson at a price of $120.00 per window. Monk will pick up the windows at Wilson's plant, so Wilson will not incur the $2 per
window shipping charge. In addition, Wilson will not need to pay a distributor's commission, since the windows will not be sold
through a distributor.
Calculate the contribution from special order, contribution lost from regular sales and the net…
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Exercise 12-22 (Algorithmic) (LO. 2, 3, 5)
Yanni, who is single, provides you with the following information for 2021:
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Mortgage interest expense on principal
residence
Charitable contributions
Interest income
a. Yanni's taxable income:
b. Yanni's AMT base:
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Compute the following:
c. Yanni's tentative minimum tax:
$117,400
11,740
10,566
2,348
1,761
94,507
32,647
X +
8,488
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Models B: Lesson 2 - Other Forms of Compensation
Target due: 1/14/21 16.66%
A O 3) Choose the correct answer.
-Maribel is offered a job as a paralegal at an annual base salary of $47,000. In
addition, the company will pay the following benefits: a retirement contribution that is
10.5% of Maribel’Ms base salary, disability insurance totaling $338, medical
insurance totaling $6,500, and a year-end bonus of 17% of her base salary. What is
the annual value of this job to Maribel?
O $47,000
O $66,435
$58,773
$66,763
$58,435
口
O 4) Choose the correct answer.
M
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OMR 166,000
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The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc
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