罗斯《公司理财》英文习题答案DOCchap027.docVIP

Chapter 27: Short-Term Finance and Planning 27.1 Assets = Liabilities + Equity Current assets + Fixed assets = Current liabilities + Long-term debt + Equity Net working capital + Fixed assets = Long-term debt + Equity Cash + Other current assets - Current liabilities = Long-term debt + Equity - Fixed assets Cash = Long-term debt + Equity - Net working capital (excluding cash) - Fixed assets 27.2 a. Decrease b. Decrease c. No change d. Increase e. No change f. No change g. Increase h. No change i. Increase j. Decrease k. Increase l. No change m. No change n. No change o. Decrease p. Decrease q. No change r. Decrease 27.3 Sources and Uses of Cash Country Kettles, Inc. 19X6 Sources of cash: Cash from operations Net income $68,600 Depreciation 5,225 Decrease in net working capital Increase in accounts payable （60500-55000）5,500 New stock 3,000 $82,325 Uses of cash: Increase in fixed assets $12,725 Dividends 30,800 Increase in net working capital Investment in inventory 3,750 Increase in accounts receivable 9,750 Decrease in accrued expenses 3.300 Decrease in long-term debt 15,000 $75,325 Change in cash balance $7,000 27.4 Sources and Uses of Cash S/B Corporation 19X6 Sources of cash: Cash from operations Net income $83,000 Depreciation 50,000 Decrease in net working capital Decrease in inventory 114,000 Increase in accounts payable 23,000 Increase in loans payable 376,000 $646,000 Uses of cash: Increase in fixed assets $139,000 Dividends 100,000 Increase in net working capital Increase in accounts receivable 251,000 Decrease in taxes payable 132,000 Decrease in accrued expenses 11,000 $633,000 Change in cash balance $13,000 27.5 Inventory turnover ratio = Receivable turnover ratio = Accounts payable turnover ratio = a. Operating cycle = b. Cash cycle = 27.6 a. The operating cycle begins when inventory stock