毕晓方改编《务财会计》的课后习题答案章习题答案.docVIP

EXERCISES Ex. 15–1 Bridger Co. a. Earnings before bond interest and income tax $ 1,600,000 Bond interest 640,000 Balance $ 960,000 Income tax 384,000 Net income $ 576,000 Dividends on preferred stock 480,000 Earnings available for common stock $ 96,000 Earnings per share on common stock $ 0.48 b. Earnings before bond interest and income tax $ 2,400,000 Bond interest 640,000 Balance $ 1,760,000 Income tax 704,000 Net income $ 1,056,000 Dividends on preferred stock 480,000 Earnings available for common stock $ 576,000 Earnings per share on common stock $ 2.88 c. Earnings before bond interest and income tax $ 4,000,000 Bond interest 640,000 Balance $ 3,360,000 Income tax 1,344,000 Net income $ 2,016,000 Dividends on preferred stock 480,000 Earnings available for common stock $ 1,536,000 Earnings per share on common stock $ 7.68 Ex. 15–2 Factors other than earnings per share that should be considered in evaluating financing plans include: bonds represent a fixed annual interest requirement, while dividends on stock do not; bonds require the repayment of principal, while stock does not; and common stock represents a voting interest in the ownership of the corporation, while bonds do not. Ex. 15–3 a. $100,000 ÷ 1.05 = $95,238 $ 95,238 ÷ 1.05 = $90,703 $ 90,703 ÷ 1.05 = $86,384 b. $100,000 × 0.86384 = $86,384 Ex. 15–4 a. First Year: $50,000 × 0.94340 = $ 47,170.00 Second Year: $50,000 × 0.89000 = 44,500.00 Third Year: $50,000 × 0.83962 = 41,981.00 Fourth Year: $50,000 × 0.79209 = 39,604.50 Total present value $173,255.50 b. $50,000 × 3.46511 = $173,255.50 Ex. 15–5 $1,000,000 × 12.78336 = $12,783,360 Ex. 15–6 Present value of $1 for 10 (semiannual) periods at 6% (semiannual rate) 0.55840 Face amount of bonds × $12,000,000 $ 6,700,800 Present value of an annuity of $1 for 10 periods at 6% 7.36009 Semiannual interest payment × $480,000 3,532,843 Total p