公司理财ch2分析和总结.docx

(2) 1. referstothecashflowthatresultsfromthefirmsongoing,normalbusinessactivities.

NetworkingcapitalCashflowtocreditors

CashflowfromoperatingactivitiesCashflowfromassets

Capitalspending

2. Whichofthefollowingareincludedincurrentassets?

equipment

Inventory

accountspayable

cash

IIandIVonlyIIIandIVonly

II,III,andIVonlyIandIIIonly

I,II,andIVonly

(2) 3. Whenmakingfinancialdecisionsrelatedtoassets,youshould:

placemoreemphasisonbookvaluesthanonmarketvalues.alwaysconsidermarketvalues.

placeprimaryemphasisonhistoricalcosts.

onlyconsidermarketvaluesiftheyarelessthanbookvalues.

(2)

relyprimarilyonthevalueofassetsasshownonthebalancesheet.

4. Your taxrateistheamountoftaxpayableonthenexttaxabledollaryouearn.

residualmarginaldeductibletotalaverage

(0) 5.

Whatisthecashflowtocreditorsfor2011?

-$35

→

$205

$170

$135

-$170

Cashflowtocreditors=$35-($410-$340)=-$35

(2) 6. referstothechangesinnetcapitalassets.

CashflowfromassetsNetworkingcapitalCashflowtocreditorsOperatingcashflow

Cashflowfrominvesting

(0) 7. Oneofthereasonswhycashflowanalysisispopularisbecause:cashflowsarehardtounderstand.

itiseasytomanipulate,orspinthecashflows.Noneofthese.

itisdifficulttomanipulate,orspinthecashflows.

→

cashflowsaremoresubjectivethannetincome.

(0)8.MarthasEnterprisesspent$2,500topurchaseequipmentthreeyearsago.Thisequipmentiscurrentlyvaluedat$2,000ontodaysbalancesheetbutcouldactuallybesoldfor$2,200.Networkingcapitalis$300and

long-termdebtis$900.Assumingtheequipmentisthefirmsonlyfixedasset,whatisthebookvalueofshareholdersequity?

$1,400

→

$1,600

Theanswercannotbedeterminedfromtheinformationprovided

$1,900

$1,100

Bookvalueofshareholdersequity=$2,000+$300-$900=$1,400

(2) 9. iscalculatedbyaddingbacknoncashexpensest