财务管理课后答案第七章Word文档格式.docx
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财务管理课后答案第七章Word文档格式.docx
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b.HowmuchcanCityFarmearnindollarsperyearonshort-terminvestmentsmadepossiblebythefreed-upcash?
7-1.Solution:
CityFarmInsurance
a.$5,000,000dailycollections
×
2.0daysspeedup=$10,000,000additionalcollections
$3,000,000dailydisbursements
1.0daysslowdown=$3,000,000delayeddisbursements
$13,000,000freed-upfunds
b.
2.NicholasBirdcageCompanyofHollywoodshipscagesthroughoutthecountry.Nicholashasdeterminedthatthroughtheestablishmentoflocalcollectioncentersaroundthecountry,hecanspeedupthecollectionofpaymentsbyoneandone-halfdays.Furthermore,thecashmanagementdepartmentofhisbankhasindicatedtohimthathecandeferhispaymentsonhisaccountsbyone-halfdaywithoutaffectingsuppliers.ThebankhasaremotedisbursementcenterinFlorida.
a.Ifthecompanyhas$4millionperdayincollectionsand$2millionperdayindisbursements,howmanydollarswillthecashmanagementsystemfreeup?
b.Ifthecompanycanearn9percentperannumonfreed-upfunds,howmuchwilltheincomebe?
c.Iftheannualcostofthenewsystemis$700,000,shoulditbeimplemented?
7-2.Solution:
NicholasBirdcageCompanyofHollywood
a.$4,000,000dailycollections
1.5daysspeedup=$6,000,000additionalcollections
$2,000,000dailydisbursements
.5daysslowdown=$1,000,000delayeddisbursements
$7,000,000freed-upfunds
c.No.Theannualincomeof$630,000is$70,000lessthantheannualcostof$700,000forthenewsystem.
3.MegahurtzInternationalCarRentalshasrent-a-caroutletsthroughouttheworld.Italsokeepsfundsfortransactionspurposesinmanyforeigncountries.Assumein2003,itheld100,000realsinBrazilworth35,000dollars.Itdrew12percentinterest,buttheBrazilianrealdeclined20percentagainstthedollar.
a.Whatisthevalueofitsholdings,basedonU.S.dollars,atyear-end(Hint:
multiply$35,000times1.12andthenmultiplytheresultingvalueby80percent.)
b.Whatisthevalueofitsholdings,basedonU.S.dollars,atyear-endifitdrew9
percentinterestandtherealwentupby10percentagainstthedollar?
7-3.Solution:
MegahurtzInternationalCarRental
a.$35,000×
1.12=$39,200
$39,200×
80%=$31,360dollarvalueofrealholdings
b.$35,000×
1.09=$38,150
$38,150×
110%=$41,965dollarvalueofrealholdings
4.ThompsonWoodProductshascreditsalesof$2,160,000andaccountsreceivableof
$288,000.Computethevalueoftheaveragecollectionperiod.
7-4.Solution:
ThompsonWoodProducts
5.LoneStarPetroleumCo.hasannualcreditsalesof$2,880,000andaccountsreceivableof
$272,000.Computethevalueoftheaveragecollectionperiod.
7-5.Solution:
LoneStarPetroleumCo.
6.KnightRoundtableCo.hasannualcreditsalesof$1,080,000andanaveragecollectionperiodof32daysin2008.Assumea360-dayyear.Whatisthecompany’saverageaccountsreceivablebalance?
Accountsreceivableareequaltotheaveragedailycreditsalestimestheaveragecollectionperiod.
7-6.Solution:
KnightRoundtableCo.
7.Darla’sCosmeticshasannualcreditsalesof$1,440,000andanaveragecollectionperiodof45daysin2008.Assumea360-dayyear.
Whatisthecompany’saverageaccountsreceivablebalance?
7-7.Solution:
Darla’sCosmeticCompany
$1,440,000annualcreditsales/360=$4,000perdaycreditsales
$4,000creditsales×
45averagecollectionperiod=$180,000averageaccountsreceivablebalance
8.InProblem7,ifaccountsreceivablechangeto$200,000intheyear2009,whilecreditsalesare$1,800,000,shouldweassumethefirmhasamoreoralesslenientcreditpolicy?
7-8.Solution:
Darla’sCosmetics(Continued)
Todetermineifthereisamorelenientcreditpolicy,computetheaveragecollectionperiod.
Sincethefirmhasashorteraveragecollectionperiod,itappearsthatthefirmdoesnothaveamorelenientcreditpolicy.
9.HubbellElectronicWiringCompanyhasanaveragecollectionperiodof35days.Theaccountsreceivablebalanceis$105,000.Whatisthevalueofitscreditsales?
7-9.Solution:
HubbellElectronicWiringCompany
10.Marv’sWomen’sWearhasthefollowingscheduleforagingofaccountsreceivable.
AgeofReceivabl
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