公司财务管理题库3.doc
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公司财务管理题库3.doc
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PARTIII
1.TheFlemingCompany,afooddistributor,isconsideringreplacingafillinglineatitsOklahomaCitywarehouse.Theexistinglinewaspurchasedseveralyearsagofor$600,000.Theline’sbookvalueis$200,000,andFlemingmanagementfeelsitcouldbesoldatthistimefor$150,000.Anew,increasedcapacitylinecanbepurchasedfor$1,200,000.Deliveryandinstallationofthenewlineareexpectedtocostanadditional$100,000.AssumingFleming’smarginalrateis40percent,calculatethenetinvestmentforthenewline.
2.InternationalFoodsCorporation(IFC)currentlyprocessesseafoodwithaunititpurchasedseveralyearsago.Theunit,whichoriginallycost$500,000,currentlyhasabookvalueof$250,000.IFCisconsideringreplacingtheexistingunitwithanewer,moreefficientone.Thenewunitwillcost$700,000andwillrequireanadditional$50,000fordeliveryandinstallation.ThenewunitalsowillrequireIFCtoincreaseitsinvestmentininitialnewworkingcapitalby$40,000.Thenewunitwillbedepreciatedonastraight-linebasisover5yearstoazerobalance.IFCexpectstoselltheexistingunitfor$275,000.IFC’smarginaltaxrateis40percent.
IfIFCpurchasethenewunit,annualrevenuesareexpectedtoincreaseby$100,000(duetoincreasedprocessingcapacity),andannualoperatingcosts(exclusiveofdepreciation)ateexpectedtodecreaseby$20,000.Annualrevenuesandoperatingcostsareexpectedtoremainconstantatthisnewleveloverthe5-yearlifeoftheproject.IFCestimatesthatitsnetworkingcapitalinvestmentwillincreaseby$10,000peryearoverthelifeoftheproject.After5years,thenewunitwillbecompletelydepreciatedandisexpectedtobesoldfor$70,000.(Assumethattheexistingunitisbeingdepreciatedatarateof$50,000peryear.)
a.Calculatetheproject’snetinvestment.
b.Calculatetheannualnetcashflowsfortheproject.
3.Nguyen,Inc.isconsideringthepurchaseofanewcomputersystem(ICX)for$130,000.Thesystemwillrequireanadditional$30,000forinstallation.Ifthenewcomputerispurchaseditwillreplaceanoldsystemthathasbeenfullydepreciated.Thenewsystemwillbedepreciatedoveraperiodof10yearsusingstraight-linedepreciation.IftheICXispurchased,theoldsystemwillbesolefor$20,000.TheICXsystem,whichhasausefullifeof10years,isexpectedtoincreaserevenuesby$32,000peryearoveritsusefullife.Operatingcostsareexpectedtodecreaseby$2,000peryearoverthelifeofthesystem.Thefirmistaxedata40percentmarginalrate.
a.WhatnetinvestmentisrequiredtoacquiretheICXsystemandreplacetheoldsystem?
b.ComputetheannualnetcashflowsassociatedwiththepurchaseoftheICXsystem.
4.Benford,Inc.isplanningtoopenanewsportinggoodsstoreinasuburbanmall.Benfordwillleasetheneededspaceinthemall.Equpmentandfixtureforthestorewillcost$200,000andbedepreciatedovera5-yearperiodonastraight-linebasisto$0.ThenewstorewillrequireBenfordtoincreaseitsnetworkingcapitalby$200,000attime0.First-yearsalesareexpectedtobe$1millionandtoincreaseatanannualrateof8percentovertheexpected10-yearlifeofthestore.Operatingexpenses(includingleasepaymentsandexcludingdepreciation)areprojectedtobe$700,000duringthefirstyearandincreaseata7percentannualrate.Thesalvagevalueofthestore’sequipmentandfixtureisanticipatedtobe$10,000attheendof10Years.Benford’smarginaltaxrateis40percent.
a.ComputethenetinvestmentrequiredforBenford.
b.Computetheannualnetcashflowsforthe10-yearprojectedlifeofthestore.
5.Calculatethenetpresentvalueofaprojectwithanetinvestmentof$20,000forequipmentandanadditionalnetworkingcapitalinvestmentof$5,000attime0.Theprojectisexpectedtogeneratenetcashflowsof$7,000peryearovera10-yearestimatedeconomiclife.Inaddition,thenetworkingcapitalwillberecoveredattheendoftheproject.Therequiredreturnontheprojectis11percentandthecompanyhasamarginaltaxrateof40percent.Whatisthemeaningofthecomputednetpresentvaluefigure?
6.Calculatetheinternalrateofreturnandprofitabilityindexforaprojectthatisexpectedtogenerate8yearsofannualnetcashflowsof$75,000.Theprojecthasanetinvestmentof$360,000andtherequiredreturnontheprojectis12percent.
7.Twomutuallyexclusiveprojectshavethefollowingexpectedcashflow:
Year
G
H
0
1
2
3
-$10,000
5,000
5,000
5,000
-$10,000
0
0
17,000
a.Calculatetheinternalrateofreturnforeachproject.
b.Calculatethenetpresentvalueforeachproject,assumingthefirm’sweightedcostofcapitalis12percent.
c.Whichprojectshouldbeadopted?
Why?
8.JeffersonProducts,Inc.,isconsideringpurchasinganewautomaticpre
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