财务管理课后答案第五章.docx
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财务管理课后答案第五章.docx
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财务管理课后答案第五章
Chapter5
DiscussionQuestions
5-1.
Discussthevarioususesforbreak-evenanalysis.
Suchanalysisallowsthefirmtodetermineatwhatlevelofoperationsitwillbreakeven(earnzeroprofit)andtoexploretherelationshipbetweenvolume,costs,andprofits.
5-2.
Whatfactorswouldcauseadifferenceintheuseoffinancialleverageforautilitycompanyandanautomobilecompany?
Autilityisinastable,predictableindustryandthereforecanaffordtousemorefinancialleveragethananautomobilecompany,whichisgenerallysubjecttotheinfluencesofthebusinesscycle.Anautomobilemanufacturermaynotbeabletoservicealargeamountofdebtwhenthereisadownturnintheeconomy.
5-3.
Explainhowthebreak-evenpointandoperatingleverageareaffectedbythechoiceofmanufacturingfacilities(laborintensiveversuscapitalintensive).
Alabor-intensivecompanywillhavelowfixedcostsandacorrespondinglylowbreak-evenpoint.However,theimpactofoperatingleverageonthefirmissmallandtherewillbelittlemagnificationofprofitsasvolumeincreases.Acapital-intensivefirm,ontheotherhand,willhaveahigherbreak-evenpointandenjoythepositiveinfluencesofoperatingleverageasvolumeincreases.
5-4.
Whatroledoesdepreciationplayinbreak-evenanalysisbasedonaccountingflows?
Basedoncashflows?
Whichperspectiveislongerterminnature?
Forbreak-evenanalysisbasedonaccountingflows,depreciationisconsideredpartoffixedcosts.Forcashflowpurposes,itiseliminatedfromfixedcosts.
Theaccountingflowsperspectiveislonger-terminnaturebecausewemustconsidertheproblemsofequipmentreplacement.
5-5.
Whatdoesrisktakinghavetodowiththeuseofoperatingandfinancialleverage?
Bothoperatingandfinancialleverageimplythatthefirmwillemployaheavycomponentoffixedcostresources.Thisisinherentlyriskybecausetheobligationtomakepaymentsremainsregardlessoftheconditionofthecompanyortheeconomy.
5-6.
Discussthelimitationsoffinancialleverage.
Debtcanonlybeuseduptoapoint.Beyondthat,financialleveragetendstoincreasetheoverallcostsoffinancingtothefirmaswellasencouragecreditorstoplacerestrictionsonthefirm.Thelimitationsofusingfinancialleveragetendtobegreatestinindustriesthatarehighlycyclicalinnature.
5-7.
Howdoestheinterestrateonnewdebtinfluencetheuseoffinancialleverage?
Thehighertheinterestrateonnewdebt,thelessattractivefinancialleverageistothefirm.
5-8.
Explainhowcombinedleveragebringstogetheroperatingincomeandearningspershare.
Operatingleverageprimarilyaffectstheoperatingincomeofthefirm.Atthispoint,financialleveragetakesoveranddeterminestheoverallimpactonearningspershare.AdelineationofthecombinedeffectofoperatingandfinancialleverageispresentedinTable5-6andFigure5-5.
5-9.
Explainwhyoperatingleveragedecreasesasacompanyincreasessalesandshiftsawayfromthebreak-evenpoint.
Atprogressivelyhigherlevelsofoperationsthanthebreak-evenpoint,thepercentagechangeinoperatingincomeasaresultofapercentagechangeinunitvolumediminishes.Thereasonisprimarilymathematical—aswemovetoincreasinglyhigherlevelsofoperatingincome,thepercentagechangefromthehigherbaseislikelytobeless.
5-10.
Whenyouareconsideringtwodifferentfinancingplans,doesbeingatthelevelwhereearningspershareareequalbetweenthetwoplansalwaysmeanyouareindifferentastowhichplanisselected?
Thepointofequalityonlymeasuresindifferencebasedonearningspershare.Sinceourultimategoalismarketvaluemaximization,wemustalsobeconcernedwithhowtheseearningsarevalued.Twoplansthathavethesameearningspersharemaycallfordifferentprice-earningsratios,particularlywhenthereisadifferentialriskcomponentinvolvedbecauseofdebt.
Chapter5
Problems
1.EnscoLightingCompanyhasfixedcostsof$100,000,sellsitsunitsfor$28,andhasvariablecostsof$15.50perunit.
a.Computethebreak-evenpoint.
b.Ms.Wattscomesupwithanewplantocutfixedcoststo$75,000.However,morelaborwillnowberequired,whichwillincreasevariablecostsperunitto$17.Thesalespricewillremainat$28.Whatisthenewbreak-evenpoint?
c.Underthenewplan,whatislikelytohappentoprofitabilityatveryhighvolumelevels(comparedtotheoldplan)?
5-1.Solution:
EnscoLightingCompany
a.
b.
Thebreakevenleveldecreases.
c.Withlessoperatingleverageandasmallercontributionmargin,profitabilityislikelytobelessatveryhighvolumelevels.
2.EatonToolCompanyhasfixedcostsof$200,000,sellsitsunitsfor$56,andhasvariablecostsof$31perunit.
a.Computethebreak-evenpoint.
b.Ms.Eatoncomes
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