企业融资 第13章 习题解答 business finance 英.docx

企业融资 第13章 习题解答 business finance 英.docx

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企业融资第13章习题解答businessfinance英

SolutionstoHomework1,Chapters1,2&3

1Thedivisionofprofitsandlossesamongthemembersofapartnershipisformalizedinthe:

A.indemnityclause.

B.indenturecontract.

C.statementofpurpose.

*D.partnershipagreement.

E.groupcharter.

2.Agencycostsreferto:

A.corporateincomesubjecttodoubletaxation.

*B.thecostsofanyconflictsofinterestbetweenstockholdersandmanagement.

C.thetotaldividendspaidtostockholdersoverthelifetimeofafirm.

D.thecoststhatresultfromdefaultandbankruptcyofafirm.

E.thetotalinterestpaidtocreditorsoverthelifetimeofthefirm.

3.Workingcapitalmanagementincludesdecisionsconcerningwhichofthefollowing?

I.accountspayable

II.accountsreceivable

III.long-termdebt

IV.inventory

A.IandIIonly

B.IandIIIonly

C.IIandIVonly

*D.I,II,andIVonly

E.I,III,andIVonly

4.Workingcapitalmanagement:

A.ensuresthatsufficientequipmentisavailabletoproducetheamountofproductdesiredonadailybasis.

B.ensuresthatlong-termdebtisacquiredatthelowestpossiblecost.

C.ensuresthatdividendsarepaidtoallstockholdersonanannualbasis.

D.balancestheamountofcompanydebttotheamountofavailableequity.

*E.isconcernedwithmanagingdaytodaycashflow.

5.Whichoneofthefollowingbestdescribestheprimaryadvantageofbeingalimitedpartnerratherthanageneralpartner?

A.Nopotentialfinancialloss

*B.Liabilityforfirmdebtslimitedtothecapitalinvested

C.Entitlementtoalargerportionofthepartnership'sincome

D.Greatermanagementresponsibility

E.Abilitytomanagetheday-to-dayaffairsofthebusiness

6.Ageneralpartner:

A.cannotlosemorethantheamountofhis/herequityinvestment.

B.haslesslegalliabilitythanalimitedpartner.

C.facesdoubletaxationwhereasalimitedpartnerdoesnot.

*D.hasmoremanagementresponsibilitythanalimitedpartner.

E.isthetermappliedonlytocorporationswhichinvestinpartnerships.

7.Apartnership:

A.haslessofanabilitytoraisecapitalthanaproprietorship.

B.agreementdefineswhetherthebusinessincomewillbetaxedlikeapartnershiporacorporation.

C.allowsforeasytransferofinterestfromonegeneralpartnertoanother.

D.istaxedthesameasacorporation.

*E.terminatesatthedeathofanygeneralpartner.

8.Whichofthefollowingaredisadvantagesofapartnership?

I.limitedlifeofthefirm

II.personalliabilityforfirmdebt

III.greaterabilitytoraisecapitalthanasoleproprietorship

IV.lackofabilitytotransferpartnershipinterest

A.IandIIonly

B.IIIandIVonly

C.IIandIIIonly

*D.I,II,andIVonly

E.I,III,andIVonly

9.Whichofthefollowingareadvantagesofthecorporateformofbusinessownership?

I.limitedliabilityforfirmdebt

II.doubletaxation

III.abilitytoraisecapital

IV.unlimitedfirmlife

A.IandIIonly

B.IIIandIVonly

C.I,II,andIIIonly

D.II,III,andIVonly

*E.I,III,andIVonly

10.Whichoneofthefollowingstatementsiscorrect?

A.Alltypesofbusinessformationshavelimitedlives.

B.Partnershipsarethemostcomplicatedtypeofbusinesstoform.

*C.Bothsoleproprietorshipsandpartnershipsaretaxedinasimilarfashion.

D.Bothpartnershipsandcorporationshavelimitedliabilityforgeneralpartnersandshareholders.

E.Bothpartnershipsandcorporationsincurdoubletaxation.

11.Theownersofalimitedliabilitycompanyprefer:

A.beingtaxedlikeacorporation.

B.havingliabilityexposuresimilartothatofasoleproprietor.

*C.beingtaxedpersonallyonallbusinessincome.

D.havingliabilityexposuresimilartothatofageneralpartner.

E.beingtaxedlikeacorporationwithliabilitylikeapartnership.

12.Whichtypeofbusinessorganizationhasalltherespectiverightsandprivilegesofalegalperson?

A.Soleproprietorship

*B.Corporation

C.Generalpartnership

D.Limitedpartnership

E.Limitedliabilitycompany

13.Whichoneofthefollowingactionsbyafinancialmanagercreatesanagencyproblem?

A.Increasingcurrentcostsinordertoincreasethemarketvalueofthestockholders'equity

*B.Agreeingtoexpandthecompanyattheexpenseofstockholders'value

C.Refusingtolowersellingpricesifdoingsowillreducethenetprofits

D.Agreeingtopaybonusesbasedonthebookvalueofthecompanystock

E.Refusingtoborrowmoneywhendoingsowillcreatelossesforthefirm

14.Whichofthefollowinghelpconvincemanagerstoworkinthebestinterestofthestockholders?

I.compensationbasedonthevalueofthestock

II.stockoptionplans

III.threatofaproxyfight

IV.threatofconversiontoapartnership

A.IandIIonly

B.IIandIIIonly

*C.I,IIandIIIonly

D.IandIIIonly

E.I,II,III,andIV

15.Aproxyfightoccurswhen

A.theboardsolicitsrenewalofcurrentmembers

*B.agroupsolicitsproxiestoreplacetheboardofdirectors

C.acompetitorofferstoselltheirownershipinthefirm

D.thefirmfilesforbankruptcy

E.thefirmisdeclaredinsolvent

16.WhichofthefollowingarekeyrequirementsoftheSarbanes-OxleyAct?

I.Officersofthecorporationmustreviewandsignannualreports.

II.Officersofthecorporationmustnowownmorethan5%ofthefirm'sstock.

III.Annualreportsmustlistdeficienciesininternalcontrols.

IV.AnnualreportsmustbefiledwiththeSECwithin30daysofyearend.

A.Ionly

B.IIonly

*C.IandIIIonly

D.IIandIIIonly

E.IIandIVonly

17.Insidertradingis:

A.legal.

B.impossibletohaveinourefficientmarket.

*C.illegal.

D.discouraged,butlegal.

E.listonlythesecuritiesofthelargestfirms.

18.TheSecuritiesExchangeActof1934focuseson:

*A.insidertrading.

B.issuanceofnewsecurities.

C.salesofexistingsecurities.

D.allstocktransactions.

E.FederalDepositInsuranceCorporation（FDIC）insurance.

19.ThebasicregulatoryframeworkintheUnitedStateswasprovidedby:

A.theSecuritiesActof1933.

B.themonetarysystem.

C.theSecuritiesExchangeActof1934.

*D.AandC.

E.Alloftheabove.

20.Accountingprofitsandcashflowsare:

*A.generallynotthesamesinceGAAPallowsforrevenuerecognitionseparatefromthereceiptofcashflows.

B.generallythesamesinceaccountingprofitsreflectwhenthecashflowsarereceived.

C.generallythesamesincetheyreflectcurrentlawsandaccountingstandards.

D.generallynotthesamebecausecashinflowsoccurbeforerevenuerecognition.

E.Bothcandd.

21. Martha'sEnterprisesspent$2,400topurchaseequipmentthreeyearsago.Thisequipmentiscurrentlyvaluedat$2,000ontoday'sbalancesheetbutcouldactuallybesoldfor$2,000.Networkingcapitalis$300andlong-termdebtis$900.Assumingtheequipmentisthefirm'sonlyfixedasset,whatisthebookvalueofshareholders'equity?

A. $200

B. $800

C. $1,200

*D. $1,400

E. Theanswercannotbedeterminedfromtheinformationprovided.

Bookvalueofshareholders'equity=$2,000+$300-$900=$1,400

22. Art'sBoutiquehassalesof$640,000andcostsof$480,000.Interestexpenseis$40,000anddepreciationis$60,000.Thetaxrateis34%.Whatisthenetincome?

A. $20,400

*B. $39,600

C. $50,400

D. $79,600

E. $99,600

Taxableincome=$640,000-$480,000-$40,000-$60,000=$60,000;Tax=.34（$60,000）=$20,400;Netincome=$60,000-$20,400=$39,600

23. Giventhetaxratesasshown,whatistheaveragetaxrateforafirmwithtaxableincomeof$126,500?

A. 21.38%

B. 23.88%

*C. 25.76%

D. 34.64%

E. 39.00%

Tax=.15（$50,000）+.25（$25,000）+.34（$25,000）+.39（$126,500-$100,000）=$32,585;Averagetaxrate=$32,585$126,500=.2576=25.76percent

 24. Thetaxratesareasshown.Yourfirmcurrentlyhastaxableincomeof$74,000.Howmuchadditionaltaxwillyouoweifyouincreaseyourtaxableincomeby$20,000?

A. $6,460

*B. $6,710

C. $6,940

D. $7,160

E. $7,174

25. Teddy'sPillowshasbeginningnetfixedassetsof$600andendingnetfixedassetsof$730.Assetsvaluedat$400weresoldduringtheyear.Depreciationwas$50.Whatistheamountofnetcapitalspending?

A. $130

B. $150

C. $165

*D. $180

E. $330

26. Atthebeginningoftheyear,long-termdebtofafirmis$270andtotaldebtis$340.Attheendoftheyear,long-termdebtis$290andtotaldebtis$390.Theinterestpaidis$40.Whatistheamountofthecashflowtocreditors?

A. -$50

B. -$20

*C. $20

D. $50

E. $60

27. PeggyGrey'sCookieshasnetincomeof$360.Thefirmpaysout40percentofthenetincometoitsshareholdersasdividends.Duringtheyear,thecompanysold$80worthofcommonstock.Whatisthecashflowtostockholders?

*A. $64

B. $136

C. $144

D. $224

E. $296

 28. Whatisthechangeinthenetworkingcapitalfrom2009to2010?

A. $1,235

B. $1,035

*C. $1,335

D. $3,405

E. $4,740

Changeinnetworkingcapital=（$7,310-$2,570）-（$6,225-$2,820）=$1,335

29. Whatistheamountofthenon-cashexpensesfor2010?

A. $570

B. $630

C. $845

*D. $1,370

E. $2,000

Thenon-cashexpenseisdepreciationintheamountof$1,370.

 30. Whatistheamountofthenetcapitalspendingfor2010?

A. -$290

B. $795

*C. $1,080

D. $1,660

E. $2,165

Netcapitalspending=$10,670-$10,960+$1,370=$1,080

31. Whatistheoperatingcashflowfor2010?

A. $845

B. $1,930

C. $2,215

*D. $2,845

E. $3,060

Operatingcashflow=$1,930+$1,370-$455=$2,845

 32. Whatisthecashflowofthefirmfor2010?

A. $405

*B. $430

C. $1,340

D. $2,590

E. $3,100

Operatingcashflow=$1,930+$1,370-$455=$2,845;Changeinnetworkingcapital=（$7,310-$2,570）-（$6,225-$2,820）=$1,335;Netcapitalspending