财务管理习题答案.docx
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财务管理习题答案
Chapter7
Problems
1.CityFarmInsurancehascollectioncentersacrossthecountrytospeedupcollections.Thecompanyalsomakesitsdisbursementsfromremotedisbursementcenters.Thecollectiontimehasbeenreducedbytwodaysanddisbursementtimeincreasedbyonedaybecauseof thesepolicies.Excessfundsarebeinginvestedinshort-terminstrumentsyielding12 percentperannum.
a.IfCityFarmhas$5millionperdayincollectionsand$3millionperdayindisbursements,howmanydollarshasthecashmanagementsystemfreedup?
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
b.
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?
Accountsreceivableareequaltotheaveragedailycreditsalestimestheaveragecollectionperiod.
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.
AgeofReceivables,April30,2004
（1）
（2）
（3）
（4）
MonthofSales
AgeofAccount
Amounts
PercentofAmountDue
April
0–30
$88,000
____
March
31–60
44,000
____
February
61–90
33,000
____
January
91–120
55,000
____
Totalreceivables
$220,000
100%
a.Fillincolumn（4）foreachmonth.
b.Ifthefirmhad$960,000increditsalesoverthefour-monthperiod,computetheaveragecollectionperiod.Averagedailysalesshouldbebasedona120-dayperiod.
c.Ifthefirmlikestoseeitsbillscollectedin30days,shoulditbesatisfiedwiththeaveragecollectionperiod?
d.Disregardingyouranswertopartcandconsideringtheagingscheduleforaccountsreceivable,shouldthecompanybesatisfied?
e.Whatadditionalinformationdoestheagingschedulebringtothecompanythattheaveragecollectionperiodmaynotshow?
7-10.Solution:
Marv’sWomen’sWear
AgeofReceivables,April30,2004
a.
（1）
（2）
（3）
（4）
MonthofSales
AgeofAccount
Amounts
PercentofAmountDue
April
0-30
$88,000
40%
March
31-60
44,000
20%
February
61-90
33,000
15%
January
91-120
55,000
25%
Totalreceivables
$220,000
100%
b.
c.Yes,theaveragecollectionof27.5daysislessthan30days.
d.No.Theagingscheduleprovidesadditionalinsightthat60percentoftheaccountsreceivableareover30daysold.
e.Itgoesbeyondshowinghowmanydaysofcreditsalesaccountsreceivablesrepresent,toindicatethedistributionofaccountsreceivablebetweenvarioustimeframes.
11.NowlinPipe&Steelhasprojectedsalesof72,000pipesthisyear,anorderingcostof$6 perorder,andcarryingcostsof$2.40perpipe.
a.Whatistheeconomicorderingquantity?
b.Howmanyorderswillbeplacedduringtheyear?
c.Whatwilltheaverageinventorybe?
7-11.Solution:
NowlinPipeandSteelCompany
a.
b.72,000units/600units=120orders
c.EOQ/2=600/2=300units（averageinventory）
12.HoweCorporationistryingtoimproveitsinventorycontrolsystemandhasinstalledanonlinecomputeratitsretailstores.Howeanticipatessalesof126,000unitsperyear,anorderingcostof$4perorder,andcarryingcostsof$1.008perunit.
a.Whatistheeconomicorderingquantity?
b.Howmanyorderswillbeplacedduringtheyear?
c.Whatwilltheaverageinventorybe?
d.Whatisthetotalcostofinventoryexpectedtobe?
7-12.Solution:
HoweCorp.
a.
b.126,000units/1,000units=126orders
7-12.（Continued）
c.EOQ/2=1,000/2=500units（averageinventory）
d.126orders×$4orderingcost=$504
500units×$1.008carryingcostperunit=504
Totalcosts=$1,008
13.（SeeProblem12forbasicdata.）Inthesecondyear,HoweCorporationfindsitcanreduceorderingcoststo$1perorderbutthatcarryingcostswillstaythesameat$1.008perunit.
a.Recomputea,b,c,anddinProblem12forthesecondyear.
b.Nowcompareyearsoneandtwoandexplainwhathappened.
7-13.Solution:
HoweCorp.（Continued）
a.
126,000units/500units=252orders
EOQ/2=500/2=250units（averageinventory）
252orders×$1orderingcost=$252
250units×$1.008carryingcostperunit=252
Totalcosts=$504
b.Thenumberofunitsordereddeclines50%,whilethenumberofordersdoubles.Theaverageinventoryandtotalcostsbothdeclinebyone-half.Noticethatthetotalcostdidnotdeclineinequalpercentagetothedeclineinorderingcosts.ThisisbecausethechangeinEOQandothervariables（½）isproportionaltothesquarerootofthechangeinorderingcosts（¼）.
14.HigginsAthleticWearhasexpectedsalesof22,500unitsayear,carryingcostsof$1.50perunit,andanorderingcostof$3perorder.
a.Whatistheeconomicorderquantity?
b.Whatwillbetheaverageinventory?
Thetotalcarryingcost?
c.Assumeanadditional30unitsofinventorywillberequiredassafetystock.Whatwillthenewaverageinventorybe?
Whatwillthenewtotalcarryingcostbe?
7-14.Solution:
HigginsAthleticWear
a.
b.EOQ/2=300/2=150units（averageinventory）
150units×$1.50carryingcost/unit=$225totalcarryingcost
c.
180inventory×$1.50carryingcostperyear
=$270totalcarryingcost
15.DimaggioSportsEquipment,Inc.,isconsideringaswitchtolevelproduction.Costefficiencieswouldoccurunderlevelproduction,andaftertaxcostswoulddeclineby$35,000,butinventorywouldincreaseby$400,000.Dimaggiowouldhavetofinancetheextrainventoryatacostof10.5percent.
a.Shouldthecompanygoaheadandswitchtolevelproduction?
b.Howlowwouldinterestratesneedtofallbeforelevelproductionwouldbefeasible?
7-15.Solution:
DimaggioSportsEquipment,Inc.
a.Inventoryincreasesby$400,000
×interestexpense10.5%
Increasedcosts$42,000
Less:
Savings35,000
Loss（$7,000）
Don’tswitchtolevelproduction.IncreasedROIisle
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