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Finance 350 Solutions, Eight Edition

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SOLUTIONS TO END OF CHAPTER ASSIGNED PROBLEMS

3-2 NI = $3,000,000; EBIT = $6,000,000; T = 40%; Interest = ? Need to set up an income statement and work from the bottom up.

EBIT $6,000,000 Interest 1,000,000 EBT $5,000,000 EBT = Taxes (40%) 2,000,000 NI $3,000,000 Interest = EBIT – EBT = $6,000,000 – $5,000,000 = $1,000,000.

3-3 EBITDA $7,500,000 (Given) Depreciation 2,500,000 Deprec. = EBITDA – EBIT = $7,500,000 – $5,000,000 EBIT $5,000,000 EBIT = EBT + Int = $3,000,000 + $2,000,000

Interest 2,000,000 (Given) EBT $3,000,000 Taxes (40%) 1,200,000 Taxes = EBT × Tax rate NI $1,800,000 (Given)

3-4 NI = $50,000,000; R/EY/E = $810,000,000; R/EB/Y = $780,000,000; Dividends = ? R/EB/Y + NI – Div = R/EY/E $780,000,000 + $50,000,000 – Div = $810,000,000 $830,000,000 – Div = $810,000,000 $20,000,000 = Div.

3-8 Statements b and d will decrease the amount of cash on a company’s balance sheet. Statement a will increase cash through the sale of common stock. Selling stock provides cash through financing activities. On one hand, Statement c would decrease cash; however, it is also possible that Statement c would increase cash, if the firm receives a tax refund for taxes paid in a prior year. 3-9 Ending R/E = Beg. R/E Net income Dividends $278,900,000 = $212,300,000 Net income $22,500,000 $278,900,000 = $189,800,000 Net income Net income = $89,100,000.

4-1 DSO = 40 days; S = $7,300,000; AR = ? DSO = 40 = 40 = AR/$20,000 AR = $800,000. 4-2 Since the firm’s M/B ratio = 1, then its total market value of equity is equal to its book value of equity. Common equity = $14 × 5,000,000…...

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