Accounting Help 03
1. Given the balance sheet and income state for Simmons Maintenance Company, compute the ratios that are also shown for the industry average. For each ratio, indicate whether Simmons is better or worse than the industry average
2. Ellis Sport Shop projects the following sales:
Seventy percent of Ellis’ sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis’ bad debt percentage has been 0 and is expected to continue.
a) Prepare a monthly schedule of cash receipts for April-June.
b) What is the balance of Receivables at the end of June?
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3. Christensen & Assoc. is developing an asset financing plan. Christensen has $1,000,000 in current assets, of which 15% are permanent, and $700,000 in fixed assets. The current long-term rate is 9%, and the current short-term rate is 6.5%. Christensen’s tax rate is 30%.
a) Construct two financing plans-one conservative, with 80% of assets financed by long-term sources, and the other aggressive, with only 60% of assets financed by long-term sources. If Christensen’s earnings before interest and taxes are $525,000, calculate net income under each alternative.
b) What are some of the risks associated with each plan?
c) If the yield curve is steeply inverted, which financing plan should Christensen choose?
4. The Swell Computer Company has developed a new line of desktop computers. It is estimated that the cash returns generated by the new product line will be $800,000 per year for the next five years, and then $500,000 per year for 3 years after that (the cash returns occur at the end of each year). At a 9% interest rate, what is the present value of these cash returns?
5. Jury Company wants to calculate the component costs in its capital structure. Common stock currently sells for $33, and is expected to pay a dividend of $.40. Jury’s dividend growth rate is 8%, and flotation cost is $1.25. Preferred stock sells for $40, pays a dividend of $3.00, and carries a flotation cost of $1.10. Jury Company bonds yield 7% in the market. Jury is in the 30% tax bracket.
A) Calculate cost of debt, cost of new common stock, cost of preferred stock and cost of retained earnings.
B) Calculate the company’s weighted average cost of capital assuming that its new financing will consist of 40% debt, 10% preferred stock, and 50% retained earnings.
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