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Using Excel, and the Gitman chapters 1 and 2 Excel resource (if needed), complete the following problems from chapters 1 and 2 in Principles of Managerial Finance

1. P1-1
2. P1-3
3. P1-6
4. E2-4
5. P2-1
6. P2-4
Please show all work for each problem.
You are not required to submit this assignment to Turnitin.

1. P1-1

Liability comparisons Meredith Harper has invested $25,000 in Southwest development company. The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of payments, if any, by Meredith of each of the following situations.

a. Southwest Development Company is a sole proprietorship owned by Ms. Harper
b. Southwest Development Company is a 50-50 partnership of Meredith Harper and Christopher Black.
c. Southwest Development Company is a corporation.

2. P1-3

Cash flows It is typical for Jane to plan, monitor, and assess her financial position using cash flows over a given period, typically a month. Jane has a savings account, and her bank loans money at 6 percent per year while it offers short-term investment rates of 5 percent. Jane’s cash flows during August were as follows

Item Cash in Cash out
Clothes -$1,000
Interest received $450
Dining out -$500
Groceries -$800
Salary $4,500
Auto payment -$355
Utilities -$280
Mortgage – $1,200
Gas -$222

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a. Determine Jane’s total cash in flow and cash outflow
b. Determine the net cash flow for the month of August.

c. If there is a shortage, what are a few options open to Jane?
d. If there is a surplus, what would be a prudent strategy for her to follow?

3. P 1-6

ETHICS PROBLEM What does it mean to say that managers should maximize shareholder wealth “subject to ethical constraints”? What ethical considerations might enter into decisions that result in cash flow and stock price effects that are less than they might otherwise have been?

4 E2-4

Your broker calls to offer you the investment opportunity of a lifetime, the chance to invest in mortgage-backed securities. The broker explains that these securities are entitled to the principal and interest payments received from a pool of residential mortgages. List some of the questions you would ask your broker so as to assess the
risk of this investment opportunity.

5. P2-1

Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2013, the firm earned $92,500 before taxes.

a. Calculate the firm’s tax liability using the corporate tax rate schedule given in Table 2.1.
b. How much are Tantor Supply’s 2013 after-tax earnings?

c. What was the firm’s average tax rate, based on your findings in part a?
d. What was the firm’s marginal tax rate, based on your findings in part a?

6. P2-4

Interest versus dividend income During the year just ended, Shering Distributors, Inc., had pretax earnings from operations of $490,000. In addition, during the year it received $20,000 in income from interest on bonds it held in Zig Manufacturing and received $20,000 in income from dividends on its 5% common stock holding in Tank Industries, Inc. Shering is in the 40% tax bracket and is eligible for a 70% dividend exclusion on its Tank Industries stock.

a. Calculate the firm’s tax on its operating earnings only.
b. Find the tax and the after-tax amount attributable to the interest income from Zig Manufacturing bonds.
c. Find the tax and the after-tax amount attributable to the dividend income from the Tank Industries, Inc., common stock.

d. Compare, contrast, and discuss the after-tax amounts resulting from the interest income and dividend income calculated in parts b and c.
e. What is the firm’s total tax liability for the year?

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