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Busn379 Week 1 Homework Es Essay

884 words - 4 pages

1. Question :
(TCO 1) Why is maximization of the current value per share a more appropriate financial management goal than profit maximization?

Student Answer: INCORRECT Because by maximizing the current stock value you also maximize the company’s profit for the year.
CORRECT Because this criterion is non-ambiguous.
Because financial managers always act in the best interest of shareholders.
B and C

Points Received: 0 of 3
Comments:


Question 2. Question :
(TCO 1) Market values reflect which of the following:

Student Answer: CORRECT The amount someone is willing to pay today for an asset. ...view middle of the document...

5

Points Received: 3 of 3
Comments:


Question 4. Question :
For this question, use the information for Sports Baseballs, Inc. Sports Baseballs, Inc. is a corporation that manufacturers and sells baseballs across several states in the Southeast. It had sales of $2.7 million during the last year. Expenses were as follows:
Cost of goods sold............................... $1.2 million
Administrative expenses........................ $250,000
Marketing and selling expenses............... $175,000
Depreciation........................................ $500,000
Interest expense.................................. $200,000
Dividends paid..................................... $150,000

(TCO 1) Assuming a tax rate of 30%, the percentage of dividends per net income is approximately ______ and operating cash flow is _________ than net income.
Hint: You need to calculate the net income and divide dividends by the net income.


Student Answer: 30% and lower
60% and lower
30% and higher
CORRECT 60% and higher
Instructor Explanation:
Answer: Dividends / net income = $150,000/$262,500 = 57.14%

Net Income = Taxable Income – Taxes = $375,000 - $112,500 = $262,500

Operating Cash Flow = EBIT + Depreciation – Taxes

EBIT = $2,700,000 – ($1,200,000+250,000+175,000+500,000) = $575,000

Taxable Income = EBIT – Interest = $575,000 - $200,000 = $375,000

Taxes = $375,000 x 30% = $112,500

Operating Cash Flow = $575,000 + $500,000 - $112,500 = $962,500




Points Received: 3 of 3
Comments:


Question 5. Question :
For this question, use the information for Sports Baseballs, Inc. Sports Baseballs, Inc. is a corporation that manufacturers and sells baseballs across several states in the Southeast. It had sales of $2.7 million during the last year. Expenses were as follows:
Cost of goods sold............................... $1.2 million
Administrative expenses........................ $250,000
Marketing and selling expenses............... $175,000
Depreciation........................................ $500,000
Interest expense.................................. $200,000
Dividends paid..................................... $150,000

(TCO 1) Select all items that will be included in Sports Baseballs, Inc. Balance Sheet. For this exercise you will be choosing more than one option for your answer:


Student Answer: CORRECT Cash on...

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