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    Question.3000 - Your assignment for this week is to complete the following questions and problems from Chapters 11 and 12. Please submit your complete assignment in the course room by the due date. Chapter 11 Questions (11-2) Operating cash flows, rather than accounting profits, are used in project analysis. What is the basis for this emphasis on cash flows as opposed to net income? (11-4) Explain why sunk costs should not be included in a capital budgeting analysis but opportunity costs and externalities should be included. (11-5) Explain how net operating working capital is recovered at the end of a project’s life and why it is included in a capital budgeting analysis. (11-7) Why are interest charges not deducted when a project’s cash flows are calculated for use in a capital budgeting analysis? (11-8) Most firms generate cash inflows every day, not just once at the end of the year. In capital budgeting, should we recognize this fact by estimating daily project cash flows and then using them in the analysis? If we do not, will this bias our results? If it does, would the NPV be biased up or down? Explain. (11-11) In theory, market risk should be the only “relevant” risk. However, companies focus as much on stand-alone risk as on market risk. What are the reasons for the focus on stand- alone risk?Chapter 11 Problems (11-3) Allen Air Lines must liquidate some equipment that is being replaced. The equipment originally cost $12 million, of which 75% has been depreciated. The used equipment can be sold today for $4 million, and its tax rate is 40%. What is the equipment’s after-tax net salvage value? (11-4) Although the Chen Company’s milling machine is old, it is still in relatively good working order and would last for another 10 years. It is inefficient compared to modern standards, though, and so the company is considering replacing it. The new milling machine, at a cost of $110,000 delivered and installed, would also last for 10 years and would produce after-tax cash flows (labor savings and depreciation tax savings) of $19,000 per year. It would have zero salvage value at the end of its life. The firm’s WACC is 10%, and its marginal tax rate is 35%. Should Chen buy the new machine?(11-6) The Campbell Company is considering adding a robotic paint sprayer to its production line. The sprayer’s base price is $1,080,000, and it would cost another $22,500 to install it. The machine falls into the MACRS 3-year class, and it would be sold after 3 years for $605,000. The MACRS rates for the first three years are 0.3333, 0.4445, and 0.1481. The machine would require an increase in net working capital (inventory) of $15,500. The sprayer would not change revenues, but it is expected to save the firm $380,000 per year in before-tax operating costs, mainly labor. Campbell’s marginal tax rate is 35%. a. What is the Year 0 net cash flow? b. What are the net operating cash flows in Years 1, 2, and 3? c. What is the additional Year-3 cash flow (i.e., the after-tax salvage and the return of working capital)? d. Based on your IRR analysis, if the project’s cost of capital is 12%, should the machine be purchased?Chapter 12 Problems (12-1) Broussard Skateboard’s sales are expected to increase by 15% from $8 million in 2013 to $9.2 million in 2014. Its assets totaled $5 million at the end of 2013. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2013, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 40%. Use the AFN equation to forecast Broussard’s additional funds needed for the coming year. (12-8) Stevens Textiles’s 2013 financial statements are shown here:Balance Sheet as of December 31, 2013 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit 0 Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 ______ Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $ 29,160Income Statement for December 31, 2013 (Thousands of Dollars) Sales $36,000 Operating costs 32,440 Earnings before interest and taxes $ 3,560 Interest 460 Pre-tax earnings $ 3,100 Taxes (40%) 1,240 Net income $ 1,860 Dividends (45%) $ 837 Addition to retained earnings $ 1,023 a. Suppose 2014 sales are projected to increase by 15% over 2013 sales. Use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2014. The interest rate on all debt is 10%, and cash earns no interest income. Assume that all additional debt in the form of a line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2013, that it cannot sell off any of its fixed assets, and that any required financing will be borrowed as notes payable. Also, assume that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the additional funds needed. b. What is the resulting total forecasted amount of the line of credit?

    Answer Below:

    Your xxxxxxxxxx for xxxx week xx to xxxxxxxx the xxxxxxxxx questions xxx problems xxxx Chapters xxx Please xxxxxx your xxxxxxxx assignment xx the xxxxxx room xx the xxx date xxxxxxx Questions x Operating xxxx flows xxxxxx than xxxxxxxxxx profits xxx used xx project xxxxxxxx What xx the xxxxx for xxxx emphasis xx cash xxxxx as xxxxxxx to xxx income xxxxxxxx Only xxxx can xx spent xx reinvested xxx since xxxxxxxxxx profits xx not xxxxxxxxx cash xxxx are xx less xxxxxxxxxxx importance xxxx cash xxxxx for xxxxxxxxxx analysis x Explain xxx sunk xxxxx should xxx be xxxxxxxx in x capital xxxxxxxxx analysis xxx opportunity xxxxx and xxxxxxxxxxxxx should xx included xxxxxxxx Capital xxxxxxxxx analysis xxxxxx only xxxxxxx those xxxx flows xxxx will xx affected xx the xxxxxxxx Sunk xxxxx are xxxxxxxxxxxxx and xxxxxx be xxxxxxx so xxxx have xx bearing xx the xxxxxxx budgeting xxxxxxxx Opportunity xxxxx represent xxx cash xxxxx the xxxx gives xx by xxxxxxxxx in xxxx project xxxxxx than xxx next xxxx alternative xxx externalities xxx the xxxx flows xxxx positive xxx negative xx other xxxxxxxx that xxxxxx from xxx firm xxxxxx on xxxx project xxxxx cash xxxxx occur xxxx because xxx firm xxxx on xxx capital xxxxxxxxx project xxxxxxxxx they xxxx be xxxxxxxx in xxx analysis x Explain xxx net xxxxxxxxx working xxxxxxx is xxxxxxxxx at xxx end xx a xxxxxxx rsquo x life xxx why xx is xxxxxxxx in x capital xxxxxxxxx analysis xxxxxxxx When x firm xxxxx on x new xxxxxxx budgeting xxxxxxx it xxxxxxxxx must xxxxxxxx its xxxxxxxxxx in xxxxxxxxxxx and xxxxxxxxxxx over xxx above xxx increase xx payables xxx accruals xxxx increasing xxx net xxxxxxxxx working xxxxxxx NOWC xxxxx this xxxxxxxx must xx financed xx is xxxxxxxx as xx outflow xx Year xx the xxxxxxxx At xxx end xx the xxxxxxx rsquo x life xxxxxxxxxxx are xxxxxxxx and xxxxxxxxxxx are xxxxxxxxx Thus xxxxx is x decrease xx NOWC xxxxx is xxxxxxx as xx inflow xx the xxxxx year xx the xxxxxxx rsquo x life x Why xxx interest xxxxxxx not xxxxxxxx when x project xxxxx s xxxx flows xxx calculated xxx use xx a xxxxxxx budgeting xxxxxxxx Solution xxxxxxxx is xxxx of xxx project xxxx when xxx loan xx availed xxx the xxxxxxx Even xx the xxxx is xxx taken xxx interest xx the xxxxxxxxxxx cost xx arrive xx the xxxxxxx cash xxxx the xxxxxxxx is xx be xxxxx so xxxx exact xxxx out xxxx can xx calculated xxxxxxxx charges xxx usually xxx deducted xxxx project xxxx flows xxx calculated xx capital xxxxxxxxx because xx is xxxx to xxxxxxxx investment xxxxxxxx from xxxxxxxxx decisions xxxxxxxx charges xxxxxx not xx included xxxxxxx they xxxxxx to xxx financing xxxxxx than xxx investment xxxxxxxx Were xxxxxxxx payments xx be xxxxxxxx from xxx cash xxxxx it xxxxx amount xx double xxxxxxxx since xxx discounting xxxxxxx already xxxxxxxxx the xxxx of xxxxxxx in xxx form xx the xxxxxxxx rate xx include xxxxxxxx charges xx a xxxx outflow xxxxx therefore xxxxxxxxx understate xxx true xxx - xxxx firms xxxxxxxx cash xxxxxxx every xxx not xxxx once xx the xxx of xxx year xx capital xxxxxxxxx should xx recognize xxxx fact xx estimating xxxxx project xxxx flows xxx then xxxxx them xx the xxxxxxxx If xx do xxx will xxxx bias xxx results xx it xxxx would xxx NPV xx biased xx or xxxx Explain xxxxxxxx In xxxxxx in xxxxxxx budgeting xxxxxxxx we xxxxxx discount xxx cash xxxx on xxx exact xxxxxx when xxxx occur xxxxxxxxx we xxx argue xxxx daily xxxx flows xxxx be xxxxxx than xxxxxx cash xxxxx However xx will xx costly xx estimate xxxxx cash xxxxx and xxxxxxxxx to xxxxxxx them xx general xxx analysis xxxxx be xx better xxxx one xxxxx annual xxxx flows xxxxxxx we xxxxxx can xxxxx t xxxx accurate xxxxxxxxx of xxxxx cash xxxxx more xxxx a xxxxxx of xxxxxx into xxx future xxxxxxxxx it xx generally xxxxxxxxxxx to xxxxxx that xxx cash xxxxx occur xx the xxx of xxxxxxx years x In xxxxxx market xxxx should xx the xxxx ldquo xxxxxxxx rdquo xxxx However xxxxxxxxx focus xx much xx stand-alone xxxx as xx market xxxx What xxx the xxxxxxx for xxx focus xx stand- xxxxx risk xxxxxxxx Taking xx a xxxxxxx with xxxx degree xx either xxxxxxxxxxx or xxxxxxxxx risk xxxx not xxxxxxxxxxx affect xxx firm xxxxx s xxxx However xx the xxxxxxx has xxxxxx uncertain xxxxxxx and xx those xxxxxxx are xxxxxx correlated xxxx returns xx firms xxxxx assets xxx with xxxx other xxxxx in xxx economy xxx project xxxx have x high xxxxxx of xxx types xx risks xxx example xxxxxxx Motors xxxxxxxxx decides xx undertake x major xxxxxxxxx to xxxxx commuter xxxxxxxx GM xx not xxxx how xxx technology xxxx work xx a xxxx production xxxxx so xxxxx are xxxxx risks xx the xxxxxxxxxxx stand-alone xxxx is xxxx Management xxxx estimates xxxx the xxxxxxx will xx best xx the xxxxxxx is xxxxxx for xxxx people xxxx have xxxx money xx spend xx the xxx planes xxxx means xxxx the xxxxxxx will xx well xx GM xxx s xxxxx division xx well xxx tend xx do xxxxx if xxxxx division xx badly xxxx being xxx case xxx project xxxx also xxxx a xxxx corporate xxxx Finally xx amp x profits xxx highly xxxxxxxxxx with xxxxx of xxxx other xxxxx the xxxxxxxx beta xxxx also xx high xxx this xxxxxxx will xx riskier xxxxx all xxxxx types xx risks xx the xxxxx the xxxxxx risk xx theoretically xxx most xxxxxxxx because xx is xxx reflected xx stock xxxxxx Unfortunately xxxxxx risk xx also xxx most xxxxxxxxx to xxxxxxxx because xxxxxxxx don xxxxx t xxxx market xxxxxx that xxx be xxxxxxx to xxxxx market xxxxxxx For xxxx reason xxxx decision xxxxxx consider xxx three xxxx measures xx a xxxxxxxxxxx manner xxx then xxxxxxxx projects xxxx subjective xxxx categories xxxxx are xxxxxxxxx types xx risks xxxxxxxxxx with xxxxxx and xxxxx types xx risks xxx known xx Standalone xxxx Market xxxx Corporate xxxx In xxxxxx risk xxxxxxxxx look xxxxxxx the xxxx of xxx stockholders xxx company xxxxx s xxxxxxxxxxxx look xxxx the xxxxxxxxxxxx point xx view xxx not xxxx the xxxxxxx rsquo x point xx view xx is xxxxxxxx by xxx company xxxxx s xxxx but xxxx stockholders xxxxxxxx In xxxxxxxxxx risk xxxxx is xxxx one xxxxxx project xxxxxxxx in xx In xxxx type xx risk xxxx single xxxxx is xxxxxxx Problems x Allen xxx Lines xxxx liquidate xxxx equipment xxxx is xxxxx replaced xxx equipment xxxxxxxxxx cost xxxxxxx of xxxxx has xxxx depreciated xxx used xxxxxxxxx can xx sold xxxxx for xxxxxxx and xxx tax xxxx is xxxx is xxx equipment xxxxx s xxxxxxxxx net xxxxxxx value xxxxxxxx Salvage xxxxx Sale xxxxx Book xxxxx - xxxx Price x T x X x - xxxxxxxx the xxxx Company xxxxx s xxxxxxx machine xx old xx is xxxxx in xxxxxxxxxx good xxxxxxx order xxx would xxxx for xxxxxxx years xx is xxxxxxxxxxx compared xx modern xxxxxxxxx though xxx so xxx company xx considering xxxxxxxxx it xxx new xxxxxxx machine xx a xxxx of xxxxxxxxx and xxxxxxxxx would xxxx last xxx years xxx would xxxxxxx after-tax xxxx flows xxxxx savings xxx depreciation xxx savings xx per xxxx It xxxxx have xxxx salvage xxxxx at xxx end xx its xxxx The xxxx rsquo x WACC xx and xxx marginal xxx rate xx Should xxxx buy xxx new xxxxxxx Solution xxxx of xxx Machinery xxx Machine xxxx years xxxxxxxxx cash xxxx year xxxxxxx Value xxxx Marginal xxx rate xxxxxx Depreciation x Present xxxxx of xxx Future xxxx Flows xxx company xxxxxx buy xxx machinery xx the xxxxxxx will xx benefitted xx - x The xxxxxxxx Company xx considering xxxxxx a xxxxxxx paint xxxxxxx to xxx production xxxx The xxxxxxx rsquo x base xxxxx is xxx it xxxxx cost xxxxxxx to xxxxxxx it xxx machine xxxxx into xxx MACRS xxxxx class xxx it xxxxx be xxxx after xxxxx for xxx MACRS xxxxx for xxx first xxxxx years xxx and xxx machine xxxxx require xx increase xx net xxxxxxx capital xxxxxxxxx of xxx sprayer xxxxx not xxxxxx revenues xxx it xx expected xx save xxx firm xxx year xx before-tax xxxxxxxxx costs xxxxxx labor xxxxxxxx rsquo x marginal xxx rate xx a xxxx is xxx Year xxx cash xxxx b xxxx are xxx net xxxxxxxxx cash xxxxx in xxxxx and x What xx the xxxxxxxxxx Year- xxxx flow x e xxx after-tax xxxxxxx and xxx return xx working xxxxxxx d xxxxx on xxxx IRR xxxxxxxx if xxx project xxxxx s xxxx of xxxxxxx is xxxxxx the xxxxxxx be xxxxxxxxx The xxx cost xx Price xxxxxxxxxxxx Increase xx NWC xxxx outlay xxx new xxxxxxx b xxx operating xxxx flows xxxxxx Year xxxx Year xxxxxxxxx savings xxxxxxxxxxxx tax xxxxxxx Net xxxx flow xxxxx The xxxxxxxxx cost xxxxxxx is x T xxx depreciation xxxxxxx in xxxx year xx the xxxxxxxxxxx basis xxxxx the xxxxx allowance xxxxxxxxxxx of xxx for xxxxx and xxxxxxxxxxxx Depreciation xxxxxxx in xxxxx and xx and xxx depreciation xxx savings xx calculated xx the xxx rate xxxxx the xxxxxxxxxxxx expense xx each xxxx c xxx terminal xxxx cash xxxx is xxxxxxx value xxx on xx Return xx NWC xx in xxxx Tax xx SV x d xxx project xxx an xxx of xxxx it xxxxxx not xx accepted xxxx Net xxxx Flow xx NPV xxxxxxx Problems x Broussard xxxxxxxxxx rsquo x sales xxx expected xx increase xx from xxxxxxx in xx million xx Its xxxxxx totaled xxxxxxx at xxx end xx Broussard xx already xx full xxxxxxxx so xxx assets xxxx grow xx the xxxx rate xx projected xxxxx At xxx end xx current xxxxxxxxxxx were xxxxxxx consisting xx of xxxxxxxx payable xx notes xxxxxxx and xx accruals xxx after-tax xxxxxx margin xx forecasted xx be xxx the xxxxxxxxxx payout xxxxx is xxx the xxx equation xx forecast xxxxxxxxx rsquo x additional xxxxx needed xxx the xxxxxx year xxxxxxxx AFN x S xxxxx S x L x Delta x - xx RR x ndash x ndash x X x - x - xxxxxxx Textiles xxxxx s xxxxxxxxx statements xxx shown xxxx Balance xxxxx as xx December xxxxxxxxx of xxxxxxx Cash xxxxxxxx payable xxxxxxxxxxx Accruals xxxxxxxxxxx Line xx credit xxxxx current xxxxxx Notes xxxxxxx Net xxxxx assets xxxxx current xxxxxxxxxxx Mortgage xxxxx Common xxxxx Retained xxxxxxxx Total xxxxxx Total xxxxxxxxxxx and xxxxxx Income xxxxxxxxx for xxxxxxxx Thousands xx Dollars xxxxx Operating xxxxx Earnings xxxxxx interest xxx taxes xxxxxxxx Pre-tax xxxxxxxx Taxes xxx income xxxxxxxxx Addition xx retained xxxxxxxx a xxxxxxx sales xxx projected xx increase xx over xxxxx Use xxx forecasted xxxxxxxxx statement xxxxxx to xxxxxxxx a xxxxxxx sheet xxx income xxxxxxxxx for xxxxxxxx The xxxxxxxx rate xx all xxxx is xxx cash xxxxx no xxxxxxxx income xxxxxx that xxx additional xxxx in xxx form xx a xxxx of xxxxxx is xxxxx at xxx end xx the xxxx which xxxxx that xxx should xxxx the xxxxxxxxxx interest xxxxxxx on xxx balance xx debt xx the xxxxxxxxx of xxx year xxx the xxxxxxxxxx income xxxxxxxxx to xxxxxxxxx the xxxxxxxx to xxxxxxxx earnings xxxxxx that xxx company xxx operating xx full xxxxxxxx in xxxx it xxxxxx sell xxx any xx its xxxxx assets xxx that xxx required xxxxxxxxx will xx borrowed xx notes xxxxxxx Also xxxxxx that xxxxxx spontaneous xxxxxxxxxxx and xxxxxxxxx costs xxx expected xx increase xx the xxxx percentage xx sales xxxxxxxxx the xxxxxxxxxx funds xxxxxx b xxxx is xxx resulting xxxxx forecasted xxxxxx of xxx line xx credit xxxxxxxx Stevens xxxxxxxx Pro xxxxx Balance xxxxx December xxxxxxxxx of xxxxxxx nbsp xxxxxxxxxxx Forecast xxxxxxxx forma xxxxx Sales xxxxxxxxx costs xxxxx EBIT xxxx nbsp xxxxxxxx nbsp xxxx EBT xxxx nbsp xxxxx nbsp xxxx Net xxxxxx nbsp xxxx Dividends xxxx nbsp xxxxxxxx to xx nbsp xxxx Stevens xxxxxxxx Pro xxxxx Balance xxxxx December xxxxxxxxx of xxxxxxx nbsp xxxxxxxxxxx Forecast xxxxx SalesAddition xxxx forma xxx forma xxxxx Financin xxxxxxxxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Accounts xxxxxxxxxx nbsp xxxx nbsp xxxx Inventories xxxx nbsp xxxx nbsp xxxxx current xxxxxx nbsp xxxx nbsp xxxx nbsp xxxxx assets xxxx nbsp xxxx nbsp xxxxx assets xxxx nbsp xxxx nbsp xxxx Accounts xxxxxxx nbsp xxxx nbsp xxxx Accruals xxxx nbsp xxxx nbsp xxxxx payable xxxx nbsp xxxx Total xxxxxxx liabilities xxxx nbsp xxxx nbsp xxxx Long-term xxxx nbsp xxxx nbsp xxxx nbsp xxxxx debt xxxx nbsp xxxx nbsp xxxx Common xxxxx nbsp xxxx nbsp xxxx nbsp xxxxxxxx earnings xxxx nbsp xxxx nbsp xxxxx liabilities xxx equity xxxx nbsp xxxx nbsp xxxx AFN xxxx nbsp xxxx nbsp xxxx nbsp xxxx From xxxxxx statement x Increase xx Interest xxxxxxx st xxxx Financing xx Pass xxxxxxxx Sales xxxxxxxxx costs xxxx Interest xxx Taxes xxx income xxxxxxxxx Addition xx retained xxxxxxxx Change xx RE xxxxxxx of xxxxxxxx - x st xxxx Financing xx Pass xxxxxxxx Total xxxxxx Accounts xxxxxxx Accruals xxxxx payable xxxxx current xxxxxxxxxxx Long-term xxxx Total xxxx Common xxxxx Retained xxxxxxxx - xxxxx liabilities xxx equity xxx See xxxxxx statement xxxx the xxxxxxxx AFN xxxxxx has xxxx reduced xxxxx an xxxxxxxxxx iteration xxxx to xxx cumulative xxx for xxxx passes xx

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    Answer: While considering a investment in a biotech company, doing a simple analyses on stock based on earnings, expenses or some other financial figure might...
    Question: The debate of whether an auditor who performs non-attest services (e.g. Consulting) for an audit cli...
    Answer: DiscussionThe integrity of the auditing profession is largely dependent on the discussion surrounding the possible compromise of auditor independence ...
    Question: Discussion Topic: Auditors must consider the possibility of fraud by employees or management on ever...
    Answer: Auditors make sure that financial statements are accurate and reliable. Their responsibilities go beyond just checking figures; they also have to tak...
    Question: Discussion Topic: Auditors must consider the possibility of fraud by employees or management on ever...
    Answer: Auditors make sure that financial statements are accurate and reliable. Their responsibilities go beyond just checking figures; they also have to take...
    Question: Discussion Topic:When performing an audit, auditors are especially concerned about engagement risk. ...
    Answer: 1. Auditors and Engagement Risk:Engagement risk is the possibility that an auditor's relationship with a client could harm their reputation, cause the...
    Question: Which concept(s) from this chapter is(are) the most difficult for you?What arguments can be made for...
    Answer: The most challenging chapter for me is LIFO and FIFO and how they impact financial statements.FIFO assumes that the earliest (oldest) items purchased ...
    Question: In Chapter 5, 6 and 7, we discussed three different asset accounts/categories in more depth. Thinkin...
    Answer: In Chapters 5, 6, and 7, Accounts Receivable, Inventory, and Long-term Assets have similar ways of recording transactions to keep their values accurat...
    Question: Chapter nine covers long-term debt and chapter 10 covers stock. When companies raise money by borro...
    Answer: Debt financing, or borrowing money, is riskier since a business must repay the loan and pay interest on a monthly basis regardless of its earnings. Fo...
    Question: We are taking a brief look at the Statement of Cash Flows. It presents the cash inflows and outflows...
    Answer: I think the Statement of Cash Flows is the most useful because it clearly shows the actual cash coming in and going out of the business. It helps me u...
    Question: Chapter nine covers long-term debt and chapter 10 covers stock. When companies raise money by borrow...
    Answer: Debt financing, or borrowing money, is riskier since a business must repay the loan and pay interest on a monthly basis regardless of its earnings. Fo...
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