Manrek Pr Bab 9, 13 Suselo

8/6/2019 Manrek Pr Bab 9, 13 Suselo

1/18

SUSELO SULUHITO13108095

9.51 Option 1 Tax Rate 39%

MARR 18%

0 1 2 3 4 5 6

Income StatementRevenue(Savings) $174,000 $174,000 $174,000 $174,000 $174,000 $174,000

Expenses:

O&M costs $22,000 $22,000 $22,000 $22,000 $22,000 $22,000

Depreciation $28,560 $48,980 $34,980 $24,980 $17,860 $8,930

Debt Interest

Taxable Income $123,440 $103,020 $117,020 $127,020 $134,140 $143,070

Income Taxes $481 $402 $456 $495 $523 $558

Net Income $122,959 $102,618 $116,564 $126,525 $133,617 $142,512

Cash Flow Statement

Operating Activities:

Net Income $122,959 $102,618 $116,564 $126,525 $133,617 $142,512

Depreciation $28,560 $48,980 $34,980 $24,980 $17,860 $8,930

Investment Activities:

Investment -$200,000

Salvage $30,000

Gains Tax $22

Working capital -$25,000 $25,000

Financing Activities

Borrowed funds

Principal Repayment

Net cash Flow -$225,000 $151,598 $151,544 $151,505 $151,477 $206,464


2/18


PW(18%) Err:511

P1 Err:511

P2 Err:511

P3 Err:511

P(C) Err:511

b)PW dari penghasilan setelah tax:P1 = $174000(1-0,39)(P/A,18%,6)

= $371236PW cost of working capital drain :

P2 = $25000-$25000(P/F,18%,6)= $15739PW cost of operating expense :

P3= $22000(1-0,39)(P/A,18%,6)= $46938PW cost of owning by borrowing :

Net cost = -$214469 +P1-P2-P3= $94090

C) Vermont's PW cost of Leasing the equipmentPW cost of after leasing the equipment

PW cost of after tax-leasingP= $55000(1-0,39)+$55000(1-0,39)(P/A,18%,5)

= $138467D) Buy the tipping machine


3/18


4/18



5/18


Option 3

Tax Rate 39

MARR 18

0 1 2 3 4 5 6

Income StatementRevenue(Savings) $174,000 $174,000 $174,000 $174,000 $174,000 $174,000

Expenses:

O&M costs $22,000 $22,000 $22,000 $22,000 $22,000 $22,000

Lease payment $55,000 $55,000 $55,000 $55,000 $55,000 $55,000

Debt Interest

Taxable Income -$55,000 $97,000 $97,000 $97,000 $97,000 $97,000 $152,000

Income Taxes -$21,450 $378 $378 $378 $378 $378 $593

Net Income $96,622 $96,622 $96,622 $96,622 $96,622 $151,407

Cash Flow Statement

Operating Activities:

Net Income -$21,450 $96,622 $96,622 $96,622 $96,622 $96,622 $151,407

Depreciation

Investment Activities:

Investment

Salvage

Gains Tax

Working capital -$25,000 $25,000

Financing Activities

Borrowed funds

Principal Repayment

Net cash Flow -$46,450 $96,622 $96,622 $96,622 $96,622 $96,622 $176,407


6/18



7/18


9.52,B,C,D bangunan akan mulai beroperasi pada janua

-2 -1 0 1 2 3 4 5

Revenues

Sales unit $200,000 $200,000 $200,000 $200,000 $200,000 $200

Unit Price $400 $420 $441 $463 $486 $

Sales Volume $80,000,000 $84,000,000 $88,200,000 $92,610,000 $97,240,500 #

Expenses:

Fixed Costs $8,500,000 $8,925,000 $9,371,250 $9,839,813 $10,331,803 $10,848

Variable Costs $52,000,000 $54,600,000 $57,330,000 $60,196,500 $63,206,325 $66,366

Depreciation:

Building $258,017 $269,231 $269,231 $269,231 $269,231 $269

Equipment $2,715,100 $4,653,100 $3,323,100 $2,373,100 $1,696,700 $1,694

Amortization $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000

Taxable Income $15,526,883 $14,552,669 $16,906,419 $18,931,357 $20,736,441 $21,9Income Taxes (38%) $5,900,216 $5,530,014 $6,424,439 $7,193,915 $7,879,848 $8,330

Net Income $9,626,667 $9,022,655 $10,481,980 $11,737,441 $12,856,593 $13,592

Cash Flow Statement

Operating Activities

Net Income $9,626,667 $9,022,655 $10,481,980 $11,737,441 $12,856,593 $13,592

Depreciation $2,973,117 $4,922,331 $3,592,331 $2,642,331 $1,965,931 $1,964


8/18


Land

Building

Equipment

Working Capital -$9,600,000 -$480,000 -$504,000 -$529,200 -$555,660 -$583,443 -$61

Net Cash Flow (actual) -$5,540,000 -$3,500,000 -$35,600,000 $13,119,784 $14,440,986 $14,545,111 $14,824,112 $15,239,081 $15,94

Net Cash Flow (constan -$5,540,000 -$3,333,333 -$32,290,249 $11,333,363 $11,880,635 $11,396,475 $11,061,981 $10,830,131 $10,79

PW(Actual) Err:511

AE(15%) Err:511

Unit Profit Err:511

IRR 21.47%

E

-2 -1 0 1 2 3 4 5

Revenues

Sales unit $132,022 $132,022 $132,022 $132,022 $132,022 $13

Unit Price $400 $420 $441 $463 $486

Sales Volume $52,808,724 $55,449,160 $58,221,618 $61,132,699 $64,189,334 $67,39

Expenses:

Fixed Costs $8,500,000 $8,925,000 $9,371,250 $9,839,813 $10,331,803 $10,84

Variable Costs $34,325,671 $36,041,954 $37,844,052 $39,736,254 $41,723,067 $43,80

Depreciation:

Building $258,017 $269,231 $269,231 $269,231 $269,231 $26

Equipment $2,715,100 $4,653,100 $3,323,100 $2,373,100 $1,696,700 $1,69


9/18


Net Income $3,726,161 $2,827,123 $3,976,671 $4,906,867 $5,684,490 $6,06

Depreciation $2,973,117 $4,922,331 $3,592,331 $2,642,331 $1,965,931 $1,96

Amortization $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,00

Investment activities

Opportunity cost -$3,040,000

Land -$2,500,000

Building -$3,500,000 -$7,000,000

Equipment -$19,000,000

Gains Taxes

Land

Building

Equipment

Working Capital -$6,337,047 -$316,852 -$332,695 -$349,330 -$366,796 -$385,136 -$40

Net Cash Flow (actual) -$5,540,000 -$3,500,000 -$32,337,047 $7,382,425 $8,416,759 $8,219,672 $8,182,402 $8,265,285 $8,62

Net Cash Flow (constan -$5,540,000 -$3,333,333 -$29,330,655 $6,377,216 $6,924,488 $6,440,328 $6,105,834 $5,873,984 $5,83

PW(Actual) Err:511 Sales 132021.81

F

-2 -1 0 1 2 3 4 5

Revenues

Sales unit $200,000 $200,000 $200,000 $200,000 $200,000 $20

Unit Price $400 $388 $376 $365 $354

Sales Volume $80,000,000 $77,600,000 $75,272,000 $73,013,840 $70,823,425 $68,69


10/18


Taxable Income $15,526,883 $12,312,669 $12,381,619 $12,072,701 $11,490,465 $10,232,128

Income Taxes (38%) $5,900,216 $4,678,814 $4,705,015 $4,587,626 $4,366,377 $3,888,209 $

Net Income $9,626,667 $7,633,855 $7,676,604 $7,485,074 $7,124,088 $6,343,920 $Cash Flow Statement

Operating Activities

Net Income $9,626,667 $7,633,855 $7,676,604 $7,485,074 $7,124,088 $6,343,920 $

Depreciation $2,973,117 $4,922,331 $3,592,331 $2,642,331 $1,965,931 $1,964,031 $

Amortization $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $

Investment activities

Opportunity cost -$3,040,000

Land -$2,500,000

Building -$3,500,000 -$7,000,000

Equipment -$19,000,000

Gains Taxes

Land

Building

Equipment

Working Capital -$9,600,000 $288,000 $279,360 $270,979 $262,850 $254,964 $247,315

Net Cash Flow (actual) -$5,540,000 -$3,500,000 -$35,600,000 $13,887,784 $13,835,546 $12,539,914 $11,390,255 $10,344,983 $9,555,266 $

Net Cash Flow (consta -$5,540,000 -$3,333,333 -$32,290,249 $11,996,790 $11,382,538 $9,825,351 $8,499,584 $7,351,987 $6,467,380 $

IRR 15.48% Karena IRR masih lebih besar dari 15% maka tetepmenjalankan proyek.


11/18



12/18


9.53

0 1 2 3 4 5 6 7 8

Income Statement

Revenue

Electricity bill $6,120,000 $6,120,000 $6,120,000 $6,120,000 $6,120,000 $6,120,000 ### ### #

Excess power $480,000 $480,000 $480,000 $480,000 $480,000 $480,000 $480,000 $480,000 $480,

Expenses:

O&M $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,

Misc $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 ### ### #

Standby power $6,400 $6,400 $6,400 $6,400 $6,400 $6,400 $6,400 $6,400 $6,

Fuel $1,280,000 $1,280,000 $1,280,000 $1,280,000 $1,280,000 $1,280,000 ### ### #

Other

Overhaul $1,500,000 $1,500,000 #

ndby power (Overhaul) $100,000 $100,000 $100,

Depreciation

Unit $500,000 $950,000 $855,000 $770,000 $693,000 $623,000 $590,000 $590,000 $591,

Inter Equipment $100,000 $160,000 $96,000 $57,600 $57,600 $28,800

Interest(9%) $945,000 $945,000 $945,000 $945,000 $945,000 $945,000 $945,000 $945,000 $945,

Taxable Income $2,268,600 $1,758,600 $317,600 $2,041,000 $2,118,000 $616,800 ### ### $67

Income Taxes $816,696 $633,096 $114,336 $734,760 $762,480 $222,048 $820,296 $820,296 $243,


13/18


Investment/Salvage

unit ###

Inter Equipment -$500,000

Gains Tax

Loan Repayment $10,500,000

Net Cash Flow (actu $0 $2,051,904 $2,235,504 $1,154,264 $2,133,840 $2,106,120 $1,046,552 ### ### #

PW(27%) Err:511

0 1 2 3 4 5 6 7 8

Income Statement

Revenue

Electricity bill $6,120,000 $6,120,000 $6,120,000 $6,120,000 $6,120,000 $6,120,000 ### ### #

Excess power $480,000 $480,000 $480,000 $480,000 $480,000 $480,000 $480,000 $480,000 $480

Expenses:

O&M $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500

Misc $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 ### ### #

Standby power $6,400 $6,400 $6,400 $6,400 $6,400 $6,400 $6,400 $6,400 $6

Overhead $1,280,000 $1,280,000 $1,280,000 $1,280,000 $1,280,000 $1,280,000 ### ### #

Lease $907,673 $907,673 $907,673 $907,673 $907,673 $907,673 $907,673 $907,673 $907

Taxable Income $2,905,927 $2,905,927 $2,905,927 $2,905,927 $2,905,927 $2,905,927 ### ###

Income Taxes $1 046 134 $1 046 134 $1 046 134 $1 046 134 $1 046 134 $1 046 134 ### ### #


14/18


PW(27%) Err:511

Harga Lease dicoba-coba (trial & error) agarmemenuhi syarat


15/18


13.3Balance Sheet

Cash $150,000 A)

Marketable Securities $200,000 Current assets $580,000Accounts receivable $150,000 Current liabilities $230,000

Inventories $50,000 Working capital $350,000

Prepaid taxes and insurance $30,000 Shareholders's equity $470,000

Manufacturing plant at cost $60,000

Less accumulated depreciation $100,000 B)

Net dices assets $500,000 Earning per share $50

Goodwill $20,000

Liabilites and Shareholders'Equity: C)

Notes Payable $50,000 Par value $15

Accounts payable $100,000 Capital Surplus $15

Income taxes payable $80,000 Market Price $30

Long-term mortgage bonds $400,000

Preffered Stock $100,000

Common Stock $150,000

Capital Surplus $150,000

Retained earnings $70,000


16/18


13.9Income Statement 31 Dec 2006 Current Ratio 2,4/1

Sales $1,800,000 Total current assets(3) $600,000

Less cost of goods sold (A) $900,000 Quick Ratio 1,12/1

Gross margin $900,000 Inventory(2) $320,000

Less operating expenses(B) $585,000 Inventory Turn Over 6

Net operating income(C) $315,000 Net Revenue $1,800,000

Less interest expense $45,000 Less cost of goods sold (A) $900,000

Net income berfore taxes(D) $270,000 DSO 24.33

Less income taxes(40%)(E) $108,000 Accounts receivable(1) $120,000

Net income (F) $162,000 Cash(0) $160,000

Interest Expense 45000

Balance Sheet 31 Dec 2006 1-Jan-06 Bonds Payable,10%(6) $450,000

Current Assets: Total Liabilities(7) $700,000

Cash(0) $160,000 Debt to equity ratio 0.88Accounts receivable(1) $120,000 $160,000 Total stockholders'equity(10 $800,000

Inventory(2) $320,000 $280,000 Total assets(5) $1,500,000

Total current assets(3) $600,000 Plant and equipment(4) $900,000

Plant and equipment(4) $900,000 Return on total assets 14%

Total assets(5) $1,500,000 $1,200,000 Net income (F) $162,000

Current liabilities $250,000 Net income berfore taxes(D) $270,000

Bonds Payable,10%(6) $450,000 Less income taxes(40%)(E) $108,000

Total Liabilities(7) $700,000 Net operating income(C) $315,000

Stockholder's equity: Less operating expenses(B) $585,000Common stock(8) $100,000 EPS 4.05

Retained Earnings(9) $700,000 Stock $40,000

Total stockholders'equity(10) $800,000 Common stock(8) $100,000

Total liabilities and stockholders'equity Retained Earnings(9) $700,000


17/18


A B C D E F

$900,000 $585,000 $315,000 $270,000 $108,000 $162,000

0 1 2 3 4 5 6 7 8 9 10

$160,000 $120,000 $320,000 $600,000 $900,000 $1,500,000 $450,000 $700,000 $100,000 $700,000 $800,000

Persamaan sudah di dalam excelnyasesuai dengan yang diberitahu disoal.

SUSELO SULUHITO


18/18


13.11A Debt Ratio Total debt/Total assets 123.46%

B Times-Interest-earned rati EBIT/Interest expense -1622.27%

C Current ratio Current assets/current liabilities 70.54%

D Quick raio (Current assets - inventory)/current liabilites 66.60%E Inv. Turnover Net sales/avg.inv 26.14

F DSO (A/R)/(avg sales/day) 40.68

G Total Ass.TurnOVer Ratio Net sales/total assets 0.38

H Profit margin on sales net income/net sales -173.36%

I Return on total assets (net income+interest expense(1-t.rate))/avg.tot asset -56.97%

J Return on common equity Net income/avg.shareholder's equity 3413.61%

K Price-earning ratio price per share/earning per share -3.59

Earning per share net income/avg.number of shares oustanding -0.79

L Book value per share total stockholder's equity-pref stock/shares outstandin 0.28

Semua data yang diperlukan ada ditext book.

Manrek Pr Bab 9, 13 Suselo

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