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CHAPTER1INTRODUCTIONTOCORPORATEFINANCEAnswerstoConceptsReviewandCriticalThinkingQuestions1.Capitalbudgeting(decidingwhethertoexpandamanufacturingplant),capitalstructure(decidingwhethertoissuenewequityandusetheproceedstoretireoutstandingdebt),andworkingcapitalmanagement(modifyingthefirm’screditcollectionpolicywithitscustomers).2.Disadvantages:unlimitedliability,limitedlife,difficultyintransferringownership,hardtoraisecapitalfunds.Someadvantages:simpler,lessregulation,theownersarealsothemanagers,sometimespersonaltaxratesarebetterthancorporatetaxrates.3.Theprimarydisadvantageofthecorporateformisthedoubletaxationtoshareholdersofdistributedearningsanddividends.Someadvantagesinclude:limitedliability,easeoftransferability,abilitytoraisecapital,unlimitedlife,andsoforth.4.Thetreasurer’sofficeandthecontroller’sofficearethetwoprimaryorganizationalgroupsthatreportdirectlytothechieffinancialofficer.Thecontroller’sofficehandlescostandfinancialaccounting,taxmanagement,andmanagementinformationsystems,whilethetreasurer’sofficeisresponsibleforcashandcreditmanagement,capitalbudgeting,andfinancialplanning.Therefore,thestudyofcorporatefinanceisconcentratedwithinthetreasurygroup’sfunctions.5.Tomaximizethecurrentmarketvalue(shareprice)oftheequityofthefirm(whetherit’spublicly-tradedornot).6.Inthecorporateformofownership,theshareholdersaretheownersofthefirm.Theshareholderselectthedirectorsofthecorporation,whointurnappointthefirm’smanagement.Thisseparationofownershipfromcontrolinthecorporateformoforganizationiswhatcausesagencyproblemstoexist.Managementmayactinitsownorsomeoneelse’sbestinterests,ratherthanthoseoftheshareholders.Ifsucheventsoccur,theymaycontradictthegoalofmaximizingthesharepriceoftheequityofthefirm.哨7.刚柴Apri灌mary讯marke哲ttra球nsact敌ion.亿8.辉盐Inau谨ction恶mark办etsl掌iket讽heNY硬SE,b叛roker色sand咱agen研tsme丈etat勉aph佛ysica乐lloc替ation诸(the枣exch饮ange)茧tom跌atch刚buyer攀sand侮sell吩erso执fass骤ets.批Deale双rmar弓kets放like巩N抢ASDAQ井cons昌isto翼fdea洋lers巴opera州ting多atdi古spers伐edlo逆cales或who护buya碗ndse杆llas构sets忆thems湖elves枝,com提munic即ating芹with筛othe僚rdea新lers矛eithe丝rele磨ctron牧icall蒜yor教liter晨ally番over-授the-c睡ounte粒r.脸9.立申Such必organ送izati命onsf叙reque每ntly侦pursu仆esoc棋ialo锻rpol装itica民lmis各sions离,so葛many丹diffe睬rent喝goals壮are昆conce遇ivabl乱e.On锄egoa妹ltha敬tis屋often宗cite村dis虽reven荒uemi饺nimiz晶ation应;i.e蚂.,pr个ovide剩what袜ever蕉goods灾and企servi伙cesa蛙reof夺fered率att肥helo券west酷possi我blec颤ostt奇osoc醒iety.务Abe挡tter上appro晋achm仙ight酿beto安obse若rvet跌hate降vena津not-窜for-p遭rofit容busi扯ness贸hase白quity韵.Thu裁s,on夜eans属weri滔stha倘tthe岸appr的opria欧tego盒alis值tom必aximi顷zeth裕eval插ueof押the秆equit色y.弓10.汗些Presu走mably炮,the胸curr梅ents名tock票value粱refl郊ects爪ther伏isk,蓬timin持g,an展dmag夏nitud燕eof兆allf妙uture委cash互flow透s,bo业thsh种ort-t鹰erm智and土long锣-term遮.If箭this徒isco乖rrect寒,the绵nthe感stat亲ement样isf兼alse.嫁11.胶叔Anar般gumen聋tcan艳bem宏adee阔ither对way.单Att熔heon赌eext辰reme,范wec蔑ould稍argue弊that乌ina络mark倾etec蹲onomy萄,all常oft昌hese盾thing娇sare角pric查ed.T这here菜isth舌usan筒opti肾mall娘evel兴of,f亩orex拐ample醋,eth劣ical竟and/o朴rill宅egal茅behav俊ior,痕andt居hefr禽amewo冷rkof那stoc晌kval抵uatio绞nexp胞licit奖lyin君clude令sthe缝se.A剥tthe热othe裤rext尿reme,询wec也ould巷argue群that谈thes报eare队non-租econo议micp泥henom助enaa称ndar世ebes有than究dled逼throu牺ghth支epol旦itica剂lpro捆cess.遣Acl译assic此(and孔high哈lyre挨levan廊t)th喝ought肿ques馅tion那that随illus销trate低sthi咱sdeb扛ateg奶oess绩ometh鬼ingl均iket填his:术“Afi漠rmha砍sest臭imate骤dtha瓜tthe比cost粮ofi良mprov闸ingt搜hesa眠fety宁ofon捷eof俭itsp起roduc卫tsis始$30脖milli库on.H面oweve次r,th纯efir啄mbel更ieves队that芽impr抱oving域the塞safet限yof缘thep爆roduc绣twil垒lonl喊ysav崇e$20卡mill截ioni陈npro么duct皂liabi素lity毛claim溜s.Wh蹦atsh感ould钥thef锄irmd喝o?”棕12.厉小Theg置oalw塘illb唱ethe后same茫,but捡the窑best蛾cours昼eof毒actio摊ntow帜ardt狮hatg屯oalm仔aybe多diff狡erent导beca旁useo喂fdif迫ferin愿gsoc谷ial,山polit族ical,拐and留econo泊mici梅nstit仿ution舰s.锄13.兵决Theg插oalo涛fman她ageme志ntsh稳ould外beto饲maxi衫mize丢thes缘hare攀price招for团thec盗urren怨tsha柳rehol伐ders.鲁Ifm辰anage篮ment患belie拆vest决hati静tcan阶impr幕ovet拐hepr可ofita粗bilit美yof日thef竖irms花otha秆tthe扩shar筑epri之cewi鬼llex隶ceed构$35,戚then番they胞shoul伪dfig秒htth飘eoff擦erfr失omth府eout乏side详compa逝ny.I饮fman峡ageme费ntbe韵lieve砖stha坝tthi欲sbid妻dero春roth仪erun来ident容ified亡bidd骨ersw亩illa臣ctual脾lypa碧ymor叙etha莫n$35盲per怨share咸toa但cquir贡ethe旅comp巩any,蝇then约they敢shoul仰dsti辩llfi汗ghtt公heof踏fer.很Howev俭er,i撤fthe偏curr疫entm申anage循ment缘canno伍tinc甲rease鸽the锈value笋oft歇hefi宇rmbe谣yond绑theb支idpr钱ice,射andn杠ooth糟erhi勿gher遍bids闯come庸in,t锄henm行anage弟ment员isno抽tact肺ingi循nthe立inte刚rests担oft被hesh鸦areho洒lders汗byf乡ighti渠ngth甚eoff纱er.S认ince装curre蓝ntma够nager佳soft什enlo泽seth灵eirj捏obsw雷hent心heco浪rpora焦tion称isac汤quire丹d,po希orly窜monit殊ored钳manag周ersh葵avea留ninc哑entiv哨eto结fight愁corp燕orate拉take庆overs看ins没ituat畜ions碰such南asth季is.防14.吧苦Wewo糠ulde兔xpect辫agen姓cypr迟oblem绢sto户bele在ssse凑vere修inot贪herc稿ountr课ies,嚷prima查rily徐duet绿othe五rela唯tivel睬ysma贞llpe售rcent民ageo吨find鸟ividu粱alow导nersh积ip.F腹ewer慨indiv苗idual筋owne技rssh熊ould然reduc证ethe柴numb意erof丧dive良rseo扔pinio殿nsco测ncern测ingc使orpor露ateg捎oals.旱The厕high肥perce盏ntage部ofi亡nstit厘ution犹alow筒nersh授ipmi桥ghtl拆eadt离oah燕igher扫degr午eeof身agre匹ement屠betw黎eeno否wners还and喂manag夕erso取ndec调ision船scon林cerni怜ngri活skyp喷ro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s计requ骡irem益ultip咽lest扮eps.芦Duet授ospa不cean尽drea调dabil友ityc遵onstr割aints厦,whe追nthe充sein题terme象diate掀step覆sare尺incl籍uded文inth锦isso鱼lutio晨nsma乒nual,减roun界ding折maya嘴ppear吴toh拦aveo膛ccurr惩ed.H虎oweve眯r,th槽efin摊alan共swer此fore离achp昏roble兴mis撞found诚with霜outr左oundi链ngdu尿ring蹈anys剥tepi钟nthe牲prob娘lem.躁机Basic熊1.永束Tofi墙ndow贱ner’s膜equi仓ty,w巷emus夫tcon妙struc找tab典alanc耳eshe切etas缘foll阀ows:米巨项Balan馋ceSh转eet逼活CA垫黑$5,00洞0膝赛CL勇睡$4,30参0固版梁NFA备屯23,锐000桃元LTD乎圾13,00哪0丘荐支道母OE喊辫艺??串话TA载价$28,0详00自筑TL&处OE大垃$28,0求00尝洪Wekn勺owth偷atto菊tall闸iabil疏ities独and物owner炸’seq候uity棵(TL&胁OE)尸must槐equal陷tota黎lass剧etso骤f$28植,000.远Wea坛lsok具nowt食hatT而L&O禽Eis续equal愁toc沫urren蹈tlia型bilit疲iesp油lusl飞ong-t斑ermd磁ebtp已luso出wner’降sequ底ity,师soow弯ner’s丈equi孝tyis搂:发虑毯OE=亩$28,0己00–刘13,00佩0–4要,300监=$10忍,700户矿肉NWC=谜CA–河CL=咏$5,0妨00–最4,300感=$7返00再2.咏毛Thei意ncome倒stat璃ement叉for舱thec胳ompan惭yis:滩粗Incom腔eSta贷temen宝t悄棋Sales识洪$527,米000尚冤Costs敞寿280校,000盏漂Depre攀ciati罚on级哲3诸8,000嘴验EBIT船星$209,课000某歼Inter考est给轻1政5,000为仆EBT插盛$194,轻000培佳Taxes柿(35%)跪冲6炎7,900旷袍Neti踩ncome惰突$126,是100也3.软尊Onee缓quati访onfo知rnet姨inco萌meis斤:桥Neti慰ncome拌=Di隐viden垄ds+浑Addit抗iont尊oret仗ained技earn把ings纱Rearr喘angin姿g,we息get:菠Addit赛iont摄oret删ained电earn培ings驶=Net亮inco坊me–欺Divi卫dends窝=产$126,才100–懒48,0孙00=蚁$78,1丝00消4.笛吵EPS旷遥=Net养inco躬me/号Share穗s狠棚=$12扬6,100屿/30岁,000胳逼=$4.熟20pe齐rsha见re厕射DPS咳馒=Div阅idend幼s/S文hares桑宾宁=$48眯,000铅/30,青000迅念=$1.惰60pe欧rsha缎re爪5.拼王Tofi是ndth搜eboo喷kval妇ueof轰curr仔enta奸ssets垒,we渴use:城NWC=穿CA–鹰CL.晓Rearr营angin匹gto其solve底for蜂curre湿ntas凶sets,骗weg范et:坐CA=片NWC+萍CL=封$900输K+2柿.2M=必$3.1耐M抗绞Them崇arket川valu射eof血curre订ntas政sets背andf弓ixed贿asset碰sis榜given滨,so:震叠Book我value伤鉴CA没怕殖=$3.晌1M善禁Marke损tval童ue间桐CA险磁竿=$2.谢8M里响Book盗value丸NFA骗钱=$4.粘0M颈罩Marke北tval顾ueNF萄A酷恼=$3.饮2M黑算Book掉value沃asse婶ts立牧=$3.下1M+州4.0M年=$7.斗1M花万Marke手tval忆ueas择sets挎隐记=$2.鼠8M+橡3.2M艘=$6.彻0M迅6.跌刮Taxes扶=0.嫁15($5无0K)+爷0.25努($25K碍)+0牌.34($夕25K)潜+0.3失9($27养3K–眯100K)趴=$8拉9,720卧7.绝导Thea衡verag嘉etax响rate哭ist姻heto钳talt猴axpa缘iddi栗vided涂byn榆etin坛come,溉so:毕Avera抖geta仅xrat咏e=$虎89,72杨0/$法273,0泥00=途32.86件%.嫌Them剃argin购alta派xrat遭eis罩thet爹axra族teon回the书next尝$1of草earn泰ings,陈sot灌hema暑rgina疗ltax过rate签=39裳%.挪8.细御Toca魂lcula炭teOC稼F,we饱firs镇tnee桃dthe深inco堆mest铅ateme民nt:微饮Incom贵eSta察temen鲜t们渔Sales怖钱$13,5咳00毯拢类Costs棉遥5,4勺00况言剩Depre别ciati表on蚀壤1,2储00誓什EBIT违测$6,90按0沉偷Inter助est倍遵6唉80尿凶Taxab勇lein何come城寨$6,22副0名梳Taxes竟(35%浅)度制2,1趴77圣努Neti摇ncome袍旅$4,04碗3遣索OCF=四EBIT晃+De宏preci中ation省–Ta葡xes=毯$6,9检00+括1,200晓–2,淋177=匹$5,9诸23动异哀9.沸饮Netc耻apita斥lspe啊nding漂=NF塔A局end箱反–NFA碎beg饺+De喊preci币ation婶=$4.拴7M–惹4.2M已+925鸦K=$项1.425结M趁10.这生Chang甩ein垫NWC=季NWC乏end配–NW课C圆beg啊蝴贵缎Chang浙ein壶NWC=叫(CA撑end繁–CL辟end桑)–(该CA鸟beg寒–CL定beg写)泼赖Chang咱ein仅NWC=殃($1,纹720–狭1,18胜0)–基($1,6外00–悬940)款敬Chang话ein虎NWC=陵$540铜–66摇0=–讯$120迟11.额耽Cash逗flow蛋tocr犹edito矿rs=奶Inter惩estp瞎aid–支Net鄙newb起orrow屈ing=委$340滨K–(陷LTD很end外–LT叔D迅beg那)果冶Cash浮flow鼠tocr蛙edito祥rs=较$340K责–($访3.1M释–2.8纷M)=职$340K镜–30端0K=刊$40K闹12.秆淋Cash快flow查tost愧ockho牺lders显=Di仍viden嫩dspa铅id–湾Netn并eweq三uity损犹Cash赢flow道tost似ockho去lders芬=$6驰00K–篮[(Co必mmon冰end目+AP帖IS堡end执)–(定Commo协n韵beg喇+AP好IS焰beg顿)]仙晒Cash溉flow霸tost蔑ockho猾lders且丰=$60杆0K–成[($82垃0K+础6.8M)兵–($太855K薯+7.6谋M)]摔地Cash胁flow牺tost炉ockho顺lders旗款=$60炼0K–眨[$7.6牧2M–蛾8.455漏M]=刚–$235绪K霞白Note,宣APIS座ist博head克ditio业nalp开aid-i朽nsur命plus.刮13.婶磨Cash厦flow括from行asset塑s裤总=Cas裳hflo乎wto抵credi位tors赵+Cas弃hflo巡wto店stock勿holde理rs法磨胸季衡访=$40肾K–2干35K=枣–$19核5K廊范Cash李flow售from波asset激s日亲=–$1剪95K=泽OCF逆–Cha再ngei森nNWC酱–Ne嫂tcap敌ital圾spend顶ing渠查朵=OCF挖–(–奉$165K逃)–7雁60K=喇–$19牌5K俊Opera羽ting扔cash弃flow涨伯敌=–$1蠢95K–泪165K撇+76渡0K=挤$400K肆蔑Inter刚media弦te晋14.僻份Tofi六ndth民eOCF瘦,we壮first细calc诱ulate舅net损incom桂e.奏预Incom血eSta程temen牌t刷施Sales林追$145,菠000掏毛凑浪Costs歇羞86,备000杠臣似封谜偏蛙滩Depre肚ciati驴on摧汪7盟,000抖鸦Other肺expe功nses迷谨4尝,900窝描烧惰具绢蛮EBIT厘凤$47,1困00轮狐宏Inter且est任距15,担000插禽澡超望什欺Taxab掏lein糕come晨悲$32,1学00脖姜涉庆Taxes小(34%伙)唉你12,潜840暮浊储Neti页ncome洞准央脾$19,2番60咳忍备描嘴苦扒迫叙Divid搜ends绸逼职$8,7牧00谷粉组文宽客夺积捞省Addit致ions摆toRE订此$10,5琴60悦坝窄a.抗地顷OCF=倍EBIT战+De递preci换ation求–Tax扒es=挣$47,1倾00+某7,000简–涨12,8锯40=仙$41,2城60半栽b.尘遇蛮CFC=酿Inte宇rest陈–Net盟new政LTD=脏$15,维000–盟$6,5灵00=夸$21,5胡00.织已Note所that讽then渡etne已wlon宜g-ter毛mdeb璃tis塘negat导iveb总ecaus偶ethe吴comp惊anyr御epaid续part期ofi伞tslo振ng-厅吉抓term师debt.眯府c.滨挤影CFS=敬Divi迹dends溪–Ne胜tnew落equi泡ty=帆$8,70私0–6玩,450捡=$2,挑250史d.危像游Wekn洞owth揉atCF蚕A=C欧FC+获CFS,廉so:规惜勿CFA=虎$21,箭500+夺2,25耳0=$宜23,75桨0兄CFAi降sals粒oequ境alto财OCF娇–Net鄙capi绝tals恨pendi驴ng–藏Chang宏ein胁NWC.劝Weal疼ready亲know川OCF.轮Net房capit动alsp振endin瞧gis玻equal园to:养陕Netc帆apita劫lspe及nding缝=In坐creas刚ein校NFA+戚Depr辟eciat限ion=勇$5,0替00+命7,000帜=$1欺2,000正.梅民Noww听ecan武use:久须CFA=沫OCF段–Net复capi品tals刻pendi虑ng–答Chang驶ein卖NWC菌伟$23,7坏50=膝$41,2园60–遵12,00火0–C奋hange俊inN滨WC.乓会Solvi匪ngfo豪rthe终chan供gein器NWC冰gives陕$5,5服10,m童eanin法gthe料comp眉anyi逢ncrea介sedi温tsNW啄Cby欢沸$5,51撞0.调15.仗滑Thes缓oluti熟onto揭this晒ques准tion大works影the牛incom肯esta疗temen柱tbac印kward锦s.St胖artin小gat私theb益ottom产:江Neti迷ncome钥=Di淡viden彻ds+锈Addit业iont闸oret老.ear摘nings西=$9貌00+滑4,500旦=$5子,400灭Now,讯looki刮ngat驳the堪incom币esta航temen雁t:纱EBT–观遗EBT×茄Tax景rate牧=Net习inco邪me澡Recog泽nize记that亭EBT×违tax搁rate冠issi羽mply巴thec嘴alcul慰ation质for且taxes刷.Sol匪ving伪this济forE者BTyi奴elds:斑EBT=碧NI/梅(1–大taxr缠ate)即=$5,朝400/世0.65锅=$8或,308促Nowy跨ouca蚊ncal暂culat孕e:松EBIT喇=EBT袜+in误teres购t=$候8,308罗+1,霉600=承$9,9年08.稍Thel垂asts浇tepi叠sto纵use:宪EBIT斤=Sal俊es–榆Costs傍–De嗽preci职ation摄坡EBIT查=$29并,000摆–13,称000–伞Depr猜eciat统ion=秃$9,9两08.于Solvi糠ngfo括rdep条recia此tion,晴wef笋indt赏hatd婆eprec耗iatio棕n=$候6,092从.做16.矮讯Theb爆alanc么eshe棉etfo雹rthe姐comp摔anyl处ooks拨like显this:依症Balan认ceSh写eet古羽Cash机谱$175,没000木渗Accou贴ntsp获ayabl塌e朱熊$430,乌000慎狡Accou风ntsr青eceiv陪able责限140,0虚00左郑Notes仗paya利ble邮冬搜80,00岸0舱石Inven晋tory繁建26夺5,000快苗Curre仗ntli诚abili辨ties章唐$610,隙000哀肯Curre阻ntas丽sets遵摄$580,省000棍枕Long-桨term骡debt框粗1,43钟0,000蠢循兰游Total民liab鹅iliti项es犹浩$2,04扭0,000饲局Tangi赴blen巩etfi医xeda帮ssets役次2,900慨,000踪荒Intan傅gible粘net加fixed淋asse博ts裂的7式20,00杂0宜供Commo白nsto换ck寨北??默滔岩完Accum固ulate轰dret污.ear闯nings槽奔1,2除40,00竹0哗般Total怨asse击ts丈未$4,20叉0,000韵失Total伴liab恐.&o卵wners妖’equ宜ity感子$4,20忠0,000氏胃Total陡liab描iliti竹esan易down徐ers’洗equit举yis:当犹TL&斗OE=叮CL+痕LTD+严Comm密onst新ock测伶Solvi雾ngfo守rthi歼sequ残ation短for招equit谨ygiv搁esus也:武松Commo纤nsto倾ck=言$4,20普0,000惨–1,蜂240,0衔00–娱2,040幼,000趟=$92疗0,000庭17.塑业Them汉arket面valu纹eof有share食holde曲rs’e啦quity刃cann崇otbe巷zero薄.An搅egati之vema慰rket懒value产int堤hisc压asew附ould求imply林that喊the盖compa哈nywo俭uldp总ayyo渐uto罢ownt年hest添ock.诉Them酷arket酿valu革eof触share维holde习rs’e斜quity于can竭best节ated叼as:S钞hareh栽older某s’eq蚀uity舌=Max定[(TA另–TL孩),0]胀.So,辱ifT帮Ais筒$4,30迷0,eq耀uity劫iseq茂ualt塘o$80盆0,an旦dif散TAis汁$3,2收00,e飞quity诞ise汽qual兆to$0贫.We扒shoul毫dnot舌eher得etha粒tthe公book献valu赏eof膛share策holde味rs’e中quity腔can所bene秀gativ赛e.蝇18.葵慨a.影雹Taxes胸Grow溉th惨萝=0.1普5($50毅K)+之0.25(爹$25K)弱+0.咱34($1盲0K)=羞$17,良150词俘椅圾Taxes割Inco厦me枕每=0.1菊5($50迎K)+创0.25(制$25K)开+0.党34($2源5K)+页0.39牙($235隙K)+撞0.34(吐$8.16奏5M)龄妥王健丈=$2,婚890,0肥00修b.科魔Each娇firm晶hasa烦marg圆inal布taxr桐ateo皂f34%秩ont挖hene埋xt$1惯0,000旁oft问axabl教einc哑ome,亦despi病teth亮eir狭夏票diffe宇rent念avera申geta历xrat碗es,s久obot却hfir翠mswi肿llpa分yan般addit这ional户$3,4港00in匹taxe裙s.扭19.歌庭独备Incom坝eSta速temen笔t期无Sales正违$850,司000棵贩致COGS柔炉630诚,000妻铃通版树抗A&Se鹰xpens娇es废唤120坊,000脏恢者Depre疾ciati颂on撇罩130卸,000膝外繁优EBIT麻言($30,皂000)卷岭震江Inter这est裙葬8河5,000涨他绞杆Taxab帖lein吉come缝创($115核,000)志习片罩Taxes木(35%燕)公厚数洽0兰出涝葡储a.倚挑索Neti滤ncome妖债(幻$115,满000丘)苗伟固设b.阳荡OCF=认EBIT健+De航preci堂ation创–Ta亏xes=衬($30怜,000)皆+13化0,000据–0蒸=$10浑0,000上惹c.冈魔Neti垃ncome良was少negat丝iveb羞ecaus砌eof傲thet宏axde训ducti职bilit而yof掘depre喊ciati曲onan券dint焦erest锈附expen贤se.H房oweve份r,th南eact毫ualc拨ashf原lowf株romo迷perat恢ions哭wasp老ositi呼vebe具cause院depr旬eciat粒ioni留san诚on-ca喝shex病pense苍and啦inter议esti伙saf小inanc冻inge砍xpens脏e,no霞tan升opera研ting秤expen追se.撞20.唱迎Afir蕉mcan愚stil今lpay柿out鬼divid蓄ends缸ifne尖tinc消omei块sneg榆ative体;it菠just跟hast李obe骂sure宜there隐iss距uffic朽ient市cash泼flow展toma引keth税ediv写idend寨paym驰ents.司葵Chang煎ein蹲NWC=体Net凳capit键alsp孕endin膀g=N送etne虹wequ顿ity=茄0.(跳Given怀)遗夕Cash虏flow圆from叶asset敏s=O份CF–辆Chang设ein层NWC–孙Net升capit茶alsp昂endin半g全放Cash效flow因from室asset点s=$绪100K询–0–痛0=厚$100K乐烤Cash怨flow束tost顺ockho饼lders缩=Di软viden得ds–膝Netn复eweq签uity患=$30雨K–0渗=$3取0K除碗Cash愚flow六tocr偷edito影rs=载Cash纹flow夸from捡asset驶s–C品ashf史lowt汁osto壶ckhol颗ders废=$10嗓0K–肌30K=多$70K原颜Cash灶flow扔tocr寸edito愁rs=对Inter抖est–亩Net覆newL肆TD普弊Netn荡ewLT劳D=I何ntere阅st–窑Cash足flow亏tocr骑edito衡rs=制$85K版–70K加=$1叠5K糠21.朝泳a.单 胆Incom合eSta茅temen蜡t仆Sales香 纠$12,8葱00酬Cost核ofgo绝odso厚ld影10,40芝0针Depre惨ciati浇on榨1,9满00裁EBIT醋$刷500胸Inter附est青学450池Taxab我lein猾come杆$俭50灌Taxes故(34%灌)陷磁17练Neti骂ncome盟景$33见弃b.涨韵OCF羊围=EBI甩T+D料eprec帜iatio挑n–T晶axes凝买慢天调=$5窜00+饺1,900蛙–17贝=$2都,383块映c.泛忌Chang猴ein维NWC套静=NWC皮end途–NW凤C墨beg缺交扶售宁=(CA田end羊–CL亚end女)–(佣CA严beg帝–CL缸beg旦)汤浊旋饱愧久=($3恐,850尝–2,1锅00)–岗($3,秩200–符1,80要0)鹰纵踪非绞颤=$1,具750–古1,40录0=$涂350骂风技Netc今apita厌lspe尿nding精定英=NFA鼓end煎–NF乡A筐beg丈+De泪preci秤ation亡维冒道猎=$9,选700–朴9,10涉0+1甘,900烘=$2,才500孕盈宽CFA喉粥=OCF士–Ch斜ange帆inNW消C–N尊etca烘pital领spen惯ding蚀阻墓货帝=$2,躲383–监350顶–2,5予00=鞠–$467文午Thec拨ashf耐lowf选roma辞ssets雕can描bepo店sitiv浪eor象negat暖ive,肤since村itr神epres樱ents喊wheth鞭erth端efir乘mrai坝sedf湾unds鸟ordi烛strib文uted恼funds坚ona秒net姥basis南.In键this杏probl译em,e顶vent爱hough杀net键incom蓬eand选OCF款arep芝ositi禾ve,t坏hefi按rmin竹veste肿dhea霉vily熊inbo厌thfi爷xeda功ssets谁and题netw白orkin奔gcap捧ital;约ith运adto拘rais避ean烘et$4宁67in博fund钳sfro闪mits矮stoc何khold构ersa多ndcr验edito扛rsto酬make悦thes躲einv堂estme结nts.信d.曾度Cash暖flow欣tocr转edito食rs茎怜=Int堂erest唐–Ne借tnew称LTD惑=$45假0–0暑=$4夫50设森书Cash拍flow栗tost公ockho易lders弯盟=Cas队hflo花wfro剑mass孤ets–漂Cash店flow射toc膏redit书ors恨颠洁障茅=–$4羊67–驰450=批–$91集7刮叫悔Weca宝nals底ocal单culat覆ethe文cash咸flow锐tos也tockh驱older坑sas:倾辅堵Cash柴flow弟tost州ockho液lders制奇=Div扬idend渠s–N姨etne结wequ坝ity愿灶鼠Solvi摩ngfo酬rnet第new紧equit罪y,we补get:某礼扩Netn烘eweq稳uity污认=$50妙0–(为–917)巧=$1币,417枝昏纺Thef斗irmh惑adpo乳sitiv陵eear贸nings冒ina墓nacc未ounti浊ngse芽nse(丛NI>西0)an竞dhad娃posi沙tive格cash师flow勒from而opera慈tions横.The众firm葛inve粘sted腥$350渐inne掉wnet兔work绩ingc圣apita绿land辉$2,5条00in仓new傅fixed胖asse架ts.T蔬hefi贫rmha欺dto求raise社$467同from患its蔽stake丝holde小rsto扑supp颜ortt辫hisn若ewin蕉vestm共ent.请Itac鸣compl龄ished启this漏byr健aisin慈g$1,员417i他nthe鸣form球ofn熄eweq巾uity.听Afte烧rpay候ingo别ut$5捆00of眨this疾int伯hefo绕rmof纲divi长dends可tos验hareh狱older资sand敲$450哈int扛hefo暑rmof聋inte遗rest阁tocr救edito奏rs,$续467w芝asle肃ftto天meet贝the暑firm’贼scas污hflo棒wnee础dsfo脏rinv益estme籍nt.锋22.梯凉a.述妻Total膨asse腐ts20名04芳位=$65贫0+2挽,900苍=$3,走550;污扮材戒Total浊liab检iliti桥es20浑04戚尘=$26沾5+1住,500护=$1,薪765彼合崭Owner明s’eq魄uity盾2004蜓盆=$3,病550–发1,76覆5=$国1,785男障赏Total耕asse怖ts20碍05牌温=$70姿5+3偶,400娇=$4,启105弊誉港唱槐Total谱liab奥iliti凡es20巨05冲斤=$29洗0+1狸,720递=$2,症010邀尤时Owner敬s’eq连uity不2005丛贸=$4,称105–错2,01讽0=$遍2,095猾诉b.摆仿NWC2伸004毫拥=CA0始4–C缩L04=肾$650定–26佩5=$丸385瞧徐镰NWC2著005勺菠=CA0尚5–C市L05=酱$705轮–29镰0=$祥415悔笑喘Chang比ein勇NWC哭油=NWC幕05–千NWC04置=$4爽15–乌385=蛛$30理闪c.粥暂Weca株ncal丧culat球enet捉capi衡tals举pendi急ngas跨:痕军高Netc谷apita梢lspe拼nding阻别鼓=Net舱fixe迫dass早ets2垂005–赏Net乳fixed拘asse糊ts20松04+遥Depre绢ciati顷on闭宴妇Netc柴apita巡lspe个nding单灶玩=$3,矛400–瓦2,90年0+8窗00=花$1,30求0仓So,t带heco加mpany趟had截anet抚capi施tals遥pendi痰ngca侧shfl拖owof巩$1,3榴00.W夺eals馆okno宋wtha脾tnet衬capi累tals唇pendi彻ngis疮:僚验参Netc膜apita老lspe破nding浴区=Fix创edas页sets摩bough胞t–F古ixed弄asset竭ssol关d饶备赛$1,30喊0撇辰=$1,悬500–便Fixe缩dass摧etss握old责斩侵Fixed烫asse叮tsso省ld减诵=$1,告500–培1,30壤0=$钩200城Toca肯lcula粒teth滥ecas倒hflo致wfro陕mass孟ets,王wemu转stfi柳rstc狐alcul斤atet育heop码erati争ngca兼shfl茫ow.T对heop臣erati沸ngca专shfl撞owis厕calc影ulate众das中follo死ws(y判ouca屡nals要opre熟pare吼atra猎ditio竖nali傻ncome熟stat桌ement拌):歇奸扮EBIT仪饿=Sal匠es–芒Costs葛–De往preci抛ation诵=$8铲,600畜–4,1六50–姑800=基$3,6扒50孩垮铜EBT蓬腔=EBI奶T–I胆ntere禁st=接$3,65节0–2语16=雅$3,43槽4;袖衣晶Taxes砌才刻=EBT勒赵.35码=$3,株434桌.35啊=$1,订202循谱弊OCF童斧=EBI季T+D锅eprec樱iatio蔬n–T渔axes底=$3,形650+茎800服–1,2找02=苹$3,24称8男丰腹Cash悼flow招from撤asset映s狮惹=OCF惜–Ch勿ange恰inNW差C–N得etca痛pital辜spen愤ding.塌雅涂写锋仍=$3,律248–送30–奏1,30滔0=$壮1,918驶核d.丧娘Netn短ewbo酱rrowi慨ng闸靠=LTD造05–闯LTD04柱=$1揭,720笔–1,5篇00=扯$220鉴笑乡Cash旋flow范tocr拨edito肺rs仆混=Int荷erest呢–Ne虽tnew尺LTD徐=$21工6–2肚20=催–$4乐报乖Netn昆ewbo闭rrowi怎ng雅敏=$22替0=D已ebti剪ssued价–De厨btre滋tired惭中晌康Debt痒retir友ed汉浓=$30传0–2厉20=赛$80跌诚Chall艺enge燥23.坐缝Netc否apita钉lspe虫nding肚蛛=NF待A箩end漫–NF状A奥beg请+De爱preci闲ation糊晓第芒=(NF汗A立end已–NF窗A狡beg咳)+(晋Depre作ciati肥on+怀AD牌beg依)–A把D交beg碰闲凡帽=(NF毕A逐end层–NF组A帅beg岭)+AD童end仿–AD经beg艰光秘单=(NF撇A匆end越+AD杯end号)–(垂NFA粮beg胖+AD晕beg烛)=稍FA录end渔牵–FA老beg恨24.柳魔a.扒抹Thet替axbu明bble陡cause偿save羞rage好taxr赶ates柏toca男tchu救pto亭margi趟nalt团axra傅tes,份thus汉elimi显natin狂gthe润桐呢递taxa顿dvant脆ageo真flow害marg前inal讲rates鱼for茅high纺incom区ecor液porat遇ions.烫帖b.就缘Taxes父=0.忠15($5往0K)+托0.25匠($25K怨)+0墙.34($烤25K)等+0.3央9($23睁5K)=诸$113贿.9K假食芒Avera秤geta湾xrat硬e=$房113.9纯K/$竭335K筒=34%杏催酱Them益argin暮alta凯xrat涂eon伏then斯extd字ollar甘ofi欠ncome捆is3糟4per蛙cent.左绞美Forc司orpor僚atet妖axabl蝴einc仔omel粪evels奥of$行335K文to$1符0M,a棋verag颠etax均rate渣sare绣equa吓lto巨margi踢nalt安axra新tes.涨阅韵Taxes关=0.隶34($1化0M)+会0.35淋($5M)灌+0.旨38($3萄.333M免)=$众6,416驳,667猾画铃Avera列geta尚xrat含e=$晕6,416插,667遵/$18爪,333,呢334=句35%卡就逼Them脖argin到alta些xrat朗eon互then踪extd黑ollar篇ofi谜ncome光is3矮5per撕cent.禁For帮corpo州rate稳taxab避lein狸come娱level称sove芦r$18抗,333,害334,瞧avera暗geta楚xrat粉esar丝eaga苹ineq唱ualt惹omar颜ginal刺tax蝶rates犹.由剂c.印慌Taxes效宗航=0.3食4($20捧0K)=润$68K使=0.既15($5驱0K)+丑0.25钟($25K束)+0凡.34($类25K)统+X($畏100K)粉;重驳浆X($10坛0K)普勒=$68青K–2和2.25K暴=$4皱5.75K孤宽岩X胆霞=$45党.75K硬/$10括0K辱驰溉X猴查=45.拿75%25.垃
赌Balan付cesh堂eeta招sof佣Dec.申31,2帽004挪
像Cash喝$2,10膊7双
黎
辨
他Acco举unts尤payab薪le抓$2,21亦3养
哥Accou苹ntsr膝eceiv裹able波2,789权
水
墓
主Note腔spay肚able挥仅407倦
斤Inven睛tory甜忌4,959却
开
锈
科Curr漆entl组iabil盐ities层聪$2,62马0羞
倡Curre述ntas谱sets喂$9,85涨5鄙
矛
馒
粗
宋
稿
趁
唇
倚
怨Long习-term袭debt穴包$7,05典6瞧
导Netf震ixed彼asset辰s狸$17,6袋69变
溜
浙
址Owne禾rs'e记quity酷咱$罚17,84其8朋
谎Total悼asse兼ts统$27,5召24居
役
利
酿Tota减llia耍b.&堆equit赤y容$27,5激24缎
斜Balan盯cesh史eeta咸sof课Dec.靠31,2眯00悦5友
付Cash魂$2,15侦5继
依
没
碎Acco逢unts扮payab倍le妻$2,14氧6愚
察Accou据ntsr蝴eceiv通able皇3,142鞋
膀
企
挪Note熔spay痒able架坚382航
筝Inven迷tory耗僚5,096胞
巨
央
窗Curr挨entl宝iabil月ities冒屡$2,52享8蚀
文Curre圣ntas沙sets厨$10,3侵93友
亏
糕
亲
桐
灾
量
蒸
昌
艇Long型-term炒debt挂令$8,23请2炊
现Netf市ixed际asset啦s妈$
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