1.United Brands Corp. just completed their latest fiscal year. The firm had sales of $16,650,000. Depreciation and amortization was $832,500, interest expense for the year was $825,000, and selling general and administrative expenses totaled $1,665,000 for the year, and cost of goods sold was $9,990,000 for the year. Assuming a federal income tax rate of 34%, what was the United Brands net income after-tax? 2.There are those that believe that the analysis of financial statements has limitations. Which of the statements below would qualify as a limitation of financial statement analysis? a.Ratio analysis requires the analyst to evaluate a firm%u2019s performance over too many years to be of any value. b.Ratio analysis requires the analyst to utilize accounting data that is based on historical costs instead of current market values. c.Proper ratio analysis requires the analyst to rely upon audited financial statements, which can be easily manipulated. d. Thorough ratio analysis requires the analyst to refer to benchmarking, which is very easy to misinterpret. 3. The Cyclone Golf Resorts is redoing its golf course at a cost of $2,744,320. It expects to generate cash flows of $1, 223,445, $2,007,812, and $3,147,890 over the next three years. If the appropriate discount rate for the firm is 13 percent, what is the NPV of this project? 4.Cisco Systems has total assets of $4.376 billion, total debt of $2.379 billion, and net sales of $2.738 billion. Its net profit margin for the year is 18 percent, while the operating profit margin is 20 percent. What are Cisco%u2019s net income, EBIT ROA, ROA, and ROE? (Round net income to 3 decimal places). 5.Cisco Systems had net income of $3.792 billion and, at year end, 6.130 billion shares outstanding. In addition, the company%u2019s EBITDA was $5.167 billion and its share price was $19.77. Compute the firm's price earnings ratio and the price-EBITDA ratio. 6.Nimitz Rental Company provided the following information to its auditors. For the year ended March 31, 2011, the company had revenues of $924,772, general and administrative expenses of $443,293, depreciation expenses of $131,455, leasing expenses of $108,195, and interest expenses equal to $78,122. If the company's tax rate is 34 percent. What is the cash flow for Nimitz Rental? 7.Caustic Chemicals management identified the following cash flows as significant in their year end meeting with analysts: During the year Caustic repaid existing debt of $293,943 and raised additional debt capital of $601,573. It also repurchased stock in the open market for a total of $42,923. What is the net cash provided by financing activities? 8.Fraser Corporation has announced that its net income for the year ended June 30, 2011, was $1,353,412. The company had EBITDA of $5,370,809, and its depreciation and amortization expense was equal to $1,136,348. The company's tax rate is 34 percent. What was its interest expense? 9.Columbia Construction Company earned $639,420 during the year ended June 30, 2011. After paying out $225,794 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $719,822, what was the retained earnings on its balance sheet on July 1, 2010? 10.You plan to buy a new car. The price is $30,000 and you will make a down payment of $4,000. Your annual interest rate is 10% and you intend to pay for the car over five years. What will be your monthly payment? 11. You have $1,800 you want to invest in your classmate%u2019s start up business. You believe the business idea to be great and hope to get $3,950 back at the end of three years. If all goes according to the plan, what will be the return on your investment? ***NEW QUESTIONS**** 12. Investors are likely to be most interested in a firm%u2019s a. current ratio b. total asset turnover ratio c. price-to-earnings ratio d. times-interest-earned ratio 13.A commercial bank wants to determine if an applicant for a loan is likely to be able to pay its bills as they come due. Which type of ratio is most appropriate? a. efficiency ratio b. liquidity ratio c. profitability ratio d. leverage ratio 14.An appropriate benchmark in ratio analysis is a. the average stock price for industry b. the average profit for a peer group of firms c. the average collection period for a peer group of firms d. the average market share for the industry 15.One reason ratio analysis has limitations is a. ratios are difficult to calculate b. ratios depend on historical data c. ratios may be too high or too low d. ratios do not show dollar amounts 16. Kelvy & Sons has a current ratio of 1.2, current assets of $508,315, and inventory of $98,666. What is the firm's quick ratio? a..97 b. None of these c..67 d..81
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