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CMAPart250CMAPart250StudyUnitQuestionsTestPoint:FinancialStatementInter-ThechangeinaccountbalanceoftheSamsumcorporation duringtheyeararepresentedblow：CapitalAdditionalpaid-inAssumetherearenochangestoretainedearningotherthanforapaymentof$52,000,the efortheyearshould StudyUnitQuestionsTestPoint: eStatementandCashFlow ispreparingitscashbudgetforApril,andhasthefollowingSalesGrossDecreaseinDecreaseinaccountpayablefor 'scashdisbursementforinventoryinApril StudyUnitQuestionsTestPoint:StatementofCashFlow(Indirect isintheprocessofprojectingitscashpositionatendofthesecondquarter.BelowarepertinentCashbalanceattheendoffirstCashcollectionfromcustomerfor2ndAccountpayableattheendof1stAccountpayableattheendof2ndGainonsalesassets(forNetbookvalueofassetsRepaymentofnotesTestPoint:StatementofCashFlow(IndirectFromthedataabove,determineHolland'sprojectedcashbalanceatendofsecondABCDStudyUnitQuestionsTest eStatementandCash ispreparingitscashbudgetforcomingmonth.Allaremadeonaccount.GiventheBeginningWhatistheexpectcashbalanceof attheendcomingA B C DStudyUnitQuestionsTestPoint:InventoryTheHoratio 'sbeginningandendinginventoryforthefiscalyearendedSeptember30,Year2,are:Oct.1yearSept.30yearProductiondataforthefiscalyearended30,Year2DirectTestPoint:InventoryHoratio'sCostofGoodSold(COGS)fortheyearended30year2ABCDTestPoint:InventoryCostflowchartforamanufacturingForeachflow,itmustBeginninginventory+Flowin–Flowout=EndingStudyUnitQuestionsTestPoint:Financial hascurrentassestof$400,000andcurrentliabilityof$500,000. pany'scurrentratiowillbeincreasedbyThepurchaseof$100,000ofinventoryonThepaymentof$100,000ofaccountsThecollectionof$100,000ofaccountRefinacinga$100,000longtermloanwithshorttermStudyUnitQuestionsTestPoint:Financial Basedonthedatapresentedbelow,whatisBetaCorporation'scostofsalesfortheyear?CurrentAcidtest3Year-endcurrentBeginning8 StudyUnitQuestionsTestPoint:CapitalWhichoneofthefollowingfactorsmightcauseafirmtothedebtinitsfinancialAnincreaseinthe etaxincreasedeconomicAnincreaseinthefederalfundsAnincreaseintheprice-earningStudyUnitQuestionsTestPoint:Financial hasa2-to-1currentratio.Thisratiowouldtomorethan2to1Apreviouslydeclaredstockdividendwere wroteoffanuncollectible soldmerchandiseonopenaccountthatanormalgross purchasedinventoryonopenStudyUnitQuestionsTestPoint:FinancialTheinternetCorporationandComp,Inc.haveassetsof$100,000 andareturnoncommonequityof17%.InternethastwicethedebtofCompwhileComphashalfthesalesofInternet.IfInternethasnet eof$10,000andatotalassetsturnoverratioof3.5,whatisCompInc.‘sprofitmargin? StudyUnitQuestionsTestPoint:BookValuePerCommonTheequitysectionofJonesCorporation'sstatementoffinancialpositionispresentedbelow.Preferredstock,6%,$100Commonstock,$4Additionalpaid-inRetainedTestPoint:BookValuePerCommonThepreferredstockiscumulativeandnonparticipating.Allpreferreddividendshavebeenpaid,andliquidationvalueis$110perreferredshare.WhatisthebookvaluepershareofJonesCorporation‘scommonstock? StudyUnitQuestionsTestPoint:DilutedEarningPerShare had80,000sharesofcommonstockoutstandingofDecember1,Year1,thebeginningof 'sfiscalyear.alsohad$200,000of8%convertiblebondsoutstandingthathadbeenissuedat$1,000par.Thebondswereconvertibleinto20,000sharesofcommonstock.The 'staxrateis34%.The efortheyearwas$107,000,andnobondswereconvertedduringtheyear.Thedilutedearningspershare(roundedtothenearestcent)ofBlackmercommontockforthefiscalyearendedNovember30,Year2,$1.18per $1.20per

$1.07per $1.23perStudyUnitQuestionsTestPoint:P-Whichoneofthefollowingstatementsabouttheprice-earning(P-ratioisAcompantwithhighgrowthopportunitiesordinarilyhasahighP-EAP-EratiohasmoremeaningwhenafirmhaslossesthanwhenitAP-EratiohasmoremeaningswhenafirmhasabnormallylowprofitsrelationtoitsassetAP-Eratioexpressestherelationshipbetweenafirm'smarketpriceitsnetStudyUnitQuestionsTestPoint:BondWhichofthefollowingscenarioswouldencouragea useshort-termloanstoretireits10-yearbondsthathave5yearsuntilmaturity? expectsintertesratestoincreaseoverthenext5Intertesrateshaveincreasedoverthelast5Interestrateshavedeclinedoverthelast5 isexperiencingcashflowStudyUnitQuestionsTestPoint:PreferStockFeatures(PreemptiveTheequitysectionofSmithCorporation'sStatementofPositionispresentedCommonstock,$5NetTestPoint:PreferStockFeatures(PreemptiveThecommonshareholdersofSmithCorporationhavepreemptiverights.IfSmithCorporationissues400,000additionalsharesofcommonstockat$6pershare,acurrentholderof20,000sharesofSmithCorporation'scommonstockmustbegiventheoptiontobuy1,000additional3,774additional4,000additional3,333additionalStudyUnitQuestionsTestPoint:RiskReturnThebestexampleofamarketablesecuritywithminimalwouldMunicipalThecommomstockofaAAAThecommercialpaperofaAAAStockoptionsofaAAA StudyUnitQuestionsTestPoint:RiskandRussell,Inc.isevaluatingfourindependentinvestmentproposals.Theexpectedreturnsandstandarddeviationsforeachoftheseproposalsarepresentedbelow.InvestmentStandardIwhichoneoftheinvestmentproposalshastheleastrelativelevelof investment Binvestment Cinvestment DinvestmentStudyUnitQuestionsTestPoint:BondRussell,Inc.isevaluatingfourindependentinvestmentproposals.Theexpectedreturnsandstandarddeviationsforeachoftheseproposalsarepresentedbelow.AbondwithacallprovisiontypicallyhasaloweryieldtomaturitythanabondwithoutacallAconvertiblebondmustbeconvertedtocommonstockpriortoitsAcallpremuimrequirestheinvestortopayanamountgreaterthanparattimeofStudyUnitQuestionsTestPoint:BondAllofthefollowingmayreducethecouponrateonabondissuedatparexceptaSinkingCallChangeinratingfromAatoStudyUnitQuestionsTestPoint: haspurchaseda$1,000,7%,5yearbondatparthatpaysinterestannually.Thediscountfactorsforthepresentvalueof$1at7%forfiveperiodsareasfollows:12345Forpurposeofdurationhedging,thedurationofthebond 5.39 B5.00 C4.39 D3.81StudyUnitQuestionsTestPoint:BetaandWhichoneofbelowhastheleastimpactonafirm'sDebt-to-equityIndustryPayoutStudyUnitQuestionsTestPoint:Costof sells1,000sharesofpreferredstock,8%,withselling$92pershareandparof$100,flotationcostis$5pershare.Taxrate40%.WhatisthecostofcapitalofStudyUnitQuestionsTestPoint:CostofBelowisbalancesheetofDebt(9%interestAlbion'sdebt'scurrentmarketpriceis$1,083.34,yieldtomaturityis8%.Marketpriceofpreferredstockis$125pershare,commonstock$16pershare.Theaccountantestimatesthe 'scostofcommonequityis17%.Ifthe haseffectivetaxrateof40%,whatisthe 'scostofcapital?ABCDStudyUnitQuestionsTestPoint: hasrecentlypurchasedsomestockofacompetitoraspartofa ntoacquirethecompetitor.However,itissomewhatconcernedthatthemarketpriceofthisstockcoulddecreaseovertheshortrun.The couldhedgeagainstthepossibiledeclineinthestock‘smarketpricebypurchasingacalloptiononthatpurchasingaputoptiononthatsellingaputoptiononthatobtainingawarrantoptiononthatStudyUnitQuestionsTestPoint: haspurchasedoneshareofQQ commonstockandoneputoption.Ithasalsosoldonecalloption.TheoptionsarewirttenononeshareofQQ commonstockandhavethesamematuritydateandexerciseprice.Theexerciseprice($40)isthesameastheshareprice.Moreover,theoptionsareexercisableonlyattheexpirationdate. AssumethatthevalueofashareofQQ commonstockattheexpirationiseither$30or$45.Thedifferenceinthenetpayoffontheportfoliobecauseofadifferenceinthestockpriceatthematuritydateis StudyUnitQuestionsTestPoint:WorkingAllofthefollowingstatementsinregardtoworkingcapitalare Currentliabilitiesareanimportantsourceoffinancingformanysmall Profitabilityvariesinverselywith ThehedgingapproachtofinancinginvolvesmatchingmaturitiesofwithspecificfinancingD.Financingpermanentinventorybuildupwithlong-termdebtisanexampleofanaggressiveworkingcapital StudyUnitQuestionsTestPoint:LockAfirmhasdailycashreceiptsof$300,000anditinterestedinacquiringalockboxserviceinordertoreducecollectiontime.Bank1'sloxboxservicecosts$3,000permonthandwillreducecollectiontimeby3days.Banks2‘slockboxservicecosts$5,000permonthandwillreducecollectiontimeby4days.Bank's3'slockboxservicecosts$500permonthandwillreducecollectiontimeby1day.Bank4'slockboxservicecosts$1,000permonthandwillreduce collectiontimeby2days.Ifmoneymarketratesareexpectedtoaverage6%duringtheyear,andthefirmwishesto e,whichbankshouldthefirmA.Bank B.Bank C.BankD.BankStudyUnitQuestionsTestPoint:MarketableWhichoneofthefollowingisnotacharacteristicofa deposit? sof Haveasecondarymarketfor AreregulatedbytheFederalReserveC.AreusuallysoldindenominationsofaminimumofD.Haveyieldsconsiderablygreaterthanbankers'acceptancesandcommercialStudyUnitQuestionsTestPoint:Account 'sbudgetedsalesforthecomingyearareexpectedto$50,000,000,ofwhich75%areexpectedtobecreditsalesattermsofn/30.Flynestimatesthataproposedrelaxationofcreditstandardswillincreasecreditsalesby25%andincreasetheaveragecollectionperiodfrom20daysto30days.Basedona360-dayyear,theproposedrelaxationofcredit willresultinanexpectedincreaseintheaverageaccountreceivablebalanceofABCDStudyUnitQuestionsTestPoint:Inventory–ReorderThefollowinginformationregarding wasassembledtheJRJCorporation. usesa50-weekyearinall10,000unitsper2,000Lead1,300Thereorderpoint4Thereorderpoint3,3002,1001,300800StudyUnitQuestionsTestPoint:Inventory–LockProductshasreceivedproposalsfromseveralbankstoalockboxsystemtospeedup receivesanaverage700checksperdayaveraging$1,800each,anditscostofshort-termfundis7%peryear.Assumingthatallproposalswillproduceequivalentprocessingresultsandusinga360-dayyear,whichoneofthefollowingproposalsisoptimalfor A$0.50feeperAflatfeeof$125,000perAfeeof$0.03%oftheamountAcompensatingbalanceofStudyUnitQuestionsTestPoint:Inventory–Account nstotightenitscredit .Thenew willdecreasetheaveragenumberofdaysincollectionfrom75to50daysandwillreducetheratioofcreditsalestototalrevenuefrom70%to60%.Theestimatesthatprojectedsaleswillbe5%lessiftheproposednewcredit isimplemented.Ifprojectedsalesforthecomingyearare$50million,calculatethedollarimpactonaccountreceivableofthisproposedchangeincredit .Assumea360-dayyear$6,5000,000$3.819,445$3,333,334$18,749,778StudyUnitQuestionsTestPoint:(FinancialmarketsandsecuritiesThestrongformoftheefficientmarketshypothesis(EMH)thatcurrentmarketpricesofsecuritiesAllpubliclyavailableAllinformationwhetheritispublicorNorelevantOnlyinformationfoundinpastpriceStudyUnitQuestionsTestPoint:Inpractice,usuallyexhibitgreaterstabilitythanfluctuatemorewidelythantendtobealowerpercentageofearningsformatureareusuallychangedeveryyeartoreflectearningsStudyUnitQuestionsTestPoint:Residco,Inc.expectsnet eof$800,000forthenextfiscalyear.Itstargetedandcurrentcapitalstructureis40%debtand60%commonequity.Thedirectorofcapitalbudgetinghasthattheoptimalcapitalspendingfornextyear$1.2million.IfResidcofollowsastrictresidual ,whatistheexpecteddividend-payoutratiofornextyear? StudyUnitQuestionsTestPoint:Arch,Inc.has200,000sharesofcommonstockoutstanding.Net efortherecentlyendedfiscalyearwas$500,000,andthestockhasaprice-earningratioofeight.Theboardofdirectorshasjustdeclaredathree-for-twosplit.Foraninvestorwhowons100sharesofstockbeforethesplit,theapproximatevalueoftheinvestmentinArchstockimmedia yafterthesplitisABCDStudyUnitQuestionsTestPoint:IfthevalueoftheU.S.dollarinforeignmarketschanges$1=eurosto$1=.70TheeurohasdepreciatedagainstthedollarProductsimportedfromEuropetotheU.S.willemoreexpensiveU.S.touristsinEuropewillfindtheirdollarsbuymoreEuropeanU.S.exportstoEuropeshouldStudyUnitQuestionsTestPoint:AU.S. invested$100,000inCanadaforoneyearat10%.TheCanadiandollarwassellingataspotrateof$.65whentheinvestmentwasmadeand$.70whentheinvestmentmatured.Whatwastheapproximateyieldonthisinvestment? StudyUnitQue