MANAJEMEN KEUANGAN

Nama : Sri Ajeng Mulyani

NIM : 1602015191 (Ganjil)
Kelas : 3B Akuntansi

Tugas 1 halaman 35
1.) Diketahui : EBIT : Rp60.000.000
MS : Rp480.000.000
M : Rp220.000.000
EBIT : Rp112.000.000
Pajak : 25%
Diminta : a. Modal sendiri
b. Obligasi dengan bunga 14%
Jawab :
MS MA
Modal sendiri 700.000.000 480.000.000
Modal asing - 220.000.000
Total modal 700.000.000 700.000.000
EBIT 112.000.000 112.000.000
Bunga - 35.200.000
EBT 112.000.000 76.800.000
Pajak 25% 28.000.000 19.200.000
EAT 84.000.000 57.600.000
RMS 12% 12%
Cara perhitungan :
 Modal Sendiri = MS + M = 480.000.000 + 220.000.000 = 700.000.000

𝐸𝐵𝐼𝑇 112.000.000
 𝑏𝑢𝑛𝑔𝑎 (𝑅𝐸) = 𝑇𝑀
𝑥100 = 700.000.000 𝑥 100% = 16%

 Pajak = 112.000.000 x 25 % = 28.000.000 (ms)

= 76.800.000 x 25% = 19.200.000 (ma)

𝐸𝐴𝑇 84.000.000
 𝑅𝑀𝑆 = 𝑀𝑆
𝑥 100% = 700.000.000 𝑥100% = 12% (ma & ms) Balance

3). Menghitung likuiditas, Solvabilitas, Rentabilitas, RE dan RMS serta Aspek keuangan nya
PT. JANGKAR BUMI tahun 1999.
𝐴𝐿 699.280
 𝐿𝑖𝑘𝑢𝑖𝑑𝑖𝑡𝑎𝑠 = 𝐻𝐿 = 499.480 = 1,4

𝑇𝐴 2.954.280
 𝑆𝑜𝑙𝑣𝑎𝑏𝑖𝑙𝑖𝑡𝑎𝑠 = 𝑇𝐻 = 1.299.480 = 2,27

𝐿𝑎𝑏𝑎 182.400
 𝑅𝑒𝑛𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑎𝑠 = 𝑥 100% = 𝑥100% = 11%
𝑇𝑀 1.658.800

𝐸𝐵𝐼𝑇 363.200
 𝑅𝐸 = 𝑥 100% = 𝑥 100% = 21,9%
𝑇𝑀 1.658.800

𝐸𝐴𝑇 𝐸𝐴𝑇 182.400

 𝑅𝑀𝑆 = 𝑥 100% = 𝑥 100% = 𝑥 100% = 11%
𝑀𝑆 𝑀𝑆 1.658.800

Aspek Keuangan :
𝐿𝑎𝑏𝑎 𝑠𝑒𝑡𝑒𝑙𝑎ℎ 𝑝𝑎𝑗𝑎𝑘 182.400
 𝑅𝑂𝐸 = 𝑥100% = 𝑥100% = 11%
𝑀𝑆 1.658.800

𝐸𝐵𝐼𝑇+𝑝𝑒𝑛𝑦𝑢𝑠𝑢𝑡𝑎𝑛 363.200+115.000
 𝑅𝑂𝐼 = 𝑥100% = 𝑥100% = 16,19%
𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 2.954.280

𝑘𝑎𝑠+𝑏𝑎𝑛𝑘+𝑠𝑟𝑡 𝑏𝑒𝑟ℎ𝑎𝑟𝑔𝑎 𝑗𝑘 𝑝𝑑𝑘 29.880+30.000

 𝐶𝑎𝑠ℎ 𝑅𝑎𝑡𝑖𝑜 = 𝑥100% = 𝑥100% = 11,9%
𝐻𝐿 499.480

𝐴𝐿 699.280
 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑅𝑎𝑡𝑖𝑜 = 𝑥100% = 499.480 𝑥100% = 140%
𝐻𝐿

𝑡𝑜𝑡𝑎𝑙 𝑝𝑖𝑢𝑡𝑎𝑛𝑔 𝑢𝑠𝑎ℎ𝑎 249.500

 𝐶𝑜𝑙𝑙𝑒𝑐𝑡𝑖𝑜𝑛 𝑃𝑒𝑟𝑖𝑜𝑑 = 𝑥365 ℎ𝑎𝑟𝑖 = 1.535.610 𝑥365 ℎ𝑎𝑟𝑖 =
𝑡𝑜𝑡𝑎𝑙 𝑝𝑒𝑛𝑑𝑎𝑝𝑎𝑡𝑎𝑛 𝑢𝑠𝑎ℎ𝑎
70 ℎ𝑎𝑟𝑖
 𝑡𝑜𝑡𝑎𝑙 𝑝𝑒𝑟𝑠𝑒𝑑𝑖𝑎𝑎𝑛 294.500
 𝑝𝑒𝑟𝑝𝑢𝑡𝑎𝑟𝑎𝑛 𝑝𝑖𝑢𝑡𝑎𝑛𝑔 = 𝑡𝑜𝑡𝑎𝑙 𝑝𝑒𝑛𝑑𝑎𝑝𝑎𝑡𝑎𝑛 𝑢𝑠𝑎ℎ𝑎 𝑥365 ℎ𝑎𝑟𝑖 = 1.535.610
𝑥365 ℎ𝑎𝑟𝑖 = 70 ℎ𝑎𝑟𝑖

𝑇𝑜𝑡𝑎𝑙 𝑝𝑒𝑛𝑑𝑎𝑝𝑎𝑡𝑎𝑛 1.525.610

 𝑇𝐴𝑇𝑂 = 𝑥100% = 2.954.280 𝑥100% = 51,98%
𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑

𝑡𝑜𝑡𝑎𝑙 𝑚𝑜𝑑𝑎𝑙 𝑠𝑒𝑛𝑑𝑖𝑟𝑖

 𝑟𝑎𝑠𝑖𝑜 𝑚𝑜𝑑𝑎𝑙 𝑠𝑒𝑛𝑑𝑖𝑟𝑖 𝑑𝑒𝑛𝑔𝑎𝑛 𝑎𝑠𝑒𝑡 𝑡𝑜𝑡𝑎𝑙 = 𝑥100% =
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑒𝑡
1.658.800
𝑥100% = 56,18%
2.945.280

Tugas 2 Halaman 53
1)

Konservatif Moderat Agresif

Aktiva Tetap 120.000.000 120.000.000 120.000.000
Aktiva Lancar 150.000.000 125.000.000 100.000.000
Total Aktiva 270.000.000 245.000.000 220.000.000
Hutang/Total Aktiva 50% 135.000.000 122.500.000 110.000.000
Modal Sendiri 135.000.000 122.500.000 110.000.000
EBIT 15% 37.500.000 37.500.000 37.500.000
Bunga 16% 21.600.000 19.600.000 17.600.000
EBT 15.900.000 17.900.000 19.900.000
Pajak 30% 4.770.000 5.370.000 5.970.000
EAT 11.130.000 12.530.000 13.930.000
ROE 8,24% 10,22% 12,66%

11.130.000
ROE konservatif: 135.000.000 𝑥 100% = 8,24%
12.530.000
ROE moderat : 122.500.000 𝑥 100% = 10,22%
13.930.000
ROE agresif : 110.000.000 𝑥 100% = 12,66%

Kesimpulan : Kebijakan agresif memberikan ROE paling besar.

3). Dik : - PT Nagata memproduksi barang x sebanyak 200 unit

- Bekerja 25 hari
- Bahan baku A Rp1.000
- Bahan baku B Rp250
- Biaya tenaga kerja langsung Rp750
Dit : Besarnya modal kerja ?
Jawab :
Periode terikatnya modal kerja :
a. Lamanya bahan baku disimpan 5 hari
b. Lamanya proses produksi 3 hari
c. Lamanya barang jadi disimpan 12 hari
d. Lamanya piutang tertagih 25 hari
Jumlah 45 hari

Kebutuhan kas per hari :

a. Pembelian bahan baku A : 200 x 1.000 = 200.000

Pembelian bahan baku B : 200 x 250 = 50.000
b. Pembayaran upah langsung : 200 x 750 = 150.000
c. Pembayaran biaya adm : 22.500.000 : 25 = 900.000
d. Pembayaran gaji : 12.500.000 : 25 = 500.000
Jumlah 1.800.000
Dengan demikian jumlah modal kerja yang dibutuhkan adalah :
Modal kerja x kebutuhan kas/hari + kas minimal
45 x 1.800.000 + 2.500.000 = 83.500.000

Penjualan
4). Perputaran kas :
rata−rata kas

36.000
: 235
= 153,19

Penjualan
Perputaran piutang :
rata−rata piutang

36.000
: = 53,33
675

penjualan
Perputaran persediaan :
rata−rata persediaan

36.000
: = 28,88
1.250
Periode terikatnya :
Kas : 360/153,19 = 2,35
Piutang : 360/53,33 = 6,75
Persediaan : 360/28,8 = 12,5
Jumlah = 21,6
 Dengan demikian periode terikatnya semua elemen modal kerja adalah 21,6 atau perputaran
modal kerja sebesar 360/21,6 = 16,67. Apabila pada tahun 2000 diperkirakan akan mampu
menjual sebanyak Rp40.000.000, maka kebutuhan modal kerja adalah : Rp40.000.000/16,67
= Rp2.399.520,096 .

Tugas 3 halaman 68
1).

Bulan Piutang Diterima Bulan

Januari Februari Maret April Mei Juni
November 230.000.000 34.500.000
Desember 240.000.000 84.000.000 36.000.000
Januari 250.000.000 121.000.000 87.500.000 37.500.000
Februari 270.000.000 130.680.000 94.500.000 40.500.000
Maret 260.000.000 125.840.000 91.000.00 39.000.000
April 240.000.000 116.160.000 84.000.000 36.000.000
Mei 280.000.000 135.520.000 98.000.000
Juni 290.000.000 140.360.000
239.500.000 254.180.000 257.840.000 247.660.000 223.420.000 274.360.000

 NOVEMBER
*Nov-Jan 15% x 230,000,000 = 34,500,000

 DESEMBER
*Des-Jan 35% x 240,000,000 = 84,000,000

*Des-Feb 15% x 240,000,000 = 36,000,000

 JANUARI
*Jan-Jan 40% x 250,000,000 = 100,000,000
4% x 100,000,000 = 4,000,000
96,000,000
10% x 250,000,000 = 25,000,000
121,000,000

*Jan-Feb 35% x 250,000,000 = 87,500,000

*Jan-Mar 15% x 250,000,000 = 37,500,000

 FEBRUARI
*Feb-Feb 40% x 270,000,000 = 108,000,000
4% x 108,000,000 = 4,320,000
 103,680,000
10% x 270,000,000 = 27,000,000
130,680,000

*Feb-Mar 35% x 270,000,000 = 94,000,000

*Feb-Apr 15% x 270,000,000 = 40,500,000

 MARET
*Mar-Mar 40% x 260,000,000 = 104,000,000
4% x 104,000,000 = 4,160,000
99,840,000
10% x 260,000,000 = 26,000,000
125,840,000

*Mar-Apr 35% x 260,000,000 = 91,000,000

*Mar-Jun 15% x 260,000,000 39,000,000

 APRIL
*Apr-Apr 40% x 240,000,000 = 96,000,000
4% x 96,000,000 = 3,840,000
92,160,000
10% x 240,000,000 = 24,000,000
116,160,000

*Apr-Mei 35% x 240,000,000 84,000,000

*Apr-Jun 15% x 240,000,000 36,000,000

 MEI
*Mei-Mei 40% x 280,000,000 = 112,000,000
4% x 112,000,000 = 4,480,000
107,520,000
10% x 280,000,000 = 28,000,000
135,520,000

*Mei-Jun 35% x 280,000,000 = 98,000,000

 JUNI
*Jun-Jun 40% x 290,000,000 = 116,000,000
4% x 116,000,000 = 4,640,000
 111,360,000
10% x 290,000,000 = 29,000,000
140,360,000

Tugas 4 Halaman 240-241

2). Dik : Asset Turnover 1,75 kali
Quick Ratio 1,25
Debt to Equity 40%
HPP 75%
Inventory Turnover 5 kali
Pengumpulan Piutang 45 hari
Profit Margin 10%
Jawaban :

a) Debt to equity = hutang = 40%

modal sendiri
= hutang = 40%
240,000
hutang = 40% x 240,000 = 96,000

b) Total aktiva
pasiva = hutang + modal
= 96,000 + 240,000 = 336,000
aktiva = pasiva → total aktiva = 336,000

1.75
c) Asset turnover = penjualan = kali
total asset
1.75
= penjualan = kali
336,000
penjualan = 1.75 x 336,000 = 588,000

d) Gross profit = laba kotor = 75%

penjualan
= laba kotor = 75%
588,000
laba kotor = 75% x 588,000 = 441,000
HPP = 588,000 - 441,000 = 47,000
e) Profit margin = laba operasi = 10%
penjualan
= laba operasi = 10%
588,000
laba operasi = 10% x 588,000 = 58,800

f) Inventory turn over = HPP = 5 kali

persediaan
= 147,000 = 5 kali
persediaan
persediaan = 147,000 : 5 = 29,400

Average collection
g) periode = piutang x 360 hari = 45 hari
penjualan
= piutang x 360 hari = 45 hari
588,000
piutang = (588,000 x 45) : 360 = 73,500

h) Acid test ratio = aktiva lancar-persediaan = 1.25

hutang lancar
= aktiva lancar - 29400 = 1.25
96,000
aktiva lancar - 29400 = 96,000 x 1.25 = 120,000
aktiva lancar = 120,000 + 29,400 = 149,400
149,400 - 73,500 -
kas = 29,400 = 46,500
aktiva tetap = total aktiva-aktiva lancar
= 336,000 - 149,400 = 186,600

PT. Perusahaan AR-Ridho

Neraca, 31 Desember 2000
Kas Rp 46,500 Hutang dagang Rp 96,000
Piutang dagang Rp 73,500
Persediaan Rp 29,400 Modal saham Rp 130,000
Total Aktiva
lancar Rp 149,400 Laba ditahan Rp 110,000
Aktiva tetap Rp 186,600
Total Aktiva Total hutang &
lancar Rp 336,000 Modal Rp 336,000
 PT. Perusahaan AR-Ridho
Laporan Rugi-Laba Tahun 1999 (000)
Penjualan 588,000
Harga pokok penjualan 147,000
Laba Kotor 441,000
Biaya operasi 382,200
Laba operasi 58,800

4). Diminta : a. Membuat analisis common size

b. Membuat rasio keuangan
Jawab :

Neraca Common Size PT. NAGASARI

Kas 1.63% Hutang Dagang 5.23%
Efek 6.86% Hutang Wesel 8.50%
Piutang Dagang 14.38% Hutang Obligasi 11.76%
Persediaan 18.30% Modal Saham 49.02%
Aktifa Tetap 58.83% Laba ditahan 25.49%
Total Aktiva 100.00% Total Hutang & Modal 100.00%

Laporan Laba-Rugi Common Size PT.NAGASARI

Penjualan 100.00%
Harga Pokok Penjualan 73.08%
Laba Kotor (EBIT) 26.92%
Biaya Operasi 7.69%
Laba Operasi 19.23%
Bunga 2.56%
Laba Sebelum Pajak (EBT) 16.67%
Pajak 6.67%
Laba Setelah Pajak 10.00%

b) * Asset Turnover = penjualan = 1,950,000 = 1.27 x

total aset 1,530,000

* Gross Profit Margin = laba kotor = 525,000 = 26.92%

penjualan 1,950,000
 * Inventori turnover = HPP = 1,425,000 = 5x

persediaan 280,000

* Debt to Net Worth = hutang = 390,000 = 34.21%

modal sendiri 1,140,000

Average Collection 220,000 x

* Period = piutang x 360 hari = 360 = 41 hari

penjualan 1,950,000

* Acid test Ratio = aktiva lancar-persediaan = 350,000 = 1.67

hutang lancar 210,000

* Profir Margin = Laba operasi = 375,000 = 19.23%

penjualan 1,950,000

Tugas 5 Halaman 83
1).

ANGGARAN KAS (TRANSAKSI OPERASI)

URAIAN JAN FEB MAR APR MEI JUN
∑ PENERIMAAN 250,000,000 300,000,000 395,000,000 475,000,000 355,000,000 430,000,000
∑ PENGLUARAN 350,000,000 365,000,000 355,000,000 350,000,000 380,000,000 385,000,000
SURPLUS (DEFISIT) -100,000,000 -65,000,000 40,000,000 125,000,000 -25,000,000 45,000,000
ANGGARAN KAS (TRANSAKSI FINANSIAL)
URAIAN JAN FEB MAR APR MEI JUN
Saldo Kas awal bulan 15,000,000 8,000,000 8,000,000 44,730,000 166,460,000 5,340,000
Terima Kredit awal -
bulan 94,900,000 68,270,000 - - 132,850,000 -
Pembayaran pinjaman - - - - -
Kas tersedia 109,900,000 76,270,000 8,000,000 44,730,000 33,610,000 5,340,000
-
Surplus (defisit) 100,000,000 -65,000,000 40,000,000 125,000,000 -25,000,000 45,000,000
Pembayaran Bunga -1,900,000 -3,270,000 -3,270,000 -3,270,000 -3,270,000 -3,270,000
Saldo Kas akhir bulan 8,000,000 8,000,000 44,730,000 166,460,000 5,340,000 47,070,000
Hutang Kumulatif 94,900,000 163,170,000 163,170,000 163,170,000 163,170,000 163,170,000
Cara perhitungan :

Xjan = Defisit + SKM - SKA + Bunga

Xjan = 100,000,000 + 8,000,000 - 15,000,000 + 0.02X
X - 0.02X = 93,000,000
0.98X = 93,000,000
X = 93,000,000 = 94,900,000
0.98

Xfeb = Defisit + SKM - SKA + Bunga + 0.02(94,900,000)

Xfeb = 65,000,000 + 8,000,000 - 8,000,000 + 0.02X + 1,900,000
X - 0,02X = 65,000,000 + 1,900,000
0.98X = 66,900,000
X = 66,900,000 = 68,270,000
0.98

Bunga = 0.02 X 163,170,000 = 3,270,000

Xmei = Defisit + SKM - SKA + Bunga + 0.02(163,170,000)

Xmei = 25,000,000 + 8,000,000 - 166,460,000 + 0.02X + 3,270,000
X - 0.02X = -130,190,000
0.98X = -130,190,000
-
X = -130,190,000 = 132,850,000
0.98

Tugas 6 Halaman 125

3). Hitung Net Present Value dengan keuntungan 17%

Discount PV dari
Tahun Penerimaan
Factor 17% Penerimaan
1 80,000,000 0.856 68,480,000
2 100,000,000 0.731 73,100,000
3 120,000,000 0.624 74,880,000
4 150,000,000 0.534 80,100,000
Total Present Value dari Penerimaan 296,560,000
Investasi 300,000,000
Net Present Value -3,440,000

4). Diminta NPV dan IRR

Dengan r = 15%
TPV Penerimaan = 30,000,000 x 3.521 = 105,630,000
 Investasi 100,000,000
NPV 5,630,000

Tugas 7 Halaman 215

2) a. Menghitung DOL dan efeknya terhadap EBIT bila kenaikan penjualan 40%

URAIAN X Y
Penjualan 4,000,000,000 4,000,000,000
Biaya Variabel 2,400,000,000 3,200,000,000
Kontribusi Marjin 1,600,000,000 800,000,000
Biaya Tetap 1,000,000,000 400,000,000
EBIT 600,000,000 400,000,000

Cara perhitungan :

Penjualan = 25,000 x 160,000 = 4,000,000,000

BV X = 160,000 x 15,000 = 2,400,000,000

BV Y = 160,000 x 20,000 = 3,200,000,000

DOL X = 4,000,000,000 - 2,400,000,000

= 2.6666667
4,000,000,000 - 2,400,000,000 - 1,000,000,000

DOL Y = 4,000,000,000 - 3,200,000,000

= 2
4,000,000,000 - 3,200,000,000 - 400,000,000

X = 2.6666667 x 40% = 106.6666668%

= 106.6666668% x 600,000,000 = 640,000,000
EBIT X menjadi = 1,240,000,000 → (600,000,000 + 640,000,000)

Y = 2 x 40% = 80%
= 80% x 400,000,000 = 320,000,000
EBIT Y menjadi = 720,000,000 → (400,000,000 + 320,000,000)

Bukti : Penjualan ↑ 40%

URAIAN X Y
Penjualan 5,600,000,000 4,000,000,000
Biaya Variabel 3,360,000,000 4,480,000,000
Kontribusi Marjin 2,240,000,000 1,120,000,000
Biaya Tetap 1,000,000,000 400,000,000
EBIT 1,240,000,000 720,000,000
b. Menghitung DFL terhadap EAT dengan kenaikan EBIT 20%

URAIAN X Y
Penjualan 4,000,000,000 4,000,000,000
Biaya Variabel 2,400,000,000 3,200,000,000
Kontribusi Marjin 1,600,000,000 800,000,000
Biaya Tetap 1,000,000,000 400,000,000
EBIT 600,000,000 400,000,000
Bunga 400,000,000 200,000,000
EBT 200,000,000 200,000,000
Pajak 40% 80,000,000 80,000,000
EAT 120,000,000 120,000,000

Cara perhitungan :

DFL X = 600,000,000
= 3
600,000,000 - 400,000,000

DFL Y = 400,000,000
= 2
400,000,000 - 200,000,000

X = 3 x 20% = 60%
= 60% x 120,000,000 = 72,000,000
EAT X menjadi = 192,000,000 → (120,000,000 + 720,000,000)

Y = 2 x 20% = 40%
= 40% x 120,000,000 = 48,000,000
EAT X menjadi = 168,000,000 → (120,000,000 + 48,000,000)

Bukti : EBIT ↑ 20%

URAIAN X Y
EBIT 720,000,000 480,000,000
Bunga 400,000,000 200,000,000
EBT 320,000,000 280,000,000
Pajak 40% 128,000,000 112,000,000
EAT 192,000,000 168,000,000

c. Menghitung DCL bila kenaikan penjualan 30%

 DCL X = S - BV
EBIT - I
= 4,000,000,000 - 2,400,000,000 = 8
600,000,000 - 400,000,000

DCL Y = S - BV
EBIT - I
= 4,000,000,000 - 3,200,000,000 = 4
400,000,000 - 200,000,000

Tugas 8 halaman 203