Innovative Engineering Company

Perusahaan didirikan oleh Meredith Gale & Shelley Yeaton berbasis partnership

Dalam lima tahun perusahaan berkembang, dengan berkembangnya perusahaan,

perusahaan membutuhkan modal sebsar 1,2 juta. Perusahaan menawarkan
keberbagai investor sebagai mitra
Tapi tidak ada satupun investor yg tertarik sebagai mitra karena risiko terhadap
kekayaan pribadi

Notes:
Jadi kalo perusahaan yg berbasis mitra biasanya risiko tinggi, karena jika bangkrut,
harta kekayaan pemilik bisa habis untuk bayar hutang perusahaan
Kalo perusahaan berbasis PT (perseroan terbatas) ada batasnya dimana harta
pemilik tidak akan terbawa jika perusahaan bangkrut

Oleh karena itu Gale dan Yeaton merencanakan untuk menggabungkan perusahaan.
Setelah melakukan penyeledikian, Arbour Capital Corp tertarik untuk berinvestasi.
Arbour akan memberikan 1,2 juta dengan syarat:
1,1 juta akan menjadi pinjaman jangka panjang
100 ribu akan menjadi saham di Innovative Comp sebesar 10%

Artinya 90% saham akan di miliki oleh Gale & Yeaton bernilai 900 ribu

Gale & Yeaton melakukan perhitungan

Proposal A
Rasio hutang terhadap ekuitas akan lebih besar dari 100% yang dianggap tidak masuk
akan bagi perusahaan
Hutang 1,100,000
Saham Biasa 100,000 Akan dimiliki Arbour
1,200,000
Saham Biasa 900,000 Akan dimiliki Gale & Yeaton

Proposal B
Mengubah rasio hutang / ekuitas dengan menggunakan saham preferen sebagai
pengganti hutang
Hutang 200,000
Saham Preferen 900,000 Akan dimiliki Arbour
Saham Biasa 100,000 Akan dimiliki Arbour
1,200,000

Saham Biasa 100,000 Akan dimiliki Gale & Yeaton

Tapi Arbour tidak menerima saham preferen dan dividen yang melebihi suku bunga
utang
Proposal C Notes Proposal C
Hutang 600,000
Saham Biasa 600,000 Ekuitas Arbour
1,200,000 Jumlah yg dibutuhkan untuk mengembangkan usaha Ekuitas Gale & Y
total
Arbour akan menerima 40% dari jumlah saham

Perwakilan Arbour tertarik dengan perusahaan tetapi Arbour biasanya tidak

berpartisipasi di perusahaan yg masih baru kecuali
Jika Arbour memperoleh 50% ekuitas

Proposal D Notes Proposal D

Arbour tertarik jika
Hutang 300,000
Saham Biasa 900,000 Ekuitas Arbour
1,200,000 Jumlah yg dibutuhkan untuk mengembangkan usaha Ekuitas Gale & Y
total

Tapi Gale & Yeaton tidak senang berbagi kontrol perusahaan dengan pihak luar

Notes:
Alasan kenapa Gale & Yeaton tidak senang karena jika Arbour memiliki 50% artinya
Arbour dapat mengendalikan perusahaan (Arbour akan menjadi pemilik terbesar)

Gale & Yeaton memutuskan untuk melihat apakah ada investor lain selain Arbour
pada salah satu proposal mereka

Dalam menghitung proposal, mereka mengambil biaya bunga 8%

dan tingkat dividen 10% untuk saham preferen
Mereka menganggap (mengira2) Innovative Comp mendapatkan keuntungan 300.000
setahun setelah pajak penghasilan
Ekuitas mereka 900,000

Mereka juga membuat perhitungan pesimis

Pendapatan 100,000 per tahun

perhitungan optimis 500,000 per tahun

Tarif pajak yg berlaku 34%

PERTANYAAN
1 Hitung 4 proposal
 600,000
900,000
1,500,000

900,000
900,000
1,800,000
Innovative Engineering Company

Proposal A Proposal B Proposal C Proposal D

Long Term Debt 1,100,000 200,000 600,000 300,000

Preferred Stock - Arbour - 900,000 - -
Common Stock - Arbour 100,000 100,000 600,000 900,000
Common Stock - G & Y 900,000 900,000 900,000 900,000
Kepemilikan Common Stock - Arbour 10% 10% 40% 50%

Jika pendapatannya pesimis 100.000

Proposal A Proposal B Proposal C Proposal D
Income 100,000 100,000 100,000 100,000
Interest (8%) (88,000) (16,000) (48,000) (24,000)
Tax for Interest (34%) 30,000 6,000 17,000 9,000
Dividend - Preferred (10%) - (90,000) - -
Net Income 42,000 - 69,000 85,000

Return on Common Equity (ROE) 4.2% 0.0% 4.6% 4.7%

Dividen - Common 4,000 - 28,000 43,000

Dividend - Preferred (10%) - 90,000 - -
Interest (8%) 88,000 16,000 48,000 24,000
Total Return 92,000 106,000 76,000 67,000

Return on Investment (ROI) 7.67% 8.83% 6.33% 5.58%

Jika pendapatannya 300.000

Proposal A Proposal B Proposal C Proposal D
Income 300,000 300,000 300,000 300,000
Interest (8%) (88,000) (16,000) (48,000) (24,000)
Tax for Interest (34%) 30,000 6,000 17,000 9,000
Dividend - Preferred (10%) - (90,000) - -
Net Income 242,000 200,000 269,000 285,000

Return on Common Equity (ROE) 24.2% 20.0% 17.9% 15.8%

Dividen - Common 24,000 20,000 108,000 143,000

Dividend - Preferred (10%) - 90,000 - -
Interest (8%) 88,000 16,000 48,000 24,000
Total Return 112,000 126,000 156,000 167,000

Return on Investment (ROI) 9.33% 10.50% 13.00% 13.92%

Jika pendapatannya optimis 500.000

 Proposal A Proposal B Proposal C Proposal D
Income 500,000 500,000 500,000 500,000
Interest (8%) (88,000) (16,000) (48,000) (24,000)
Tax for Interest (34%) 30,000 6,000 17,000 9,000
Dividend - Preferred (10%) - (90,000) - -
Net Income 442,000 400,000 469,000 485,000

Return on Common Equity (ROE) 44.2% 40.0% 31.3% 26.9%

Dividen - Common 44,000 40,000 188,000 243,000

Dividend - Preferred (10%) - 90,000 - -
Interest (8%) 88,000 16,000 48,000 24,000
Total Return 132,000 146,000 236,000 267,000

Return on Investment (ROI) 11.00% 12.17% 19.67% 22.25%

Summary of Return
Proposal A Proposal B Proposal C Proposal D
Return on Equity
Pesimis - 100.000 4.2% 0.0% 4.6% 4.7%
Best Guess - 300.000 24.2% 20.0% 17.9% 15.8%
Optimis - 500.000 44.2% 40.0% 31.3% 26.9%

Return on Investment
Pesimis - 100.000 7.67% 8.83% 6.33% 5.58%
Best Guess - 300.000 9.33% 10.50% 13.00% 13.92%
Optimis - 500.000 11.00% 12.17% 19.67% 22.25%
Base on Case 13-1

For 2011
Revenue 2011 10,281
Current Liabilities 2,285

Acid-test ratio 0.671

Current ratio 1.172
Inventory turnover (times) 10.005
Day's receivables 39.66
Gross margin percentage 15.12%
Profit margin percentage 2.83%
Invested capital turnover (times) 2.091
Debt/equity ratio (percentage) 62.15%
Return on shareholder's equity = Net Income
Equity

1 Account Receivable
Revenue * Day's Receivabes
Days for 1 year

2 Cash+Marketable+AR
Current Liabilities * Acid-test ratio

3 Cash +Marketable
Cash+Marketable+AR - AR

4 Total Current Assets

Current Liabilitis * Current ratio

5 Total Investasi: Non current Liabilities+Equity

Ravenue
Invested capital turnover

6 Total Liabilities+Equity
Current Liabilities + Total Investasi

7 Non Current Liabilities

Total Investasi * Debt/equity ratio (percentage)
 1 + Debt/equity ratio (percentage)

8 Total Equity
Total Liabilitie+Equity - Total Current Liabilities - Total Non Current Liabilities

9 Total Assets
Total Libailities+Equity

10 Non Current Assets

Total Assets - Total Current Assets

11 Gross Margin
Revenue * Gross Margin

12 Cost of Sales
Revenue - Gross Margin

13 Inventory
Cost of Sales
Inventory Turnover

14 Prepaid Expenses
Total Current Asset - ( Cash+Marketavle+AR + Inventory )

15 Net Income
Revenue * Profit Margin

16 Expenses
Gross Margin - Net Income
 Genmo Corporation
Income Statement For The Year Ended 2011

Revenue
COGS
Gross Margin

Expenses
Net Income

Genmo Corporation
= 291.06 = 10% Balance Sheet as of December 31, 2011
3,032
Assets
Current Asset
= 10,281 * 39.66 Cash & Marketable securities
365 Account Receivable
= 1,117 Inventory
Prepaid Expenses
Total Current Assets
= 2,285 * 0.671
= 1,533 Non Current Assets
Total Assets

= 1,533 - 1,117
= 416 Liabilities
Current Liabilities
Non Current Liabilities
= 2,285 * 1.172 Total Liabilities
= 2,678
Equity
Tota Liabilities + Equity
= 10,281
2.091
= 4,917

= 2,285 + 4,917
= 7,202

= 4,917 * 62.15%
 1 + 62.15%
= 3,056
2
= 1884.54064

= 7,202 - 2,285 - 1884.541

= 3,032

= 7,202

= 7,202 - 2,678
= 4,524

= 10,281 * 15.12%
= 1,554

= 10,281 - 1,554
= 8,727

= 8,727
10.005
= 872

= 2,678 - ( 1,533 + 872 )

= 273

= 10,281 * 2.83%
= 291.06

= 1,554 - 291.06
= 1,263.43
Corporation
or The Year Ended 2011

10,281
8,727
1,554

1,263.43
291.06

Corporation
of December 31, 2011

416
1,117
872
273
2,678

4,524
7,202

2,285
1884.54064
4,170

3,032
ilities + Equity 7,202
Hospital Supply, Inc

Normal Volume 3,000 unit

Harga Jual 4,350

Unit manufacturing costs:

Variable materials 550
Variable labor 825
Variable overhead 420
Fixed overhead 660
Total unit manufacturing costs 2,455
Unit marketing costs:
Variable 275
Fixed 770
Total unit marketing costs 1,045
Total unit costs 3,500

Question 1
Total Fixed costs:
Fixed overhead 660
Fixed 770
1,430
Volume 3,000 unit
Total Fixed costs 4,290,000

Margin (Keuntungan per unit) = harga jual - cost per unit (jumlah variable per unit)
= 4,350 - 2,070
= 2,280

Break Even Point - Volume = 4,290,000

2,280
= 1,882 unit

Break Even Sales = BEP Volume * Price

= 1,882 * 4,350
= 8,186,700

Question 2

Normal Price Price Cut

Price 4,350 3,850
Quantity 3,000 3,500
Revenue 13,050,000 13,475,000

Variable per unit 2,070 2,070

Total Variable Costs (6,210,000) (7,245,000)

Fixed Cost 1,430 1,430

Total Fixed Cost (4,290,000) (4,290,000)
Net Income 2,550,000 1,940,000

Question 3
Without Regular
Gov Contact
Price 4,350 4,350
Quantity 4,000 3,500
Revenue 17,400,000 15,225,000

Variable per unit 2,070 2,070

Total Variable Costs (8,280,000) (7,245,000)

Fixed Cost 1,430 1,430

Total Fixed Cost (4,290,000) (4,290,000)
Net Income 4,830,000 3,690,000

Question 4

Harga Minimum = Total variable cost manufacturing

= 1,795

= 2,227

bisa pake rumus break event point

Question 6
Normal Price 1000 units
contracted
Price 4,350 4,350
Quantity 3,000 3,000
Revenue 13,050,000 13,050,000

Unit contracted 1,000

Variable per unit Manufacture 1,795 1,795
Variable per unit 275 220
Total Variable Costs Manufacture (5,385,000) (3,590,000)
Total Variable Costs (825,000) (770,000)

Fixed Cost Manufacture 660 660

Fixed Cost 770 770
Total Fixed Cost Manufacture (1,980,000) (1,386,000)
Total Fixed Cost (2,310,000) (2,310,000)
Pyament to Contractor x
Net Income 2,550,000 4,994,000 -x

4,994,000 -x = 2,550,000
x = 2,444,000
1000 unit = 2,444,000

payment to
contractor per
unit = 2,444

Question 7 Contract
Normal Price Regular 1000

Price 4,350 4,350 4,350

Quantity 3,000 2,000 1,000
Revenue 13,050,000 8,700,000 4,350,000

Unit contracted

Variable per unit Manufacture 1,795 1,795 1,795

Variable per unit 275 275 275
Total Variable Costs Manufacture (5,385,000) (3,590,000)
Total Variable Costs (825,000) (550,000) (220,000)

Fixed Cost Manufacture 660

Fixed Cost 770
Total Fixed Cost Manufacture (1,980,000)
Total Fixed Cost (2,310,000)
Pyament to Contractor
Net Income 2,550,000
ost per unit (jumlah variable per unit)

Difference
 425,000

(1,035,000)

-
(610,000)

Government

+ shipping cost + contract cost/ unit

+ 410 + 22,000
1,000
 Total
Modified

4,950
800
3,960,000 17,010,000

3,025
550
(2,420,000) (6,010,000)
(440,000) (1,210,000)

(1,980,000)
(2,310,000)

5,500,000