Pertanyaan

Suppose that a firm makes a purchase and receives the shipment on February 1. The terms of trade
as stated on the invoice read “2/10, net 40, May 1 dating.”
What is the latest date on which payment can be made and the discount still be taken?
What is the date on which payment must be made if the discount is not taken?

Jawaban :
 Pembelian dimulai tanggal 1 Februari
 Barang tiba tanggal 1 Mei
 2/10 = Perusahaan akan mendapatkan diskon (potongan) sebesar 2% apabila membayar dalam
jangka waktu 10 hari yakni dimulai dari tanggal 2 s.d. 11 Mei.
 Net 40 = Pembayaran di lakukan dalam jangka waktu 40 hari yakni sampai dengan tanggal 10
Juni
 Jadi batas akhir pembayaran bila ingin mendapatkan diskon yakni tanggal 11 Mei dan
Pembayaran harus dilakukan jika diskon tidak diambil yakni daeri tanggal 12 Mei s.d. 10 Juni.

Pertanyaan

Big Sky Mining Company must install $1.5 million of new machinery in its Nevada mine. It can obtain
a bank loan for 100% of the purchase price, or it can lease the machinery. Assume that the following
facts apply:
1. The machinery falls into the MACRS 3-year class.
2. Under either the lease or the purchase, Big Sky must pay for insurance, property taxes, and
maintenance.
3. The firm's tax rate is 40%.
4. The loan would have an interest rate of 15%.
5. The lease terms call for $400,000 payments at the end of each of the next 4 years.
6. Big Sky Mining has no use for the machine beyond the expiration of the lease, and the machine
has an estimated residual value of $250,000 at the end of the 4th year.

What is the NAL (Net Advantage of Leasing) of the lease?

Jawaban :

Year 0 1 2 3 4
Cost of Owning
After-tax loan payments ($135,000) ($135,000) ($135,000) ($1,635,000)
Maintenance Cost
Tax savings from main.
Tax savings from depr. $198,000 $270,000 $90,000 $42,000
Residual value $250,000
Tax on residual value ($100,000)
Net cash flow $0 $63,000 $135,000 ($45,000) ($1,443,000)
PV ownership cost @ 9% $ (885,580.87)

Cost of Leasing
Lease payment(AT) ($240,000) ($240,000) ($240,000) ($240,000)
Net cash flow $0 ($240,000) ($240,000) ($240,000) ($240,000)
PV of leasing @ 6.5% $ (777,532.77)
 Cost Comparison
PV ownership cost @ 9% $ (885,580.87)
PV of leasing @9% $ (777,532.77)
Net Advantage to Leasing $ 108,048.10

NPV LEASE ANALYSIS

Year = 0 1 2 3 4
Cost of Owning
After-tax loan payments ($135,000) ($135,000) ($135,000) ($1,635,000)
Maintenance Cost
Tax savings from main.
Tax savings from depr. $198,000 $270,000 $90,000 $42,000
Residual value $250,000
Tax on residual value ($100,000)
Net cash flow $0 $63,000 $135,000 ($45,000) ($1,443,000)
PV ownership cost @ 9% $ (885,580.87)

Cost of Leasing
Lease payment(AT) ($240,000) ($240,000) ($240,000) ($240,000)
Net cash flow $0 ($240,000) ($240,000) ($240,000) ($240,000)
PV of leasing @ 6.5% $ (777,532.77)

Cost Comparison
PV ownership cost @ 9% $ (885,580.87)
PV of leasing @9% $ (777,532.77)
Net Advantage to Leasing $ 108,048.10