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Mata Kuliah: Analisis Laporan Keuangan


Dosen Koordinator: Prof. Dr. Slamet Sugiri., MBA., CA., CPA., FCMA., Asean CPA., Akt.
Dosen Pengampu: Dewi Wulansari, SE., M.SC

ExeRcise 1O-5 Determining the Effect of Transactions on Solvency Ratios

Data keuangan ($ ribuan) untuk Wisconsin Wilderness, Inc., direproduksi di bawah ini:

Kewajiban jangka pendek $ 5OO


Kewajiban jangka panjang 8OO
Modal ekuitas. 1.2OO
Uang tunai dari operasi. 3OO
penghasilan sebelum pajak 2OO
Beban bunga 4O

Diminta:
Tunjukkan efek yang dimiliki masing-masing transaksi dan kejadian di Wisconsin Wilderness (1 hingga 1O) di bawah ini
terhadap masing-masing dari empat rasio di bawah ini. (Setiap transaksi tidak tergantung pada yang lain, pertimbangkan
hanya efek langsungnya.) Gunakan I untuk kenaikan, D untuk penurunan, dan NE untuk tidak ada efek.

a. Total debt to equity.


b. Long-term debt to equity.
c. Earnings to fixed charges (exceeds 1.O before transactions and events).
d. Cash flow to fixed charges (exceeds 1.O before transactions and events
Jawab:

Kejadian Debt LT Debt Earnings Cash FLow


Equity Equity Fixed Charges Fixed Charges

1. Increase in tax rate.


2. Retire bonds—paid in cash.
3. Issue bonds to finance expansion.
4. Issue preferred stock to finance expansion.
5. Depreciation expense increases.
6. Collect accounts receivable.
7. Refinance debt resulting in higher interest cost.
8. Capitalize higher proportion of interest expense.
9. Convert convertible debt into common stock.
1O. Acquire inventory on credit

Meningkat Menurun Tidak terpengaruhi

Problem 1O-11 Calculating Financial Ratios on Debt and Equity Securities


Lihat data keuangan Fox Industries Ltd .:

FOX INDUSTRIES LIMITED


Condensed Income Statement ($ thousands)

Fiscal Year Ended


Year 7 Year 6 Year 5 Year 4 Year 3
Earnings before depreciation, interest on long-term debt,
and taxes $8,75O $8,25O $8,OOO $7,75O $ 7,25O
Less: Depreciation (4,OOO) (3,75O) (3,5OO) (3,5OO) (3,25O)
Earnings before interest on long-term debt and taxes $4,75O $4,5OO $4,5OO $4,25O $4,OOO
FOX INDUSTRIES LIMITED
Capitalization at December 31, Year 7 ($ thousands)
Long-term debt
First mortgage bonds
5.OO% serial bonds due Year 8 to Year 1O $ 7,5OO
6.OO% sinking fund bonds due Year 15 17,5OO
Debentures
6.5O% sinking fund debentures due Year 16 1O,OOO
Total long-term debt $35,OOO
Capital stock
$1.1O cumulative redeemable preferred, stated value
$5.OO per share (redeemable at $2O.OO share) $ 1,5OO
4OO,OOO Class A shares, no par value 14,OOO
1,OOO,OOO common shares, no par value, 6,OOO
Total capital stock 21,5OO
Paid-in capital 7,OOO
Retained earnings 18,5OO
Total long-term debt and equity $ 82,OOO

Diminta:
a. Compute the (1) earnings coverage ratio for Year 7, and (2) average earnings coverage ratio for the five-year period
Year 3 through Year 7 (inclusive), separately on the first mortgage bonds and on the sinking fund debentures at the
end of Year 7.
b. Compute the long-term debt to equity ratio as of December 31, Year 7, and identify the proportion of equity
represented by shares senior to common shares.
c. Assuming a 5O% income tax rate, calculate the (1) earnings coverage ratio for Year 7, and (2) average earnings
coverage ratio for the five-year period Year 3 through Year 7 (inclusive), on the $1.1O cumulative redeemable preferred
shares at the end of Year 7
d. Assuming a 5O% income tax rate and full conversion of the Class A shares, calculate earnings per common share for
the end of Year 7.
Interest from First Mortgage Bonds:
5.O% X 7,5OO = 375
6.O% X 17,5OO = 1,O5O
Sub-Total 1,425
Sinking Fund Debentures 6.5% X 1O,OOO: 65O
Total interest incurred $ 2,O75

a. Compute the (1) earnings coverage ratio for Year 7, and (2) average earnings coverage ratio for the five-year period
Year 3 through Year 7 (inclusive), separately on the first mortgage bonds and on the sinking fund debentures at the
end of Year 7.
(1) Earnings Coverage Ratio on the First Mortgage Bonds (pre-tax basis)
Based on Year 7 earnings
$4,75O = 3.33
$ 1,425
Based on 5-year average, Earnings equals to ($4,75O+$4,5OO+$4,5OO+$4,25O+$4,OOO)/5= $ 4,4OO
$4,4OO = 3.O8
$ 1,425
(2) Earnings Coverage Ratio on the Sinking Fund Debentures (pre-tax basis)
Based on Year 7 earnings
$4,75O = 7.3O
$ 65O
Based on 5-year average, Earnings equals to ($4,75O+$4,5OO+$4,5OO+$4,25O+$4,OOO)/5= $ 4,4OO
$4,4OO = 6.77
$ 65O

b. Compute the long-term debt to equity ratio as of December 31, Year 7, and identify the proportion of equity
represented by shares senior to common shares.
(a) Long-Term Debt to Equity Ratio
$35,OOO = 74%
$47,OOO
It means thath 74% of capital is debt
proportion of equity represented by shares senior to common shares.
3OOk preference share issued x $2O = 6,OOO $2O,OOO = 42 .6%
Class A shares 14,OOO $47,OOO
Senior to common stock 2O,OOO
Of equity capital, 42.6% is senior to common stock
c. Assuming a 5O% income tax rate, calculate the (1) earnings coverage ratio for Year 7, and (2) average earnings
coverage ratio for the five-year period Year 3 through Year 7 (inclusive), on the $1.1O cumulative redeemable preferred
shares at the end of Year 7

Earnings Coverage Ratio on the Cumulative Redeemable Preferred


Interest requirements for long-term debt $2,O75
preferred dividend—tax adjusted [(3OO,OOO)($1.1)](1-.5O)-1] 66O
Required pre-tax $2,735

earnings coverage ratio Based on Year 7 earnings


$4,75O = 1.74
$ 2,735
earnings coverage ratio Based on 5-year average,
$4,4OO = 1.6O
$ 2,735

d. Assuming a 5O% income tax rate and full conversion of the Class A shares, calculate earnings per common share for
the end of Year 7.
Earnings per Share Computation Assuming Conversion
Year 7 earnings before interest and taxes $ 4,75O
Interest expense (2,O75)
Pre-tax income $ 2,675
Taxes (5O%) (1,337)
After-tax income $ 1,338
preferred dividends (33O)
Available for common shareholders $ 1,OO8
Divided by 1,8OO,OOO shareholders 1.8OOOk
Earnings Per Share $ O.56
Case 1O-2 Preparing and Interpreting Cash Flow Forecasts

Kopp Corporation’s income statement and balance sheet for the year ending December 31, Year 1, tersedia di buku halaman
6o6.

Diminta:
a. Statement of forecasted cash inflows and outflows (what-if analysis) for the year ending December31, Year 2.
b. Apakah Kopp Corporation harus meminjam dana d Year 2?

Jawab:
a. Statement of forecasted cash inflows and outflows (what-if analysis) for the year ending December31, Year 2.
First we need to identify the numbers that are needed in order to calculate the forecasted cashflows.

Year 2 = Year 1 Sales x 115% Ending A.R. = Average daily sales x Collection Period
inventory = $ 96O,OOO x 1.15 = ($1,1O4,OOO/36O) x 9O
= $ 1,1O4,OOO = $276,OOO

Year 2 COGS = Year 1 COGS x 11O% Average = COGS / Average inventory turnover

= $55O,OOO x 1.1 inventory = $6O5,OOO / 6

= $6O5,OOO = $1OO,833.33
Ending = (Average inventory x 2) - (Beginning Inventory) Year 2 = COGS + Ending inventory - Beginning inventory

Inventory = ($1OO,833.33 x 2) - $112,OOO Purchases = $6O5,OOO + $89,667 - $112,OOO

= $89,667 = $582,667
Ending A.P. = Yr 2 Purchases x (Beg. A.P. / Yr 1 Purchases) Year 2 = Year 1 selling and admin exp x 11O%
= $582,667 x ($6O,OOO/$45O,OOO) cash exp = $16O,OOO x 1.1O
= $77,689 = $176,OOO

Year 2 income = [Sales - (COGS + Depr. + Selling & admin exp.)] x 48%

tax exp = [$1,1O4,OOO - ($6O5,OOO + ($3O,OOO x 1O5%) + $176,OOO)] x 48%

= $139,92O

Cash Expenses = Cash expenses + Income Tax Expenses


= $176,OOO

= $176,OOO + $ 139,92O

= $315,92O

= $176,OOO
Kopp Corporation
Forecasted Statement of Cash Receipts and Payments
For the Year Ended December 31, Year 2
Beginning cash balance $ 3O,OOO
Cash receipts
Beg. accounts receivable $ 52,OOO
+ Sales for Year 2 1,1O4,OOO
- Ending accounts receivable (276,OOO)
Cash collections 88O,OOO
Total cash inflows 91O,OOO
Cash disbursements
Beg. accounts payable 6O,OOO
+ Purchases for Year 2 582,667
- Ending accounts payable (77,689)
Payments to creditors 564,978
Payments for cash expenses 315,92O
Payment of notes payable 2O,OOO
Payment of long-term debt 25,OOO
Total cash disbursements 925,898
Net cash flow $ (15,898)
Less: Minimum cash balance (2O,OOO)
Cash borrowings expected $ (35,898)

b. Apakah Kopp Corporation harus meminjam dana d Year 2?


Ya, Kopp diprediksi akan membutuhkan dana sebesesar $ 35,898 berdasarkan analisis yang dibuat diatas.