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2012 2011
Assets
Cash and cash equivalents 102,850 89,725
Accounts receivable 103,365 85,527
Inventories 38,444 34,982
Total current assets 244,659 210,234
Net fixed assets 67,165 42,436
Total assets 311,824 252,670
a. Sales for 2012 were $455,150, and EBITDA was 15% of sales. Furthermore, depreciation and
amortization amounted to 11% of net fixed assets, interest was $8,575 the corporate tax
rate was 40%, and Laiho pays 40% of its net income in dividends. Given this information,
the firms 2012 income statement.
Sales 455,150
EBITDA as a percentage of sales 15%
Depr. as a % of fixed assets 11%
Tax rate 40%
Interest expense 8,575
Dividend payout ratio 40%
2012
Sales 455,150
COGS 386,878
EBITDA 68,273
Depreciation and amortization 7,388
EBIT 60,884
Interest expense 8,575
EBT 52,309
Taxes (40%) 20,924
Net Income 31,386
b. Construct the statement of stockholders' equity for the year ending December 31, 2012,
and the 2012 statement of cash flows.
Common Retained
Stock Earnings
Balances, December 31, 2011 90,000 38,774
Common stock issue 10,000
2012 net income 31,386
Cash dividens (12,554)
Addition to retained earning
Balances, December 31, 2012 100,000 57,605
Operating Activities
Net Income 31,386
Depreciation and amortization 7,388
Increase in accounts payable 7,652
Increase in accruals 7,821
Increase in accounts receivable (17,838)
Increase in inventories (3,462)
Net cash provided by operating activities 32,947
Investing Activities
2012 2011
Nett FA 67,165 42,436
DA 7,388
Gross FA 74,553 42,436
Investing in FA (32,117)
Financing Activities
Increase in notes payable 2,500
Increase in long-term debt 12,349
Increase in common stock 10,000
Payment of common dividends (12,554)
Net cash provided by financing activities 12,295
Summary
Net increase/decrease in cash 13,124
Cash balance at the beginning of the year 89,725
Cash balance at the end of the year 102,849
c. Calculate 2011 and 2012 NOWC and 2012 free cash flow.
Net Operating Working Capital
NWOC11 = Current Asset - (Current Liabilities - Notes Payable)
NWOC11 = 210,234 - 45,765
NWOC11 = 164,469
NOWC 18,952
d. FS Analysis
Current Ratio 2011 2012 Status
CA/CL 3.5 3.1 decrease
18,831
157,605
keluarnya kas akibat pembelian komoditas yang berimbas pula pada kenaikan inventories
disebabkan adanya pembelian aset dan penambahan biaya atas tenaga kerja yang terlihat dari naiknya jumlah Lo
kredit macet oleh pembeli
penambahan stok komoditas dikarenakan tingkat penjulan yang bertambah
NWOC)
18,952
51,069
FCF minus mengindikasikan potensi tidak terkendalinya investasi yang dilakukan oleh perusahaan akibat proses e
jika pada tahun 2011, 1 dollar utang jangka pendek perusahaan dapat dijamin oleh 3,5 dollar total current asset, m
namun justru menandakan kemampuan untuk membayar kewajiban semakin meningkat.
Sebaliknya angka yang ditunjukkan pada quick ratioterjadi penurunan nilai dari tahun 2012 ke tahun 20
dikarenakan inventories dianggap kurang liquid sehingga mempengaruhi kemampuan membayar kewa
Secara umum dapat disimpulkan Balance Sheet dari tahun 2011 ke tahun 2012 mengalami kenaikan w
n inventories
a yang terlihat dari naiknya jumlah Long Term Debt
ukan oleh perusahaan akibat proses ekspansi
n oleh 3,5 dollar total current asset, maka pada tahun 2012 meskipun secara angka turun menjadi 3,1 dollar
Common Retained
Stock Earnings
Balances, December 31, 2011
Common stock issue (Pengurangan Common Stock BS)
2012 net income
Cash dividens minus common dev
Addition to retained earning
Balances, December 31, 2012
Operating Activities
Net Income
Depreciation and amortization
Increase in accounts payable
Increase in accruals
Increase in accounts receivable (-)
Increase in inventories (-)
(1)Net cash provided by operating activities
Investing Activities
Nett FA
DA
Gross FA
Summary
(4)Net increase/decrease in cash (1+2+3)
(5)Cash balance at the beginning of the year
Cash balance at the end of the year (4+5)