Desak Made Laksmi Devi

041113100

English Class

Soal 1

Asset price ; A$380,000

Straight line depreciation :

Asset Tax

Year 0 : 380,000 114,000

Year 1 : -76,000-22,800

Year 2 : -76,000-22,800

Year 3 : -76,000-22,800

Year 4: -76,000 -22,800

Year 5 : -76,000-22,800

Asset sale :

Value : A$ 42,000

- Tax : 30% =-12,600

Cash flow : A$ 29,400

Soal 2

Cash flow :

Year 0 : -125,000,000 ( machine and starting equity )

Year 1 : Profit-20%tax-10% interest – depreciation

= 40,000,000 – 10,000,000 – 5,000,000 – 18,000,000

= 7,000,0000

Year 2-5 = Same as Year 1

End of year 5 : Sale of machine : 12,000,000 – 10,000,000 (book value) = 2,000,000 (Cash inflow ) –
20% tax = 2,000,000 – 400,000 = 1,600,000

Net cash inflow (aftertax ) = 40,000,000 – 20% tax = 40,000,000 – 10,000,000 = 30,000,000

Net cash inflow (aftertax ) from machine sale ; 1,600,000

NPV = -125,000,000 + Net cash inflow of 7 million for 5 years ( 10% interest ) + Year 5 cash flow of 1.6
million = 97,561,334.33

Soal 3

Income Statement

Sales : 80,000

Expenses : 62,500

EBIT : 17,500

Tax : (3,500)

Net income : 14,000

Statement of Financial Position

2011

Aktiva : 44,500 Debt : 20,400

Equity : 20,800

EFN : 3,300

Total : 44,500 44,500

b.EFN needed : 3,300

c. Full sales capacity : 64,000 : 85% = 75,294.12

Ratio of asset to sales : 35,600 / 75,294.12 = 0.47

If projected sales : 80,000 then required asset :

80,000 x 0.47 =37,600

EFN = 37,600 – 35,600 = 2,000

Soal 4

a.Sales : 6,000 x 250 = 1,500,000

VC = 6,000 x 150 = 900,000

FC = 200,000

EBIT : 400,000

Tax = 30% = 120,000

NCF = 280,000 / year

b.NPV = First investment of 750,000, 5 years’ net cash inflow of 280,000 at 15% interest

= 188,603.43

c. Sales : 5,400 x 250 = 1,350,000

VC = 5,400 x 157.5 =850,500

FC = 220,000

EBIT : 279,500

Tax = 30% = 83,850

NCF =195,650 / year

NPV = First investment of 750,000, 5 years’ net cash inflow of 195,650 at 15% interest

= 94,150.86

The project is still viable

Soal 5

Ratio Ratio Cost WACC

Utang Obligasi(D) = 45jt 0.3 8.89% 2.67%

Saham Istimewa(P) = 30jt 0.2 25% 5%

laba ditahan(R) = 25jt 0.167 35.7% 5.96%

saham biasa(E) = 50Jt 0.333 35.7% 11.9%

150 juta 1 25.6%

a. Cost of equity
D1 = D0x (1 + g)

= 500x 1.03 = 515

Re=D1/Po+g

=515/2000+0.1

=35,7%

Cost of debt

- Saham istimewa

Rp = D/Po

=500/2000

=25%

- Obligation

Kd*=Kd(1-t)

=(5jt/45jt)(1-0.2)

=8.89%

b. WACCnya 25.6%