Use the following information for Questions 1 through 5:
Assume you are presented with the following mutually exclusive investments whose expected net cash flows are as follows:
EXPECTED NET CASH FLOWS: |
|
|
Year |
Project A |
Project B |
0 |
−$400 |
−$650 |
1 |
−528 |
210 |
2 |
−219 |
210 |
3 |
−150 |
210 |
4 |
1,100 |
210 |
5 |
820 |
210 |
6 |
990 |
210 |
7 |
−325 |
210 |
Use the following information for Questions 6 through 8:
The staff of Porter Manufacturing has estimated the following net after-tax cash flows and probabilities for a new manufacturing process:
Line 0 gives the cost of the process, Lines 1 through 5 give operating cash flows, and Line 5* contains the estimated salvage values. Porter’s cost of capital for an average-risk project is 10%.
Net After-Tax Cash Flows |
|
||
Year |
P = 0.2 |
P = 0.6 |
P = 0.2 |
0 |
−$100,000 |
−$100,000 |
−$100,000 |
1 |
20,000 |
30,000 |
40,000 |
2 |
20,000 |
30,000 |
40,000 |
3 |
20,000 |
30,000 |
40,000 |
4 |
20,000 |
30,000 |
40,000 |
5 |
20,000 |
30,000 |
40,000 |
5* |
0 |
20,000 |
30,000 |
Use the following information for Question 9:
At year-end 2013, Wallace Landscaping’s total assets were $2.17 million and its accounts payable were $560,000. Sales, which in 2013 were $3.5 million, are expected to increase by 35% in 2014. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $625,000 in 2013, and retained earnings were $395,000. Wallace has arranged to sell $195,000 of new common stock in 2014 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2014. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 5%, and 45% of earnings will be paid out as dividends.
9. What were Wallace’s total long-term debt and total liabilities in 2013?
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