[大学课件]《财务管理基础第13版》相关章节答案精品.ppt

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructor’s Manual d. The graph shows that the sensitivity of a firm’s operating profit to changes in sales decreases further, as the firm operates above its break-even point. The company is operating close to its break-even point. Therefore, at its current monthly sales level of 4,400 units, its sensitivity to sales changes is quite high. Its DOL at 4,400 units is 5.5 – meaning any percent change in operating profits will be 5.5 times as large as the percent change in sales that causes it. 2. a. QBE = $180,000/($250 – $150) = 1,800 units b. QBE = $160,000/($200 – $150) = 3,200 units c. QBE = $240,000/(4200 – $140) = 4,000 units 3. a. QBE = $1,200/($100 – $20) = 15 horses b. EBIT = 40($100 – $20) – $1,200 = $2,000 4. a. Using an expected level of EBIT of $1 million, the earnings per share are: Plan 1 2 3 4 EBIT (in thousands) Interest EBT Taxes EAT Preferred dividends EACS Number of shares EPS $1,000 0 $1,000 500 $ 500 0 $ 500 250 $ 2.00 $1,000 240 $ 760 380 $ 380 0 $ 380 175 $ 2.17 $1,000 400 $ 600 300 $ 300 0 $ 300 125 $ 2.40 $1,000 400 $ 600 300 $ 300 150 $ 150 75 $ 2.00 161 ? Pearson Education Limited 2008 * Chapter 16: Operating and Financial Leverage The intercepts on the horizontal axis for the four plans are $0, $240,000, $400,000, and $700,000 respectively. With this information, the EBIT-EPS indifference chart is: b. The “dominant” financing plans are #1, #3, and #4. For the EBIT indifference point between Plans #1 and #3, we have: (EBIT1, 3 – 0) (0.5) / 250,000 = (EBIT1, 3 – $400,000) (0.5) / 125,000 (0.5) (EBIT1, 3) (125,000) = (0.5) (EBIT1, 3) (250,000) – (0.5) ($400,000) (250,000) – (62,500) (EBIT1, 3) = – $50,000,000,000 EBIT1,3 = $800,000 For the indifference point between Plans #3 and #4, we have: (EBIT3, 4 – $400,000)(0.5)/125,000 = [(EBIT3, 4 – $400,00