- 1、本文档共45页,可阅读全部内容。
- 2、有哪些信誉好的足球投注网站(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
- 5、该文档为VIP文档,如果想要下载,成为VIP会员后,下载免费。
- 6、成为VIP后,下载本文档将扣除1次下载权益。下载后,不支持退款、换文档。如有疑问请联系我们。
- 7、成为VIP后,您将拥有八大权益,权益包括:VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
- 8、VIP文档为合作方或网友上传,每下载1次, 网站将根据用户上传文档的质量评分、类型等,对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档
;;;;;;(523,936);L-TINVESTINGACTIVITIES;Netcashfromoperations=-$523,936,mainlybecauseofnegativeNI.
Thefirmborrowed$1,185,568tomeetitscashrequirements.
Evenafterborrowing,thecashaccountfellby$50,318.;;;;;;;;InordertogeneratepositiveEVA,afirmhastomorethanjustcoveroperatingcosts.Itmustalsoprovideareturntothosewhohaveprovidedthefirmwithcapital.
EVAtakesintoaccountthetotalcostofcapital,whichincludesthecostofequity.;;;Company MarketValueAdded
Microsoft $328,257million
GeneralElectric $285,320million
Intel $166,902million
Wal-MartStores $159,444million
Coca-Cola $157,536million
Merck $153,170million
Pfizer $148,245million
CiscoSystems $135,650million
LucentTechnologies $127,265million
Bristol-MyersSquibb $119,350million;Probablynot.
A/Pincreased260%overthepastyear,whilesalesincreasedbyonly70%.
Ifthiscontinues,suppliersmaycutoffD’Leon’stradecredit.;No,thenegativeNOPATanddeclineincashpositionshowsthatD’Leonisspendingmoreonitsoperationsthanitistakingin.;1. Thecompanyoffers60-daycreditterms.Theimprovedtermsarematchedbyitscompetitors,sosalesremainconstant.;2. Salesdoubleasaresultofthe
changeincreditterms.;D’Leonfinanceditsexpansionwithexternalcapital.
D’Leonissuedlong-termdebtwhichreduceditsfinancialstrengthandflexibility.;;Noeffectonphysicalassets.
Fixedassetsonbalancesheetwoulddecline.
Netincomewoulddecline.
Taxpaymentswoulddecline.
Cashpositionwouldimprove.;;;;;;;;Assumeyoursalaryis$45,000,andyoureceived$3,000individends.Youaresingle,soyourpersonalexemptionis$2,750andyouritemizeddeductionsare$4,850.;;TaxLiability:
TL =$3,862.50+0.28($14,650)
=$7,964.50?$7,965.
MarginalTaxRate=28%.
AverageTaxRate:
Taxrate==19.71%?19.7%.;;Assumeacorporationhas$100,000oftax
文档评论(0)