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There are 7 tabbed pages in this exam spreadsheet including this one.
SAVE THIS FILE BACK TO YOUR COMPUTER WITH YOUR NAME IN THE FILENAME.
RESAVE IT OFTEN WHILE YOU ARE COMPLETING IT.
There are 80 points available from the take home portion of this exam.
Points are shown on each tab. Partial credit will be given where possible.
We will have the in class portion of the Mid-term exam on May 8th at 9:30 in our classroom
which is worth 20 points.
This Mid-Term Exam is worth a total of 100 points.
Please let me know if you have any questions regarding your exam.
Inputs for 2018
Tax Rate 35.0%
Note that the inputs
Common Shares Outstanding 350,000
are in dollars but the
Sales $ 6,850,000 statements below are
Selling and G&A Expenses $ 1,025,000 in thousands of
Depreciation $ 845,000 dollars.
Interest Expense $ 120,000
Fixed Expenses $ 1,250,000
Accounts Receivable $ 2,550,000
Inventory $ 1,420,000
Accounts Payable $ 1,045,000
Instructions
Dividends Per Share $ 0.25
Additional Plant/Equipment $ 135,000
Note: 2018 Cost of Goods as a percentage of sales is the
same as it was in 2017.
Income Statements
2017-2018
(Thousands of Dollars)
2018 2017 2018
Sales $ 6,000.00
Cost of Goods 2,875.00
Gross Profit
Selling and G&A Expenses 890.00
Fixed Expenses 1,200.00
Depreciation 825.00
EBIT
Interest Expense 125.00
Earnings Before Taxes
Taxes 29.75
Net Income
Balance Sheets
2015-2016
(Thousands of Dollars)
2018
Cash Flows from Operations
Net Income
Create formulas only
Depreciation Expense
Change in Marketable Securities
in the Orange cells.
Change in Accounts Receivable
The resulting values
need to have the
Change in Inventories
Change in Prepaid Expenses
proper sign for any
Change in Accounts Payable
input values.
Change in Other Current Liabilities
Total Cash Flows from Operations - = USE
Cash Flows From Investing
Change in Plant and Equipment
+ = SOURCE
Change in Long-Term Investments
+ = SOURCE
3.
structions
2017
2017
formulas only
Orange cells.
sulting values
d to have the
r sign for any
ut values.
- = USE
SOURCE
SOURCE
Complete the 2015 and 2016 Income Statements and Balance Sheets using
the information that is provided. All formulas and computations must
appropriately use the 2016 inputs. All computations should reflect any changes
in the inputs
Create the common size income statements and balance sheets for 2017 and 2018
in Columns F and G.
In the Statement of Cash Flows, create a formula in each of the yellow boxes
that will produce the correct result for any values of the inputs.
The company expects to make an outlay for new capital equipment in May, June, July, or August. Create a
month of the outlay. Use this and other input information to complete the Cash Budget. Then complete t
the end of each month in Row 52 and the balance of marketable securities at the end of each month in R
when marketable securities are being used, and it should show zero when marketable securities are not b
Format the range F43:N43 (net cash flow) so that all values less than zero display as red numbers instead
Name the input cells for collections Collect0, Collect1, and Collect 2. Then create and save three scenarios
monthly net cash flow for April - December while changing the collection rates . The GOOD scenario will use
NORMAL scenario will use the base case collection rates given here, and the BAD scenario will use Collect0 = 30%,
scenarios on a separate tabbed page.
INPUTS
Collections on Sales
CASH BUDGET
Mar Apr May
e, July, or August. Create a drop-down list in Cell L24 for the user to select the
h Budget. Then complete the section that gives the balance of short-term loans at
he end of each month in Row 53. The formulas should show positive balances
ketable securities are not being used.
ay as red numbers instead of black numbers for any values of the inputs.
e and save three scenarios using the Scenario Manager that show the company's
The GOOD scenario will use Collect0 = 50%, Collect1 = 30%, and Collect2 = 20%, the
ario will use Collect0 = 30%, Collect1 = 10%, and Collect2 = 60% . Save a summary of the
INPUTS
SH BUDGET
Jun Jul Aug Sep Oct Nov Dec
and Marketable Securities
Jun Jul Aug Sep Oct Nov Dec
Problem 3
Format the area below to look as much
like the picture to the right as possible.
Do not include the arrows.
Each row in your table should show the monthly payment, the interest portion of that payment, the principal portion of th
and the balance immediately following that payment for all payments within the term of the loan. Rows in the table that a
the term of the loan should show nothing (be blank) except for the payment number. All values in the table should be pos
or zero.
In cell H22, create a formula that computes the total dollar amount of interest that will be paid over the life of the loan. gi
inputs.
In cell H25, create a formula that computes the effective annual interest rate for the loan given the inputs.
INPUTS:
Amount of Loan: $ 575,000.00 Total Interest Paid
Term of loan in years over life of loan
Annual Interest Rate on Loan: 7.50%
Balloon Payment $ 25,000.00 Effective Annual
Payment Frequency Interest Rate
3
5
You are planning for your retirement. Your goal is to accumulate enough money in
your retirement account to pay out $110,000 per year for 30 years starting on January 1, 2058.
The account will have a zero balance after the 30 withdrawals. There will be one payout per year.
You plan to make annual deposits into your retirement account on January 1 of every year from 2019
to 2053 (35 deposits). The first deposit will be $50,000. The remaining 34 deposits will all be equal to each other,
but the amount is not yet known. That is the amount you must compute.
The average annual interest rate you expect to earn on the account is given in the green input cell below.
In the space provided, create whatever formulas are needed to compute the dollar amount of the unknown
annual deposits that will be needed to meet your goal.
Ignore taxes. Label your computation steps to enable partial credit. Your formulas should work
for any positive value of the input interest rate.
Computations
Cash Account
t Date Action Flow Balance
INPUTS:
Enter the number of the payment for w
Amount of Loan: $ 650,000 want to compute the required outputs. F
Term of Loan in Years (1 to 10) 15 the 28th monthly payment would be ent
Annual Interest Rate on Loan: 4.25% You can enter any number between 1 an
output must work for any allowable
Payment Number
In the space below, create whatever forumlas are necessary to compute the outputs shown below
for any individual payment within the life of this loan. You can use any calculations that will work, but
you cannot create or use an amortization table. Your solution must work for any rational values of the inputs.
Label your work so your solution process can be followed for possible partial credit.
Required Outputs
For the designated individual montly payment, compute these output values:
Computations
umber of the payment for which you
ute the required outputs. For example,
thly payment would be entered as 28.
any number between 1 and 360. Your
ust work for any allowable inputs.