아주대 재무관리 중간고사 해설

AJOU UNIVERSITY School of Business Administration

Financial Management Spring 2012 Prof. Joo Hee Lee _

Financial Management Midterm Exam Keys
1. (27 points) a). Change in net working capital = ($4,771 - $1,532) - ($6,127 - $4,194) = $1,306 b). The noncash expense is the depreciation in the amount of $1,611 c). Net capital spending = $17,107 - $17,489 + $1,611 = $1,229 d). Operating cash flow = $3,396 + $1,611 - $740 = $4,267 e). Change in net working capital = ($4,771 - $1,532) - ($6,127 - $4,194) = $1,306
Net capital spending = $17,107 - $17,489 + $1,611 = $1,229 Operating cash flow = $3,396 + $1,611 - $740 = $4,267 Cash flow from assets = $4,267 - $1,229 - $1,306 = $1,732 f). Net new borrowing = $10,650 - $9,800 = $850 g). Cash flow to creditors = $1,282 - ($10,650 - $9,800) = $432 h). Dividends paid = $1,374 - ($2,696 - $2,122) = $800 i). Cash flow to stockholders = [$1,374 - ($2,696 - $2,122)] - ($7,000 - $7,500) = $1,300

2. (10 points)
Loan amount = $2,600,000 × 0.80 …(생략)