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2. Which of the following statements is CORRECT? a. A firm

Resolved Question:

2. Which of the following statements is CORRECT?

a. A firm that makes 90% of its sales on credit and 10% for cash is growing at a constant rate of
10% annually. Such a firm will be able to keep its accounts receivable at the current level, since the 10% cash sales can be used to finance the 10% growth rate.
b. In managing a firm's accounts receivable, it is possible to increase credit sales per day yet still keep accounts receivable fairly steady, provided the firm can shorten the length of its collection period (its DSO) sufficiently.
c. Because of the costs of granting credit, it is not possible for credit sales to be more profitable than cash sales.
d. Since receivables and payables both result from sales transactions, a firm with a high receivables-to-sales ratio must also have a high payables-to-sales ratio.
e. Other things held constant, if a firm can shorten its DSO, this will lead to a higher current ratio.

3. Halka Company is a no-growth firm. Its sales fluctuate seasonally, causing total assets to vary from $320,000 to $410,000, but fixed assets remain constant at $260,000. If the firm follows a maturity matching (or moderate) working capital financing policy, what is the most likely total of long-term debt plus equity capital?
a.
$260,642
b.
$274,360
c.
$288,800
d.
$304,000
e.
$320,000

4. Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate. As one part of your analysis, you want to determine the firm’s cash conversion cycle. Using the following
information and a 365-day year, what is the firm’s present cash conversion cycle?
Average inventory =
$75,000
Annual sales =
$600,000
Annual cost of goods sold =
$360,000
Average accounts receivable =
$160,000
Average accounts payable =
$25,000
a. 120.6 days b. 126.9 days c. 133.6 days d. 140.6 days e. 148.0 days

5. Affleck Inc.'s business is booming, and it needs to raise more capital. The company purchases supplies on terms of 1/10 net 20, and it currently takes the discount. One way of getting the needed funds would be to forgo the discount, and the firm's owner believes she could delay payment to 40 days without adverse effects. What would be the effective annual percentage cost of funds raised by this action? (Assume a 365-day year.)
a.
10.59%
b.
11.15%
c.
11.74%
d.
12.36%
e.
13.01%
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  Mr. Gregory White replied 1 year ago.
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Customer: replied 1 year ago.


I have 30 more questions.


 


 


Question 1


 


Which of the following statements is CORRECT?


Answer





















When firms are deciding on the size of stock splits—say whether to declare a 2-for-1 split or a 3-for-1 split, it is best to declare the smaller one, in this case the 2-for-1 split, because then the after-split price will be higher than if the 3-for-1 split had been used.



Back before the SEC was created in the 1930s, companies would declare reverse splits in order to boost their stock prices. However, this was determined to be a deceptive practice, and it is illegal today.



Stock splits create more administrative problems for investors than stock dividends, especially determining the tax basis of their shares when they decide to sell them, so today stock dividends are used far more often than stock splits.



When a company declares a stock split, the price of the stock typically declines—by about 50% after a 2-for-1 split—and this necessarily reduces the total market value of the equity.



If a firm’s stock price is quite high relative to most stocks—say $500 per share—then it can declare a stock split of say 10-for-1 so as to bring the price down to something close to $50. Moreover, if the price is relatively low—say $2 per share—then it can declare a “reverse split” of say 1-for-25 so as to bring the price up to somewhere around $50 per share.



2 points


Question 2


 


If a firm adheres strictly to the residual dividend policy, then if its optimal capital budget requires the use of all earnings for a given year (along with new debt according to the optimal debt/total assets ratio), then the firm should pay


Answer





















no dividends except out of past retained earnings.



no dividends to common stockholders.



dividends only out of funds raised by the sale of new common stock.



dividends only out of funds raised by borrowing money (i.e., issue debt).



dividends only out of funds raised by selling off fixed assets.



2 points


Question 3


 


Which of the following statements is correct?


Answer





















The tax code encourages companies to pay dividends rather than retain earnings.



If a company uses the residual dividend model to determine its dividend payments, dividends payout will tend to increase whenever its profitable investment opportunities increase.



The stronger management thinks the clientele effect is, the more likely the firm is to adopt a strict version of the residual dividend model.



Large stock repurchases financed by debt tend to increase earnings per share, but they also increase the firm’s financial risk.



A dollar paid out to repurchase stock is taxed at the same rate as a dollar paid out in dividends. Thus, both companies and investors are indifferent between distributing cash through dividends and stock repurchase programs.



2 points


Question 4


 


Which of the following statements is correct?


Answer





















If a company has a 2-for-1 stock split, its stock price should roughly double.



Capital gains earned in a share repurchase are taxed less favorably than dividends; this explains why companies typically pay dividends and avoid share repurchases.



Very often, a company’s stock price will rise when it announces that it plans to commence a share repurchase program. Such an announcement could lead to a stock price decline, but this does not normally happen.



Stock repurchases increase the number of outstanding shares.



The clientele effect is the best explanation for why companies tend to vary their dividend payments from quarter to quarter.



2 points


Question 5


 


Which of the following statements is correct?


Answer





















Under the tax laws as they existed in 2008, a dollar received for repurchased stock must be taxed at the same rate as a dollar received as dividends.



One nice feature of dividend reinvestment plans (DRIPs) is that they reduce the taxes investors would have to pay if they received cash dividends.



Empirical research indicates that, in general, companies send a negative signal to the marketplace when they announce an increase in the dividend, and as a result share prices fall when dividend increases are announced. The reason is that investors interpret the increase as a signal that the firm has relatively few good investment opportunities.



If a company wants to raise new equity capital rather steadily over time, a new stock dividend reinvestment plan would make sense. However, if the firm does not want or need new equity, then an open market purchase dividend reinvestment plan would probably make more sense.



Dividend reinvestment plans have not caught on in most industries, and today about 99% of all companies with DRIPs are utilities.



2 points


Question 6


 


Which of the following actions will best enable a company to raise additional equity capital?


Answer





















Refund long-term debt with lower cost short-term debt.



Declare a stock split.



Begin an open-market purchase dividend reinvestment plan.



Initiate a stock repurchase program.



Begin a new-stock dividend reinvestment plan.



2 points


Question 7


 


Which of the following statements is correct?


Answer





















One advantage of dividend reinvestment plans is that they enable investors to avoid paying taxes on the dividends they receive.



If a company has an established clientele of investors who prefer a high dividend payout, and if management wants to keep stockholders happy, it should not
follow the strict residual dividend policy.



If a firm follows a strict residual dividend policy, then, holding all else constant, its dividend payout ratio will tend to rise whenever the firm’s investment opportunities improve.



If Congress eliminates taxes on capital gains but leaves the personal tax rate on dividends unchanged, this would motivate companies to increase their dividend payout ratios.



Despite its drawbacks, following the residual dividend policy will tend to stabilize actual cash dividends, and this will make it easier for firms to attract a clientele that prefers high dividends, such as retirees.



2 points


Question 8


 


Which of the following statements is correct?


Answer





















If a firm repurchases some of its stock in the open market, then shareholders who sell their stock for more than they paid for it will be subject to capital gains taxes.



An open-market dividend reinvestment plan will be most attractive to companies that need new equity and would otherwise have to issue additional shares of common stock through investment bankers.



Stock repurchases tend to reduce financial leverage.



If a company declares a 2-for-1 stock split, its stock price should roughly double.



One advantage of adopting the residual dividend policy is that this makes it easier for corporations to meet the requirements of Modigliani and Miller’s dividend clientele theory.



2 points


Question 9


 


Which of the following would be most likely to lead to a decrease in a firm’s dividend payout ratio?


Answer





















Its earnings become more stable.



Its access to the capital markets increases.



Its R&D efforts pay off, and it now has more high-return investment opportunities.



Its accounts receivable decrease due to a change in its credit policy.



Its stock price has increased over the last year by a greater percentage than the increase in the broad stock market averages.



2 points


Question 10


 


Which of the following statements is NOT correct?


Answer





















Stock repurchases can be used by a firm as part of a plan to change its capital structure.



After a 3-for-1 stock split, a company’s price per share should fall, but the number of shares outstanding will rise.



Investors can interpret a stock repurchase program as a signal that the firm’s managers believe the stock is undervalued.



Companies can repurchase shares to distribute large inflows of cash, say from the sale of a division, to stockholders without paying cash dividends.



Stockholders pay no income tax on dividends if the dividends are used to purchase stock through a dividend reinvestment plan.



2 points


Question 11


 


In the real world, dividends


Answer





















are usually more stable than earnings.



fluctuate more widely than earnings.



tend to be a lower percentage of earnings for mature firms.



are usually changed every year to reflect earnings changes, and these changes are randomly higher or lower, depending on whether earnings increased or decreased.



are usually set as a fixed percentage of earnings, e.g., at 40% of earnings, so if EPS = $2.00, then DPS will equal $0.80. Once the percentage is set, then dividend policy is on “automatic pilot” and the actual dividend depends strictly on earnings.



2 points


Question 12


 


Which of the following statements about dividend policies is correct?


Answer





















Modigliani and Miller argue that investors prefer dividends to capital gains because dividends are more certain than capital gains. They call this the “bird-in-the hand” effect.



One reason that companies tend to avoid stock repurchases is that dividend payments are taxed at a lower rate than gains on stock repurchases.



One advantage of dividend reinvestment plans is that they allow shareholders to avoid paying taxes on the dividends that they choose to reinvest.



One key advantage of a residual dividend policy is that it enables a company to follow a stable dividend policy.



The clientele effect suggests that companies should follow a stable dividend policy.



2 points


Question 13


 


Which of the following should not
influence a firm’s dividend policy decision?


Answer





















The firm’s ability to accelerate or delay investment projects.



A strong preference by most shareholders for current cash income versus capital gains.



Constraints imposed by the firm’s bond indenture.



The fact that much of the firm’s equipment has been leased rather than bought and owned.



The fact that Congress is considering changes in the tax law regarding the taxation of dividends versus capital gains.



2 points


Question 14


 


Trenton Publishing follows a strict residual dividend policy. All else equal, which of the following factors would be most likely to lead to an increase
in the firm’s dividend per share?


Answer





















The firm’s net income increases.



The company increases the percentage of equity in its target capital structure.



The number of profitable potential projects increases.



Congress lowers the tax rate on capital gains. The remainder of the tax code is not changed.



Earnings are unchanged, but the firm issues new shares of common stock.



2 points


Question 15


 


You own 100 shares of Troll Brothers’ stock, which currently sells for $120 a share. The company is contemplating a 2-for-1 stock split. Which of the following best describes what your position will be after such a split takes place?


Answer





















You will have 200 shares of stock, and the stock will trade at or near $120 a share.



You will have 200 shares of stock, and the stock will trade at or near $60 a share.



You will have 100 shares of stock, and the stock will trade at or near $60 a share.



You will have 50 shares of stock, and the stock will trade at or near $120 a share.



You will have 50 shares of stock, and the stock will trade at or near $60 a share.



2 points


Question 16


 


Which of the following statements is CORRECT?


Answer





















When a company increases its debt ratio, the costs of equity and debt both increase. Therefore, the WACC must also increase.



The capital structure that maximizes the stock price is generally the capital structure that also maximizes earnings per share.



All else equal, an increase in the corporate tax rate would tend to encourage a company to increase its debt ratio.



Since debt financing raises the firm’s financial risk, increasing a company’s debt ratio will always increase its WACC.



Since debt is cheaper than equity, increasing a company’s debt ratio will always reduce its WACC.



2 points


Question 17


 


Other things held constant, which of the following events is most likely to encourage a firm to increase the amount of debt in its capital structure?


Answer





















Its sales become less stable over time.



The costs that would be incurred in the event of bankruptcy increase.



Management believes that the firm’s stock has become overvalued.



Its degree of operating leverage increases.



The corporate tax rate increases.



2 points


Question 18


 


Firms U and L each have the same amount of assets, and both have a basic earning power ratio of 20%. Firm U is unleveraged, i.e., it is 100% equity financed, while Firm L is financed with 50% debt and 50% equity. Firm L’s debt has a before-tax cost of 8%. Both firms have positive net income. Which of the following statements is CORRECT?


Answer





















The two companies have the same times interest earned (TIE) ratio.



Firm L has a lower ROA than Firm U.



Firm L has a lower ROE than Firm U.



Firm L has the higher times interest earned (TIE) ratio.



Firm L has a higher EBIT than Firm U.



2 points


Question 19


 


If debt financing is used, which of the following is CORRECT?


Answer





















The percentage change in net operating income will be greater than a given percentage change in net income.



The percentage change in net operating income will be equal to a given percentage change in net income.



The percentage change in net income relative to the percentage change in net operating income will depend on the interest rate charged on debt.



The percentage change in net income will be greater than the percentage change in net operating income.



The percentage change in sales will be greater than the percentage change in EBIT, which in turn will be greater than the percentage change in net income.



2 points


Question 20


 


Blemker Corporation has $500 million of total assets, its basic earning power is 15%, and it currently has no debt in its capital structure. The CFO is contemplating a recapitalization where it will issue debt at a cost of 10% and use the proceeds to buy back shares of the company’s common stock, paying book value. If the company proceeds with the recapitalization, its operating income, total assets, and tax rate will remain unchanged. Which of the following is most likely to occur as a result of the recapitalization?


Answer





















The ROA would increase.



The ROA would remain unchanged.



The basic earning power ratio would decline.



The basic earning power ratio would increase.



The ROE would increase.



2 points


Question 21


 


Which of the following statements is CORRECT?


Answer





















The capital structure that maximizes expected EPS also maximizes the price per share of common stock.



The capital structure that minimizes the interest rate on debt also maximizes the expected EPS.



The capital structure that minimizes the required return on equity also maximizes the stock price.



The capital structure that minimizes the WACC also maximizes the price per share of common stock.



The capital structure that gives the firm the best credit rating also maximizes the stock price.



2 points


Question 22


 


Companies HD and LD have identical tax rates, total assets, and basic earning power ratios, and their basic earning power exceeds their before-tax cost of debt, rd. However, Company HD has a higher debt ratio and thus more interest expense than Company LD. Which of the following statements is CORRECT?


Answer





















Company HD has a higher net income than Company LD.



Company HD has a lower ROA than Company LD.



Company HD has a lower ROE than Company LD.



The two companies have the same ROA.



The two companies have the same ROE.



2 points


Question 23


 


Which of the following statements is CORRECT, holding other things constant?


Answer





















Firms whose assets are relatively liquid tend to have relatively low bankruptcy costs, hence they tend to use relatively little debt.



An increase in the personal tax rate is likely to increase the debt ratio of the average corporation.



If changes in the bankruptcy code make bankruptcy less costly to corporations, then this would likely reduce the debt ratio of the average corporation.



An increase in the company’s degree of operating leverage is likely to encourage a company to use more debt in its capital structure.



An increase in the corporate tax rate is likely to encourage a company to use more debt in its capital structure.



2 points


Question 24


 


Which of the following would increase the likelihood that a company would increase its debt ratio, other things held constant?


Answer





















An increase in costs incurred when filing for bankruptcy.



An increase in the corporate tax rate.



An increase in the personal tax rate.



The Federal Reserve tightens interest rates in an effort to fight inflation.



The company's stock price hits a new low.



2 points


Question 25


 


Which of the following events is likely to encourage a company to raise its target debt ratio, other things held constant?


Answer





















An increase in the corporate tax rate.



An increase in the personal tax rate.



An increase in the company’s operating leverage.



The Federal Reserve tightens interest rates in an effort to fight inflation.



The company's stock price hits a new high.



2 points


Question 26


 


Which of the following statements is CORRECT?


Answer





















If corporate tax rates were decreased while other things were held constant, and if the Modigliani-Miller tax-adjusted tradeoff theory of capital structure were correct, this would tend to cause corporations to decrease their use of debt.



A change in the personal tax rate should not affect firms’ capital structure decisions.



“Business risk” is differentiated from “financial risk” by the fact that financial risk reflects only the use of debt, while business risk reflects both the use of debt and such factors as sales variability, cost variability, and operating leverage.



The optimal capital structure is the one that simultaneously (1) maximizes the price of the firm’s stock, (2) minimizes its WACC, and (3) maximizes its EPS.



If changes in the bankruptcy code make bankruptcy less costly to corporations, then this would likely reduce the debt ratio of the average corporation.



2 points


Question 27


 


Volga Publishing is considering a proposed increase in its debt ratio, which would also increase the company’s interest expense. The plan would involve issuing new bonds and using the proceeds to buy back shares of its common stock. The company’s CFO thinks the plan will not change total assets or operating income, but that it will increase earnings per share (EPS). Assuming the CFO’s estimates are correct, which of the following statements is CORRECT?


Answer





















Since the proposed plan increases Volga’s financial risk, the company’s stock price still might fall even if EPS increases.



If the plan reduces the WACC, the stock price is also likely to decline.



Since the plan is expected to increase EPS, this implies that net income is also expected to increase.



If the plan does increase the EPS, the stock price will automatically increase at the same rate.



Under the plan there will be more bonds outstanding, and that will increase their liquidity and thus lower the interest rate on the currently outstanding bonds.



2 points


Question 28


 


Which of the following statements is CORRECT?


Answer





















As a rule, the optimal capital structure is found by determining the debt-equity mix that maximizes expected EPS.



The optimal capital structure simultaneously maximizes EPS and minimizes the WACC.



The optimal capital structure minimizes the cost of equity, which is a necessary condition for maximizing the stock price.



The optimal capital structure simultaneously minimizes the cost of debt, the cost of equity, and the WACC.



The optimal capital structure simultaneously maximizes stock price and minimizes the WACC.



2 points


Question 29


 


Which of the following statements is CORRECT? As a firm increases the operating leverage used to produce a given quantity of output, this will


Answer





















normally lead to an increase in its fixed assets turnover ratio.



normally lead to a decrease in its business risk.



normally lead to a decrease in the standard deviation of its expected EBIT.



normally lead to a decrease in the variability of its expected EPS.



normally lead to a reduction in its fixed assets turnover ratio.



2 points


Question 30


 


Business risk is affected by a firm's operations. Which of the following is NOT associated with (or does not contribute to) business risk?


Answer





















Demand variability.



Sales price variability.



The extent to which operating costs are fixed.



The extent to which interest rates on the firm's debt fluctuate.



Input price variability.



 


 


 


 


 


 


 


 


 


 


 


 

Expert:  Mr. Gregory White replied 1 year ago.
what is the deadline?
Customer: replied 1 year ago.


8pm eastern time.

Expert:  Mr. Gregory White replied 1 year ago.
Thanks for updating,

Unfortunately this is too extensive for me to complete by your stated deadline. I did not realize the set was going to be so extensive as it was not stated there were many more problems than originally asked.

I will opt out and move to the top of the list and message a couple of others who might have the time to help.

Someone should be with you shortly.

:-)
Customer: replied 1 year ago.


ok

Expert:  linda_us replied 1 year ago.
I can help you with this. Let me know if you still need help.
Customer: replied 1 year ago.


yes. I need these answered.

Expert:  linda_us replied 1 year ago.
Working on them.
Customer: replied 1 year ago.


I need these by 8pm est

Expert:  linda_us replied 1 year ago.
I am almost done. Just want to say you will need to rate the post I which I will post the solution so that I get paid for helping you.
Customer: replied 1 year ago.


no problem. thank you for your help.

Expert:  linda_us replied 1 year ago.
linda_us, Master's Degree
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Experience: Business Analyst and Solution Consultant with over 9 years of experience.
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