Tugas Kelompok Manajemen Keuangan

1. MANAJEMEN KEUANGAN
SOAL DAN JAWABAN CAPITAL STRUCTURE POLICY
DISUSUN OLEH :
KELOMPOK 6
AURORA S. T. SIAHAAN (ABSEN 6)
JUNIAR TIFANNI B. SINURAT (ABSEN 17)
SALSADILA JANNATI (ABSEN 28)
3-03 D III KEBENDAHARAAN NEGARA
PKN STAN
2019

2. Capital Structure Policy
1. Aurora’s Fried Chiken Kitchen operates two southern cooking restaurants in Missouri, and has
the following financial structure :
Account Payable 100000
Short-term debt 1150000
Current liabilities 1250000
Long-term, debt 1000000
Owner’s equity 2750000
Total 5000000
The firm is considering an expansion that would involve raising additional 1000000.
a. What are the firm’s debt ratio and interest-bearing debt ratio in its present capital
structure?
b. If the firm wants to have a debt ratio of 50 percent, how much equity does do the firm
need to raise in order to finance the expansion?
a. We can calculate Aurora debt ratio using:
debt ratio
total liabilities
.
total assets
 
 
 
Aurora’s total debt includes both its current liabilities of $250,000 and its long-term
debt of $1,000,000. Aurora’s total debt is therefore $2,500,000. Its total assets, which
equal the total of its debt and owners’ equity, equal $5,000,000. The firm’s debt ratio
is therefore:
debt ratio $1.250.000/$5.000.000 25%.
Using only Aurora’s interest-bearing debt, we omit accounts payable from the ratio’s
numerator, giving us the interest-bearing debt ratio:
interest-bearing debt ratio (
$2,150,000
$5,000,000
) 43%.
This ratio, which uses only a subset of a firm’s total liabilities, is, as always, lower
than the debt ratio.
b. If the firm wishes to have a debt ratio of 50% after the expansion, then it clearly must
increase its relative equity funding. Let x equal the amount of new equity funding, so
that the new debt funding is ($1,000,000 – x). Setting the debt ratio equal to 0.50, and
solving for x, we have:

3. debt ratio
total liabilities
.
total assets
 
 
 
0.50 =(
2250000+(1000000−𝑥)
5000000+1000000
)
0.50 =
3250000−𝑥
6000000
X = 250000
Thus, if Aurora raises $250000 in equity and $750,000 in debt, it will have a debt ratio
of 50%.
2. Tina Companies,inc. and its subsidiaries operate as home improvement retailer in the United
State and Canada. As of Februari 1, 2008. The company’s balance sheet for February 1,2008,
included the following sources of financing :
In thousand of dollars Financial structure
Liabilities
Current liabilities
Account Payable 450000
Short term current
debt
1800000
Other current
liabilities
2500000
Total Current liabilities 4750000
Long term debt 5570000
Other long term liabilities 670000
Long term liabilities 6240000
Stock holder equity 16000000
Total 26990000
a. Calculate the values of Tina’s debt ratio and interest-bearing debt
b. If the market value of Tina’s common equity is 44 billion and Tina’s has no excess cash,
what is the firm’s debt-to-enterprise-value-ratio? (Hint: you may assume that the market
value of the firm’s interest-bearing debt equals its book value)
a. Home Depot’s debt ratio is, from equation 15-1:
Debt ratio
total liabilities
.
total assets
 
 
 

4. = (10990000/26990000)
= 40,71%
Interest bearing-debt ratio = total liab:ilities (short term + notes payable + long term) :
total assets
= 7370000 : 26990000
= 27,31%
b. The debt ratio and interest-bearing debt ratio incorporate Tina’s book value of common
equity. What would the firm’s debt burden look like if we used their market values
instead? Assuming that the MV of the interest-bearing debt is the same as its BV,
$21,315,000, but recognizing that the MV of the equity is $158.39billion, not
$6,316million, we have:
debt-to-enterprise-value ratio debt
debt equity
TMV
,
(TMV +TMV )
(where debt is the interest-bearing debt), so that:
debt-to-enterprise-value ratio
$7370000
($7370000+$44,000,000)
14,35%.
6. Juni’s Companies, Inc. and its subsidiaries operate as a home improvement retailer in the
United States and Canada. As of February 1, 2008, it operated 1.534 stores in 50 states
and Canada. The company’s balance sheet for February 1, 2008, included the following
sources of financing:
In Thousands of Dollars Financial Structure (Rp)
Liabilities
Current liabilities
Account Payable 4.000.000
Short-term/current debt 1.000.000
Other current liabilities 2.500.000
Total current liabilities 7.500.000
Long term debt 5.500.000
Other long term liabilities 650.000
Long-term liabilities 6.150.000
Stockholder equity 16.000.000
Total 29.650.000
a. Calculate the values of Juni’s debt ratio and interest bearing debt ratio!
Answer

5. - Debt Ratio = Total Liabilities / Total Asset
= 13.650.000/29.650.000
= 46,037%
- Interest Bearing Debt of Ratio = (Short term debt + Long term debt)/Total
Asset
= (1.000.000 + 5.500.000)/29.650.000
= 6.500.000/29.050.000
= 22,37%
b. If the market value of Juni’s common equity $35.000.000.000 and Lowe’s has no excess
cash, what is the firm’s debt-to-enterprise-value-ratio?
Answer
- Firm’s debt-to-enterprise-value-ratio = (Short term debt + Long term debt)/
[(Short term debt + Long term debt)
+
market value of common equity]
= 6.500.000 / (6.500.000 +
35.000.000)
= 0,018%
9. the income statements for Salsa Depot.inc. (HD) spanning the periode 2006-2008 (just
before housing crash, so these are representative years) are as follows:
2006 2007 2008
Earning before interest and taxes 7000000 9700000 9000000
Interest expense (600000) (300000) (100000)
Income before tax 6400000 9400000 8900000
Income Tax expense (2000000) (3000000) (3000000)
Net Income 4400000 6400000 5900000
a. Calculate the times interest earned ratio for each of the years for which you have datra.
ANSWER
Times interest earned = (EBIT/interest expense)
Year 2006 = 7.000.000/600.000 = 11,66 times
Year 2007 = 9.700.000/300.000 = 32,3 times
Year 2008 = 9.000.000/100.000 = 90 times
b. What is your assessmet of how the firm’s ability to service its debt obligations has
changed over this period?
ANSWER

6. These values suggest that Salsa Depot is able to pay it debt comfortably. Between 2006
and 2008, its times-interest-earned ratio remained strong. The TIE ratio drastically improved
especially in 2008. If this trend continues, Salsa Depot should be able to service its debt
obligations comfortably.
Soal :
12. Tifanni and three of her friends from collage have interested a group of capitalist in backing
their business idea. The proposed operation would consist of a series of retail outlets to
distribute and service a full line of vacuum cleaners and accessories. These stores would be
located in dallas,houston,and san antonio. To finance the new venture two plans have been
proposed :
• Plan A is an-common-equity structure in which $4 million dollars would be raised by
selling 120.000 shares of common stock.
• Plan B would involve issuing $3 million in long-term bonds with an effective interest rate
of 15 percent plus another $2 million would be raised by selling 20.000 shares of
common stock. The debt funds raised under plan B have no fixed maturity date, in that
this amount of financial leverage is considered a permanent part of the firm’s capital
structure.
Tifanni and her friends plan to use a 20% tax rate in their analysis and they have hired you on a
consulting basis to do the following :
a. Find the EBIT indifference level associated with the two financing plans
b. Prepare a pro forma income statement for the EBIT level solved for in part that shows
that EPS will be the same regardless whether Plan A or B is chosen.
ANSWER :
We can solve for the EBIT indifference point using equation
(𝐸𝐵𝐼𝑇 − $0) ∗ (1 − 0.40)
120,000
=
(𝐸𝐵𝐼𝑇 − $300,000) ∗ (1 − 0.40)
20,000
.
Solving, we find that EBIT $360,000. We can prove this by looking at the pro forma income
statements for each plan:
Stock plan Stock / debt plan
EBIT
$
360.000,00
$
360.000,00
(-) interest expense
$
-
$
300.000,00
EBT
$
360.000,00
$
60.000,00
(-) taxes @40%
$
144.000,00
$
24.000,00
Net income
$
216.000,00
$
36.000,00

7. Common shares 120000 20000
EPS
$
1,80
$
1,80