ASISTENSI 1 – MANAJEMEN KEUANGAN

Chapter 1 – Introduction to Corporate Finance | Chapter 2 – Financial Statement, Taxes, and Cash Flow

Problem 1

PT DEKANAT has operation performance as followed for the year ended 2017 Sales = Rp
228,000,000; COGS = Rp 160,500,000; Depreciation = Rp 40,500,000; Interest expense = Rp
18,300,000.

PT DEKANAT has financial statements for ending period December 2016 and December 2017:

Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017
Current Rp 48.000.000 Rp 59.300.000 Current Rp 27.000.000 Rp 31.500.000
Assets Liabilities
Net Fixed Rp Rp Long Term Rp 46.800.000 Rp 80.000.000
Assets 136.500.000 168.000.000 Liabilities
Equity
Retained Rp 10.700.000 Rp 15.800.000
Earnings
Common Rp 100.000.000 Rp 100.000.000
stock and
PIC
Total Assets Rp Rp Total Rp 184.500.000 Rp 227.300.000
184.500.000 227.300.000 Liabilities
and Equity

If company has tax rate 34%, calculate the followings:

a. PT DEKANAT Income Statement 2017

b. PT DEKANAT Operating Cash Flow 2017
c. PT DEKANAT cash flow from asset (CFFA) 2017
d. PT DEKANAT cash flow to creditor (CFTC) and cash flow to stockholder (CFTS) 2017

Problem 2
DEPMA Corp.
Statements of Financial Position 2016 dan 2017

Assets 2015 2016 Liabilities and Equity 2015 2016

Current
assets Current liabilities
Cash 21,860 22,050 A/P 19,320 22,850
A/R 11,316 13,850 N/P 10,000 9,000
Inventory 23,084 24,650 Other 9,643 11,385
Total 56,260 60,550 Total 38,963 43,235
Long-term debt 75,000 85,000
Equity
Fixed assets C/S and paid-in surplus 25,000 25,000
Net PPE 234,068 260,525 Acc. R/E 151,365 167,840
Total 176,365 192,840
Total assets 290,328 321,075 Total liabilities and equity 290,328 321,075
ASISTENSI 1 – MANAJEMEN KEUANGAN
Chapter 1 – Introduction to Corporate Finance | Chapter 2 – Financial Statement, Taxes, and Cash Flow

Statement of Income 2016

Sales 305,830
Cost of Goods Sold 210,935
Depreciation 26,850
EBIT 68,045
Interest paid 11,930
Taxable income (EBT) 56,115
Taxes (35%) 19,640
Net income 36,475
Dividends 20,000
Retained earnings 16,475

a. Berapakah Operating Cash Flow (OCF) DEPMA Corp. tahun 2017?

b. Hitunglah Cash Flow from Assets (CFFA), Cash Flow to Creditors (CFTC), dan Cash Flow to
Shareholders (CFTS) DEPMA Corp. tahun 2017?
c. Jelaskan dan interpretasikan hasil perhitungan Anda.

Problem 3

ABC Industries had the following operating results for 2017: sales = $22,800; cost of goods sold =
$16,050; depreciation expense = $4,050; interest expense = $1,830; dividends paid = $1,300. At
the beginning of the year, net fixed assets were $13,650, current assets were $4,800, and current
liabilities were $2,700. At the end of the year, net fixed assets were $16,800, current assets were
$5,930, and current liabilities were $3,150. The tax rate for 2017 was 34 percent.

a. What is the net income for 2017?

b. What is the operating cash flow for 2017?
c. What is the cash flow from assets for 2017? Is this possible? Explain.
d. If no new debt was issued during the year, what is the cash flow to creditors? What is the cash
flow to stockholders? Explain and interpret the positive and negative signs of your answers in ( a )
through ( d )