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提问人：网友xiaolin19810 发布时间：2022-01-07

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HUAMING Co. plans to purchase a machine, and the r...

HUAMING Co. plans to purchase a machine, and the related information is as follows: The machine is expected to incurr cost of $15 million, and its useful life is 3 years. It is depreciated straight-line to zero over its useful life, and there is no scrapt value. The sales will be increase by $12 millions, $20 millions and $15 millions respectively in the following 3 years, and the variable costs will be corresponding increased by $4 millions, $10 millions and $6millions. The tax rate is 25%, and the required return rate is 10%. The relavant PV factor is as follows: 1 2 3 （P/F,10%,n） 0.9091 0.8264 0.7513 （P/A,10%,n） 0.9091 1.7355 2.4869 Required：（1）calculate the anual depreciation. （2）calculate the annual operating cash flow. （3）calculate the payback period（静态回收期）。（4）calculate the NPV of this project. （5）Decide whether to make this investment or not, and why.

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更多“HUAMING Co. plans to purchase a machine, and the r...”相关的问题

第1题

（b) The Superior Fitness Co （SFC), which is well established in Mayland, operates nine cen

(b) The Superior Fitness Co (SFC), which is well established in Mayland, operates nine centres. Each of SFC’s

centres is similar in size to those of HFG. SFC also provides dietary plans and fitness programmes to its clients.

The directors of HFG have decided that they wish to benchmark the performance of HFG with that of SFC.

Required:

Discuss the problems that the directors of HFG might experience in their wish to benchmark the performance

of HFG with the performance of SFC, and recommend how such problems might be successfully addressed.

(7 marks)

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第2题

Which of the following would NOT be valid grounds for a provision？

A、Aston Ltd has a policy has a policy of cleaning up any environmental contamination caused by its operations, but is not legally obliged to do so.

B、Brum Ltd is leasing an office building for which it has no further use. However, it is tied into the lease for another year.

C、Coleshill Co is closing down a division. The board has prepared detailed closure plans which have been communicated to customers and employees.

D、Dudley Co has acquired a machine which requires a major overhaul every three years. The cost of the first overhaul is reliably estimated at $120,000.

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第3题

Which of the following statements is CORRECT according to the passage？A．The Barents Sea co

Which of the following statements is CORRECT according to the passage？

A．The Barents Sea cod stock has been declining since the 1990s.

B．In North America, the cod catch is now just 10 percent of what it was two decades ago.

C．Barents Sea cod were not threatened by expanded shipping and oil exploration plans instead of by illegal catches.

D．Both Russia and Norway will reopen the potentially oil-rich sea for exploration.

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第4题

The current assets and current liabilities of CSZ Co at the end of March 2014 are as follo

ws:

For the year to end of March 2014, CSZ Co had domestic and foreign sales of $40 million, all on credit, while cost of sales was $26 million. Trade payables related to both domestic and foreign suppliers.

For the year to end of March 2015, CSZ Co has forecast that credit sales will remain at $40 million while cost of sales will fall to 60% of sales. The company expects current assets to consist of inventory and trade receivables, and current liabilities to consist of trade payables and the company’s overdraft.

CSZ Co also plans to achieve the following target working capital ratio values for the year to the end of March 2015:

Required:

(a) Calculate the working capital cycle (cash collection cycle) of CSZ Co at the end of March 2014 and discuss whether a working capital cycle should be positive or negative. (6 marks)

(b) Calculate the target quick ratio (acid test ratio) and the target ratio of sales to net working capital of CSZ Co at the end of March 2015. (5 marks)

(c) Analyse and compare the current asset and current liability positions for March 2014 and March 2015, and discuss how the working capital financing policy of CSZ Co would have changed. (8 marks)

(d) Briefly discuss THREE internal methods which could be used by CSZ Co to manage foreign currency transaction risk arising from its continuing business activities. (6 marks)

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第5题

Chair Co has developed a new type of luxury car seat. The estimated labour time for the fi

rst unit is 12 hours but a learning curve of 75% is expected to apply for the first eight units produced. The cost of labour is $15 per hour. The cost of materials and other variable overheads is expected to total $230 per unit.

Chair Co plans on pricing the seat by adding a 50% mark-up to the total variable cost per seat, with the labour cost being based on the incremental time taken to produce the 8th unit.

Required:

(a) Calculate the price which Chair Co expects to charge for the new seat. Note: The learning index for a 75% learning curve is –0·415. (5 marks)

(b) The first phase of production has now been completed for the new car seat. The first unit actually took 12·5 hours to make and the total time for the first eight units was 34·3 hours, at which point the learning effect came to an end. Chair Co are planning on adjusting the price to reflect the actual time it took to complete the 8th unit.

Required:

(i) Calculate the actual rate of learning and state whether this means that the labour force actually learnt more quickly or less quickly than expected. (3 marks)

(ii) Briefly explain whether the adjusted price charged by Chair Co will be higher or lower than the price you calculated in part (a) above. You are NOT required to calculate the adjusted price. (2 marks)

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第6题

The equity beta of Fence Co is 0·9 and the company has issued 10 million ordinary shares.

The market value of each ordinary share is $7·50. The company is also financed by 7% bonds with a nominal value of $100 per bond, which will be redeemed in seven years’ time at nominal value. The bonds have a total nominal value of $14 million. Interest on the bonds has just been paid and the current market value of each bond is $107·14.

Fence Co plans to invest in a project which is different to its existing business operations and has identified a company in the same business area as the project, Hex Co. The equity beta of Hex Co is 1·2 and the company has an equity market value of $54 million. The market value of the debt of Hex Co is $12 million.

The risk-free rate of return is 4% per year and the average return on the stock market is 11% per year. Both companies pay corporation tax at a rate of 20% per year.

Required:

(a) Calculate the current weighted average cost of capital of Fence Co. (7 marks)

(b) Calculate a cost of equity which could be used in appraising the new project. (4 marks)

(c) Explain the difference between systematic and unsystematic risk in relation to portfolio theory and the capital asset pricing model. (6 marks)

(d) Discuss the differences between weak form, semi-strong form. and strong form. capital market efficiency, and discuss the significance of the efficient market hypothesis (EMH) for the financial manager. (8 marks)

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第7题

听力原文： The innovative computer company CompCo celebrated its opening today at its new f

acilities in the Montrose Park neighborhood of the city. As part of the celebration, CompCo gave a tour of its facilities to local dignitaries and hosted a banquet inside its new training center. CompCo has hired 100 employees who will start work at their new positions this week, and plans to hire fifty more before the end of the year. This is wonderful news for our city, which is still struggling after the closure of PC Computer Systems three years ago. Two hundred employees lost their jobs when PC left our city. The loss of businesses like PC has had a significant impact on the local economy. The city leaders are working to attract more technology businesses to the area and are currently negotiating a deal with the Intrax Company. The opening of CompCo is an optimistic start to reviving industry in our city.

What did Comp Co do today？

A．It hired new employees.

B．It gave a training workshop.

C．It negotiated a deal.

D．It had a celebration.

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第8题

3 You are the manager responsible for the audit of Albreda Co, a limited liability company

, and its subsidiaries. The

group mainly operates a chain of national restaurants and provides vending and other catering services to corporate

clients. All restaurants offer ‘eat-in’, ‘take-away’ and ‘home delivery’ services. The draft consolidated financial

statements for the year ended 30 September 2005 show revenue of $42·2 million (2004 – $41·8 million), profit

before taxation of $1·8 million (2004 – $2·2 million) and total assets of $30·7 million (2004 – $23·4 million).

The following issues arising during the final audit have been noted on a schedule of points for your attention:

(a) In September 2005 the management board announced plans to cease offering ‘home delivery’ services from the

end of the month. These sales amounted to $0·6 million for the year to 30 September 2005 (2004 – $0·8

million). A provision of $0·2 million has been made as at 30 September 2005 for the compensation of redundant

employees (mainly drivers). Delivery vehicles have been classified as non-current assets held for sale as at 30

September 2005 and measured at fair value less costs to sell, $0·8 million (carrying amount,

$0·5 million). (8 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Albreda Co for the year ended

30 September 2005.

NOTE: The mark allocation is shown against each of the three issues.

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第9题

Warden Co plans to buy a new machine. The cost of the machine, payable immediately, is $80

0,000 and the machine has an expected life of five years. Additional investment in working capital of $90,000 will be required at the start of the first year of operation. At the end of five years, the machine will be sold for scrap, with the scrap value expected to be 5% of the initial purchase cost of the machine. The machine will not be replaced.

Production and sales from the new machine are expected to be 100,000 units per year. Each unit can be sold for $16 per unit and will incur variable costs of $11 per unit. Incremental fixed costs arising from the operation of the machine will be $160,000 per year.

Warden Co has an after-tax cost of capital of 11% which it uses as a discount rate in investment appraisal. The company pays profit tax one year in arrears at an annual rate of 30% per year. Capital allowances and inflation should be ignored.

Required:

(a) Calculate the net present value of investing in the new machine and advise whether the investment is financially acceptable. (7 marks)

(b) Calculate the internal rate of return of investing in the new machine and advise whether the investment is financially acceptable. (4 marks)

(c) (i) Explain briefly the meaning of the term ‘sensitivity analysis’ in the context of investment appraisal; (1 mark) (ii) Calculate the sensitivity of the investment in the new machine to a change in selling price and to a change in discount rate, and comment on your findings. (6 marks)

(d) Discuss the nature and causes of the problem of capital rationing in the context of investment appraisal, and explain how this problem can be overcome in reaching the optimal investment decision for a company. (7 marks)

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第10题

You are a manager at Chennai & Co, a firm of Chartered Certified Accountants. One of t

he partners has asked you to investigate and respond to a number of issues which have arisen with two different companies.

(a) Delhi Co, a potential new client, is a privately owned and rapidly expanding company which currently operates below the audit threshold in the country in which it is based. The company’s management is currently considering having either a full audit or a limited assurance review of their financial statements. The partner would like you to assist the management of Delhi Co by writing a response to them in which you:

(i) Explain the difference between an audit of historical financial statements and a limited assurance review. (4 marks)

(ii) Discuss the relative advantages and disadvantages to Delhi Co of having an audit of their historical financial statements as opposed to a limited assurance review. (8 marks)

Delhi Co was incorporated in 2005, with founder and chief executive Mr Nimesh Dattani as the sole shareholder. After a period of rapid growth, Delhi Co took out a ten-year bank loan facility in June 2007 to finance Mr Dattani’s ambitious expansion plans. This was supported by a further injection of financial capital in 2014 through a new issue of shares in the company. The shares were sold to Mr Robert Hyland, an ex-business partner of Mr Dattani. The sale gave Mr Hyland a 40% shareholding in Delhi Co. He has no involvement in the management of the company.

Until recently Delhi Co operated with a small accounting department, comprising one full-time member of staff and one part-time employee. Due to the expansion of the company and Mr Dattani’s plans to expand the customer base internationally, it has been necessary to increase the size of the accounting function to include two new full-time members of staff. Both of the new recruits are part-qualified accountants and Mr Dattani has committed to sponsoring them through their remaining training and ACCA examinations.

Required:

Prepare the response to the management of Delhi Co as requested by the partner.

Note: The split of the mark allocation is shown against each of the issues above.

(b) The audit committee of another client, Mumbai Co, has asked the partner to consider whether it would be possible for the audit team to perform. a review of the company’s internal control system. A number of recent incidents have raised concerns amongst the management team that controls have deteriorated and that this has increased the risk of fraud, as well as inefficient commercial practices. The audit report for the audit of the financial statements of Mumbai Co for the year ended 31 March 2016 was signed a few weeks ago. Mumbai Co is a listed company.

Required:

In respect of the request for Chennai & Co to review Mumbai Co’s internal control systems: Identify and discuss the relevant ethical and professional issues raised, and recommend any actions necessary. (8 marks)

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