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ALK Bab 8

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ALK

LATIHAN 8-1
Soal
RNOA FIT Corporation adalah 10%, seentara Tari! pa"a#n$a %0%& Aset operasi
'ersihn$a () % "*ta+ sel*r*hn$a didanai oleh e#*itas pee,an, saha 'iasa&
-ana"een sedan, eperti'an,#an pilihan pendanaan *nt*# pen,e'an,an
*saha den,an 'ia$a ) . "*ta& RNOA diharap#an tida# 'er*'ah& Terdapat d*a
alternati/e pendanaan *nt*# pen,e'an,an ini 0
1& -ener'it#an o'li,asi se'esar ) 1 "*ta den,an tin,#at '*n,a 1.% dan
en,el*ar#an saha 'iasa se'esar ) 1 "*ta&
.& -ener'it#an o'li,asi se'esar ). "*ta den,an tin,#at '*n,a 1.%
Diminta :
a& Tent*#an la'a operasi 'ersih setelah pa"a# (NO1AT+ dan la'a 'ersih *nt*#
tiap alternati/e2
'& Hit*n, ROC3 *nt*# setiap alternati/e (,*na#an saldo a#hir e#*itas+2
4& Hit*n, rasio asset terhadap e#*itas *nt*# setiap alternati/e2
d& Hit*n, RNOA dan "elas#an 'a,aiana tin,#at le/era,e 'erintera#si den,an
RNOA *nt*# e'ant* enent*#an alternati/e $an, har*s dia'il
ana"een2
5a6a'an
a.
Alternatif pertama untuk
laba bersih tiap alternative :
RNOA = 10%
Net income+($1,000,000)(12 )(10.40)
($4,000,000+$2,000,000)
= 10%
Net income = $528,000
Laba operasi bersih setelah pajak :
Operating income = $528,000!"1#0$%0&' ( "$1,000,000 12%&
Operating income = $1,000,000
Alternatif kedua untuk
laba bersih tiap alternative :
RNOA = 10%
Net income+($2,000,000)(12 )(10.40)
($4,000,000+$2,000,000)
= 10%
Net income = $%5),000
Laba operasi bersih setelah pajak :
Operating income = $%5),000!"1#0$%0&' ( "$2,000,000 12%&
Operating income = $1,000,000
b$ Alternatif pertama
*O+, =
Laba BersihDevidenSahamPreferen
Ratarataekuitas Biasa
= $528,000 ! $5,000,000 = 10$5)%
Alternatif ke dua
*O+, = $%5),000 ! $%,000,000 = 11$%0%
c$ Alternatif pertama
Le-erage =
Ratarata aset
Ratarata ekuitas biasa

= $),000,000 ! $5,000,000 = 1$2
Alternatif ke dua
Le-erage = $),000,000 ! $%,000,000 = 1$5

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