The document presents the balance sheets and income statements for Neff Industries for 2002 and 2003. It also includes a reconciliation of retained earnings.
The key points are:
- Total assets increased from $112,500 in 2002 to $150,000 in 2003, with increases in current assets like accounts receivable and inventories as well as fixed assets like land, buildings, and equipment.
- Current liabilities increased substantially from $27,500 to $69,000 due to increases in accounts payable and bank notes.
- Net income increased from $4,500 to $5,450 from 2002 to 2003 as sales grew despite higher operating expenses.
- Retained earnings increased from $
The document presents the balance sheets and income statements for Neff Industries for 2002 and 2003. It also includes a reconciliation of retained earnings.
The key points are:
- Total assets increased from $112,500 in 2002 to $150,000 in 2003, with increases in current assets like accounts receivable and inventories as well as fixed assets like land, buildings, and equipment.
- Current liabilities increased substantially from $27,500 to $69,000 due to increases in accounts payable and bank notes.
- Net income increased from $4,500 to $5,450 from 2002 to 2003 as sales grew despite higher operating expenses.
- Retained earnings increased from $
The document presents the balance sheets and income statements for Neff Industries for 2002 and 2003. It also includes a reconciliation of retained earnings.
The key points are:
- Total assets increased from $112,500 in 2002 to $150,000 in 2003, with increases in current assets like accounts receivable and inventories as well as fixed assets like land, buildings, and equipment.
- Current liabilities increased substantially from $27,500 to $69,000 due to increases in accounts payable and bank notes.
- Net income increased from $4,500 to $5,450 from 2002 to 2003 as sales grew despite higher operating expenses.
- Retained earnings increased from $
The document presents the balance sheets and income statements for Neff Industries for 2002 and 2003. It also includes a reconciliation of retained earnings.
The key points are:
- Total assets increased from $112,500 in 2002 to $150,000 in 2003, with increases in current assets like accounts receivable and inventories as well as fixed assets like land, buildings, and equipment.
- Current liabilities increased substantially from $27,500 to $69,000 due to increases in accounts payable and bank notes.
- Net income increased from $4,500 to $5,450 from 2002 to 2003 as sales grew despite higher operating expenses.
- Retained earnings increased from $
Neff Industries Income Statement for the Years Ended December 31, 2002, and December 31, 2003 2002 2003 Sales $ 125,000 $ 160,000 Cost of goods sold 75,000 96,000 Gross profit $ 50,000 $ 64,000 Operating expense Fixed cash operating expense $ 21,000 $ 21,000 Variable operating expense $ 12,500 $ 16,000 Depreciation $ 4,500 $ 10,000 Total operating expense $ 38,000 $ 47,000 Earning before interest and taxes $ 12,000 $ 17,000 Interest $ 3,000 $ 6,100 Earning before taxes $ 9,000 $ 10,900 Taxes $ 4,500 $ 5,450 Net income $ 4,500 $ 5,450
Neff Industries RECONCILIATION OF RETAINED EARNINGS Retained earnings, Dec 31, 2002 $ 24,750 2003 net income $ 5,450 Dividends paid ($ 3,650) Retained earnings, Dec 31, 2003 $ 26,550
1. Hitunglah Cash Flow dari asset perspective dan financing perspective.
2. Apa kesimpulan yang dapat diambil dari point 1.
JAWABAN 1.
FREE CASH FLOW ASSETS PERSPECTIVE
A. Menghitung After Tax Cash Flow from Operations/ Arus Kas Setelah Pajak dari Operasi After Tax Cash Flow from Operations : EBIT (see I/S) $ 17,000 Depreciation (see I/S) $ 10,000 EBITDA (Earning before interest, tax, depreciation & amortization) $ 27,000
Cash Taxes $ 5,450
After Tax Cash Flow from Operations $ 21,550
B. Menghitung investment in net operating working capital.
Change in Net Working Capital : Change in Current Assets $11,500 Change in Account Payable $11,500 Change in non-interest bearing Current Liabilities $11,500 Change in Net Working Capital $0
Note: non-interest bearing current liabilities adalah current liabilities selain debt.
C. Menghitung investment made in fixed assets and other assets (investment activities). Change in Gross Fixed Assets $36,000 Change in Other Assets $0 Total increase in long-term assets $36,000
FREE CASH FLOW ASSET PERSPECTIVE = AFTER TAX CF FROM OPERATION ─ INVESTMENT IN ASSETS
FCF ASSET PERSPECTIVE = $21,550 ─ ($0 + $36,000)
= ($14,450) → NEGATIF
FREE CASH FLOW FINANCING PERSPECTIVE
Interest paid to creditor (see I/S) ($6,100)
Dividend paid to owners (see B/S) ($3,650) ($9,750) Changes in debt: Increase in interest-bearing Bank notes (see B/S) $30,000 Decrease in long-term debt (see B/S) ($ 5,800) Common Stock (see B/S) ($ 0) FREE CASH FLOW FINANCING PERSPECTIVE $14,450
2. Jadi kesimpulan dari poin 1 adalah perhitungan melalui asset perspective dan financing perspective adalah balance dengan nilai ($14,450) pada asset perspective dan $14,450 pada financing perspective. Dari nilai tersebut dapat disimpulkan bahwa perusahaan
