Tugas Manajemen Keuangan

Nama : Revaldi Andika Ainun Pranata

16.3 Lancaster Lumber buys $8 million of materials (net of discounts) on terms of 3/5, net 55;
and it currently pays on the 5th day and takes discounts. Lancaster plans to expand, which will
require additional financing. If Lancaster decides to forgo discounts, how much additional credit
could it obtain, and what would be the nominal and effective cost of that credit? If the company
could get the funds from a bank at a rate of 9%, interest paid monthly, based on a 365-day year,
what would be the effective cost of the bank loan? Should Lancaster use bank debt or additional
trade credit? Explain
Jawab:
 Langkah 1
Untuk menyelesaikan masalah ini, pertama kita harus menentukan berapa banyak hari setelah
periode diskon berakhir. Jumlah total hari adalah 55 hari dan periode diskon adalah 5 hari.
Oleh karena itu 50 hari setelah periode diskon

Menentukan additional credit:

Additional Credit=

Additional Credit= $1,095,890.41

 Langkah 2
Menentukan Nominal annual cost of TC

Nominal annual cost of TC=

Nominal annual cost of TC=

Nominal annual cost of TC=

Nominal annual cost of TC= 22.58%

Effective cost= ( )

Effective cost= ( )

Effective cost=
Effective cost= 24.90%

 Langkah 4
Menentukan Annual effective cost

Annual effective cost= ( )

Annual effective cost= ( )

Annual effective cost=

Effective cost of credit dari Lancester Lumber adalah 24.90% sedangkan effective cost of
bank loan adalah 9.38%, sehingga pinjamann bank akan lebih menguntungkan

Hasil
Lancester Luber dapat memperoleh tambahan kredit sebesar $1,095,890.41. Besar nominal
annual cost of TC Lancester Luber adalah 22.58%, Effective Cost sebesar 24.90% dan
effective annual cost of the bank loan sebesar 9.38%. Lancester Luber sebaiknya
menggunakan pinjaman bank karena biaya efektifnya jauh lebih rendah daripada biaya
efektif kredit dagang.

16.6 Pasha Corporation produces motorcycle batteries. Pasha turns out 1,400 batteries a day
at a cost of $7 per battery for materials and labor. It takes the firm 22 days to convert raw
materials into a battery. Pasha allows its customers 40 days in which to pay for the batteries,
and the firm generally pays its suppliers in 30 days.
a. What is the length of Pasha’s cash conversion cycle?
b. At a steady state in which Pasha produces 1,400 batteries a day, what amount of working
capital must it finance?
c. By what amount could Pasha reduce its working capital financing needs if it was able to
stretch its payables deferral period to 33 days?
d. Pasha’s management is trying to analyze the effect of a proposed new production process
on its working capital investment. The new production process would allow Pasha to
decrease its inventory conversion period to 17 days and to increase its daily production to
2,400 batteries. However, the new process would cause the cost of materials and labor to
increase to $12. Assuming the change does not affect the average collection period (40
days) or the payables deferral period (30 days), what will be the length of its cash
conversion cycle and its working capital financing requirement if the new production
process is implemented?
Jawab;
a. Cash conversion cycle = Inventory conversion period + Average collection period –
Payable deferral period
CCC = 22 + 40 – 30
CCC = 32 Hari
b. Working capital needed = Total daily units produced x Cost per unit x CCC
Working capital needed = 1,400 x $7 x 32
Working capital needed = $313,600
c. Untuk menyelesaikan permasalahan ini, pertama-tama kita perlu menentukan CCC yang
baru.
New CCC = 22 + 40 – 33
New CCC = 29 hari

New working capital required = 1,400 x $7 x 29

Change in working capital required = $313,600 - $284,200

Working capital required = 2,400 x $12 x 27

16.8 Rentz Corporation is investigating the opti mal level of current assets for the coming year.
Management expects sales to increase to approximately $2 million as a result of an asset
expansion presently being undertaken. Fixed assets total $1 million, and the firm plans to
maintain a 60% debt-to-assets ratio. Rentz’s interest rate is currently 8% on both short- and long-
term debt (which the firm uses in its permanent structure). Three alternatives regarding the
projected current assets level are under consideration: (1) a restricted policy where current assets
would be only 45% of projected sales, (2) a moderate policy where current assets would be 50%
of sales, and (3) a relaxed policy where current assets would be 60% of sales. Earnings before
interest and taxes should be 12% of total sales, and the federal-plus-state tax rate is 40%

a. What is the expected return on equity under each current assets level?
b. In this problem, we assume that expected sales are independent of the current assets
investment policy. Is this a valid assumption? Why or why not?
c. How would the firm’s risk be affected by the different policies?
Jawab:
a. ROE dapat dihitung dengan membagi laba bersih dan ekuita. Berikut tabel yang menunjukkan
total ekuitas dan laba bersih untuk masing-masing kebijakan
 ROE kebijakan ketat =

 ROE kebijakan moderat =

 ROE kebijakan longgar =

b. Hal tersebut tidak valid karena penjualan yang diharpkan tentunya akan dipengaruhi oleh
kebijakan investasi saat ini. Diskon, kebijakan, dan piutang semuanya berdampak pada
penjuala yang diharapkan
c. Ketiga kebijakan tersebut memberikan dampak risiko yang berbeda kepada perusahaan
berdasarkan caranya masing-masing. Kebijakan konservatif adalah jenis kebijakan yang
memiliki risiko yang paling rendah. Perusahaan memungkinkan menggunakan kebijakan ini
jika mereka ingin menghindari risiko. Kebijakan moderat memiliki risiko yang tidak terlalu
rendah dan tinggi atau berada ditengah-tengah. Perusahaan biasanya akan menggunakan
kebijakan ini jika mereka siap mengambil beberapa risiko. Kebijakan agresif merupakan
kebijakan yang paling berisiko karena risiko kebangkrutan akan lebih tinggi apabila
perusahaan menerapkan kebijakan ini.