Task 3
Net income = 51 350
Cash dividends = 15 000
Addition to retained earnings = Net income – Cash dividends = 51 350 – 15 000 = 36 350

Task 4
Earnings per share = Net income/Total share outstanding = 51 350/20 000 = 2,5675
Dividends per share = Cash Dividends/Total share outstanding = 15 000/20 000 = 0,75

Task 5
Current assets = Net working Capital + Current liabilities = 600 000 + 750 000 = 1 350 000
Book value current assets = 1 350 000
Book value net fixed assets = 750 000
Book value assets = 1 350 000 + 750 000 = 2 100 000
Market value current assets = 1 500 000
Market value net fixed assets = 2 000 000
Market value assets = 1 500 000 + 2 000 000 = 3 500 000

Task 6
Tax rate = 39%
Taxable income = 145 000
Income taxes: 1) 0,15 * 50 000 = 7 500 2) 0,25 * (75 000 – 50 000) = 6 250 3) 0,34 * (100 000 – 75 000) = 8 500 4) 0,39 * (145 000 – 100 000) = 17 550
Total income tax = 1 + 2 + 3 + 4 = 39 800

Task 7
Average tax rate = Total income tax/Net income = 39 800/145 000 = 27,45%
Marginal tax rate = 39%

Task 11
Cash flow to cresitors = Interest paid - Net new borrowing = 700000-900000=-200000

Task 12
Cash flow to stockholders= Dividents paid - Net New equity raised = 300000-450000=-150000

Task 13
Відповіді з 11 і 12 разом формують cash flow from assets. OCF = Net capital spending + Change in NWC + cash flow from assets = 500000-135000-200000-150000=15000

Task 14
65 000 - 41 000 - 3 000 - 1 750 = 19 250 EBIT
19 250 - 7 000 = 12 250 Taxable income
12 250 - 4 165 = 8 085 Net income
a. OCF = 19 250 + 3 000 – 4 165 = 18 085
b. Cash Flow to Creditors = Interest – Net new borrowings = 7 000 – (– 3 000) = 10 000
c. Cash Flow to Stockholders = Dividends – Net new Equity = 3 200 – 1 415 = 1 785
d. CFA = CFC + CFS = 10 000 + 1 785 = 11 785
Net capital Spending = Increase in NFA + Depreciation = 2 500 + 3 000 =