SOLUTION: FIN 101 Saudi Electronic University Principles of Finance Question

College of Administrative and Financial Sciences
Assignment 1
Principles of Finance (FIN101)
Deadline: (3/03/2021 @ 23:59)
Course Name: Principles of Finance
Course Code: FIN101
Student’s Name:
Semester: 2
CRN:
Student’s ID Number:
Academic Year: 1441/1442 H, 2nd Term
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: /5
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• This assignment is an individual assignment.
• The Assignment must be submitted only in WORD format via allocated folder on
Blackboard.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented. This also includes
filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submitted assignments will NOT be entertained.
• Avoid plagiarism, the work should be in your own words, copying from students
or other resources without proper referencing will result in ZERO marks. No
exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced)
font. No pictures containing text will be accepted and will be considered
plagiarism).
Submissions without this cover page will NOT be accepted.
Assignment Questions
Q1 (1.5 marks)
Ahlam Company’s net income for the year 2000, is $3,700,214. The company had an EBITDA of
$ 10,125,300, and its depreciation and amortization expense was equal to $2,543,790. The
company’s average tax rate is 35 percent.
a. What is the amount of interest expenses for the firm? (Show the details of your
calculations).
b. Prepare a common sized Income Statement if net sales equal $12,000,000.
Q2. (1 Mark)
The following are accounts balance (in thousands) for Malak Company. Calculate Net Income
after-tax (show intermediate steps) t=35% for the year ended December 31, 2020.
Net property and equipment
$ 2,000
Accounts receivable
$3,000
Notes payable
$37,000
Revenues
$ 983,000
Supply expenses
$ 255,000
Depreciation expenses
$ 35,000
Labor expense
$300,000
Interest Expenses
$11,000
Stockholders’ Equity
$61,500
Cash & cash equivalents
$97,000
Long-term debt
$3,500
Q3. Calculate the following ratios from the Balance Sheet and the Income Statement given below:
(1.5 Mark)
a. Current Ratio
b.
c.
d.
e.
Debt Ratio
Fixed asset turnover
Total asset turnover
Operating profit margin
Balance Sheet:
Cash
Acct/Rec
Inventories
Current assets
Net fixed assets
Total assets
Accts/Pay
Accrued expenses
Short-term N/P
Current liabilities
Long-term debt
Owner’s equity
Total liabilities and
owners equity
Income Statement:
Net sales
COGS
Gross profit
Operating expenses
Net operating
income
Interest expense
EBT
Income taxes
Net income
30,000
72,500
50,000
152,500
240,000
392,500
44,500
31,000
9,500
85,000
110,000
197,500
392,500
450,000
220,000
230,000
128,000
102,000
18,500
83,500
33,000
50,500
Q4. Using the values below, answer the questions that follow: (1mark)
Amount of annuity: $500
Interest rate: 9%
N=10 years
a) Calculate the future value of the annuity, assuming that it is
(1) An ordinary annuity.
(2) An annuity due.
b) Compare your findings in parts a(1) and a(2). All else being identical, which type of
annuity—ordinary or annuity due—is preferable as an investment? Explain why.

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