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Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

CAPITULO 13
CAPITAL DE TRABAJO Y ADMINISTRACION DE ACTIVOS CIRCULANTES
EJERCIOS Y PROBLEMAS DE REPASO
Ejercicios
1. A firm has an average age of inventory of 90 days, an average collection period of 40 days, and an
average payment period of 30 days. The firm's operating cycle is _________ days.
(a) 110
(b) 130
(c) 120
(d) 70

Level of Difficulty: 2
Learning Goal: 2
Topic: Operating Cycle (Equation 13.1)

2. A firm has an operating cycle of 120 days, an average collection period of 40 days, and an average
payment period of 30 days. The firm's average age of inventory is _________ days.
(a) 80
(b) 50
(c) 90
(d) 70

Level of Difficulty: 2
Learning Goal: 2
Topic: Average Age of Inventory (Equation 13.1)
3.
A firm has a cash conversion cycle of 80 days, an average collection period of 25 days, and an
average age of inventory of 70 days. Its operating cycle is _________ days.
(a) 95
(b) 105
(c) 60
(d) 130

Level of Difficulty: 2
Learning Goal: 2
Topic: Operating Cycle (Equation 13.1)

Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
1
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

4.
A firm has an average age of inventory of 60 days, an average collection period of 45 days, and an
average payment period of 30 days. The firm's cash conversion cycle is _________ days.
(a) 15
(b) 45
(c) 75
(d) 135

Level of Difficulty: 2
Learning Goal: 2
Topic: Cash Conversion Cycle (Equation 14.2 and Equation 13.3)
5.
A firm has a cash conversion cycle of 120 days, an average collection period of 25 days, and an
average payment period of 50 days. The firm's average age of inventory is _________ days.
(a) 45
(b) 95
(c) 125
(d) 145

Level of Difficulty: 2
Learning Goal: 2
Topic: Average Age of Inventory (Equation 13.2 and Equation 13.3)

6. A firm purchased raw materials on account and paid for them within 30 days. The raw materials
were used in manufacturing a finished good sold on account 100 days after the raw materials were
purchased. The customer paid for the finished good 60 days later. The firm's cash conversion cycle is
_________ days.
(a) 10
(b) 70
(c) 130
(d) 190

Level of Difficulty: 2
Learning Goal: 2
Topic: Cash Conversion Cycle (Equation 13.2 and Equation 13.3)
7. A firm has an average age of inventory of 101 days, an average collection period of 49 days, and an
average payment period of 60 days. The firm's cash conversion cycle is
(a) 150 days.
(b) 90 days.
(c) 112 days.
(d) 8 days.

Level of Difficulty: 2
Learning Goal: 2
Topic: Cash Conversion Cycle (Equation 13.2 and Equation 13.3)

Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
2
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

8.
A firm has an average age of inventory of 20 days, an average collection period of 30 days, and an
average payment period of 60 days. The firm's cash conversion cycle is _________ days.
(a) 70
(b) 50
(c) -10
(d) 110

Level of Difficulty: 2
Learning Goal: 2
Topic: Cash Conversion Cycle (Equation 13.2 and Equation 13.3)
9. A firm has an average age of inventory of 60 days, an average collection period of 45 days, and an
average payment period of 30 days. The firm's operating cycle is _________ days.
(a) 75
(b) 105
(c) 90
(d) 135

Level of Difficulty: 2
Learning Goal: 2
Topic: Operating Cycle (Equation 13.1)

10. A firm has an operating cycle of 170 days, an average payment period of 50 days, and an average age
of inventory of 145 days. The firm's average collection period is _________ days.
(a) 25
(b) 75
(c) 95
(d) 120

Level of Difficulty: 2
Learning Goal: 2
Topic: Average Collection Period (Equation 13.2 and Equation 13.3)
11.
A firm has a cash conversion cycle of 60 days and average collection period of 40 days. The firm's
operating cycle is _________ days.
(a) 20
(b) 100
(c) 50
(d) Cannot be determined

Level of Difficulty: 2
Learning Goal: 2
Topic: Operating Cycle (Equation 13.1, Equation 13.2, and Equation 13.3)

Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
3
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

12.
A firm has an average age of inventory of 101 days, an average collection period of 49 days, and an
average payment period of 60 days. The firm's inventory turnover is _________.
(a) 3.2
(b) 4.0
(c) 2.5
(d) 3.6

Level of Difficulty: 2
Learning Goal: 2
Topic: Inventory Turnover (Equation 13.2 and Equation 13.3)

Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
4
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

Irish Air Services has determined several factors relative to its asset and financing mix.
(a) The firm earns 10 percent annually on its current assets.
(b) The firm earns 20 percent annually on its fixed assets.
(c) The firm pays 13 percent annually on current liabilities.
(d) The firm pays 17 percent annually on long-term funds.
(e) The firm's monthly current, fixed and total asset requirements for the previous year are summarized in
the table below:
Table 13.1

Current
Fixed
Total
Month
Assets
Assets
Assets
January $45,000
$100,000
$145,000
February 40,000 100,000
140,000
March 50,000
100,000
150,000
April 55,000
100,000
155,000
May 60,000
100,000
160,000
June 75,000
100,000
175,000
July 75,000
100,000
175,000
August 75,000
100,000
175,000
September 60,000 100,000 160,000
October 55,000
100,000
155,000
November 50,000 100,000 150,000
December 50,000 100,000 150,000
13.
The firm's monthly average permanent funds requirement is (See Table 13.1)
(a) $100,000.
(b) $57,500.
(c) $140,000.
(d) $157,500.

Level of Difficulty: 3
Learning Goal: 2
Topic: Permanent Funding Requirements
Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
5
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

14.
The firm's monthly average seasonal funds requirement is (See Table 13.1)
(a) $17,500.
(b) $57,500.
(c) $40,000.
(d) $157,500.

Level of Difficulty: 3
Learning Goal: 2
Topic: Seasonal Funding Requirements
15.
The firm's annual financing costs of the aggressive financing strategy are (See Table 13.1)
(a) $21,175.
(b) $26,075.
(c) $24,475.
(d) $22,775.

Level of Difficulty: 3
Learning Goal: 2
Topic: Aggressive Financing Strategy
16.
The firm's annual financing costs of conservative financing strategy are (See Table 13.1)
(a) $22,775.
(b) $26,075.
(c) $29,750.
(d) $21,175.

Level of Difficulty: 3
Learning Goal: 2
Topic: Conservative Financing Strategy
17.
The firm's annual profits on total assets for the previous year were (See Table 13.1)
(a) $20,000.
(b) $21,500.
(c) $23,625.
(d) $25,750.

Level of Difficulty: 3
Learning Goal: 2
Topic: Profits on Total Assets
Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
6
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

18. If the firm's current liabilities in December were $40,000, the net working capital was (See
Table 14.1)
(a) $140,000.
(b) $60,000.
(c) $10,000.
(d) -$10,000.

Level of Difficulty: 3
Learning Goal: 2
Topic: Net Working Capital
Table 13.2
Flum Packages, Inc.
Assets
Liabilities & Equity
Current assets
$10,000
Current Liabilities
$ 5,000
Fixed assets
20,000
Long-term debt
12,000

Equity
13,000
Total $30,000
Total
$30,000
The company earns 5 percent on current assets and 15 percent on fixed assets. The firm's current
liabilities cost 7 percent to maintain and the average annual cost of long-term funds is 20 percent.
19.
The firm's initial ratio of current to total asset is _________. (See Table 13.2)
(a) 1:3
(b) 3:1
(c) 2:3
(d) 3:2

Level of Difficulty: 3
Learning Goal: 2
Topic: Ratio of Current to Total Assets
20.
The firm's initial net working capital is (See Table 13.2)
(a) -$ 5,000.
(b) $13,000.
(c) $ 5,000.
(d) $10,000.

Level of Difficulty: 3
Learning Goal: 2
Topic: Net Working Capital
Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
7
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

21.
The firm's initial annual profits on total assets are (See Table 13.2)
(a) $2,500.
(b) $3,500.
(c) $3,000.
(d) $4,500.

Level of Difficulty: 3
Learning Goal: 2
Topic: Profits on Total Assets
22. A firm has annual operating outlays of $1,800,000 and a cash conversion cycle of 60 days. If the
firm currently pays 12 percent for negotiated financing and reduces its cash conversion cycle to
50 days, the annual savings is
(a) $50,000
(b) $200,000
(c) $ 6,000.
(d) $216,000.

Level of Difficulty: 3
Learning Goal: 2
Topic: Managing the Cash Conversion Cycle (Equation 13.2 and Equation 13.3)
23. A firm has a cash conversion cycle of 60 days. Annual outlays are $12 million and the cost of
negotiated financing is 12 percent. If the firm reduces its average age of inventory by 10 days, the
annual savings is _________.
(a) $104,000
(b) $144,000
(c) $ 28,800
(d) $40,000

Level of Difficulty: 3
Learning Goal: 2
Topic: Managing the Cash Conversion Cycle (Equation 13.2 and Equation 13.3)

Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
8
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

24. The Steel Works, Inc. is required to carry a minimum of 40 days' raw steel, which is 250 tons. It
takes 15 days between order and delivery. At what level of steel would Steel Works reorder?
(a) 3,750 tons
(b) 600 tons
(c) 667 tons
(d) 344 tons

Level of Difficulty: 3
Learning Goal: 3
Topic: Inventory Reorder Point (Equation 13.8)
25.
The General Chemical Company uses 150,000 gallons of hydrochloric acid per month. The cost of
carrying the chemical in inventory is 50 cents per gallon per year, and the cost of ordering the
chemical is $150 per order. The firm uses the chemical at a constant rate throughout the year. It
takes 18 days to receive an order once it is placed. The reorder point is
(a) 7,500 gallons.
(b) 25,000 gallons.
(c) 90,000 gallons.
(d) 105,000 gallons.

Level of Difficulty: 3
Learning Goal: 3
Topic: Inventory Reorder Point (Equation 13.8)
26.
The General Chemical Company uses 150,000 gallons of hydrochloric acid per month. The cost of
carrying the chemical in inventory is 50 cents per gallon per year, and the cost of ordering the
chemical is $150 per order. The firm uses the chemical at a constant rate throughout the year. The
chemical's economic order quantity is
(a) 32,863 gallons.
(b) 11,619 gallons.
(c) 9,487 gallons.
(d) 1,900 gallons.

Level of Difficulty: 4
Learning Goal: 3
Topic: EOQ Inventory Model (Equation 13.7)

Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
9
PrincipiosdeAdministracionFinanciera. Editorial Pearson


Capitulo13.CapitaldeTrabajoyAdministraciondeActivosCirculantes GuiaAlumnos

27.
A firm is analyzing a relaxation of credit standards that is expected to increase sales 10 percent. The
firm is currently selling 400 units at an average sale price per unit of $575, and the variable cost per
unit is $400 at the current sales volume. The average cost per unit is $425. What is the additional
profit contribution from sales if credit standards are relaxed?
(a) $23,000
(b) $16,000
(c) $6,000
(d) $7,000

Level of Difficulty: 3
Learning Goal: 4
Topic: Relaxing Credit Standards

Table 13.4
Caren's Canoes is considering relaxing its credit standards to encourage more sales. As a result,
sales are expected to increase 15 percent from 300 canoes per year to 345 canoes per year. The
average collection period is expected to increase to 40 days from 30 days and bad debts are
expected to double the current 1 percent level. The price per canoe is $850, the variable cost per
canoe is $650 and the average cost per unit at the 300 unit level is $700. The firm's required return
on investment is 20 percent.
28.
What is the firm's additional profit contribution from sales under the proposed relaxation of credit
standards? (See Table 13.4.)
(a) $2,250
(b) $6,750
(c) $9,000
(d) $69,000

Level of Difficulty: 4
Learning Goal: 4
Topic: Profit Contribution from Sales
29. What is the cost of marginal investments in accounts receivable under the proposed plan? (See
Table 14.4)
(a) $1,817
(b) $1,867
(c) $1,733
(d) $1,617

Level of Difficulty: 4
Learning Goal: 4
Topic: Cost of Marginal Investment in Accounts Receivable (Equation 13.9)

Fuente:MaterialdeApoyodelLibroGITMANEjerciciosyProblemasdeRepaso
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PrincipiosdeAdministracionFinanciera. Editorial Pearson