Manajemen Keuangan [PDF]

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MANAJEMEN KEUANGAN Nama : Sri Ajeng Mulyani NIM



: 1602015191 (Ganjil)



Kelas : 3B Akuntansi



Tugas 1 halaman 35 1.) Diketahui : EBIT : Rp60.000.000 MS



: Rp480.000.000



M



: Rp220.000.000



EBIT : Rp112.000.000 Pajak : 25% Diminta : a. Modal sendiri b. Obligasi dengan bunga 14% Jawab : MS Modal sendiri



MA



700.000.000



480.000.000



Modal asing



-



220.000.000



Total modal



700.000.000



700.000.000



EBIT



112.000.000



112.000.000



Bunga



-



35.200.000



112.000.000



76.800.000



Pajak 25%



28.000.000



19.200.000



EAT



84.000.000



57.600.000



RMS



12%



12%



EBT



Cara perhitungan : 



Modal Sendiri = MS + M = 480.000.000 + 220.000.000 = 700.000.000







𝑏𝑢𝑛𝑔𝑎 (𝑅𝐸) =







Pajak = 112.000.000 x 25 % = 28.000.000 (ms) = 76.800.000 x 25% = 19.200.000 (ma)







𝑅𝑀𝑆 =



𝐸𝐴𝑇 𝑥 𝑀𝑆



𝐸𝐵𝐼𝑇 𝑥100 𝑇𝑀



112.000.000



= 700.000.000 𝑥 100% = 16%



84.000.000



100% = 700.000.000 𝑥100% = 12% (ma & ms) Balance



3). Menghitung likuiditas, Solvabilitas, Rentabilitas, RE dan RMS serta Aspek keuangan nya



PT. JANGKAR BUMI tahun 1999. 𝐴𝐿



699.280







𝐿𝑖𝑘𝑢𝑖𝑑𝑖𝑡𝑎𝑠 = 𝐻𝐿 = 499.480 = 1,4







𝑆𝑜𝑙𝑣𝑎𝑏𝑖𝑙𝑖𝑡𝑎𝑠 = 𝑇𝐻 = 1.299.480 = 2,27







𝑅𝑒𝑛𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑎𝑠 =







𝑅𝐸 =







𝑅𝑀𝑆 =



𝑇𝐴



𝐸𝐵𝐼𝑇 𝑇𝑀



2.954.280



𝐿𝑎𝑏𝑎 𝑇𝑀



𝑥 100% =



𝑥 100% =



𝐸𝐴𝑇 𝑀𝑆



363.200 1.658.800 𝐸𝐴𝑇



𝑥 100% =



𝑀𝑆



182.400 1.658.800



𝑥100% = 11%



𝑥 100% = 21,9% 182.400



𝑥 100% =



1.658.800



𝑥 100% = 11%



Aspek Keuangan : 𝐿𝑎𝑏𝑎 𝑠𝑒𝑡𝑒𝑙𝑎ℎ 𝑝𝑎𝑗𝑎𝑘







𝑅𝑂𝐸 =







𝑅𝑂𝐼 =







𝐶𝑎𝑠ℎ 𝑅𝑎𝑡𝑖𝑜 =







𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑅𝑎𝑡𝑖𝑜 =







𝐶𝑜𝑙𝑙𝑒𝑐𝑡𝑖𝑜𝑛 𝑃𝑒𝑟𝑖𝑜𝑑 = 70 ℎ𝑎𝑟𝑖



𝑀𝑆 𝐸𝐵𝐼𝑇+𝑝𝑒𝑛𝑦𝑢𝑠𝑢𝑡𝑎𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑



𝑥100% =



𝑥100% =



182.400 1.658.800



363.200+115.000 2.954.280



𝑘𝑎𝑠+𝑏𝑎𝑛𝑘+𝑠𝑟𝑡 𝑏𝑒𝑟ℎ𝑎𝑟𝑔𝑎 𝑗𝑘 𝑝𝑑𝑘 𝐻𝐿 𝐴𝐿 𝐻𝐿



𝑥100% = 11% 𝑥100% = 16,19%



𝑥100% =



29.880+30.000 499.480



𝑥100% = 11,9%



699.280



𝑥100% = 499.480 𝑥100% = 140% 𝑡𝑜𝑡𝑎𝑙 𝑝𝑖𝑢𝑡𝑎𝑛𝑔 𝑢𝑠𝑎ℎ𝑎 𝑡𝑜𝑡𝑎𝑙 𝑝𝑒𝑛𝑑𝑎𝑝𝑎𝑡𝑎𝑛 𝑢𝑠𝑎ℎ𝑎



249.500



𝑥365 ℎ𝑎𝑟𝑖 = 1.535.610 𝑥365 ℎ𝑎𝑟𝑖 =



𝑡𝑜𝑡𝑎𝑙 𝑝𝑒𝑟𝑠𝑒𝑑𝑖𝑎𝑎𝑛







𝑝𝑒𝑟𝑝𝑢𝑡𝑎𝑟𝑎𝑛 𝑝𝑖𝑢𝑡𝑎𝑛𝑔 = 𝑡𝑜𝑡𝑎𝑙 𝑝𝑒𝑛𝑑𝑎𝑝𝑎𝑡𝑎𝑛 𝑢𝑠𝑎ℎ𝑎 𝑥365 ℎ𝑎𝑟𝑖 =







𝑇𝐴𝑇𝑂 =







𝑟𝑎𝑠𝑖𝑜 𝑚𝑜𝑑𝑎𝑙 𝑠𝑒𝑛𝑑𝑖𝑟𝑖 𝑑𝑒𝑛𝑔𝑎𝑛 𝑎𝑠𝑒𝑡 𝑡𝑜𝑡𝑎𝑙 = 1.658.800 2.945.280



𝑇𝑜𝑡𝑎𝑙 𝑝𝑒𝑛𝑑𝑎𝑝𝑎𝑡𝑎𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑



294.500 𝑥365 ℎ𝑎𝑟𝑖 1.535.610



1.525.610



𝑥100% = 2.954.280 𝑥100% = 51,98% 𝑡𝑜𝑡𝑎𝑙 𝑚𝑜𝑑𝑎𝑙 𝑠𝑒𝑛𝑑𝑖𝑟𝑖 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑒𝑡



𝑥100% = 56,18%



Tugas 2 Halaman 53 1) Aktiva Tetap Aktiva Lancar Total Aktiva Hutang/Total Aktiva 50% Modal Sendiri EBIT 15% Bunga 16% EBT Pajak 30% EAT ROE



Konservatif 120.000.000 150.000.000 270.000.000 135.000.000 135.000.000 37.500.000 21.600.000 15.900.000 4.770.000 11.130.000 8,24%



Moderat 120.000.000 125.000.000 245.000.000 122.500.000 122.500.000 37.500.000 19.600.000 17.900.000 5.370.000 12.530.000 10,22%



Agresif 120.000.000 100.000.000 220.000.000 110.000.000 110.000.000 37.500.000 17.600.000 19.900.000 5.970.000 13.930.000 12,66%



11.130.000



ROE konservatif: 135.000.000 𝑥 100% = 8,24% 12.530.000



ROE moderat



: 122.500.000 𝑥 100% = 10,22%



ROE agresif



: 110.000.000 𝑥 100% = 12,66%



Kesimpulan



: Kebijakan agresif memberikan ROE paling besar.



13.930.000



3). Dik : - PT Nagata memproduksi barang x sebanyak 200 unit - Bekerja 25 hari - Bahan baku A Rp1.000 - Bahan baku B Rp250 - Biaya tenaga kerja langsung Rp750



𝑥100% =



= 70 ℎ𝑎𝑟𝑖



Dit : Besarnya modal kerja ? Jawab : Periode terikatnya modal kerja : a. b. c. d.



Lamanya bahan baku disimpan Lamanya proses produksi Lamanya barang jadi disimpan Lamanya piutang tertagih Jumlah



5 hari 3 hari 12 hari 25 hari 45 hari



Kebutuhan kas per hari : a. Pembelian bahan baku A Pembelian bahan baku B b. Pembayaran upah langsung c. Pembayaran biaya adm d. Pembayaran gaji



: 200 x 1.000 = 200.000 : 200 x 250 = 50.000 : 200 x 750 = 150.000 : 22.500.000 : 25 = 900.000 : 12.500.000 : 25 = 500.000



Jumlah



1.800.000



Dengan demikian jumlah modal kerja yang dibutuhkan adalah : Modal kerja x kebutuhan kas/hari + kas minimal 45 x 1.800.000 + 2.500.000 = 83.500.000 4). Perputaran kas



Penjualan



:



rata−rata kas



: Perputaran piutang



: :



Perputaran persediaan



: :



36.000 235



= 153,19



Penjualan rata−rata piutang 36.000 675



= 53,33



penjualan rata−rata persediaan 36.000 1.250



Periode terikatnya : Kas : 360/153,19 = 2,35 Piutang : 360/53,33 = 6,75 Persediaan : 360/28,8 = 12,5 Jumlah = 21,6



= 28,88



Dengan demikian periode terikatnya semua elemen modal kerja adalah 21,6 atau perputaran modal kerja sebesar 360/21,6 = 16,67. Apabila pada tahun 2000 diperkirakan akan mampu menjual sebanyak Rp40.000.000, maka kebutuhan modal kerja adalah : Rp40.000.000/16,67 = Rp2.399.520,096 . Tugas 3 halaman 68 1). Bulan



Piutang



Januari Februari November 230.000.000 34.500.000 Desember 240.000.000 84.000.000 36.000.000 Januari 250.000.000 121.000.000 87.500.000 Februari 270.000.000 130.680.000 Maret 260.000.000 April 240.000.000 Mei 280.000.000 Juni 290.000.000 239.500.000 254.180.000 















Diterima Bulan Maret April



Mei



Juni



37.500.000 94.500.000 40.500.000 125.840.000 91.000.00 39.000.000 116.160.000 84.000.000 36.000.000 135.520.000 98.000.000 140.360.000 257.840.000 247.660.000 223.420.000 274.360.000



NOVEMBER *Nov-Jan 15%



x



230,000,000



=



34,500,000



DESEMBER *Des-Jan 35%



x



240,000,000



=



84,000,000



*Des-Feb



15%



x



240,000,000



=



36,000,000



JANUARI *Jan-Jan 40% 4%



x x



250,000,000 100,000,000



= =



10%



x



250,000,000



=



100,000,000 4,000,000 96,000,000 25,000,000 121,000,000



*Jan-Feb



35%



x



250,000,000



=



87,500,000



*Jan-Mar



15%



x



250,000,000



=



37,500,000



FEBRUARI *Feb-Feb 40% 4%



x x



270,000,000 108,000,000



= =



108,000,000 4,320,000







10%



x



270,000,000



=



103,680,000 27,000,000 130,680,000



*Feb-Mar



35%



x



270,000,000



=



94,000,000



*Feb-Apr



15%



x



270,000,000



=



40,500,000



40% 4%



x x



260,000,000 104,000,000



= =



10%



x



260,000,000



=



104,000,000 4,160,000 99,840,000 26,000,000 125,840,000



35%



x



260,000,000



=



15%



x



260,000,000



40% 4%



x x



240,000,000 96,000,000



= =



10%



x



240,000,000



=



*Apr-Mei



35%



x



240,000,000



84,000,000



*Apr-Jun



15%



x



240,000,000



36,000,000



40% 4%



x x



280,000,000 112,000,000



= =



10%



x



280,000,000



=



35%



x



280,000,000



=



98,000,000



40% 4%



x x



290,000,000 116,000,000



= =



116,000,000 4,640,000



MARET *Mar-Mar



*Mar-Apr *Mar-Jun 







APRIL *Apr-Apr



MEI *Mei-Mei



*Mei-Jun 



JUNI *Jun-Jun



91,000,000 39,000,000



96,000,000 3,840,000 92,160,000 24,000,000 116,160,000



112,000,000 4,480,000 107,520,000 28,000,000 135,520,000



10%



x



290,000,000



=



111,360,000 29,000,000 140,360,000



Tugas 4 Halaman 240-241 2). Dik : Asset Turnover



1,75 kali



Quick Ratio



1,25



Debt to Equity



40%



HPP



75%



Inventory Turnover



5 kali



Pengumpulan Piutang 45 hari Profit Margin



10%



Jawaban : a)



Debt to equity



=



=



hutang modal sendiri hutang 240,000 40% x 240,000



aktiva



= = =



hutang + modal 96,000 + 240,000 pasiva → total aktiva



Asset turnover



=



penjualan total asset



=



1.75 kali



=



penjualan 336,000 1.75 x 336,000



=



1.75 kali



=



588,000



laba kotor penjualan laba kotor 588,000 75% x 588,000 588,000 - 441,000



=



75%



=



75%



= =



441,000 47,000



= hutang b) Total aktiva pasiva



c)



penjualan d) Gross profit



= = =



laba kotor HPP



= =



=



40%



=



40%



=



96,000



= =



336,000 336,000



e)



Profit margin



= =



f)



laba operasi



=



Inventory turn over



= =



g)



persediaan



=



Average collection periode



= =



piutang



=



h) Acid test ratio



=



10%



=



10%



=



58,800



HPP persediaan 147,000 persediaan 147,000 : 5



=



5 kali



=



5 kali



=



29,400



piutang x 360 hari penjualan piutang x 360 hari 588,000 (588,000 x 45) : 360



=



45 hari



=



45 hari



=



73,500



=



1.25



=



1.25



= =



120,000 149,400



=



46,500



=



186,600



= aktiva lancar-persediaan hutang lancar = aktiva lancar - 29400 96,000 = 96,000 x 1.25 = 120,000 + 29,400 149,400 - 73,500 = 29,400 = total aktiva-aktiva lancar = 336,000 - 149,400



aktiva lancar - 29400 aktiva lancar kas aktiva tetap



Kas Piutang dagang Persediaan Total Aktiva lancar Aktiva tetap Total Aktiva lancar



laba operasi penjualan laba operasi 588,000 10% x 588,000



PT. Perusahaan AR-Ridho Neraca, 31 Desember 2000 Rp 46,500 Hutang dagang Rp 73,500 Rp 29,400 Modal saham Rp Rp



149,400 186,600



Rp



336,000



Rp



96,000



Rp 130,000



Laba ditahan



Rp 110,000



Total hutang & Modal



Rp 336,000



PT. Perusahaan AR-Ridho Laporan Rugi-Laba Tahun 1999 (000) Penjualan 588,000 Harga pokok penjualan 147,000 Laba Kotor 441,000 Biaya operasi Laba operasi



382,200 58,800



4). Diminta : a. Membuat analisis common size b. Membuat rasio keuangan Jawab



:



Neraca Common Size PT. NAGASARI Kas 1.63% Hutang Dagang Efek 6.86% Hutang Wesel Piutang Dagang 14.38% Hutang Obligasi Persediaan 18.30% Modal Saham Aktifa Tetap 58.83% Laba ditahan Total Aktiva 100.00% Total Hutang & Modal



5.23% 8.50% 11.76% 49.02% 25.49% 100.00%



Laporan Laba-Rugi Common Size PT.NAGASARI Penjualan Harga Pokok Penjualan Laba Kotor (EBIT) Biaya Operasi Laba Operasi Bunga Laba Sebelum Pajak (EBT) Pajak Laba Setelah Pajak



b) * Asset Turnover



100.00% 73.08% 26.92% 7.69% 19.23% 2.56% 16.67% 6.67% 10.00%



= penjualan



=



total aset



* Gross Profit Margin



= laba kotor penjualan



1,950,000



=



1.27 x



=



26.92%



1,530,000



=



525,000 1,950,000



* Inventori turnover



=



HPP



=



persediaan



* Debt to Net Worth



=



hutang



=



piutang x 360 hari



=



= aktiva lancar-persediaan



=



=



Laba operasi penjualan



390,000



=



34.21%



220,000 x 360



=



41 hari



=



1.67



=



19.23%



1,950,000



=



hutang lancar



* Profir Margin



5x



1,140,000



penjualan



* Acid test Ratio



=



280,000



modal sendiri Average Collection * Period



1,425,000



350,000 210,000



=



375,000 1,950,000



Tugas 5 Halaman 83 1). ANGGARAN KAS (TRANSAKSI OPERASI) URAIAN JAN FEB MAR APR MEI JUN ∑ PENERIMAAN 250,000,000 300,000,000 395,000,000 475,000,000 355,000,000 430,000,000 ∑ PENGLUARAN 350,000,000 365,000,000 355,000,000 350,000,000 380,000,000 385,000,000 SURPLUS (DEFISIT) -100,000,000 -65,000,000 40,000,000 125,000,000 -25,000,000 45,000,000 ANGGARAN KAS (TRANSAKSI FINANSIAL) URAIAN JAN FEB MAR APR MEI JUN Saldo Kas awal bulan 15,000,000 8,000,000 8,000,000 44,730,000 166,460,000 5,340,000 Terima Kredit awal bulan 94,900,000 68,270,000 132,850,000 Pembayaran pinjaman Kas tersedia 109,900,000 76,270,000 8,000,000 44,730,000 33,610,000 5,340,000 Surplus (defisit) 100,000,000 -65,000,000 40,000,000 125,000,000 -25,000,000 45,000,000 Pembayaran Bunga -1,900,000 -3,270,000 -3,270,000 -3,270,000 -3,270,000 -3,270,000 Saldo Kas akhir bulan 8,000,000 8,000,000 44,730,000 166,460,000 5,340,000 47,070,000 Hutang Kumulatif 94,900,000 163,170,000 163,170,000 163,170,000 163,170,000 163,170,000



Cara perhitungan : Xjan Xjan X - 0.02X 0.98X X



= = = = =



Defisit 100,000,000 93,000,000 93,000,000 93,000,000 0.98



+ +



SKM 8,000,000



=



94,900,000



Xfeb Xfeb X - 0,02X 0.98X X



= = = = =



Defisit 65,000,000 65,000,000 66,900,000 66,900,000 0.98



+ + +



SKM 8,000,000 1,900,000



=



68,270,000



Bunga



=



0.02



Xmei Xmei X - 0.02X 0.98X



= = = =



Defisit 25,000,000 -130,190,000 -130,190,000



X



=



-130,190,000 0.98



-



SKA 15,000,000



+ Bunga + 0.02X



-



SKA 8,000,000



+ Bunga + 0.02X



X 163,170,000 =



3,270,000



+ +



SKM 8,000,000



-



SKA + Bunga 166,460,000 + 0.02X



= 132,850,000



Tugas 6 Halaman 125 3). Hitung Net Present Value dengan keuntungan 17% Tahun



Discount Factor 17%



Penerimaan



1 80,000,000 0.856 2 100,000,000 0.731 3 120,000,000 0.624 4 150,000,000 0.534 Total Present Value dari Penerimaan Investasi Net Present Value



PV dari Penerimaan 68,480,000 73,100,000 74,880,000 80,100,000 296,560,000 300,000,000 -3,440,000



4). Diminta NPV dan IRR Dengan r = 15% TPV Penerimaan



= 30,000,000 x 3.521



= 105,630,000



+ 0.02(94,900,000) + 1,900,000



+ 0.02(163,170,000) + 3,270,000



Investasi NPV



100,000,000 5,630,000



Tugas 7 Halaman 215 2) a. Menghitung DOL dan efeknya terhadap EBIT bila kenaikan penjualan 40% URAIAN Penjualan Biaya Variabel Kontribusi Marjin Biaya Tetap EBIT



X Y 4,000,000,000 4,000,000,000 2,400,000,000 3,200,000,000 1,600,000,000 800,000,000 1,000,000,000 400,000,000 600,000,000 400,000,000



Cara perhitungan : Penjualan



= 25,000 x 160,000



=



4,000,000,000



BV X



= 160,000 x 15,000



=



2,400,000,000



BV Y



= 160,000 x 20,000



=



3,200,000,000



DOL X



=



4,000,000,000 - 2,400,000,000 4,000,000,000 - 2,400,000,000 - 1,000,000,000



DOL Y



=



4,000,000,000 - 3,200,000,000 4,000,000,000 - 3,200,000,000 - 400,000,000



X



= 2.6666667 x 40% = 106.6666668% = 106.6666668% x 600,000,000 = 640,000,000 = 1,240,000,000 → (600,000,000 + 640,000,000)



EBIT X menjadi Y EBIT Y menjadi Bukti : URAIAN Penjualan Biaya Variabel Kontribusi Marjin Biaya Tetap EBIT



= 2 x 40% = 80% = 80% x 400,000,000 = 320,000,000 = 720,000,000 → (400,000,000 + 320,000,000) Penjualan ↑ 40% X Y 5,600,000,000 4,000,000,000 3,360,000,000 4,480,000,000 2,240,000,000 1,120,000,000 1,000,000,000 400,000,000 1,240,000,000 720,000,000



=



2.6666667



= 2



b. Menghitung DFL terhadap EAT dengan kenaikan EBIT 20% URAIAN Penjualan Biaya Variabel Kontribusi Marjin Biaya Tetap EBIT Bunga EBT Pajak 40% EAT



X Y 4,000,000,000 4,000,000,000 2,400,000,000 3,200,000,000 1,600,000,000 800,000,000 1,000,000,000 400,000,000 600,000,000 400,000,000 400,000,000 200,000,000 200,000,000 200,000,000 80,000,000 80,000,000 120,000,000 120,000,000



Cara perhitungan : DFL X



=



600,000,000 600,000,000 - 400,000,000



=



3



DFL Y



=



400,000,000 400,000,000 - 200,000,000



=



2



X



= 3 x 20% = 60% = 60% x 120,000,000 = 72,000,000 = 192,000,000 → (120,000,000 + 720,000,000)



EAT X menjadi Y EAT X menjadi Bukti : URAIAN EBIT Bunga EBT Pajak 40% EAT



= 2 x 20% = 40% = 40% x 120,000,000 = 48,000,000 = 168,000,000 → (120,000,000 + 48,000,000) EBIT ↑ 20% X 720,000,000 400,000,000 320,000,000 128,000,000 192,000,000



Y 480,000,000 200,000,000 280,000,000 112,000,000 168,000,000



c. Menghitung DCL bila kenaikan penjualan 30%



DCL X



DCL Y



=



S - BV EBIT - I = 4,000,000,000 - 2,400,000,000 600,000,000 - 400,000,000 = S - BV EBIT - I = 4,000,000,000 - 3,200,000,000 400,000,000 - 200,000,000



Tugas 8 halaman 203



= 8



= 4