Mini Case: Bethesda Mining Company: Disusun Oleh [PDF]

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MINI CASE : BETHESDA MINING COMPANY



disusun oleh : Rica Rahayu NIM : 21919024



JURUSAN MAGISTER AKUNTANSI FAKULTAS BISNIS DAN EKONOMIKA UNIVERSITAS ISLAM INDONESIA 2021



Part 1. Input Data (in thousands of dollars) Project life Opportunity Cost (after tax) Equipment Investment Contract calls for (tons of coal/year) Sales price per ton (per contract) Sales price per ton (excess of contract) Variable costs (per ton) Fixed cost (per year) NWC/sales (starting yr 0) 5% Cost of reclamation of land (yr 5) -$2,800,000 Charitable deduction (yr 6) $7,500,000 Tax rate 38% Required Return 12% Depreciated on 7 year MACRS Market Value at yr 4 (but not selling) 60%



4 -$7,000,000 $85,000,000 500,000 $95 $90 -$31 -$4,300,000



Part 2 Sales Revenue Year 1 2 3 4



Production (tons) 620,000 680,000 730,000 590,000



Revenue per contract $47,500,000 $47,500,000 $47,500,000 $47,500,000



Revenue (excess) $10,800,000 $16,200,000 $20,700,000 $8,100,000



Total Revenue $58,300,000 $63,700,000 $68,200,000 $55,600,000



Part 3 depreciation and amortization schedule  



 



Years Initial Cost



Year Equipment Depr'n Rate Equipment Depreciatio n Dollars Ending Book Val: Cost – Accum Depreciatio n



85,000,000



Accum'd



1



2



3



4



14.29%



24.49%



17.49%



12.49%



$12,146,500



$20,816,500



$14,866,500



$10,616,500



$58,446,000



72,853,500



52,037,000



37,170,500



$26,554,000



26,554,000



 



Part 4 net salvage values, dalam 4 tahun Equipment Estimated Sales Price in Year 4



$51,000,000



Book Value in Year 4



26,554,000



Expected Gain or Loss



24,446,000



Taxes paid or tax credit Net cash flow from salvage



-9,289,480 $41,710,520.00



Depr'n



Part 5 . Project net cash flows (time line of annual cash flows)



Years



0



1



2



3



4



5



6



Investment Outlays at Time Zero: Equipment Opportunity Costs



($85,000,000) (7,000,000)



Operating Cash Flows over the Project's Life: Sales revenue Operating Costs Depreciation (equipment) Oper. income before taxes (EBIT) Taxes on operating income (38%) After-tax operating income Add back depreciation Operating cash flow



$58,300,000



$63,700,000



$68,200,000



$55,600,000



0



0



(23,520,000)



(25,380,000)



(26,930,000)



(22,590,000)



(2,800,000)



0



(12,146,500)



(20,816,500)



(14,866,500)



(10,616,500)



0



0



$22,633,500



$17,503,500



$26,403,500



$22,393,500



(2,800,000)



0



(8,600,730)



(6,651,330)



(10,033,330)



(8,509,530)



1,064,000



2,850,000



$14,032,770



$10,852,170



$16,370,170



$13,883,970



(1,736,000)



2,850,000



12,146,500



20,816,500



14,866,500



10,616,500



0



0



$26,179,270



$31,668,670



$31,236,670



$24,500,470



(1,736,000)



2,850,000



Terminal Year Cash Flows: Required level of net working capital Required investment in NWC



($2,915,000)



($3,185,000)



($3,410,000)



($2,780,000)



$0



$0



0



($2,915,000)



($270,000)



($225,000)



$630,000



$2,780,000



$0



0



($1,736,000)



2,850,000



Terminal Year Cash Flows: Net salvage value



$41,710,520  



Net Cash Flow (Time line of cash flows)



  ($94,915,000)



  $25,909,270



  $31,443,670



  $31,866,670



$68,990,990



Part 6. Data for payback years Net cash flow Cumulative Cash Flow Part of year required for payback



0 (94,915,000) (94,915,000)



1 25,909,270 (69,005,730)



2 31,443,670 (37,562,060)



3 31,866,670 (5,695,390)



4 68,990,990



1.00



1.00



1.00



0.08



5 (1,736,000)



6 2,850,000



Part 7. Data for profitability index Net Cash Flow



0 (94,915,000)



1 25,909,270



2 31,443,670



Present Value



(94,915,000)



23,133,276.79



25,066,701.21



3 31,866,670 22,682,066.2 7



4 68,990,990 43,845,021.39



5 (1,736,000) (985,053.02 )



6 2,850,000 1,443,898.7



Part 8 Key Output : Appraisal of the proposed project Net Present Value (at 12%) IRR MIRR Payback Period Profitability Index



$20,270,911.33 20.23% 15.64% 3.08 1.21



Apakah Bethesda harus mengambil project ini ? Berdasarkan perhitungan di atas menurut saya Bethesda harus mengambil project ini karena;     



NPV positif. Yang menandakan bahwa project tersebut menguntungkan. IRR 20% lebih tinggi dari pada imbal hasil yang diharapkan yaitu 12%, sehingga project menguntungkan MIRR 15,64% lebih tinggi dari imbal hasil yang diharapkan yaitu 12% sehingga project menguntungkan untuk diambil Payback period 3, 08, lama waktu untuk Mengembalikan investasi awal selama 3,08 tahun. Lebih cepat dari masa project Profitability index 1,21 lebih dari 1 sehingga project bisa diambil