最新的CPA Finance - FIN免費考試真題

Napa Co has 100 million $0*25 ordinary shares in issue with a current market value of $1*20 per share. The cost of ordinary shares is estimated at 12%. The company also has $100 million 6% irredeemable loan notes in issue that are currently quoted at $60 per $100 nominal value. The tax rate is 20%.
What is the weighted average cost of capital for Napa Co?

The following comments were recently made, relating to methods of issuing shares by a public company:
1.An offer for sale is an invitation to the public to buy shares that are not yet in issue.
2.A placing is an invitation to selected investors to buy either new shares or shares already in issue.
Which ONE of the following combinations (true/false) is correct?

Consider the following types of financial instruments:
1.Equity shares
2.Forward interest rate agreements
3.Convertible bonds
4.Cash deposits
Which of the above are regarded as primary financial instruments?

A company has convertible loan notes in issue which are due for redemption or conversion in exactly in two years. The interest received on the convertible loan notes is 8% and the investors require a yield of 10%. The convertible loan notes will be converted for 30 shares or redeemed at $105 per $100. The company's shares are currently trading at $3.30 per share.
What is the current market value of the convertible loan notes? (To the nearest $ and ignoring taxation)

Akkadia Co expects sales revenue of $20 million for the coming year. It also aims to achieve the following ratios: current ratio of 2.5:1; sales revenue to current assets of 4:1; and acid test ratio of 2:1.
Based on this, what will be the forecast for inventory?

Antares Co and Sirius Co have identical business risk and operating characteristics. Antares Co has financial gearing and Sirius Co is entirely financed by equity. Both companies pay out all their profits in dividends but Antares Co earns twice as much profit before interest and tax as Sirius Co. Antares Co has equity with a market value of $34 million and debt with an equilibrium market value of $15 million. Sirius Co has equity with an equilibrium market value of $24 million. The tax rate is 20%.
According to Modigliani and Miller (with taxes), what is the predicted value of the equity of Antares Co?

Aludra Co has $450 million loan notes in issue that pay an annual fixed rate of interest of 6.3%. The directors of the company have recently decided to change this fixed rate for a floating rate of interest. A bank has offered a swap agreement whereby the bank pays a fixed rate of interest of 5.8% and receives LIBOR in return.
Assuming LIBOR is 5.4% for the first year of the swap agreement, what will be the percentage borrowing cost for Aludra Co?

A company is considering a project for investment which will cost $70,000 now and another $10,000 in year five.
The company has a cost of capital of 8%. The project has the following discounted cash flows:
YearDiscounted Cash Flows $ 123,148 230,007 319,846 414,701
What is its discounted payback period in years and months (to the nearest month)?