financingcurrentassets(英文版)-全文預(yù)覽
【正文】 Harcourt, Inc. All rights reserved. Simple Annual Interest, 1Year Loan “Simple interest” means not discount or addon. Interest = ($100,000) = $8,000. %.000,100$000,8$EARkNom ????On a simple interest loan of one year, kNom = EAR. 17 19 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Effective Annual Rate, 1/10, 40 Periodic rate = Periods/year = 360/(40 – 10) = 12. EAR = (1 + Periodic rate)n – = ()12 – = %. 17 15 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Gross/Net Breakdown ?Company buys goods worth $3,000,000. That’s the cash price. ?They must pay $30,303 more if they don’t take discounts. ?Think of the extra $30,303 as a financing cost similar to the interest on a loan. ?Want to pare that cost with the cost of a bank loan. 17 11 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Is ST credit riskier than LT? To pany, yes. Required repayment always looms. May have trouble rolling over loans. ?Advantages of shortterm credit: Low costvisualize yield curve. Can get funds relatively quickly. Can repay without penalty. 17 7 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Working Capital Financing Policies ?Moderate: Match the maturity of the assets with the maturity of the financing. ?Aggressive: Use shortterm financing to finance permanent assets. ?Conservative: Use permanent capital for permanent assets and temporary assets. 17 3 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. CHAPTER 17 Financing Current Assets ?Working capital financing policies ?A/P (trade credit) ?Commercial paper ?ST bank loans 17 2 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What is shortterm credit, and what are the major sources? ?ST credit: Any debt scheduled for repayment within one year. ?Major sources: ?Accounts payable (trade credit) ?Bank loans ?Commercial paper ?Accruals
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