美国注册管理会计师英文考试模拟试题(3)

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  CMA英文考试试题Question3:

  

  The FLF Corporation is preparing to evaluate capital expenditure proposals for the coming year. Because the firm employs discounted cash flow methods, the cost of capital for the

  

  firm must be estimated. The following information for FLF Corporation is provided:

  

  ● The market price of common stock is $60 per share.

  

  ● The dividend next year is expected to be $3 per share.

  

  ● Expected growth in dividends is a constant 10%.

  

  ● New bonds can be issued at face value with a 10% coupon rate.

  

  ● The current capital structure of 40% longterm debt and 60% equity is considered to be optimal.

  

  ● Anticipated earnings to be retained in the coming year are $3 million.

  

  ● The firm has a 40% marginal tax rate.

  

  The aftertax cost to FLF Corporation of the new bond issue is

  

  A. 14%

  

  B. 6%

  

  C. 10%

  

  D. 4%

  

  AnswerB:

  

  Answer A is incorrect. The aftertax cost will be less than the effective before tax rate.

  

  Answer B is correct. Because the bonds are issued at their face value, the pretax effective rate is 10%. However, interest is deductible for tax purposes, so the government absorbs 40% of the cost, leaving a 6% aftertax cost.

  

  Answer C is incorrect. This figure is the beforetax rate.

  

  Answer D is incorrect. This figure results from using a 60% tax rate.

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