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current assets
KT liabilities
800+10+96
100+125
906
225
= 4 > 1! Dus
geen probleem, want balans is foto van situatie in december, doorheen het jaar
evalueren Cash Budget.
Mogelijke oplossingen:
A. Extension payment delay suppliers
B. Shortening payment time customers, but the customers wont be happy
and (maybe) go elsewhere. So a better solution would be to give them a
reduction, of course the less the better, but the reduction has to be
interesting.
Hoe bepalen of korting interessant is? vergelijken met rente op bank!
What do I get for putting my money on the bank Rente
When I loan money interest
Payment condition 1%/0/30
1% if, cash betalen, anders 30 dagen betalingsuitstel MAAR korting
moet aantrekkelijk genoeg zijn; bank leent alleen aan 10%; 1%*12 = 12%
dus beter dan 10%, dus aantrekkelijk!
C. Creating new receipts
= Lease & Sell-back, vb. leasing car (you can use it, pay rent)
Here you could sell your assets to leasing companies, but you lease it
back.
Nadeel: je kan je activa maar 1 keer verkopen!
D. Cutting costs
Vb. Ford Belgi
E. More depreciation in the beginning = degressief afschrijven! (altijd)
In this way you pay less taxes, but you may think that the effect balances
out (later you pay more taxes) BUT TIME VALUE OF MONEY!! There is one
exception (when not?): wanneer net income negatief wordt, want equity
capital daalt dit betekent dat de solvabiliteit daalt (leningen meer
krijgen).
F. Bank: short term loan vb. 10% yearly.
3) What adjustments should be introduced to the solutions of
questions 1 and 2 if the company should extent, by one month,
the term of payment of the customers (starting with the sales
from January 2007)?
- No changes in income statement
- Changes in balance sheet: cash and accounts receivable
- Changes in cash budget: nog negatievere waarde!