23 Jul DETERMINE HISTORICAL PARAMETER VALUES FOR FISCAL 1996 AND 1997 THAT RELATE INCREMENTAL FIXED CAPITAL TO INCREMENTAL SALES.
Q-1:Determine historical parameter values for fiscal 1996 and 1997 that relate incremental fixed cap Show more Q-1:Determine historical parameter values for fiscal 1996 and 1997 that relate incremental fixed capital to incremental sales. Assume depreciation is a reasonable estimate of the cost to replace physical capacity and that The May Company has no capitalized interest. Further assume that the amortization portion of depreciation and amortization in the cash flow statement is negligible. Treat the disposition of property and equipment as a negative capital expenditure. Q-2 :In converting the 1997 income statement and cash flow statement to a free cash flow basis you removed the $299 million of interest expense from earnings (and therefore from operating cash flow). You also must adjust the provision for income taxes for the related tax effect. In doing so the $500 million income tax provision reported under GAAP becomes what amount on a free cash flow basis? (Assume a 39% marginal tax rate and no other adjustments to the income tax provision.) Show less
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