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Case Chapter 3 - Financial Administration

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Capítulo 3
Fluxo de Caixa e Planejamento Financeiro
Problemas
P3–6 Cálculo dos fluxos de caixa operacional e livre
Considere os balanços e outros dados da demonstração de resultado da Keith
Corporation fornecidos na tabela a seguir.
a. Use a equação 3.1 para calcular o fluxo de caixa operacional da empresa, do ponto de vista contábil, para o exercício encerrado em 31 de dezembro de 2009.
b. Use a equação 3.2 para calcular o lucro líquido operacional depois do imposto de renda (NOPAT) da empresa para o exercício encerrado em 31 de dezembro de
2009.
c. Use a equação 3.3 para calcular o fluxo de caixa operacional (FCO) da empresa para o ano encerrado em 31 de dezembro de 2009.
d. use a equação 3.5 para calcular o fluxo de caixa livre (FCL) da empresa para o exercício encerrado em 31 de dezembro de
2009.
e. Interprete, compare e confronte suas estimativas de fluxo de caixa obtidas nos itens a, c e d.
Keith Corporation
Balanço Patrimonial, em 31 de dezembro, em $
Ativo
Caixa
Títulos negociáveis
Contas a receber
Estoques
Total do ativo circulante
Ativo imobilizado bruto
(-) Depreciação acumulada
Ativo imobilizado líquido
Total do ativo

2009
1.500
1.800
2.000
2.900
8.200
29.500
14.700
14.800
23.000

2008
1.000
1.200
1.800
2.800
6.800
28.100
13.100
15.000
21.800

Passivo e Patr. Líquido
Fornecedores
Bancos a pagar dívida
Contas a pagar
Total do passivo circulante
Dívida de longo prazo

1.600
2.800
200
4.600
5.000

1.500
2.200
300
4.000
5.000

1

Ações ordinárias
Lucro retido
Total do patrimônio líquido
Total do Passivo e Patri. Líquido
Dados da demonstração do resultado (2009)
Despesa de depreciação
Lucro antes de juros e imposto de renda (LAJIR)
Despesa financeira
Lucro líquido depois do imposto de renda
Alíquota do imp. de renda

10.000
3.400
13.400
23.000

10.000
2.800
12.800
21.800

1.600
2.700
367
1.400
40%

P3–9 Orçamento de caixa — problema básico
A Grenoble Enterprises teve vendas de $ 50.000 em março e de $ 60.000 em abril. As vendas previstas para maio, junho e julho são de $ 70.000, $ 80.000 e $
100.000, respectivamente. A empresa apresenta saldo de caixa de $ 5.000 em 1º de maio e deseja manter esse valor como saldo mínimo. Com base nos dados fornecidos a seguir, prepare e interprete um orçamento de caixa para os meses de maio, junho e julho.
(1) A empresa faz 20% de suas vendas à vista; 60% são recebidos no mês seguinte e os demais 20%, dois meses após a venda.
(2) A empresa recebe outros rendimentos de $ 2.000 a cada mês.
(3) As compras atuais ou esperadas da empresa, todas feitas à vista, são de $
50.000, $ 70.000 e $ 80.000, respectivamente, nos meses de maio a julho.
(4) A despesa mensal de aluguel é de $ 3.000.
(5) A folha de pagamento corresponde a 10% das vendas do mês anterior.
(6) Serão pagos dividendos de $ 3.000 em dinheiro em junho.
(7) Em junho vencem compromissos de amortização e juros de empréstimo no valor de $ 4.000.
(8) Uma compra de equipamento à vista, no valor de $ 6.000, está prevista para julho. (9) Impostos de $ 6.000 devem ser pagos em junho.
EXEMPLO DE FINANÇAS PESSOAIS
P 3-10 Elaboração de um orçamento de caixa
Sam e Suzy Sizeman precisam elaborar um orçamento de caixa para o último trimestre de 2010, para certificarem-se de que poderão cobrir suas despesas no período. Sam e Suzy vêm preparando orçamentos de caixa há vários anos e conseguiram estabelecer porcentagens específicas para a maioria de suas saídas de caixa. Essas porcentagens se baseiam em seus rendimentos líquidos (por

2

exemplo, as contas mensais de água, luz e etc. costumam representar 5% do rendimento líquido mensal). As informações adiante podem ser usadas para criar o orçamento de caixa do quarto trimestre de 2010.
a. Elabore um orçamento de caixa trimestral para Sam e Suzy, cobrindo os meses de outubro a dezembro de 2010.
b. Haverá meses com déficit?
c. Qual o superávit ou déficit acumulado ao fim de dezembro de 2010?
Rendimentos
Rendimento líquido mensal, $4.900
Despesas
Moradia, 30%
Contas de água, luz etc., 5%
Alimentação, 10%
Transporte, 7%
Saúde, 0,5%
Vestuário para out/nov, 3%
Vestuário para dez., $440
IPTU (apenas nov.), 11,5%
Eletrodomésticos, 1%
Cuidados pessoais, 2%
Entretenimento para out./nov., 6%
Entretenimento para dez., $1.500
Poupança, 7,5%
Outros, 5%
Reserva de caixa (caixa mínimo), 4,5%

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