Balance Sheet of RST Ltd.
Asset: Liabilities & Owner’s equities:
F assets 130,000,000 Long term debt 80,000,000
C assets 120,000,000 Short term debt 90,000,000
Share Capital (and Reserve) 80,000,000
Total 250,000,000 Total 250,000,000
Assume RST has just into liquidation and that after payment of liquidation
expenses, net proceeds available from the sale of total assets sum to
200,000,000. Also note that of the total debt in issue, all is secured (i.e.,
creditors have a claim on particular assets in RST’s balance sheet in the
event of liquidation) expect for 10,000,000 of long term debt which is
non-secured.
1.The residual claim for the equity holders, bearing in mind their limited
liability status, would be:
A.0
B.-20,000,000
C.-50,000,000
D.40,000,000
E.30,000,000
F.None of A to E
這一題我選E，因為無擔保債務的償還順序應該還是優先於普通股，不知道對不對
2.In relation to Question 1, suppose that all is as above apart from the
disposable value of RST (i.e., net proceeds raised from liquidation) which is
280,000,000 (instead of 200,000,000). Given this, how much is the equity
holders’ residual claim?
A.80,000,000
B.110,000,000
C.90,000,000
D.50,000,000
E.70,000,000
F.None of A to E
這一題我選A，因為股東最多只可以拿到80,000,000，不知道有沒有錯誤
另一題：
In the case of a three-year pure discount bond (i.e., zero coupon bond) with
asking price of 97 (per 100 bond face value), the three-year spot rate
relevant to the bond’s current invoice price constitutes the bond’s yield
to maturity. True or False.
我選False，應該和face value有關係，不知道正不正確
多謝
--
Asset: Liabilities & Owner’s equities:
F assets 130,000,000 Long term debt 80,000,000
C assets 120,000,000 Short term debt 90,000,000
Share Capital (and Reserve) 80,000,000
Total 250,000,000 Total 250,000,000
Assume RST has just into liquidation and that after payment of liquidation
expenses, net proceeds available from the sale of total assets sum to
200,000,000. Also note that of the total debt in issue, all is secured (i.e.,
creditors have a claim on particular assets in RST’s balance sheet in the
event of liquidation) expect for 10,000,000 of long term debt which is
non-secured.
1.The residual claim for the equity holders, bearing in mind their limited
liability status, would be:
A.0
B.-20,000,000
C.-50,000,000
D.40,000,000
E.30,000,000
F.None of A to E
這一題我選E，因為無擔保債務的償還順序應該還是優先於普通股，不知道對不對
2.In relation to Question 1, suppose that all is as above apart from the
disposable value of RST (i.e., net proceeds raised from liquidation) which is
280,000,000 (instead of 200,000,000). Given this, how much is the equity
holders’ residual claim?
A.80,000,000
B.110,000,000
C.90,000,000
D.50,000,000
E.70,000,000
F.None of A to E
這一題我選A，因為股東最多只可以拿到80,000,000，不知道有沒有錯誤
另一題：
In the case of a three-year pure discount bond (i.e., zero coupon bond) with
asking price of 97 (per 100 bond face value), the three-year spot rate
relevant to the bond’s current invoice price constitutes the bond’s yield
to maturity. True or False.
我選False，應該和face value有關係，不知道正不正確
多謝
--
All Comments