Ross et al.: Fundamentals
of Corporate Finance, Sixth
Edition, Alternate EditionI. Overview of Corporate
Finance- Financial Statements,
Taxes, and Cash Flow
(^82) © The McGraw−Hill
Companies, 2002
http://www.coopertires.com. Follow the “Investor Information” link and find the most
recent annual report. Using the consolidated statements of cash flows, calculate
the cash flow to stockholders and the cash flow to creditors.
2.5. Average and Marginal Tax Rates Find the most recent income statement for
IBM at http://www.ibm.com. What is the marginal tax rate for IBM? What is the aver-
age tax rate for IBM? Is the average tax rate 35 percent? Why or why not?
Spreadsheet Templates2–2, 2–3, 2–4, 2–6, 2–8, 2–14, 2–15, 2–19, 2–25, 2–26
50 PART ONE Overview of Corporate Finance
A B C D
E F G H
321
654
987
112110
1143
Using a spreadsheet for time value o
If we invest $ 25 ,0 (^00) at (^12) percent, how lof mnogn uey calculations
for the unknown of periods, so we useth e formantil wl NPeE hRa v(rea $te, (^50) pm, (^0) , pt (^00) ?v (^) fvWe need to solve
)
RaFtePurt (ueesrrae Vtne)t aluVaelu (fev^ )(pv)
ThPe erfoiods:
rmal entered in cell B 10 is = NPER: not
has a negaivte sign on it. Also notice that rateis icee n ttehar pted am isstd zeceimroa anl, nod tth aat pv
percentage.
$$ 50025 , 0 ,0 0000
6 .1 1625 .1 52