As per announcements on iCollege, Part II of the Final Exam is a case study write-up. The case for this assignment is Chang Dental (this is one of the Harvard cases in your case packet). The case ques

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As per announcements on iCollege, Part II of the Final Exam is a case study write-up. The case for this assignment is Chang Dental (this is one of the Harvard cases in your case packet). The case questions are listed below. Read these carefully and be sure to follow all instructions. If anything is unclear to you, please email me. I do not want you to lose any points because you did not understand the instructions. Remember, the only bad question is the one not asked. There is no specific page limit or minimum requirement for these questions other than to write as much as you need to completely answer the questions; do not, however, just write stuff to say a lot. Being excessively wordy is as bad in business as not saying enough.

As per announcements on iCollege, Part II of the Final Exam is a case study write-up. The case for this assignment is Chang Dental (this is one of the Harvard cases in your case packet). The case ques
Georgia State University Department of Finance FI 4020 – FINANCIAL ANALYSIS /LOAN STRUCTURING Fall Semester 20 20 Part II of Final Exam General Directions: As per announcements on iCollege , Part II of the Final Exam is a case study writeup. The case for this assignment is Chang Dental (this is one of the Harvard cases in your case packet). The case questions are listed below. Read these carefully and be sure to follow all instructions. If anything is unclear to you, please email me. I do not want you to lose any points because you did not understand the instructions. Remember, the only bad question is the one not asked. There is no specific page limit or minimum requirement for these questi ons other than to write as much as you need to completely answer the questions; do not, however, just write stuff to say a lot. Being excessively wordy is as bad in business as not saying enough. Case Questions: 1. Perform a qualitative SWOT analysis of the Chang Dental Clinic as it is currently operated (i.e., with Stanley Chang at the owner/operator). 2. Perform a qualitative SWOT analysis of the Chang Dental Clinic with Chris Miller as the new potential owner. For items 1 and 2, you might find the following website to be very helpful https://www.mindtools.com/pages/article/newTMC_05.htm For your SWOT analysis, find and fill in a SWOT template (th ere are many of these that you can download for free on websites; a SWOT chart is just a four quadrant chart that can be filled in with SWOT items). All that you need to do for question 1 and question 2 is list items for each of the SWOT categories (e.g., see Figure 2 in the article at the above link). I would like to see a minimum of three (3) items per category (but no more than six). You do not have to write out any additional explanations and it is possible that some items might repeat for Stanley Chan g as the owner/operator versus Chris Miller as the owner/operator. 3. Compute the annual growth rates (as percentages rounded to one decimal place) in Fee revenues, Operating expenses, and Net income for 2003 to 2004 and for 2004 to 2005. That is, enter the g rowth rates in the chart below and copy/paste this chart into your Word case writeup document. Account % Growth Rate (2003 – 2004) % Growth Rate (2004 – 2005) Fee revenues Operating expenses Net income Evaluate these growth rates individually over time and relative to one another. Also, o n page 5 of the case, in the section titled “EXPECTATIONS FOR THE FUTURE,” Chris Miller estimates that “the trend in sales growth would equate to half the percentage growth in sales from fiscal 200 4 to fiscal 2005.” (For example, if the growth in sales from 2004 to 2005 was 10%, Chris estimates that it will be 5% in 2006 ). What do you think of this fee revenue growth estimate? Is it reasonable? Do you think it is too high? Too low? Just right? Why? 4. Create common size balance sheet s for Chang Dental Clinic for the years ending December 31, 2003, 2004 and 2005. Analyze any trends you observe in the data and evaluate Chang Dental’s values relative to the associated Key Industry ratios in Exhibit 4 (if a vailable and if applicable). 5. Create and analyze a common size income statements for Chang Dental Clinic for the years ending December 31, 2003, 2004 and 2005. Analyze any trends you observe in the data and evaluate Chang Dental’s values relative to the as sociated Key Industry ratios in Exhibit 4 (if available and if applicable). 6. Calculate and examine key ratios for the Chang Dental Clinic for the years ending December 31, 2003, 2004 and 2005. Current ratio 2003 2004 2005 Quick ratio Average collection period Inventory turnover days Accounts payable days Cash conversion cycle Times interest earned (x) Total liabilities/total assets (%) Return on equity (%) Return on assets (%) Fixed asset turnover (x) Total asset turnover (x) Notes for the ratio table: For average collection period, inventory turnover days, and accounts payable days, assume a 360 -day year. For average collection period use fee revenue per day (i.e., Fee revenue/360). For inventory turnover days, use dental supplies per day (i.e., Dental supplies/360), since the only expense item in the income statement that is an inventory account is dental supplies. For accounts payable days, use all operating expense accounts other than associate fees, dental supplies, bad debts and amortization day. Cash conversion cycle = average collection period + inventory turnover days – accounts payable days. Record all values rounded to 1 decimal place. Analyze any trends you observe in the data and evaluate Chang Dental’s values relative to the associated Key I ndustry ratios in Exhibit 4 (if available and if applicable). 7. Prepare a statement of cash flows for the years ending December 31, 2004, and December 31, 2005. (If you use Excel to create your statement of cash flows, copy and paste your Excel table(s) int o your Word document ). Analyze the statement of cash flows for both years. 8. Prepare a projected income statement for the year ending December 31, 2006 . 9. Prepare a projected balance sheet for the year ending December 31, 2006 . 10. As the bank’s loan officer/manager, would you provide Miller with the financing? If so, w hy and on what terms? If not, why not?

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