Did CAT$$s operating profit margin improve in $2023?$ Show your math.

$2.$ In $2023,$ how much cash flow was generated by operating activities?

$3.$ In $2023,$ did gross profit margin on sales of machinery increase or decrease? Show

your math. What factors do you think might have contributed to that change in

margin?

$4.$ At the end of $2023,$ how many days sales of receivables $($trade and other$)$ did CAT

have. Show your math.

$5.$ If the CFO was able to drive receivables days sales outstanding to $45,$ would that

generate cash for the company, or absorb cash? Explain.

$6.$ With respect to each of the following costs, indicate which would be expensed

immediately upon incurrence, versus those that would be capitalized $($to be

expensed at some later time$)?$

a$.$ Payment of corporate payroll

Expensed $\_\_\_\_$ Capitalized $\_\_\_\_$

b$.$ Payment to a contractor for work expanding a CAT production facility

Expensed $\_\_\_\_$ Capitalized $\_\_\_\_$

c$.$ Payment to purchase raw materials used to produce machinery for sale

Expensed $\_\_\_\_$ Capitalized $\_\_\_\_$

d$.$ Payment of purchase price to acquire a small competitor

Expensed $\_\_\_\_$ Capitalized $\_\_\_\_$

e$.$ Payment of rent for leased facilities

Expensed $\_\_\_\_$ Capitalized $\_\_\_\_$

$7.$ If CAT sold a piece of mining equipment out of inventory for cash, what would be

the $4$ accounting entries $($two debits, two credits$)?$

$8.$ How much profit $($net income$)$ did CAT earn in $2023?$

$9.$ What was the $2023$ profit per common share? How many shares of stock does

this imply were outstanding in $2023?$ Does that number directionally tie to the

number of shares outstanding as described on the balance sheet? Explain.

$10.$ How much cash did CAT pay out in dividends in $2023?$ What does that indicate

that dividends per share received by CAT shareholders in $2023$ were?

$11.$ How much cash did CAT use in $2023$ to repurchase common shares? What

would the expected benefit of this be to the shareholders $($just the concept, not

the math$)?$

$12.$ What is the market value of CAT$$s equity based on the current stock price?

$13.$ What is CAT$$s Enterprise Value $($or total company value$)$ based on the current

stock price? Show your math.

$14.$ Drawing on your answer to #$13,$ what proportions are debt and equity in CAT$$s

capital structure $($based on the market value of equity, rather than balance sheet

value of equity$)?$

$15.$ On that basis, do you view CAT$$s capital structure as being more conservative

than was Massey Ferguson$$s in $1976($text book chapter $5)?$

$16.$ What is the multiple of CAT$$s Enterprise Value $/2023$ Cash Flow from

Operations? Show your math.

$17.$ If this multiple were $7\mathrm{.}5$ instead, would CAT$$s stock represent a better value to

you as an investor considering buying the stock now $($all other things remaining

the same$)?$

$18.$ Extra credit question: Referring to the attached CAT stock price chart and the

below blurb, what factors do you think might contribute to CAT having a higher

than average beta?