财务报告与分析三友会计名著译丛第11章习题答案Word文件下载.docx
- 文档编号:16211913
- 上传时间:2022-11-21
- 格式:DOCX
- 页数:28
- 大小:325.44KB
财务报告与分析三友会计名著译丛第11章习题答案Word文件下载.docx
《财务报告与分析三友会计名著译丛第11章习题答案Word文件下载.docx》由会员分享,可在线阅读,更多相关《财务报告与分析三友会计名著译丛第11章习题答案Word文件下载.docx(28页珍藏版)》请在冰豆网上搜索。
a.Thecurrentratiohasallcurrentassetsinthenumerator,whileintheacidtestratio,inventoryisremoved.Alargeinventorywouldcausethedeclineintheacid-testratio.Thedeclineintheinventoryturnoversupportsthisconclusion.
b.Financialleverageistheextenttowhichfixedcostsoffinancingareused,namelydebt.Thegreaterthefinancialleverage,thegreaterthemagnificationofchangesinearnings.Themeasuresofdebt,asindicatedbytotaldebttototalassetsandlongtermdebttototalassets,havedeclined.Thisincreasesfinancialleverage.However,thefirmdoeshaveleverageandthedeclineinprofittoshareholdersismagnifiedbyit.
c.Thefixedassetturnoverhasrisen,generallyindicatingeitherariseinsalesoradeclineinfixedassets.Salesasapercentof2002salesaregiven.Assume2002saleswere$100;
2003,$103,and2004,$106.
If$100/fixedassets=1.75,thenfixedassets=$57in2002
If$103/fixedassets=1.88,thenfixedassets=$55in2003
If$106/fixedassets=1.99,thenfixedassets=$53in2004
Therehasactuallybeenaslightdeclineinnetfixedassets.
PROBLEM114
a.1.RateofReturnonTotalAssets:
NetIncomeBefore
MinorityShareOf
EarningsAndNonrecurring
Items=-$.2=(-1.0%)
AverageTotalAssets($19.7+19.4)÷
2Negative
Therateofreturnontotalassetsisnegativein2004,duetothenegativenetincomefigure.
2.Acid-TestRatio:
CashEquivalents+Marketable
Securities+NetReceivables=$13.5-$2.8-$.6=1.09
CurrentLiabilities$9.3
3.ReturnonSales:
NetIncomeBeforeMinority
ShareOfEarningsAnd
NonrecurringItems=$-.2=(-.8%)Negative
NetSales$24.9
4.CurrentRatio:
5.InventoryTurnover:
b.1.RateOfReturnOnTotalAssets:
UnfavorableTherateislowandhasbeendeclining.
2.ReturnonSales:
3.Acid-TestRatio:
FavorableThedirectionofchangeisunfavorable,butitisprobablymorethanadequate.
4.CurrentRatio:
UnfavorableThedeclinehasbeensharp,andtheratioisprobablytoolow.
NeutralInventoryturnoverhasbeenfairlyconstant,andwedon'
tknowenoughaboutthebusinesstodetermineiftheturnoverisadequate.
6.EquityRelationships:
UnfavorableThetrendtowardsaheavyrelianceoncurrentliabilitiesisunfavorable.Thishighproportionofcurrentliabilitiescouldresultinshorttermliquidityproblems.
7.AssetRelationships:
NeutralThereductionintheproportionofassetsthatarecurrentcouldindicatethatthefirmisworkingitscurrentassetsharder.Thereductionintheproportionofassetsthatarecurrentcouldalsoindicatethattherehasbeenanexpansioninproperty,plant,andequipment,withoutanadequateincreaseincurrentassets.
c.Thefactsavailablefromtheproblemareinadequatetomakefinaljudgment;
additionalinformationaslistedinPartDwouldbenecessary.However,thefactsgivendonotpresentanoverallgoodpictureofD.Hawk.Thecompanydoesn'
tappeartobeinserioustroubleatthemoment,butmostofthetrendsreflectedinfiguresareunfavorable.Thecompanyappearstobedevelopingliquidityproblems:
1.Cashandsecuritiesaredeclining.
2.Inventoriesandplantandequipmentareanincreasingportionoftheassets.
3.Currentliabilitiesareanincreasingportionofcapital.
Theoperationsofthecompanyalsoshowunfavorabletrends:
1.Costofgoodssoldisincreasingasapercentofsales.
2.Administrativeexpensesareincreasingasapercentofsales.
3.Recognizingthatpriceshaverisen,itappearsthatphysicalvolumeatD.Hawkmighthaveactuallydecreased.
OnthebasisoftheseobservationsandthefactthatD.Hawk
wouldbeaverylargecustomer(thusapotentiallylargelossiftheaccountsbecomeuncollectible),creditshouldbeextendedtoD.Hawkonlyundercarefullycontrolledandmonitoredconditions.
d.Additionalinformationwouldbe:
1.QualityofmanagementofD.HawkCompany.
2.ThelocationsoftheD.Hawkstores.
3.ThecurrentactivitiesofD.Hawk,whichhaveincreasedplantandequipmentbutnotinventories.
4.IndustrypositionofD.HawkCompany.
5.CreditratingoftheD.HawkCompany.
6.Currenteconomicconditions.
7.CapacityofL.KonrathCompanytohandlesuchalargesingleaccount.
8.Normalratiosfortheindustry.
PROBLEM115
a.
LiquidityRatios:
1.Days'
SalesinInventory=EndingInventory
CostOfGoodsSold/365
2.MerchandiseInventoryTurnover=Costofgoodssold
Averageinventory
3.InventoryTurnoverinDays=AverageInventory
4.OperatingCycle=AccountsReceivable+InventoryTurnover
TurnoverinDaysinDays
AccountsReceivable=AverageGrossReceivables
TurnoverinDaysNetSales/365
($99,021+$750+$83,575+$750)/2=
$578,530/365
58.07days+50.92days=108.99days
5.WorkingCapital=CurrentAssetsCurrentLiabilities
$227,615$73,730=$153,885
6.CurrentRatio=CurrentAssets
CurrentLiabilities
$227,615=3.09
$73,730
7.Acid-TestRatio=
$64,346+$99,021=2.22
$73,730
8.CashRatio=CashEquivalents+MarketableSecurities
$64,346=.87
Debt:
1.DebtRatio=
2.Debt/Equity=TotalLiabilities
Shareholders'
Equity
3.TimesInterestEarned=
Profitability:
1.NetProfitMargin=NetIncomeBeforeMinority
NonrecurringItems
NetSales
$23,018=3.98%
$578,530
2.TotalAssetTurnover=NetSales
AverageTotalAssets
$578,530$578,530=1.74timesperyear
($370,264+$295,433)/2=$332,848.5
3.ReturnonAssets=
4.ReturnonTotalEquity=
b.Approximateincomefor2004ifinventoryhadbeenvaluedat
approximatecurrentcost:
2004netincomeasreported$23,018
Netdecreaseininventoryreserve
2004$35,300
200341,100
(a)$5,800
(b)Effectivetaxrate36.6%
(c)Decreaseintaxes(a)x(b)$2,123
(d)Netdecreaseinincome
[(a)(c)]
$5,800$2,123(3,677)
Approximateincomefor2004ifinventoryhad
beenvaluedatapproximatecurrentcost$19,341
Inventoryadjusted:
Asdisclosedonthebalancesheet$63,414
Increaseininventory35,300
$98,714
Deferredcurrenttaxliability:
Increaserelatedtoinventoryreserve
$35,300x36.6%=12,920
Retainedearningsadjusted:
Asdisclosedonthebalancesheet$154,084
($35,300x36.6%)22,380
$176,464
Liquidity:
1.Days’SalesInInventory
$63,414+$35,300=$98,714=72.69days
$495,651/365$1,357.95
2.MerchandiseInventoryTurnover
$495,651$495,651
($63,414+$35,300+$74,890+$41,100)/2=$107,352
=4.62timesperyear
3.InventoryTurnoverInDays
4.OperatingCycle
58.07days+79.05days=137.12days
5.WorkingCapital
($227,615+$35,300)($73,730+$12,920)*=$176,265
*$35,300X36.6%=$12,920
6.CurrentRatio
$262,915=3.03
$86,650
7.Acid-TestRatio
$64,346+$99,021=$163,367=1.89
$73,730+$12,920$86,650
8.CashRatio
$64,346$64,346=.74
$73,730+$12,920=$86,650
1.DebtRatio
2.Debt/Equity
3.TimesInterestEarned
1.NetProfitMargin
2.TotalAssetTurnover
$578,530=
($370,264+$295,433+$35,300+$41,100)/2
3.ReturnOnAssets
$23,018$3,677
$19,341=5.21%
$371,049
4.ReturnOnTotalEquity
$19,341
($198,084+$175,583+$22,380+$28,482*)/2
*$41,100x(130.7%)
$41,100x69.30%=$28,482.30
$19,341=9.11%
$212,265
c.
Ratio
Withoutconsidering
theLIFOreserve
Considering
theLIFOreserve
Liquidity:
Days’salesininventory
Merchandiseinventory
turnover
Inventoryturnoverindays
Operatingcycle
Workingcapital
Currentratio
Acid-testratio
Cashratio
Debt:
Debtratio
Debt/equity
Timesinterestearned
Profitability:
Netprofitmargin
Totalasset
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 财务报告与分析三友会计名著译丛 第11章习题答案 财务报告 分析 会计 名著 译丛 11 习题 答案