财务报表分析第10章习题答案文档格式.docx
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财务报表分析第10章习题答案文档格式.docx
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usingnotespayable
g.Purchaseofland
usingcash
h.Paidcashdividend
i.Paymentofincome
taxes
j.Retirementofbonds
k.Saleofequipmentfor
cash
X
PROBLEM10-2
CashFlowsClassification
Data
a.Netincome
b.Paidcashdividend
c.Increaseinreceivables
d.Retirementofdebt,
payingcash
e.Purchaseoftreasury
f.Purchaseofequipment
g.Saleofequipment
h.Decreaseininventory
i.Acquisitionofland
usingcommonstock
j.Retiredbondsusing
commonstock
k.Decreaseinaccounts
payable
PROBLEM10-3
a.BBBCompany
FortheYearEndedDecember31,2005
Cashflowsfromoperatingactivities:
Netincome$500
Noncashexpenses,revenues,losses,and
gainsincludedinincome:
Depreciation$2,800
Gainonsaleofland(800)
Decreaseinaccountsreceivable400
Decreaseininventory500
Increaseinaccountspayable800
Increaseinwagespayable50
Decreaseintaxespayable(1,000)2,750
Netcashflowfromoperatingactivities3,250
Cashflowsfrominvestingactivities:
Landwassoldfor1,800
Equipmentwaspurchasedfor(3,500)
Netcashusedforinvestingactivities(1,700)
Cashflowsfromfinancingactivities:
Dividendsdeclaredandpaid(4,350)
Commonstockwassoldfor3,800
Netcashusedforfinancingactivities(550)
Netincreaseincashandmarketablesecurities$1,000
b.Netcashflowfromoperatingactivitieswassubstantiallymorethanthenetincome.Cashdividendsweregreaterthanthenetcashflowfromoperatingactivities.
Thecashfromissuingthecommonstockwassufficienttocoverthenetcashusedforinvestingactivities,increasethecashandmarketablesecuritiesaccounts,andpartiallycoverthelargecashdividend.
Thefactthatalong-termsourceoffunds(commonstock)wasusedtocoverpartofthecashdividendsisanegativeobservation.Thelargecashdividendinrelationtonetcashflowfromoperatingactivitieswouldalsobeconsideredanegativesituation.
PROBLEM10-4
FrishCompany
a.ScheduleofChangeFromAccrualTo
CashBasisIncomeStatement
AccrualBasisAdjustmentsAdd(Subtract)CashBasis
Netsales$640,000Increaseinaccounts
receivable($27,000)$613,000
Lessexpenses:
Costofgoods
sold360,000Increaseinaccounts
payable(15,000)
Increaseininven-
tories35,000
Depreciationexpense(15,000)365,000
Sellingand
administrative
expense43,000Decreaseinprepaid
expenses(1,000)
Increaseinaccrued
liabilities(3,000)
Depreciationexpense(5,000)34,000
Otherexpense2,000Amortizationof
goodwill(3,000)
Amortizationofbond
premium1,000-0-
Incomebefore_______
income
taxes235,000214,000
Incometax92,000Decreaseinincome
taxespayable10,000102,000
Netincome$143,000$112,000
b.
(1)DirectApproach
Receiptsfromcustomers$613,000
Paymentstosuppliers(365,000)
Sellingandadministrativeexpenses(34,000)
Incometaxespaid(102,000)
Cashflowsfromoperatingactivities$112,000
(2)IndirectApproach
Netincome$143,000
Add(deduct)itemsnotaffectingcash
Depreciation20,000
Amortizationofgoodwill3,000
Amortizationofbondpremium(1,000)
Increaseinaccountsreceivable(27,000)
Increaseinaccountspayable15,000
Increaseininventories(35,000)
Decreaseinprepaidexpenses1,000
Increaseinaccruedliabilities3,000
Decreaseinincometaxespayable(10,000)
Cashflowfromoperatingactivities$112,00
PROBLEM10-5
a.TheincomestatementandotherselecteddatafortheBoyerCompanyisshownbelow.
BoyerCompany
ScheduleofChangeFromAccrualTo
AccrualBasis
Adjustments
Add
(Subtract)
Cash
Basis
Sales
$19,000
Increaseinreceivables
(400)
$18,600
Lessoperatingexpenses:
Depreciation
2,300
Depreciationexpense
(2,300)
-0-
Otheroperatingexpenses
12,000
Increaseininventories
Increaseinaccounts
800
(500)
12,300
Operatingincome
4,700
6,300
Lossonsaleofland
1,500
(1,500)
__-0-
Incomebeforetax
expense
3,200
Taxexpense
1,000
Decreaseinincome
taxespayable
400
1,400
Netincome
$2,200
$4,900
b.
(1)DirectApproach
Receiptsfromcustomers$18,600
Paymentstosuppliers(12,300)
Incometaxespaid(1,400)
Cashflowfromoperatingactivities$4,900
Netincome$2,200
Add(deduct)itemsnot
affectingcash:
Depreciation$2,300
Increaseinreceivables(400)
Increaseininventories(800)
Increaseinaccountspayable500
Lossonsaleofland1,500
Decreaseinincometaxespayable(400)2,700
PROBLEM10-6
a.SampsonCompany
Netcashflowfromoperatingactivities:
Netincome$19,000
Depreciationexpense$10,000
Increaseinnetreceivables(7,000)
Increaseininventory(13,000)
Increaseinaccountspayable5,000
Decreaseinaccruedliabilities(17,000)
Netcashoutflowfromoperating
activities(3,000)
Plantassetsincrease(15,000)
Mortgagepayableincrease$11,000
Commonstockincrease6,000
Dividendspaid(21,000)
Netcashflowsfromfinancing
activities$(4,000)
Netdecreaseincash$(22,000)
b.SampsonCompany
Cashflowfromcustomers$138,000
($145,000-$7,000)
Cashpaymentstosuppliers(123,000)
($108,000-$10,000+$13,000-$5,000+
$17,000)
Cashoutflowforotherexpenses(6,000)
Taxpayments(12,000)
Netcashoutflowfromoperatingactivities($3,000)
Plantassetsincrease(15,000)
Mortgagepayableincrease$11,000
Commonstockincrease6,000
Dividendspaid(21,000)
Netcashoutflowfromfinancingactivities(4,000)
c.Allmajorsegmentsofcashflowswerenegative.Netcashoutflowfromoperatingactivitieswasnegativeby$3,000,andyetdividendswerepaidintheamountof$21,000.Also,thecompanyhadanegativecashflowfrominvestingactivities.Thesenegativecashflowswerepartiallymadeupforbyissuingamortgagepayable($11,000)andcommonstock($6,000).
PROBLEM10-7
a.Comment
Theusualguidelineforthecurrentratioistwotoone.ArrowbellCompanyhada1.14to1ratioin2004anda.85to1ratioin2005.Theusualguidelinefortheacid-testratioisonetoone.ArrowbellCompanyhada.68to1ratioin2004anda.49to1ratioin2005.
Thecashratiodroppedfrom.19in2004to.12in2005.Theworkingcapitalin2004was$197,958,andin2005ithaddeclinedtoanegative$319,988.
Theshort-termdebtpositionappearstobeverypoor.
ComputationofRatios
CurrentRatio=CurrentAssets
CurrentLiabilities
20052004
$1,755,303=.85$1,599,193=1.14
$2,075,291$1,401,235
CashEquivalents&
NetReceivables&
Acid-TestRatio=MarketableSecurities_______________
2005
$250,480+$760,950=.49
$2,075,291
2004
$260,155+$690,550=.68
$1,401,235
CashRatio=CashEquivalents&
MarketableSecurities
20052004
$250,480=.12$260,155=.19
$2,075,291$1,401,235
OperatingCashFlow/CurrentOperatingCashFlow
MaturitiesofLong-TermDebt=CurrentMaturitiesofLong-Term
andCurrentNotesPayableDebtandCurrentNotesPayable
$429,491=46.93%$177,658=32.29%
$915,180$550,155
b.SupplierswillbeconcernedthatArrowbellCompanywillnotbeabletopayitscreditorsand,ifpaymentismade,itwillbelaterthanthecreditterms.Theshort-termcreditorsarefinancingtheexpansionprogram.
c.Thedebtratiohasincreasedin2005to.61from.58in2004.Thedebt/equityratiohasincreasedin2005to1.55from1.36in2004.(Asimilarincreaseinthedebttotangiblenetworthastheincreaseinthedebt/equityratio.)Therewasanimprovementintheoperatingcashflow/totaldebt,butthisratioremainsverylow.
Thisindicatesthatasubstantialamountoffundsarecomingfromcreditors.Ingeneralthedependanceoncreditorsworsenedin2005.
Notenoughinformationisavailabletocomputethetimesinterestearned,butwecanestimatethistobebetween2and3,basedontheearningsandthedebt.Wewouldliketoseethetimesinterestearnedtobehigherthanthisamount.
ThereviewoftheStatementofCashFlowsindicatesthatlong-termcreditorsaregoingtobeconcernedbythe
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