财务报表分析与运用 杰拉尔德 课后答案英文版第七章Word格式.docx
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财务报表分析与运用 杰拉尔德 课后答案英文版第七章Word格式.docx
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$472
1.18
Pretaxincome
1,789
4,740
5,502
1,834
3,648
2.04
Netincome
930
2,607
3,256
1,339
2,070
2.23
Capitalizedinterest
141
108
82
39
59
Amortizationofcapitalizedinterest
47
24
28
35
9
a.Calculations
EBIT
$2,190
$5,104
$5,814
$2,239
$4,120
Timesinterestearned
5.46
14.02
18.63
5.53
8.73
1.60
b.Adjusted
Netcapitalizedinterest
$94
$84
$54
$4
$50
After35%incometax
61
55
3
33
542
472
394
444
531
0.98
2,237
5,128
5,842
2,274
4,129
(i)Timesinterestearned
4.13
10.86
14.83
5.12
7.78
1.88
(ii)%reductionfromreportedratio
-24.4%
-22.5%
-20.4%
-7.4%
-10.9%
$1,695
$4,656
$5,448
$1,830
$3,598
2.12
(iii)Netincome
869
2,552
3,221
1,336
2,038
2.34
%reductionfromreported
-6.6%
-2.1%
-1.1%
-0.2%
-1.6%
b.(iv)Expensingallinterestreducesnetincomeforeachyear.Howevertheeffectdiminishesovertime.
c.(i)Becausetheamountofinterestcapitalizeddeclinedovertime,restatementreducestherateofincreaseininterestexpense.
(ii)Whiletheinterestcoverageratioislowerafterrestatement,itstrendimprovesduetothelowergrowthrateofinterestexpense.
(iii)Bothpretaxandnetincomearelowerafterrestatementbuttheirgrowthrateimprovesduetothelowergrowthrateofinterestexpense.
d.Therestateddataaremoreusefulforfinancialanalysisbecausetheyarebasedonactualinterestexpense.Theyprovidebettercomparabilitywithfirmsthatdonotcapitalizeinterest.
2.{S}a.(i)Interestcostcanbecapitalizedonborrowingsdirectlyassociatedwiththeprojectorwhenthecompanyhasdebtequaltoorexceedingthecostofconstruction.
(ii)Start-upcostsmustbeexpensedunderU.S.GAAP.
(iii)Shippingcostsareconsideredpartofthecostofacquisition.
(iv)IncreasesinthemarketvalueoflandandbuildingsmaynotberecognizedunderU.S.GAAP.
b.(i)WhilethebenchmarktreatmentunderIAS23istoexpenseallinterest,capitalizationofborrowingcostsdirectlyattributabletoaprojectisanallowedalternative.
(ii)SameasU.S.GAAPexceptthatthebenchmarkThecapitalizationofinterestisanallowedalternativeunderIAS23(paragraph11)
(iii)SameasU.S.GAAP.
(iv)WhilerevaluationisanallowedalternativeunderIAS16,itmustbeappliedtoallassetsinaparticularclassandcouldbeselectivelyappliedtoaparticularproject.
3.{S}a.UnderSFAS86(textpage242),computersoftwaredevelopmentcostscanbecapitalizedonlywheneconomicfeasibilityhasbeenestablished.
b.UnderIAS38(paragraph45),intangibleassetssuchascomputersoftwarecanberecognizedwhentheenterprisecandemonstratetechnicalandeconomicfeasibility.
4.{M}Exhibit7S-2containsthecalculationsrequiredbypartsathroughc.
Exhibit7S-2
Ericsson
AmountsinSEKmillions
Developmentcostsforsoftwaretobesold:
Openingbalance
7,398
10,744
Capitalization
5,232
7,170
7,898
Amortization
(3,934)
(3,824)
(4,460)
Writedown
(989)
Year-endbalance
13,193
Developmentcostsforsoftwareforinternaluse:
1,463
(152)
1,311
a.UnderSwedishGAAP:
Netsales
167,740
184,438
215,403
Pretaxincome
17,218
18,210
16,386
Totalassets
147,440
167,456
202,628
Stockholders'
equity
52,624
63,112
69,176
Averagetotalassets
157,448
185,042
Averageequity
57,868
66,144
Averagestockholders’equity
57,868
66,144
Assetturnover
1.17
1.16
PretaxROE
0.31
0.25
b.Adjustments:
(3,824)
Writedown
Neteffect
1,298
3,346
2,449
-
Totalpretaxeffect
3,760
Adjustedpretaxincome
18,516
21,556
20,146
(i)%change
8%
18%
23%
Exhibit7S-2(continued)
Year-endbalances:
Softwaretobesold
13,193
Internalusesoftware
Total
14,504
Less:
deferredtax@35%
(2,589)
(3,760)
(5,076)
Increaseinequity
4,809
6,984
9,428
Adjustedtotalassets
154,838
178,200
217,132
(ii)%change
5.0%
6.4%
7.2%
Adjustedequity
57,433
70,096
78,604
(iii)%change
9.1%
11.1%
13.6%
c:
Adjustedaverageassets
166,519
197,666
Adjustedaverageequity
63,764
74,350
(i)Adjustedassetturnover
1.11
1.09
(ii)AdjustedpretaxROE
0.34
0.27
d.TheadjustmentsforEricssonshowthatcapitalizationofsoftwaredevelopmentcostscanhaveasignificanteffectonreportedincomeandequity,andonfinancialratios.Thereforecomparabilityrequiresthatallfirmsberestatedtothesamebasis.
e.Theamountscapitalizedhighlightexpendituresandenabletheanalysttoinquireaboutthenewproductsunderdevelopment.Theamortizationperiodusedmaybeusefulasaforecastoftheusefullifeoftheproduct.Inbothcases(capitalizationandamortization)significantchangesfrompriorperiodsmayprovideusefulsignalsofimpendingchange.
5.{S}a.Thecapitalizationoftheinvestmentindisplaysdelaystheirimpactonincomeascomparedwithexpensing.Inaddition,cashfromoperationsispermanentlyincreasedastheexpendituresareclassifiedascashflowsforinvestment.Finally,iftheseexpendituresarevolatile,capitalizationandamortizationsmoothestheimpactonreportedincome.
b.(i)In2000,thecapitalizedamountincreasedby$1,648,000.Hadpromotionaldisplaysbeenexpensed,netincomewouldbe$1,071,200(after35%tax)lower.Expensingwouldhavereducednetincomeby7.4%($1,071.2/$14,467).
(ii)Shareholders’equitywouldbereducedby65%of$10,099,000equalto$6,564,350or7.1%.
(iii)Reportedreturnon(average)assetsequals$14,467/[($166,656+$140,609)/2]=9.42%
Adjustedreturnon(average)assetsequals($14,467–$1,071)/[($166,656-$10,099)+($140,609-$8,451)/2]=9.28%asassetsmustbereducedbytheinvestmentinpromotionaldisplays.
6.{M}a.Brandnamesareclearlyanasset.However,itisnotclearthattheseassetsshouldbeshownoncorporatebalancesheets.
Oneadvantageofrecognizingbrandnamesiscompleteness;
abalancesheetthatignoresmajorfirmassetsisoflimiteduseforanalysis.Anotheradvantageisthatthecostofacquiringordevelopingabrandnameshouldberecordedasaninvestment(asset)inordertoproperlymatchrevenuesandexpenses.
Themajordisadvantageofbrandnamerecognitionisthedifficultyofpropermeasurement.Aseachbrandnameisunique,markettransactionsarenotavailabletovaluethebrand.Thus,thevaluerecognizedissubjective;
differencesacrossfirmsmayreflecteitherrealdifferencesinthevalueofthebrandsordifferentmeasurementdecisions.
Oneapproachinvolvescapitalizationoftheacquisitioncost(forpurchasedbrands)ortheadvertisingandotherdevelopmentcosts(forinternallydevelopedbrands).Inthelattercase,itisunlikelythatthevalueofthebrandwillbeequaltothecostofdevelopment.Asuccessfulbrandwillbeworthmuchmorethanthecostofitsdevelopment;
anunsuccessfulbrandmayhavenovalueatall.(Thesecharacteristicsmayalsodescribeacquiredbrands.)
Further,thevalueofbrandschangesovertime.DespitethequotationfromLaing,brandscanalsobecome"
dilapidated"
iftheyareneglected,iftheadvertisingispoor,oriftheproductsaredefective.Thevalueofbrandswillalsobeaffectedbychangesinmarketconditions,e.g.,pricingdecisionsandtheinroadsmadebygenericproducts.
Fromthepointofviewoffinancialanalysis,therefore,itisnotclearthatreportingmanagement'
sestimateofbrandvaluewouldbehelpful.The"
proofofthepuddingisintheeating"
andavaluablebrandshouldbehighlyprofitable.Theevaluationofthatprofitabilitymightbebetterlefttothemarketplace.
b.Theadvantageofamortizationisthattheincomestatementshouldreflectallexpensesthathelpproduceincome.Ifprofitabilityisduetothebrandname,theamortizationofitsacquisitioncostshouldbeanelementofexpense.
Ontheotherhand,giventhesubjectivityofbrandnamevaluation,theamortizationamount(alsoaffectedbythechoiceofmethodandlife)maybeapoormeasureoftheexpiredvalue.Inaddition,brandnamesmaynotdeclineinvalueovertime;
anydeclineislikelytobeirregular.
Forpurposesofanalysis,therefore,theamortizationofbrandnameintangibleassetsshouldbeexcludedfromincome.Theevaluationofprofitability,however,shouldconsidertheroleofbrandnames.
Exhibit7S-3
NorskHydro
1998R
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