财务报告与分析三友会计名著译丛第09章习题答案.docx
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财务报告与分析三友会计名著译丛第09章习题答案.docx
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财务报告与分析三友会计名著译丛第09章习题答案
Chapter9
FortheInvestor
PROBLEMS
PROBLEM91
EarningsBeforeInterest,Tax,
MinorityShareofEarnings,
EquityIncomeandNonrecurring
DegreeofFinancialLeverage+________Items____________
EarningsBeforeTax,Minority
ShareofEarnings,EquityIncome,
andNonrecurringItems
PROBLEM92
a.
=$1,000,000
$800,000
=1.25
b.Priorearningsbeforeinterestandtax$1,000,000
10%increase100,000
Adjustedincomebeforeinterestandtax$1,100,000
Interest200,000
Incomebeforetax$900,000
Tax(50%rate)450,000
Netincome$450,000
Earningswillincreaseby12.5%to$450,000
($400,000x112.5%=$450,000)
c.$800,000
200,000
600,000
300,000
$300,000
Thisisadeclineinprofitof25%,withadeclineinearningsbeforeinterestandtaxof20%.
PROBLEM93
a.1.
2003
2002
2001
Netincome(A)
Less:
Commondividends
Preferreddividends
(B)
(A)Less(B)=(C)
(C)Dividedby(A)
$31,200,000
21,700,000
910,000
$22,610,000
8,590,000
27.53%
$30,600,000
19,500,000
910,000
$20,410,000
10,190,000
33.30%
$29,800,000
18,360,000
910,000
$19,270,000
10,530,000
35.34%
2.Price/EarningsRatio=MarketPricePerShare
FullyDilutedEarningsPerShare
200320022001
$12.80$14.00$16.30
$1.12$1.20$1.27
=11.43=11.67=12.83
3.DividendPayout=DividendsPerCommonShare
FullyDilutedEarningsPerShare
200320022001
$.90$.85$.82
$1.12$1.20$1.27
=80.36%=70.83%=64.57%
4.DividendYield=DividendsPerCommonShare
MarketPricePerCommonShare
200320022001
$.90$.85$.82
$12.80$14.00$16.30
=7.03%=6.07%=5.03%
TotalStockholders'Equity-
5.BookValuePerShare=PreferredStockEquity
NumberofCommonSharesOutstanding
2003
2002
2001
Totalassets
Less:
Liabilities
Stockholders’Equity
Less:
Nonredeemablepreferred
stock
(A)Commonstockequity
(B)Sharesoutstanding
endofyear
(A)dividedby(B)
$1,280,100,000)
(800,400,000)
479,700,000
(15,300,000)
$464,400,000
24,280,000
$19.13
$1,267,200,000
(808,500,000)
458,700,000
(15,300,000)
$443,400,000
23,100,000
$19.19
$1,260,400,000
(799,200,000)
461,200,000
(15,300,000)
$445,900,000
22,500,000
$19.82
b.Thepercentageofearningsretainedisdecreasing.Therelatedratio,dividendpayout,isalsoincreasing.
Theprice/earningsratiohasbeenrelativelystable.Thedividendyieldhasincreasedandisrelativelyhigh.Themarketpricepershareissubstantiallybelowthebookvalue.Itappearsthatthisstockisbeingpurchasedfortherelativelyhighdividendandnotforgrowthpotential.
PROBLEM94
a.1.PercentageofEarningsRetained=NetIncomeAllDividends
NetIncome
200320022001
Netincome(B)$9,100,000$13,300,000$16,500,000
Less:
Cashdividends(6,080,000)(5,900,000)(6,050,000)
(A)$3,020,000$7,400,000$10,450,000
(A)dividedby(B)33.19%55.64%63.33%
2.Price/EarningsRatio=MarketPricePerShare
FullyDilutedEarningsPerShare
200320022001
$41.25$35.00$29.00
$2.30$3.40$4.54
=17.93=10.29=6.39
3.DividendPayout=DividendsPerCommonShare
FullyDilutedEarningsPerShare
200320022001
$1.90$1.90$1.90
$2.30$3.40$4.54
=82.61%=55.88%=41.85%
4.DividendYield=DividendsPerCommonShare
MarketPricePerCommonShare
200320022001
$1.90$1.90$1.90
$41.25$35.00$29.00
=4.61%=5.43%=6.55%
5.
200320022001
$41.25$35.00$29.00
120.5%108.0%105.0%
=$34.23=$32.41=$27.62
b.Thepercentageofearningsretainedmateriallydeclined.The
relatedratio,dividendpayout,materiallyincreased.
Thepriceearningsratiomateriallyincreased,whichisdifficulttoexplain,consideringthedeclineinearningsandtheotherratioscomputed.
Thedividendyieldhasdeclinedeachyear,whilethebookvaluepershareincreasedeachyear.
Theincreaseinmarketpriceandtheincreaseinpriceearningsratioappearstobeexplainedbytheincreaseinorderbacklogatyearendandtheincreaseinnetcontractsawarded.
PROBLEM95
SimpleEarningsPerShare=NetIncomePreferredDividends
WeightedAverageNumberof
CommonSharesOutstanding
Year1Year2
$40,000$22,500$42,000$27,500
38,00038,500
$.46$.38
Thedeclineinearningspershareiscausedmainlybytheissuanceofpreferredstockandpartiallybyariseinthecommonshares.
PROBLEM96
January1,sharesoutstanding50,000shares
July1,two-for-onestocksplit2
Adjustedsharesoutstandingfortheyear(A)100,000
October1stockissue10,000shares
Proportionofyearthatthenewshares
wereoutstanding.25
Weightedaverageforthenewsharesonan
annualbasis(B)2,500
Denominatoroftheearningspershare
computationforthecurrentyear(A)+(B)102,500
PROBLEM97
Revisionof2002earningspershare:
2002reportedearningspershare$2.00
July1,2003stocksplitx.5
Adjusted2002earningspershare$1.00
December31,2003stocksplitx.5
Adjusted2002earningspershare$.50
ComparativeEarningsPerShare
20032002
EarningsPerShare$1.50$.50
PROBLEM98
NumeratorDenominator
a.Netincome$35,000
Preferreddividends(3,000)
January1,2003sharesof
commonstockoutstanding20,000
July1,2003commonstock
issue,1,000sharesx1/2500
$32,00020,500
Earningspershare$1.56
b.Frompart(a)$32,00020,500shares
Lessextraordinarygain5,000
$27,00020,500
Reccurringearningspershare$1.32
PROBLEM9-9
NumeratorDenominator
a.Netincome$200,000
Preferreddividends(10,000)
Commonsharesoutstanding
onJanuary120,000shares
Commonstockissueon
July1,5,000shares2,500(5,000x½)
Weightedaverage22,500
Two-for-onestocksplit
onDecember312
$190,00045,000shares
Earningspershare$190,000/45,000shares=$4.22
b.CurrentYearPriorYear
Earningspersharereported
fortheprioryear$8.00
Two-for-onestockspliton
December31ofthecurrent
year($8.00x.5)=$4.00$4.00
Earningspersharecomputedin
part(a)forthecurrentyear$4.22
PROBLEM9-10
a.1.PercentageofEarningsRetained=
NetIncome–AllDividends
NetIncome
2003
2002
Cashdividends
Preferreddividends
Totaldividends
Netincome(B)
Netincome–dividends(A)
Percentageofearnings
retained(A)/(B)
$.80x25,380,000
$20,304,000
4,567,000
24,871,000
32,094,000
7,223,000
22.51%
$.76x25,316,000
$19,240,160
930,000
20,170,160
31,049,000
10,878,840
35.04%
2.Price/EarningsRatio=
$12.94$15.19
$1.08$1.14
11.98%13.32%
3.DividendPayout=
$.80$.76
$1.08$1.14
74.07%66.67%
4.DividendYield=
$.80$.76
$12.94$15.19
6.18%5.00%
5.BookValuePerShare=
Totalassets
Less:
totalliabilities
Less:
non-redeemablepreferredstock
Commonequity(A)
Sharesoutstanding
Bookvaluepershare(A)/(B)
$1,264,086,000
(823,758,000)
(16,600,000)
$423,728,000
25,380,000
$16.70
$1,173,924,000
(742,499,000)
(16,600,000)
$414,825,000
25,316,000
$16.39
b.Havingthepercentageofearningsretaineddeclineprovidesmixedfeelings.Itimpliesthatmoreisgoingtoshareholders,butatthesametime,earningsretainedforgrowthhavediminished.Theriseinthedividendpayoutratiosupportsthisposition.
Theprice/earningsratiohasdeclinedasaresultofthedropinprice.Thisdeclineindicateslowershareholderexpectationsbutmightalsoindicateagoodtimetobuy.
Dividendyieldisup,causedbytheriseindividendsandmoresobythedropinprice.
Bookvaluepershareisup.However,bookvalueisabovemarket,whichshowsthattheinvestorsdonotviewtheassetsasworththeirbookvalue.Thisisnotagoodsign.
Overallthesignalsaremixed.Thereisnotenoughinformationtodetermineifthisisagoodsecurity.
PROBLEM911
a.Themajoradvantageofreceivingstockappreciationrightsinsteadofstockoptionsisthattheexecutivedoesnothavetomakeabigcashoutlayatthedateofexercise,butratherreceivesapaymentfortheshareappreciation.Thishelpstheexecutive’scashflow.
b.Therelatedcreditistoaliabilityunderthestockappreciationplanthatwouldprobablybeclassifiedaslongterm,sinceexercisecannotoccuruntil2006.
c.In2003,thecompanymustpayofftheliabilityrelatedtotheappreciationincash.Forthisproblem,itis$30,000.Indoingfinancialstatementanalysis,thisfuturecashflow,ifmaterial,mustbeconsidered.Asinthiscase,thefullimpactmaynotbeapparentuntilthelastyear,ifthemarketpricerisessharply.
PROBLEM912
a.3Commonshareholders'equitydividedbythenumberofcommonsharesoutstandinggivesbookvaluepershare.
b.2Bookvaluepershare=
TotalStockholders'Equity-
PreferredStock(AtLiquidation)
NumberOfCommonSharesOutstanding
$1,000,000+$1,500,000+$500,000-$1,100,000=$12.67
150,000shares
PROBLEM9-13
EarningsBeforeInterest,
Tax,MinorityShareof
Earnings,EquityIncome,
a.
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