证券和组合课后习题：tb10

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1、CHAPTER 10ANALYSIS OF FINANCIAL STATEMENTSTRUE/FALSE QUESTIONS(t)1Financial Accounting Standards Board (FASB) recognizes that it would be improper for all companies to use identical and restrictive accounting principles.(t)2The balance sheet shows what assets the firm controls at a point in time and

2、 how it financed the assets.(t)3The income statement indicates the flow of sales, expenses, and earnings during a period of time.(t)4The statement of cash flows shows the effect on the firms cash flows of earnings and changes in the assets, current liabilities, long-term liabilities and net worth.(f

3、)5Cash flow from operations is defined as net income plus depreciation expenses minus deferred taxes. (t)6Only relative financial ratios are relevant.(f)7Financial ratios are useful because they help the analyst to isolate important items from the financial statements. (f)8A common size income state

4、ment measures expenses and income as a percent of gross profit.(t)9Fixed production costs mean that operating profits will vary more than sales vary over the business cycle.(f)10Net working capital is current assets less the sum of long-term debt and accounts payable.MULTIPLE CHOICE QUESTIONS(c)1The

5、 comparisons with which ratios should be made include the following, except a)The firms own past performance.b)The firms major competitor within the industry.c)The firms suppliers and customers.d)The firms industry or industries.e)The aggregate economy.(d)2The five major classes of ratios include th

6、e following, excepta)Internal liquidity.b)Risk analysis.c)Growth analysis.d)Market performance.e)Operating performance.(c)3Which of the following is not a flow ratio?a)Interest coverageb)Fixed charge coveragec)Debt/equityd)Cash flow/long term debte)Cash flow/total debt(c)4Which ratio is considered a

7、n internal liquidity ratio?a)Total asset turnoverb)Net fixed asset turnoverc)Receivables turnoverd)Equity turnovere)Inventory turnover(a)5Operating performance is divided into which two subcategories of ratios?a)Efficiency and profitabilityb)Efficiency and debtc)Profitability and growthd)Debt and eq

8、uitye)Liquidity and leverage(c)6Which of the following is not a component of return on equity (ROE)?a) Net income/salesb) Total assets/equityc) Equity/salesd) Sales/total assetse) Net Profit Margin (d) 7Which equation is valid?a)g = Percent of earnings retained Return on equityb)g = Return on equity

9、 Percent of earnings retainedc)g = Return on equity Return on total assetsd)g = Percent of earnings retained x Return on equitye)g = Total assets x Return on total assets(e)8Determinants of market liquidity include all except thea)Number of shares traded.b)Dollar value of shares traded.c)Bid-ask spr

10、ead.d)Number of security owners.e) Market price per share.(e)9Which of the following is not a use of financial ratios?a) Stock valuationb) Assigning credit quality ratings on bondsc) Predicting insolvencyd) Identification of internal corporate variables that affect a stocks systematic riske) None of

11、 the above (that is, all are uses of financial ratios)(e)10Limitations on the use of ratios includea)Accounting comparability.b)Company homogeneity.c)Consistent results.d)A reasonable range within the industry.e)All of the above(d) 11Business risk is a function ofa)Sales variability.b)Operating leve

12、rage.c)Financial leverage.d)a) and b).e)b) and c).(c) 12A common-size balance sheet expresses all balance sheet itemsa) As a percentage of Current Assets.b) As a percentage of Fixed Assets.c) As a percentage of Total Assets.d) As a percentage of Net Income.e) As a percentage of Sales.(e) 13A common-

13、size income statement expresses all income statement itemsa) As a percentage of Current Assets.b) As a percentage of Fixed Assets.c) As a percentage of Total Assets.d) As a percentage of Net Income.e) As a percentage of Sales(e) 14An estimate of the discounted value of future lease payments can be o

14、btained bya)Discounting future lease payments at the firms cost of debt.b) Discounting future lease payments at the firms cost of capital.c) Applying a multiple to forthcoming minimum lease payments.d) a) or b)e) a) or c)(a) 15Financial risk is the additional uncertainty of returns to equity holders

15、 due toa) The firms use of fixed financial obligationsb) The firms level of fixed productions costsc) Business riskd) a) and b)e) b) and c)(d) 16The market liquidity of a security can be measured usinga) Trading turnover.b) Bid-Ask spread.c) Price of the security.d) a) and b).e) b) and c).(d) 17Whic

16、h of the following factors would be an indicative of high quality earnings?a) Earnings are close to cash.b) Earnings are the result of repeat business.c) Revenue recognition is based on the installment principle.d) All of the above.e) None of the above.(c) 18Which of the following factors would be i

17、ndicative of a high quality balance sheet?a) Book value is greater than market value.b) The presence of off-balance sheet liabilitiesc) Market value is greater than book value.d) Very little unused borrowing capacity.e) None of the above.MULTIPLE CHOICE PROBLEMSUSE THE FOLLOWING INFORMATION FOR THE

18、NEXT TEN PROBLEMSBMC CORPORATION INCOME STATEMENTFISCAL YEAR ENDING 12/31/2001(DOLLARS IN THOUSANDS)Net Sales$1025Cost of Goods Sold 682Gross Profit Margin 343Depreciation 31Operating Expense 103Administrative Expense 127Operating Profit 82Interest 27Profit Before Tax 55Taxes 17Net Income $38BMC COR

19、PORATION BALANCE SHEETFISCAL YEAR ENDING 12/31/2001(DOLLARS IN THOUSANDS)ASSETSLIABILITIESCash$ 61Notes payable$223Accts rec286Accounts payable152Inventory354Accruals32Ttl cur assts701Total current liabilities407Net fixed assets802Long term debt306Common stock ($1.50 par)102Paid in surplus226Retaine

20、d earnings462Total liabilities andTotal assets$1503Stockholders equity$1503(a)1What was BMCS return on equity in 2001?a) 4.8%b) 5.9%c) 6.7%d) 8.3%e)11.6%(d)2What was BMCS quick ratio for 2001?a)1.72b)1.37c)1.02d)0.85e)0.55(b)3What was BMCS interest coverage for 2001?a)6.82b)3.04c)2.74d)2.04e)1.41(e)

21、4What was BMCS total asset turnover for 2001?a)0.23b)1.28c)1.46d)0.87e)0.68(d)5What was BMCS current ratio at year-end 2001?a)0.852b)1.000c)1.368d)1.722e)1.943(b)6What was BMCS net profit margin?a)0.058b)0.037c)0.125d)0.015e)0.165(c)7What was BMCS fixed asset turnover ratio?a)0.680b)0.780c)1.278d)1.

22、874e)8.220(d)8What was the financial leverage multiplier used in the BMC system?a)2.058b)2.289c)3.014d)1.903e)0.904(a)9What is BMCS traditional cash flow?a)69b)86c)38d)55e)701(c)10What is BMCS operating profit margin?a)0.800b)0.054c)0.080d)0.540e)5.480USE THE FOLLOWING INFORMATION FOR THE NEXT TEN P

23、ROBLEMSSTAR CORPORATION INCOME STATEMENTFISCAL YEAR ENDING 12/31/2001(DOLLARS IN THOUSANDS)Net Sales$1075Cost of Goods Sold 706Gross Profit Margin 369Depreciation 30Operating Expense 109Administrative Expense 129Operating Profit 101Interest 29Profit Before Tax 72Taxes 21Net Income $51STAR CORPORATIO

24、N BALANCE SHEETFISCAL YEAR ENDING 12/31/2001(DOLLARS IN THOUSANDS)ASSETSLIABILITIESCash$ 69Notes payable$231Accounts receivable233Accounts payable146Inventory348Accruals31Total current assets650Total current liabilities408Net fixed assets886Long term debt318Common stock ($1.50 par)111Paid in surplus

25、190Retained earnings509Total liabilities andTotal assets$1536Stockholders equity$1536(b)11What was Stars return on equity in 2001?a)5.8%b)6.3%c)6.8%d)7.2%e)8.1%(d)12What was Stars quick ratio for 2001?a)0.11b)0.44c)0.38d)0.74e)0.98(c)13What was Stars interest coverage for 2001?a)4.99b)2.58c)3.48d)5.

26、16e)6.02(e)14What was Stars total asset turnover for 2001?a)1.65b)1.21c)0.92d)0.033e)0.70(a)15What was Stars current ratio at year-end 2001?a)1.59b)1.00c)0.82d)0.74e)0.33(d)16What was Stars net profit margin?a)2.4%b)3.8%c)4.2%d)4.7%e)5.2%(b)17What was Stars fixed asset turnover ratio?a)1.65b)1.21c)1

27、.01d)0.82e)0.42(b)18What was the financial leverage multiplier used in the Star system?a)0.852b)1.896c)1.996d)2.054e)2.998(a)19What is Stars traditional cash flow?a) 81b) 72c) 51d)102e)131(b)20What is Stars operating profit margin?a)0.104b)0.094c)0.084d)0.067e)0.047USE THE FOLLOWING INFORMATION FOR

28、THE NEXT FOUR PROBLEMSYou are provided with the following information for a company.Net Annual Sales35000Average Receivables750COGS20000Average Inventory3000Average Trade Payables1500(a) 21Calculate the receivables turnover ratioa)46.7b)8c)55d)36.7e)27(e) 22Calculate the inventory turnover ratioa)27

29、.23b)13.3c)55.43d)8.67e)6.67(b) 23Calculate the payables turnover ratioa)30.3b)13.3c)55.4d)10.3e)56.6(e) 24Calculate the cash conversion cyclea)15b)46c)27d)55e)36USE THE FOLLOWING INFORMATION FOR THE NEXT TWO PROBLEMSYou are provided with the following information about MaxCorp.Net sales5000Total As

30、sets3000Depreciation260Net Income600Long term Debt2000Equity2160Dividends160(d) 25Calculate the return on equity (ROE)a)20.4%b)17.8%c)22.4%d)27.8%e)30.4%(c) 26Calculate the sustainable growth ratea)27.8%b)30.4%c)20.4%d)27.8%e)17.8%USE THE FOLLOWING INFORMATION FOR THE NEXT SIX PROBLEMSYou are provid

31、ed with the following information about JCorp.Income Statement DataSales1200Operating Income150Depreciation35Interest Expense25Pretax Income90Income Taxes35Net Income after tax55Balance Sheet DataFixed Assets200Total Assets500Working Capital175Total Debt125Equity250(e) 27Calculate the operating marg

32、ina)15.5%b)5.6%c)8.6%d)10.6%e)9.6%(a) 28Calculate the asset turnover ratioa)2.4b)5.6c)4.2d)2.9e)3.9(c) 29Calculate the interest expense ratea)7%b)6.5%c)5%d)10.5%e)3%(d) 30Calculate the financial leveragea)1b)5c)8d)2e)9(a) 31Calculate the income tax ratea)38.9%b)25.6%c)16.8%d)28.9%e)44.9%(b) 32Calcul

33、ate the return on equity (ROE)a)15%b)22%c)32%d)45%e)12%USE THE FOLLOWING INFORMATION FOR THE NEXT TWO PROBLEMSYou are provided with the following information for the Klandy Corporation.20002001Net Income $1200$1500Depreciation$200$300Total Current Assets$700$900Total Current Liabilities$500$800Durin

34、g 2001 Klandy Corp. made capital expenditures totaling $500 and disposed property worth $400.(b) 33The firms cash flow from operating activities for the year 2001 isa) $2100b) $1900c) $1800d) $1700e) $1600(c) 34The firms free cash flow isa) $2100b) $1900c) $1800d) $1700e) $1600CHAPTER 10ANSWERS TO P

35、ROBLEMS1ROE = 38 790 = 0.048= 4.8%Where equity = 102 + 226 + 462 = $7902Quick Ratio = (701 - 354) 407 = 0.853Interest Coverage = 82 27 = 3.044Total asset turnover = 1025 1503 = 0.685Current ratio = 701 407 = 1.7226Net profit margin = 38 1025 = 0.0377Fixed asset turnover ratio = 1025 802 = 1.2788Fina

36、ncial leverage multiplier = 1503 790 = 1.9031503 - 306 - 407 = 7909Traditional Cash Flow = 38 + 31 = 6910Operating profit margin = 82 1025 = 0.08011ROE = 51 810 = 6.30%Where equity = 111 + 190 + 509 = $81012Quick Ratio = (650 - 348) 408 = 0.7413Interest Coverage = 101 29 = 3.4814Total Asset Turnover

37、 = 1075 1536 = 0.7015Current Ratio = 650 408 = 1.5916Net profit margin = 51 1075 = 4.7%17Fixed asset turnover ratio = 1075 886 = 1.2118Financial Leverage Multiplier = 1536 810 = 1.8961536 - 318 - 408 = 81019Traditional Cash Flow = 51 + 30 = 8120Operating profit margin = 101 1075 = 0.09421Receivable

38、T/O = 35000/750 = 46.722Inventory T/O = 20000/3000 = 6.723Payables T/O = 20000/1500 = 13.324Cash conversion cycle =(365/46.7 + 365/6.7 + 365/13.3) = 3625ROE = 600/2160 = 27.8%26g = 0.278(1 160/600) = 20.4%27Operating margin = (150 35)/1200 = 9.6%28Asset turnover = 1200/500 = 2.429Interest expense rate = 25/500 = 5%30Financial leverage = 500/250 = 231Income tax rate = 35/90 = 38.9%32ROE = (9.6)(2.4) 5(2(1 .3890) = 22%33Cash flow from operations = 1500 + 300 + 100 = $190034Free cash flow = 1900 500 + 400 = $1800