《财务管理基础第13版》相关章节答案全面.ppt

Chapter 6: Financial Statement Analysis (iii) An easy answer would be to point to the high rate of return on equity (#8) and say “buy”. On the other hand, the high degree of leverage (#5) and the declining profitability (#s 7, 8, and 9), would indicate caution. The student should at least be aware of the multitude of fundamentally negative factors involved. SOLUTIONS TO SELF-CORRECTION PROBLEMS 1. Present current ratio = $800/$500 = 1.60. a. $700/$500 = 1.40. Current assets decline, and there is no change in current liabilities. b. $900/$600 = 1.50. Current assets and current liabilities each increase by the same amount. c. $800/$500 = 1.60. Neither current assets nor current liabilities are affected. d. $760/$540 = 1.41. Current assets decline and current liabilities increase by the same amount. 2. 20X1 20X2 20X3 Current ratio Acid-test ratio Average collection period Inventory turnover Total debt/equity 1.19 0.43 18 8.0 1.38 1.25 0.46 22 7.5 1.40 1.20 0.40 27 5.5 1.61 Long-term debt/total capitalization Gross profit margin Net profit margin Total asset turnover Return on assets 0.33 0.200 0.075 2.80 0.21 0.32 0.163 0.047 2.76 0.13 0.32 0.132 0.026 2.24 0.06 ────────────────────────────────────────────────── The company’s profitability has declined steadily over the period. As only $50,000 is added to retained earnings, the company must be paying substantial dividends. Receivables are growing at a slower rate, although the average collection period is still very reasonable relative to the terms given. Inventory turnover is slowing as well, indicating a relative buildup in inventories. The increase in receivables and inventories, coupled with the fact that shareholders’ equity has increased very little, has resulted in the total debt-to-equity ratio increasing to what would have to be regarded on an absolute basis as quite a high level. 56 ? Pearson Education Limited 2008 最新.课件 * 3. = = 1