公司金融作业4.doc

公司金融作业4 10级下午班 李倩 41004488No.18 I will begin with Du Pont Identity.ROE = Profit margin Total asset turnover Equity multiplierNamely, 0.15= PM (Sales/ Assets)(1Debt-equity ratio) PM= 0.15(1.692.4) = 0.0368And also, PM =(Net income/Sales)So, Net income= 194.1No.20 First I will check all the information I have known.Current ratio= Current assets/ Current liabilities=1.25Current assets= Current ratio Current liabilities = 1.25875=1093.75Profit margin= Net income / Sales=0.095Net income= Profit margin Sales= 0.0955780=549.1ROE= Net income / Total equity=0.185Total equity= Net income / ROE = 549.1 / 0.185=2968.11Long-term debt ratio= Long-term debt / (Long-term debt + Total equity)=0.45Long-term debt = 2428.45So we get a balance sheet,AssetsLiabilitiesCurrent assets1093.75Current liabilities875Fixed assetsXLong-term debt2428.45Total equity2968.11Total1093.75+XTotal6271.56 Because of balance, 1093.75+X = 6271.56X, which means Fixed assets, equals 5177.81.No.3 An increase of sales to 7424 is an increase of:Sales increase = (7424 6300) / 6300 = 0.18 Assuming costs and assets increase proportionally, the pro forma financial statements will look like this:Pro FormaIncome StatementPro Forma Balance SheetSales7434Assets 21594 (+3249)Debt 12400Costs4590Equity 8744 (+2844)Net income2844Total 21594 (+3249)Total 21144 (+2844)Theres no dividends are paid, the equity will increase by the net income, soEquity = 5900 + 2844 = 8744So, EFN = Total assets Total liabilities and equity = 21594 21144 = 450No.4 An increase of sales to 21840 is an increase of:Sales increase = (21840 - 19500) / 19500 = 0.12 Assuming costs and assets increase proportionally, the pro forma financial statements will look like this:Pro FormaIncome StatementPro Forma Balance SheetSales21840Assets 109760 (+11760)Debt 52500Costs16800Equity 46956 (+1456)Taxable income5040Total 109760 (+11760)Total 99456 (+1456)Taxes(40%)2016Net income3024The payout ratio is constant, so Dividends = (1400 / 2700)( 3024) = 1568Addition to retained earnings = 3024 1568 = 1456And the new equity = 45500 + 1456 = 46956So, EFN = Total assets Total liabilities and equity=109760 99456=10304No.5 When calculating financial ratios, the analyst should keep something far more important than simply getting a result from the formulas in mind. Think about how the ratio is computed, what the ratio is trying to measure and