《财务会计(毕晓方)》(高等教育出版社)第17章习题答案 (1)

EXERCISESEX171AHOMEMATEAPPLIANCECOCOMPARATIVEINCOMESTATEMENTFORTHEYEARSENDEDDECEMBER31,2006AND200520062005AMOUNTPERCENTAMOUNTPERCENTSALES500,0001000450,0001000COSTOFGOODSSOLD275,000550234,000520GROSSPROFIT225,000450216,000480SELLINGEXPENSES90,00018094,500210ADMINISTRATIVEEXPENSES60,00012063,000140TOTALOPERATINGEXPENSES150,000300157,500350INCOMEFROMOPERATIONS75,00015058,500130INCOMETAXEXPENSE25,0005022,50050NETINCOME50,00010036,00080BTHEVERTICALANALYSISINDICATESTHATTHECOSTOFGOODSSOLDASAPERCENTOFSALESINCREASEDBY3PERCENTAGEPOINTS5552BETWEEN2005AND2006HOWEVER,THESELLINGEXPENSESANDADMINISTRATIVEEXPENSESIMPROVEDBY5PERCENTAGEPOINTSTHUS,THENETINCOMEASAPERCENTOFSALESIMPROVEDBY2PERCENTAGEPOINTSEX172AHORIZONPUBLISHINGCOMPANYCOMMONSIZEINCOMESTATEMENTFORTHEYEARENDEDDECEMBER31,20HORIZONPUBLISHINGPUBLISHINGINDUSTRYCOMPANYAVERAGEAMOUNTPERCENTSALES1,414,00010101010SALESRETURNSANDALLOWANCES14,0001010NETSALES1,400,00010001000COSTOFGOODSSOLD504,000360400GROSSPROFIT896,000640600SELLINGEXPENSES574,000410390ADMINISTRATIVEEXPENSES154,000110105TOTALOPERATINGEXPENSES728,000520495OPERATINGINCOME168,000120105OTHERINCOME16,8001212184,800132117OTHEREXPENSE23,8001717INCOMEBEFOREINCOMETAX161,000115100INCOMETAXEXPENSE56,0004040NETINCOME105,0007560BTHECOSTOFGOODSSOLDIS4PERCENTAGEPOINTSLOWERTHANTHEINDUSTRYAVERAGE,BUTTHESELLINGEXPENSESANDADMINISTRATIVEEXPENSESARE25PERCENTAGEPOINTSHIGHERTHANTHEINDUSTRYAVERAGETHECOMBINEDIMPACTISFORNETINCOMEASAPERCENTOFSALESTOBE15PERCENTAGEPOINTSBETTERTHANTHEINDUSTRYAVERAGEAPPARENTLY,THECOMPANYISMANAGINGTHECOSTOFPUBLISHINGBOOKSBETTERTHANTHEINDUSTRYBUTHASSLIGHTLYHIGHERSELLINGANDADMINISTRATIVEEXPENSESRELATIVETOTHEINDUSTRYTHECAUSEOFTHEHIGHERSELLINGANDADMINISTRATIVEEXPENSESASAPERCENTOFSALES,RELATIVETOTHEINDUSTRY,CANBEINVESTIGATEDFURTHEREX173SANTAFETILECOMPANYCOMPARATIVEBALANCESHEETDECEMBER31,2006AND200520062005AMOUNTPERCENTAMOUNTPERCENTCURRENTASSETS260,0003250200,0002857PROPERTY,PLANT,ANDEQUIPMENT500,0006250450,0006429INTANGIBLEASSETS40,00050050,000714TOTALASSETS800,00010000700,00010000CURRENTLIABILITIES170,0002125150,0002143LONGTERMLIABILITIES210,0002625200,0002857COMMONSTOCK50,00062550,000714RETAINEDEARNINGS370,0004625300,0004286TOTALLIABILITIESANDSTOCKHOLDERSEQUITY800,00010000700,00010000EX174ASCRIBEPAPERCOMPANYCOMPARATIVEINCOMESTATEMENTFORTHEYEARSENDEDDECEMBER31,2006AND200520062005INCREASEDECREASEAMOUNTAMOUNTAMOUNTPERCENTSALES66,30085,00018,7002200COSTOFGOODSSOLD32,00040,0008,0002000GROSSPROFIT34,30045,00010,7002378SELLINGEXPENSES24,00025,0001,000400ADMINISTRATIVEEXPENSES7,5006,0001,5002500TOTALOPERATINGEXPENSES31,50031,000500161INCOMEBEFOREINCOMETAX2,80014,00011,2008000INCOMETAXEXPENSE1,0006,0005,0008333NETINCOME1,8008,0006,2007750BTHENETINCOMEFORSCRIBEPAPERCOMPANYDECREASEDBYAPPROXIMATELY775FROM2005TO2006THISDECREASEWASTHECOMBINEDRESULTOFADECREASEINSALESOF22ANDHIGHEREXPENSESTHECOSTOFGOODSSOLDDECREASEDATASLOWERRATETHANTHEDECREASEINSALES,THUSCAUSINGGROSSPROFITTODECREASEMORETHANTHEDECREASEINSALESINADDITION,SELLINGANDADMINISTRATIVEEXPENSESINCREASEDBY161BETWEEN2005AND2006EX175A1WORKINGCAPITALCURRENTASSETSCURRENTLIABILITIES2006875,000250,000625,0002005795,000265,000530,0002CURRENTRATIO2006250,87352005265,079303QUICKRATIO2006250,481922005265,0416BTHELIQUIDITYOFMARINEEQUIPMENTHASIMPROVEDFROMTHEPRECEDINGYEARTOTHECURRENTYEARTHEWORKINGCAPITAL,CURRENTRATIO,ANDQUICKRATIOHAVEALLINCREASEDMOSTOFTHESECHANGESARETHERESULTOFADECREASEINCURRENTLIABILITIES,SPECIFICALLYACCOUNTSNOTESPAYABLE,COMBINEDWITHANINCREASEINTHECURRENTASSETSEX176A1ACCOUNTSRECEIVABLETURNOVERRECIVABLAOUNTSMTHLYAVERAGSNCURRENTYEAR45,073271PRECEDINGYEAR46,1530652NUMBEROFDAYSSALESINRECEIVABLESCURRENTYEAR1874,29550DAYSPRECEDINGYEAR25,603640DAYS1877320,000365DAYS2822300,000365DAYSBTHECOLLECTIONOFACCOUNTSRECEIVABLEHASIMPROVEDTHISCANBESEENINBOTHTHEINCREASEINACCOUNTSRECEIVABLETURNOVERANDTHEREDUCTIONINTHECOLLECTIONPERIODTHECREDITTERMSREQUIREPAYMENTIN60DAYSINTHEPREVIOUSPERIOD,THECOLLECTIONPERIODEXCEEDEDTHESETERMSHOWEVER,THECOMPANYAPPARENTLYBECAMEMOREAGGRESSIVEINCOLLECTINGACCOUNTSRECEIVABLEORMORERESTRICTIVEINGRANTINGCREDITTOCUSTOMERSTHUS,INTHECURRENTPERIODTHECOLLECTIONPERIODISWITHINTHECREDITTERMSOFTHECOMPANYEX177A1INVENTORYTURNOVER20062/40,2,38802005/,1002NUMBEROFDAYSSALESININVENTORY200618940,4449DAYS20052,73565DAYS1899328,000365DAYS21,178430,000365DAYSBTHEINVENTORYPOSITIONOFTHEBUSINESSHASDETERIORATEDTHEINVENTORYTURNOVERHASDECREASED,WHILETHENUMBEROFDAYSSALESININVENTORYHASINCREASEDTHESALESVOLUMEHASDECLINEDFASTERTHANTHEINVENTORYHASDECLINED,THUSRESULTINGINTHEDETERIORATINGINVENTORYPOSITIONEX178ARATIOOFLIABILITIESTOSTOCKHOLDERSEQUITYDEC31,20062,5013054DEC31,20052,0154070BEXPNSITREITRABFOINCMEDEC31,200696,0528650DEC31,20051,3401,200,000896,0001,400,0008112,000CBOTHTHERATIOOFLIABILITIESTOSTOCKHOLDERSEQUITYANDTHENUMBEROFTIMESBONDINTERESTCHARGESWEREEARNEDHAVEIMPROVEDSIGNIFICANTLYFROM2005TO2006THESERESULTSARETHECOMBINEDRESULTOFALARGERINCOMEBEFORETAXESANDLOWERSERIALBONDSPAYABLEINTHEYEAR2006COMPAREDTO2005EX179ARATIOOFLIABILITIESTOSTOCKHOLDERSEQUITYTOTALIBTESSCKHDRQUIYHJHEINZ2,509164,29681,4077498HERSHEYFOODS,235140236BRATIOOFFIXEDASSETSTOLONGTERMLIABILITIESFIXEDASTNLOGRMLIBEHJHEINZ2,5074698048HERSHEYFOODS1,372175CHJHEINZUSESMUCHMOREDEBTTHANDOESHERSHEYFOODSTHISISEVIDENTINBOTHRATIOSTHETOTALLIABILITIESTOSTOCKHOLDERSEQUITYRATIOSHOWSDEBTAT498TIMESTHESTOCKHOLDERSEQUITYFORHJHEINZ,COMPAREDTOONLY236TIMESSTOCKHOLDERSEQUITYFORHERSHEYFOODSHJHEINZSRATIOOFTOTALLIABILITIESTOSTOCKHOLDERSEQUITYISVERYHIGH,ANDWOULDINDICATELITTLEADDITIONALCAPACITYFORDEBTTHERATIOOFFIXEDASSETSTOLONGTERMLIABILITIESSUGGESTSTHESAMERELATIONSHIPTHISRATIODIVIDESTHEPROPERTY,PLANT,ANDEQUIPMENTNETBYTHELONGTERMDEBTTHEDENOMINATORSHOULDNOTINCLUDETHEOTHERLONGTERMLIABILITIESSUCHASPENSIONSANDDEFERREDTAXCREDITSBECAUSETHESEITEMSARENOTRELATEDTOFINANCINGFIXEDASSETSTHERATIOFORHJHEINZIS,AGAIN,AGGRESSIVEWITHONLY48OFFIXEDASSETSCOVERINGTHELONGTERMDEBTTHATIS,THECREDITORSOFHJHEINZHAVELESSTHAN50CENTSOFPROPERTY,PLANT,ANDEQUIPMENTCOVERINGEVERYDOLLAROFLONGTERMDEBTTHESAMERATIOFORHERSHEYFOODSSHOWSFIXEDASSETSCOVERING175TIMESTHELONGTERMDEBTTHATIS,THECREDITORSOFHERSHEYFOODSHAVE175OFPROPERTY,PLANT,ANDEQUIPMENTCOVERINGEVERYDOLLAROFLONGTERMDEBTTHISWOULDSUGGESTTHATHERSHEYHASSTRONGERCREDITORPROTECTIONANDBORROWINGCAPACITYTHANDOESHJHEINZEX1710ARATIOOFNETSALESTOTOTALASSETSNETSALTOYELLOWCORP3,276518255UNIONPACIFIC,90315038CHROBINSONWORLDWIDE,72683490452BTHERATIOOFNETSALESTOASSETSMEASURESTHENUMBEROFSALESDOLLARSEARNEDFOREACHDOLLAROFASSETSTHEGREATERTHENUMBEROFSALESDOLLARSEARNEDFOREVERYDOLLAROFASSETS,THEMOREEFFICIENTAFIRMISINUSINGASSETSTHUS,THERATIOISAMEASUREOFTHEEFFICIENCYINUSINGASSETSTHETHREECOMPANIESAREDIFFERENTINTHEIREFFICIENCYINUSINGASSETS,BECAUSETHEYAREDIFFERENTINTHENATUREOFTHEIROPERATIONSUNIONPACIFICEARNSONLY38CENTSFOREVERYDOLLAROFASSETSTHISISBECAUSEUNIONPACIFICISVERYASSETINTENSIVETHATIS,UNIONPACIFICMUSTINVESTINLOCOMOTIVES,RAILCARS,TERMINALS,TRACKS,RIGHTOFWAY,ANDINFORMATIONSYSTEMSINORDERTOEARNREVENUESTHESEINVESTMENTSARESIGNIFICANTYELLOWCORPISABLETOEARN255FOREVERYDOLLAROFASSETS,ANDTHUS,ISABLETOEARNMOREREVENUEFOREVERYDOLLAROFASSETSTHANTHERAILROADTHISISBECAUSETHEMOTORCARRIERINVESTSINTRUCKS,TRAILERS,ANDTERMINALS,WHICHREQUIRELESSINVESTMENTPERDOLLAROFREVENUETHANDOESTHERAILROADMOREOVER,THEMOTORCARRIERDOESNOTINVESTINTHEHIGHWAYSYSTEM,BECAUSETHEGOVERNMENTOWNSTHEHIGHWAYSYSTEMTHUS,THEMOTORCARRIERHASNOINVESTMENTINTHETRANSPORTATIONNETWORKITSELFUNLIKETHERAILROADTHETRANSPORTATIONARRANGERHIRESTRANSPORTATIONSERVICESFROMMOTORCARRIERSANDRAILROADS,BUTDOESNOTOWNTHESEASSETSITSELFTHETRANSPORTATIONARRANGERHASASSETSINACCOUNTSRECEIVABLEANDINFORMATIONSYSTEMSBUTDOESNOTREQUIRETRANSPORTATIONASSETSTHUS,ITISABLETOEARNTHEHIGHESTREVENUEPERDOLLAROFASSETSEX1711ARATEEARNEDONTOTALASSETS20071,3750,12020061,20,5816251,300,0001,450,00021,100,0001,300,0002RATEEARNEDONSTOCKHOLDERSEQUITY20071,08513892006935,01819251,015,0001,145,0002855,0001,015,0002200780,1514772006735,0182177815,000945,0002655,000815,0002BTHEPROFITABILITYRATIOSINDICATETHATYELLOWSTONESPROFITABILITYHASDETERIORATEDMOSTOFTHISCHANGEISFROMNETINCOMEFALLINGFROM180,000IN2006TO150,000IN2007THECOSTOFDEBTIS8SINCETHERATEOFRETURNONASSETSEXCEEDSTHISAMOUNTINEITHERYEAR,THEREISPOSITIVELEVERAGEFROMUSEOFDEBTHOWEVER,THISLEVERAGEISGREATERIN2006BECAUSETHERATEOFRETURNONASSETSEXCEEDSTHECOSTOFDEBTBYAGREATERAMOUNTIN2006EX1712A180,4535TIMESBNUMBEROFTIMESPREFERREDDIVIDENDSWEREEARNED25,0313TIMESCEARNINGSPERSHAREONCOMMONSTOCKSHARE125,0,3240DPRICEEARNINGSRATIOSHAREPEARNIGCMKT24052083EDIVIDENDSPERSHAREOFCOMMONSTOCKSHARE125,0080FDIVIDENDYIELD50816EX1713AEARNINGSPERSHARESHARE20,54,0195BPRICEEARNINGSRATIOSHAREPERNIGCMKT1953020CDIVIDENDSPERSHARESHARE20,6078DDIVIDENDYIELD3907820EX1714APRICEEARNINGSRATIOMARKETPICRSHAEENGBANKOFAMERICA68205911154EBAY73088654COCACOLA4612385DIVIDENDYIELDDIVDENPRSHAEMARKTCBANKOFAMERICA25680375EBAY073560COCACOLA8420BBANKOFAMERICAHASTHELARGESTDIVIDENDYIELD,BUTTHESMALLESTPRICEEARNINGSRATIOSTOCKMARKETPARTICIPANTSVALUEBANKOFAMERICACOMMONSTOCKONTHEBASISOFITSDIVIDENDTHEDIVIDENDISANATTRACTIVEYIELDATTHISDATEBECAUSEOFTHISATTRACTIVEYIELD,STOCKMARKETPARTICIPANTSDONOTEXPECTTHESHAREPRICETOGROWSIGNIFICANTLY,HENCETHELOWPRICEEARNINGSVALUATIONTHISISATYPICALPATTERNFORCOMPANIESTHATPAYHIGHDIVIDENDSEBAYSHOWSTHEOPPOSITEEXTREMEEBAYPAYSNODIVIDEND,ANDTHUSHASNODIVIDENDYIELDHOWEVER,EBAYHASTHELARGESTPRICEEARNINGSRATIOOFTHETHREECOMPANIESSTOCKMARKETPARTICIPANTSAREEXPECTINGARETURNONTHEIRINVESTMENTFROMAPPRECIATIONINTHESTOCKPRICESOMEWOULDSAYTHATTHESTOCKISPRICEDVERYAGGRESSIVELYAT8654TIMESEARNINGSCOCACOLAISPRICEDINBETWEENTHEOTHERTWOCOMPANIESCOCACOLAHASAMODERATEDIVIDENDPRODUCINGAYIELDOF2THEPRICEEARNINGSRATIOISNEAR24,WHICHISCLOSETOTHEMARKETAVERAGEATTHISWRITINGTHUS,COCACOLAISEXPECTEDTOPRODUCESHAREHOLDERRETURNSTHROUGHACOMBINATIONOFSOMESHAREPRICEAPPRECIATIONANDASMALLDIVIDEND内部资料仅供参考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