财务报表分析 第十版 第七章 答案

1、叭Exercis靶e 7-3 (拔30 minu吧tes)霸Cash Fl案ows fro袄m Opera败tions C隘omputat凹ion:扳癌Net inc哎ome哀半俺$10,000八Add (de摆duct) i盎tems to半 conver俺t to ca俺sh basi耙s:把Depreci癌ation, 拔depleti蔼on, and熬 amorti背zation哀办靶$8,000捌Deferre案d incom版e taxes般哀癌 400胺Amortiz隘ation o哎f bond 罢discoun昂t拌肮埃 50罢Increas把e in ac跋counts 癌

2、payable摆熬霸 1,200胺Decreas翱e in in鞍ventori岸es疤背挨 850斑吧 10,50扳0耙八百$20,500艾Undistr笆ibuted 安earning安s of un啊consoli扳dated奥 subsid捌iaries 哎and aff阿iliates挨瓣鞍(200)胺Amortiz半ation o叭f premi邦um on b啊onds pa霸yable耙奥爸(60)巴Increas吧e in ac办counts 挨receiva笆ble蔼败瓣 (900)案般 (1,1挨60巴)佰Cash pr傲ovided 澳by oper拔ations 叭艾

3、霸澳$19,340板b.绊皑(1)邦笆The iss搬uance o澳f treas氨ury sto俺ck for 翱employe隘e stock懊 plans 疤(as com爸pensati挨on) req摆uires a岸n addba佰ck to n拔et inco般me beca版use it 拔is an e巴xpense 摆not usi叭ng cash稗.蔼绊(2)氨拌The cas版h outfl捌ow for 俺interes拜t is no稗t inclu疤ded in 拌expense哎 and mu摆st be i胺ncluded肮 as cas哎h outfl叭o

4、w in i氨nvestin哀g activ八ities (奥as part艾 of out捌lays fo稗r prope安rty.)白爸(3)八按If the 岸differe蔼nce bet肮ween pe哀nsion e埃xpense 吧and act拔ual fun昂ding is邦 an acc叭rued li板ability安, the u佰npaid p岸ortion 八must be碍 added 吧back to皑 income板 as an 熬expense挨 not re捌quiring办 cash. 隘If the 颁amount 跋funded 皑exceeds唉

5、pensio霸n expen百se, the靶n net i坝ncome m笆ust be 暗reduced瓣 by tha绊t exces俺s amoun凹t.澳Exercis般e 7-4 (袄30 minu阿tes)奥a.唉般Beginni阿ng bala皑nce of 扳account板s recei傲vable吧挨拌$ 305鞍,000摆Net sal癌es拜肮笆 1,937罢,000鞍Total p般otentia版l recei拜pts疤跋叭$2,242,盎000肮Ending 疤balance搬 of acc白ounts r败eceivab叭le傲鞍般 - 29班5,000俺Ca

6、sh co阿llected傲 from s佰ales芭拔邦$1,947,扳000盎b.唉胺Ending 跋balance伴 of inv俺entory摆把白$ 549俺,000氨Cost of爸 sales碍矮坝+1,150,板000凹Total把拌背$1,699,哎000板Beginni碍ng bala蔼nce of 半invento啊ry绊般摆- 431肮,000艾Purchas霸es八八爱$1,268,拜000拌Beginni半ng bala敖nce of 白account氨s payab搬le胺把唉$ 563跋,000傲Purchas吧es (fro败m above袄)熬肮罢 1,26

7、8爱,000捌Total p邦otentia安l payme败nts拜办伴$1,831,扮000把Ending 笆balance吧 of acc靶ounts p癌ayable柏拔氨- 604矮,000唉Cash pa拌yments 熬for acc耙ounts p矮ayable斑耙翱$1,227,背000摆c.坝矮Issuanc罢e of co阿mmon st捌ock稗班岸$ 8般1,000扒Issuanc哀e of tr凹easury 肮stock翱昂搬 隘17,000敖Total n傲onopera败ting ca斑sh rece艾ipts巴班按$ 9稗8,000柏d.翱爸Increas板

8、e in la拔nd胺拜把$ 150版,000盎Increas稗e in pl绊ant and邦 equipm埃ent巴摆凹 罢18,000岸Total p霸ayments靶 for no艾ncurren哎t asset懊s昂背罢$ 168班,000埃Exercis阿e 7-5 (蔼20 minu岸tes)霸Source办靶Use懊版Adjustm吧ent稗霸Categor哎y跋a.扳氨氨败X摆爸X靶背O柏b.隘巴熬败X办澳熬F霸c.拔蔼X傲安邦艾F盎d.皑捌X暗伴罢肮I袄e.昂拜百啊X阿般摆F肮f.哀巴败爸澳懊翱NCN俺g.佰耙案爱X昂氨岸I凹h.办案哀奥阿埃版NCS奥i.般敖佰癌X百埃叭F

9、皑j.搬懊X绊稗跋X佰翱O哎Exercis坝e 7-6 (敖20 minu俺tes)佰Source白蔼Use稗癌Adjustm癌ent挨伴Categor艾y摆a.隘皑X扒皑X肮拌O巴b.稗拌 敖伴X拔绊颁F摆c.隘瓣氨懊岸办挨NCN办d.啊把邦拔X氨拌霸I版e.案扒奥捌白碍俺NCS俺f.白摆稗暗按皑暗NCN扒g.白吧X碍哎扒艾I佰h.靶版拔澳跋百班NCS矮i.案安氨爸耙绊俺NE伴j.半伴白癌 隘袄霸疤NE叭Exercis懊e 7-7 (邦30 minu氨tes)拜版Net罢疤Cash fr懊om颁疤Cash案啊Income凹霸operati背ons百埃positio般n叭吧1.凹般NE阿捌NE

10、哎碍+熬笆2.坝班NE蔼熬NE叭蔼+八蔼3.隘癌+白俺+碍拌+拜笆4a.袄瓣-笆案NE八凹NE哎昂4b.凹挨NE碍(1)靶办+摆(2)板斑+把(2)白绊隘4c.肮蔼-扒皑+凹(2)吧鞍+办(2)拜案 摆拔5.邦哎NE案爸+半瓣+哀巴6.半坝-罢般+ (long隘-run -)奥把+ (long邦-run -)阿皑7.跋拔-俺唉-板(5)败霸+瓣扳8.奥翱+霸埃NE肮拔NE凹拜9.盎爸+唉(3)靶稗+哎(4)皑肮+胺(4)斑半傲10. 背绊办柏 NE皑柏板癌懊 +霸埃瓣艾百 般+败搬11.按巴背暗 +邦靶邦按霸 +颁摆阿败挨 绊+矮隘12. 斑哀艾靶 NE鞍哀唉摆背 N摆E把癌碍板 爱+鞍扮13

11、. 般艾板般 NE澳哎哎爸扒 N板E蔼盎阿胺 百+敖(1)般 Deferr按ed tax 矮account班ing.笆(2)扳 Depend霸s on wh芭ether t拜ax savi霸ngs are案 realiz拜ed in c昂ash.般(3)颁 If pro哀fitable隘.爸(4) 背 If acc挨ounts r奥eceivab班le coll办ected.凹(5)半 Depend鞍s on wh版ether i八nterest爸 is pai疤d or ac奥crued.绊敖Further案 explan瓣ations 霸(listed岸 by pro半posal n百um

12、ber):坝1.班傲Substit拔uting p矮ayment 拜in stoc稗k for p皑ayment 版in cash肮 for it阿s divid拜ends wi暗ll not 八affect 安income 埃or CFO 埃but wil皑l incre捌ase cas埃h posit按ion.笆2.吧爱In the 耙short r芭un, pos耙tponeme隘nt of c蔼apital 胺expendi艾tures w盎ill sav袄e cash 坝but hav扮e no ef拔fect on翱 income疤 or CFO背. In th扒e long 巴t

13、erm, b艾oth inc八ome and按 CFO ma扮y suffe瓣r due t癌o lower扳 operat澳ing eff傲iciency安.昂Exercis巴e 7-7c版ontinue敖d爸3.斑阿Cash no摆t spent摆 on rep肮air and坝 mainte鞍nance w岸ill inc案rease a半ll thre叭e measu芭res. Ho阿wever, 半the ski按mping o鞍n neces袄sary di八scretio扮nary co扳sts wil澳l adver把sely im摆pact fu胺ture op盎eratin

14、g皑 effici瓣ency an岸d, henc阿e, prof耙itabili埃ty.白4.矮哎Manager盎s advoc拌ating a绊n incre罢ase in 扳depreci案ation m翱ay have笆 spoken奥 in the疤 mistak搬en beli懊ef that奥 deprec扳iation 扳is a so班urce of熬 cash a佰nd that傲 conseq办uently 俺increas唉ing it 翱would r八esult i班n a hig翱her cas坝h inflo捌w. In f柏act, th俺e level把 o

15、f dep坝reciati坝on expe埃nse has俺 no eff拌ect on 拜cash fl扳owthe 百same am巴ount of把 deprec稗iation 案deducte唉d in ar佰riving 昂at net 皑income 扳is adde皑d back 板in arri傲ving at岸 CFO. 昂On the 拜other h哀and, in拔creasin班g depre摆ciation叭 for ta疤x purpo颁ses wil背l in al肮l cases百 result耙 in at 巴least a拜 short吧罢term sa伴

16、vings.鞍5.板靶Quicker伴 collec百tions w坝ill not氨 affect霸 income隘 but wi哀ll incr百ease CF搬O becau爱se of l摆ower ac扒counts 拔receiva矮ble. Ca疤sh will凹 also i哀ncrease爱 by the班 speedi唉er conv搬ersion 鞍of rece靶ivables袄 into c唉ash. In办 the lo芭nger ru邦n this 艾stiffen罢ing in 疤the ter安ms of s白ale to 氨custome笆rs may 柏r

17、esult 隘in sale耙s lost 碍to comp隘etition霸.班6.爸罢Payment班s stret扒ched颁版out wil摆l lower斑 income坝 becaus拔e of lo瓣st disc柏ounts b氨ut does敖 positi鞍vely af把fect CF氨O by in氨creasin岸g the l扮evel of败 accoun颁ts paya肮ble. Ca岸sh cons拌ervatio懊n will 般result 熬in a hi叭gher ca氨sh posi耙tion. R翱elation艾s with 般supplie八r

18、s may 背be affe熬cted ad跋versely板. Note:半 Long-t澳erm cas瓣h outfl般ow will啊 be hig氨her bec颁ause of艾 the lo摆st disc邦ount.翱7.霸罢Borrowi巴ng will爱 result邦 in int白erest c半osts th办at will百 decrea扮se inco把me and 柏CFO. Ca罢sh posi邦tion wi八ll incr拔ease.佰8.扒芭This ch拔ange in伴 deprec八iation 俺method 佰will in肮crease 办i

19、ncome 隘in the 霸early s芭tages o傲f an as拔sets l办ife. Th坝e oppos柏ite may巴 hold t哎rue in 澳the lat澳er stag坝es of t隘he asse斑ts lif拜e.佰In the 扒short t哀erm, hi拌gher sa爱les to 芭dealers柏 will r艾esult i百n highe安r profi颁ts (ass般uming w奥e sell 伴above c按osts) a安nd, if 班they pa埃y promp捌tly, bo疤th CFO 矮and cas瓣h wi

20、ll 绊increas背e. Howe皑ver, un伴less th哀e deale蔼rs are 爱able to扒 sell t板o consu挨mers, s癌uch sal鞍es will安 be mad碍e at th把e expen霸se of f版uture s背ales.颁This wi吧ll lead鞍 to les敖s incom八e from 靶pension伴 assets澳 in the昂 future霸 which 隘could c稗ause fu白ture pe斑nsion e奥xpense 案to incr翱ease.暗The cos哎t of fu澳ndin

21、g i蔼nventor俺y will 哎be redu按ced in 败the fut鞍ure. I扒n the c伴urrent 鞍period 佰net inc耙ome may奥 also b埃e incre稗ased by坝 a LIFO鞍 liquid岸ation f稗rom red案uced in拌ventory翱 levels颁.百The cur氨rent pe哀riod de般cline i安n the v艾alue of拜 the tr伴ading s安ecuriti矮es has 奥been re爸flected伴 in cur按rent pe靶riod in埃come, a

22、岸s has t版he prev爸ious ga挨in. Alt颁hough t半he sale摆 will i把ncrease澳 cash, 半it will靶 have n盎o effec蔼t on cu啊rrent p暗eriod i拔ncome. 埃If the 拜current佰 period拌 declin艾e is de安emed to埃 be tem靶porary,懊 the co拔mpany i白s selli哎ng a po昂tential半ly prof吧itable 稗securit隘y for a把 short-瓣term ca袄sh gain皑.绊Reissua版n

23、ce of 唉treasur俺y share熬s will 鞍increas捌e cash,班 but wi百ll have隘 no eff凹ect on 唉current拜 period笆 income盎 as any摆 “gain”碍 or “lo搬ss” is 疤reflect俺ed in a笆ddition笆al paid把 in cap摆ital, n澳ot inco拔me. If 鞍the sto稗ck pric蔼e is co碍nsidere敖d to be颁 tempor叭arily d肮epresse蔼d, the 办company碍 is for伴egoing 袄a fut

24、ur摆e sale 败at a gr昂eater m柏arket p扒rice an巴d is, t隘hus, su般ffering叭 curren瓣t dilut艾ion of 吧shareho安lder va案lue. 敖Exercis板e 7澳氨9 (60 m拌inutes)板a.般摆Cash Co暗llectio案ns Comp艾utation阿:暗Account百s Recei办vable (板Net)矮Beg a拔办564.1耙Sales 白13斑百6205.8拌6145.4伴佰Cash co扮llectio啊ns b百End 33败蔼颁624.5Notes:八a靶把Balance

25、奥 at 7/2败9/Year 拔10爱笆班$624.5 隘 33佰霸Less: i安ncrease氨 in Yea啊r 10肮昂 澳爱 (60.叭4)奥 61$564.1斑bThis埃 amount半 is ove啊rstated笆 by the肮 provis吧ion for凹 doubtf叭ul acco安unts ex鞍pense t百hat is 班include半d in an癌other e阿xpense 耙categor巴y.半b.斑敖Cash Di熬vidends暗 Paid C霸omputat捌ion:奥Dividen蔼ds Paya懊ble氨Dividen啊d paid

26、半77吧班137.5班坝32.3八瓣Beg 43搬扮摆142.2搬罢Dividen安d decla袄red a笆 89按皑37.0瓣拌End 43伴哎Note a吧: Item爱 89 r耙epresen矮ts divi隘dends d叭eclared哎, not d案ividend般s paid 柏(see al拌so Item白 77).板c.邦哀Cost of挨 Goods 熬and Ser奥vices P柏roduced半 Comput耙ation:懊Invento办ries板Beg 34盎扮啊819.8败Amount 凹to bala瓣nce般唉3982.4瓣4095.5拔啊Cost

27、 of佰 produc伴ts sold八 14邦End 34艾颁拌706.7岸d.鞍捌The ent啊ry for 佰the inc奥ome tax邦 provis敖ion for肮 Year 1伴1 is:瓣Income 敖tax exp阿ense 2扮7暗爱安265.9碍Deferre邦d incom懊e tax (扳current拌) plug爱昂 般澳 12.1柏Income 昂tax pay背able般半笆230.4罢Deferre隘d incom败e tax (耙noncurr昂ent) a捌 翱邦 搬办23.4Notes:靶(1) The版 entry 坝increas拌es c

28、urr懊ent lia氨bilitie吧s by $1半2.1 sin鞍ce defe坝rred in哎come ta安x (curr岸ent) is啊 credit伴ed by t扒his amo阿unt. It白 also i罢ncrease按s curre跋nt liab澳ilities唉 by $23白0.4 12挨4A, th熬e amoun版t of in胺come ta拌xes pay奥able.扮(2) The绊 a is矮 the di案fferenc芭e in th摆e balan八ce of t稗he nonc暗urrent 捌deferre斑d incom皑e tax

29、i碍tem 17伴6 = $2扒58.5 吧艾 $235.1哀 = $23.搬4.瓣(3) Als爸o, $23.拜4 + $12办.1 = $3安5.5, wh阿ich is 蔼total d八eferred敖 tax 5昂9 or 疤127A稗Exercis般e 7隘哎9conti矮nued办e.暗扒Depreci埃ation e八xpense 芭has no 胺effect 昂on cash佰 from o半peratio肮ns. The拌 credit哎, when 安recordi霸ng the 颁depreci班ation e佰xpense,扒 goes t拌o accum拜ula

30、ted 拔depreci八ation, 爱a nonca吧sh acco碍unt.把f.拜百These p佰rovisio拔ns are 爱added b肮ack bec班ause th版ey affe傲ct only斑 noncas昂h accou懊nts, th办e charg稗e to ea肮rnings 办must be柏 remove跋d in co鞍nvertin盎g it to颁 the ca傲sh basi翱s.佰g.拔板The “Ef八fect of奥 exchan叭ge rate凹 change矮s on ca佰sh” rep岸resents办 transl岸ation a靶djustme袄nts (di耙fferenc叭es) ari熬sing fr耙om the 岸transla爸tion of扒 cash f把rom for肮eign cu巴rrencie板s to th肮e U.S. 鞍dollar.扮Any gai矮n or lo俺ss is r霸eported爸 under 安other,爸 netI昂tem 60百.坝Free ca矮sh flow摆s =扮 Cash f柏low fro袄m opera暗tions 伴 Cash u傲sed f