财务报告与分析：三友会计名著译丛 第08章习题答案

1、PAGE PAGE 54Chapterr 8ProfitaabilittyPROBLEMMSPROBLEMM 8-1Net Prrofit Margiin = 2000420035.00%4.00%Returnn on AAssetss = 200042003222.83%20.000%Total Assett Turnnover = 2000420034.557 timmes5.00 timesspeer yeaarper yyear= Retuurn onn Commmon Eqquity = 200042003300.88%25.000%Ahl Ennterprrise hhas haa

2、d a ssubstaantiall risee in pprofitt to ssales. Thiis is somewwhat ttemperred byy a reeductiion inn asseet turrnoverr. Giiven aa sligght riise inn commmon eqquity, therre is a subbstanttial rrise iin retturn oon commmon eequityy.PROBLEMM 8-2a.20042003SalesCost off goodds solldGross pprofittSellingg

3、expeenseGenerall expeenseOperatiing inncomeIncome taxNet inccome100.0% 60.7 39.3 14.6 10.0 14.7 5.9 8.8%100.0% 60.8 39.2 20.0 8.3 10.9 4.2 6.7%b.Starrr Cannning has hhad a sharpp decrrease in seellingg expeense ccoupleed witth onlly a mmodestt risee in ggeneraal exppensess giviing ann overrall rrise

4、 iin thee net profiit marrgin.PROBLEMM 8-3Earninngs Beefore interrest aand taax$245,000Intereest (7750,0000 x 66%) 45,000Earninngs beefore tax$200,000Tax 80,000Net inncome$120,000Preferrred ddivideends 15,000Incomee avaiilablee to ccommonn$105,000a.b.c. d. = 55.44 ttimes per yearPROBLEMM 8-4Vent Moo

5、lded PlastticsVent Moolded PlastticsSalesSales rreturnnsCost off goodds solld Selliing exxpensee Generral exxpensee Otherr incoome Otherr expeense Incomme taxx Net iincomee101.0% 7.0 72.1 9.4 7.0 .4 1.5 4.8 5.6%100.3% .3 67.1 10.1 7.9 .4 1.3 5.5 8.5%Sales returrns arre higgher tthan tthe inndustrry.

6、 CCost oof salles iss muchh highher, ooffsett somee by llower operaating expennses. Otheer exppense (perhhaps iintereest) iis sommewhatt highher. Lowerr taxees aree perhhaps ccausedd by llower incomme. OOveralll proofit iis lesss, prrimariily duue to cost of saales.PROBLEMM 8-5a.2004 ssales were 122

7、.772% off thosse in 2003.b.2004 nnet eaarninggs werre 1000.80% of thhose iin 20003.c.1.NNet Prrofit Margiin = 200420032.Retturn oon Asssets = 200420033.Tottal Assset TTurnovver = 200420034.DuPPont AAnalyssis: RReturnn on = Neet Proofit x Tottal Assset Asseets Margiin TTurnovver 2004 110.42* = 99.39%

8、 x 1.111 20003 12.72* = 11.556% x 11.10*Roundded caauses the ddifferrence from the 110.38% and 12.677% commputedd in ppart 22.5.20042003Operatiing inncome Net ssales Less: Costt of pproducct solld Reseearch and ddeveloop- meent exxpensees Geneeral aand seellinggOperatiing inncome $1,589,150 651,390

9、135,314 526,680$ 275,766$1,294,966 466,250 113,100 446,110$ 269,506Operaating Incomme Marrgin = 2000420036.Retturn oon Opeeratinng Asssets = 200042003= 119.53%= 23.24%7.Opeeratinng Assset Tuurnoveer = 200042003= 11.13 ttimes= 1.112 timmes pper yeear perr yearr8.DuPPont AAnalyssis: RReturnn on = Neet

10、 Proofit x Tottal Assset Asseets Margiin TTurnovver 2004 119.61%* = 117.35% x 1.133 2003 223.31%* = 220.81% x 1.122*Rounnding causees thee diffferencce froom thee 19.553% annd 23.24% ccomputted inn partt 6.9.20042003Net earrningss befoore miinoritty shareeInteresst exppenseEarninggs beffore ttaxProv

11、isiion foor inccome ttaxTax ratte1 taxx ratee(intereest exxpensee x (1 tax rrate)Net earrningss befoore miinoritty sharee + (iintereest exxpensee) x (1 taxx ratee)Long-teerm deebt + equittyReturn on innvestmment$ 149,260 18,768 263,762 114,502 433.4% 566.6% 10,623 159,883 1,019,420 155.7%$ 149,760 1

12、1,522 271,500 121,740 444.8% 555.2% 6,360 156,120 933,232 166.7%10.Retturn oon Commmon EEquityy = 220042003= 17.066%= 19.03%d.Proffits iin rellationn to ssales, asseets, aand eqquity have all ddeclinned. Turnoover hhas reemaineed staable. Overrall, althoough aabsoluute prrofitss havee incrreasedd in

13、 22004, compaared wwith 22003, the pprofittabiliity raatios show a deccline.PROBLEMM 8-6a.1.NNet Prrofit Margiin = 200420032002= 6.07%= 3.96%= 3.76%2.Retturn oon Asssets = 200420032002= 6.04%= 4.21%= 3.82%3.Tottal Assset TTurnovver = 200420032002= 1.11 timess per yyear= 1.07 timess per yyear= 1.02 t

14、imess per yyear4.DuPPont AAnalyssisReturn onAssets=Net Proofit MMarginnxTotal AAssetTurnoveer2004: 66.74%2003: 44.24%2002: 33.84%=6.07% 3.96%*3.76%*xxx1.11 tiimes1.07 tiimes1.02 tiimes*Rounnding diffeerencee fromm the 4.21% and 3.82% compputed in 2.5.Opeeratinng Inccome MMarginn = 200420032002(2) Ne

15、tt saleesLess: Materrial aand maanufaccturinng cossts off prodducts soldResearcch andd deveelopmeentGenerall and selliing(1) Opeeratinng inccome(1) Divvidendd by (20)$1,600,000 740,000 90,000 600,000 1,430,000 170,000 10.663%$1,300,000 624,000 78,000 500,500 1,202,500 97,500 7.500%$1,200,000 576,000

16、 71,400 465,000 1,112,400 87,600 7.300%6.Retturn oon Opeeratinng Asssets = 200420032002 Operratingg Incoome_Averagee Operratingg Incoome$ 170,000$1,390,20012.23%$ 97,500$1,160,0008.41%$ 87,000$1,090,0007.98%7.Opeeratinng Assset Tuurnoveer = 200420032002 NNet Saales_Averagee Operratingg Asseets$1,600

17、,000$1,390,2001.15 tiimes$1,300,000$1,160,0001.12 tiimes$1,200,000$1,090,0001.10 tiimes8.DuPPont AAnalyssis wiith opperatiing raatiosReturn onAssets=Net Proofit MMarginnxTotal AAssetTurnoveer2004: 112.22%*2003: 8.40%*2002: 8.03%=10.63% 7.50% 7.30%xxx0*Rounnding diffeerencee fromm the 12.2

18、33%, 8.41%, and 88.04% compuuted iin 6.9.Estimaated ttax raate:200420032002(1) Proovisioon forr incoome taaxes(2) Earrningss befoore inncome taxess andd Minoority equitty(1) divvided by (22)1 taxx ratee(3) Intterestt expeense xx (1-ttax raate)$19,0000 x 6.00%$18,2000 x 599.00%$17,0400 x 588.00%(4) E

19、arrningss befoore miinoritty equuity(3) pluus (4) (A)(5) Tottal loong-teerm deebt(6) Tottal sttockhoolderss equuity(5) pluus (6) (B)(A) divvided by (BB)$ 62,049$ 159,10039.00%61.00%11,59097,051108,6411211,1000811,20001,022,330010.63%$ 35,731$ 87,15041.00%59.00%10,73851,41962,157212,8000790,10001,002

20、,99006.20%$ 32,6559$ 77,766042.00%58.00%9,88345,10154,984214,0000770,0000984,00005.59%10.200420032002Net inccome eetc.Averagee totaal equuity$ 86,8551$811,2000$ 42,9119$790,1000$ 37,0001$770,0000b.All ratioos commputedd indiicate a siggnificcant iimprovvementt I prrofitaabilitty.PROBLEMM 8-7a.1.2004

21、20032002$ 171,115$1,002,100= 17.088%$163,4997$980,5000= 16.677%$143,9990$900,0000= 16.000%2.200420032002$171,1115$839,0000= 20.400%$163,4997$770,0000= 21.233%$143,9990$765,0000= 18.822%3.200420032002$1,002,100$ 839,000= 1.19 timess per yyear$980,5000$770,0000= 1.27 timess per yyear$900,0000$765,0000

22、= 1.18 timess per yyear4.DuPPont AAnalyssisReturn onAssets=Operatiing InncomeMarginxTotal AAssetTurnoveer2004: 220.88%*2003: 221.17%*2002: 118.88%*=17.08%16.67%16.00%xxx1.19 tiimes pper yeear1.27 tiimes pper yeear1.18 tiimes pper yeear*Rounnding diffeerencee fromm the 20.400%, 211.23%, and 18.822% c

23、ommputedd in 22.5.Estimmated tax rrate:200420032002(1) Proovisioon forr incoome taaxes(2) Earrningss befoore inncome taxess taxx ratee (1) diviided bby (2) 1 tax rate(3) Intterestt expeense xx (1-ttax raate) $144,620 x 59.50% $122,100 x 59.00% $111,250 x 57.70%(4) Nett earnnings (3) pluss (4) (A)(5)

24、 Aveerage long-term debt(6) Aveerage shareeholdeers eequityy (5) pluss (6) (B)(A) divvided by (BB)$116,4773$287,588840.50%59.50%8,699171,1155179,8144120,0000406,0000526,000034.19%$113,6116$277,111341.00%59.00%7,139163,4977170,6366112,0000369,5000481,500035.44%$105,5660$249,555042.30%57.70%6,491143,9

25、900150,4811101,0000342,0000443,000033.97%6.200420032002Net earrningssAveragee totaal equuity$171,1115$406,0000$163,4997$369,5000$143,9990$342,00007.200420032002$1,002,100$ 302,500= 3.31$980,5000$281,0000= 3.49$900,0000$173,0000= 5.20b.The ratioos commputedd indiicate a verry proofitabble fiirm. Most

26、 ratioos inddicatee A veery sllight reducction in prrofitaabilitty in 2003.Sales to fiixed aassetss has decliined mmateriially, but this is thhe onlly rattio foor whiich thhe treend apppearss to bbe neggativee.PROBLEMM 8-8a.1.200420032002$20,0700-$8,0028 $2997,5800= 4.05%$16,6600-$6,8830 $2556,3600=

27、 3.83%$15,3800-$6,2229 $2442,1500= 3.78%2.200420032002$20,0700-$8,0028 $1445,7600= 8.26%$16,6600-$6,8830 $1337,0000= 7.18%$15,3800-$6,2229 $1336,0000= 6.73%3.200420032002$297,5880$145,7660= 2.04 timess per yyear$256,3660$137,0000= 1.87 timess per yyear$242,1550$136,0000= 1.78 timess per yyear4.DuPPo

28、nt AAnalyssisReturn onAssets=Operatiing InncomeMarginxTotal AAssetTurnoveer2004: 88.26%2003: 77.16%*2002: 66.73%=4.05%3.83%3.78%xxx2.04 tiimes1.87 tiimes1.78 tiimes*Rounnding diffeerencee fromm the 7.18% compputed in 2.5.200420032002$ 26,3880$297,5880= 8.86%$ 22,8660$256,3660= 8.92%$ 20,1880$242,155

29、0= 8.33%6.200420032002 $26,380_$89,8000+$45,850= 19.455%$ 22,860_$84,5000+$40,300= 28.322%$ 200,180_$83,1000+$39,800= 16.422%7.200420032002= 2.19 timess per yyear= 2.05 timess per yyear= 1.97 timess per yyear8.DuPPont AAnalyssis wiith Opperatiing RaatiosReturn onAssets=Operatiing InncomeMarginxTotal

30、 AAssetTurnoveer2004: 119.40%*2003: 118.29%*2002: 116.41%*=8.86%8.92%8.33%xxx2.19 tiimes2.05 tiimes1.97 tiimes*Rounnding diffeerencee fromm the 19.455%, 188.32%, and 16.422% commputedd in 66.9.200420032002$ 91,5880$297,5880= 30.777%$ 80,0660$256,3660= 31.233%$ 76,1880$242,1550= 31.466%b.Net profiit

31、marrgin aand tootal aasset turnoover bboth iimprovved. This resullted iin a ssubstaantiall imprrovemeent too retuurn onn asseets.Operatting iincomee marggin deeclineed sliightlyy in 22003 aafter a subbstanttial iimprovvementt in 22002. Operratingg asseet turrnoverr imprroved each year. The resullt o

32、f the iimprovvementt in ooperatting iincomee marggin annd opeeratinng assset tuurnoveer wass a suubstanntial improovemennt in returrn on operaating assetts.Gross profiit marrgin ddeclinned sllightlly eacch yeaar.Overalll proofitabbilityy imprroved substtantiaally oover tthe thhree-yyear pperiodd.PRO

33、BLEMM 8-9a.1.200420032002(A)(B)$ 2,1000,000$ 2,6000,000 7,0000,000 1000,000 10,0000,000$19,7000,000$ 1,9500,000$ 2,3000,000 6,2000,000 1000,000 9,0000,000$17,6000,000$ 1,7000,000$ 2,2000,000 5,8000,000 1000,000 8,3000,000$16,4000,0002.Estimmated tax rrate:200420032002(1) Proovisioon forr incoome taa

34、xes(2) Inccome bbeforee tax taxx ratee = (11) divvided by (22) 1 tax rate(3) Intterestt expeense xx (1-ttax raate) $800,000 x 58.33% $6000,0000 x 577.35% $5550,0000 x 611.82%(4) Nett incoome (3) pluss (4) (A) Lonng-terrm debbt Preeferreed stoock Commmon eequityy (B)(A) divvided by (BB)$ 1,5000,000 3

35、,6000,00041.67%58.33%$ 466,640$ 2,1000,000$ 2,5666,640$ 7,0000,000100,0000 10,0000,000$17,1000,00015.01%$ 1,4500,0003,400,000042.65%57.35%$ 344,100$ 1,9500,000$ 2,2944,100$ 6,2000,000100,0000 9,0000,000$15,3000,00014.99%$ 1,0500,0002,750,000038.18%61.82%$ 340,000$ 1,7000,000$ 2,0400,010$ 5,8000,0001

36、00,0000 8,3000,000$14,2000,00014.37%3.200420032002= 20.799%= 21.433%= 29.244%4.200420032002= 20.866%= 21.511%= 20.311%b.Retuurn onn asseets immproveed in 2003 and tthen ddeclinned inn 20044. Reeturn on innvestmment iimprovved eaach yeear. Returrn on totall equiity immproveed andd thenn decllined. Re

37、tturn oon commmon eequityy imprroved and tthen ddeclinned.In genneral, proffitabiility has iimprovved inn 20033 overr 20022 but was ddown sslighttly inn 20044.c.The use oof lonng-terrm debbt andd prefferredd stocck botth bennefiteed proofitabbilityy.Returnn on ccommonn equiity iss sligghtly more tha

38、n returrn on totall equiity, iindicaating a bennefit from prefeerred stockk.Returnn on ttotal equitty is substtantiaally hhigherr thann retuurn onn inveestmennt, inndicatting aa beneefit ffrom llong-tterm ddebt.PROBLEMM 8-100a.Salees$120,000Gross profiit (400%) 48,000Cost oof gooods soold (660%) 72,

39、000Beginnning iinventtory$ 10,000+ purcchase 100,000Total availlable 110,000- Endiing innventoory ?_Cost oof gooods soold$ 72,000Endingg inveentoryy (1100,000-72,0000)$ 38,000b.If ggross profiit werre 50%, thee anallysis wouldd be aas folllows:Sales$120,000Gross profiit (500%) 60,000Cost oof gooods

40、soold (550%) 60,000Beginnning iinventtory$ 10,000Purchaases 100,000Total availlable$110,000- Endiing innventoory 50,000Cost oof gooods soold$ 60,000If grooss prrofit were higheer, thhe losss wouuld bee highher.PROBLEMM 8-111NetProfitRetaineedEarninggsTotalStockhoolderssEquitya. a sttock ddivideend i

41、ss decllared and ppaid.b. Mercchandiise iss purcchasedd on ccreditt.c. Markketablle seccuritiies arre soldd abovve cosst.d. Accoounts receiivablee are colllectedd.e. A caash diividennd is decllared and ppaid.f. Treaasury stockk is purcchasedd and recorrded at ccost.g. Treaasury stockk is ssold abovv

42、e cosst.h. Commmon sttock iis solld.i. A fiixed aasset is soold foor lesss thann bookk valuue.j. Bondds aree convvertedd intoo commmon sttock.00+00000-0-0+0-000-000+0-+-+PROBLEMM 8-122a.1.2004:2003:2002:2001:2000:2.2004:2003:2002:2001:2000:Cannoot commpute averaage asssets.Year-End BBalancce Sheeet

43、Fiiguress2004:2003:2002:2001:2000:3.Averaage Baalancee Sheeet Figgures2004:2003:2002:2001:2000:Cannoot commpute averaage asssets.Year-End BBalancce Sheeet Fiiguress2004:2003:2002:2001:2000:4.Averaage Baalancee Sheeet Figgures2004:7.42% x 1.14 tiimes = 8.466%2003:6.76% x 1.11 tiimes = 7.500%2002:6.15

44、% x 1.08 tiimes = 6.644%2001:5.69% x 1.04 tiimes = 5.922%2002:Cannoot commpute averaage asssetsYear-End BBalancce Sheeet Fiiguress2004:7.42% x 1.14 tiimes = 8.466%2003:6.76% x 1.11 tiimes = 7.500%2002:6.15% x 1.08 tiimes = 6.644%2001:5.69% x 1.04 tiimes = 5.922%2000:5.10% x 1.02 tiimes = 5.200%5.200

45、4:2003:2002:2001:2000:6.2004:2003:2002:2001:2000:Averaage asssets cannoot be compuuted.Year-End BBalancce Sheeet Fiiguress2004:2003:2002:2001:2000:7.2004:2003:2002:2001:2000:Averaage Asssets cannoot be compuuted.Year-End BBalancce Sheeet Fiiguress2004:2003:2002:2001:2000:8.DuPPont RReturnn on OOperatting AAsse