2025年CMA《财务报表分析》测试卷

2025年CMA《财务报表分析》测试卷考试时间：______分钟总分：______分姓名：______一、ThebalancesheetofCompanyXYZrevealedtotalassetsof$500,000attheendofYear2.Totalliabilitieswere$200,000.Thecompany'snetincomeforYear2was$80,000,anddividendspaidduringtheyearwere$20,000.WhatwasCompanyXYZ'sreturnonequityforYear2,assumingthecompanyhadnopreferredstockandthebeginningequitywas$300,000?二、CompanyABCreportedsalesof$1,000,000fortheyear.Costofgoodssoldwas$600,000.Operatingexpenseswere$200,000.Interestexpensewas$50,000,andincometaxexpensewas$40,000.WhatwasCompanyABC'snetincomefortheyear?三、Acompanyhascurrentassetsof$150,000andcurrentliabilitiesof$100,000.Itsinventoryisvaluedat$50,000.Whatisthecompany'squickratio?四、CompanyDEFhadnetincomeof$200,000fortheyear.Itpaiddividendsof$50,000andissued$100,000innewcommonstock.WhatwasCompanyDEF'sretentionratio?五、ThefollowingfinancialdataisavailableforCompanyGHIforthepastthreeyears:Year1:Sales=$800,000;NetIncome=$100,000Year2:Sales=$900,000;NetIncome=$120,000Year3:Sales=$1,000,000;NetIncome=$150,000Calculatethecompoundannualgrowthrate(CAGR)forCompanyGHI'snetincomeoverthethree-yearperiod.六、CompanyJKL'sbalancesheetshowstotalassetsof$800,000andtotalliabilitiesof$400,000atthebeginningoftheyear.Duringtheyear,thecompanyacquirednewassetsworth$200,000,paidoff$100,000inliabilities,andissued$50,000innewcommonstock.Whatwasthecompany'sfreecashflowfortheyear,assumingoperatingcashflowwas$150,000?七、Acompanyhastotalassetsof$1,000,000andtotalliabilitiesof$600,000.Itsequityisfinancedentirelybycommonstock.Thecompany'searningsbeforeinterestandtaxes(EBIT)are$200,000,anditsinterestexpenseis$40,000.Whatisthecompany'stimesinterestearnedratio?八、CompanyMNOhasadebt-to-equityratioof1.5.Ifthecompany'stotalequityis$300,000,whatisitstotaldebt?九、CompanyPQRreportedthefollowingdatafortheyear:Sales=$500,000Costofgoodssold=$300,000Operatingexpenses=$100,000Interestexpense=$20,000Incometaxrate=30%CalculateCompanyPQR'searningspershare(EPS),assumingthecompanyhas100,000sharesofcommonstockoutstanding.十、CompanyRSTisconsideringinvestinginanewproject.Theprojectrequiresaninitialinvestmentof$100,000andisexpectedtogenerateannualcashinflowsof$30,000forthenextfiveyears.Whatisthepaybackperiodfortheproject?十一、Acompanyhascurrentassetsof$200,000andcurrentliabilitiesof$150,000.Itsinventoryturnoverratiois6,anditsdayssalesoutstanding(DSO)is45days.Whatisthecompany'stotalassets?十二、CompanyUVWhasareturnonassets(ROA)of10%andadebt-to-equityratioof0.8.Ifthecompany'snetincomeis$100,000,whatisitstotalequity?十三、CompanyXYZhasaprofitmarginof5%.Itstotalassetsare$500,000,anditstotaldebtis$200,000.Whatisthecompany'sreturnonequity(ROE)?十四、CompanyABC'sinventoryturnoverratiois8,anditsDSOis30days.Thecompany'scostofgoodssoldis$600,000.Whatisthecompany'saverageinventory?十五、Acompanyhassalesof$1,000,000,aprofitmarginof10%,andanROEof15%.Whatisthecompany'stotalassets?十六、CompanyDEFhasadebt-to-equityratioof2.Ifthecompany'stotalassetsare$1,000,000,whatisitsequitymultiplier?十七、CompanyGHI'snetincomeis$100,000.Itstotalassetsare$800,000,anditstotalliabilitiesare$400,000.Whatisthecompany'sreturnonassets(ROA)?十八、CompanyJKL'searningsbeforeinterestandtaxes(EBIT)are$200,000,anditsinterestexpenseis$40,000.Thecompany'staxrateis25%.Whatisthecompany'snetincome?十九、Acompanyhasatimesinterestearnedratioof5.IfitsEBITis$150,000,whatisitsinterestexpense?二十、CompanyMNOhasaprofitmarginof8%,anassetturnoverratioof2,andanROEof16%.Whatisthecompany'sdebt-to-equityratio?试卷答案一、ReturnonEquity(ROE)=NetIncome/AverageShareholderEquityAverageShareholderEquity=(BeginningEquity+EndingEquity)/2EndingEquity=TotalAssets-TotalLiabilities=$500,000-$200,000=$300,000AverageShareholderEquity=($300,000+$300,000)/2=$300,000ROE=$80,000/$300,000=0.2667or26.67%二、NetIncome=Sales-CostofGoodsSold-OperatingExpenses-InterestExpense-IncomeTaxExpenseNetIncome=$1,000,000-$600,000-$200,000-$50,000-$40,000=$110,000三、QuickRatio=(CurrentAssets-Inventory)/CurrentLiabilitiesQuickRatio=($150,000-$50,000)/$100,000=$100,000/$100,000=1.0四、RetentionRatio=(NetIncome-DividendsPaid)/NetIncomeRetentionRatio=($200,000-$50,000)/$200,000=$150,000/$200,000=0.75or75%五、CAGR=(EndingValue/BeginningValue)^(1/NumberofYears)-1CAGR=($150,000/$100,000)^(1/2)-1CAGR=(1.5)^(0.5)-1CAGR=1.2247-1=0.2247or22.47%六、FreeCashFlow(FCF)=OperatingCashFlow-CapitalExpendituresCapitalExpenditures=IncreaseinAssets-NewDebtIssued=$200,000-$0(nonewdebtmentionedforassets)=$200,000FCF=$150,000-$200,000=-$50,000七、TimesInterestEarnedRatio=EBIT/InterestExpenseTimesInterestEarnedRatio=$200,000/$40,000=5.0八、Debt-to-EquityRatio=TotalDebt/TotalEquity$1.5=TotalDebt/$300,000TotalDebt=$1.5*$300,000=$450,000九、EarningsBeforeTax(EBT)=NetIncome/(1-TaxRate)EBT=EPS*SharesOutstandingEBT=EPS*100,000$300,000=EPS*100,000EPS=$300,000/100,000=$3.0十、PaybackPeriod=InitialInvestment/AnnualCashInflowPaybackPeriod=$100,000/$30,000=3.3333or3.33years十一、TotalAssets=CurrentAssets+Non-CurrentAssetsNon-CurrentAssets=TotalAssets-CurrentAssetsCurrentLiabilities=TotalAssets-EquityEquity=TotalAssets-CurrentLiabilitiesInventory=CostofGoodsSold/InventoryTurnoverRatioInventory=$600,000/6=$100,000CurrentAssets=$200,000CurrentLiabilities=$150,000TotalAssets=CurrentLiabilities+EquityTotalAssets=$150,000+($TotalAssets-$150,000)TotalAssets=$150,000+TotalAssets-$150,000Thisequationisinconsistentaswritten.Let'srephrasetherelationships:TotalAssets=CurrentAssets+Non-CurrentAssetsWeneedtofindNon-CurrentAssets.Usingtherelationship:CurrentLiabilities=TotalAssets-Equity$150,000=TotalAssets-($TotalAssets-$150,000)$150,000=$150,000Thisisatautologyanddoesn'thelpfindTotalAssetsdirectly.Weneedanotherequationorassumption.Let'sassumeNon-CurrentAssetsareknownorcanbederived.Alternatively,theproblemmightbesolvableifweassumespecificvaluesorrelationshipsnotfullyprovided.Giventhetypicalstructure,let'sassumetheproblemintendsforasolvablesetup.IfweassumeNon-CurrentAssets=$300,000(forexample):TotalAssets=$200,000+$300,000=$500,000Thisisanassumptionforillustrativecalculation.Withoutadditionalinformation,theproblemcannotbesolveduniquelyfromthegivendata.十二、ROA=NetIncome/TotalAssets$100,000/TotalAssets=10%TotalAssets=$100,000/0.10=$1,000,000Debt-to-EquityRatio=TotalDebt/TotalEquity0.8=TotalDebt/($1,000,000-TotalDebt)0.8=TotalDebt/$1,000,000-TotalDebt0.8=TotalDebt/$1,000,000-TotalDebt/$1,000,0000.8=(TotalDebt-TotalDebt)/$1,000,0000.8=0/$1,000,000Thisresultsin0.8=0,whichisimpossible.Theproblemstatementcontainscontradictoryinformationbasedonthestandardrelationships(ROA=NetIncome/TotalAssets,andDebt-to-EquityrelatesTotalDebtandTotalEquity).Thereisnosolutionthatsatisfiesbothconditionssimultaneouslywiththegivenvalues.十三、ROE=NetIncome/TotalEquityWeneedNetIncome.ProfitMargin=NetIncome/Sales$100,000=0.05*SalesSales=$100,000/0.05=$2,000,000NetIncome=0.05*$2,000,000=$100,000ROE=$100,000/($500,000-$200,000)ROE=$100,000/$300,000=1/3or0.3333or33.33%十四、InventoryTurnoverRatio=CostofGoodsSold/AverageInventory8=$600,000/AverageInventoryAverageInventory=$600,000/8=$75,000DSO=AccountsReceivable/(Sales/365)30=AccountsReceivable/($1,000,000/365)AccountsReceivable=30*($1,000,000/365)=$82,191.78TotalAssets=CurrentAssets+Non-CurrentAssetsTotalAssets=$200,000+Inventory+AccountsReceivable+OtherNon-CurrentAssetsAssumingOtherNon-CurrentAssets=$0forsimplicity:TotalAssets=$200,000+$75,000+$82,191.78=$357,191.78Theaverageinventorycalculation($75,000)isbasedsolelyontheInventoryTurnoverRatioandCOGS.ThefinalTotalAssetsfiguredependsonassumptionsaboutotherassetsnotprovided.十五、ROE=NetIncome/TotalEquityROA=NetIncome/TotalAssetsROE=ROA*(TotalAssets/TotalEquity)EquityMultiplier=TotalAssets/TotalEquityROE=ROA*EquityMultiplier15%=10%*EquityMultiplierEquityMultiplier=15%/10%=1.5TotalAssets=EquityMultiplier*TotalEquityTotalAssets=1.5*TotalEquityWealsoknowTotalEquity=TotalAssets-TotalDebtTotalEquity=TotalAssets-(TotalAssets/EquityMultiplier)TotalEquity=TotalAssets-(TotalAssets/1.5)TotalEquity=TotalAssets-(2/3)*TotalAssetsTotalEquity=(1/3)*TotalAssetsTotalAssets=1.5*(1/3)*TotalAssetsTotalAssets=0.5*TotalAssetsThisisatautology.TherelationshipsareconsistentbutdonotallowustofindauniquevalueforTotalAssetswithoutanadditionalpieceofinformation,suchasthedebtamountortheexactequityamount.十六、EquityMultiplier=TotalAssets/TotalEquityTotalEquity=TotalAssets-TotalDebtEquityMultiplier=TotalAssets/(TotalAssets-TotalDebt)2=$1,000,000/($1,000,000-TotalDebt)2*($1,000,000-TotalDebt)=$1,000,000$2,000,000-2*TotalDebt=$1,000,000$1,000,000=2*TotalDebtTotalDebt=$1,000,000/2=$500,000EquityMultiplier=Tota