财务报告与分析三友会计名著译丛 第07章习题答案Word格式文档下载.docx

财务报告与分析三友会计名著译丛 第07章习题答案Word格式文档下载.docx

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$21,822

a.

b.Cashbasistimesinterestearned:

PROBLEM72

RecurringEarningsExcludingInterest

Expense,TaxExpense,EquityEarnings,

a.TimesInterestEarned=andMinorityEarnings

InterestExpense,Including

CapitalizedInterest

Incomebeforeincometaxes$675

Plusinterest60

Adjustedincome$735

Interestexpense$60

TimesInterestEarned=$735=12.25timesperyear

$60

b.

Adjustedincomefrom（parta）$735

1/3ofoperatingleasepayments

（1/3x$150）50

Adjustedincome,includingrentals$785

Interestexpense$60

1/3ofoperatingleasepayments50

$110

FixedChargeCoverage=$785=7.14timesperyear

$110

PROBLEM73

RecurringEarnings,ExcludingInterest

Expense,TaxExpense,EquityEarning,

a.TimesInterestEarned=andMinorityEarnings________________

InterestExpense,Including

CapitalizedInterest

Incomebeforeincometaxesand

extraordinarycharges$36

Plusinterest16

（1）Adjustedincome52

（2）Interestexpense$16

TimesInterestEarned:

（1）dividedby

（2）=3.25timesperyear

RecurringEarnings,ExcludingInterest

Expense,TaxExpense,EquityEarnings,

andMinorityEarnings+InterestPortion

b.FixedChargeCoverage=OfRentals______________________________

InterestExpense,IncludingCapitalized

Interest+InterestPortionOfRentals

Adjustedincome（parta）$52

（1/3x$60）20

（l）Adjustedincome,includingrentals$72

Interestexpense$16

1/3ofoperatingleasepayments20

（2）Adjustedinterestexpense$36

Fixedchargecoverage:

（1）dividedby

（2）=2.00timesperyear

PROBLEM74

a.DebtRatio=

b.Debt/EquityRatio=

c.RatioofTotalDebttoTangibleNetWorth=

TotalLiabilities=$174,979=$174,979=70.9%

TangibleNetWorth$249,222$2,324$246,898

d.KaufmanCompanyhasfinancedover41%ofitsassetsbytheuseoffundsfromoutsidecreditors.TheDebt/EquityRatioandtheDebttoTangibleNetWorthRatioareover70%.Whethertheseratiosarereasonabledependsuponthestabilityofearnings.

PROBLEM7-5

Ratio

Transaction

Times

Interest

Earned

Debt

Debt/

Equity

TotalDebt/

Tangible

NetWorth

a.Purchaseofbuildingsfinancedbymortgage

b.Purchaseinventoryonshort-termloan

c.Declarationandpaymentofcashdividend

d.Declarationandpaymentofstockdividend

e.Firmincreasesprofitsbycuttingcostofsales

f.Appropriationofretainedearnings

g.Saleofcommonstock

h.Repaymentoflong-termbankloan

i.Conversionofbondstocommonstock

j.Saleofinventoryatgreaterthancost

-

+

PROBLEM76

a.TimesInterestEarned:

Timesinterestearnedrelatesearningsbeforeinterestexpense,tax,minorityearnings,andequityincometointerestexpense.Thehigherthisratio,thebettertheinterestcoverage.Thetimesinterestearnedhasimprovedmateriallyinstrengtheningthelongtermdebtposition.Consideringthatthedebtratioandthedebttotangiblenetworthhaveremainedfairlyconstant,theprobablereasonfortheimprovementisanincreaseinprofits.

Thetimesinterestearnedonlyindicatestheinterestcoverage.Itislimitedinthatitdoesnotconsiderotherpossiblefixedcharges,anditdoesnotindicatetheproportionofthefirmsresourcesthathavecomefromdebt.

DebtRatio:

Thedebtratiorelatesthetotalliabilitiestothetotalassets.

Thelowerthisratio,thelowertheproportionofassetsthathavebeenfinancedbycreditors.

ForArodexCompany,thisratiohasbeensteadyforthepastthreeyears.Thisratioindicatesthatabout40%ofthetotalassetshavebeenfinancedbycreditors.Formostfirms,a40%debtratiowouldbeconsideredtobereasonable.

Thedebtratioislimitedinthatitrelatesliabilitiestothebookvalueoftotalassets.Manyassetswouldhaveavaluegreaterthanbookvalue.Thistendstooverstatethedebtratioand,therefore,usuallyresultsinaconservativeratio.Thedebtratiodoesnotconsiderimmediateprofitabilityand,therefore,canbemisleadingastothefirm’sabilitytohandlelongtermdebt.

DebttoTangibleNetWorth:

Thedebttotangiblenetworthrelatestotalliabilitiestoshareholders'

equitylessintangibleassets.Thelowerthisratio,thelowertheproportionoftangibleassetsthathasbeenfinancedbycreditors.

ArodexCompanyhashadastableratioofapproximately81%forthepastthreeyears.Thi