财务报表分析第09章习题答案.docx

财务报表分析第09章习题答案.docx

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财务报表分析第09章习题答案

Chapter9

FortheInvestor

PROBLEMS

PROBLEM91

EarningsBeforeInterest,Tax,

MinorityShareofEarnings,

EquityIncomeandNonrecurring

DegreeofFinancialLeverage+________Items____________

EarningsBeforeTax,Minority

ShareofEarnings,EquityIncome,

andNonrecurringItems

PROBLEM92

a.

=$1,000,000

$800,000

=1.25

b.Priorearningsbeforeinterestandtax$1,000,000

10%increase100,000

Adjustedincomebeforeinterestandtax$1,100,000

Interest200,000

Incomebeforetax$900,000

Tax（50%rate）450,000

Netincome$450,000

Earningswillincreaseby12.5%to$450,000

（$400,000x112.5%=$450,000）

c.$800,000

200,000

600,000

300,000

$300,000

Thisisadeclineinprofitof25%,withadeclineinearningsbeforeinterestandtaxof20%.

PROBLEM93

a.1.

2003

2002

2001

Netincome（A）

Less:

Commondividends

Preferreddividends

（B）

（A）Less（B）=（C）

（C）Dividedby（A）

$31,200,000

21,700,000

910,000

$22,610,000

8,590,000

27.53%

$30,600,000

19,500,000

910,000

$20,410,000

10,190,000

33.30%

$29,800,000

18,360,000

910,000

$19,270,000

10,530,000

35.34%

2.Price/EarningsRatio=MarketPricePerShare

FullyDilutedEarningsPerShare

200320022001

$12.80$14.00$16.30

$1.12$1.20$1.27

=11.43=11.67=12.83

3.DividendPayout=DividendsPerCommonShare

FullyDilutedEarningsPerShare

200320022001

$.90$.85$.82

$1.12$1.20$1.27

=80.36%=70.83%=64.57%

4.DividendYield=DividendsPerCommonShare

MarketPricePerCommonShare

200320022001

$.90$.85$.82

$12.80$14.00$16.30

=7.03%=6.07%=5.03%

TotalStockholders'Equity-

5.BookValuePerShare=PreferredStockEquity

NumberofCommonSharesOutstanding

2003

2002

2001

Totalassets

Less:

Liabilities

Stockholders’Equity

Less:

Nonredeemablepreferred

stock

（A）Commonstockequity

（B）Sharesoutstanding

endofyear

（A）dividedby（B）

$1,280,100,000）

（800,400,000）

479,700,000

（15,300,000）

$464,400,000

24,280,000

$19.13

$1,267,200,000

（808,500,000）

458,700,000

（15,300,000）

$443,400,000

23,100,000

$19.19

$1,260,400,000

（799,200,000）

461,200,000

（15,300,000）

$445,900,000

22,500,000

$19.82

b.Thepercentageofearningsretainedisdecreasing.Therelatedratio,dividendpayout,isalsoincreasing.

Theprice/earningsratiohasbeenrelativelystable.Thedividendyieldhasincreasedandisrelativelyhigh.Themarketpricepershareissubstantiallybelowthebookvalue.Itappearsthatthisstockisbeingpurchasedfortherelativelyhighdividendandnotforgrowthpotential.

PROBLEM94

a.1.PercentageofEarningsRetained=NetIncomeAllDividends

NetIncome

200320022001

Netincome（B）$9,100,000$13,300,000$16,500,000

Less:

Cashdividends（6,080,000）（5,900,000）（6,050,000）

（A）$3,020,000$7,400,000$10,450,000

（A）dividedby（B）33.19%55.64%63.33%

2.Price/EarningsRatio=MarketPricePerShare

FullyDilutedEarningsPerShare

200320022001

$41.25$35.00$29.00

$2.30$3.40$4.54

=17.93=10.29=6.39

3.DividendPayout=DividendsPerCommonShare

FullyDilutedEarningsPerShare

200320022001

$1.90$1.90$1.90

$2.30$3.40$4.54

=82.61%=55.88%=41.85%

4.DividendYield=DividendsPerCommonShare

MarketPricePerCommonShare

200320022001

$1.90$1.90$1.90

$41.25$35.00$29.00

=4.61%=5.43%=6.55%

5.

200320022001

$41.25$35.00$29.00

120.5%108.0%105.0%

=$34.23=$32.41=$27.62

b.Thepercentageofearningsretainedmateriallydeclined.The

relatedratio,dividendpayout,materiallyincreased.

Thepriceearningsratiomateriallyincreased,whichisdifficulttoexplain,consideringthedeclineinearningsandtheotherratioscomputed.

Thedividendyieldhasdeclinedeachyear,whilethebookvaluepershareincreasedeachyear.

Theincreaseinmarketpriceandtheincreaseinpriceearningsratioappearstobeexplainedbytheincreaseinorderbacklogatyearendandtheincreaseinnetcontractsawarded.

PROBLEM95

SimpleEarningsPerShare=NetIncomePreferredDividends

WeightedAverageNumberof

CommonSharesOutstanding

Year1Year2

$40,000$22,500$42,000$27,500

38,00038,500

$.46$.38

Thedeclineinearningspershareiscausedmainlybytheissuanceofpreferredstockandpartiallybyariseinthecommonshares.

PROBLEM96

Revisionof2002earningspershare:

2002r