财务报表分析综合题

题型•Ⅰ.根据教材，用英语解释下列专业术语）（共6题，每题2分，共12分）•Ⅱ.不定项选择(7×2’=14’)（中文）•Ⅲ.判断题(7×1’=7’)（中文）•Ⅳ.（综合题）(37’)•1.比较完工百分比法和全部完工法（12’）•2.用直接法和间接法编制现金流量表（10’）•3.比率计算（8’）•4.比较先进先出法和加权平均法（7’）•Ⅴ.某家上市公司的财务报表分析。(30分)Problem:比较全部完工法和完工百分比法200720082009Costincurred:currentyear$700$1,000$800Cumulative7001,7002,500Estimatedremainingcoststocomplete1,8008000AmountsbilledandcashreceivedCurrentyear$800$1,000$1,200Cumulative8001,8003,000OnDecember31,2006,XXconstructionenteredintoamajorlong-termconstructionwiththefollowingterms:•Questions:•A.Showtherevenueandpretaxincomeforeachyearunderboththepercentage-of-completionandcompletedcontractmethods.（用两种方法列示各年收入和税前利润）•B.Showthebalancesheetaccountsoftheendofthesethreeyearsresultingfromthecontractunderbothmethods.（用两种方法列示各年资产负债表账户余额）•C.Assumethattotalprojectedcostsincreaseby$200andthechangeinestimateismadeatDecember31,2008.Computetherevenueandpretaxincomefortheseyearsundertherevisedassumption.•Answer:•1.a.YearCumulative%CompletionCumulativeRevenueCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome20070.7/2.5=28%$840$840$700$14020081.7/2.5=68%20401200100020020092.5/2.5=100%3000960800160Total$3000$2500$500YearCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome2007$0$0$02008000200930002500500Total$3000$2500$500•b.BalanceSheetonDecember31,2000200720082009AssetsCash100100500Constructioninprogress(net)402400Totalassets140340500LiabilitiesandequityAdvancebillings(net)000Retainedearnings140340500Totalliabilitiesandequity140340500c.Thereisnochangein2008revenuesandpretaxincome(bothare$0.000)underthecompletedcontractmethodbecausenorevenueorincomecanberecognizedpriortocompletion.Underthepercentage-of-completionmethod(revised)YearCumulative%CompletionCumulativeRevenueCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome2007$840$840$700$14020081.7/2.7=62.96%$1888.89$1048.89$1000$48.892009$3000$1111.11$1000$111.11Homework3.a(i)indirectmethod•Netincome$1,080•Addnoncashexpense:•Depreciationexpense600•Interestexpense600•Add/Subtractchangesinworkingcapital:•Accountsreceivable(150)•Inventory(200)•Accruedliabilities80•Accountspayable120•Cashfromoperations:$2,1303.a(ii)directmethod•Cashcollections$9,850•Cashpaymentsformerchandise(6,080)•CashpaidforSG&A(920)•Cashpaidfortaxes(720)•CashfromOperations:$2,130•Capitalexpenditures(1,150)•CashforInvestingActivities:(1,150)••Cashpaidforinterest(600)•Short-termborrowing(Notespayable)550•Long-termdebtrepayment(398)•Dividends(432)•CashforFinancingActivities:$(880)•NetChangeinCash$10020082009IncomestatementfortheYearEndingDec.31,2009Cash$30$46Accountsreceivable545599Inventory405458Currentassets$980$1,103Sales$1,861Property,plant,andequipment204237Costofgoodssold1,277Less:accumulateddepreciation(73)(87)Totalassets$1,111$1,253Operatingexpense504Accountspayable$113$104Taxespayable130133Depreciation14Short-termdebt391453Interest51Currentliabilities$634$690Taxes6Long-termdebt143239Netincome$9Totalliabilities$777$929Commonstock7376Retainedearnings261248Totalequity$334$324Totalliabilitiesandequity$1,111$1.253根据前面的资产负债表和利润表用直接法编制现金流量表的经营现金流部分，并了解间接法。CashcollectionsCashinputsCashexpensesTaxespaidCashfromOperations$1807(1339)(504)(3)$(39)[Sales-AccountsReceivable][COGS+Inventory-AccountsPayable][OperatingExpense][TaxExpense-Taxpayable]Cashflowstatement(directmethod)IndirectmethodCashflowsfromoperatingactivities:NetincomeAdjustmentstocashbasis:DepreciationexpenseIncreaseinaccountsreceivableIncreaseininventoryDecreaseinaccountspayableIncreaseintaxespayableIncreaseininterestexpenseNetcashflowfromoperatingactivities$914(54)(53)(9)351$(39)•1.Activityanalysis•InventoryTurnover•AverageNo.DaysInventoryInStock•ReceivablesTurnover•AverageNo.DaysReceivablesOutstanding•PayablesTurnover•AverageNo.DaysPayablesOutstanding•WorkingCapitalTurnover•FixedAssetsTurnover•TotalAssetTurnover掌握这些比率的公式的英文表述，并根据上面的财务报表计算下列比率：•2.Liquidityanalysis•OperatingCycle•CashCycle•CurrentRatio•QuickRatio•CashRatio•DefensiveInterval•3.Long-termdebtandSolvencyanalysis•DebttoEquity•TimesInterestEarned•4.Profitabilityanalysis•ReturnonSales•ReturnonAssets•ReturnonEquity•1.Activityanalysis•InventoryTurnover=1277/431.5=2.96•AverageNo.DaysInventoryInStock=365/2.96=123.31•ReceivablesTurnover=1861/572=3.25•AverageNo.DaysReceivablesOutstanding=365/3.25=112.31•PayablesTurnover=(1277+53)/108.5=12.26•AverageNo.DaysPayablesOutstanding=365/12.26=29.77•WorkingCapitalTurnover=1861/(346+174)/2=7.16•FixedAssetsTurnover=1861/(131+150)/2=13.25•TotalAssetTurnover=1861/(1111+1253)/2=1.57•2.Liquidityanalysis•OperatingCycle=123.31+112.31=235.62•CashCycle=235.62-12.26=223.36•CurrentRatio=1103/690=1.60•QuickRatio=(46+599)/690=0.93•CashRatio=46/690=0.067•DefensiveInterval=365X(46+599)/1838=120.09•3.Long-termdebtandSolvencyanalysis•DebttoEquity=929/324=2.87•TimesInterestEarned=(9+51+6)/51=1.29•4.Profitabilityanalysis•ReturnonSales=9/1861=0.48%•ReturnonAssets=9/1253=0.72%•ReturnonEquity=9/324=2.78%•1.P171•{S}a.Startwiththebasicinventoryrelationship•BI+P=COGS+EI•Openinginventory400units@$20$8,000•Purchases1,00025,000•Total1,400units$33,000•(i)UnderFIFO,endingi