财务报表分析第07章习题答案

1Chapter7Long-TermDebt-PayingAbilityPROBLEMSPROBLEM7-1Earningsbeforeinterestandtax:Netsales$1,079,143Costofsales(792,755)Sellingandadministration(264,566)$21,822a.yearpertimes06.5311,4$822,21$EarnedInterestTimesb.Cashbasistimesinterestearned:yearpertimes34.14311,4$822,61$311,4$000,40$822,21$PROBLEM7-2RecurringEarningsExcludingInterestExpense,TaxExpense,EquityEarnings,a.TimesInterestEarned=andMinorityEarningsInterestExpense,IncludingCapitalizedInterestIncomebeforeincometaxes$675Plusinterest60Adjustedincome$735Interestexpense$60TimesInterestEarned=$735=12.25timesperyear$60b.RentalsofPortionInterestInterestdCapitalizeIncludingExpense,InterestRentalsofPortionInterestEarningsMinorityandEarnings,EqutyExpense,TaxExpenseInterestExcludingEarnings,RecurringCoverageChargeFixed2Adjustedincomefrom(parta)$7351/3ofoperatingleasepayments(1/3x$150)50Adjustedincome,includingrentals$785Interestexpense$601/3ofoperatingleasepayments50$110FixedChargeCoverage=$785=7.14timesperyear$110PROBLEM7-3RecurringEarnings,ExcludingInterestExpense,TaxExpense,EquityEarning,a.TimesInterestEarned=andMinorityEarnings________________InterestExpense,IncludingCapitalizedInterestIncomebeforeincometaxesandextraordinarycharges$36Plusinterest16(1)Adjustedincome52(2)Interestexpense$16TimesInterestEarned:(1)dividedby(2)=3.25timesperyearRecurringEarnings,ExcludingInterestExpense,TaxExpense,EquityEarnings,andMinorityEarnings+InterestPortionb.FixedChargeCoverage=OfRentals______________________________InterestExpense,IncludingCapitalizedInterest+InterestPortionOfRentalsAdjustedincome(parta)$521/3ofoperatingleasepayments(1/3x$60)20(l)Adjustedincome,includingrentals$72Interestexpense$161/3ofoperatingleasepayments20(2)Adjustedinterestexpense$36Fixedchargecoverage:(1)dividedby(2)=2.00timesperyear3PROBLEM7-4a.DebtRatio=41.2%$424,201$174,979AssetsTotalsLiabilitieTotalb.Debt/EquityRatio=70.2%$249,222$174,979Equityrs'StockholdesLiabilitieTotalc.RatioofTotalDebttoTangibleNetWorth=TotalLiabilities=$174,979=$174,979=70.9%TangibleNetWorth$249,222-$2,324$246,8984d.KaufmanCompanyhasfinancedover41%ofitsassetsbytheuseoffundsfromoutsidecreditors.TheDebt/EquityRatioandtheDebttoTangibleNetWorthRatioareover70%.Whethertheseratiosarereasonabledependsuponthestabilityofearnings.5PROBLEM7-5a.TimesInterestEarned:Timesinterestearnedrelatesearningsbeforeinterestexpense,tax,minorityearnings,andequityincometointerestexpense.Thehigherthisratio,thebettertheinterestcoverage.Thetimesinterestearnedhasimprovedmateriallyinstrengtheningthelong-termdebtposition.Consideringthatthedebtratioandthedebttotangiblenetworthhaveremainedfairlyconstant,theprobablereasonfortheimprovementisanincreaseinprofits.Thetimesinterestearnedonlyindicatestheinterestcoverage.Itislimitedinthatitdoesnotconsiderotherpossiblefixedcharges,anditdoesnotindicatetheproportionofthefirmsresourcesthathavecomefromdebt.DebtRatio:Thedebtratiorelatesthetotalliabilitiestothetotalassets.Thelowerthisratio,thelowertheproportionofassetsthathavebeenfinancedbycreditors.ForArodexCompany,thisratiohasbeensteadyforthepastthreeyears.Thisratioindicatesthatabout40%ofthetotalassetshavebeenfinancedbycreditors.Formostfirms,a40%debtratiowouldbeconsideredtobereasonable.Thedebtratioislimitedinthatitrelatesliabilitiestothebookvalueoftotalassets.Manyassetswouldhaveavaluegreaterthanbookvalue.Thistendstooverstatethedebtratioand,therefore,usuallyresultsinaconservativeratio.Thedebtratiodoesnotconsiderimmediateprofitabilityand,therefore,canbemisleadingastothefirm’sabilitytohandlelong-termdebt.DebttoTangibleNetWorth:Thedebttotangiblenetworthrelatestotalliabilitiestoshareholders'equitylessintangibleassets.Thelowerthisratio,thelowertheproportionoftangibleassetsthathasbeenfinancedbycreditors.ArodexCompanyhashadastableratioofapproximately81%forthepastthreeyears.Thisindicatesthatcreditorshavefinanced81%asmuchastheshareholdersaftereliminatingintangiblesfromtheshareholderscontribution--formostfirms,thiswouldbeconsideredtobereasonable.Thedebttotangiblenetworthratioismoreconservativethanthedebt6ratiobecauseoftheeliminationofintangibleitems.Itisalsoconservativeforthesamereasonthatthedebtratiowasconservative,inthatbookvalueisusedfortheassetsandmanyassetshaveavaluegreaterthanbookvalue.Thedebttotangiblenetworthratioalsodoesnotconsiderimmediateprofitabilityand,therefore,canbemisleadingastothefirm'sabilitytohandlelong-termdebt.CollectiveinferencesonemaydrawfromtheratiosofArodex,Company:OverallitappearsthatArodexCompanyhasareasonableandimprovinglong-termdebtposition.Thedebtratioandthedebttotangiblenetworthratiosindicatethattheproportionofdebtappearstobereasonable.Thetimesinterestearnedappearstobereasonableandimproving.Thestabilityofearningsandcomparisonwithindustryratioswillbeimportantinreachingaconclusiononthelong-termdebtpositionofArodexCompany.b.Ratiosarebasedonpastdata.Thefutureiswhatisimportant,anduncertaintiesofthefuturecannotbeaccuratelydeterminedbyratiosbaseduponpastdata.Ratiosprovideonlyoneaspectofafirm'slong-termdebt-payingability.Otherinformation,suchasinfo