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发表于 2011-3-22 11:38 | 只看该作者

Reading 39: Non-current (Long-term) Liabilities-LOS l 习题精选

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Session 9: Financial Reporting and Analysis: Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities
Reading 39: Non-current (Long-term) Liabilities

LOS l: Calculate and interpret leverage and coverage ratios.

 

 

A firm is more solvent if it has:

A)
 low leverage ratios and high coverage ratios.
B)
 low leverage and coverage ratios.
C)
 high leverage and coverage ratios.

 

Low leverage ratios suggest the firm has relatively little debt compared to its equity and assets. High coverage ratios suggest the firm generates enough earnings to meet its interest payments.

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1215

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2#
发表于 2011-3-22 11:39 | 只看该作者

A firm enters an operating lease to occupy two floors of an office building. This transaction will most likely decrease the firm’s:

A)
 fixed charge coverage ratio but will not affect its interest coverage ratio.
B)
 leverage ratios and fixed charge coverage ratio.
C)
 interest coverage ratio but will not affect its leverage ratios.

The fixed charge coverage ratio is (EBIT + operating lease payments) / (interest payments + lease payments). Assuming this ratio is greater than one, entering an operating lease will decrease the ratio. Leverage ratios and the interest coverage ratio are not affected by operating lease payments.

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3#
发表于 2011-3-22 11:39 | 只看该作者

Other things equal, and ignoring issuance costs, a firm that raises cash by issuing a new bond is most likely to:

A)
 increase its leverage ratios and increase its coverage ratios.
B)
 decrease its leverage ratios and increase its coverage ratios.
C)
 increase its leverage ratios and decrease its coverage ratios.

Leverage ratios will increase because debt increases while equity remains unchanged, and (assuming equity is positive) debt increases proportionally by more than assets. Coverage ratios decrease because interest payments increase while EBIT is unchanged.

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