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- 2011-7-11
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- 2013-8-23
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According to the Schweser notes, Reading 39, pg 268: "Total capital includes short- and long-term debt, preferred equity, and common equity" and "Total capital is the same as total assets."
This makes sense to me, since A = L + OE
However, when I try to calculate the denominator for Return on Total Capital for Example 39.d in Reading 39, total capital does not equal total assets in this case. By looking at the balance sheet, I can see they are leaving out payables and deferred taxes in their calculation.
This seems like a direct contradiction to me, since the text specifically states that total capital is the same as total assets; does anyone see something here I am missing? |
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发表于 2011-7-13 14:57
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