答案和详解如下： 1.An analyst has gathered the following information about a company: Balance Sheet | Assets |
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| Cash | 100 |
| Accounts Receivable | 750 |
| Marketable Securities | 300 |
| Inventory | 850 |
| Property, Plant & Equip | 900 |
| Accumulated Depreciation | (150) | Total Assets | 2750 |
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| Liabilities and Equity |
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| Accounts Payable | 300 |
| Short-Term Debt | 130 |
| Long-Term Debt | 700 |
| Common Equity | 1000 |
| Retained Earnings | 620 | Total Liab. and Stockholder's equity | 2750 |
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| Income Statement | Sales | 1500 | COGS | 1100 | Gross Profit | 400 | SG&A | 150 | Operating Profit | 250 | Interest Expense | 25 | Taxes | 75 | Net Income | 150 |
What is the ROE? A) 9.9%. B) 9.3%. C) 10.7%. D) 10.9%. The correct answer was B) ROE = 150(NI)/[1000(common) + 620(RE)] = 150/1620 = 0.0926 or 9.3% Using the following data, find the return on equity (ROE). Net Income | Total Assets | Sales | Equity | $2 | $10 | $10 | $8 |
A) 100%. B) 20%. C) 25%. D) 4%. The correct answer was C) Net Income/Equity = ROE
2/8 = 25%;
2.What is the net income of a firm that has a return on equity of 12 percent, an equity multiplier of 1.5, an asset turnover of 2, and revenue of $1 million? A) $40,000. B) $36,000. C) $360,000. D) $400,000. The correct answer was A) The traditional DuPont system is given as: ROE = (net profit margin)(asset turnover)(equity multiplier) Solving for the net profit margin yields: 0.12 = (net profit margin)*(2)*(1.5) 0.04 = (net profit margin) Recognizing that the net profit margin is equal to net income/revenue we can substitute that relationship into the above equation and solve for net income: 0.04 = net income/revenue = net income / $1,000,000 $40,000 = net income.
3.With other variables remaining constant, if profit margin rises, ROE will: A) fall. B) remain the same. C) increase. D) initially fall andthen increase. The correct answer was C) The DuPont equation shows clearly that ROE will increase as profit margin increases, as long as asset turn and leverage do not fall.
4.The traditional DuPont equation shows (ROE) equal to: A) net income/sales × sales/assets × assets/equity. B) net income/assets × sales/equity × assets/sales. C) assets/equity × net income/equity × equity/sales. D) EBIT/sales × sales/assets × assets/equity × (1 – tax rate). The correct answer was A) profit margin × asset turnover × financial leverage. Although net income/assets × sales/equity × assets/sales also yields ROE, it is not the DuPont equation.
5.An analyst has gathered the following information about a company. § The total asset turnover is 1.2. § The after-tax profit margin is 10 percent.
§ The financial leverage multiplier is 1.5. Given this information, the company’s return on equity is: A) 9%. B) 18%. C) 10%. D) 12%. The correct answer was B) ROE = Profit margin x Total asset turnover x financial leverage
ROE = (0.1)(1.2)(1.5) = 0.18 or 18.0%
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发表于 2008-5-15 10:40
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