CFA Level 1 － 模考试题(3)（PM）－Q51-55 net, income, 考试题, style

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Question 51 

Moulding Company’s net income was $13,820,000 with 2,600,000 shares outstanding. The average share price for the year was $58.00. Moulding had 10,000 options to purchase 10 shares each at $40 per share outstanding the entire year. Moulding Company’s diluted earnings per share are closest to: 

A) $5.32.

B) $5.25.

C) $3.84.

D) $3.71.

 The correct answer was B) $5.25. 

Moulding’s basic EPS (net income / weighted average common shares outstanding) was $13,820,000 / 2,600,000 = $5.32.

Using the treasury stock method to compute diluted EPS, if the options were exercised, cash inflow would be 10,000 × 10 × $40 = $4,000,000. Based on the average share price of $58.00, the number of Moulding shares that can be purchased with the cash flow is $4,000,000 / $58 = 68,966. The number of shares that would have been created is 100,000 – 68,966 = 31,034. Diluted EPS was $13,820,000 / (2,600,000 + 31,034) = $5.25. 

This question tested from Session 8, Reading 32, LOS i

Question 52 

Mark Industries' income statement and related notes for the year ended December 31 are as follows (in $):

Sales	42,000,000
Cost of Goods Sold	(32,000,000)
Wages Expense	(1,500,000)
Depreciation Expense	(2,500,000)
Interest Expense	(1,000,000)
Income Tax Expense	(2,000,000)
Net Income	3,000,000

 

During the year: 

  ♣ Wages Payable increased $100,000. 

  ♣ Accumulated Depreciation increased $2,500,000. 

  ♣ Interest Payable decreased $200,000. 

  ♣ Income Taxes Payable increased $500,000. 

  ♣ Dividends of $100,000 were declared and paid. 

 

Mark Industries’ cash flow from operations (CFO) for the year ended December 31 was:

 

A) $5,900,000.

B) $4,800,000.

C) $4,500,000.

D) $4,400,000.

 

Question 53 

Income Statements for Royal, Inc. for the years ended December 31, 20X0 and December 31, 20X1 were as follows (in $ millions):

	20X0	20X1
Sales	78	82
Cost of Goods Sold	(47)	(48)
Gross Profit	31	34
Sales and Administration	(13)	(14)
Operating Profit (EBIT)	18	20
Interest Expense	(6)	(10)
Earnings Before Taxes	12	10
Income Taxes	(5)	(4)
Earnings after Taxes	7	6

 

Analysis of these statements for trends in operating profitability reveals that, with respect to Royal’s gross profit margin and net profit margin: 

 

A) both gross profit margin and net profit margin increased in 20X1.

B) gross profit margin decreased but net profit margin increased in 20X1.

C) gross profit margin increased in 20X1 but net profit margin decreased.

D) both gross profit margin and net profit margin decreased in 20X1.

 

Question 54 

A firm’s balance sheet consists of marketable securities, receivables and inventory, among other assets. Of the following ratios for this firm, which is a liquidity ratio that will likely have the lowest value? 

A) Current ratio.

B) Quick ratio.

C) Debt-to-equity ratio.

D) Cash ratio.

 

Question 55 

When a used delivery truck is sold, the gain or loss on disposal is most accurately stated as: 

 

A) fair market value – book value.

B) selling price – accumulated depreciation.

C) selling price – original cost + accumulated depreciation.

D) selling price – original cost – accumulated depreciation.

 

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答案和详解如下：

Answer 51 

The correct answer was B) $5.25. 

Moulding’s basic EPS (net income / weighted average common shares outstanding) was $13,820,000 / 2,600,000 = $5.32.

Using the treasury stock method to compute diluted EPS, if the options were exercised, cash inflow would be 10,000 × 10 × $40 = $4,000,000. Based on the average share price of $58.00, the number of Moulding shares that can be purchased with the cash flow is $4,000,000 / $58 = 68,966. The number of shares that would have been created is 100,000 – 68,966 = 31,034. Diluted EPS was $13,820,000 / (2,600,000 + 31,034) = $5.25. 

This question tested from Session 8, Reading 32, LOS i

 

Answer 52 

The correct answer was A) $5,900,000. 

Using the indirect method, net income is increased by depreciation expense, the increase in wages payable and the increase in income taxes payable, and then is reduced by the decrease in interest payable. Dividends paid are financing activities. $3,000,000 + $2,500,000 + $100,000 + $500,000 - $200,000 = $5,900,000. 

This question tested from Session 8, Reading 34, LOS f, (Part 1)

 

Answer 53 

The correct answer was C)

Royal’s gross profit margin (gross profit / sales) was higher in 20X1 (34 / 82 = 41.5%) than in 20X0 (31 / 78 = 39.7%), but net profit margin (earnings after taxes / sales) declined from 7 / 78 = 9.0% in 20X0 to 6 / 82 = 7.3% in 20X1. 

This question tested from Session 10, Reading 41, LOS e

 

Answer 54 

The correct answer was D)

All three liquidity ratios (current, quick, and cash) have the same denominator, current liabilities. What differs is the numerator. The current ratio uses current assets (generally, cash + marketable securities + receivables + inventory), the quick ratio omits inventory, and the cash ratio further omits receivables. Therefore, it is the cash ratio that will likely have the lowest value of the three. The debt-to-equity ratio is an example of a solvency ratio (to measure financial risk and leverage and measure ability to satisfy long-term obligations), not a liquidity ratio (to measure ability to satisfy short-term obligations when due). 

This question tested from Session 8, Reading 33, LOS i

 

Answer 55 

 

The correct answer was C) selling price – original cost + accumulated depreciation. 

The gain (loss) on disposal is the amount by which the selling price exceeds (is less than) book value. Book value = original price – accumulated depreciation. Thus, gain or loss = selling price – (original price – accumulated depreciation), or selling price – original cost + accumulated depreciation. 

This question tested from Session 8, Reading 32, LOS a

 

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