答案和详解如下： 1.A firm has a capital structure of 60% debt and 40% equity and a dividend payout ratio of 50%. If a surplus results from first-pass pro forma financial statements based on estimated sales growth and assuming the capital structure and dividend payout ratio are maintained, which of the following changes in assumptions would eliminate any surplus in a single step? A) The entire surplus will be used to pay down long-term debt. B) The dividend payout ratio will decrease to 30%. C) The entire surplus will be used to repurchase common stock. D) No change in assumptions is necessary. The correct answer was C) If the entire surplus is used to repurchase common stock, total equity would be reduced by the amount of the surplus without affecting any of the other projected balance sheet or income statement items. This would balance assets with liabilities and equity without further iterations. If any of the surplus is used to pay down long-term debt, interest expense and taxes would change, requiring more iterations to reconcile the pro forma financial statements. To reconcile the pro forma statements in a single step by changing the dividend payout ratio, it would have to increase enough so that the entire surplus would be paid as additional dividends.
2.Jane Epworth, CFA, is preparing pro forma financial statements for Gavin Industries, a mature U.S. manufacturing firm with three distinct geographic divisions in the Midwest, South and West. Epworth prepares estimates of sales for each of Gavin’s divisions using economists’ estimates of next-period GDP growth and sums the three estimates to forecast Gavin’s sales. Epworth’s approach to estimating Gavin’s sales is:
A) inappropriate, because sales should be forecast on a firm-wide basis. B) inappropriate, because sales are unlikely to be related to GDP growth. C) inappropriate, because sales should be forecast on a firm-wide basis and are unlikely to be related to GDP growth. D) appropriate. The correct answer was D) Sales estimates can be more sophisticated than simply estimating a single growth rate. One common approach is to estimate the linear relationship between sales growth and economic growth and use this relationship to estimate sales growth based on economists’ forecasts of GDP growth. Segment-by-segment analysis can also be applied, summing segment or division sales forecasts to produce an overall sales forecast for the firm.
3.Which item is least likely assumed to be a constant percentage of sales on a pro forma balance sheet?
A) Inventory. B) Long-term debt. C) Accounts payable. D) Property, plant and equipment. The correct answer was B) The projected level of long-term debt will depend on the financing need or surplus that results from the net income projection and the assumptions about how the surplus will be used or the need will be financed. Current assets, long-term assets, and current liabilities are all more likely to grow proportionately with sales.
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发表于 2008-4-9 16:31
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