[CFA Level 2] 请教一个CFA二级的问题！ following, reported, income

doris_tt

Great Plains Grains (GPG) reported the following 2003 year-end data:

Net income	$45 million
Dividends	$10 million
Total long-term liabilities	$100 million
Total shareholder’s equity	$200 million
Effective tax rate	40 percent

Following the release of this data, GPG discovered that the service and interest costs related to their pension fund accounting had been miscalculated. The new estimates are $5 million and $8 million higher than the original estimates. What is the impact on the debt to equity ratio? The new debt/equity ratio is:

A) 63.1%.

B) 56.5%.

C) 61.7%.

D) 62.2%. Answer：

The increases in the service and interest costs will decrease net income by $7.8 million ((5+ 8) × (1-.40)). Due to the reduction in income retained earnings will fall by the same amount reducing equity to $192.2 million (200 – 7.8). Moreover, the new calculations will increase liabilities by $13 million and decrease equity by $13 million. Therefore, the new debt/equity ratio is 63.1 percent ((100 + 13) / (200 – 7.8 – 13)).

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大家觉得这个答案对么？Equity减两项是不是对的？从会计分录的角度看，我怎么觉得只要Equity只要减7.8：

借：费用 13

贷：负债 13

然后相应的Retain earning 减少7.8, tax payable 或者deferr tax减少5.2?

这样一来资产负债表和利润表就平了，我的理解哪里出了问题，期待大家的指教！

isaac0426

答案有问题吧?[em01]

负债应该加13,但权益只减7.8. BS不平?! 别激动,资产项目下的递延税(deferred tax asset)要加5.2. (报告IRS的老爷们, 小民去年算错帐了, 多交了皇粮,现记下则个, 下次容小民少交几两).

[em05]

OP的想法是对的, 这是什么书上的题目,害人呐

[em06]

[此贴子已经被作者于2005-8-9 2:45:57编辑过]

zuyee

我觉得从两个方面想，负债这边肯定是加了13，那么Equity是要减13，这样BS就平了。然后cost增加了，在IS上的反映就是减7.8。因此题目的算法就没问题。

pans0019

My opinion:

Because the service cost and interest cost are belong to pension expense, therefore, income should be reduced. Further, because service cost and interest cost are a component of PBO, so liability should increase 13M, according retained earning should be decreased.