答案和详解如下： Q13. An analyst has gathered the following information about a company: Income Statement 2005 | Sales |
| $908 | Expenses |
|
|
| COGS | $512 |
|
| Depreciation | 6 |
|
| Selling, General & Admin. | 129 |
|
| Interest | 53 |
|
|
| Total expenses |
| 700 | Pre-tax income |
| 208 | Taxes |
| 83 | Net income |
| $125 | | | | | |
Balance Sheet | Assets | 2004 | 2005 |
| Liabilities | 2004 | 2005 | Cash | 60 | 80 |
| Accts. Payable | 100 | 75 | Accts. Rec. | 140 | 155 |
| Wages payable | 80 | 85 | Inventories | 47 | 72 |
| Bonds | 65 | 80 | Fixed Assets | 120 | 160 |
| Common Stock | 40 | 70 | Accum. Depr. | (29) | (35) |
| Retained Earnings | 53 | 122 | Total | 338 | 432 |
|
| 338 | 432 |
Note: the dividend payout ratio equals 45%. What is the net increase or decrease in cash? A) +$20. B) +$15. C) -$15. Correct answer is A)
There are two ways to approach this problem. The easy way is to just take the difference in cash between the two years: 80 – 60 = $20 The other way is to create a statement of cash flows: CFO = Net Income (125) – (increase in Accounts Receivable) (15) – (increase in Inventory) (25) + (Depreciation) (6) – (decrease in Accounts Payable) (25) + (increase in Wages Payable) (5) = $71. CFI = Fixed assets increased by $40 representing a use of cash = -$40. CFF = (issuance of Bonds) (15) + (issuance/sale of Common Stock) (30) – Dividends (56) = -$11 Net increase in cash = 71 – 40 –11 = $20. Q14. Which of the following statements about the indirect method of calculating the statement of cash flows is FALSE?
A) No adjustment is needed to account for extraordinary items because they are found above net income and are thus already accounted for. B) An adjustment is needed for the payment of deferred taxes. C) No adjustment is needed to account for changes in accounts receivable since no cash was involved. Correct answer is C) Extraordinary items are reported below income from continuing operations but above net income. You must adjust for changes in the working capital accounts: accounts receivable, inventory, and accounts payable. Q15. Which of the following is TRUE about the consideration of depreciation in the operations section of a cash flow statement? Direct Method Indirect Method A) Does not consider Considers
B) Does not consider Does not consider C) Considers Considers
Correct answer is The indirect method must add back depreciation expense because the starting point is net income. Since the direct method does not begin with net income it does not need to consider non-cash expenses such as depreciation. | 
发表于 2009-1-17 11:35
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