上一主题:FSA Corporate Finance(财务报告分析与公司财务)相关习题4
下一主题:Reading 37: Long-Lived Assets LOSj习题精选
返回列表 发帖

An analyst has gathered the following information about a company:

Balance Sheet

Assets
Cash 100
Accounts Receivable 750
Marketable Securities 300
Inventory 850
Property, Plant & Equip 900
Accumulated Depreciation (150)
Total Assets 2750
Liabilities and Equity
Accounts Payable 300
Short-Term Debt 130
Long-Term Debt 700
Common Stock 1000
Retained Earnings 620
Total Liab. and Stockholder's equity 2750

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 inventory turnover ratio?

A)

1.59.

B)

0.77.

C)

1.29.




Inventory turnover = 1,100(COGS) / 850(inventory) = 1.29

TOP

An analyst has gathered the following information about a firm:

  • Quick ratio of 0.25.
  • Cash ratio of 0.20.
  • $2 million in marketable securities.
  • $10 million in cash.

What is their receivables balance?

A)

3 million.

B)

5 million.

C)

2 million.




Cash ratio = (cash + marketable securities) / current liabilities

0.20 = ($10,000,000 + $2,000,000) / current liabilities

current liabilities = $12,000,000 / 0.2 = $60,000,000

Quick ratio = [cash + marketable securities + receivables] / $60,000,000

0.25 = [$10,000,000 + $2,000,000 + receivables] / $60,000,000

($60,000,000)(0.25) = $12,000,000 + receivables

$15,000,000 = $12,000,000 + receivables

$15,000,000 ? $12,000,000 = receivables

$3,000,000 = receivables

TOP

Given the following income statement and balance sheet for a company:

Balance Sheet

Assets Year 2003 Year 2004
Cash 500 450
Accounts Receivable 600 660
Inventory 500 550
Total CA 1600 1660
Plant, prop. equip 1000 1250
Total Assets 2600 2910
Liabilities
Accounts Payable 500 550
Long term debt 700 1002
Total liabilities 1200 1552
Equity
Common Stock 400 538
Retained Earnings 1000 820
Total Liabilities & Equity 2600 2910

Income Statement

Sales 3000
Cost of Goods Sold (1000)
Gross Profit 2000
SG&A (500)
Interest Expense (151)
EBT 1349
Taxes (30%) (405)
Net Income 944

What is the current ratio for 2004?

A)

3.018.

B)

0.331.

C)

2.018.




Current ratio = (CA / CL) = (1,660 / 550) = 3.018

TOP

Given the following income statement and balance sheet for a company:

Balance Sheet

Assets Year 2003 Year 2004
Cash 500 450
Accounts Receivable 600 660
Inventory 500 550
Total CA 1300 1660
Plant, prop. equip 1000 1250
Total Assets 2600 2910
Liabilities
Accounts Payable 500 550
Long term debt 700 1102
Total liabilities 1200 1652
Equity
Common Stock 400 538
Retained Earnings 1000 720
Total Liabilities & Equity 2600 2910

Income Statement

Sales 3000
Cost of Goods Sold (1000)
Gross Profit 2000
SG&A 500
Interest Expense 151
EBT 1349
Taxes (30%) 405
Net Income 944

What is the quick ratio for 2004?

A)

3.018.

B)

0.331.

C)

2.018.




Quick ratio = (cash + marketable securities + receivables) / CL = (450 + 0 + 660) / 550 = 2.018

TOP

Which of the following ratios would NOT be used to evaluate how efficiently management is utilizing the firm’s assets?

A)

Fixed asset turnover.

B)

Payables turnover.

C)

Gross profit margin.




The gross profit margin is used to measure a firm's operating profitability, not operating efficiency.

TOP

Given the following income statement and balance sheet for a company:

Balance Sheet

Assets Year 2003 Year 2004
Cash 500 450
Accounts Receivable 600 660
Inventory 500 550
Total CA 1300 1660
Plant, prop. equip 1000 1250
Total Assets 2600 2,910
Liabilities
Accounts Payable 500 550
Long term debt 700 1102
Total liabilities 1200 1652
Equity
Common Stock 400 538
Retained Earnings 1000 720
Total Liabilities & Equity 2600 2,910

Income Statement

Sales 3000
Cost of Goods Sold (1000)
Gross Profit 2000
SG&A 500
Interest Expense 151
EBT 1349
Taxes (30%) 405
Net Income 944

What is the average receivables collection period?

A)
80.3 days.
B)
60.6 days.
C)
76.7 days.



Average collection period = 365 / receivables turnover
Receivables turnover = sales / average receivables = 3,000 / 630 = 4.76
Average receivables collection period = 365 / 4.76 = 76.65

TOP

Earnings before interest and taxes (EBIT) is also known as:

A)

operating profit.

B)

gross profit.

C)

earnings before income taxes.




Operating profit = earnings before interest and taxes (EBIT)

Gross profit = net sales – COGS

Net income = earnings after taxes = EAT

TOP

To calculate the cash ratio, the total of cash and marketable securities is divided by:

A)

total liabilities.

B)

current liabilities.

C)

total assets.




Current liabilities are used in the denominator for the: current, quick, and cash ratios.

TOP

An analyst has gathered the following data about a company:

  • Average receivables collection period of 37 days.
  • Average payables payment period of 30 days.
  • Average inventory processing period of 46 days.

What is their cash conversion cycle?

A)

113 days.

B)

53 days.

C)

45 days.




Cash conversion cycle = average receivables collection period + average inventory processing period – payables payment period = 37 + 46 – 30 = 53 days.

TOP

Given the following information about a company:

  • Receivables turnover = 10 times.
  • Payables turnover = 12 times.
  • Inventory turnover = 8 times.

What are the average receivables collection period, the average payables payment period, and the average inventory processing period respectively?

Average Receivables
Collection Period
Average Payables
Payment Period
Average Inventory
Processing Period

A)
37 30 46
B)
37 30 52
C)
37 45 46



Average receivables collection period = (365 / 10) = 36.5 or 37

Average payables payment period = (365 / 12) = 30.4 or 30

Average inventory processing period = (365 / 8) = 45.6 or 46

TOP

返回列表
上一主题:FSA Corporate Finance(财务报告分析与公司财务)相关习题4
下一主题:Reading 37: Long-Lived Assets LOSj习题精选