11.A firm’s financial statements reflect the following:
EBIT | $2,000,000 |
Sales | $16,000,000 |
Interest expense | $900,000 |
Total assets | $18,400,000 |
Equity | $7,000,000 |
Effective tax rate | 35% |
Dividend rate | 28% |
Current liabilities | $1,400,000 |
Based on this information and assuming that the firm’s debt has a cost of 9 percent and has been outstanding for a full year, what is the firm’s total debt ratio and interest coverage ratio?
| Total Debt Ratio | Interest Coverage Ratio |
A) 0.90 1.80
B) 0.62 2.22
C) 2.22 0.62
D) 0.70 0.96
12.A firm’s financial statements reflect the following:
Current liabilities | $4,000,000 |
Cash | $400,000 |
Inventory | $1,200,000 |
Accounts receivable | $800,000 |
Short-term investments | $2,000,000 |
Long-term investments | $800,000 |
Accounts payable | $2,500,000 |
What are the firm’s current ratio, quick ratio, and cash ratio?
| Current Ratio | Quick Ratio | Cash Ratio |
A) 0.8 0.6 1.1
B) 0.8 1.1 0.6
C) 1.1 0.8 0.6
D) 1.1 0.6 0.8
13.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 | Average Payables | Average Inventory |
A) 37 30 52
B) 37 45 46
C) 37 30 46
D) 31 30 28
14.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) 45 days.
B) 113 days.
C) 76 days.
D) 53 days.
15.To calculate the cash ratio, the total of cash and marketable securities is divided by:
A) total liabilities.
B) total assets.
C) current liabilities.
D) receivables.
答案和详解如下：
11.A firm’s financial statements reflect the following:
EBIT | $2,000,000 |
Sales | $16,000,000 |
Interest expense | $900,000 |
Total assets | $18,400,000 |
Equity | $7,000,000 |
Effective tax rate | 35% |
Dividend rate | 28% |
Current liabilities | $1,400,000 |
Based on this information and assuming that the firm’s debt has a cost of 9 percent and has been outstanding for a full year, what is the firm’s total debt ratio and interest coverage ratio?
| Total Debt Ratio | Interest Coverage Ratio |
A) 0.90 1.80
B) 0.62 2.22
C) 2.22 0.62
D) 0.70 0.96
The correct answer was B)
The total debt ratio = ($
12.A firm’s financial statements reflect the following:
Current liabilities | $4,000,000 |
Cash | $400,000 |
Inventory | $1,200,000 |
Accounts receivable | $800,000 |
Short-term investments | $2,000,000 |
Long-term investments | $800,000 |
Accounts payable | $2,500,000 |
What are the firm’s current ratio, quick ratio, and cash ratio?
| Current Ratio | Quick Ratio | Cash Ratio |
A) 0.8 0.6 1.1
B) 0.8 1.1 0.6
C) 1.1 0.8 0.6
D) 1.1 0.6 0.8
The correct answer was C)
Current ratio = (0.4 + 2.0 + 0.8 + 1.2) / 4.0 = 1.1.
Quick ratio = (0.4 + 2.0 + 0.8) / 4.0 = 0.8.
Cash ratio = (0.4 + 2.0) / 4.0 = 0.6.
13.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 | Average Payables | Average Inventory |
A) 37 30 52
B) 37 45 46
C) 37 30 46
D) 31 30 28
The correct answer was C)
Ave. receivables collection period = 365/10 = 36.5 or 37
Ave. payables payment period = 365/12 = 30.4 or 30
Ave. inventory processing period = 365/8 = 45.6 or 46
14.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) 45 days.
B) 113 days.
C) 76 days.
D) 53 days.
The correct answer was D)
Cash conversion cycle = average receivables collection period + average inventory processing period – payables payment period = 37 + 46 – 30 = 53 days.
15.To calculate the cash ratio, the total of cash and marketable securities is divided by:
A) total liabilities.
B) total assets.
C) current liabilities.
D) receivables.
The correct answer was C)
Current liabilities are used in the denominator for the: current, quick, and cash ratios.
BCCDC
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