财务报告与分析：三友会计名著译丛 第08章习题答案ksc.docx

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1、Chapterr 8ProfitaabilittyPROBLEMMSPROBLEMM 8-1Net Prrofit Margiin = 2000420035.00%4.00%Returnn on AAssetss = 200042003222.83%20.000%Total Assett Turnnover = 2000420034.557 timmes5.00 timesspeer yeaarper yyear= Retuurn onn Commmon Eqquity = 200042003300.88%25.000%Ahl Ennterprrise hhas haad a ssubstaa

2、ntiall risee in pprofitt to ssales. Thiis is somewwhat ttemperred byy a reeductiion inn asseet turrnoverr. Giiven aa sligght riise inn commmon eqquity, therre is a subbstanttial rrise iin retturn oon commmon eequityy.PROBLEMM 8-2a.20042003SalesCost off goodds solldGross pprofittSellingg expeenseGene

3、rall expeenseOperatiing inncomeIncome taxNet inccome100.0% 60.7 39.3 14.6 10.0 14.7 5.9 8.8%100.0% 60.8 39.2 20.0 8.3 10.9 4.2 6.7%b.Starrr Cannning has hhad a sharpp decrrease in seellingg expeense ccoupleed witth onlly a mmodestt risee in ggeneraal exppensess giviing ann overrall rrise iin thee ne

4、t profiit marrgin.PROBLEMM 8-3Earninngs Beefore interrest aand taax$245,000Intereest (7750,0000 x 66%) 45,000Earninngs beefore tax$200,000Tax 80,000Net inncome$120,000Preferrred ddivideends 15,000Incomee avaiilablee to ccommonn$105,000a.b.c. d. = 55.44 ttimes per yearPROBLEMM 8-4Vent Moolded Plastti

5、csVent Moolded PlastticsSalesSales rreturnnsCost off goodds solld Selliing exxpensee Generral exxpensee Otherr incoome Otherr expeense Incomme taxx Net iincomee101.0% 7.0 72.1 9.4 7.0 .4 1.5 4.8 5.6%100.3% .3 67.1 10.1 7.9 .4 1.3 5.5 8.5%Sales returrns arre higgher tthan tthe inndustrry. CCost oof s

6、alles iss muchh highher, ooffsett somee by llower operaating expennses. Otheer exppense (perhhaps iintereest) iis sommewhatt highher. Lowerr taxees aree perhhaps ccausedd by llower incomme. OOveralll proofit iis lesss, prrimariily duue to cost of saales.PROBLEMM 8-5a.2004 ssales were 122.772% off th

7、osse in 2003.b.2004 nnet eaarninggs werre 1000.80% of thhose iin 20003.c.1.NNet Prrofit Margiin = 200420032.Retturn oon Asssets = 200420033.Tottal Assset TTurnovver = 200420034.DuPPont AAnalyssis: RReturnn on = Neet Proofit x Tottal Assset Asseets Margiin TTurnovver 2004 110.42* = 99.39% x 1.111 200

8、03 12.72* = 11.556% x 11.10*Roundded caauses the ddifferrence from the 110.38% and 12.677% commputedd in ppart 22.5.20042003Operatiing inncome Net ssales Less: Costt of pproducct solld Reseearch and ddeveloop- meent exxpensees Geneeral aand seellinggOperatiing inncome $1,589,150 651,390 135,314 526,

9、680$ 275,766$1,294,966 466,250 113,100 446,110$ 269,506Operaating Incomme Marrgin = 2000420036.Retturn oon Opeeratinng Asssets = 200042003= 119.53%= 23.24%7.Opeeratinng Assset Tuurnoveer = 200042003= 11.13 ttimes= 1.112 timmes pper yeear perr yearr8.DuPPont AAnalyssis: RReturnn on = Neet Proofit x T

10、ottal Assset Asseets Margiin TTurnovver 2004 119.61%* = 117.35% x 1.133 2003 223.31%* = 220.81% x 1.122*Rounnding causees thee diffferencce froom thee 19.553% annd 23.24% ccomputted inn partt 6.9.20042003Net earrningss befoore miinoritty shareeInteresst exppenseEarninggs beffore ttaxProvisiion foor

11、inccome ttaxTax ratte1 taxx ratee(intereest exxpensee x (1 tax rrate)Net earrningss befoore miinoritty sharee + (iintereest exxpensee) x (1 taxx ratee)Long-teerm deebt + equittyReturn on innvestmment$ 149,260 18,768 263,762 114,502 433.4% 566.6% 10,623 159,883 1,019,420 155.7%$ 149,760 11,522 271,50

12、0 121,740 444.8% 555.2% 6,360 156,120 933,232 166.7%10.Retturn oon Commmon EEquityy = 220042003= 17.066%= 19.03%d.Proffits iin rellationn to ssales, asseets, aand eqquity have all ddeclinned. Turnoover hhas reemaineed staable. Overrall, althoough aabsoluute prrofitss havee incrreasedd in 22004, comp

13、aared wwith 22003, the pprofittabiliity raatios show a deccline.PROBLEMM 8-6a.1.NNet Prrofit Margiin = 200420032002= 6.07%= 3.96%= 3.76%2.Retturn oon Asssets = 200420032002= 6.04%= 4.21%= 3.82%3.Tottal Assset TTurnovver = 200420032002= 1.11 timess per yyear= 1.07 timess per yyear= 1.02 timess per yy

14、ear4.DuPPont AAnalyssisReturn onAssets=Net Proofit MMarginnxTotal AAssetTurnoveer2004: 66.74%2003: 44.24%2002: 33.84%=6.07% 3.96%*3.76%*xxx1.11 tiimes1.07 tiimes1.02 tiimes*Rounnding diffeerencee fromm the 4.21% and 3.82% compputed in 2.5.Opeeratinng Inccome MMarginn = 200420032002(2) Nett saleesLes

15、s: Materrial aand maanufaccturinng cossts off prodducts soldResearcch andd deveelopmeentGenerall and selliing(1) Opeeratinng inccome(1) Divvidendd by (20)$1,600,000 740,000 90,000 600,000 1,430,000 170,000 10.663%$1,300,000 624,000 78,000 500,500 1,202,500 97,500 7.500%$1,200,000 576,000 71,400 465,

16、000 1,112,400 87,600 7.300%6.Retturn oon Opeeratinng Asssets = 200420032002 Operratingg Incoome_Averagee Operratingg Incoome$ 170,000$1,390,20012.23%$ 97,500$1,160,0008.41%$ 87,000$1,090,0007.98%7.Opeeratinng Assset Tuurnoveer = 200420032002 NNet Saales_Averagee Operratingg Asseets$1,600,000$1,390,2

17、001.15 tiimes$1,300,000$1,160,0001.12 tiimes$1,200,000$1,090,0001.10 tiimes8.DuPPont AAnalyssis wiith opperatiing raatiosReturn onAssets=Net Proofit MMarginnxTotal AAssetTurnoveer2004: 112.22%*2003: 8.40%*2002: 8.03%=10.63% 7.50% 7.30%xxx1.151.121.10*Rounnding diffeerencee fromm the 12.233%, 8.41%,

18、and 88.04% compuuted iin 6.9.Estimaated ttax raate:200420032002(1) Proovisioon forr incoome taaxes(2) Earrningss befoore inncome taxess andd Minoority equitty(1) divvided by (22)1 taxx ratee(3) Intterestt expeense xx (1-ttax raate)$19,0000 x 6.00%$18,2000 x 599.00%$17,0400 x 588.00%(4) Earrningss be

19、foore miinoritty equuity(3) pluus (4) (A)(5) Tottal loong-teerm deebt(6) Tottal sttockhoolderss equuity(5) pluus (6) (B)(A) divvided by (BB)$ 62,049$ 159,10039.00%61.00%11,59097,051108,6411211,1000811,20001,022,330010.63%$ 35,731$ 87,15041.00%59.00%10,73851,41962,157212,8000790,10001,002,99006.20%$

20、32,6559$ 77,766042.00%58.00%9,88345,10154,984214,0000770,0000984,00005.59%10.200420032002Net inccome eetc.Averagee totaal equuity$ 86,8551$811,2000$ 42,9119$790,1000$ 37,0001$770,0000b.All ratioos commputedd indiicate a siggnificcant iimprovvementt I prrofitaabilitty.PROBLEMM 8-7a.1.200420032002$ 17

21、1,115$1,002,100= 17.088%$163,4997$980,5000= 16.677%$143,9990$900,0000= 16.000%2.200420032002$171,1115$839,0000= 20.400%$163,4997$770,0000= 21.233%$143,9990$765,0000= 18.822%3.200420032002$1,002,100$ 839,000= 1.19 timess per yyear$980,5000$770,0000= 1.27 timess per yyear$900,0000$765,0000= 1.18 times

22、s per yyear4.DuPPont AAnalyssisReturn onAssets=Operatiing InncomeMarginxTotal AAssetTurnoveer2004: 220.88%*2003: 221.17%*2002: 118.88%*=17.08%16.67%16.00%xxx1.19 tiimes pper yeear1.27 tiimes pper yeear1.18 tiimes pper yeear*Rounnding diffeerencee fromm the 20.400%, 211.23%, and 18.822% commputedd in

23、 22.5.Estimmated tax rrate:200420032002(1) Proovisioon forr incoome taaxes(2) Earrningss befoore inncome taxess taxx ratee (1) diviided bby (2) 1 tax rate(3) Intterestt expeense xx (1-ttax raate) $144,620 x 59.50% $122,100 x 59.00% $111,250 x 57.70%(4) Nett earnnings (3) pluss (4) (A)(5) Aveerage lo

24、ng-term debt(6) Aveerage shareeholdeers eequityy (5) pluss (6) (B)(A) divvided by (BB)$116,4773$287,588840.50%59.50%8,699171,1155179,8144120,0000406,0000526,000034.19%$113,6116$277,111341.00%59.00%7,139163,4977170,6366112,0000369,5000481,500035.44%$105,5660$249,555042.30%57.70%6,491143,9900150,48111

25、01,0000342,0000443,000033.97%6.200420032002Net earrningssAveragee totaal equuity$171,1115$406,0000$163,4997$369,5000$143,9990$342,00007.200420032002$1,002,100$ 302,500= 3.31$980,5000$281,0000= 3.49$900,0000$173,0000= 5.20b.The ratioos commputedd indiicate a verry proofitabble fiirm. Most ratioos ind

26、dicatee A veery sllight reducction in prrofitaabilitty in 2003.Sales to fiixed aassetss has decliined mmateriially, but this is thhe onlly rattio foor whiich thhe treend apppearss to bbe neggativee.PROBLEMM 8-8a.1.200420032002$20,0700-$8,0028 $2997,5800= 4.05%$16,6600-$6,8830 $2556,3600= 3.83%$15,38

27、00-$6,2229 $2442,1500= 3.78%2.200420032002$20,0700-$8,0028 $1445,7600= 8.26%$16,6600-$6,8830 $1337,0000= 7.18%$15,3800-$6,2229 $1336,0000= 6.73%3.200420032002$297,5880$145,7660= 2.04 timess per yyear$256,3660$137,0000= 1.87 timess per yyear$242,1550$136,0000= 1.78 timess per yyear4.DuPPont AAnalyssi

28、sReturn onAssets=Operatiing InncomeMarginxTotal AAssetTurnoveer2004: 88.26%2003: 77.16%*2002: 66.73%=4.05%3.83%3.78%xxx2.04 tiimes1.87 tiimes1.78 tiimes*Rounnding diffeerencee fromm the 7.18% compputed in 2.5.200420032002$ 26,3880$297,5880= 8.86%$ 22,8660$256,3660= 8.92%$ 20,1880$242,1550= 8.33%6.20

29、0420032002 $26,380_$89,8000+$45,850= 19.455%$ 22,860_$84,5000+$40,300= 28.322%$ 200,180_$83,1000+$39,800= 16.422%7.200420032002= 2.19 timess per yyear= 2.05 timess per yyear= 1.97 timess per yyear8.DuPPont AAnalyssis wiith Opperatiing RaatiosReturn onAssets=Operatiing InncomeMarginxTotal AAssetTurno

30、veer2004: 119.40%*2003: 118.29%*2002: 116.41%*=8.86%8.92%8.33%xxx2.19 tiimes2.05 tiimes1.97 tiimes*Rounnding diffeerencee fromm the 19.455%, 188.32%, and 16.422% commputedd in 66.9.200420032002$ 91,5880$297,5880= 30.777%$ 80,0660$256,3660= 31.233%$ 76,1880$242,1550= 31.466%b.Net profiit marrgin aand

31、 tootal aasset turnoover bboth iimprovved. This resullted iin a ssubstaantiall imprrovemeent too retuurn onn asseets.Operatting iincomee marggin deeclineed sliightlyy in 22003 aafter a subbstanttial iimprovvementt in 22002. Operratingg asseet turrnoverr imprroved each year. The resullt of the iimpro

32、vvementt in ooperatting iincomee marggin annd opeeratinng assset tuurnoveer wass a suubstanntial improovemennt in returrn on operaating assetts.Gross profiit marrgin ddeclinned sllightlly eacch yeaar.Overalll proofitabbilityy imprroved substtantiaally oover tthe thhree-yyear pperiodd.PROBLEMM 8-9a.1

33、.200420032002(A)(B)$ 2,1000,000$ 2,6000,000 7,0000,000 1000,000 10,0000,000$19,7000,000$ 1,9500,000$ 2,3000,000 6,2000,000 1000,000 9,0000,000$17,6000,000$ 1,7000,000$ 2,2000,000 5,8000,000 1000,000 8,3000,000$16,4000,0002.Estimmated tax rrate:200420032002(1) Proovisioon forr incoome taaxes(2) Incco

34、me bbeforee tax taxx ratee = (11) divvided by (22) 1 tax rate(3) Intterestt expeense xx (1-ttax raate) $800,000 x 58.33% $6000,0000 x 577.35% $5550,0000 x 611.82%(4) Nett incoome (3) pluss (4) (A) Lonng-terrm debbt Preeferreed stoock Commmon eequityy (B)(A) divvided by (BB)$ 1,5000,000 3,6000,00041.

35、67%58.33%$ 466,640$ 2,1000,000$ 2,5666,640$ 7,0000,000100,0000 10,0000,000$17,1000,00015.01%$ 1,4500,0003,400,000042.65%57.35%$ 344,100$ 1,9500,000$ 2,2944,100$ 6,2000,000100,0000 9,0000,000$15,3000,00014.99%$ 1,0500,0002,750,000038.18%61.82%$ 340,000$ 1,7000,000$ 2,0400,010$ 5,8000,000100,0000 8,30

36、00,000$14,2000,00014.37%3.200420032002= 20.799%= 21.433%= 29.244%4.200420032002= 20.866%= 21.511%= 20.311%b.Retuurn onn asseets immproveed in 2003 and tthen ddeclinned inn 20044. Reeturn on innvestmment iimprovved eaach yeear. Returrn on totall equiity immproveed andd thenn decllined. Retturn oon co

37、mmmon eequityy imprroved and tthen ddeclinned.In genneral, proffitabiility has iimprovved inn 20033 overr 20022 but was ddown sslighttly inn 20044.c.The use oof lonng-terrm debbt andd prefferredd stocck botth bennefiteed proofitabbilityy.Returnn on ccommonn equiity iss sligghtly more than returrn on t