财务报表分析综合题borm.pptx

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1、题型.根据教材，用英语解释下列专业术语）（共6题，每题2分，共12分）.不定项选择(72=14)（中文）.判断题(71=7)（中文）.（综合题）(37)1.比较完工百分比法和全部完工法（12）2.用直接法和间接法编制现金流量表（10）3.比率计算（8）4.比较先进先出法和加权平均法（7）.某家上市公司的财务报表分析。(30分)Problem:比较全部完工法和完工百分比法200720082009Cost incurred:current year$700$1,000$800 Cumulative 700 1,700 2,500Estimated remaining costs to comple

2、te 1,800 800 0Amounts billed and cash received Current year$800$1,000$1,200 Cumulative800 1,8003,000On December 31,2006,XX construction entered into a major long-term construction with the following terms:Questions:A.Show the revenue and pretax income for each year under both the percentage-of-compl

3、etion and completed contract methods.（用两种方法列示各年收入和税前利润）B.Show the balance sheet accounts of the end of these three years resulting from the contract under both methods.（用两种方法列示各年资产负债表账户余额）C.Assume that total projected costs increase by$200 and the change in estimate is made at December 31,2008.Compu

4、te the revenue and pretax income for these years under the revised assumption.Answer:1.a.YearCumulative%CompletionCumulative RevenueCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome20070.7/2.5=28%$840$840$700$14020081.7/2.5=68%2040 1200100020020092.5/2.5=100%3000 960 800 160Total$3000$2500$500Yea

5、rCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome2007$0$0$02008 0 0 02009 3000 2500500Total$3000$2500$500b.Balance Sheet on December 31,2000200720082009AssetsCash 100100500Construction in progress(net)402400Total assets140340500Liabilities and equityAdvance billings(net)000Retained earnings14034

6、0500Total liabilities and equity140340500c.There is no change in 2008 revenues and pretax income(both are$0.000)under the completed contract method because no revenue or income can be recognized prior to completion.Under the percentage-of-completion method(revised)YearCumulative%CompletionCumulative

7、 RevenueCurrentPeriod RevenueCurrent Period ExpensePretax Income2007$840$840$700$14020081.7/2.7=62.96%$1888.89$1048.89$1000$48.892009$3000$1111.11$1000$111.11Homework 3.a(i)indirect methodNet income$1,080Add noncash expense:Depreciation expense 600 Interest expense 600Add/Subtract changes in working

8、 capital:Accounts receivable (150)Inventory (200)Accrued liabilities 80 Accounts payable 120Cash from operations:$2,1303.a(ii)direct method Cash collections$9,850 Cash payments for merchandise (6,080)Cash paid for SG&A (920)Cash paid for taxes (720)Cash from Operations:$2,130Capital expenditures (1,

9、150)Cash for Investing Activities:(1,150)Cash paid for interest (600)Short-term borrowing(Notes payable)550Long-term debt repayment (398)Dividends (432)Cash for Financing Activities:$(880)Net Change in Cash$10020082009Income statement for the Year Ending Dec.31,2009Cash$30$46Accounts receivable54559

10、9Inventory405458Current assets$980$1,103 Sales$1,861Property,plant,and equipment204237 Cost of goods sold1,277Less:accumulated depreciation(73)(87)Total assets$1,111$1,253 Operating expense504Accounts payable$113$104Taxes payable130133 Depreciation14Short-term debt391453 Interest51Current liabilitie

11、s$634$690 Taxes6Long-term debt143239Net income$9Total liabilities$777$929Common stock7376Retained earnings261248Total equity$334$324Total liabilities and equity$1,111$1.253根据前面的资产负债表和利润表用直接法编制现金流量表的经营现金流部分，并了解间接法。Cash collectionsCash inputsCash expensesTaxes paid Cash from Operations$1807(1339)(504)

12、(3)$(39)Sales-Accounts ReceivableCOGS+Inventory-Accounts Payable Operating ExpenseTax Expense-Tax payableCash flow statement(direct method)Indirect methodCash flows from operating activities:Net incomeAdjustments to cash basis:Depreciation expense Increase in accounts receivable Increase in inventor

13、y Decrease in accounts payable Increase in taxes payable Increase in interest expenseNet cash flow from operating activities$9 14 (54)(53)(9)3 51$(39)1.Activity analysisInventory TurnoverAverage No.Days Inventory In StockReceivables TurnoverAverage No.Days Receivables OutstandingPayables TurnoverAve

14、rage No.Days Payables OutstandingWorking Capital TurnoverFixed Assets TurnoverTotal Asset Turnover掌握这些比率的公式的英文表述，并根据上面的财务报表计算下列比率：2.Liquidity analysisOperating CycleCash CycleCurrent RatioQuick RatioCash RatioDefensive Interval3.Long-term debt and Solvency analysisDebt to EquityTimes Interest Earned

15、4.Profitability analysisReturn on SalesReturn on AssetsReturn on Equity1.Activity analysisInventory Turnover=1277/431.5=2.96Average No.Days Inventory In Stock=365/2.96=123.31Receivables Turnover=1861/572=3.25Average No.Days Receivables Outstanding=365/3.25=112.31Payables Turnover=(1277+53)/108.5=12.

16、26Average No.Days Payables Outstanding=365/12.26=29.77Working Capital Turnover=1861/(346+174)/2=7.16Fixed Assets Turnover=1861/(131+150)/2=13.25Total Asset Turnover=1861/(1111+1253)/2=1.572.Liquidity analysisOperating Cycle=123.31+112.31=235.62Cash Cycle=235.62-12.26=223.36Current Ratio=1103/690=1.6

17、0Quick Ratio=(46+599)/690=0.93Cash Ratio=46/690=0.067Defensive Interval=365X(46+599)/1838=120.093.Long-term debt and Solvency analysisDebt to Equity=929/324=2.87Times Interest Earned=(9+51+6)/51=1.294.Profitability analysisReturn on Sales=9/1861=0.48%Return on Assets=9/1253=0.72%Return on Equity=9/3

18、24=2.78%1.P171Sa.Start with the basic inventory relationshipBI+P=COGS+EIOpening inventory400 units$20$8,000Purchases 1,00025,000Total 1,400 units$33,000(i)Under FIFO,ending inventory consists of 600 units:100 purchased in second quarter at$24$2,400300 purchased in third quarter at$267,800200 purchas

19、ed in fourth quarter at$285,600600 units total$15,800(iii)Under average cost,ending inventory consists of 600 units with an average cost of$33,000/1,400=$23.5714 per unit$23.5714 per unit 600=$14,142.84 total.b.COGS for the year equals the$33,000 total of opening inventory plus purchases,less closin

20、g inventory under the method chosen:(i)FIFO:$33,000-$15,800=$17,200(iii)Average cost:$33,000-$14,142.84=$18,857.16 c.(i)Reported income is highest under FIFO(lowest COGS)and lowest under LIFO(highest COGS).Average cost is in between FIFO and LIFO.(ii)Stockholders equity is highest under FIFO(highest

21、 inventory and retained earnings)and lowest under LIFO(lowest inventory and retained earnings),with average cost in between.EndinginventoryCOGSincome stockholders equityFIFO1580017200higherhigherAveragecost14142.8418857.16lowerlower1.P1712（1）FIFO（2）Average(i)Gross profit marginHigherLower(ii)Net inc

22、omeHigherLower(iii)Cash from operationsLowerHigher(iv)InventoriesHigherLower(v)Inventory turnover ratioLowerHigher(vi)Working capitalHigherHigher(vii)Total assetsHigherLower(viii)Debt-to-equity ratioLowerHigher2.(i)Gross profit margins are higher under FIFO than under Weighted-average because revenu

23、es at higher current prices are matched with cost-of-goods-sold measured using older(lower)prices.(ii)Net income is lower under Weighted-average than under FIFO because cost-of-goods-sold is higher.(iii)Cash from operations is higher under Weighted-average than under FIFO because income tax paid is

24、lower.(iv)Inventory balances are lower under Weighted-average than under FIFO because cost-of-goods-sold is higher and lower prices remain in inventory.(v)Inventory turnover is lower under FIFO than under Weighted-average because cost-of-goods-sold is lower and inventory balances higher.Both factors

25、 decrease the inventory turnover ratio.(vi)Working capital is lower under Weighted-average than under FIFO because inventory balances are lower,despite partial offset from higher cash balances(because of lower tax payments).(vii)Total assets are higher under FIFO because FIFO inventory balances are

26、higher.(vii)The debt-to-equity ratio is lower under FIFO than under Weighted-average because equity is higher,reflecting higher retained earnings.3.The Mogul Company,expecting that decreases in oil prices are only temporary,increases its monthly purchases as the price of oil decreases.Moguls monthly

27、 oil purchases follow:月进货数量单价销货数量月进货数量单价销货数量110000025100000715000018150000210000025100000815000018150000310000025100000915000018150000412500020100000102000001515000051250002010000011200000151500006125000201000001220000015150000Assumptions:The company has no opening inventory.Mogul uses the FIFO inve

28、ntory method.The companys tax rate is 40%.Question：a.Compute the difference in each of the following dollar amounts that Mogul would report under its present accounting method(FIFO),as compared with use of the Weight average method.(i)Inventory purchases(ii)Closing inventory(iii)COGS(iv)Pretax incom

29、e(v)Income tax expense(vi)Net income(vii)Cash flow from operations(viii)Working capital(year-end)3.Ma.Start with the basic inventory relationshipBI+P=COGS+EISince opening inventory is zero,both BI and P(purchases)are identical under both methods;the difference in COGS equals the difference in ending

30、 inventory.That difference can be computed as follows:Total purchases in units=(3 x 100,000)+(3 x 125,000)+(3 x 150,000)+(3 x 200,000)=1,725,000Total purchases amounts=32100000Total sales in units=(6 x 100,000)+(6 x 150,000)=1,500,000.Therefore units in EI=1,725,000-1,500,000=225,000Average unit cos

31、t=32100000/1725000=18.61 结果如下：（本题是价格下降，考试题价格上升，关系别反了）（1）FIFO（2）AverageDifference（1）-（2）(i)Inventory purchases1,725,0001,725,0000(ii)EI3,375,0004,186,957-811,957(iii)COGS 28,725,00027,913,043811,957(iv)Pretax income X-811,957X-811,957(v)Income tax0.4X-324,7830.4X-324,783-(vi)Net income0.6X-487,1740.6X-487,174(vii)CFOY+324,783Y324,783(viii)Working capital(year-end)Z+3,699,783Z+4,186,957-487,174