财务报表分析 第十版 第七章 答案(部分)

Exercise7-3(30minutes)a.CashFlowsfromOperationsComputation:Netincome...................................................................$10,000Add(deduct)itemstoconverttocashbasis:Depreciation,depletion,andamortization............$8,000Deferredincometaxes............................................400Amortizationofbonddiscount...............................50Increaseinaccountspayable.................................1,200Decreaseininventories..........................................85010,500$20,500Undistributedearningsofunconsolidatedsubsidiariesandaffiliates......................................(200)Amortizationofpremiumonbondspayable.........(60)Increaseinaccountsreceivable.............................(900)(1,160)Cashprovidedbyoperations....................................$19,340b.(1)Theissuanceoftreasurystockforemployeestockplans(ascompensation)requiresanaddbacktonetincomebecauseitisanexpensenotusingcash.(2)Thecashoutflowforinterestisnotincludedinexpenseandmustbeincludedascashoutflowininvestingactivities(aspartofoutlaysforproperty.)(3)Ifthedifferencebetweenpensionexpenseandactualfundingisanaccruedliability,theunpaidportionmustbeaddedbacktoincomeasanexpensenotrequiringcash.Iftheamountfundedexceedspensionexpense,thennetincomemustbereducedbythatexcessamount.Exercise7-4(30minutes)a.Beginningbalanceofaccountsreceivable........$305,000Netsales.............................................1,937,000Totalpotentialreceipts$2,242,000Endingbalanceofaccountsreceivable.............-295,000Cashcollectedfromsales$1,947,000b.Endingbalanceofinventory................................$549,000Costofsales.........................................................+1,150,000Total.............................................$1,699,000Beginningbalanceofinventory..........................-431,000Purchases.............................................................$1,268,000Beginningbalanceofaccountspayable$563,000Purchases(fromabove).......................................1,268,000Totalpotentialpayments.....................................$1,831,000Endingbalanceofaccountspayable..................-604,000Cashpaymentsforaccountspayable................$1,227,000c.Issuanceofcommonstock..................................$81,000Issuanceoftreasurystock..................................17,000Totalnonoperatingcashreceipts.......................$98,000d.Increaseinland....................................................$150,000Increaseinplantandequipment.........................18,000Totalpaymentsfornoncurrentassets...............$168,000Exercise7-5(20minutes)SourceUseAdjustmentCategorya.XXOb.XFc.XFd.XIe.XFf.NCNg.XIh.NCSi.XFj.XXOExercise7-6(20minutes)SourceUseAdjustmentCategorya.XXOb.XFc.NCNd.XIe.NCSf.NCNg.XIh.NCSi.NEj.NEExercise7-7(30minutes)NetCashfromCashIncomeoperationsposition1.NENE+2.NENE+3.+++4a.-NENE4b.NE(1)+(2)+(2)4c.-+(2)+(2)5.NE++6.-+(long-run-)+(long-run-)7.--(5)+8.+NENE9.+(3)+(4)+(4)10.NE++11.+++12.NENE+13.NENE+(1)Deferredtaxaccounting.(2)Dependsonwhethertaxsavingsarerealizedincash.(3)Ifprofitable.(4)Ifaccountsreceivablecollected.(5)Dependsonwhetherinterestispaidoraccrued.Furtherexplanations(listedbyproposalnumber):1.SubstitutingpaymentinstockforpaymentincashforitsdividendswillnotaffectincomeorCFObutwillincreasecashposition.2.Intheshortrun,postponementofcapitalexpenditureswillsavecashbuthavenoeffectonincomeorCFO.Inthelongterm,bothincomeandCFOmaysufferduetoloweroperatingefficiency.Exercise7-7—continued3.Cashnotspentonrepairandmaintenancewillincreaseallthreemeasures.However,theskimpingonnecessarydiscretionarycostswilladverselyimpactfutureoperatingefficiencyand,hence,profitability.4.Managersadvocatinganincreaseindepreciationmayhavespokeninthemistakenbeliefthatdepreciationisasourceofcashandthatconsequentlyincreasingitwouldresultinahighercashinflow.Infact,thelevelofdepreciationexpensehasnoeffectoncashflow—thesameamountofdepreciationdeductedinarrivingatnetincomeisaddedbackinarrivingatCFO.Ontheotherhand,increasingdepreciationfortaxpurposeswillinallcasesresultinatleastashort-termsavings.5.QuickercollectionswillnotaffectincomebutwillincreaseCFObecauseofloweraccountsreceivable.Cashwillalsoincreasebythespeedierconversionofreceivablesintocash.Inthelongerrunthisstiffeninginthetermsofsaletocustomersmayresultinsaleslosttocompetition.6.Paymentsstretched-outwilllowerincomebecauseoflostdiscountsbutdoespositivelyaffectCFObyincreasingthelevelofaccountspayable.Cashconservationwillresultinahighercashposition.Relationswithsuppliersmaybeaffectedadversely.Note:Long-termcashoutflowwillbehigherbecauseofthelostdiscount.7.BorrowingwillresultininterestcoststhatwilldecreaseincomeandCFO.Cashpositionwillincrease.8.Thischangeindepreciationmethodwillincreaseincomeintheearlystagesofanasset'slife.Theoppositemayholdtrueinthelaterstagesoftheasset'slife.9.Intheshortterm,highersalestodealerswillresultinhigherprofits(assumingwesellabovecosts)and,iftheypaypromptly,bothCFOandcashwillincrease.However,unlessthedealersareabletoselltoconsumers,suchsaleswillbemadeattheexpenseoffutur