美国注册管理会计师CMAP2_S2

Copyright高才国际教育集团S2:FinancialRatios1MODULE34TAXES:TRANSACTIONSINPROPERTYS2:FinancialRatiosInstructor:HelenCopyright高才国际教育集团P1–FinancialPlanning,PerformanceandControlCopyright高才国际教育集团S2:FinancialRatios2FinancialRatiosS2A.LiquidityRatiosB.LeverageandSolvencyRatiosC.ActivityRatiosCopyright高才国际教育集团S2:FinancialRatios3A.LiquidityRatiosCopyright高才国际教育集团S2:FinancialRatios4ALiquidityRatios1.Introductiona)LiquidityItisafirm’sabilitytopayitscurrentobligationsastheycomedueandthusremaininbusinessintheshortrun.Itmeasurestheeasewithwhichassetscanbeconvertedtocash.b)LiquidityratiosTheymeasurethisabilitybyrelatingafirm’sliquidassetstoitscurrentliabilities.Copyright高才国际教育集团S2:FinancialRatios5ALiquidityRatios2.LiquidityRatiosa)WorkingcapitalNetworkingcapital=Currentassets–CurrentliabilitiesItreportstheresourcesthecompanywouldhavetocontinueoperatingintheshortrunifithadtoliquidateallofitscurrentliabilitiesatonce.Copyright高才国际教育集团S2:FinancialRatios6ALiquidityRatios2.LiquidityRatiosb)CurrentratioCurrentratio=Currentassets÷CurrentliabilitiesG.R.=itshouldbeproportionaltotheoperatingcycle.Generally,alowratioindicatesapossibleliquidityproblem.However,aoverlyhighratiomayindicatethatmgmtmaynotbeinvestingidleassetsproductively.①Anentityhavingashortoperatingcyclecansurvivewithalowercurrentratiothananotheronewithamuchlongeroperatingcycle.ThequalityofA/RandINVshouldbeconsideredbeforeevaluatingtheratio.①AlowA/RturnoverandlowINVturnoverindicatesaneedforahighcurrentratio.UseofLIFOlowersthecurrentratio.Copyright高才国际教育集团S2:FinancialRatios7ALiquidityRatios2.LiquidityRatiosc)Quick(acidtest)ratioQuickratio=(Cashandequivalents+Marketablesecurities+NetREC)÷CurrentliabilitiesorQuickratio=(Currentassets–INV)÷CurrentliabilitiesLessconservativeTheyaremoreconservativethanthebasiccurrentratio.Thisratiomeasuresthefirm’sabilitytoeasilypayitsSTdebtsandavoidstheproblemofinventoryvaluationInspiteofanincreaseintotalworkingcapital,thecompany’spositioninitsmostliquidassetsmaybedeterioratedsignificantly.Copyright高才国际教育集团S2:FinancialRatios8ALiquidityRatios2.LiquidityRatiosd)CashratioCashratio=(Cashandequivalents+Marketablesecurities)÷CurrentliabilitiesItisanevenmoreconservativevariation.Copyright高才国际教育集团S2:FinancialRatios9ALiquidityRatios2.LiquidityRatiose)CashflowratioC/Fratio=Cashflowfromoperations÷CurrentliabilitiesItreflectsthesignificanceofC/Fforsettlingobligationsastheybecomedue.Itreflectstheabilitytousecashprovidedfromoperatingactivitiestocovercurrentobligations.Copyright高才国际教育集团S2:FinancialRatios10ALiquidityRatios2.LiquidityRatiosf)NetworkingcapitalratioNetworkingcapitalratio=(Currentassets–Currentliabilities)÷TotalassetsItisthemostconservativeoftheworkingcapitalratios.Itmeasuresthepercentageofnetworkingcapitaloutoftotalassets.Copyright高才国际教育集团S2:FinancialRatios11QuestionTime…1.WindhamCompanyhascurrentassetsof$400,000andcurrentliabilitiesof$500,000.WindhamCompany’scurrentratiowillbeincreasedbyAnswer:AA.Thepurchaseof$100,000ofinventoryonaccount.B.Thepaymentof$100,000ofA/P.C.Thecollectionof$100,000ofA/R.D.Refinancinga$100,000LTloanwithSTdebt.Copyright高才国际教育集团S2:FinancialRatios12QuestionTime…2.Givenanacidtestratioof2.0currentassetsof$5,000,andinventoryof$2,000,thevalueofcurrentliabilitiesisAnswer:AA.$1,500B.$2,500C.$3,500D.$6,000Copyright高才国际教育集团S2:FinancialRatios13QuestionTime…3.WhenaB/SamountisrelatedtoanI/SamountincomputingaratioAnswer:AA.TheB/Samountshouldbeconvertedtoanaveragefortheyear.B.TheI/Samountshouldbeconvertedtoanaveragefortheyear.C.Bothamountsshouldbeconvertedtomarketvalue.D.Comparisonswithindustryratiosarenotmeaningful.Copyright高才国际教育集团S2:FinancialRatios14QuestionTime…4.ThefollowingfinancialinformationappliestoSycamoreCo.Answer:AA.1.56B.1.97C.2.13D.5.63CashMarketablesecuritiesA/RInventoriesPrepaidexpensesA/PLTdebt–currentportionLTdebtSales$10,00018,000120,000375,00012,00075,00020,000400,0001,650,000Whatistheacidtest(orquick)ratioforSycamore?Copyright高才国际教育集团S2:FinancialRatios15B.LeverageandSolvencyRatiosCopyright高才国际教育集团S2:FinancialRatios16BLeverageandSolvencyRatios1.Introductiona)SolvencyItisafirm’sabilitytopayitsnoncurrentobligationsastheycomedueandthusremaininbusinessinthelongrun.Thekeyingredientsofsolvencyare①Firm’scapitalstructure②DegreeofleverageCopyright高才国际教育集团S2:FinancialRatios17BLeverageandSolvencyRatios1.Introductionb)CapitalstructureItincludesitssourcesoffinancing,bothLTandST.Thesesourcescanbeintheformofdebt(externalsources)orequity(internalsources).①DebtItisthecreditorinterestinthefirm.Thefirmiscontractuallyobligatedtorepaybothprincipalandinteresttodebtholders.Aslongasreturnfromtheloaninterestpaid,theuseofdebtfinancingisadvantageoustoafirm.However,anincreaseddebtmakesafirmriskier.(i)Creditorsmightaskhigherinterest(ii)Ortheymayrefusetolend.(i)Costofdebtisgenerallylowerthancostofequity(ii)Interestspaidaretax-deductible.Copyright高才国际教育集团S2:FinancialRatios18BLeverageandSolvencyRatios1.Introductionb)CapitalstructureItincludesitssourcesoffinancing,bothLTandST.Thesesourcescanbeintheformofdebt(externalsources)oreq