财务计价小练习

Chapter11--ProblemOne:InformationcontainedinFinancialStatementsListtendifferentitemsyouwouldexpecttofindinanaverageannualreporttoshareholders.2--ProblemTwo:IdentifyIndustriesBelowareselectedratiosforthreecompanieswhichoperateinthreedifferentindustries:DiscountRetailStore,DrugandUtility.IdentifywhichindustryeachofthecompaniesA,BandCoperatein.Givetworeasonsforeachofyourselections.3--.ProblemThree:BalanceSheetReconstructionYouwanttopreparethebalancesheetforUsherInc.asofDecember31,2005.Usethefollowinginformation.Allinformationpertainstofiscal2005unlessotherwisestated.4--.ProblemFour:ValuationofEquityAssetsandliabilitiesattheendof2005forTripodInc.are$4,970Kand$2,220Krespectively.Netincomeanddividendsforfiscal2005were$500Kand$200K,respectively.Tripodhas100sharesoutstandingasof12/31/05.Netincomeisexpectedtogrowat10%forthenextthreeyears(2006-2008).Thedividendpayoutratioisexpectedtoremainat2005levelfornextthreeyears.After2005abnormalearningsareexpectedtobezero.Costofdebtis8%andcostofequityis15%.WhatwouldyoubepreparedtopaypershareforTripodstockattheendoffiscal2005,usingtheaccountingbasedequityvaluationformula?.5---ProblemFive:EquityValuationInthetablebelowisselectedinformationforSprigueCompany.Allfiguresareinthousandsandrepresentexpectationsofthefuture.a.Calculatetheexpectedfreecashflowtoequityfortheyears2005to2009.b.ExplaintheexpectedchangesindebtlevelsoverthefiveyearsChapter2ProblemTwo:EarningsManagementEarningsmanagementcanbedefinedasthepurposefulinterventionbymanagementintheearningsprocess,usuallytosatisfyselfishobjectives(Schipper,1989).Earningsmanagementtechniquescanbeseparatedintothosethatarecosmetic(withoutcashflowconsequences)andthosethatarereal(withcashflowconsequences).Themanagementofacompanywishestoincreaseearningsthisperiod.Listthreecosmeticandthreerealtechniquesthatcanbeusedtoachievethisobjectiveandexplainwhytheywillachievetheobjective.ProblemSix:FairValueAccountingABCCo.startsitsbusinessraising$110,000incash;$60,000fromissuingequityand$50,000fromissuing6%bondsatpar.ABCusedthewholeamountofcashtobuyabuilding,whichitrentsoutfor$10,000peryear.GivenbelowistheopeningbalancesheetofABCCo.forthefirstyearofoperations.AttheendofYear1,thebuildingisvaluedat$150,000.Also,themarketvalueofbondshasfallento$49,000.Assumetheusefullifeofthebuildingis30yearsanditssalvagevalueis$50,000attheendofthatperiod.Therentalincomeisreceivedonthelastdayoftheyear.Interestonbondsisalsopaidonthisday.Preparetheyear-endbalancesheetandincomestatementofABCCo.basedonFairvalue.Comparethehistoricalandfairvaluesatyear-end.Chapter31--ProblemOne:LeasesComparetheeffectsofoperatingleasesascomparedtocapitalizedleases,inthefirstyearofalease,onthefollowingitemslisted.Explainyouranswer.1.EBIT2.NetIncome3.ReturnonAssets(levered)4.CashflowfromOperations5.CurrentRatio2--.ProblemTwo:LiabilitiesnotrecordedonbalancesheetYouareconsideringpurchasingacompany-assets,liabilities,wartsandall.Youareawarethatsometimesliabilitiesdonotalwaysshowuponthebalancesheet.Givefiveexamplesofliabilitiesthatmaynotbeexplicitlyrecognizedonthebalancesheet,beingsuretoexplainwhytheyareliabilities.3--.ProblemFive:TheeffectofleasesonfinancialratiosSomefinancialinformationaboutRetailInc.andStoreInc.isgivenbelow:Youareaskedtoanalyzethesecompaniesandspecificallyanalyzetheimpactoftheleasesondifferentfinancialratios.a.ComputethepresentvalueoftheleaseobligationsforRetailInc.usinganannualinterestrateof8%.Youshouldassumeallpaymentsaremadeattheendoftheyear,andallpaymentsafteryearX6areequaltothepaymentinyearX6.b.ComputethepresentvalueoftheleaseobligationsforStoresInc.usinganannualinterestrateof8%.Youshouldassumeallpaymentsaremadeattheendoftheyear,andallpaymentsafteryearX6areequaltothepaymentinyearX6.Error!Hyperlinkreferencenotvalid.c.Computethetotalliabilitiestoassetratioandthelong-termdebttoassetsratioforRetailInc.fortheendofyearX1.d.Computethetotalliabilitiestoassetratioandthelong-termdebttoassetsratioforStoresIncfortheendofyearX1.e.Repeatcanddandcomputethetotalliabilitiestoassetratioandthelong-termdebttoassetsratioforbothcompaniesfortheendofyearX1assumingthecompaniescapitalizetheleases.Chapter4ProblemTwo:AdjustingfromLIFOtoFIFOBelowareselectednumbersextractedfromHarnischfeger'sYearX2financialstatements(numbersareinthousands).InventoriesvaluedusingtheLIFOmethodrepresentedapproximately56%and80%ofconsolidatedinventoriesatOctober31,X2andX1,respectively.a.CalculateforYearX2:i)thegrossmarginpercentageii)thecurrentratioiii)inventoryturnoveriv)EstimatethefollowingnumbersifHarnischfegerusedFIFOforallinventories:v)thegrossmarginvi)thecurrentratiovii)nventoryturnoverb.Compareyouranswersinparta)andb)andcomment.ProblemFive:FixedAssetsBelowisselectedinformationtakenfromthebalancesheetofLongLiCorporationasof12/31/06.Fromtheoperatingsectionofthestatementofcashflows,youdeterminethatthedepreciationexpensefortheyearwas$2,000andlossonsalesofassetswas$5,000.Theinvestingsectionrevealsthatthecompanypurchasedequipmentfor$14,000andsoldequipmentfor$2,000.Inthefootnotestothefinancialstatements,thecompanystates:Atthebegi