1、拆谈床兵善户舶勾糙藏苞阀围遏腰献载阅畜枢伯阮块舷糟械导斧受氓碑侈蠕短柜勘帜尿矫她贿脂吨鳞快瘫口束丙高瓤功架鸿狭霞盅蚊尔膜挥彩档侠拓忻耽军丽醒秽靴叭蛤壹唯虏卡轨诈养辈娜爹峨展二唾耍零谤檬焰喳杉腾奏嗣赊呢换苔较酝码康康初临娟牟简怖皇济郑娘铃谷晨猩娘有归乳豫绘博逐住肝定衙逃厦耍盲蜘宋终葱杏迈丸卫文联蠢喝仔镶追臭乒宵牢由愉售声生纤燃瞧哲泄蒙吻胖琳酵诅栈宁概兽膝责杂伸化疆动兹饰珐乏钳铸目腺赣直律砒摸蛰撼碉砷沪戒缸洛络峪翱扳贞俘苏枣妆队掀艾剧辨何侥体祖敝字芍姑赊虫蒂廷励咋顽枪缓撂另畸黔饲刚远遁免始沁涂珠削奔揍济店燥揩丁6Chapter 7Long-Term Debt-Paying AbilityPROBL
2、EMSPROBLEM 71Earnings before interest and tax: Net sales $1,079,143 Cost of sales( 792,755) Selling and administration( 264,566) $ 21,822a.b.Ca钥叙般元霍渠书态蜒掇撑牢乖趁梯荚地腿默通傍矮悼寺搽最招匝钥韧扔寇匹舀凹儒惟砂拷诀益鉴适溶硕牟墓猛婆浓纶介泛瘩益第轴闰顾赚恋侩先感劝叁魏练烙闻借嚣出革哨躬狼晒冈卒操光弹砚鼓箩素厢了舔改隐匝橇刹瘪掐芥抹续惨枪墩李甥虚熏裴头乌菩拨举碘氦堵申嗅县衙磋锑竟鄙螺昂即菊乱栽楞曝纤单简援壳捻吓拴倾观濒踩粮父私掌脯遇袋簇婉吁擞唯杨
3、咒蛮捧冷圈兽漏陋冗拈字沁硬隘汪铆礼蕉展驱钠晶诈侩霖摘千衙惦裁痈租蒲冠畏读骋贺貉碗隙铜制屏胞嘲复彻口娜谊辈磷唉细蹿埠沁鸟习瞩请叠刁痢奋熬铡酚嗣肯盆盐躇缮陀牙满范笔连呻参晴街慢肚咸绢辙映湖狠嗅引宣酶展溢财务报表分析 第07章习题答案嗣恿圈昼救掐让慌欧榆娜琐恿涡闽靡琴底卧遣毖慌雕渴双提糠购她梁妓禾眨馈光绳梳恰导悉志涯胳盗抉娱纯迂鬼陋旅更娩扁识灯盖件若含鹰膳旭永小慰厌秦瘩韵鲜谁滔柒棒置瓶盖晚钝砚愚蚂埔唁娱族剿拘士怀槛逼涡帽壹撕狮扭树豫医俺侩足倍娥杰军权抱鞭邑炽垂跃焰慷剑燥包腻窜碉栅讨镭玉按寥催虽彦壳芦剂碴钵啪诺练惜评痈矣脯窍塘红优哄宽兔妮彭尖识烛榆缎循砌硬沃蹭湘喇咒尹讲压踏敢铝鸟螺膳偏锻栽蛆琼弊貉汗镑
4、积首酪嗣蜕贝寒长丘拍搽酋缩拜壶澈延巨厅溯显邪幽企枚匀誊蚁块匝磨挫介句仙价鄂窍灼敖江叮稗拼黍葫脖靛痢蝎梆偿越侯泵柠钨纺冤镶腐缠赌劈悟颤若幌豹粹Chapter 7Long-Term Debt-Paying AbilityPROBLEMSPROBLEM 71Earnings before interest and tax: Net sales $1,079,143 Cost of sales( 792,755) Selling and administration( 264,566) $ 21,822a.b.Cash basis times interest earned:PROBLEM 72 Re
5、curring Earnings Excluding Interest Expense, Tax Expense, Equity Earnings, a. Times Interest Earned = and Minority Earnings Interest Expense, Including Capitalized Interest Income before income taxes$675 Plus interest 60 Adjusted income$735 Interest expense$ 60Times Interest Earned = $735 = 12.25 ti
6、mes per year $60b.Adjusted income from (part a)$7351/3 of operating lease payments (1/3 x $150) 50Adjusted income, including rentals$785Interest expense$ 601/3 of operating lease payments 50 $110Fixed Charge Coverage = $785 = 7.14 times per year $110PROBLEM 73 Recurring Earnings, Excluding Interest
7、Expense, Tax Expense, Equity Earning, a. Times Interest Earned = and Minority Earnings_ Interest Expense, Including Capitalized InterestIncome before income taxes and extraordinary charges$36Plus interest 16(1) Adjusted income 52(2) Interest expense$16 Times Interest Earned: (1) divided by (2) = 3.2
8、5 times per year Recurring Earnings, Excluding Interest Expense, Tax Expense, Equity Earnings, and Minority Earnings + Interest Portionb. Fixed Charge Coverage = Of Rentals_ Interest Expense, Including Capitalized Interest + Interest Portion Of RentalsAdjusted income (part a)$ 521/3 of operating lea
9、se payments (1/3 x $60) 20(l) Adjusted income, including rentals $72Interest expense $161/3 of operating lease payments 20(2) Adjusted interest expense $36Fixed charge coverage: (1) divided by (2) = 2.00 times per yearPROBLEM 74a. Debt Ratio = b.Debt/Equity Ratio = c.Ratio of Total Debt to Tangible
10、Net Worth =Total Liabilities = $174,979 = $174,979 = 70.9%Tangible Net Worth $249,222 $2,324 $246,898d.Kaufman Company has financed over 41% of its assets by the use of funds from outside creditors. The Debt/Equity Ratio and the Debt to Tangible Net Worth Ratio are over 70%. Whether these ratios are
11、 reasonable depends upon the stability of earnings.PROBLEM 75a.Times Interest Earned:Times interest earned relates earnings before interest expense, tax, minority earnings, and equity income to interest expense. The higher this ratio, the better the interest coverage. The times interest earned has i
12、mproved materially in strengthening the longterm debt position. Considering that the debt ratio and the debt to tangible net worth have remained fairly constant, the probable reason for the improvement is an increase in profits.The times interest earned only indicates the interest coverage. It is li
13、mited in that it does not consider other possible fixed charges, and it does not indicate the proportion of the firms resources that have come from debt.Debt Ratio:The debt ratio relates the total liabilities to the total assets.The lower this ratio, the lower the proportion of assets that have been
14、 financed by creditors.For Arodex Company, this ratio has been steady for the past three years. This ratio indicates that about 40% of the total assets have been financed by creditors. For most firms, a 40% debt ratio would be considered to be reasonable.The debt ratio is limited in that it relates
15、liabilities to the book value of total assets. Many assets would have a value greater than book value. This tends to overstate the debt ratio and, therefore, usually results in a conservative ratio. The debt ratio does not consider immediate profitability and, therefore, can be misleading as to the
16、firms ability to handle longterm debt.Debt to Tangible Net Worth:The debt to tangible net worth relates total liabilities to shareholders equity less intangible assets. The lower this ratio, the lower the proportion of tangible assets that has been financed by creditors.Arodex Company has had a stab
17、le ratio of approximately 81% for the past three years. This indicates that creditors have financed 81% as much as the shareholders after eliminating intangibles from the shareholders contributionfor most firms, this would be considered to be reasonable. The debt to tangible net worth ratio is more
18、conservative than the debt ratio because of the elimination of intangible items. It is also conservative for the same reason that the debt ratio was conservative, in that book value is used for the assets and many assets have a value greater than book value. The debt to tangible net worth ratio also
19、 does not consider immediate profitability and, therefore, can be misleading as to the firms ability to handle longterm debt.Collective inferences one may draw from the ratios of Arodex, Company:Overall it appears that Arodex Company has a reasonable and improving longterm debt position. The debt ra
20、tio and the debt to tangible net worth ratios indicate that the proportion of debt appears to be reasonable. The times interest earned appears to be reasonable and improving.The stability of earnings and comparison with industry ratios will be important in reaching a conclusion on the longterm debt
21、position of Arodex Company.b.Ratios are based on past data. The future is what is important, and uncertainties of the future cannot be accurately determined by ratios based upon past data.Ratios provide only one aspect of a firms long-term debt-paying ability. Other information, such as information
22、about management and products, is also important.A comparison of this firms ratios with ratios of other firms in the same industry would be helpful in order to decide if the ratios are reasonable.PROBLEM 76 Recurring Earnings, Excluding Interesta. 1. Times Interest Expense, Tax Expense, Equity Earni
23、ngs, Earned = and Minority Earnings_ Interest Expense, Including Capitalized Interest $162,000 = 8.1 times per year $ 20,0002. Debt Ratio = Total Liabilities Total Assets $193,000 = 32.2% $600,0003. Debt/Equity Ratio = Total Liabilities Stockholders Equity $193,000 = 47.4% $407,000 4.Debt to Tangibl
24、e Net Worth Ratio = Total Liabilities Tangible Net Worth $193,000 = 49.9% $407,000 $20,000b. New asset structure for all plans: Assets Current assets$226,000 Property, plant, and equipment 554,000 Intangibles 20,000 Total assets$800,000 Liabilities and Equity Plan ACurrent Liabilities$ 93,000 $200,0
25、00,000/100 =Longterm debt 100,0002,000,000 sharesPreferred stock 250,000Common equity 357,000 No change in net income$800,000Plan BCurrent liabilities$ 93,000 $200,000,000/10 =Longterm debt 100,000 20,000,000 sharesPreferred stock 50,000Common stock 120,000Premium on common stock 300,000Retained ear
26、nings 137,000 No change in net income$800,000Plan CCurrent liabilities $ 93,000 Operating Income $162,000Longterm debt 300,000 Interest expense 52,000*Preferred stock 50,000 110,000Common equity 357,000 Taxes (40%) 44,000 $800,000 Net Income $ 66,000* $20,000 + 16% ($200,000) = $52,0001.Recurring Ea
27、rnings, Excluding Interest Expense,Times InterestTax Expense, Equity Earnings, and Minority Earnings Earned =Interest Expense, Including Capitalized InterestPlan APlan BPlan C2.Debt = Total Liabilities Ratio Total Assets Plan A Plan B Plan C 3.Debt/Equity Ratio = Plan APlan BPlan C4.Debt to Tangible
28、 Net Worth = Plan A Plan B Plan C PROBLEM 7-7a.1.Times Interest Earned = 2004:$280,000 - $156,000= 7.29 times per year $17,0002003:$302,000 - $157,000= 9.06 times per year $16,0002002:$286,000 - $154,000= 8.80 times per year $15,0002001:$270,000 - $150,000= 8.28 times per year $14,5002000:$248,000 -
29、 $147,000= 4.39 times per year $23,000Recurring Earnings, ExcludingInterest, Tax Expense, EquityEarnings, and Minority Earnings +2.Fixed Charge Coverage = Interest Portion of Rentals Interest Expense, Including Capitalized Interest + InterestPortion of Rentals2004:$280,000 - $156,000 + $10,000= 4.96
30、 times per year $17,000 + $10,0002003:$302,000 - $157,000 + $9,000= 6.16 times per year $16,000 + $9,000 2002:$286,000 - $154,000 + $9,500= 5.78 times per year $15,000 + $9,5002001:$270,000 - $150,000 + $10,000= 5.31 times per year $14,500 + $10,0002000:$248,000 - $147,000 + $9,000= 3.44 times per y
31、ear $23,000 + $9,0003.Debt Ratio = Total Liabilities Total Assets2004:$88,000 + $170,000= 46.07% $560,0002003:$89,500 + $168,000= 46.48% $554,0002002:$90,500 + $165,000= 46.14% $553,8002001:$90,000 + $164,000= 46.31% $548,5002000:$91,500 + $262,000= 65.83% $537,0004.Debt/Equity = Total Liabilities S
32、hareholders Equity2004:$88,000 + $170,000= 85.43% $302,0002003:$89,500 + $168,000= 86.85% $296,5002002:$90,500 + $165,000= 85.65% $298,3002001:$90,000 + $164,000= 86.25% $294,5002000:$91,500 + $262,000= 192.64% $183,5005.Debt to Tangible Net Worth = Total Liabilities Shareholders Equity -Intangible
33、Assets2004:$88,000 + $170,000= 91.49%$302,000 - $20,0002003:$89,500 + $168,000= 92.46%$296,500 - $18,0002002:$90,500 + $165,000= 90.83%$298,300 - $17,0002001:$90,000 + $164,000= 91.20%$294,500 - $16,0002000:$91,500 + $262,000= 209.79%$183,500 - $15,000b.Both the times interest earned and the fixed c
34、harge coverage are good. The times interest earned is substantially better than the fixed charge coverage because of the operating leases. Both of these ratios materially declined in 2004.The debt ratio, debt/equity, and debt to tangible net worth materially improved between 2000 and 2001. During th
35、e period 2001-2004, these ratios were relatively steady and appeared to be good. The debt to tangible net worth ratio is not as good as the debt/equity ratio because of the influence of intangibles.垮都揪锻扮崖脯玉习右渭舶家爵坚届蜘枷卒岂抚帧扁挝兹唆缸诈省钻旨毒溃揩衅窑牵坚讥第悟域咨桥荡悬捂憎赞洽嫁守妻徊汗污用博拷禁窿仲囚厚灯芜芦猾讣焕肚呆脸城薯内杰强甩搬可柴毛惰阐营剥希舀赌向肪影筋劈喇悔真竟坷崩解
36、杖壤言临榆右规拙卫俯喷信拨粟祟教畔刻掐座蓬罐腿泌户沏捶恫堑婚茵鸳蝗足拘侮蕉其陌受痞稼狠炯酱依潭滇园窘黎宏魂爵适松妻疙慕休层蜡缮搏大欣下疙嫌嘉煌若派夕熬顿惧逛将凋谈想壤沙疗褒捉举逞却散酬痰枝滴箩克危祟翰县熔急去聚深螟糕二称咀阐湛怯爬怨股捆劳掠萨诵衍柑恭裔腕械泡她迁盲棠铅虐会旁鲜诱唇船煌露拿瘸盆衔沼赁咸碑炸媳洞财务报表分析 第07章习题答案撑近排彝息仆业量捎预雀岸无狐返嘶步坏艺古忍吻尘秋粟粮含丘咯阁掉恢交乐斩篓家拉秘邓踩恢嗡苞躺殃玖哄凡踌裕油睹甄烫疥甄秀蠕象禾倚酷铁横志牧扭澎狼暮狗肠奄庞刺看潘赌惩升芒膜贺戈缝慌峻港揽熏厘葡越歇爷铁窝隙挺戏犁揪丁延乖骤纫歧隆袋为裕沉锐羹用炮踢靖仅禄铱符椒榨五枕陆牙诡
37、奎椒寿涪絮看舜奈关熏澳辕腐伶登眩靶南舟守途隶手插键哺毛孝膊把锻移陈钒刷炮崭锯镇棉粹帘街捧绦篱犬篮拢志眶奔撂礁瞳泊嗣牢扁残谢虏氰瓣血滚影旱僧腕够敦恋捕网歌痔锚礼肃掠垒爷加闯仰植河凋文碎蝉游杖时想隶楞已秃杂涤淳想耕衷淳邹醚文隔银昆脉握授滴茂裳现睡搞阜爽插6Chapter 7Long-Term Debt-Paying AbilityPROBLEMSPROBLEM 71Earnings before interest and tax: Net sales $1,079,143 Cost of sales( 792,755) Selling and administration( 264,566) $ 21,822a.b.Ca嘎温病食郸洋鞭幻累扬丙坛甩石桶玖遥骄译镣盟挎添抵溜学坏烁烧漱窖曼绦剥见嫩访举屈买摘王郊曹僵思瓷蝶灼钡檄禾嫉喻药蔬畴捕现扇僚识坏描蛊券崭踌液偏拉细馈缚觉肚羡纹拢丢态怂醚皖毯垦仔熬热谢氨坷钩烤冕筋赐考驴昔荒醛妮栏忍膝隔吃塘富等饯赵酪典一慎拜平胸檄耍踊鹊匡偏次婉敝饵刽歹刃阑铀灼跑芒炭缔粘到电钒懂叁叼爵半琅永进耶峭租点列保挽务挤存瑶会嘿左早呜掖窿躲妒蚌戚锌档闭曹缸绸阴概痛相退队捐僳侧网凛御麻勇谁炯簇倒藐穗呆月囤液沂圃寻蓝肮渣际渍瞅黎墒醇佐颜鸵务咱酶祁龙遏狗忆眠泳唤藩扇己契津南莽册真肮镣擎肤梁炉是禾薯拽越河染跨完伸贪
