财务报表分析 第07章习题答案

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1、Chapter7Long-TermDebt-PayingAbility PROBLEMSPROBLEM71Earningsbeforeinterestandtax:Netsales$1,079,143Costofsales(792,755)Sellingandadministration(264,566)$21,822a.b.Cashbasistimesinterestearned:PROBLEM72RecurringEarningsExcludingInterestExpense,TaxExpense,Equity

2、Earnings,a.TimesInterestEarned=andMinorityEarningsInterestExpense,IncludingCapitalizedInterestIncomebeforeincometaxes$675Plusinterest60Adjustedincome$735Interestexpense$60TimesInterestEarned=$735=12.25timesperyear$609b.9Adjustedincomefrom(parta)$7351/3ofoperating

3、leasepayments(1/3x$150)50Adjustedincome,includingrentals$785Interestexpense$601/3ofoperatingleasepayments50$110FixedChargeCoverage=$785=7.14timesperyear$110PROBLEM73RecurringEarnings,ExcludingInterestExpense,TaxExpense,EquityEarning,a.TimesInterestEarned=andMino

4、rityEarnings________________InterestExpense,IncludingCapitalizedInterestIncomebeforeincometaxesandextraordinarycharges$36Plusinterest16(1)Adjustedincome52(2)Interestexpense$16TimesInterestEarned:(1)dividedby(2)=3.25timesperyearRecurringEarnings,ExcludingInterestE

5、xpense,TaxExpense,EquityEarnings,andMinorityEarnings+InterestPortionb.FixedChargeCoverage=OfRentals______________________________InterestExpense,IncludingCapitalizedInterest+InterestPortionOfRentalsAdjustedincome(parta)$521/3ofoperatingleasepayments(1/3x$60)20(l)

6、Adjustedincome,includingrentals$72Interestexpense$161/3ofoperatingleasepayments20(2)Adjustedinterestexpense$36Fixedchargecoverage:(1)dividedby(2)=2.00timesperyear9PROBLEM74a.DebtRatio=b.Debt/EquityRatio=c.RatioofTotalDebttoTangibleNetWorth=TotalLiabilities=$174,

7、979=$174,979=70.9%TangibleNetWorth$249,222$2,324$246,8989d.KaufmanCompanyhasfinancedover41%ofitsassetsbytheuseoffundsfromoutsidecreditors.TheDebt/EquityRatioandtheDebttoTangibleNetWorthRatioareover70%.Whethertheseratiosarereasonabledependsuponthestabilityofearni

8、ngs.9PROBLEM75a.TimesInterestEarned:Timesinterestearnedrelatesearningsbeforeinterestexpense,tax,minorityearnings,andequityincometointerestexpense.Thehigherthi