财务报表分析第十版答案第六章(部分)

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1、Exercise6-1(25minutes)xxxa.CashGainondisposition*xxxNetassetsofdiscontinuedoperationsxxx*(Alossondispositionwouldberecordedasadebit)b・Income(expense)relatedtodiscontinuedoperationsincludetheoperatingprofit(loss)recordedpriortosaleandthegain(loss)onsale.Thesearereportedn

2、etofapplicabletax・c.Whenestimatingfutureearningpower,theresultsfromdiscontinuedoperationsshouldnotbetreatedasrecurring.Thisisimportantforanassessmentofthepermanentincomeofacompany.d・Separatelyreportingdiscontinuedoperationsallowstheanalysttoviewtheresultsofoperationswit

3、houtthesegmentthatwillnotbeongoing.Asaresult,theanalystcanbetterassessthepermanentcomponentofincome,forwhichresultsofdiscontinuingoperationswillbeexcluded・Exercise6-2(30minutes)a.Bytheuseofreserves,acompanycanallocatecostsinexcessofactualexperieneeinthecurrentperiod,bas

4、edonestimatesofadditionalcostsinthefuture,orevenbasedonthesimplepossibilityoffurthercostsinthefuture・Then,inlaterperiods,actualcostscanbewrittenoffagainstthereserveratherthanreportedasexpensesinthecompany'sincomestatementforthoseperiods・Theadvantagetothecompanyisthatear

5、ningstrendscanbe"smoothed,”andacushionforfutureearningscanbebuiltupduringgoodeconomicyearsforuseduringleanerperiods・Totheextentthatstabilityandpredictabilityofearningsaremarketvirtues,thecompany'scommonstockmightbeaccordedahighermultiplefortheseefforts,ineffectloweringt

6、hecostofcapitaltothecompany.Theuseofreservesbothposesproblemsfortheanalystandconflictswithsomebasicaccountingprinciples・Theseinelude:(1)Useofreservescontradictsthematchingprinciple,bywhichrevenuesandrelatedcostsshouldberecognizedinthesameperiod・(2)Reservingforfutureeven

7、ts(especiallycontingencies)isobviouslysubjecttoestimate,andaccountingshouldattempttorecordquantifiablevalueasmuchaspossible・Exercise6-2—continued(2)Thereservingtechniquemakesreportedearningslessindicativeoffundamentaltrendsinthecompany.Theeffectsoftheeconomiccyclearered

8、uced,makingcorrelationtechniques(suchasGNPgrowthvs.EPSgrowth)invalid・Thesereportednumbersmightmisleadthe“uninf