公司金融作业4

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1、公司金融作业410级下午班李倩41004488No.18IwillbeginwithDuPontIdentity.ROE=Profitmargin×Totalassetturnover×EquitymultiplierNamely,0.15=PM×(Sales/Assets)×(1＋Debt-equityratio)PM=0.15÷(1.69×2.4)=0.0368Andalso,PM=(Netincome/Sales)So,Netincome=＄194.1No.20FirstIwillcheckalltheinformationIhaveknown.①Curren

2、tratio=Currentassets/Currentliabilities=1.25Currentassets=Currentratio×Currentliabilities=1.25×875=＄1093.75②Profitmargin=Netincome/Sales=0.095Netincome=Profitmargin×Sales=0.095×5780=＄549.1③ROE=Netincome/Totalequity=0.185Totalequity=Netincome/ROE=549.1/0.185=＄2968.11④Long-termdebtratio=

3、Long-termdebt/(Long-termdebt+Totalequity)=0.45Long-termdebt=＄2428.45Sowegetabalancesheet,AssetsLiabilitiesCurrentassets1093.75Currentliabilities875FixedassetsXLong-termdebt2428.45Totalequity2968.11Total1093.75+XTotal6271.56Becauseofbalance,1093.75+X=6271.56X,whichmeansFixedassets,equal

4、s＄5177.81.No.3Anincreaseofsalesto7424isanincreaseof:Salesincrease=(7424–6300)/6300=0.18Assumingcostsandassetsincreaseproportionally,theproformafinancialstatementswilllooklikethis:ProFormaIncomeStatementProFormaBalanceSheetSales7434Assets21594(+3249)Debt12400Costs4590Equity8744(+2844)Ne

5、tincome2844Total21594(+3249)Total21144(+2844)There’snodividendsarepaid,theequitywillincreasebythenetincome,soEquity=5900+2844=＄8744So,EFN=Totalassets–Totalliabilitiesandequity=21594–21144=＄450No.4Anincreaseofsalesto21840isanincreaseof:Salesincrease=(21840-19500)/19500=0.12Assumingcosts

6、andassetsincreaseproportionally,theproformafinancialstatementswilllooklikethis:ProFormaIncomeStatementProFormaBalanceSheetSales21840Assets109760(+11760)Debt52500Costs16800Equity46956(+1456)Taxableincome5040Total109760(+11760)Total99456(+1456)Taxes(40%)2016Netincome3024Thepayoutratioisc

7、onstant,soDividends=(1400/2700)(3024)=＄1568Additiontoretainedearnings=3024–1568=＄1456Andthenewequity=45500+1456=＄46956So,EFN=Totalassets–Totalliabilitiesandequity=109760–99456=＄10304No.5Whencalculatingfinancialratios,theanalystshouldkeepsomethingfarmoreimportantthansimplygettingaresu