财务报表分析第09章部分习题参考答案.doc

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1、Chapter9FortheInvestorPROBLEMSPROBLEM91EarningsBeforeInterest,Tax,MinorityShareofEarnings,EquityIncomeandNonrecurringDegreeofFinancialLeverage+________Items____________EarningsBeforeTax,MinorityShareofEarnings,EquityIncome,andNonrecurringItemsPROBLEM928a.=$1,00

2、0,000$800,000=1.258b.Priorearningsbeforeinterestandtax$1,000,00010%increase100,000Adjustedincomebeforeinterestandtax$1,100,000Interest200,000Incomebeforetax$900,000Tax(50%rate)450,000Netincome$450,000Earningswillincreaseby12.5%to$450,000($400,000x112.5%=$450,000)

3、c.$800,000200,000600,000300,000$300,000Thisisadeclineinprofitof25%,withadeclineinearningsbeforeinterestandtaxof20%.8 8PROBLEM93a.1.200320022001Netincome(A)Less:CommondividendsPreferreddividends(B)(A)Less(B)=(C)(C)Dividedby(A)$31,200,00021,700,000910,000$22,610,

4、0008,590,00027.53%$30,600,00019,500,000910,000$20,410,00010,190,00033.30%$29,800,00018,360,000910,000$19,270,00010,530,00035.34%2.Price/EarningsRatio=MarketPricePerShareFullyDilutedEarningsPerShare200320022001$12.80$14.00$16.30$1.12$1.20$1.27=11.43=11.67=12.833.D

5、ividendPayout=DividendsPerCommonShareFullyDilutedEarningsPerShare200320022001$.90$.85$.82$1.12$1.20$1.27=80.36%=70.83%=64.57%4.DividendYield=DividendsPerCommonShareMarketPricePerCommonShare200320022001$.90$.85$.82$12.80$14.00$16.30=7.03%=6.07%=5.03% 8TotalStockh

6、olders'Equity-5.BookValuePerShare=PreferredStockEquityNumberofCommonSharesOutstanding200320022001TotalassetsLess:LiabilitiesStockholders’EquityLess:Nonredeemablepreferredstock(A)Commonstockequity(B)Sharesoutstandingendofyear(A)dividedby(B)$1,280,100,000)(800,400,

7、000)479,700,000(15,300,000)$464,400,00024,280,000$19.13$1,267,200,000(808,500,000)458,700,000(15,300,000)$443,400,00023,100,000$19.19$1,260,400,000(799,200,000)461,200,000(15,300,000)$445,900,00022,500,000$19.82b.Thepercentageofearningsretainedisdecreasing.Therel

8、atedratio,dividendpayout,isalsoincreasing.Theprice/earningsratiohasbeenrelativelystable.Thedividendyieldhasincreasedandisrelativelyhigh.Themarketpricepersharei