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1、CHAPTER2THEFINANCIALSTATEMENTSBRIEFEXERCISESBE2–1200020022003BeginningEndingRetained200320032003RetainedEarnings+Revenues–Expenses–Dividends=Earnings$13.5+$27–$23.4–X=$16.0X=$1.12003Dividendsasapercentageof2003netincome:2003Dividends=$1.1=30.6%2003Netincome($27-$23.4)$3.
2、6BE2–2(1)CurrentLiabilitiesfinanced$18billionoftheassets.CurrentLiabilitiesdividedbyTotalassets=$18/$53=34.0%(2)Long-termdebtfinanced$27billionoftheassets.Long-termdebtdividedbytotalassets=$27/$53=50.9%(3)Stockholders’equityfinanced$8billionoftheassets.Stockholders’equit
3、ydividedbytotalassets=$8/$53=15.1%BE2–3(a)Workingcapital=currentassets–currentliabilities.Boeing’scurrentassetstotal$17billion,less$18billionofcurrentliabilities,givesthecompanynegativeworkingcapitalof$1billion.Anothermeasureofsolvencywouldbethecurrentratio.Thecurrentrat
4、ioiscurrentassetsdividedbycurrentliabilitiesor$17billiondividedby$18billion=0.94.BothmeasuresindicatethatBoeingappearstohaveasolvencyproblem.Currentassetsarenotsufficienttocovercurrentliabilities.UnderexistingcircumstancestheCompanywillhavetolooktoothersourcestopayitscur
5、rentobligations.(b)No,Boeinghas$9.1billionofliquidassets(cash,shortterminvestments,andaccountsreceivable)butithas$18billionofcurrentliabilities.(c)Boeingwouldbemoresolventifaccountsreceivablewere$5.3billionandinventorywas$4.5billion.Accountsreceivableareclosertocashthani
6、nventory.Thismeansthat1accountsreceivableareexpectedtobeconvertedtocashinashorterperiodoftimethaninventory.BE2-4200320022001Netcashflowfromoperatingactivities..................$13,517$15,210$14,805Netcashflowfrominvestingactivities...................(3,105)(3,328)(8,387)
7、Netcashflowfromfinancingactivities...................(9,173)(9,018)(6,358)Netchangeincash.................................................$1,239$2,864$60Cashatbeginningofperiod...................................3,567703643Cashatendofperiod……………………………….$4,806$3,567$703SBC
8、Communication’scashmanagementactivitiesoverthethree-yearperiodof2003,2002,and2001appeartobeextremelygoo
