公司金融作业4.doc

公司金融作业4 10级下午班 李倩 No.18 I will begin with Du Pont Identity. ROE = Profit margin × Total asset turnover × Equity multiplier Namely, 0.15= PM × (Sales/ Assets)×(1＋Debt-equity ratio) PM= 0.15÷(1.69×2.4) = 0.0368 And also, PM =(Net income/Sales) So, Net income= ＄194.1 No.20 First I will check all the information I have known. ①Current ratio= Current assets/ Current liabilities=1.25 Current assets= Current ratio × Current liabilities = 1.25×875=＄1093.75 ②Profit margin= Net income / Sales=0.095 Net income= Profit margin × Sales= 0.095×5780=＄549.1 ③ROE= Net income / Total equity=0.185 Total equity= Net income / ROE = 549.1 / 0.185=＄2968.11 ④Long-term debt ratio= Long-term debt / (Long-term debt + Total equity)=0.45 Long-term debt = ＄2428.45 So we get a balance sheet, Assets Liabilities Current assets 1093.75 Current liabilities 875 Fixed assets X Long-term debt 2428.45 Total equity 2968.11 Total 1093.75+X Total 6271.56 Because of balance, 1093.75+X = 6271.56 X, which means Fixed assets, equals ＄5177.81. No.3 An increase of sales to 7424 is an increase of: Sales increase = (7424 – 6300) / 6300 = 0.18 Assuming costs and assets increase proportionally, the pro forma financial statements will look like this: Pro Forma Income Statement Pro Forma Balance Sheet Sales 7434 Assets 21594 (+3249) Debt 12400 Costs 4590 Equity 8744 (+2844) Net income 2844 Total 21594 (+3249) Total 21144 (+2844) There’s no dividends are paid, the equity will increase by the net income, so Equity = 5900 + 2844 = ＄8744 So, EFN = Total assets – Total liabilities and equity = 21594 – 21144 = ＄450 No.4 An increase of sales to 21840 is an increase of: Sales increase = (21840 - 19500) / 19500 = 0.12 Assuming costs and assets increase proportionally, the pro forma financial statements will look like this: Pro Forma Income Statement Pro Forma Balance Sheet Sales 21840 Assets 109760 (+11760) Debt 52500 Costs 16800 Equity 46956 (+