股票与投资分析Chap014.docx

Chapter14-FinancialStatementAnalysis

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Chapter14

FinancialStatementAnalysis

Inventoryturnoverratioin2012

=CostofGoodsSoldAverageInventories

Debttoequityratioin2012

=DebtEquity=$

Cashflowfromoperatingactivitiesin2012

Netincome

$410,000

AdjustmentstoNetIncome

+Depreciation

280,000

ChangeinAR

30,000

Changeininventory

(10,000)

ChangeinAP

(110,000)

CFfromOperations

$600,000

Averagecollectionperiod

=AverageAccountsReceivablesAnnualSales?365=($660+$

Assetturnoverratio

=SalesAverageTotalAssets=$5,500

Interestcoverageratio

=EBITInterestExpense=$87

Operatingprofitmargin

=EBITSales=$870$

Returnonequity

=NetIncomeAverageShareholdersEquity=$410

P/Eratio

Unabletocalculateasmarketpriceisnotprovided.

Compoundleverageratio

=PretaxProfitEBIT?AverageAssetsAverageEquity=$740$870

Netcashprovidedbyoperatingactivities.Seeanswertopartc.

a.

b.

c.

ROA=(EBIT/Sales)?(Sales/AverageTotalAssets)=ReturnonSales?ATO

TheonlywaythatCrustyPiecanhaveareturnonsaleshigherthantheindustryaverageandanROAequaltotheindustryaverageisforitsATOtobelowerthantheindustryaverage.

ABC’sassetturnovermustbeabovetheindustryaverage.

Thistransactionwouldincreasethecurrentratio.Thetransactionreducesbothcurrentassetsandcurrentliabilitiesbythesameamount,butthereductionhasalargerproportionateimpactoncurrentliabilitiesthanoncurrentassets.Therefore,thecurrentratiowouldincrease.

Thistransactionwouldincreasetheassetturnoverratio.Salesshouldremainunaffected,butassetsarereduced.

c.Inventoryincreasesduetoanew(int