ࡱ>  { \bjbjBrBr :H  8|# ,.,.,.,.,.@.@.@.8x.40T@.^n@1h:x:x:x:;.;; mmmmmmm$pPshn,.;;;;;n,.,.x:x:4nOOO;V,.x:,.x:mO;mOOR=k!mx:JEPD1lm.n0^nOlsFs<!ms,.!m;;O;;;;;nnJ;;;^n;;;;s;;;;;;;;; ,: CHAPTER 15 FINANCIAL STATEMENT ANALYSIS PRACTICE EXERCISEs PE 151A Accounts payable $14,000 increase ($114,000 $100,000), or 14% Long-term debt $13,000 increase ($143,000 $130,000), or 10% PE 151B Temporary investments $21,600 decrease ($218,400 $240,000), or 9% Inventory $14,200 decrease ($269,800 $284,000), or 5% PE 152A  Amount PercentageSales$680,000100%($680,000 $680,000)Gross profit231,20034($231,200 $680,000)Net income74,80011($74,800 $680,000)PE 152B  Amount PercentageSales$ 1,400,000100%($1,400,000 $1,400,000)Cost of goods sold 910,000 65($910,000 $1,400,000)Gross profit$ 490,000 35%($490,000 $1,400,000)PE 153A a. Current Ratio = Current Assets Current Liabilities Current Ratio = ($200,000 + $100,000 + $60,000 + $100,000) $200,000 Current Ratio = 2.3 b. Quick Ratio = Quick Assets Current Liabilities Quick Ratio = ($200,000 + $100,000 + $60,000) $200,000 Quick Ratio = 1.8 PE 153B a. Current Ratio = Current Assets Current Liabilities Current Ratio = ($250,000 + $180,000 + $220,000 + $200,000) $500,000 Current Ratio = 1.7 b. Quick Ratio = Quick Assets Current Liabilities Quick Ratio = ($250,000 + $180,000 + $220,000) $500,000 Quick Ratio = 1.3 PE 154A a. Accounts Receivable Turnover = Net Sales Average Accounts Receivable Accounts Receivable Turnover = $1,600,000 $100,000 Accounts Receivable Turnover = 16.0 b. Number of Days Sales in Receivables = Average Accounts Receivable Average Daily Sales Number of Days Sales in Receivables = $100,000 ($1,600,000 365) = $100,000 $4,384 Number of Days Sales in Receivables = 22.8 days PE 154B a. Accounts Receivable Turnover = Net Sales Average Accounts Receivable Accounts Receivable Turnover = $700,000 $50,000 Accounts Receivable Turnover = 14.0 b. Number of Days Sales in Receivables = Average Accounts Receivable Average Daily Sales Number of Days Sales in Receivables = $50,000 ($700,000 365) = $50,000 $1,918 Number of Days Sales in Receivables = 26.1 days PE 155A a. Inventory Turnover = Cost of Goods Sold Average Inventory Inventory Turnover = $880,000 $110,000 Inventory Turnover = 8.0 b. Number of Days Sales in Inventory = Average Inventory Average Daily Cost of Goods Sold Number of Days Sales in Inventory = $110,000 ($880,000 365) = $110,000 $2,411 Number of Days Sales in Inventory = 45.6 days PE 155B a. Inventory Turnover = Cost of Goods Sold Average Inventory Inventory Turnover = $360,000 $50,000 Inventory Turnover = 7.2 b. Number of Days Sales in Inventory = Average Inventory Average Daily Cost of Goods Sold Number of Days Sales in Inventory = $50,000 ($360,000 365) = $50,000 $986 Number of Days Sales in Inventory = 50.7 days PE 156A a. Ratio of Fixed Assets to Long-Term Liabilities = Fixed Assets Long-Term Liabilities Ratio of Fixed Assets to Long-Term Liabilities = $836,000 $380,000 Ratio of Fixed Assets to Long-Term Liabilities = 2.2 b. Ratio of Liabilities to Stockholders Equity = Total Liabilities Total Stockholders Equity Ratio of Liabilities to Stockholders Equity = $550,000 $500,000 Ratio of Liabilities to Stockholders Equity = 1.1 PE 156B a. Ratio of Fixed Assets to Long-Term Liabilities = Fixed Assets Long-Term Liabilities Ratio of Fixed Assets to Long-Term Liabilities = $1,000,000 $625,000 Ratio of Fixed Assets to Long-Term Liabilities = 1.6 b. Ratio of Liabilities to Stockholders Equity = Total Liabilities Total Stockholders Equity Ratio of Liabilities to Stockholders Equity = $840,000 $600,000 Ratio of Liabilities to Stockholders Equity = 1.4 PE 157A Number of Times Interest Charges Are Earned = (Income Before Income Tax + Interest Expense) Interest Expense Number of Times Interest Charges Are Earned = ($4,000,000 + $500,000) $500,000 Number of Times Interest Charges Are Earned = 9.0 PE 157B Number of Times Interest Charges Are Earned = (Income Before Income Tax + Interest Expense) Interest Expense Number of Times Interest Charges Are Earned = ($10,000,000 + $800,000) $800,000 Number of Times Interest Charges Are Earned = 13.5 PE 158A Ratio of Net Sales to Assets = Net Sales Average Total Assets Ratio of Net Sales to Assets = $1,200,000 $750,000 Ratio of Net Sales to Assets = 1.6 PE 158B Ratio of Net Sales to Assets = Net Sales Average Total Assets Ratio of Net Sales to Assets = $3,500,000 $2,500,000 Ratio of Net Sales to Assets = 1.4 PE 159A Rate Earned on Total Assets = (Net Income + Interest Expense) Average Total Assets Rate Earned on Total Assets = ($820,000 + $80,000) $5,000,000 Rate Earned on Total Assets = $900,000 $5,000,000 Rate Earned on Total Assets = 18.0% PE 159B Rate Earned on Total Assets = (Net Income + Interest Expense) Average Total Assets Rate Earned on Total Assets = ($700,000 + $50,000) $4,687,500 Rate Earned on Total Assets = $750,000 $4,687,500 Rate Earned on Total Assets = 16.0% PE 1510A a. Rate Earned on Stockholders Equity = Net Income Average Stockholders Equity Rate Earned on Stockholders Equity = $210,000 $1,750,000 Rate Earned on Stockholders Equity = 12.0% b. Rate Earned on Common Stockholders Equity = (Net Income Preferred Divi-dends) Average Common Stockholders Equity Rate Earned on Common Stockholders Equity = ($210,000 $30,000) $1,000,000 Rate Earned on Common Stockholders Equity = 18.0% PE 1510B a. Rate Earned on Stockholders Equity = Net Income Average Stockholders Equity Rate Earned on Stockholders Equity = $600,000 $6,000,000 Rate Earned on Stockholders Equity = 10.0% b. Rate Earned on Common Stockholders Equity = (Net Income Preferred Divi-dends) Average Common Stockholders Equity Rate Earned on Common Stockholders Equity = ($600,000 $50,000) $5,000,000 Rate Earned on Common Stockholders Equity = 11.0% PE 1511A a. Earnings per Share on Common Stock = (Net Income Preferred Dividends) Shares of Common Stock Outstanding Earnings per Share = ($440,000 $40,000) 50,000 Earnings per Share = $8.00 b. Price-Earnings Ratio = Market Price per Share of Common Stock Earnings per Share on Common Stock Price-Earnings Ratio = $100.00 $8.00 Price-Earnings Ratio = 12.5 PE 1511B a. Earnings per Share on Common Stock = (Net Income Preferred Dividends) Shares of Common Stock Outstanding Earnings per Share = ($650,000 $50,000) 120,000 Earnings per Share = $5.00 b. Price-Earnings Ratio = Market Price per Share of Common Stock Earnings per Share on Common Stock Price-Earnings Ratio = $75.00 $5.00 Price-Earnings Ratio = 15.0 EXERCISES Ex. 151 a. MANDELL TECHNOLOGIES CO. Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Amount Percent Amount Percent Sales $800,000 100.0% $740,000 100.0% Cost of goods sold 504,000 63.0 407,000 55.0 Gross profit $296,000 37.0% $333,000 45.0% Selling expenses $ 120,000 15.0% $ 140,600 19.0% Administrative expenses 128,000 16.0 125,800 17.0 Total expenses $248,000 31.0% $266,400 36.0% Income from operations $ 48,000 6.0% $ 66,600 9.0% Income tax expense 33,600 4.2 48,100 6.5 Net income $ 14,400 1.8% $ 18,500 2.5% b. The vertical analysis indicates that the cost of goods sold as a percent of sales increased by 8 percentage points (63.0% 55.0%), while selling expenses decreased by 4 percentage points (15.0% 19.0%), administrative expenses decreased by 1.0% (16.0% 17.0%), and income tax expense decreased by 2.3 percentage points (4.2% 6.5%). Thus, net income as a percent of sales dropped by 0.7% (4.0% + 1.0% + 2.3% 8.0%). Ex. 152 a. SPEEDWAY MOTORSPORTS, INC. Comparative Income Statement (in thousands of dollars) For the Years Ended December 31, 2008 and 2007 2008 2007 Revenues: Admissions $188,036 30.8% $179,765 32.0% Event-related revenue 211,630 34.6 197,321 35.1 NASCAR broadcasting revenue 168,159 27.5 142,517 25.4 Other operating revenue 43,168 7.1 42,030 7.5 Total revenue $610,993 100.0% $561,633 100.0% Expenses and other: Direct expense of events $ 113,477 18.6% $ 100,414 17.9% NASCAR purse and sanction fees 118,766 19.4 100,608 17.9 Other direct expenses 116,376 19.0 163,222 29.1 General and administrative 84,029 13.8 80,913 14.4 Total expenses and other $432,648 70.8% $445,157 79.3% Income from continuing operations $178,345 29.2% $ 116,476 20.7% b. While overall revenue increased some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue increased as a percent of total revenue by almost two percentage points, while the percent of admissions revenue to total revenue decreased by about 1%. Two of the major expense categories (direct expense of events and NASCAR purse and sanction fees) as a percent of total revenue increased by approximately 2 percentage points. Other direct expenses, however, decreased by about 10%, and general and administrative expenses decreased by almost 1%. Overall, the income from continuing operations increased 8.5 percentage points of total revenue between the two years, which is a favor-able trend. The income from continuing operations as a percent of sales exceeds 29% in the most recent year, which is excellent. Apparently, owning and operating motor speedways is a business that produces high operating profit margins. Note to Instructors: The high operating margin is probably necessary to compensate for the extensive investment in speedway assets. Ex. 153 a. SHOESMITH ELECTRONICS COMPANY Common-Sized Income Statement For the Year Ended December 31, 20 Shoesmith Electronics Electronics Industry Company Average Amount Percent Sales $4,200,000 105.0% 105.0% Sales returns and allowances 200,000 5.0 5.0 Net sales $4,000,000 100.0% 100.0% Cost of goods sold 2,120,000 53.0 59.0 Gross profit $1,880,000 47.0% 41.0% Selling expenses $1,160,000 29.0% 24.0% Administrative expenses 480,000 12.0 10.5 Total operating expenses $1,640,000 41.0% 34.5% Operating income $ 240,000 6.0% 6.5% Other income 84,000 2.1 2.1 $ 324,000 8.1% 8.6% Other expense 60,000 1.5 1.5 Income before income tax $ 264,000 6.6% 7.1% Income expense 120,000 3.0 6.0 Net income $ 144,000 3.6% 1.1% b. The cost of goods sold is 6 percentage points lower than the industry average, but the selling expenses and administrative expenses are 5 percentage points and 1.5 percentage points higher than the industry average. The combined impact is for net income as a percent of sales to be 2.5 percentage points better than the industry average. Apparently, the company is managing the cost of manufacturing product better than the industry but has slightly higher selling and administrative expenses relative to the industry. The cause of the higher selling and administrative expenses as a percent of sales, relative to the industry, can be investigated further. Ex. 154 BRYANT COMPANY Comparative Balance Sheet December 31, 2012 and 2011 2012 2011 Amount Percent Amount Percent Current assets $ 775,000 31.0% $ 585,000 26.0% Property, plant, and equipment 1,425,000 57.0 1,597,500 71.0 Intangible assets 300,000 12.0 67,500 3.0 Total assets $ 2,500,000 100.0% $ 2,250,000 100.0% Current liabilities $ 525,000 21.0% $ 360,000 16.0% Long-term liabilities 900,000 36.0 855,000 38.0 Common stock 250,000 10.0 270,000 12.0 Retained earnings 825,000 33.0 765,000 34.0 Total liabilities and stockholders equity $ 2,500,000 100.0% $ 2,250,000 100.0% Ex. 155 a. BOONE COMPANY Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Increase (Decrease) Amount Amount Amount Percent Sales $446,400 $360,000 $ 86,400 24.0% Cost of goods sold 387,450 315,000 72,450 23.0 Gross profit $ 58,950 $ 45,000 $ 13,950 31.0 Selling expenses $ 27,900 $ 22,500 $ 5,400 24.0 Administrative expenses 21,960 18,000 3,960 22.0 Total operating expenses $ 49,860 $ 40,500 $ 9,360 23.1 Income before income tax $ 9,090 $ 4,500 $ 4,590 102.0 Income tax expense 5,400 2,700 2,700 100.0 Net income $ 3,690 $ 1,800 $ 1,890 105.0 b. The net income for Boone Company increased by approximately 105.0% from 2011 to 2012. This increase was the combined result of an increase in sales of 24.0% and lower percentage increases in operating expenses. The cost of goods sold increased at a slower rate than the increase in sales, thus causing the percentage increase in gross profit to exceed the percentage increase in sales. Ex. 156 a. (1) Working Capital = Current Assets Current Liabilities 2012: $1,342,000 = $1,952,000 $610,000 2011: $810,000 = $1,350,000 $540,000 (2) Current Ratio =  EMBED Equation.2  2012:  EMBED Equation.2  = 3.2 2011:  EMBED Equation.2  = 2.5 (3) Quick Ratio =  EMBED Equation.2  2012:  EMBED Equation.2  = 2.0 2011:  EMBED Equation.2  = 1.7 b. The liquidity of Beatty has improved from the preceding year to the current year. The working capital, current ratio, and quick ratio have all increased. Most of these changes are the result of an increase in current assets. Ex. 157 a. (1) Current Ratio =  EMBED Equation.2  Dec. 26, 2009:  EMBED Equation.3  = 1.4 Dec. 27, 2008:  EMBED Equation.3  = 1.2 (2) Quick Ratio =  EMBED Equation.2  Dec. 26, 2009:  EMBED Equation.3  = 1.0 Dec. 27, 2008:  EMBED Equation.3  = 0.8 b. The liquidity of PepsiCo has increased some over this time period. Both the current and quick ratios have increased. The current ratio increased from 1.2 to 1.4, and the quick ratio increased from 0.8 to 1.0. PepsiCo is a strong company with ample resources for meeting short-term obligations. Ex. 158 a. The working capital, current ratio, and quick ratio are calculated incorrectly. The working capital and current ratio incorrectly include intangible assets and property, plant, and equipment as a part of current assets. Both are noncurrent. The quick ratio has both an incorrect numerator and denominator. The numerator of the quick ratio is incorrectly calculated as the sum of inventories, prepaid expenses, and property, plant, and equipment ($114,400 + $45,600 + $172,000). The denominator is also incorrect, as it does not include accrued liabilities. The denominator of the quick ratio should be total current liabilities. The correct calculations are as follows: Working Capital = Current Assets Current Liabilities $160,000 = $960,000 $800,000 Current Ratio =  EMBED Equation.2   EMBED Equation.2  = 1.2 Quick Ratio =  EMBED Equation.2   EMBED Equation.2  = 1.0 b. Unfortunately, the current ratio and quick ratio are both below the minimum threshold required by the bond indenture. This may require the company to renegotiate the bond contract, including a possible unfavorable change in the interest rate. Ex. 159 a. (1) Accounts Receivable Turnover =  EMBED Equation.2  2012:  EMBED Equation.2  = 6.6 2011:  EMBED Equation.2  = 5.7 (2) Number of Days Sales in Receivables =  EMBED Equation.2  2012:  EMBED Equation.2  = 55.3 days 2011:  EMBED Equation.2  = 64.0 days 1$229,125 = ($221,250 + $237,000) 2 2$4,143 = $1,512,225 365 days 3$242,250 = ($237,000 + $247,500) 2 4$3,783 = $1,380,825 365 days b. The collection of accounts receivable has improved. This can be seen in both the increase in accounts receivable turnover and the reduction in the collection period. The credit terms require payment in 60 days. In 2011, the collection period exceeded these terms. However, the company apparently became more aggressive in collecting accounts receivable or more restrictive in granting credit to customers. Thus, in 2012, the collection period is within the credit terms of the company. Ex. 1510 a. (1) Accounts Receivable Turnover =  EMBED Equation.2  Klick:  EMBED Equation.3  = 6.0 Klack:  EMBED Equation.3  = 9.1 (2) Number of Days Sales in Receivables =  EMBED Equation.2  Klick:  EMBED Equation.3  = 60.8 days Klack:  EMBED Equation.3  = 40.1 days 1$49.32 = $18,000 365 days 2$194.47 = $70,980 365 days b. Klacks accounts receivable turnover is much higher than Klicks (9.1 for Klack vs. 6.0 for Klick). The number of days sales in receivables is lower for Klack than for Klick (40.1 days for Klack vs. 60.8 days for Klick). These differences indicate that Klack is able to turn over its receivables more quickly than Klick. As a result, it takes Klack less time to collect its receivables. Ex. 1511 a. (1) Inventory Turnover =  EMBED Equation.2  Current Year:  EMBED Equation.2  = 8.2 Preceding Year:  EMBED Equation.2  = 10.0 (2) Number of Days Sales in Inventory =  EMBED Equation.2  Current Year:  EMBED Equation.2  = 44.5 days Preceding Year:  EMBED Equation.2  = 36.5 days 1$3,347 = $1,221,800 365 days 2$3,945 = $1,440,000 365 days b. The inventory position of the business has deteriorated. The inventory turn-over has decreased, while the number of days sales in inventory has increased. The sales volume has declined faster than the inventory has declined, thus resulting in the deteriorating inventory position. Ex. 1512 a. (1) Inventory Turnover =  EMBED Equation.2  Dell:  EMBED Equation.2  = 49.0 HP:  EMBED Equation.2  = 8.1 (2) Number of Days Sales in Inventory =  EMBED Equation.2  Dell:  EMBED Equation.2  = 7.5 days HP:  EMBED Equation.2  = 45.2 days 1$137.38 = $50,144 365 days 2$154.80 = $56,503 365 days b. Dell has a much higher inventory turnover ratio than does HP (49.0 vs. 8.1 for HP). Likewise, Dell has a much smaller number of days sales in inventory (7.5 days vs. 45.2 days for HP). These significant differences are a result of Dells make-to-order strategy. Dell has successfully developed a manufacturing process that is able to fill a customer order quickly. As a result, Dell does not need to pre-build computers to inventory. HP, in contrast, pre-builds computers, printers, and other equipment to be sold by retail stores and other retail channels. In this industry, there is great obsolescence risk in holding computers in inventory. New technology can make an inventory of computers difficult to sell; therefore, inventory is costly and risky. Dells operating strategy is considered revolutionary and is now being adopted by many both in and out of the computer industry. Apple Computer, Inc., also employs similar manufacturing techniques and thus enjoys excellent inventory efficiency. Ex. 1513 a. Ratio of Liabilities to Stockholders Equity =  EMBED Equation.2  Dec. 31, 2012:  EMBED Equation.2  = 0.7 Dec. 31, 2011:  EMBED Equation.2  = 0.9 b.  EMBED Equation.2  =  EMBED Equation.2  Dec. 31, 2012:  EMBED Equation.2  = 4.3 Dec. 31, 2011:  EMBED Equation.2  = 3.5 *($2,500,000 + $500,000) 9% = $270,000 **($3,000,000 + $500,000) 9% = $315,000 c. Both the ratio of liabilities to stockholders equity and the number of times bond interest charges were earned have improved from 2011 to 2012. These results are the combined result of a larger income before taxes and lower serial bonds payable in the year 2012 compared to 2011. Ex. 1514 a. Ratio of Liabilities to Stockholders Equity =  EMBED Equation.2  Hasbro:  EMBED Equation.3  = 1.3 Mattel, Inc.:  EMBED Equation.3 = 1.2 b.  EMBED Equation.3  =  EMBED Equation.3  Hasbro:  EMBED Equation.3  = 11.5 Mattel, Inc.:  EMBED Equation.3  = 7.6 Ex. 1514 (Concluded) c. Both companies carry a moderate proportion of debt to the stockholders equity, at 1.3 and 1.2 times stockholders equity. Therefore, the companies debt as a percent of stockholders equity is similar. Both companies also have very strong interest coverage; however, Hasbros ratio is a bit stronger than Mattels. Together, these ratios indicate that both companies provide creditors with a margin of safety, and that earnings appear more than enough to make interest payments. Ex. 1515 a. Ratio of Liabilities to Stockholders Equity =  EMBED Equation.2  H.J. Heinz:  EMBED Equation.3  = 6.9 Hershey:  EMBED Equation.3  = 10.4 b. Ratio of Fixed Assets to Long-Term Liabilities =  EMBED Equation.3  H.J. Heinz:  EMBED Equation.3  = 0.3 Hershey:  EMBED Equation.3 = 0.7 c. Hershey uses more debt than does H.J. Heinz. As a result, Hersheys total liabilities to stockholders equity ratio is higher than H.J. Heinz (10.4 vs. 6.9). H.J. Heinz has a much lower ratio of fixed assets to long-term liabilities than Hershey. This ratio divides the property, plant, and equipment (net) by the long-term debt. The ratio for H.J. Heinz is aggressive with fixed assets covering only 30% of the long-term debt. That is, the creditors of H.J. Heinz have 30 cents of property, plant, and equipment covering every dollar of long-term debt. The same ratio for Hershey shows fixed assets covering 0.7 times the long-term debt. That is, Hersheys creditors have $0.70 of property, plant, and equipment covering every dollar of long-term debt. This would suggest that Hershey has stronger creditor protection and borrowing capacity than does H.J. Heinz. Ex. 1516 a. Ratio of Net Sales to Total Assets:  EMBED Equation.3  YRC Worldwide:  EMBED Equation.3  = 2.0 Union Pacific:  EMBED Equation.3  = 0.5 C.H. Robinson Worldwide Inc.:  EMBED Equation.3  = 4.7 b. The ratio of net sales to assets measures the number of sales dollars earned for each dollar of assets. The greater the number of sales dollars earned for every dollar of assets, the more efficient a firm is in using assets. Thus, the ratio is a measure of the efficiency in using assets. The three companies are different in their efficiency in using assets, because they are different in the nature of their operations. Union Pacific earns only 50 cents for every dollar of assets. This is because Union Pacific is very asset intensive. That is, Union Pacific must invest in locomotives, railcars, terminals, tracks, right-of-way, and information systems in order to earn revenues. These investments are significant. YRC Worldwide is able to earn $2.00 for every dollar of assets, and thus, is able to earn more revenue for every dollar of assets than the railroad. This is because the motor carrier invests in trucks, trailers, and terminals, which require less investment per dollar of revenue than does the railroad. Moreover, the motor carrier does not invest in the highway system, because the government owns the highway system. Thus, the motor carrier has no investment in the transportation network itself unlike the railroad. C.H. Robinson Worldwide Inc., the transportation arranger, hires transportation services from motor carriers and railroads, but does not own these assets itself. The transportation arranger has assets in accounts receivable and information systems but does not require transportation assets; thus, it is able to earn the highest revenue per dollar of assets. Note to Instructors: Students may wonder how asset-intensive companies overcome their asset efficiency disadvantages to competitors with better asset efficiencies, as in the case between railroads and motor carriers. Asset efficiency is part of the financial equation; the other part is the profit margin made on each dollar of sales. Thus, companies with high asset efficiency often operate on thinner margins than do companies with lower asset efficiency. For example, the motor carrier must pay highway taxes, which lowers its operating margins when compared to railroads that own their right-of-way, and thus do not have the tax expense of the highway. While not required in this exercise, the railroad has the highest profit margins, the motor carrier is in the middle, while the transportation arranger operates on very thin margins. Ex. 1517 a. Rate Earned on Total Assets =  EMBED Equation.2  2012:  EMBED Equation.2  = 13.0% 2011:  EMBED Equation.2  = 15.0% *($4,500,000 + $4,050,000) 2 **($4,050,000 + $3,600,000) 2 Rate Earned on Stockholders Equity =  EMBED Equation.2  2012:  EMBED Equation.2  = 17.8% 2011:  EMBED Equation.2  = 22.5% *($2,665,500 + $2,241,750) 2 **($2,241,750 + $1,800,000) 2  EMBED Equation.2  =  EMBED Equation.2  2012:  EMBED Equation.2  = 19.7% 2011:  EMBED Equation.2  = 25.7% *($2,365,500 + $1,941,750) 2 **($1,941,750 + $1,500,000) 2 b. The profitability ratios indicate that Preslar Inc.s profitability has deteriorated. Most of this change is from net income falling from $453,750 in 2011 to $435,750 in 2012. The cost of debt is 8%. Since the rate of return on assets exceeds this amount in either year, there is positive leverage from use of debt. However, this leverage is greater in 2011 because the rate of return on assets exceeds the cost of debt by a greater amount in 2011. Ex. 1518 a. Rate Earned on Total Assets =  EMBED Equation.2  Fiscal Year 2007:  EMBED Equation.2  = 6.7% Fiscal Year 2006:  EMBED Equation.2  = 9.5% b. Rate Earned on Stockholders Equity =  EMBED Equation.2  Fiscal Year 2007:  EMBED Equation.2  = 10.3% Fiscal Year 2006:  EMBED Equation.2  = 13.7% c. Both the rate earned on total assets and the rate earned on stockholders equity have decreased over the two-year period. The rate earned on total assets decreased from 9.5% to 6.7%, and the rate earned on stockholders equity decreased from 13.7% to 10.3%. The rate earned on stockholders equity exceeds the rate earned on total assets due to the positive use of leverage. d. During fiscal 2007, Ann Taylors results were strong compared to the industry average. The rate earned on total assets for Ann Taylor was more than the industry average (6.7% vs. 5.0%). The rate earned on stockholders equity was more than the industry average (10.3% vs. 8.0%). These relationships suggest that Ann Taylor has more leverage than the industry, on average. Ex. 1519 a. Ratio of Fixed Assets to Long-Term Liabilities =  EMBED Equation.2   EMBED Equation.2  = 1.5 b. Ratio of Liabilities to Stockholders Equity =  EMBED Equation.2   EMBED Equation.2  = 0.5 c. Ratio of Net Sales to Assets =  EMBED Equation.2   EMBED Equation.2  = 4.5 *[($6,250,000 + $7,399,500) 2] $3,000,000. The end-of-period total assets are equal to the sum of total liabilities ($2,466,500) and stockholders equity ($4,933,000). d. Rate Earned on Total Assets =  EMBED Equation.2   EMBED Equation.2  = 13.1% *($6,250,000 + $7,399,500) 2 e. Rate Earned on Stockholders Equity =  EMBED Equation.2   EMBED Equation.2  = 16.1% *[($1,200,000 + $1,000,000 + $2,203,000) + $4,933,000] 2 f.  EMBED Equation.2  =  EMBED Equation.2   EMBED Equation.2  = 18.2% *[($1,000,000 + $2,733,000) + ($1,000,000 + $2,203,000)] 2 Ex. 1520 a.  EMBED Equation.2  =  EMBED Equation.2   EMBED Equation.2  = 7.4 times *$3,750,000 bonds payable 10% b. Number of Times Preferred Dividends Are Earned =  EMBED Equation.2   EMBED Equation.2  = 10.0 times **$2,400,000 income before tax $400,000 income tax c. Earnings per Share on Common Stock =  EMBED Equation.2   EMBED Equation.2  = $5.00 d. Price-Earnings Ratio =  EMBED Equation.2   EMBED Equation.2  = 14.4 e. Dividends per Share of Common Stock =  EMBED Equation.2   EMBED Equation.2  = $2.00 f. Dividend Yield =  EMBED Equation.2   EMBED Equation.2  = 2.8% Ex. 1521 a. Earnings per Share =  EMBED Equation.2   EMBED Equation.2  = $2.50 *($1,250,000/$25) $5 **$4,000,000/$10 b. Price-Earnings Ratio =  EMBED Equation.2   EMBED Equation.2  = 16.0 c. Dividends per Share =  EMBED Equation.2   EMBED Equation.2  = $2.00 d. Dividend Yield =  EMBED Equation.2   EMBED Equation.2  = 5.0% Ex. 1522 a. Price-Earnings Ratio =  EMBED Equation.3  The Home Depot:  EMBED Equation.3  = 21.3 Google:  EMBED Equation.3  = 22.4 Coca-Cola:  EMBED Equation.3  = 17.3 Dividend Yield =  EMBED Equation.3  The Home Depot:  EMBED Equation.3  = 2.8% Google:  EMBED Equation.3  = 0.0% Coca-Cola:  EMBED Equation.3  = 3.3% b. Coca-Cola has the largest dividend yield, but the smallest price-earnings ratio. Stock market participants value Coca-Cola common stock on the basis of its dividend. The dividend is an attractive yield at this date. Because of this attractive yield, stock market participants do not expect the share price to grow significantly, hence the low price-earnings valuation. This is a typical pattern for companies that pay high dividends. Google shows the opposite extreme. Google pays no dividend, and thus has no dividend yield. However, Google has the largest price-earnings ratio of the three companies. Stock market participants are expecting a return on their investment from appreciation in the stock price. The Home Depot is priced in between the other two companies. The Home Depot has a moderate dividend producing a yield of 2.8%. The price-earnings ratio is slightly over 21. Thus, The Home Depot is expected to produce shareholder returns through a combination of some share price appreciation and a small dividend. Appendix Ex. 1523 a. Earnings per share on income before extraordinary items: Net income $3,200,000 Less gain on condemnation (700,000) Plus loss from flood damage 350,000 Income before extraordinary items $2,850,000 Earnings Before Extraordinary Items per Share on Common Stock =  EMBED Equation.2   EMBED Equation.2  = $10.40 per share *250,000 shares $1.00 per share b. Earnings per Share on Common Stock =  EMBED Equation.2   EMBED Equation.2  = $11.80 per share Appendix Ex. 1524 a. E e. NR b. NR f. E c. NR g. NR d. NR Appendix Ex. 1525 a. ERIS, inc. Partial Income Statement For the Year Ended December 31, 2012 Income from continuing operations before income tax $800,000 Income tax expense 320,000* Income from continuing operations $480,000 Loss from discontinued operations 120,000 Income before extraordinary item $360,000 Extraordinary item: Loss due to hurricane 100,000 Net income $260,000 *$800,000 40% b. ERIS, inc. Partial Income Statement For the Year Ended December 31, 2012 Earnings per common share: Income from continuing operations $9.601 Loss from discontinued operations 2.402 Income before extraordinary item $7.20 Extraordinary item: Loss due to hurricane 2.003 Net income $5.20 1$9.60 = $480,000 50,000 2$2.40 = $120,000 50,000 3$2.00 = $100,000 50,000 Appendix Ex. 1526 a. Daphne Company reported this item correctly in the financial statements. This item is an error in the recognition, measurement, or presentation in the financial statements, which is correctly handled by retroactively restating prior-period earnings. b. Daphne Company did not report this item correctly. This item is a change from one generally accepted accounting principle to another, which is correctly handled by retroactively restating prior-period earnings. In this case, Daphne reports this change cumulatively in the current period, which is incorrect.     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3.0 DS Equation Equation.39qRÎ03Ģ0 $1,440,000($158,000+$130,000)2Equation Native ]_1336822831FGEGEOle `PIC aLLuEluEN  .1  & & MathType "-@ Arial-2 q Inventory,ii2 q_ end of yeiiiMETA cHCompObjmfObjInfooEquation Native p 2 qQar2 C` Average dai2 CX ily cost oiiii2 C f goods soii 2 CUldi & "Systemn-m & FMicrosoft Equation 3.0 DS Equation Equation.39qR30 Average InventoryAverage Daily Cost of Goods SoldL` FMicrosoft Equation 3.0 DS Eq_1336822808FGEGEOle tPIC uLCompObjwfuation Equation.39qRËp10 ($140,000+$158,000)2$3,347 1LtObjInfoyEquation Native z_1336822812FGEGEOle }PIC ~LCompObjfObjInfoEquation Native  FMicrosoft Equation 3.0 DS Equation Equation.39qRË60 ($158,000+$130,000)2$3,945 2Lh_1208761181FGEGEOle PIC LMETA hN  .1  @& & MathType "-@  Arial-2 ` Cost of goii2 ods soldii2 e Average inii2 e4ventory & "Systemn-i2 B  FMicrosoft Equation 3.0 DS Equation Equation.39qž8 $ Cost of Goods SoldAverage InventoryCompObjfObjInfoEquation Native _1336822841FGEGEOle PIC LCompObjfObjInfoLn_  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