ࡱ> TVQRSn5@ Æbjbj22 eXX$8dddP8[hL""" RTTTTTT$R xQx""J~R""RR Vw"" P"k)kd zT 6H[`T ! !88 !tveTDxx8 d"^8 Chapter 4 Analysis of Financial Statements ANSWERS TO END-OF-CHAPTER QUESTIONS 4-1 a. A liquidity ratio is a ratio that shows the relationship of a firms cash and other current assets to its current liabilities. The current ratio is found by dividing current assets by current liabilities. It indicates the extent to which current liabilities are covered by those assets expected to be converted to cash in the near future. The quick, or acid test, ratio is found by taking current assets less inventories and then dividing by current liabilities. b. Asset management ratios are a set of ratios that measure how effectively a firm is managing its assets. The inventory turnover ratio is sales divided by inventories. Days sales outstanding is used to appraise accounts receivable and indicates the length of time the firm must wait after making a sale before receiving cash. It is found by dividing receivables by average sales per day. The fixed assets turnover ratio measures how effectively the firm uses its plant and equipment. It is the ratio of sales to net fixed assets. Total assets turnover ratio measures the turnover of all the firms assets; it is calculated by dividing sales by total assets. c. Financial leverage ratios measure the use of debt financing. The debt ratio is the ratio of total liabilities to total assets, it measures the percentage of funds provided by non-equity holders. The times-interest-earned ratio is determined by dividing earnings before interest and taxes by the interest charges. This ratio measures the extent to which operating income can decline before the firm is unable to meet its annual interest costs. The EBITDA coverage ratio is similar to the times-interest-earned ratio, but it recognizes that many firms lease assets and also must make sinking fund payments. It is found by adding EBITDA and lease payments then dividing this total by interest charges, lease payments, and sinking fund payments over one minus the tax rate. d. Profitability ratios are a group of ratios, which show the combined effects of liquidity, asset management, and debt on operations. The profit margin on sales, calculated by dividing net income by sales, gives the profit per dollar of sales. Basic earning power is calculated by dividing EBIT by total assets. This ratio shows the raw earning power of the firms assets, before the influence of taxes and leverage. Return on total assets is the ratio of net income to total assets. Return on common equity is found by dividing net income by common equity. e. Market value ratios relate the firms stock price to its earnings and book value per share. The price/earnings ratio is calculated by dividing price per share by earnings per share--this shows how much investors are willing to pay per dollar of reported profits. The price/cash flow is calculated by dividing price per share by cash flow per share. This shows how much investors are willing to pay per dollar of cash flow. Market-to-book ratio is simply the market price per share divided by the book value per share. Book value per share is common equity divided by the number of shares outstanding. f. Trend analysis is an analysis of a firms financial ratios over time. It is used to estimate the likelihood of improvement or deterioration in its financial situation. Comparative ratio analysis is when a firm compares its ratios to other leading companies in the same industry. This technique is also known as benchmarking. g. The Du Pont equation is a formula, which shows that the rate of return on assets can be found as the product of the profit margin times the total assets turnover. Window dressing is a technique employed by firms to make their financial statements look better than they really are. Seasonal factors can distort ratio analysis. At certain times of the year a firm may have excessive inventories in preparation of a season of high demand. Therefore an inventory turnover ratio taken at this time as opposed to after the season will be radically distorted. 4-2 The emphasis of the various types of analysts is by no means uniform nor should it be. Management is interested in all types of ratios for two reasons. First, the ratios point out weaknesses that should be strengthened; second, management recognizes that the other parties are interested in all the ratios and that financial appearances must be kept up if the firm is to be regarded highly by creditors and equity investors. Equity investors are interested primarily in profitability, but they examine the other ratios to get information on the riskiness of equity commitments. Long-term creditors are more interested in the debt ratio, TIE, and fixed-charge coverage ratios, as well as the profitability ratios. Short-term creditors emphasize liquidity and look most carefully at the liquidity ratios. 4-3 Given that sales have not changed, a decrease in the total assets turnover means that the companys assets have increased. Also, the fact that the fixed assets turnover ratio remained constant implies that the company increased its current assets. Since the companys current ratio increased, and yet, its quick ratio is unchanged means that the company has increased its inventories. 4-4 Differences in the amounts of assets necessary to generate a dollar of sales cause asset turnover ratios to vary among industries. For example, a steel company needs a greater number of dollars in assets to produce a dollar in sales than does a grocery store chain. Also, profit margins and turnover ratios may vary due to differences in the amount of expenses incurred to produce sales. For example, one would expect a grocery store chain to spend more per dollar of sales than does a steel company. Often, a large turnover will be associated with a low profit margin, and vice versa. 4-5 a. Cash, receivables, and inventories, as well as current liabilities, vary over the year for firms with seasonal sales patterns. Therefore, those ratios that examine balance sheet figures will vary unless averages (monthly ones are best) are used. b. Common equity is determined at a point in time, say December 31, 20087. Profits are earned over time, say during 20087. If a firm is growing rapidly, year-end equity will be much larger than beginning-of-year equity, so the calculated rate of return on equity will be different depending on whether end-of-year, beginning-of-year, or average common equity is used as the denominator. Average common equity is conceptually the best figure to use. In public utility rate cases, people are reported to have deliberately used end-of-year or beginning-of-year equity to make returns on equity appear excessive or inadequate. Similar problems can arise when a firm is being evaluated. 4-6 Firms within the same industry may employ different accounting techniques, which make it difficult to compare financial ratios. More fundamentally, comparisons may be misleading if firms in the same industry differ in their other investments. For example, comparing Pepsico and Coca-Cola may be misleading because apart from their soft drink business, Pepsi also owns other businesses such as Frito-Lay, Pizza Hut, Taco Bell, and KFC. SOLUTIONS TO END-OF-CHAPTER PROBLEMS 4-1 DSO = 20 days; ADS = $20,000; AR = ? EMBED Equation.3 4-2 A/E = 2.5; D/A = ? EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 = 1 0.40 = 0.60 = 60% EMBED Equation.3 4-3 TA = $10,000,000,000; CL = $1,000,000,000; LT debt = $3,000,000,000; CE = $6,000,000,000; Shares outstanding = 800,000,000; P0 = $32; M/B = ? Book value =  EMBED Equation.3  = $7.50. M/B =  EMBED Equation.3  = 10. 4-4 EPS = $1.50; CFPS = $3.00; P/CF = 8.0(; P/E = ? P/CF = 8.0 P/$3.00 = 8.0 P = $24.00. P/E = $24.00/$1.50 = 16.0(. 4-5 PM = 3%; EM = 2.0; Sales = $100,000,000; Assets = $50,000,000; ROE = ? ROE = PM ( TATO ( EM = NI/S ( S/TA ( A/E = 3% ( $100,000,00/$50,000,000 ( 2 = 12%. 4-6 ROA = 10%; PM = 2%; ROE = 15%; S/TA = ?; A/E = ? ROA = NI/A; PM = NI/S; ROE = NI/E ROA = PM ( S/TA NI/A = NI/S ( S/TA 10% = 2% ( S/TA S/TA = 5. ROE = PM ( S/TA ( TA/E NI/E = NI/S ( S/TA ( TA/E 15% = 2% ( 5 ( TA/E 15% = 10% ( TA/E TA/E = 1.5. 4-7 CA = $3,000,000; EMBED Equation.3 = 1.5; EMBED Equation.3 = 1.0; CL = ?; I = ? EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 EMBED Equation.3 4-8 We are given ROA = 3% and Sales/Total assets = 1.5(. From Du Pont equation: ROA = Profit margin ( Total assets turnover 3% = Profit margin (1.5) Profit margin = 3%/1.5 = 2%. We can also calculate the companys debt ratio in a similar manner, given the facts of the problem. We are given ROA(NI/A) and ROE(NI/E); if we use the reciprocal of ROE we have the following equation: EMBED Equation.3 Alternatively, ROE = ROA ( EM 5% = 3% ( EM EM = 5%/3% = 5/3 = TA/E. Take reciprocal: E/TA = 3/5 = 60%; therefore, D/A = 1 - 0.60 = 0.40 = 40%. Thus, the firms profit margin = 2% and its debt ratio = 40%. 4-9 Present current ratio = EMBED Equation.3 = 2.5. Minimum current ratio = EMBED Equation.3 = 2.0. $1,312,500 + "NP = $1,050,000 + 2"NP "NP = $262,500. Short-term debt can increase by a maximum of $262,500 without violating a 2 to 1 current ratio, assuming that the entire increase in notes payable is used to increase current assets. Since we assumed that the additional funds would be used to increase inventory, the inventory account will increase to $637,500, and current assets will total $1,575,000. Quick ratio = ($1,575,000 - $637,500)/$787,500 = $937,500/$787,500 = 1.19(. 4-10 TIE = EBIT/INT, so find EBIT and INT. Interest = $500,000 ( 0.1 = $50,000. Net income = $2,000,000 ( 0.05 = $100,000. Pre-tax income = $100,000/(1 - T) = $100,000/0.7 = $142,857. EBIT = $142,857 + $50,000 = $192,857. TIE = $192,857/$50,000 = 3.86(. 4-11 1. Debt = (0.50)(Total assets) = (0.50)($300,000) = $150,000. 2. Accounts payable = Debt Long-term debt = $150,000 - $60,000 = $90,000 3. Common stock = EQ \A(Total liabilities,and equity) - Debt - Retained earnings = $300,000 - $150,000 - $97,500 = $52,500. 4. Sales = (1.5)(Total assets) = (1.5)($300,000) = $450,000. 5. Inventory = Sales/5 = $450,000/5 = $90,000. 6. Accounts receivable = (Sales/365)(DSO) = ($450,000/365)(36.5) = $45,000. 7. Cash + Accounts receivable = (0.80)(Accounts payable) Cash + $45,000 = (0.80)($90,000) Cash = $72,000 - $45,000 = $27,000. 8. Fixed assets = Total assets - (Cash + Accts rec. + Inventories) = $300,000 - ($27,000 + $45,000 + $90,000) = $138,000. 9. Cost of goods sold = (Sales)(1 - 0.25) = ($450,000)(0.75) = $337,500. 4-12 1.  EQ \F(Current assets,Current liabilities) EMBED Equation.3 = 3.0(  EQ \F(Current assets,Current liabilities)  EQ \F(Current assets,Current liabilities)  EMBED Equation.3 = 3.0( Current liabilities = $270,000. 2.  EQ \F(Current assets " Inventories,Current liabilities) EMBED Equation.3 = 1.4( EMBED Equation.3 = 1.4( Inventories = $432,000. 3. EMBED Equation.3 $810,000 = $120,000 + Accounts receivable + $432,000 Accounts receivable = $258,000. 4. EMBED Equation.3 = 6.0( EMBED Equation.3 = 6.0( Sales = $2,592,000. 5. DSO = EMBED Equation.3 = EMBED Equation.3 = 36.33 days. 4-13 a. (Dollar amounts in thousands.) Industry Firm Average  EQ \F(Current assets,Current liabilities)  EMBED Equation.3 = EMBED Equation.3 = 1.98( 2.0( DSO = EMBED Equation.3 = EMBED Equation.3 = 76 days 35 days EMBED Equation.3 = EMBED Equation.3 = 6.66( 6.7( EMBED Equation.3 = EMBED Equation.3 = 5.50( 12.1( EMBED Equation.3 = EMBED Equation.3 = 1.70( 3.0( EMBED Equation.3 = EMBED Equation.3 = 1.7% 1.2% EMBED Equation.3 = EMBED Equation.3 = 2.9% 3.6% Industry Firm Average EMBED Equation.3 = EMBED Equation.3 = 7.6% 9.0% EMBED Equation.3 = EMBED Equation.3 = 61.9% 60.0% b. For the firm, ROE = PM ( T.A. turnover ( EM = 1.7% ( 1.7 ( EMBED Equation.3 = 7.6%. For the industry, ROE = 1.2% ( 3 ( 2.5 = 9%. Note: To find the industry ratio of assets to common equity, recognize that 1 - (total debt/total assets) = common equity/total assets. So, common equity/total assets = 40%, and 1/0.40 = 2.5 = total assets/common equity. c. The firms days sales outstanding is more than twice as long as the industry average, indicating that the firm should tighten credit or enforce a more stringent collection policy. The total assets turnover ratio is well below the industry average so sales should be increased, assets decreased, or both. While the companys profit margin is higher than the industry average, its other profitability ratios are low compared to the industry--net income should be higher given the amount of equity and assets. However, the company seems to be in an average liquidity position and financial leverage is similar to others in the industry. d. If 2007 represents a period of supernormal growth for the firm, ratios based on this year will be distorted and a comparison between them and industry averages will have little meaning. Potential investors who look only at 2006 ratios will be misled, and a return to normal conditions in 2008 could hurt the firms stock price. 4-14 a. Here are the firms base case ratios and other data as compared to the industry: Firm Industry Comment Quick 0.8( 1.0( Weak Current 2.3 2.7 Weak Inventory turnover 4.8 7.0 Poor Days sales outstanding 37 days 32 days Poor Fixed assets turnover 10.0( 13.0( Poor Total assets turnover 2.3 2.6 Poor Return on assets 5.9% 9.1% Bad Return on equity 13.1 18.2 Bad Debt ratio 54.8 50.0 High Profit margin on sales 2.5 3.5 Bad EPS $4.71 n.a. -- Stock Price $23.57 n.a. -- P/E ratio 5.0( 6.0( Poor P/CF ratio 2.0( 3.5( Poor M/B ratio 0.65 n.a. -- The firm appears to be badly managed--all of its ratios are worse than the industry averages, and the result is low earnings, a low P/E, P/CF ratio, a low stock price, and a low M/B ratio. The company needs to do something to improve. b. A decrease in the inventory level would improve the inventory turnover, total assets turnover, and ROA, all of which are too low. It would have some impact on the current ratio, but it is difficult to say precisely how that ratio would be affected. If the lower inventory level allowed the company to reduce its current liabilities, then the current ratio would improve. The lower cost of goods sold would improve all of the profitability ratios and, if dividends were not increased, would lower the debt ratio through increased retained earnings. All of this should lead to a higher market/book ratio and a higher stock price. SOLUTION TO SPREADSHEET PROBLEM 4-152 The detailed solution for the problem is available is in the file Solution to FM12 CF3 Ch 04 P152 Build a Model.xls and is available on the instructors side of at the textbooks web site. MINI CASE The first part of the case, presented in Chapter 3, discussed the situation that Computron Industries was in after an expansion program. Thus far, sales have not been up to the forecasted level, costs have been higher than were projected, and a large loss occurred in 20087, rather than the expected profit. As a result, its managers, directors, and investors are concerned about the firms survival. Donna Jamison was brought in as assistant to Fred Campo, Computrons chairman, who had the task of getting the company back into a sound financial position. Computrons 20076 and 20087 balance sheets and income statements, together with projections for 20098, are shown in the following tables. Also, the tables show the 20076 and 20087 financial ratios, along with industry average data. The 20098 projected financial statement data represent Jamisons and Campos best guess for 20098 results, assuming that some new financing is arranged to get the company over the hump. Jamison examined monthly data for 20087 (not given in the case), and she detected an improving pattern during the year. Monthly sales were rising, costs were falling, and large losses in the early months had turned to a small profit by December. Thus, the annual data looked somewhat worse than final monthly data. Also, it appears to be taking longer for the advertising program to get the message across, for the new sales offices to generate sales, and for the new manufacturing facilities to operate efficiently. In other words, the lags between spending money and deriving benefits were longer than Computrons managers had anticipated. For these reasons, Jamison and Campo see hope for the company--provided it can survive in the short run. Jamison must prepare an analysis of where the company is now, what it must do to regain its financial health, and what actions should be taken. Your assignment is to help her answer the following questions. Provide clear explanations, not yes or no answers. Balance SheetsAssets200762008720098eCash$ 9,000  $ 7,282  $ 14,000 Short-Term Investments.48,600 20,000 71,632 Accounts Receivable351,200 632,160 878,000 Inventories715,200 1,287,360 1,716,480  Total Current Assets $ 1,124,000  $ 1,946,802  $ 2,680,112 Gross Fixed Assets491,000 1,202,950 1,220,000 Less: Accumulated Depreciation146,200 263,160 383,160  Net Fixed Assets $ 344,800  $ 939,790  $ 836,840 Total Assets $ 1,468,800  $ 2,886,592  $ 3,516,952 Liabilities And Equity200762008720098eAccounts Payable $ 145,600  $ 324,000  $ 359,800 Notes Payable200,000 720,000 300,000 Accruals136,000 284,960 380,000  Total Current Liabilities $ 481,600  $ 1,328,960  $ 1,039,800 Long-Term Debt323,432 1,000,000 500,000 Common Stock (100,000 Shares)460,000 460,000 1,680,936 Retained Earnings203,768 97,632 296,216  Total Equity $ 663,768  $ 557,632  $ 1,977,152 Total Liabilities And Equity $ 1,468,800  $ 2,886,592  $ 3,516,952  Income Statements200762008720098eSales $ 3,432,000  $ 5,834,400  $ 7,035,600 Cost Of Goods Sold2,864,000 4,980,000 5,800,000 Other Expenses340,000 720,000 612,960 Depreciation18,900 116,960 120,000  Total Operating Costs $ 3,222,900  $ 5,816,960  $ 6,532,960  EBIT $ 209,100  $ 17,440  $ 502,640 Interest Expense62,500 176,000 80,000  EBT $ 146,600  $ (158,560) $ 422,640 Taxes (40%)58,640 (63,424)169,056 Net Income $ 87,960  $ (95,136) $ 253,584 Other Data200762008720098eStock Price $ 8.50  $ 6.00  $ 12.17 Shares Outstanding100,000 100,000 250,000 EPS $ 0.880  $ (0.951) $ 1.014 DPS $ 0.220  $ 0.110  $ 0.220 Tax Rate40%40%40%Book Value Per Share $ 6.638  $ 5.576  $ 7.909 Lease Payments $ 40,000  $ 40,000  $ 40,000  Ratio Analysis200762008720098eIndustry AverageCurrent 2.3 1.5 2.58 2.7 Quick0.8 0.5 0.93 1.0 Inventory Turnover4.8 4.5 4.10 6.1 Days Sales Outstanding 37.4  39.5  45.5  32.0 Fixed Assets Turnover 10.0  6.2  8.41  7.0 Total Assets Turnover 2.3  2.0  2.00  2.5 Debt Ratio54.8%80.7%43.8%50.0%TIE3.30.16.36.2EBITDA Coverage2.60.85.58.0Profit Margin2.6%-1.6%3.6%3.6%Basic Earning Power14.2%0.6%14.3%17.8%ROA6.0%-3.3%7.2%9.0%ROE13.3%-17.1%12.8%17.9%Price/Earnings (P/E)9.7-6.312.016.2Price/Cash Flow8.027.58.17.6Market/Book1.31.11.52.9 a. Why are ratios useful? What are the five major categories of ratios? Answer: Ratios are used by managers to help improve the firms performance, by lenders to help evaluate the firms likelihood of repaying debts, and by stockholders to help forecast future earnings and dividends. The five major categories of ratios are: liquidity, asset management, debt management, profitability, and market value. b. Calculate the 20098 current and quick ratios based on the projected balance sheet and income statement data. What can you say about the companys liquidity position in 20076, 20087, and as projected for 20098? We often think of ratios as being useful (1) to managers to help run the business, (2) to bankers for credit analysis, and (3) to stockholders for stock valuation. Would these different types of analysts have an equal interest in the liquidity ratios? Answer: Current Ratio098 = Current Assets/Current Liabilities = $2,680,112/$1,039,800 = 2.58(. Quick Ratio098 = (Current Assets Inventory)/Current Liabilities = ($2,680,112 - $1,716,480)/$1,039,800 = 0.93(. The companys current and quick ratios are higher relative to its 20076 current and quick ratios; they have improved from their 20087 levels. Both ratios are below the industry average, however. c. Calculate the 20098 inventory turnover, days sales outstanding (DSO), fixed assets turnover, and total assets turnover. How does Computrons utilization of assets stack up against other firms in its industry? Answer: Inventory Turnover098 = Sales/Inventory = $7,035,600/$1,716,480 = 4.10(. DSO098 = Receivables/(Sales/365) ADVANCE \r0= $878,000/($7,035,600/365) = 45.5 Days. Fixed Assets Turnover098 = Sales/Net Fixed Assets ADVANCE \r0= $7,035,600/$836,840 = 8.41(. Total Assets Turnover098 = Sales/Total Assets ADVANCE \r0= $7,035,600/$3,516,952 = 2.0(. The firms inventory turnover ratio has been steadily declining, while its days sales outstanding has been steadily increasing. While the firms fixed assets turnover ratio is below its 20076 level, it is above the 20087 level. The firms total assets turnover ratio is below its 20076 level and equal to its 20087 level. The firms inventory turnover and total assets turnover are below the industry average. The firms days sales outstanding is above the industry average (which is bad); however, the firms fixed assets turnover is above the industry average. (This might be due to the fact that Computron is an older firm than most other firms in the industry, in which case, its fixed assets are older and thus have been depreciated more, or that Computrons cost of fixed assets were lower than most firms in the industry.) d. Calculate the 20098 debt, times-interest-earned, and EBITDA coverage ratios. How does Computron compare with the industry with respect to financial leverage? What can you conclude from these ratios? Answer: Debt Ratio098 = Total Liabilities/Total Assets ADVANCE \r1= ($1,039,800 + $500,000)/$3,516,952 = 43.8%. Tie098 = EBIT/Interest = $502,640/$80,000 = 6.3(. EBITDA Coverage088 =  EMBED Equation.3 / EMBED Equation.3  ADVANCE \r0= ($502,640 + $120,000 + $40,000)/($80,000 + $40,000) = 5.5(. The firms debt ratio is much improved from 20087, and is still lower than its 20076 level and the industry average. The firms TIE and EBITDA coverage ratios are much improved from their 20076 and 20087 levels. The firms TIE is better than the industry average, but the EBITDA coverage is lower, reflecting the firms higher lease obligations. e. Calculate the 20098 profit margin, basic earning power (BEP), return on assets (ROA), and return on equity (ROE). What can you say about these ratios? Answer: Profit Margin098 = Net Income/Sales = $253,584/$7,035,600 = 3.6%. Basic Earning Power098 = EBIT/Total Assets = $502,640/$3,516,952 = 14.3%. ROA098 = Net Income/Total Assets = $253,584/$3,516,952 = 7.2%. ROE098 = Net Income/Common Equity = $253,584/$1,977,152 = 12.8%. The firms profit margin is above 20076 and 20087 levels and is at the industry average. The basic earning power, ROA, and ROE ratios are above both 20076 and 20087 levels, but below the industry average due to poor asset utilization. f. Calculate the 20098 price/earnings ratio, price/cash flow ratios, and market/book ratio. Do these ratios indicate that investors are expected to have a high or low opinion of the company? Answer: EPS = Net Income/Shares Outstanding = $253,584/250,000 = $1.0143. Price/Earnings098 = Price Per Share/Earnings Per Share = $12.17/$1.0143 = 12.0(. Check: Price = EPS ( P/E = $1.0143(12) = $12.17. Cash Flow/Share098 = (NI + DEP)/Shares = ($253,584 + $120,000)/250,000 = $1.49. Price/Cash Flow = $12.17/$1.49 = 8.2(. BVPS = Common Equity/Shares Outstanding = $1,977,152/250,000 = $7.91. Market/Book = Market Price Per Share/Book Value Per Share = $12.17/$7.91 = 1.54x. Both the P/E ratio and BVPS are above the 20076 and 20087 levels but below the industry average. g. Perform a common size analysis and percent change analysis. What do these analyses tell you about Computron? Answer: For the common size balance sheets, divide all items in a year by the total assets for that year. For the common size income statements, divide all items in a year by the sales in that year. Common Size Balance SheetsAssets200762008720098eInd.Cash0.6%0.3%0.4%0.3%Short Term Investments3.3%0.7%2.0%0.3%Accounts Receivable23.9%21.9%25.0%22.4%Inventories48.7%44.6%48.8%41.2% Total Current Assets76.5%67.4%76.2%64.1%Gross Fixed Assets33.4%41.7%34.7%53.9%Less Accumulated Depreciation10.0%9.1%10.9%18.0% Net Fixed Assets23.5%32.6%23.8%35.9%Total Assets100.0%100.0%100.0%100.0%Liabilities And Equity200762008720098eInd.Accounts Payable9.9%11.2%10.2%11.9%Notes Payable13.6%24.9%8.5%2.4%Accruals9.3%9.9%10.8%9.5% Total Current Liabilities32.8%46.0%29.6%23.7%Long-Term Debt22.0%34.6%14.2%26.3%Common Stock (100,000 Shares)31.3%15.9%47.8%20.0%Retained Earnings13.9%3.4%8.4%30.0% Total Equity45.2%19.3%56.2%50.0%Total Liabilities And Equity100.0%100.0%100.0%100.0% Common Size Income Statement200762008720098eInd.Sales100.0%100.0%100.0%100.0%Cost Of Goods Sold83.4%85.4%82.4%84.5%Other Expenses9.9%12.3%8.7%4.4%Depreciation0.6%2.0%1.7%4.0% Total Operating Costs93.9%99.7%92.9%92.9% EBIT6.1%0.3%7.1%7.1%Interest Expense1.8%3.0%1.1%1.1% EBT4.3%-2.7%6.0%5.9%Taxes (40%)1.7%-1.1%2.4%2.4%Net Income2.6%-1.6%3.6%3.6% Computron has higher proportion of inventory and current assets than industry. Computron has slightly more equity (which means less debt) than industry. Computron has more short-term debt than industry, but less long-term debt than industry. Computron has lower COGS than industry, but higher other expenses. Result is that Computron has similar EBIT as industry. For the percent change analysis, divide all items in a row by the value in the first year of the analysis. Percent Change Balance SheetsAssets200762008720098eCash0.0%-19.1%55.6%Short Term Investments0.0%-58.8%47.4%Accounts Receivable0.0%80.0%150.0%Inventories0.0%80.0%140.0% Total Current Assets0.0%73.2%138.4%Gross Fixed Assets0.0%145.0%148.5%Less Accumulated Depreciation0.0%80.0%162.1% Net Fixed Assets0.0%172.6%142.7%Total Assets0.0%96.5%139.4%Liabilities And Equity200762008720098eAccounts Payable0.0%122.5%147.1%Notes Payable0.0%260.0%50.0%Accruals0.0%109.5%179.4% Total Current Liabilities0.0%175.9%115.9%Long-Term Debt0.0%209.2%54.6%Common Stock (100,000 Shares)0.0%0.0%265.4%Retained Earnings0.0%-52.1%45.4% Total Equity0.0%-16.0%197.9%Total Liabilities And Equity0.0%96.5%139.4% Percent Change Income Statement200762008720098eSales0.0%70.0%105.0%Cost Of Goods Sold0.0%73.9%102.5%Other Expenses0.0%111.8%80.3%Depreciation0.0%518.8%534.9% Total Operating Costs0.0%80.5%102.7% EBIT0.0%-91.7%140.4%Interest Expense0.0%181.6%28.0% EBT0.0%-208.2%188.3%Taxes (40%)0.0%-208.2%188.3%Net Income0.0%-208.2%188.3% We see that 20098 sales grew 105% from 20076, and that NI grew 188% from 20076. So Computron has become more profitable. We see that total assets grew at a rate of 139%, while sales grew at a rate of only 105%. So asset utilization remains a problem. h. Use the extended Du Pont equation to provide a summary and overview of Computrons financial condition as projected for 20098. What are the firms major strengths and weaknesses? Answer: Du Pont Equation = EMBED Equation.3 ( EMBED Equation.3 ( EMBED Equation.3 = 3.6% ( 2.0 ( ($3,516,952/$1,977,152) = 3.6% ( 2.0 ( 1.8 = 13.0%. Strengths: The firms fixed assets turnover was above the industry average. However, if the firms assets were older than other firms in its industry this could possibly account for the higher ratio. (Computrons fixed assets would have a lower historical cost and would have been depreciated for longer periods of time.) The firms profit margin is slightly above the industry average, despite its higher debt ratio. This would indicate that the firm has kept costs down, but, again, this could be related to lower depreciation costs. Weaknesses: The firms liquidity ratios are low; most of its asset management ratios are poor (except fixed assets turnover); its debt management ratios are poor, most of its profitability ratios are low (except profit margin); and its market value ratios are low. i. What are some potential problems and limitations of financial ratio analysis? Answer: Some potential problems are listed below: 1. Comparison with industry averages is difficult if the firm operates many different divisions. 2. Different operating and accounting practices distort comparisons. 3. Sometimes hard to tell if a ratio is good or bad. 4. Difficult to tell whether company is, on balance, in a strong or weak position. 5. Average performance is not necessarily good. 6. Seasonal factors can distort ratios. 7. Window dressing techniques can make statements and ratios look better. j. What are some qualitative factors analysts should consider when evaluating a companys likely future financial performance? Answer:  *+,-PQSTv w . 9 {  ZCM0CɼvlbWWWWbh+6OJQJaJhR OJQJaJhFOJQJaJhOJQJaJhcOJQJaJh OOJQJaJhdBOJQJaJh+OJQJaJh'&GOJQJaJhOJQJaJh'&GhCJOJQJh hCJ hT1hT1h5CJ$OJQJh+5CJ$OJQJh+OJQJh'&GOJQJ" +,-QRS, - xxxf$ 08a$gdd$ 088^8`a$gdd&#$&d.Pgd'&G$ 08a$gdT1$ `0wa$gd.&#$$d%d&d'd.NOPQ †-  jk$ 080^`0a$gdhn$ 080^`0a$gdd$ 08a$gdd$ 088^8`a$gdd & 4 5 6 E d e f ""W$Y$}$$$$$$$$$$ȯȯykX$jDH h@\CJOJQJUVhjh"1OJQJUaJh6zOJQJaJhOJQJaJh"1OJQJaJh+CJOJQJh+OJQJ h+CJ1hR hOJQJaJcHdhdhdhMEFHhMEFhOJQJaJh|POJQJaJhR OJQJaJhOJQJaJh+OJQJaJ""U$V$W$Y$~$m` &./$ 080^`0a$gdd$ 08a$gdd$ 088^8`a$gdd$ 088^8`a$gdd$$$ 08a$gdd$$$ 080^`0a$gdd ~$$$$$$$$$$$%0%lllZ$ 8p C$Eƀ`a$gd$ 8p `a$gd"1$ 8p a$gd"1$ 08a$ $$$$$$$$$$$$$$$$$$%Ժԥ|bI1jwJHh hCJOJQJUVh2jHhhv8hEHOJQJUaJ1jwJHh hCJOJQJUVhHhhOJQJaJ(jHhhOJQJUaJh@\OJQJaJhOJQJaJ h"1CJh"1OJQJaJjh"1OJQJUaJ%jh6zh@\EHOJQJUaJ%%%%%%%%%/%0%1%A%B%dK)Cj DH h@\hCJOJQJUVcHdhdhdhh1h"1hOJQJaJcHdhdhdh:jh"1hOJQJUaJcHdhdhdhHhhCJ2jHhhv8hEHOJQJUaJ1jxJHh hCJOJQJUVhHhhOJQJaJ(jHhhOJQJUaJ2j|Hhhv8hEHOJQJUaJ B%C%D%E%F%G%I%J%%%%%%%%%%%& &&&ݿp_K8_p_%j h7hO@EHOJQJU&jHF h7hOOJQJUVh!jh7hO@OJQJU h7hO@CJOJQJaJh7hO@H*OJQJh7h@OJQJh7hO@OJQJ h+CJ h"1CJh"1OJQJaJ:jh"1hOJQJUaJcHdhdhdhDj6 h@\h@\hEHOJQJUaJcHdhdhdh0%E%F%G%%%& &-&a&l 8Fp 1$gd<(oYJd&$$ Fp 1$^gdO Fp 1$^gdO Fp 01$^`0gdO$ 8p a$$ 8p a$gd"1$ 8p `a$gd"1 &#&$&%&&&+&/&0&1&8&<&G&H&V&W&a&b&h&j&x&z&&&&&&&&&&&ʹzjYOOOYjh7@OJQJ h7hO@CJOJQJaJ jh7hO@OJQJhM@OJQJh7h6z@OJQJh7hO5@OJQJh7h@OJQJh7h'@OJQJ!jh7hO@OJQJU%jh7h6z@EHOJQJU*jDH h7h6zCJOJQJUVhh7hO@OJQJa&b&p&&&&&&&&&'$'H'P' Fp 1$^gdO 8Fp 1$^gdO 8Fp 1$gdO Fp 1$^gd<(oYJd&$$ 8Fp 1$^gd<(oYJd&$$&&&&&&&&&&'' ' '''''''('*'+'D'E'K'M'P'Q'R'S'T'U''}l^lhOJQJaJmHsH h|Ph+OJQJaJmHsHhR OJQJaJmHsH h+CJhOOJQJaJ jh7hO@OJQJ h7hO@CJOJQJaJh7h6z@OJQJh7hO5@OJQJh7h@OJQJhf0hO@CJ^JaJh7hO@OJQJ P'Q'R'''''''''((1(C(O(P(Q(R(S(T(U(V(W($$ 8p a$gdg$ 8p `a$$ 8p a$'''''''''''((((&('(*(+(<(=(O(P(Q(^(`(a(s(t((((((((((((((ɿɱɞɱ{kɱjEh"1EHOJQJUaJ$j_kC h"1CJOJQJUVhjUh"1EHOJQJUaJ$j\kC h"1CJOJQJUVhjh"1OJQJUaJhOJQJaJh"1OJQJaJhgOJQJaJ hCJ h+CJ jh+OJQJaJh+OJQJaJ)W(X(Y(Z([(\(](^(((((((($$ 8p `a$gdg$$ 8p a$gdg(((((((((((((((((ſbO*Hj?HhoFhPhPUpF*j?EHOJQJUaJ$j@K hPCJOJQJUVhHjHhoFhPhPUpF*jEHOJQJUaJ$j@K hPCJOJQJUVhHhoFhPOJQJaJ(jHhoFhPOJQJUaJ h"1CJh"1OJQJaJjh"1OJQJUaJjOh"1EHOJQJUaJ$jPkC h"1CJOJQJUVh(()%):)s)t)))**sss$$$ 8p `a$gdg$$$ 8p a$gdg[$$ 8p C$EƀoF`a$gdg ((( ) )))))!)")#)$)%)&)6)ǢjL31h"1hPOJQJaJcHdhdhdhrF:jh"1hPOJQJUaJcHdhdhdhrFHjHhoFhPhFUqF*jEHOJQJUaJ$js@K hFCJOJQJUVhHjHhoFhPhFUqF*jEHOJQJUaJ$jt@K hFCJOJQJUVh(jHhoFhPOJQJUaJHhoFhPOJQJaJ6)7)8)9):);)<)=)p)q)))******'+(+J+K+~+ݺxkk]J:]kkj2%h+EHOJQJUaJ$jkC h+CJOJQJUVhjh+OJQJUaJ jh+OJQJaJhOJQJaJh+OJQJaJhR OJQJaJ hCJ:jh"1hPOJQJUaJcHdhdhdhrFDj"hPhPhPEHOJQJUaJcHdhdhdhrFCj@K hPhPCJOJQJUVcHdhdhdhrFh*****++,+O+~+++++r$$ @Hdgdg$$ @8p dgdg$$$ 8p `a$gdg$$$ 8p @ `@ a$gdg$$$ 8p a$gdg$$$ 8p ^a$gdg ~++++++ ,",$,&,(,*,\,^,~,,,,,,,,,,`-r-//0/y/z//////𩙼vfY jh+OJQJaJHhõhJCOJQJaJj*h+EHOJQJUaJ$jkC h+CJOJQJUVhj(h+EHOJQJUaJ$jkC h+CJOJQJUVhjh+OJQJUaJhOJQJaJhR OJQJaJ hCJh+CJOJQJaJh+OJQJaJ h+CJ"++++++, ,",$,,,$$$ 8p a$gdqC$ 8p a$$$$ 8p a$gdg$$ @8p dgdg$$$ 8p `a$gdg$$ @Hdgdg ,,-J---//0/|/}/~/////$$$ 8p `a$$$$ 8p a$$ 8p ^a$$ 8p a$$$$ 8p a$gdqC$$$ 8p `a$gdqC////{0|0~00000011@1A1f1g1111122333444)4*4饛鳂iYHhõhJCOJQJaJ1h+hJCOJQJaJcHdhdhdhõ1h+hJCOJQJaJcHdhdhdhõh@\OJQJaJjh@\OJQJUaJHhõhJCOJQJaJhOJQJaJhR OJQJaJ h+CJh+CJOJQJaJh+OJQJaJ jh+OJQJaJ/7080^0~0000001.1f$$$ 8p 8`8a$gd^PA$$$ 8p `a$gd^PA$$$ 8p a$gd^PA$ 8p a$$$ @8p d$$$ 8p a$$$$ 8p `a$ .1/1111224252w2222 3L3M3333$$$ 8p 8`8a$gd^PA$$$ 8p `a$gd^PA$$$ 8p a$gd^PA34)4*444556666"7$77774858$$$ 8p `a$gd^PA$$$ 8p 8`8a$gd^PA$$$ 8p a$gd^PA$ 8p ^a$gd^PA*4,4.42434^4_4`4p4q4r4s4y4z4|4ԣhE8 jh"1OJQJaJDj,hh"1hJCEHOJQJUaJcHdhdhdhõCj,F h"1hJCCJOJQJUVcHdhdhdhõh1h"1hJCOJQJaJcHdhdhdhõ:jh"1hJCOJQJUaJcHdhdhdhõ%Hhõh?hJCOJQJaJ.jHhõh?hJCOJQJUaJhOJQJaJh"1OJQJaJ|4}444444444444444556çߝ|l_NAh?hJCOJQJaJ!jh?hJCOJQJUaJ jh"1OJQJaJj-/h"1EHOJQJUaJ$jkC h"1CJOJQJUVhjh"1OJQJUaJh"1OJQJaJ7h?hJChJCOJQJaJcHdhdhdhõ7h?hJChJCOJQJaJcHdhdhdhõ@jh?hJChJCOJQJUaJcHdhdhdhõ66H6J6L6l6n6p6r6~66666ϱvVL?L1Ljh"1OJQJUaJ jh"1OJQJaJh"1OJQJaJ>jF1h"1hJCEHOJQJUaJcHdhdhdhõCjkC h"1hJCCJOJQJUVcHdhdhdhõh1h"1hJCOJQJaJcHdhdhdhõ:jh"1hJCOJQJUaJcHdhdhdhõ!jh?hJCOJQJUaJh?hJCOJQJaJ#HHhõhJCOJQJaJ 6666666666777 7,78777 88888888)8*8ŸŲşl\ŸI$jkC h"1CJOJQJUVhjG8h"1EHOJQJUaJ$jkC h"1CJOJQJUVhHhõhJCOJQJaJj5h"1EHOJQJUaJ$jkC h"1CJOJQJUVh h"1CJ jh"1OJQJaJh"1OJQJaJjh"1OJQJUaJj3h"1EHOJQJUaJ$jkC h"1CJOJQJUVh*8+8,82838I8J8S8T8d8e8f8g8j8k8{8|8}8~888 999999999ױ׎~tdddTHhõhJCOJQJaJHhõhJCOJQJaJhOJQJaJjg>h"1EHOJQJUaJ$jlC h"1CJOJQJUVhjI<h"1EHOJQJUaJ$jlC h"1CJOJQJUVh h"1CJ jh"1OJQJaJh"1OJQJaJjh"1OJQJUaJjK:h"1EHOJQJUaJ58I8J88880999jjI $$$ ) 8p @  a$gdz$$$$ ) 8p @  8`8a$gdz$$$ 8p a$gdz$ 8p a$gdz$ 8p `a$gdz$$$ 8p a$gd^PA$$$ 8p 8`8a$gd^PA9999999999999999:::̹ꛂ`@2jh"1OJQJUaJ>j@h"1hJCEHOJQJUaJcHdhdhdhõCj$lC h"1hJCCJOJQJUVcHdhdhdhõh1h"1hJCOJQJaJcHdhdhdhõ:jh"1hJCOJQJUaJcHdhdhdhõ%Hhõh?hJCOJQJaJ.jHhõh?hJCOJQJUaJ h"1CJh"1OJQJaJh"1>*OJQJaJ::::(:):1:2:3:4:G:H:X:Y:Z:[:_:`:p:q:r:s::::::::ŸŸŲş|lŲYIjIh"1EHOJQJUaJ$j*OJQJaJcHdhdhdhõ1h"1hJCOJQJaJcHdhdhdhõ)h"1hJCCJcHdhdhdhõh"1j`[h"1EHOJQJUaJ$jslC h"1CJOJQJUVhh"1OJQJaJjh"1OJQJUaJjGYh"1EHOJQJUaJ$jplC h"1CJOJQJUVh<<'=(=======hR$$$ 8p a$gd4S$$$ 8p `a$gd4S$ 8p ^a$gd4S#$ ,8p @ ^ 8`8a$gd4S$ ,8p @ ^ a$gd4S&$$$ ,8p @ ^ 8`8a$gdz X=Y=Z=b=c=s=t=u=v================>>>> >!>">#>3>Ĵ׮כxh[[[[ jh"1OJQJaJjch"1EHOJQJUaJ$jKmC h"1CJOJQJUVhjwah"1EHOJQJUaJ$jCmC h"1CJOJQJUVh h"1CJjz_h"1EHOJQJUaJ$j8mC h"1CJOJQJUVhh"1OJQJaJjh"1OJQJUaJj_]h"1EHOJQJUaJ 3>4>5>6>\>]>`>a>m>q>L?M?CCCCC!CwCxCCCCCCCCCCCDŸŸŭŧŧx_xx1h+hJCOJQJaJcHdhdhdhõh+>*OJQJaJhOJQJaJh+OJQJaJhR OJQJaJ h+CJ h"1CJh"16OJQJaJ jh"1OJQJaJh"1OJQJaJjh"1OJQJUaJjeh"1EHOJQJUaJ$j^mC h"1CJOJQJUVh=?>l>m>L?M?AACCCCww$ 8p a$$ 8p a$gd"1$ 8p 8^8`a$gd"1$$$ 8p 8^8a$gd4S$$$ 8p a$gd4S$$$ 8p 8`8a$gd4S CvCwCC+DyDDExEE5FFF[GG-HH#$$$ /8( ` 0p@ "a$gdKX'$$$ /X( ` 0p@ " ^ a$gdKX$$$ 8p 8^8`a$gdKXDDDDyDDNEOEVEXE`EaEgEiExEEFGnHoHxHzHHHHHHHHHHHIILL M M MMMM٧ӟӋ{Hhõha$OJQJaJhR OJQJaJh+CJOJQJh+OJQJ7 jh+hJCOJQJaJcHdhdhdhõHhõhJCOJQJaJ h+CJh+OJQJaJ7 jh+hJCOJQJaJcHdhdhdhõ)HIIIlJmJLLLtYII$ 8p a$$ 8p 8^8`a$gdd$ 8p a$gdd$$$ 8p 8^8a$gdKX$$$ 8p a$gdKX#$$$ /8( ` 0p@ "a$gdKX#$$$ ,( ` 0p@\"1$a$gdKXL M M MMMMMMMzbb$ 8p 8^8`a$$ p 0^`0a$$ 8p a$*$ /8p @ P <!1$^`a$gdd'$ /8p @ P <!1$^`a$ &./ MMFMIMUM`MaMbMfMgMjMkMmMŲmN1$hJ}56OJQJaJ8HhNEFhh5OJQJaJNEF*6=hhJ}h56OJQJaJcHdhdhdhNEFJhhR h5OJQJaJcHdhdhdhNEFNEF*6=hh+h56OJQJaJcHdhdhdhNEF%HhNEFh56OJQJaJh+56OJQJaJh;OJQJaJh+OJQJaJ1h+ha$OJQJaJcHdhdhdhõ mMnMoMpMsMtMuMMMMMMMMMMMɼy`PFQ]Q^Q_QQQQQUU˾ؾ؀ؾ˾ؾؾؾth+CJOJQJaJhJ}5CJOJQJaJ8h hC5CJOJQJaJcHdhdhdhOEF&HhOEFhC5CJOJQJaJh 5CJOJQJaJh$5CJOJQJaJh+5CJOJQJaJh+CJOJQJh+5CJOJQJ h+CJ,MMMMMvOQTUIII8 @h8p d$d%d&d'dNOPQgdd7 @8p d$d%d&d'dNOPQgdd$ 8p a$6$$ `0wxx$d%d&d'dNOPQa$UUUUUUUUUUU||||||$$$1$7$8$H$Ifa$gdd6kdg$$If+z64 a$$1$7$8$H$Ifgdd$$ 8p a$gdd$ 8p a$gdd UUUUUUUUUUUUUUUUɺyiS4iS=hb"h{B*OJQJaJcHdhdhdhOEFhph+HhPEFh{B*OJQJaJhphh+B*OJQJaJhph0h+56;>*B*OJQJ\]aJhph-h+56>*B*OJQJ\]aJhph!h+;B*OJQJaJhphh+;B*CJ^Jhph'h+5;B*OJQJ\aJhph$h+5B*OJQJ\aJhph h+CJh+OJQJaJUUUUUUUUjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdg$$If+ֈ Rz64 aUUUUUUUUUUUUU VVV V!V8V9V@VBVIVKVRVSVTVgVhVpVrVzV|VVVVVVVVVVVVVVVϿψϙϙϙψϙϙϙψϙϙϙψϙuϙψ$h+;>*B*OJQJaJhph!h+;B*CJ^JaJhphh+B*OJQJaJhph+HhPEFh{B*OJQJaJhphhb"B*OJQJaJhph!h+;B*OJQJaJhph=hb"h{B*OJQJaJcHdhdhdhPEFhph.UUUUUVV VjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdh$$If+ֈ Rz64 a V!V9VAVBVJVKVSVjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdri$$If+ֈ Rz64 aSVTVhVqVrV{V|VVjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdj$$If+ֈ Rz64 aVVVVVVVVjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdj$$If+ֈ Rz64 aVVVVVVVVjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdyk$$If+ֈ Rz64 aVVVVVVVVV WWWW"W$W.W/W0WNWOWWWYWaWcWkWlWmWWWWWWWWWWWWWWWWWWWWWWW X XXͣ0h+56;>*B*OJQJ\]aJhph-h+56>*B*OJQJ\]aJhph$h+;>*B*OJQJaJhph!h+;B*CJ^JaJhphh+B*OJQJaJhph!h+;B*OJQJaJhph3VVWWW#W$W/WjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdl$$If+ֈ Rz64 a/W0WOWXWYWbWcWlWjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd{m$$If+ֈ Rz64 alWmWWWWWWWjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd(n$$If+ֈ Rz64 aWWWWWWWWjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd}o$$If+ֈ Rz64 aWWWWWWWWjVVVVVV$$$1$7$8$H$Ifa$gddkdp$$If<ֈ Rz64 aWW XXXXX"XjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdr$$If7ֈ Rz64 aXXXXXXXXXXX X!X#X3X4XCXEXSXUXdXfXsXtX|X~XXXXXXXXXXXXXXXXXXXYYYYYY)Y+Y3Y5YRYSY[Y]YeYgYqYʹʹʩhb"B*OJQJaJhphh+B*OJQJaJhph!h+;B*OJQJaJhph=hb"h{B*OJQJaJcHdhdhdhPEFhph+HhPEFh{B*OJQJaJhph<"X#X4XDXEXTXUXeXjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdr$$If5ֈ Rz64 aeXfXtX}X~XXXXjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkds$$If5ֈ Rz64 aXXXXXXXXjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdv$$If5ֈ Rz64 a4Y5YSY\Y]YfYgYrYjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdv$$If5ֈ Rz64 arYsYYYYYYYjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdw$$If5ֈ Rz64 aqYsYYYYYYYYYYYYYYYYYYZZZZZ-Z/Z0Z1ZBZCZEZHZIZJZLZOZPZQZSZλޑrޑr=hb"h{B*OJQJaJcHdhdhdhPEFhph+HhPEFh{B*OJQJaJhph'h+5;B*OJQJ\aJhph$h+5B*OJQJ\aJhph h+CJh+OJQJaJh+B*OJQJaJhph!h+;B*OJQJaJhph&YYYYYYYYjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$IfgddkdEx$$If5ֈ Rz64 aYYZZZZZ.ZjYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdx$$If5ֈ Rz64 a.Z/Z0Z1ZCZjWB1$$1$7$8$H$Ifgdd$$ 8p a$gdd$ 8p a$gddkdGz$$If7ֈ Rz64 aCZDZEZKZLZRZSZZZ$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifa$gdd6kd{$$If564 aSZVZWZXZYZ[Z`ZaZoZqZ~ZZZZZZZZZZZZZZZZZZZZ[[[ [[[[[6[7[E[G[T[V[d[f[m[n[}[[[[[[[[[[[[[ڻ!h+;B*OJQJaJhphh+B*OJQJaJhph=hb"h{B*OJQJaJcHdhdhdhPEFhph+HhPEFh{B*OJQJaJhphhb"B*OJQJaJhph^A^B^߼1HhPEFh{5B*OJQJ\aJhph$h+5B*OJQJ\aJhph h+CJh+OJQJaJ!h+;B*OJQJaJhphh+B*OJQJaJhph:\\\\\]] ]jYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$If:ֈ B64 a ] ]]"]#]3]4]F]jYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$If:ֈ B64 aF]G]K]]]^]o]p]]jYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd@$$If:ֈ B64 a]]]]]]]]jYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$If:ֈ B64 a]]]]]]]]jYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$If:ֈ B64 a]]]^ ^^^+^jYEEEEE$$$1$7$8$H$Ifa$gdd$$1$7$8$H$IfgddkdG$$If:ֈ B64 a+^,^-^.^/^>^jWWB1$$1$7$8$H$Ifgdd$$ 8p a$gdd$ 8p a$gddkd$$If:ֈ B64 aB^C^D^E^H^I^J^K^L^O^P^Q^R^S^c^e^m^n^r^t^x^z^^^^^^^^^^^^^^^^^^^^^ɸɸyݥiiiiiiiiiiiiiih+B*OJQJaJhph$hb"5B*OJQJ\aJhph1HhPEFh{5B*OJQJ\aJhph$h+5B*OJQJ\aJhph!h+;B*OJQJaJhph'h+5;B*OJQJ\aJhphChb"h{5B*OJQJ\aJcHdhdhdhPEFhph)>^D^E^K^L^S^d^$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifa$gddd^e^n^s^t^y^WF222$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$Ifj֞ <x64 ay^z^^^^^C2$$1$7$8$H$Ifgddkd\$$If5֞ <x64 a$$$1$7$8$H$Ifa$gdd^^^^^^^^Ckd$$If5֞ <x64 a$$$1$7$8$H$Ifa$gdd^^^^^^^^$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgdd^^^^^^^^^ __ _!_1_3_H_I_\_^_q_s_____________`` ` ````` `!`&`(`+`,`/`1`4`6`9`:`=`?`N`O`R`T`W`Y`\`]```b`o`p`t`v`{`}```````````````````!h+;B*OJQJaJhphh+B*OJQJaJhphX^^^^^_WF222$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdҏ$$If5֞ <x64 a__!_2_3_I_C2$$1$7$8$H$Ifgddkd$$If5֞ <x64 a$$$1$7$8$H$Ifa$gddI_]_^_r_s____CkdH$$If5֞ <x64 a$$$1$7$8$H$Ifa$gdd_______`$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgdd`` ````WF222$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$If5֞ <x64 a``!`'`(`,`C2$$1$7$8$H$Ifgddkd$$If5֞ <x64 a$$$1$7$8$H$Ifa$gdd,`0`1`5`6`:`>`?`Ckdy$$If5֞ <x64 a$$$1$7$8$H$Ifa$gdd?`O`S`T`X`Y`]`a`$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgdda`b`p`u`v`|`WF222$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd4$$If5֞ <x64 a|`}`````C2$$1$7$8$H$Ifgddkd$$If5֞ <x64 a$$$1$7$8$H$Ifa$gdd````````Ckd$$If5֞ <x64 a$$$1$7$8$H$Ifa$gdd````````$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgdd`````````````````aa a aaaaaaa,a-a0a2a6a8a;a N \ ,d$d%d&d'dNOPQgda$o#õd&$$$ & 8p2 N \ ,a$gdd ;pCpQpRpSpTpppppppppqqq q[q\qbqhqqqqqͲͲߠߠuk[Bk1hb"h{OJQJaJcHdhdhdhSEFHhSEFh{OJQJaJhb"OJQJaJhJ}OJQJaJ h+CJ4hb"h{H*OJQJaJcHdhdhdhSEF"HhSEFh{H*OJQJaJ4hb"h{H*OJQJaJcHdhdhdhREF"HhREFh{H*OJQJaJhb"H*OJQJaJh+OJQJaJh+5OJQJaJq[q\qIrJr s sVsg@@'$$$ & 8p2 N \ ,8^8`a$gdd8$$ N \ ,d$d%d&d'dNOPQgdd$$ & 8p2 N \ ,8h^8`ha$gdd$ & 8p2 N \ ,a$gdd $ & 8p2 N \ ,8`8a$gddqqqqqqqqrrJrKrXr_r`rar ssesfsgs̶qf[I"HhSEFh{H*OJQJaJhb"H*OJQJaJh+5OJQJaJ5hb"h{CJOJQJaJcHdhdhdhSEF#HhSEFh{CJOJQJaJhb"CJOJQJaJh+CJOJQJaJhdCJOJQJaJhb"OJQJaJh+OJQJaJ1hb"h{OJQJaJcHdhdhdhSEFHhSEFh{OJQJaJVsWsssssst;tFthhh$$$  81$`8a$gdd$$$ 8p @ 1$a$gdd#$$$ & 8p2 N \ ,8`8a$gdd#$$$ & 8p2 @ \ ,8`8a$gdd$$$ & 8p2 N \ ,a$gdd gshssssstttttktltotptuu)uHuIuJuRuSuTu|u~uuuñ۠۠v[v[Mhdhd5OJQJaJ5hb"h{CJOJQJaJcHdhdhdhSEF#HhSEFh{CJOJQJaJhb"CJOJQJaJh+CJOJQJaJ h+CJh+H*OJQJaJ"HhSEFh{H*OJQJaJhb"H*OJQJaJ jh+OJQJaJh+OJQJaJ4hb"h{H*OJQJaJcHdhdhdhSEFFtGtntotptttttuuc#$$$ & 8p2 N \ ,8^8a$gdd#$$$ & 8p2 N \ ,8`8a$gdd$$$ & 8p2 N \ ,a$gdd$$$ 8p @ 1$a$gdd$$ 8p @ 81$`8gdd u|u}u~uuuc?$$ & 8p2 N \ ,8^8`a$gddF$ & 8p2 N \ ,8$d%d&d'dNOPQ^8`a$gdd$ & 8p2 N \ ,a$gdd$$$ & 8p2 N \ ,a$gdd$$  2 N \ ,dgdduuvvvvvvvvvvvvvvvvvʶ~~nX9nX9=hb"h{B*OJQJaJcHdhdhdhSEFhph+HhSEFh{B*OJQJaJhphh+B*OJQJaJhph'h+6;B*OJQJ]aJhph$h+6B*OJQJ]aJhph!h+;B*OJQJaJhph'h+5;B*OJQJ\aJhph$h+5B*OJQJ\aJhphhq->h+OJQJaJh+OJQJaJh+5OJQJaJuvvvvvvvvvv||||||$$$1$7$8$H$Ifa$gdd:kd$$IfT.64 aT$$1$7$8$H$Ifgdd$$ & 8p2 N \ ,8^8`a$gdq-> vvvvS?"$$$1$7$8$H$Ifa$gda$o$õd&$a$$$$1$7$8$H$Ifa$gddkd,$$IfT.֞ .~64 aTvvvvvv$$1$7$8$H$Ifgda$o$õd&$a$$$$1$7$8$H$Ifa$gda$o$õd&$a$vvvvvvvvwww wwwwwww1w2w6w8wwBwCwGwIw\w]wbwdwiwkwpwqwvwxwwwwwwwwwwwwwwwwwwwwwwwwڻ!h+;B*OJQJaJhphh+B*OJQJaJhph=hb"h{B*OJQJaJcHdhdhdhSEFhph+HhTEFh{B*OJQJaJhphhb"B*OJQJaJhphwCwHwIw?kdW$$IfT.֞ .~64 aT$$$1$7$8$H$Ifa$gddIw]wcwdwjwkwqwww$$$1$7$8$H$Ifa$gdd$$1$7$8$H$IfgddwwxwwwwwSB...$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$IfT.֞ .~64 aTwwwwww?.$$1$7$8$H$Ifgddkdɢ$$IfT.֞ .~64 aT$$$1$7$8$H$Ifa$gddwwwwwwww?kd$$IfT.֞ .~64 aT$$$1$7$8$H$Ifa$gddwwwwwwww$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddwwwwwwwxxx#x%x)x+x0x1x6x8xKxLxQxSxXxZx_x`xexgxsxtxzx|xxxxxxxxxxxxxxxxx˷ޡޡ=hb"h{B*OJQJaJcHdhdhdhTEFhph+HhTEFh{B*OJQJaJhph'h+6;B*OJQJ]aJhph$h+6B*OJQJ]aJhphh+B*OJQJaJhph!h+;B*OJQJaJhph/wxx$x%x*xSB...$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd;$$IfT.֞ .~64 aT*x+x1x7x8xLx?.$$1$7$8$H$Ifgddkd$$IfT.֞ .~64 aT$$$1$7$8$H$Ifa$gddLxRxSxYxZx`xfxgx?kd$$IfT.֞ .~64 aT$$$1$7$8$H$Ifa$gddgxtx{x|xxxxx$$$1$7$8$H$Ifa$gdd$$1$7$8$H$IfgddxxxxxxxxS??????$$$1$7$8$H$Ifa$gddkdf$$IfT.֞ .~64 aTxxxx?.$$1$7$8$H$Ifgddkd$$IfT.֞ .~64 aT$$$1$7$8$H$Ifa$gddxxxxxxx$$1$7$8$H$Ifgda$o$õd&$a$$$$1$7$8$H$Ifa$gda$o$õd&$a$xxxxxxxxxxxxxxxxxxyy y yyyyyyy'y(y,y.y2y4y9y:y>y@y\y]ybydyiykypyqyvyxyyyyyyyyyyyyyyڻ!h+;B*OJQJaJhphh+B*OJQJaJhph=hb"h{B*OJQJaJcHdhdhdhTEFhph+HhTEFh{B*OJQJaJhphhb"B*OJQJaJhphkdY$$IfT.֞ .~64 aTzzzzzzz$$$1$7$8$H$Ifa$gda$o$õd&$a$zzzzzzzzzzzzzzzzzzzzzzzzzzzzz{{ {{{{{{{ {,{-{1{3{7{9{={>{B{D{\{]{b{d{i{k{p{q{v{x{{{ȩh+B*OJQJaJhph=hb"h{B*OJQJaJcHdhdhdhTEFhph+HhTEFh{B*OJQJaJhphhb"B*OJQJaJhph!h+;B*OJQJaJhph{C{D{]{?.$$1$7$8$H$Ifgddkd$$IfT.֞* J *J64 aT$$$1$7$8$H$Ifa$gdd]{c{d{j{k{q{w{x{?kd$$IfT.֞* J *J64 aT$$$1$7$8$H$Ifa$gddx{{{{{{{{$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgdd{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{|| | |||||||#|%|(|)|} ~ ~'~(~ɿ٬'h+5;B*CJOJQJ\hph$h+5B*CJOJQJ\hphh+OJQJaJh+CJOJQJaJh+ h+CJ!h+;B*OJQJaJhphh+B*OJQJaJhph7{{{{{{SB...$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkdh$$IfT.֞* J *J64 aT{{{{{{?.$$1$7$8$H$Ifgddkd!$$IfT.֞* J *J64 aT$$$1$7$8$H$Ifa$gdd{{{{{{{{?kdڴ$$IfT.֞* J *J64 aT$$$1$7$8$H$Ifa$gdd{{{{{{{|$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgdd|| ||||SB...$$$1$7$8$H$Ifa$gdd$$1$7$8$H$Ifgddkd$$IfT.֞* J *J64 aT|||$|%|?kdL$$IfT.֞* J *J64 aT$$$1$7$8$H$Ifa$gdd%|&|'|(|}}} ~ ~(~iiW$$$1$7$8$H$Ifgdd'$$$ & 8p2 N \ ,8^8`a$gdd h^`hgdd  2 N \ ,dgdd$$ & 8p2 N \ ,8^8`a$gdd%$$ & 8p2 N \ ,8^8`a$gdd (~)~0~1~2~3~4~5~$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgdd:kd$$IfT.P64 aT(~)~/~0~6~7~9~:~;~<~>~A~B~C~E~H~I~J~K~M~Q~R~V~X~^~`~e~g~}~~~~~~~~~~~~Ƿrbrrbbbbbbbbbbbh+B*CJOJQJhph=hb"h{B*CJOJQJcHdhdhdhTEFhph+HhTEFh{B*CJOJQJhphhcB*CJOJQJhphhb"B*CJOJQJhph'h+6;B*CJOJQJ]hph$h+6B*CJOJQJ]hph!h+;B*CJOJQJhph&5~6~7~=~>~D~E~L~fQQQQQQ$$$$1$7$8$H$Ifa$gddkdp$$IfT.ֈ f [P64 aTL~M~R~W~X~_~`~f~fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd!$$IfT.ֈ f [P64 aTf~g~~~~~~~~fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$IfgddkdҸ$$IfT.ֈ f [P64 aT~~~~~~~~fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aT~~~~~~~~~~~~~~~~~~ !#)+13PQUW\^dfyz~˷ޡ+HhTEFh{B*CJOJQJhph'h+6;B*CJOJQJ]hph$h+6B*CJOJQJ]hphh+B*CJOJQJhph!h+;B*CJOJQJhph9~~~~~~~~fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd4$$IfT.ֈ f [P64 aT~~~~~ fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aT  "#*+2fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aT23QVW]^efT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$IfgddkdG$$IfT.ֈ f [P64 aTefzfT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aTfT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aTfQQQQQQ$$$$1$7$8$H$Ifa$gddkdZ$$IfT.ֈ f [P64 aTfT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd $$IfT.ֈ f [P64 aT !').089=?EGMOklprxzÀĀȀʀ΀Ѐր؀ϿϙϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿϿhb"B*CJOJQJhph+HhTEFh{B*CJOJQJhphh+B*CJOJQJhph!h+;B*CJOJQJhph=hb"h{B*CJOJQJcHdhdhdhTEFhph< fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aT  !()/fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkdm$$IfT.ֈ f [P64 aT/09>?FGNfT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aTNOlqryzfT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aTfT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aTĀɀʀπЀ׀fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd1$$IfT.ֈ f [P64 aT׀؀fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aT#%ABFHMOUWYxy|}~ޗxޗxhhb"B*CJOJQJhph=hb"h{B*CJOJQJcHdhdhdhTEFhph+HhTEFh{B*CJOJQJhph'h+5;B*CJOJQJ\hph$h+5B*CJOJQJ\hphh+CJOJQJh+B*CJOJQJhph!h+;B*CJOJQJhph#$fT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$Ifgddkd$$IfT.ֈ f [P64 aT$%BGHNOVfT?????$$$$1$7$8$H$Ifa$gdd$$$1$7$8$H$IfgddkdD$$IfT.ֈ f [P64 aTVWXYyf??-$$$1$7$8$H$Ifgdd'$$$ & 8p2 N \ ,8^8`a$gddkd$$IfT.ֈ f [P64 aTyQ?$$$1$7$8$H$Ifgddkd$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gddÁȁʁЁҁ 1268=?EGNOSU[]ceuvz|ʺ!h+;B*CJOJQJhphh+B*CJOJQJhph=hb"h{B*CJOJQJcHdhdhdhUEFhph+HhUEFh{B*CJOJQJhphBQ?$$$1$7$8$H$IfgddkdW$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gddÁɁʁсҁQ?$$$1$7$8$H$Ifgddkd$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gddQ?$$$1$7$8$H$Ifgddkd$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gdd 2Q?$$$1$7$8$H$Ifgddkdj$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gdd278>?FGOQ?$$$1$7$8$H$Ifgddkd$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gddOTU\]devQ?$$$1$7$8$H$Ifgddkd$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gddv{|Q?$$$1$7$8$H$Ifgddkd}$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gddQ?$$$1$7$8$H$Ifgddkd.$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gdd‚Ăʂ̂ւׂۂ݂<=>opŻ|p^#HhUEFh{CJOJQJaJh+CJOJQJaJhdCJOJQJaJh+OJQJaJ1hb"h{OJQJaJcHdhdhdhUEFHhUEFh{OJQJaJhb"OJQJaJh$OJQJaJ h+CJh+CJOJQJ!h+;B*CJOJQJhphh+B*CJOJQJhph$ÂĂ˂ׂ̂Q?$$$1$7$8$H$Ifgddkd$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gddׂ܂݂Qkd$$IfT.ֈ 64 aT$$$$1$7$8$H$Ifa$gdds8$$ N \ ,d$d%d&d'dNOPQgdd h^`hgdd$$h^`hgdd$$^`gdd'$$$ & 8p2 N \ ,8^8`a$gdd pqĄńՄքׄ؄لڄۄ܄Ƽ~k[~H$jnC h+CJOJQJUVhj"h+EHOJQJUaJ$jnC h+CJOJQJUVh jh+OJQJaJjAh+EHOJQJUaJ$jXnC h+CJOJQJUVhjh+OJQJUaJh+OJQJaJh+5OJQJaJ h+5CJh+CJOJQJaJ5hb"h{CJOJQJaJcHdhdhdhUEF+,12Vbopuv  "#%&()+,BDEH׺׺ח׮׍zoh'&G5OJQJaJh+6OJQJaJh+h>qjh>qUUh+5OJQJaJh+CJOJQJaJhdCJOJQJaJ h+CJ jh+OJQJaJhcOJQJaJh+OJQJaJjh+OJQJUaJjh+EHOJQJUaJ)K~$ & 8p2 N \ Pa$gdd#$$$ & 8p2 N \ ,8^8a$gdd$$$ & 8p2 N \ ,a$gdd#$$$ & 8p2 N \ ,8`8a$gdd45܉݉jffff$$ & 8p2 N \ P^`a$gdd$$ & 8p2 N \ P8^8`a$gdd$ & 8p2 N \ Pa$gdd5 N \ Pd$d%d&d'dNOPQgdd jkƊNJф``'$$$ & 8p2 N \ P8^8`a$gdd8$$ N \ Pd$d%d&d'dNOPQgdd$$ & 8p2 N \ P^`a$gdd$ & 8p2 N \ Pa$gdd Top analysts recognize that certain qualitative factors must be considered when evaluating a company. These factors, as summarized by the American Association Of Individual Investors (AAII), are as follows: 1. Are the companys revenues tied to one key customer? 2. To what extent are the companys revenues tied to one key product? 3. To what extent does the company rely on a single supplier? 4. What percentage of the companys business is generated overseas? 5. Competition 6. Future prospects 7. Legal and regulatory environment     Answers and Solutions: 4 - PAGE 14 Answers and Solutions: 4 - PAGE 1 Mini Case: 4 - PAGE 24 Mini Case: 4 - PAGE 25 ф҄  QRՅօ!"$%'(*'$$$ & 8p2 N \ P^`a$gdd$$$ & 8p2 N \ Pa$gdd*+,STU|}~†Æ'$$$ & 8p2 N \ P^`a$gdd$ $a$dHINOQRSUVlnqrsxyz{|ƼʦƱxpƼxph+CJaJh 5OJQJaJ!jh+5OJQJUaJ*#hq5OJQJaJmHnHu*h'&G5OJQJaJh+6OJQJaJh+CJOJQJh+h+OJQJaJ hq5OJQJaJmHnHuh+5OJQJaJjh+5OJQJUaJ,†Æh+OJQJaJh+h+CJaJh>q/0PBP/ =!"#$%2 00PBP/ =!"#$%Dd @h  s *A? ?3"`?2qoOB7n8D `!qoOB7n8 ` p.xڝ=KAg.KXBM ! IJD<"H4K Xȯ[BPAs;.8a&Lx"6 ӊaReؘ8V$IM[C00C Sa+I41)b໑&uCo⏗i/bJ{︪1U x}$!Qޯ woZng }kݎrY>vdL[N3_kkr yNzt p,ѕEH-݂VKҜוc oS`vM=u%U+| fhbwA,"gsڱc|șh)Z6Xji?r#An2JFӯAG$P$a'!<- bolDd h  s *A? ?3"`?2ˆ<5cK/FS `!ˆ<5cK/FSf4 x xuKP%mZTA\*.TQpZB 8 ء`Wh}}+~¾lo@-ci6m 8L 1-h5ZuA! 4Hx06hԶIm\>sc~p[F1}c/Ff%wg= ~ކw筢&+}wCV9o |}1~ U*{X) ~ttvTS˥?k|M0y9(9]pһ:c;#ɀg=MՅyl?[]Knŷlb`rj=GOeʁSЊI8Lšb6hң4A3 `!W!d>ң4A3@@ xcdd``d 2 ĜL0##0KQ* W!d3H1)fY;@<@=P5< %! @ :@u!f0)09Y@V#L̃&ro@fBܤAxB 7. _/s=߈kS;HJ3_gbC/!gXt_Hfnj_jBP~nb1ܝk@FVI0҃_ , _h3QoaBNp~#(X0E \H0y{iI)$5!(:@Dg!XA† AC$s/Dd ,lh   s *A ? ?3"`?2[A#̳)'s7c `!/A#̳)'svxcdd``$d@9`,&FF(`TF! KA?H1 `ꁪaM,,Hab e-f Y wfjQ9A $37X/\!(?71XAky5WZLF]F\=Q ~c,Ru!` v 0y{fdbR ,.Ie`ԡY&0h73X?=@Dd |( h  s *A? ?3"`?2x2QฯtLtz `!x2QฯtLt` @1jxuMhA~ojTrXEcBbԃ =RbH!=IDEࡇ*xbo"E'jje,xIL,6<GD'\JXpϲ蘝Cb/a5J'fF]6 ~l {?0nhEk]%Jj=vsǎt\SC.v<7tȹZEZѮtpL^4‹9xpFn7sS] /|9`̯l:Լiq|&w ΃s*jndwp>þ˂O+^L'5yÊ޶?8Zk /Cv|ί'׭GycQvkcڿ3ępy9Sw?$xOZ/yC%.901w(Y"SKOdaLy)ao?8 >GВJ7*t:8 D,me!>r 0D_Hj[Dd Dh   s *A ? ?3"`?28sH@1{ `!s8sH@12@ PVAx]JP97iXD QJp7 :g(X(|'w;t:7PJs\w}ޜ5l6O EF!yœkP]^m!04OX=K I nRf꽗 J-9M~5'sMO\/~4 Y~Dy86Dfu 1-7 QTQ&Z(c&t%Z9]&+JXe¢*(|;gPݯ&ԕ7Cm/'  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHJKLMNOPUXxYZ[]\_^`acbedgfhikjlmnoprqtsuvywz{|~}Root Entry- F0 k)kWData I WordDocument,eObjectPool/`k)k0 k)k_1212417225F`k)k`k)kOle CompObjfObjInfo  !"#$&),-./01589:;<=?@ABEHILORUVW[^_`behijklmopqrux{~ FMicrosoft Equation 3.0 DS Equation Equation.39q DSO = ARS36040 = AR$20,000AR = $800,000.Ole10Native Equation Native _1243510755 F`k)k`k)kOle  P DSO = ARS36520 = AR$20,000AR = $400,000 e@. FMicrosoft Equation 3.0 DS Equation Equation.39qCompObj  fObjInfoOle10Native Equation Native  DA = 1 - 1AE()DA = 1 - 12.4()DA = 0.5833 = 58.33%.gPt DA = 1 - 1AE() FMicrosoft Equation 3.0 DS Equation Equation.39q DA = 1 - 1AE()DA = 1_1243510781F`k)k`k)kOle CompObjfObjInfoOle10NativeEquation Native %~_1243510799 CF`k)k`k)kOle ' - 12.4()DA = 0.5833 = 58.33%.b3 DA = 1 - 12.5()CompObj(fObjInfo*Ole10Native+Equation Native 2: FMicrosoft Equation 3.0 DS Equation Equation.39q DA = 1 - 1AE()DA = 1 - 12.4()DA = 0.5833 = 58.33%.p`3 DA FMicrosoft Equation 3.0 DS Equation Equation.39q DA = 1 - _1212417289F`k)k`k)kOle 3CompObj 4fObjInfo6Ole10Native!7Equation Native >)_1176286280"'$F`k)k`k)kOle C1AE()DA = 1 - 12.4()DA = 0.5833 = 58.33%.  DA = 1 - 1AE()DA = 1 - 12.5()DA = 0.40 = 40%. FMicrosoft Equation 3.0 DS Equation Equation.39qvMD $6,000CompObj#%DfObjInfo&FEquation Native G_1212416762j)F`k)k`k)k,000,000800,000,000 FMicrosoft Equation 3.0 DS Equation Equation.39q>H $75.00$7.50Ole JCompObj(*KfObjInfo+MEquation Native NZ_112521506882.F`k)k`k)kOle PCompObj-0QfObjInfoS FMicrosoft Equation 3.0 DS Equation Equation.39q CACLOle10Native/1TEquation Native X@_11252150714F`k)k`k)kOle Y$X4 CACL FMicrosoft Equation 3.0 DS Equation Equation.39q CA - ICLCompObj36ZfObjInfo\Ole10Native57]Equation Native aP4@*, CA - ICL FMicrosoft Equation 3.0 DS Equation Equation.39q CACL = 1.5_1125215056:F`k)k`k)kOle cCompObj9<dfObjInfofOle10Native;=gEquation Native n=_1262529252R@F`k)k`k)kOle s$3,000,000CL = 1.51.5CL = $3,000,000CL = $2,000,000.!@| CACL = 1.5$3,000,000CL = 1.51.5CL = $3,000,000CL = $2,000,000. FMicrosoft Equation 3.0 DS Equation Equation.39q\d CA - CompObj?AtfObjInfoBvEquation Native wx_1262529306>HEF`k)k`k)kInvCL = 1.0 FMicrosoft Equation 3.0 DS Equation Equation.39qÖ< $3,000,000 - Inv$2,000,000 = 1.0Ole yCompObjDFzfObjInfoG|Equation Native }_1262529396MJF`k)k`k)kOle CompObjIKfObjInfoL FMicrosoft Equation 3.0 DS Equation Equation.39qÁ5 $3,000,000 - Inv = $2,000,000Equation Native _1262529395OF`k)k`k)kOle CompObjNPf FMicrosoft Equation 3.0 DS Equation Equation.39qQ Lh Inv = $1,000,000. FMicrosoft Equation 3.0 DS Equation Equation.39qObjInfoQEquation Native m_1262529178TF`k)kP@k)kOle CompObjSVfObjInfoOle10NativeUWEquation Native  CA - ICL = 1.0$3,000,000 - I$2,000,000 = 1.0$3,000,000 - I = $2,000,000I = $1,000,000.á CA - InvCL = 1.0$3,000,000 - Inv$2,000,000 = 1.0$3,000,000 - Inv = $2,000,000Inv = $1,000,000._1125215140,dZFP@k)kP@k)kOle CompObjY\fObjInfo FMicrosoft Equation 3.0 DS Equation Equation.39q EA = NIA _ ENI and DA = 1 - EA , soEA = 3% _ 10.05EA = 60% .DA = 1 - 0.6Ole10Native[]Equation Native _1125215158`FP@k)kP@k)kOle 0 = 0.40 = 40% .8 EA = NIA _ ENI and DA = 1 - EA , soEA = 3% _ 10.05EA = 60% .DA = 1 - 0.60 = 0.40 = 40% . FMicrosoft Equation 3.0 DS Equation Equation.39q $1,312,500$525,000CompObj_bfObjInfoOle10NativeacEquation Native x\pB\+ $1,312,500$525,000 FMicrosoft Equation 3.0 DS Equation Equation.39q_1125215165^pfFP@k)kP@k)kOle CompObjehfObjInfoOle10NativegiEquation Native _1190666028lFP@k)kP@k)kOle  $1,312,500 + DNP$525,000 + DNPx,B $1,312,500 + NP$525,000 + NPCompObjknfObjInfoOle10NativemoEquation Native  FMicrosoft Equation 3.0 DS Equation Equation.39q Current assetsCurrent liabilities˜زT Current assetsCurrent liabilities FMicrosoft Equation 3.0 DS Equation Equation.39q $810,000Current liabilities_1125215173rFP@k)kP@k)kOle CompObjqtfObjInfoOle10NativesuEquation Native _1125215189XxFP@k)kP@k)kOle 5  $810,000Current liabilities FMicrosoft Equation 3.0 DS Equation Equation.39qCompObjwzfObjInfoOle10Nativey{Equation Native  Current assets - InventoriesCurrent liabilitiesxJ  Current assets - InventoriesCurrent liabilities FMicrosoft Equation 3.0 DS Equation Equation.39q $810,000 - Inventories$270,000_1125215192~FP@k)kP@k)kOle CompObj}fObjInfoOle10NativeEquation Native _1125215199|FP@k)kP@k)kOle   $810,000 - Inventories$270,000 FMicrosoft Equation 3.0 DS Equation Equation.39qCompObjfObjInfoOle10NativeEquation Native w Currentassets = Cash + MarketableSecurities + Accountsreceivable + Inventories[5  Curren    "#&)*+-.145689<?@ACFIJKMNQTUVX[^_`behijlorstvy|}~tassets = Cash + MarketableSecurities + Accountsreceivable + Inventories FMicrosoft Equation 3.0 DS Equation Equation.39q_1125215203FP@k)kP@k)kOle CompObjfObjInfo SalesInventoryL+  SalesInventoryOle10Native Equation Native  h_1125215206FP@k)kP@k)kOle CompObjfObjInfoOle10NativeEquation Native d FMicrosoft Equation 3.0 DS Equation Equation.39q Sales$432,000Hb+ Sales$432,000 FMicrosoft Equation 3.0 DS Equation Equation.39q Accounts receivableSales/360_1125215234FP@k)kP@k)kOle CompObjfObjInfoOle10NativeEquation Native !_1125215251FP@k)kP@k)kOle $D+ Accounts receivableSales/365 FMicrosoft Equation 3.0 DS Equation Equation.39qCompObj%fObjInfo'Ole10Native(Equation Native , $258,000$2,592,000/360lX\+ $258,000$2,592,000/365_1125215268FP@k)kP@k)kOle /CompObj0fObjInfo2 FMicrosoft Equation 3.0 DS Equation Equation.39q Current assetsCurrent liabilities@* Z CurrenOle10Native3Equation Native 7_1125215280vFP@k)kP@k)kOle :t assetsCurrent liabilities FMicrosoft Equation 3.0 DS Equation Equation.39q $655,000$330,000CompObj;fObjInfo=Ole10Native>Equation Native BpT?@ABCDEFGHIJKN\PQRSTUVWXYZ[M]^_`abcdefghijklmopqrstuvwxyz{|}~^dr<Z|qQ@Dd h   s *A ? ?3"`?2yFT`Y `!XyFT`\@2&xcdd``~$d@9`,&FF(`T A?d@=P5< %! 8 :@Ab% dհDFz&br<??by f22ac9cncUF)o .p(;LLJ% 3u(2t5t|t/3X?I%Dd lP   S A ? "2L%N, h ΐ ( `! %N, h ΐ v@Cxcdd``$d@9`,&FF(`T&! KA?H1 @Szjx|K2B* Rj8 :@u!f0109Y@V ȝATN`gbM-VK-WMcxvK{ +`0ˈ9|g1w䂺 n"=`321)Wx\PW3 ?f :w Dd lP   S A ? "2f;AۤVd*B `!:;AۤVd*`Pxcdd``$d@9`,&FF(`Ts A?dmbi@=P5< %!@5 @_L T̠1[X@r#X=@Hfnj_jBP~nbó_1XLF]F\=& ;@ p cu&T y\PrCb;"=pcdbR ,.I񸠾f@s3t;3X?Dd P  S A? " 2rgv$cji `!rgv$cji` ._xURJQ;7c$"BtY#b%(iS,h]H l#)2`e " ~`%0}mؽ0s=s s!! X (9uΜ"CKB̋'V57( h0 ~r,։.a#CϚ*ZY/v{"< fr{xl\`b! W}gQ|7g1PY}GRMy%|Q1l~֤o<ՄfַgNj^-՜OQO9lx[T:(RVL%=Ɯ|?HoնISlSY:I~M$߳XbK|yH珢V;hrf=ԭd(C6y*gXDd ph  s *A? ?3"`? 2YyOŌ [x+ `!pYyOŌ [@ PV>xM1KP]IAYԭ!v*u|R.R7餟o"Aw\rwǦp0W(Q,SkV8NNy!c3x/GdOp|J_3(B^&vj7N~N(?^Q"T\>-{ |gF&تXv 2~R^sk yC7SbrPbY32G޾\%WmRzn*fju:NQ 3elT%pl0D~-4NcDd h  s *A? ?3"`? 225_ zno2K `!{25_ zno2K xdIx=QJ@6ݤHQē-,={!Qh1QJ^"9x <& 7E@r= j-Qձ@(A KUi#\@s@ŽAF*T\ -/Dž*䵼2;HΟ+`. "s]0wqAC R`B@[F&&\:@:c> 1@€L0NS.Dd Th  s *A? ?3"`? 2rAHl/l-GN% `!FAHl/l-G 8>XJxcdd`` @c112BYL%bpu'q^39'Y=5$_G)S%WŻu؈Ž(N]qHvF%xʫ =HqN'|SAN1SANks3g*;-ŝۆ G=_/=xc_:mW:4;_O h#{4ن}{YibaO>MU'ːSUx@;UO<.yf>EٵP`ycOM‘u1b7T&fX&T1㝡0#OQπG>#|S C$pPNOq2S8]蟡ADd P  S A? "2^$iHzxYz":( `!2$iHzxYz"` hn dxcdd``>$d@9`,&FF(`TI%]RcgbR ;5fĒʂT @_L ĺE,a KL *'031d++&1<;=0@d.VS#Sh>/HPH ^. fA\  ; F&&\ $]00@0f;YDd P  S A? "2@#ڋ5Pq* `!@#ڋ5Pql dWxmR=K`ִM"D\VNnB?@?CNn.*hЃK\E/28+4ChR ኩ9%mk b2O=p&S1: ^oo(rP[eFTz`cDޑ|FJDիi_V՘ތOKRe<$ßV٪U (]JyW_5tmzLKr~3\Ӓ~Sem[N5yF8նh'A(mvu?{-'YDDd lh  s *A? ?3"`?2N6 1 cd-- `!\N6 1 c 8>*x]PJ@x`pIuaXs~Rpkk hOgr~wCt,7VR t/Kw܉֖ ֕*N#B?KO~Vd&|" n2J5xcdd``$d@9`,&FF(`T A?dm\ Әzjx|K2B* Rj8 :@u!f0109Y@5.;35V ZZ@ V`5lWHʷd:!'31)3'$3*\ZTWgU04100 swBÊI)$5I̝L`н`qOEGDd  lP  S A? "2l-cW98 t1 `!wl-cW98 t(ExMQN@#_(R DaQP !::$* (B~H'A>( -%@C -TA=egf9>=`t}l2ú :dn.u<$Z 1Wg"OŻ?|dFd&Tr)&I9|~&_FGnOfu:]E}ߒh\H膾%U%zIM(UJ*t> p &ew6M7s/ qjJiTadMp3RW,Dd P  S A? "2 t t kdGd3 `!\ t t kdG d*xcdd``~$d@9`,&FF(`TIORcgbR ^@=P5< %! 8 :@u!f0109Y@^;35V ZZ@ V`5#f]*F:`x喠1aY@8/Filha27#=n e9e#u{>})-ȢX֘>9ᑭC7dL+s"2򭔯|3ɐcнaygQŠ#z!Փ4-H I^b Cq[O-7y=3ɛ.hGV*\7$O-ug rB^tx\nZIc* tuYɧJwK32qJDd P  S A? "2`Lwby5Maaم<8 `!4Lwby5Maaم  dxcdd``>$d@9`,&FF(`TIMRcgbR 5fĒʂT @_L ĺE,a ˊ L *'031d++&1<;=0@d`;g^Yj^I~QeX_a8 +KRsA<.tg`T>Dd P  S A? "2ZsL%f? 6: `!.sL%f? @ 8 dxcdd``>$d@9`,&FF(`TIŁMRcgbR xl טzjx|K2B* R0pE1At 2Bab`r wfjQ9A $37X/\!(?71ف/j&#F\=̾`[ULt ͌ sRb r1b(܀`8+KRsA<.tlg`[ `!o#C(g7   d=xUKP.mbѠDB!luB@ ?dwrE{/>..#`q\!T2՚kQ`u؆R?gȶFb0-249M:Cmu6d9W(x]PJA3;0h Z4)OXp!Hv%\XX)V [Sja9;q`޼{f {٦5"ĈteVIm3:H`/KF+pOpVQ}Y~Ry. 0zV~=32Ź^YUNux(o[>iEL3:P:Nos=uv4eTZ"7J?m{oIDußw;ϐ5JDd P  S A? "2U[pu0֥%1C `!)[pu0֥%@ 8 dxcdd``>$d@9`,&FF(`TIŁMRcgbR xl טzjx|K2B* R0pE1At 2Bab`r wfjQ9A $37X/\!(?71ف/j&#F\=̾`[U t PQ3SS(Ե\`AL/ 9 F&&\ $]0;^;{)Dd  lP  S A? "2{S-IbS% -PaE `!Y{S-IbS% -P 'xcdd``~$d@9`,&FF(`T! KA?H1 x3@0&dT0pE1At 2Bab`r;35V ZZ@ V`5lW:i%d'@EɩeI9P/ -y%\P?s/D@{!Ĥ\Y\ qAÁIL`7`qSJ|1Dd P  S A? "2E$pd,Oƽ%}di)G `!aE$pd,Oƽ%}d`  d/xMQN@ }!"! : `b 2:D!JU7FFF3+? H >]%'Y/9gDCHu] ຫ-5"\eF -3FϜiiƗm \!a"<@&cAkKws|@WU9JOIڻ1|rDa|3~y~e'# ]^*מ/ /wu2Zk0Ğ^FGz䱻S,;qht:a򛓼xf%?&FDd P   S A ? "2`:YmVϛL<ZI `!4:YmVϛL  dxcdd``>$d@9`,&FF(`TIMRcgbR 5fĒʂT @_L ĺE,a ˊ L *'031d++&1<;=0@d`;g^Yj^I~Qe*X_a8 +KRsA<.tg`P>Dd P ! S A!? " 2\)094NR:8^K `!0)094NR:` hn dxcdd``>$d@9`,&FF(`TI%]RcgbR ;5fĒʂT @_L ĺE,a KL *'031d++&1<;=0@d.V#CSh>/HP$u/O .#RpeqIj.. K.;Dd lP " S A"? "!2m 9")+ I^M `!A 9")+ e xcdd``$d@9`,&FF(`T3 A?dm zjx|K2B* Rj8 :@u!f0109Y@v;35V ZZ@ V`5 Hqu2Yũ%P 05 `{2+RSbEL Ĝb7\`ClO@FLLJ% ԇ H`cdyCDd P # S A#? ""2\'Z*]a8oO `!0'Z*]a` hn dxcdd``>$d@9`,&FF(`TI%]RcgbR ;fĒʂT @_L ĺE,a KL *'031d++&1<;=0@d.V#K#Sh!/HP$u/O .#RpeqIj.. K;Dd lP $ S A$? "#2lS L=HoQ `!@S L= xcdd``$d@9`,&FF(`Tv! KA?H1 Әzjx|K2B* Rj8 :@u!f0109Y@V0;ȝATN`gbM-VK-WMcxvK{ +`0z0Yũ%P"fjb !%9P|F&XpbNj1X .!6A' Y #F&&\ C$]01@w2&CDd P % S A%? "$2[Q*IB (7S `!/Q*IB (` hn dxcdd``>$d@9`,&FF(`TI%]RcgbR ;5fĒʂT @_L ĺE,a KL *'031d++&1<;=0@d.VKsSh>/HP,u/O .#RpeqIj.. K;Dd lP & S A&? "%2c`,,^q;#[R?~U `!7`,,^q;#[R xcdd``>$d@9`,&FF(`Tv! KA?H1 Әzjx|K2B* Rj8 :@u!f0109Y@V0;ȝATN`gbM-VK-WMcxvK{ +`0z @f'C2YyPN.۹ q(`8D+KRsA<.t\?]  i@TDd P ' S A'? "&2bEڿ#V;NHA>W `!6Eڿ#V;NHA` hn dxcdd``>$d@9`,&FF(`TI%]RcgbR ;5fĒʂT @_L ĺE,a KL *'031d++&1<;=0@d`dpmAF:`5 r1 Pp(021)Wx\P?0 邹 L,;Dd lP ( S A(? "'2uFNѻجQY `!IFNѻج xMPJA\n 4E">/`Cr.t>Oae§&m,-͆fj9_cMDߩbTXkmGFyufH+"W;*MK>4.q?-7=kg֙te5\ VJGDd P ) S A)? "(2[2Oz$[w|'(.B$K7[ `!/2Oz$[w|'(.B$K@ 8 dxcdd``>$d@9`,&FF(`TIŁMRcgbR xl טzjx|K2B* R0pE1At 2Bab`r wfjQ9A $37X/\!(?71ف/j&#F\=̾`[U,MuL kAF:\Pr}1 b(`8 +KRsA<.tg`ޑ;Dd hP * S A*? ")2w$:) HQ4mzC0.ѣTx'hzͪi}m7t"!s)?{@Cی֩WNOOsk,IigW54Tbg.KFf~Wu7pQgV3hKks:ˋҚ4pJM?vk'5EtpQ/*c:&wEDd P + S A+? "*2Y\ %m 5_ `!-\ %m @ 8 dxcdd``>$d@9`,&FF(`TIŁMRcgbR xl טzjx|K2B* R0pE1At 2Bab`r wfjQ9A $37X/\!(?71ف/j&#F\=̾`[U u kAF:@Q.k>_r@LLJ%  H`3@w0>;Dd lP , S A,? "+2xS- x&4ZTa `!LS- x&4Z xMPJA5`"E:E@>>fߓONn쉠׷Eug]+mɻE W^w:5'.kpjIK`w$[D:SJII:Dd P - S A-? ",2Uj7j}I!{J1c `!)j7j}I!{J@ 8 dxcdd``>$d@9`,&FF(`TIŁMRcgbR xl טzjx|K2B* R0pE1At 2Bab`r wfjQ9A $37X/\!(?71ف/j&#F\=̾`[U,MuL PQS 3(Ե\`AL/ 9 F&&\ $]0;;Dd P . S A.? "-2WLN.$d@9`,&FF(`TIŁMRcgbR xl טzjx|K2B* R0pE1At 2Bab`r wfjQ9A $37X/\!(?71ف/j&#F\=̾`[U u PQKsS.k>_r@LLJ%  H`3@w0;s$$If!vh5#v:V +65/  / 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ /  / 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ 44 S$$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ / / / / / / / / / / /  / 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ 44 S$$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ / / / / / / / / / / /  / 44 7$$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V +65/ / / / / / / / / / /  44 a$$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V <65/ / / / / / / / / / / / /  / 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 765/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ /  / 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ 44 S$$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ / / / / / / / / / / /  / 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ 44 $$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ 44 S$$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 565/ / / / / / / / / / / /  / 44 a$$If!vh5 5(5P55P5(#v #v(#vP#v#vP#v(:V 765/ / / / / / / / / / / / /  / 44 s$$If!vh5<#v<:V 565/  / 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ /  / 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ 44 S$$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ / / / / / / / / / CompObjfObjInfoEquation Native _1125215704FPk)kPk)ks() FMicrosoft Equation 3.0 DS Equation Equation.39q+d Interest+LoanRepayments+LeasePayOle CompObjfObjInfoEquation Native    !"#%ments() FMicrosoft Equation 3.0 DS Equation Equation.39q PROFITMARGIN_1125215832"FP"k)kP"k)kOle CompObj fObjInfoOle10Native!Equation Native  __1125215942'$FP"k)kP"k)kOle  C ProfitMargin FMicrosoft Equation 3.0 DS Equation Equation.39qct Total CompObj#% fObjInfo&Equation Native _1125215941)FP"k)kP"k)kAssetsTurnover FMicrosoft Equation 3.0 DS Equation Equation.39qS@H EquityMultiplierOh+'0Ole CompObj(*fObjInfo+Equation Native o/ /  / 44 7$$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ / / / / / / / / / /  44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ 44 S$$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ / / / / / / / / / / /  / 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ 44 S$$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V 565/ / / / / / / / / / / /  / 44 a$$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ / / / / / / / / / / / /  / 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 S$$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ / / / / / / / / / / /  / 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 $$If!vh58 5(5P55P5(#v8 #v(#vP#v#vP#v(:V :65/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V j65/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 $$If!vh52 5(5P55P5(5#v2 #v(#vP#v#vP#v(#v:V 565/ 44 LDd 8 P ( S A(? "'2P rWC-vJ.n`!|P rWC-vJ.@JxmJAw5E0('"&%vi}|4@SϝM a77sEAeL͋%E"2kmѢM vg獵a hk,,P M)(n]pEE(Pyv8"~?ۆ!6 [ ֎8CK+`~s9t6w|'# =anIi$$If!vh5#v:V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5 5 5P5 5P5 5 #v #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 T$$If!vh5H 5 5P5 5P5 5 #vH #v #vP#v #vP#v :V .65/ 44 Ti$$If!vh5n#vn:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 T$$If!vh5 55P55P5#v #v#vP#v#vP#v:V .65/ 44 TDd  P * S A*? ")2=91]ڮCXչJ:Dd P + S A+? "*2Y7v.!}z5`!-7v.!}zx@4 xcdd`` @c112BYL%bpuw?wFwGw`wewfwlwmwtwuw}wwwwwwwwwwwwwwwwwwwwwwwwwwwwx xL@L Normal1$CJOJQJ_HhmH sH tH @ Heading 1T$$ `0wx$&@#$$d%d&d'd.@&a$5CJ$OJQJ@ Heading 2Y$$ `0wxxw#&`$d%d&d'd./@&a$5CJOJQJ~@~ Heading 3;$$ 8p 8d@&^8`a$5CJOJQJ\^JDAD Default Paragraph FontVi@V  Table Normal :V 44 la (k(No List <&< Footnote Reference@O@ icqa$ @dNa$CJ"@ CaptionN$ `0wx$&@#$$d%d&d'd.a$5CJOJQJ4@"4 Header  !4 @24 Footer  !xC@Bx Body Text Indent5$ 8p2 8d^8`a$5CJ~R@R~ Body Text Indent 2;$ 8p 8hd^8`ha$CJvS@bv Body Text Indent 33 8p  j d^ CJlB@rl Body Text7$ & 8p2 N \ ,da$5CJpP@p Body Text 27$ & 8p2 N \ ,da$B*CJ@Y@  Document Map-D OJQJfOf IM answer5$$$ `0881$^8`a$CJH@H  Balloon TextCJOJQJ^JaJC1,l-lmmooO900x * M90 *H6@`M90 *O90 +,-QRS,-  j k UVWY~0EFG -abp$HPQR  1 C O P Q R S T U V W X Y Z [ \ ] ^ !%!:!s!t!!!""""""##,#O#~##########$$$$J$K$$$$$$/&0&|&}&~&&&&&7'8'^'~''''''(.(/(((())4)5)w)))) *L*M****+)+*+++,,,,,,,,-&-'-b-c-w-x----^...a/b///#0$000000b1c1d11111U2V22233"3#3m333z4{466H8I8J8K8889Y999F::;c;;-<<<[==C>>>??BBB9B:B;BBCCCCCCCCCDFIJJJJJJJJJJJJJKK K KKKK*K+KOLOMO\O]O^O_OqOrOsOyOzOOOOOOOOOOOOOOOOOOOP PPPP!P"P/P7P8PAPBPKPLPePtPuPPPPPPPPPPPPPPPPPPPQQQ"Q#Q3Q4Q@QHQIQRQSQ\Q]QhQyQzQQQQQQQQQQQQQQQQQQQQQQQQR RR%R&R/R0R9R:R>RPRQRaRbRtRuRyRRRRRRRRRRRRRRRRRSSSS%S6S7SGSHSYSZS[S\S]SlSrSsSySzSSSSSSSSSSSSSSSSSSSSSSSSSSSST(T)TlClHlIl`lelflklllqlvlwllllllllllllllllllllllllmmmm m!m'm-m.mLmRmSmXmYm_memfmzmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm nnnnnn%n&n4n:n;nAnBnGnLnMnVn[n\nanbnhnmnnnnnnnnnnnnnnnnnnnnnnnnoo oo!o"o'o(o-o3o4oDoJoKoQoRoXo^o_o|ooooooooooooooooooooooooo ppppp p&p'p6p;p7>F6 M906P<>7M908Pt>7M90M90:P0 )M90M90<Ph )M90PM90>P )M90PM90@P )hM90PM90BP )M90PM90DPH )9M90PM90FP )a3^mCb3-4>JM90HP@b7NKKM90JPxb7]LLM90LPb7!MPMmM90NPb7>F6 M90PP c7M90RPXc7@X`M90TPc7M90VPc7$M90XPd7$M90ZP"?F6 M90\P"M90^P(#0y@M90`P`#M90bP#$M90dP#`?BF6 M90fP$M90hP@$8<@M90jPx$M90lP$$M90nP$$]pM90pPxKM90rPKM90tPK~>9?9F6 M90vP L$$X:M90xPXL$X:pM90zPLM90|PLM90~PMМ~|:}:F6 M90P8MМ$$M90PpM$xM90PMM90PMx M90PNpМ~==M90PPN$M90PXF6 M90PM90PP@@`H8M90PM90P8$M90PpJ8F6 M90PM90P@@M90PM90PP$M90P`K88F6 M90PM90P؏@M90P0M90Ph$M90P`89F6 M90PPPM90P-QQM90P-9RtRRM90P.YSt|M90P8.$wJ$M90Pp.xJ%AM90P.%#DH$M90P.( _kC (M90P/@K  ( M90PP/ ! )!!s@K"!M90P/5)"kC"*M90P/kCu$,p+M90P/+4d,kCe,M90P006,kC,7M90Ph0kCX-*8-M90P0-|8!/$lC"/M90P0:/5lC/Y:M90P1DMmMMUUVXqYSZ[\B^^`c3eOghm3n;pqgsuvwxyz{(~~pHÆFJMNOQSUWYZ\_cdefgijlmnpqtwxy|~ "*/8<=FG- ~$0%a&P'W((*+,/.13589<=CHLMUUU VSVVVV/WlWWWW"XeXXXY4YrYYY.ZCZZZZZZ[e[[[\.\l\s\\\ ]F]]]]+^>^d^y^^^^_I__``,`?`a`|`````aa@aVaaadpfg1lmoqVsFtuuvvvw2wIwwwwwww*xLxgxxxxxxyy?yjyyyyyz1zlzzzzzz{8{]{x{{{{{||%|(~5~L~f~~~~ 2e /N׀$Vy2Ovׂjф*ÆGIKLPRTVX[]^`abhkorsuvz{}     !#$%&'()+,-.012345679:;>?@DE†H0AC#%s !!!!!#!%!6!8!""".$?$A$c$t$v$@(f(2+^+_+p+r+|+++++++,R,S,d,f,q,,,,,,*-;-=-F-W-Y-------.//!/#/2/C/E/u//////////00B0S0U0b0s0u00000001/11161G1I1111111t222222222222P3a3c3\\w]]]]dbpbbbbbccc%cyzz zzz z1z3z::::::::::::::::::11:11:1:::::::1:::::::::::::::::::TTTT::T:::)/2SY[qwz!!!!"$ 뉤p~ "$G,*Όo>"$CGs& !0+"$N 7+#9"$V-&}"$P*YW{1["$(<|_D2"$P*YW{1["$(<|_D2@0(  B S  ? QuickMarkhhܬTqttl $'l'lmmoo5+l+lmmoo8*urn:schemas-microsoft-com:office:smarttagstime8*urn:schemas-microsoft-com:office:smarttagsdate9*urn:schemas-microsoft-com:office:smarttagsplace9*urn:schemas-microsoft-com:office:smarttagsState  01216200831DayHourMinuteMonthYear RUVZ\<<@=C=>>bCkCDDBEMEIITI$\/\v``aaaakkWq`qqqqqLrUrrrrx{xiyty{{SY~|CJ#=]`t{07R >!@!""##''''''((X)Z))))****+1+//3344K8R8<<=D=O>>ABDBEE\\ ] ]f^j^__a4aGcIcxgyghhjjln33333333333333333333333333333333333333333333+8iGc%P^ $K$$$''/((w)) *M*++,,,--o/K::JVu\\\\jjkooVq8sx5zz}}CG!=K[egk{ Amelia BellBnP֝}w*h^`.h^`.hpLp^p`L.h@ @ ^@ `.h^`.hL^`L.h^`.h^`.hPLP^P`L.^`o(() ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`L$0@ T` |   $Ratio Analysis. Instructor's ManualInstructor's Manual%Mike Ehrhardt, Susan Purcell WhitmansofikeikeNormalr Amelia Bell18lMicrosoft Word 10.0@$e @䊴$I@@mߑ@M^)km՜.+,0  hp|   ~A $Ratio Analysis. Instructor's Manual Title  FMicrosoft Word Document MSWordDocWord.Document.89qhH. ^`hH. ^`hH. PLP^P`LhH.BnP}w @CJ@OJQJo(n         ?pB         @WV;J}0 R  R@\ OdF7;,$2JCb"|"l-T1"1j;y=q->^PAdBqCF'&GaN&S2ET\UV#AV&WKX/G`hnx.pDq/5x{@{>qFCVq|gr9PMOXsMlrqg'|Pf0Ccz4S_"+a$$<(6zD4Rd^ $$'([==JJJJJJJJJJJKK K KKKK*K+KOLOMO\O]O_OqOrOsOyOzOOOOOOOOOOOOOOOOOOOP PPPP!P"P/P7P8PAPBPKPLPePtPuPPPPPPPPPPPPPPPPPPPQQQ"Q#Q3Q4Q@QHQIQRQSQ\Q]QhQyQzQQQQQQQQQQQQQQQQQQQQQQQQR RR%R&R/R0R9R:R>RPRQRaRbRtRuRyRRRRRRRRRRRRRRRRRSSSS%S6S7SGSHSYSZS]SlSrSsSySzSSSSSSSSSSSSSSSSSSSSSSSSSSSST(T)TlClHlIl`lelflklllqlvlwllllllllllllllllllllllllmmmm m!m'm-m.mLmRmSmXmYm_memfmzmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm nnnnnn%n&n4n:n;nAnBnGnLnMnVn[n\nanbnhnmnnnnnnnnnnnnnnnnnnnnnnnnoo oo!o"o'o(o-o3o4oDoJoKoQoRoXo^o_o|ooooooooooooooooooooooooo ppppp p&p'p6p;pw?wFwGw`wewfwlwmwtwuw}wwwwwwwwwwwwwwwwwwwwwwwwwwwwx x xxxxx5zHg%0w@K6 L$%.,.-ˀP@P,P\@P6Pp@P@Unknown Amelia Bell Mike EhrhardtG: Times New Roman5Symbol3& : Arial5& zaTahoma?5 : Courier New;Wingdings#hLEFfJ)&Fmm!d~~2qHX?4d#Ratio Analysis. Instructor's ManualInstructor's Manual$Mike Ehrhardt, Susan Purcell Whitman Amelia Bell