金融管理homework代做 Solutions: Seminar Question 3

Solutions: Seminar Question 3

金融管理homework代做 Average common stockholders' equity* = ($231 − $12) ÷ $1,125 = 19.47% *Average common stockholders' equity = ($1,180 + $1,070)

a. Earningspershare = (Net Income − Preferred Dividends) ÷ Average number of common shares outstanding*

= ($231 − $12) ÷ 36 = $6.08

*Number of common shares outstanding = Common stock ÷ Par value = $180 ÷ $5 = 36

b. Price-earningsratio = Market price per share ÷ Earnings per share (see above) 金融管理homework代做

= $80 ÷ $6.08 = 13.2

c. Dividendpayoutratio = Dividends per share* ÷ Earnings per share (see above)

= $3.03 ÷ $6.08 = 49.8%

*Dividends per share = Common dividends ÷ Common shares** = $109 ÷ 36 = $3.03

**See above

d. Dividendyieldratio = Dividends per share* ÷ Market price per share = $3.03 ÷ $80.00 = 3.78% *See above

e. Returnontotal assets = Adjusted net income* ÷ Average total assets** = $252 ÷ $2,000 = 12.60%

*Adjusted net income = Net income + [Interest expense × (1−Tax rate)] = $231 + 30 × (1 − 0.30) = $252

**Average total assets = ($2,040 + $1,960) ÷ 2 = $2,000 金融管理homework代做

f. Returnoncommon stockholders' equity = (Net income − Preferred dividends) ÷

Average common stockholders' equity* = ($231 − $12) ÷ $1,125 = 19.47% *Average common stockholders' equity = ($1,180 + $1,070) ÷ 2 = $1,125

g. Bookvalueper share = Common stockholders' equity ÷ Number of common shares outstanding* = $1,180 ÷ 36 = $32.78

*Number of common shares outstanding = Common stock ÷ Par value = $180 ÷ $5 = 36

i. Currentratio = Current assets ÷ Current liabilities = $550 ÷ $440 = 1.25

j. Acid-testratio= Quick assets* ÷ Current liabilities = $330 ÷ $440 = 0.75

*Quick assets = Cash + Marketable securities + Accounts receivable + Short- term notes receivable = $140 + $190 = $330

k. Accountsreceivableturnover = Sales on account ÷ Average accounts receivable* = $2,000 ÷ $185 = 10.81

*Average accounts receivable = ($190 + $180) ÷ 2 = $185

l. Averagecollectionperiod = 365 days ÷ Accounts receivable turnover* = 365 ÷81 = 33.8 days *See above 金融管理homework代做

m. Inventory turnover = Cost of goods sold ÷ Average inventory* = $1,400 ÷ $150 = 9.33

*Average inventory = ($150 + $150) ÷ 2 = $150

n. Averagesaleperiod = 365 days ÷ Inventory turnover* = 365 ÷9.33 = 39.1 days *See above

o. Timesinterestearned = Net operating income ÷ Interest expense = $360 ÷ $30 = 12.00

p. Debt-to-equity ratio = Liabilities ÷ Stockholders' equity = $740 ÷ $1,300 = 0.57 金融管理homework代做

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