财务报告与分析：三友会计名著译丛 第08章习题答案

1、PAGE PAGE 43隘Chapter柏 8傲Profita败bility隘PROBLEM扒S奥PROBLEM绊 8-1爸肮Net Pro拜fit Mar斑gin = 柏肮鞍办艾瓣2004捌稗巴2003案凹芭癌澳靶5.00%暗扒挨4.00%靶袄Return 肮on Asse按ts = 版白爱芭巴班2004安板氨2003板柏哎袄扒邦22.83%傲奥拔20.00%白霸Total A埃sset Tu阿rnover 矮= 啊吧扒哀叭哀2004挨班叭2003矮佰袄盎柏4.57 ti把mes巴绊5.00 ti胺mes翱靶胺唉耙捌per yea隘r般伴爱per yea阿r爱疤= Retur巴n on Co

2、翱mmon Eq爱uity = 奥唉翱把罢翱2004笆啊摆2003版袄捌敖凹稗30.88%伴阿矮25.00%拌俺Ahl Ent瓣erprise胺 has ha柏d a sub澳stantia哎l rise 傲in prof般it to s稗ales. 傲This is捌 somewh凹at temp板ered by盎 a redu绊ction i懊n asset阿 turnov袄er. Gi扮ven a s扳light r矮ise in 扮common 斑equity,懊 there 芭is a su巴bstanti把al rise霸 in ret稗urn on 捌common 阿equity

3、.吧PROBLEM稗 8-2a.靶2004捌2003斑Sales碍Cost of霸 goods 吧sold袄Gross p把rofit啊Selling拜 expens芭e般General版 expens巴e敖Operati案ng inco板me拜Income 般tax百Net inc绊ome芭100.0%懊 60.7白 39.3坝 14.6碍 10.0扮 14.7碍 5.9罢 8.8%艾100.0%傲 60.8斑 39.2隘 20.0唉 8.3把 10.9扳 4.2稗 6.7碍%按b.瓣柏Starr C靶anning 袄has had挨 a shar靶p decre埃ase in 熬selli

4、ng盎 expens拌e coupl把ed with俺 only a靶 modest瓣 rise i叭n gener搬al expe俺nses gi伴ving an办 overal翱l rise 唉in the 袄net pro唉fit mar疤gin.癌PROBLEM巴 8-3半般Earning翱s Befor挨e inter安est and霸 tax颁艾$245,00败0搬拌Interes胺t (750,跋000 x 6按%)懊伴半拌 45,00挨0癌摆Earning肮s befor氨e tax巴半班般$200,00搬0哀爱Tax般扳扳芭熬 80,00办0案绊Net inc稗ome颁疤柏颁

5、$120,00绊0懊阿Preferr傲ed divi阿dends碍把爸哀 15,00捌0胺昂Income 伴availab懊le to c案ommon鞍办岸$105,00佰0a.b.c.蔼唉跋巴 版 d.扳哎绊暗氨懊耙碍暗 = 5.4哀4 times袄懊办半半蔼耙蔼哀 p霸er year巴PROBLEM哀 8-4百Vent Mo跋lded胺 罢Plastic吧s罢Vent Mo唉lded傲 般Plastic爸s板Sales暗Sales r傲eturns艾Cost of跋 goods 白sold挨 Selli矮ng expe柏nse扒 Gener板al expe癌nse澳 Other暗 inco

6、me敖 Other昂 expens佰e熬 Incom安e tax安 Net i班ncome艾埃101.0%暗跋 7.0芭挨 72.1隘挨 9.4阿敖 7.0肮办 .4胺捌 1.5扮按 4.8鞍百 5.6%熬埃100.3%斑扒 .3伴哎 67.1芭皑 10.1伴哎 7.9百绊 .4案澳 1.3隘挨 5.5暗扳 8.5%袄埃Sales r傲eturns 阿are hig半her tha岸n the i哎ndustry吧. Cost埃 of sal爸es is m碍uch hig靶her, of半fset so盎me by l氨ower op案erating昂 expens氨es. Ot八her e

7、xp矮ense (p安erhaps 拜interes爱t) is s搬omewhat邦 higher翱. Lowe背r taxes凹 are pe靶rhaps c绊aused b袄y lower柏 income傲. Over扮all pro巴fit is 俺less, p斑rimaril傲y due t爸o cost 版of sale氨s.奥PROBLEM碍 8-5a.疤半2004 sa拜les wer阿e 122.7碍2% of t白hose in办 2003.b.芭凹2004 ne哀t earni凹ngs wer肮e 100.8安0% of t把hose in绊 2003.疤c.班半1.俺

8、埃Net Pro扒fit Mar皑gin = 百案皑2004瓣摆2003哎熬2.艾袄Return 绊on Asse澳ts = 岸碍笆2004跋柏2003百澳3.八耙Total A袄sset Tu袄rnover 懊= 瓣捌瓣2004绊爱2003安芭4.伴俺DuPont 绊Analysi傲s: Retu把rn on 氨= Net 爱Profit 背 x Tota瓣l Asset氨瓣半败 熬 胺 Assets半 哀 Margin氨 啊 Turnov癌er昂 瓣 20安04 岸 10啊.42* 隘 = 9疤.39% 般 x 跋 1.11巴隘皑 2003般 鞍 12.7艾2* 捌= 11.5埃6% 绊

9、x 斑1.10隘靶*Rounde版d cause拜s the d敖ifferen昂ce from把 the 10案.38% an爱d 12.67邦% compu凹ted in 瓣part 2.5.爸2004懊2003霸Operati白ng inco疤me白 Net s办ales稗 Less:爱 Cost o拌f produ哀ct sold阿 坝 Resear奥ch and 叭develop爱-按 佰 ment懊 expens凹es跋 碍 Genera罢l and s皑elling安Operati蔼ng inco袄me 巴$1,589,霸150岸 651,罢390澳 135,案314安 526,

10、邦680霸$ 275,胺766百$1,294,盎966癌 466,笆250啊 113,绊100爸 446,瓣110奥$ 269,扮506罢盎袄Operati百ng Inco背me Marg八in = 邦艾懊艾背阿2004白袄懊2003啊翱6.拔胺Return 懊on Oper佰ating A半ssets =佰 挨澳拌爸巴暗2004罢把板2003霸隘板佰拜= 19.53埃%奥把= 23.24摆%艾摆7.扳敖Operati伴ng Asse板t Turno稗ver = 邦碍靶肮澳埃2004奥跋坝2003办巴斑摆板= 1.13 袄times罢斑= 1.12 颁times耙按版鞍邦 per y半ear

11、百扳 per y傲ear傲扒8.皑瓣DuPont 癌Analysi半s: Retu稗rn on 吧= Net 皑Profit 吧 x Tota斑l Asset哎斑稗鞍 办 伴 Assets挨 岸 Margin啊 奥 Turnov跋er安 把 20白04 懊 19扮.61%* 奥 = 1袄7.35% 凹 x 哀 1.13摆 啊 20凹03 扮 23坝.31%* 班 = 2爸0.81% 鞍 x 艾 1.12芭爸按*Roundi哎ng caus拌es the 澳differe扳nce fro背m the 1熬9.53% a碍nd 23.2肮4% comp坝uted in瓣 part 6案.9.八20

12、04唉2003澳Net ear把nings b办efore m懊inority跋 share胺Interes啊t expen爱se笆Earning案s befor绊e tax按Provisi笆on for 埃income 佰tax扒Tax rat拌e吧1 tax百 rate熬(intere敖st expe氨nse x安 (1 百tax rat阿e)安Net ear霸nings b矮efore m艾inority爸 share柏 + (int吧erest e伴xpense)柏 x (1 矮 tax r拔ate)班Long-te板rm debt般 + equi罢ty爸Return 背on inve

13、安stment隘$ 149,挨260唉 18,斑768拜 263,澳762隘 114,埃502拌 43爱.4%百 56盎.6%瓣 10,唉623扮 澳 159,俺883凹 1,019,挨420 哎 15哎.7%扳$ 149,稗760芭 11,哎522八 271,翱500霸 121,俺740柏 44颁.8%敖 55背.2%绊 6,白360奥 156,笆120爸 933,哀232鞍 16扮.7%敖10.癌败Return 奥on Comm佰on Equi般ty = 耙鞍佰翱岸暗捌2004按爸挨2003埃鞍稗奥颁扒= 17.06捌%半巴= 19.03碍%哀d.巴霸Profits昂 in rel邦ati

14、on t绊o sales氨, asset肮s, and 叭equity 佰have al搬l decli耙ned. T暗urnover邦 has re版mained 挨stable.碍 Overa爸ll, alt把hough a爸bsolute霸 profit俺s have 矮increas安ed in 2唉004, co般mpared 佰with 20芭03, the邦 profit疤ability稗 ratios背 show a唉 declin奥e.绊PROBLEM瓣 8-6拌a.霸班1.岸瓣Net Pro芭fit Mar白gin = 摆2004盎2003斑2002凹= 6.07%颁= 3

15、.96%哎= 3.76%斑案2.盎阿Return 傲on Asse矮ts = 稗2004稗2003把2002傲= 6.04%拜= 4.21%板= 3.82%爱挨3.肮摆Total A暗sset Tu爱rnover 板= 半2004把2003暗2002佰= 1.11 敖times俺 哎per yea靶r八= 1.07 斑times凹 鞍per yea昂r熬= 1.02 凹times班 敖per yea办r暗爸4.哎埃DuPont 爱Analysi懊s敖Return 熬on芭Assets颁=埃Net Pro澳fit Mar昂gin柏x盎Total A靶sset芭Turnove拜r懊2004: 6埃

16、.74%蔼2003: 4半.24%唉2002: 3奥.84%百=爱=白=捌6.07%耙 3.96%*霸3.76%*袄x鞍x啊x啊1.11 ti靶mes爸1.07 ti吧mes傲1.02 ti搬mes俺安瓣*Roundi柏ng diff百erence 艾from th巴e 4.21%巴 and 3.败82% com颁puted i拜n 2.百傲5.叭敖Operati昂ng Inco哀me Marg稗in = 班2004挨2003傲2002哀(2) Net傲 sales胺Less:啊 Mater埃ial and昂 manufa班cturing叭 cos盎ts of p捌roducts百 sold瓣

17、Researc安h and d暗evelopm扮ent鞍General按 and se案lling摆(1) Ope扮rating 蔼income矮(1) Div澳idend b班y (20)懊$1,600,懊000皑 740,柏000办 90,霸000俺 600,哎000八 1,430,翱000盎 170,百000拌 10.6稗3%霸$1,300,颁000拌 624,捌000唉 78,隘000蔼 500,柏500稗 1,202,凹500熬 97,拔500安 7.50巴%碍$1,200,白000把 576,爸000碍 71,耙400版 465,熬000拌 1,112,盎400吧 87,唉600岸

18、 7.30胺%暗伴6.哎班Return 癌on Oper奥ating A啊ssets =碍 叭2004百2003吧2002盎 Oper盎ating I笆ncome_跋_把Average扳 Operat奥ing Inc芭ome奥$ 170,翱000皑$1,390,肮200伴12.23%岸$ 97,吧500般$1,160,翱000疤8.41%颁$ 87,俺000百$1,090,癌000耙7.98%靶板7.奥吧Operati八ng Asse败t Turno埃ver = 八2004绊2003昂2002斑 N罢et Sale般s_巴_岸Average耙 Operat耙ing Ass懊ets颁$1,600

19、,背000版$1,390,俺200摆1.15 ti安mes背$1,300,颁000佰$1,160,按000斑1.12 ti哎mes翱$1,200,傲000矮$1,090,班000摆1.10 ti澳mes哀拔8.隘芭DuPont 般Analysi熬s with 挨operati扮ng rati疤os颁Return 暗on傲Assets版=熬Net Pro班fit Mar拌gin艾x背Total A颁sset跋Turnove半r白2004: 1背2.22%*霸2003: 芭8.40%*傲2002: 笆8.03%碍=办=昂=叭10.63%啊 7.50%癌 7.30%芭x版x捌x爱1.15伴1.12隘

20、1.10罢扮昂*Roundi败ng diff瓣erence 搬from th百e 12.23俺%, 8.41办%, and 埃8.04% c办omputed瓣 in 6.9.白挨Estimat罢ed tax 扳rate:挨2004八2003凹2002癌(1) Pro颁vision 拜for inc敖ome tax百es版(2) Ear唉nings b吧efore i奥ncome t办axes佰 and霸 Minori挨ty equi板ty败(1) div盎ided by熬 (2)翱1 tax板 rate颁(3) Int拜erest e袄xpense 扒x (1-ta邦x rate)阿$19,0

21、00傲 x 6.00案%俺$18,200鞍 x 59.0盎0%傲$17,040半 x 58.0爸0%斑(4) Ear柏nings b昂efore m胺inority按 equity澳(3) plu摆s (4) 芭 傲 (A)哎(5) Tot艾al long把-term d暗ebt碍(6) Tot般al stoc皑kholder艾s equi班ty颁(5) plu疤s (6) 霸 肮 (B)伴(A) div靶ided by肮 (B)柏$ 62,疤049哀$ 159,半100肮39.00%般61.00%氨11,590伴97,051坝108,641袄211,100芭811,200耙1,022,3哎0

22、0办10.63%瓣$ 35,澳731埃$ 87,按150艾41.00%艾59.00%柏10,738按51,419把62,157板212,800按790,100唉1,002,9凹00敖6.20%颁$ 32,65案9绊$ 77,76袄0百42.00%斑58.00%按9,883百45,101吧54,984坝214,000矮770,000傲984,000傲5.59%10.俺2004奥2003袄2002氨Net inc埃ome etc爸.摆Average板 total 鞍equity搬$ 86,85案1芭$811,20爱0肮$ 42,91氨9唉$790,10皑0办$ 37,00般1般$770,00稗0蔼

23、b.肮懊All rat笆ios com爱puted i敖ndicate斑 a sign奥ificant爱 improv绊ement I癌 profit肮ability霸.暗PROBLEM拔 8-7a.1.耙2004稗2003啊2002盎$ 171,叭115百$1,002,般100傲= 17.08佰%拌$163,49靶7摆$980,50佰0搬= 16.67捌%鞍$143,99氨0艾$900,00氨0叭= 16.00版%2.巴2004疤2003拔2002暗$171,11斑5瓣$839,00跋0懊= 20.40耙%隘$163,49班7巴$770,00坝0坝= 21.23靶%隘$143,99袄0熬$7

24、65,00柏0矮= 18.82捌%3.肮2004柏2003伴2002摆$1,002,懊100扒$ 839,摆000版= 1.19 扮times搬 per y坝ear凹$980,50拌0安$770,00哎0柏= 1.27 奥times暗 per y唉ear癌$900,00斑0班$765,0邦00皑= 1.18 摆times板 per y爱ear阿颁4.爱盎DuPont 懊Analysi邦s班Return 隘on啊Assets叭=敖Operati袄ng Inco稗me按Margin颁x敖Total A霸sset颁Turnove八r佰2004: 2懊0.88%*碍2003: 2巴1.17%*摆200

25、2: 1敖8.88%*氨=疤=傲=绊17.08%扒16.67%耙16.00%癌x白x阿x鞍1.19 ti扮mes per盎 year颁1.27 ti巴mes per盎 year版1.18 ti哀mes per肮 year爸背俺*Roundi百ng diff半erence 绊from th癌e 20.40拜%, 21.2靶3%, and半 18.82%昂 comput埃ed in 2办.5.伴靶唉Estimat艾ed tax 鞍rate:矮2004挨2003叭2002凹(1) Pro稗vision 熬for inc搬ome tax邦es傲(2) Ear熬nings b凹efore i袄ncome

26、 t八axes昂 tax办 rate 熬(1) div敖ided by霸 (2)笆 1 扳 tax ra拜te拌(3) Int凹erest e柏xpense 罢x (1-ta版x rate)阿 $14芭,620 x 绊59.50%矮 $12背,100 x 邦59.00%埃 $11白,250 x 霸57.70%安(4) Net俺 earnin昂gs艾 (3)鞍 plus (挨4) 摆 (A)坝(5) Ave凹rage lo柏ng-term皑 debt靶(6) Ave绊rage sh般arehold按ers eq伴uity凹 (5)按 plus (八6) 笆 (B)班(A) div熬ided by

27、暗 (B)拌$116,47坝3肮$287,58袄8昂40.50%疤59.50%袄8,699氨171,115百179,814摆120,000耙406,000挨526,000艾34.19%跋$113,61摆6坝$277,11摆3熬41.00%稗59.00%办7,139敖163,497百170,636邦112,000摆369,500耙481,500挨35.44%捌$105,56熬0傲$249,55靶0盎42.30%拜57.70%半6,491奥143,990跋150,481扳101,000坝342,000版443,000搬33.97%6.八2004案2003艾2002鞍Net ear伴nings扳Av

28、erage斑 total 耙equity半$171,11板5把$406,00班0捌$163,49绊7澳$369,50奥0伴$143,99伴0白$342,00爸07.胺2004隘2003瓣2002肮$1,002,靶100颁$ 302,袄500癌= 3.31艾$980,50百0哀$281,00拜0拜= 3.49俺$900,00巴0氨$173,00霸0斑= 5.20阿b.斑胺The rat白ios com爸puted i鞍ndicate扒 a very叭 profit安able fi伴rm. Mo哎st rati隘os indi班cate A 叭very sl胺ight re柏duction斑 in

29、 pro罢fitabil爱ity in 吧2003.爱敖Sales t爸o fixed霸 assets傲 has de扳clined 拌materia蔼lly, bu翱t this 澳is the 昂only ra氨tio for班 which 俺the tre袄nd appe爸ars to 霸be nega拔tive.挨PROBLEM昂 8-8a.1.斑2004癌2003扳2002叭$20,070安-$8,028斑 $29八7,580班= 4.05%胺$16,660敖-$6,830邦 $25吧6,360罢= 3.83%绊$15,380伴-$6,229笆 $24隘2,150敖= 3.78%2.

30、熬2004八2003靶2002拜$20,070斑-$8,028蔼 $14白5,760摆= 8.26%摆$16,660爱-$6,830傲 $13般7,000按= 7.18%俺$15,380拜-$6,229蔼 $13蔼6,000拔= 6.73%3.板2004唉2003爸2002搬$297,58袄0挨$145,76吧0跋= 2.04 巴times捌 per y摆ear蔼$256,36颁0埃$137,00拔0胺= 1.87 板times鞍 per y爸ear盎$242,15啊0皑$136,00艾0敖= 1.78 拜times办 per y唉ear百挨4.哎跋DuPont 斑Analysi懊s挨Retu

31、rn 办on败Assets败=袄Operati斑ng Inco疤me昂Margin芭x绊Total A白sset皑Turnove百r鞍2004: 8败.26%袄2003: 7皑.16%*昂2002: 6暗.73%把=岸=熬=熬4.05%捌3.83%疤3.78%瓣x蔼x俺x绊2.04 ti摆mes挨1.87 ti拌mes巴1.78 ti败mes板凹跋*Roundi岸ng diff板erence 叭from th啊e 7.18%斑 comput佰ed in 2氨.5.皑2004笆2003般2002瓣$ 26,38绊0百$297,58哎0暗= 8.86%隘$ 22,86巴0绊$256,36昂0癌=

32、8.92%矮$ 20,18按0柏$242,15挨0吧= 8.33%6.埃2004芭2003爸2002罢 $26,把380氨岸爸拔_叭$89,800跋+$45,85碍0伴= 19.45稗%笆$ 22,绊860_暗$84,500爸+$40,30罢0盎= 28.32奥%阿$ 20扮,180暗_碍$83,100隘+$39,80班0扳= 16.42跋%7.版2004皑2003白2002袄= 2.19 暗times胺 per y啊ear吧= 2.05 版times巴 per y颁ear肮= 1.97 拜times疤 per y袄ear半班8.敖隘DuPont 唉Analysi扮s with 疤Operat

33、i岸ng Rati叭os唉Return 罢on傲Assets袄=跋Operati拔ng Inco背me芭Margin稗x爱Total A胺sset拔Turnove拜r稗2004: 1罢9.40%*蔼2003: 1扒8.29%*稗2002: 1把6.41%*斑=唉=拌=俺8.86%熬8.92%拌8.33%爸x坝x艾x柏2.19 ti扳mes阿2.05 ti霸mes盎1.97 ti板mes把唉稗*Roundi跋ng diff败erence 办from th吧e 19.45肮%, 18.3笆2%, and般 16.42%哀 comput翱ed in 6阿.9.凹2004摆2003稗2002跋$ 91

34、,58败0胺$297,58暗0伴= 30.77坝%俺$ 80,06邦0百$256,36按0佰= 31.23安%懊$ 76,18敖0八$242,15艾0扒= 31.46靶%斑b.奥按Net pro绊fit mar懊gin and耙 total 哀asset t隘urnover斑 both i唉mproved按. This耙 result暗ed in a版 substa懊ntial i笆mprovem芭ent to 靶return 吧on asse凹ts.扮佰Operati按ng inco巴me marg捌in decl隘ined sl昂ightly 叭in 2003胺 after 敖a subs

35、t凹antial 斑improve笆ment in扮 2002. 俺 Operat凹ing ass哎et turn阿over im矮proved 翱each ye爸ar. The伴 result瓣 of the罢 improv把ement i案n opera埃ting in伴come ma版rgin an斑d opera巴ting as背set tur笆nover w拌as a su邦bstanti白al impr岸ovement扮 in ret蔼urn on 盎operati埃ng asse蔼ts.跋爱Gross p案rofit m背argin d吧eclined暗 slight癌ly ea

36、ch凹 year.芭瓣Overall般 profit癌ability鞍 improv霸ed subs懊tantial板ly over扒 the th拔ree-yea敖r perio矮d.熬PROBLEM皑 8-9a.1.拜2004扳2003埃2002扒(A)肮(B)澳$ 2,100瓣,000唉$ 2,600坝,000艾 7,000耙,000俺 100拌,000挨 10,000肮,000熬$19,700百,000笆$ 1,950埃,000懊$ 2,300吧,000暗 6,200背,000罢 100艾,000奥 9,000绊,000芭$17,600傲,000叭$ 1,700岸,000暗$ 2,20

37、0扒,000跋 5,800般,000败 100拌,000岸 8,300暗,000般$16,400昂,0002.熬吧氨Estimat霸ed tax 摆rate:背2004般2003凹2002白(1) Pro伴vision 扒for inc凹ome tax哀es蔼(2) Inc哎ome bef霸ore tax拔 tax拜 rate =哎 (1) di皑vided b啊y (2)凹 1 扳 tax ra版te矮(3) Int班erest e隘xpense 埃x (1-ta吧x rate)翱 $80坝,000 x 霸58.33%办 $60艾0,000 x百 57.35%鞍 $55败0,000 x蔼 6

38、1.82%懊(4) Net爸 income扒 (3)昂 plus (唉4) 伴 艾(A)班 Lon百g-term 吧debt捌 Pre熬ferred 氨stock搬 Com斑mon equ爱ity搬 瓣 懊 版 盎(B)挨(A) div搬ided by班 (B)奥$ 1,500氨,000皑 3,600柏,000鞍41.67%疤58.33%半$ 466,柏640搬$ 2,100熬,000耙$ 2,566奥,640罢$ 7,000耙,000搬100,000板 10,000叭,000昂$17,100啊,000熬15.01%败$ 1,450跋,000捌3,400,0隘00靶42.65%扮57.35%哀

39、$ 344,班100扳$ 1,950爸,000板$ 2,294翱,100皑$ 6,200把,000柏100,000把 9,000坝,000肮$15,300翱,000爱14.99%暗$ 1,050癌,000罢2,750,0啊00佰38.18%碍61.82%爸$ 340,鞍000瓣$ 1,700哎,000班$ 2,040哎,010澳$ 5,800扒,000芭100,000按 8,300芭,000扒$14,200俺,000案14.37%3.佰2004把2003岸2002奥= 20.79疤%阿= 21.43疤%办= 29.24八%4.隘2004扮2003捌2002艾= 20.86白%盎= 21.51暗

40、%吧= 20.31败%案b.把熬Return 邦on asse班ts impr岸oved in昂 2003 a摆nd then敖 declin背ed in 2罢004. R唉eturn o傲n inves板tment i拜mproved懊 each y袄ear. R肮eturn o哎n total挨 equity哎 improv叭ed and 版then de岸clined.盎 Retur阿n on co鞍mmon eq傲uity im挨proved 扳and the般n decli靶ned.斑靶In gene昂ral, pr熬ofitabi癌lity ha颁s impro案ved in 爱2

41、003 ov昂er 2002肮 but wa佰s down 巴slightl伴y in 20扒04.肮c.芭颁The use瓣 of lon肮g-term 皑debt an凹d prefe扮rred st案ock bot邦h benef斑ited pr傲ofitabi扮lity.绊巴Return 巴on comm跋on equi蔼ty is s哀lightly巴 more t叭han ret蔼urn on 巴total e氨quity, 暗indicat拌ing a b凹enefit 氨from pr伴eferred皑 stock.哀啊Return 般on tota扮l equit耙y is

42、su把bstanti袄ally hi办gher th摆an retu唉rn on i背nvestme阿nt, ind板icating懊 a bene瓣fit fro败m long-罢term de案bt.坝PROBLEM熬 8-10扮a.安拌Sales拜安袄哎芭$120,00败0熬百Gross p鞍rofit (坝40%)凹笆稗案 48,00隘0板吧Cost of爱 goods 按sold (6八0%)扳凹隘哎 72,00霸0靶扳Beginni氨ng inve瓣ntory隘吧癌按$ 10,00爸0奥扮+ purch癌ase斑办爸百 100,00凹0昂奥Total a耙vailabl蔼e白背暗版

43、 110,00爱0疤挨- Endin按g inven哎tory艾笆坝袄 ?澳_敖跋Cost of班 goods 矮sold跋靶稗唉$ 72,00坝0胺哀Ending 癌invento半ry (110按,000-72翱,000)皑邦$ 38,00罢0哀b.鞍搬If gros捌s profi板t were 哀50%, th扒e analy蔼sis wou邦ld be a板s follo暗ws:霸搬Sales芭按拌奥罢$120,00鞍0安澳Gross p办rofit (败50%)癌隘蔼胺 60,00拔0吧拔Cost of爱 goods 背sold (5拜0%)唉傲白碍 60,00哎0背爱Beginn

44、i叭ng inve把ntory昂蔼佰白$ 10,00跋0啊叭Purchas芭es矮稗艾鞍 100,00巴0罢傲Total a坝vailabl坝e笆熬板爸$110,00矮0安半- Endin爸g inven摆tory奥拌矮爸 50,00叭0版绊Cost of跋 goods 把sold拔斑碍般$ 60,00办0叭颁If gros败s profi巴t were 办higher,巴 the lo熬ss woul伴d be hi埃gher.艾PROBLEM柏 8-11摆Net懊Profit矮Retaine柏d败Earning阿s拜Total翱Stockho拔lders碍Equity翱a. a st翱oc

45、k div俺idend i坝s奥 decl阿ared an拌d paid.按b. Merc澳handise背 is pur叭chased艾 on c隘redit.挨c. Mark版etable 百securit罢ies are盎 sold蔼 above 拔cost.佰d. Acco百unts re矮ceivabl隘e are挨 coll叭ected.跋e. A ca靶sh divi跋dend is般 decl稗ared an吧d paid.扮f. Trea颁sury st爱ock is拔 purc叭hased a斑nd reco摆rded摆 at c爸ost.岸g. Trea案sury st盎

46、ock is 拜sold胺 abov八e cost.柏h. Comm矮on stoc奥k is so挨ld.邦i. A fi挨xed ass芭et is s鞍old for版 less霸 than b笆ook val吧ue.拌j. Bond搬s are c奥onverte颁d into袄 comm爸on stoc捌k.阿0案0拜+邦0皑0八0背0懊0把-奥0斑-奥0芭+办0败-疤0隘0澳0班-跋0翱0蔼0版+翱0鞍-艾-耙+百+按-拌+哎PROBLEM哎 8-12a.1.癌罢柏2004:皑矮皑挨2003:扳拌般捌2002:芭凹般罢2001:吧巴稗暗2000:癌2.胺叭靶2004:败艾巴百200

47、3:半斑绊俺2002:拔芭佰扮2001:爱八澳拔2000:败板Cannot 疤compute稗 averag芭e asset矮s.澳翱吧Year-En拌d Balan拌ce Shee懊t Figur霸es叭案扒2004:熬癌碍熬2003:氨安巴半2002:扒把摆挨2001:叭坝安翱2000:瓣3.败哎阿Average啊 Balanc柏e Sheet俺 Figure捌s按霸岸2004:案奥笆般2003:哎暗俺靶2002:白唉爸肮2001:败笆邦扳2000:伴叭Cannot 办compute敖 averag鞍e asset瓣s.捌案斑Year-En矮d Balan邦ce Shee败t Figur案

48、es扳板耙2004:艾熬叭柏2003:扳阿挨把2002:绊盎芭矮2001:白班拜爱2000:班4.百爸澳Average熬 Balanc暗e Sheet癌 Figure罢s癌拜案2004:扮案7.42% x疤 1.14 t皑imes = 拜8.46%邦邦柏2003:俺俺6.76% x般 1.11 t懊imes = 矮7.50%隘奥扳2002:袄胺6.15% x搬 1.08 t板imes = 版6.64%翱叭熬2001:挨班5.69% x扒 1.04 t阿imes = 绊5.92%瓣百碍2002:昂奥Cannot 岸compute摆 averag邦e asset艾s癌八瓣Year-En办d Bal

49、an拌ce Shee盎t Figur阿es瓣昂袄2004:坝叭7.42% x熬 1.14 t矮imes = 白8.46%拜哎办2003:搬板6.76% x盎 1.11 t敖imes = 爸7.50%巴疤柏2002:绊按6.15% x皑 1.08 t澳imes = 瓣6.64%埃安吧2001:叭熬5.69% x敖 1.04 t癌imes = 百5.92%败败背2000:背伴5.10% x蔼 1.02 t熬imes = 捌5.20%5.哎靶斑2004:罢绊扮胺2003:邦叭绊巴2002:绊邦艾案2001:般八斑班2000:拔6.碍懊半2004:埃澳袄案2003:艾半拜矮2002:扳爱拔凹2001:

50、柏疤瓣傲2000:袄氨Average奥 assets拔 cannot扒 be com癌puted.鞍凹艾Year-En俺d Balan隘ce Shee鞍t Figur百es摆百安2004:鞍白伴懊2003:敖扳矮澳2002:扮扒班埃2001:班皑板绊2000:百7.坝昂敖2004:安奥把叭2003:八白安氨2002:皑扒佰拔2001:斑暗败八2000:扮巴Average罢 Assets搬 cannot颁 be com耙puted.暗芭柏Year-En伴d Balan笆ce Shee矮t Figur拔es扳邦按2004:岸颁鞍哀2003:扮爸靶扒2002:扳俺挨澳2001:俺板板昂2000:案办翱8.拔扳DuPont 盎Return 笆on Oper氨ating A艾ssets =拌跋八Operati傲ng Inco办me Marg败in x Op翱erating吧 Asset 哀Turnove熬r案哀扳Aver