财务报告与分析：三友会计名著译丛 第07章习题答案

1、PAGE PAGE 22啊Chapter八 7百Long-Te蔼rm Debt俺-Paying懊 Abilit隘y俺PROBLEM摆S败PROBLEM埃 7懊版1矮鞍Earning暗s befor罢e inter鞍est and唉 tax:熬安 Net s傲ales 颁肮 $1,079啊,143挨办 Cost 哀of sale颁s爱颁( 792白,755)阿凹 Selli凹ng and 捌adminis把tration稗岸(扮 264,隘566懊)扮邦罢 艾$ 21,背822a.氨b.鞍柏Cash ba唉sis tim跋es inte爸rest ea坝rned:绊PROBLEM靶 7爸耙2爱拔

2、跋袄伴艾 Recur版ring Ea疤rnings 岸Excludi疤ng Inte唉rest 袄疤暗颁案霸 Expen稗se, Tax百 Expens霸e, Equi扮ty Earn瓣ings, 安a. Time巴s Inter俺est Ear颁ned = 暗and Min啊ority E岸arnings扒 安 斑 岸俺颁艾斑哀 Inter瓣est Exp疤ense, I班ncludin罢g 疤奥背奥白败 Capit芭alized 昂Interes袄t哎 Inco挨me befo败re inco罢me taxe奥s凹搬昂$675岸 Plus办 intere啊st凹八罢艾靶 60埃 Adju啊

3、sted in艾come颁白稗皑哀$735岸 Inte跋rest ex拔pense佰拜捌背岸$ 60佰埃Times I隘nterest版 Earned翱 = 昂$735袄 = 12.2俺5 times白 per ye奥ar挨摆 巴 柏 八 $60b.白摆Adjuste氨d incom昂e from 靶(part a扒)叭肮$735胺爸1/3 of 艾operati昂ng leas班e payme隘nts稗罢 (1/3 癌x $150)袄 疤 埃 昂胺 50把蔼Adjuste霸d incom靶e, incl安uding r白entals半疤$785暗碍Interes半t expen八se芭案$

4、60跋哎1/3 of 啊operati柏ng leas哎e payme岸nts 邦暗 50碍吧 傲 败 扮 氨 按啊$110唉靶Fixed C皑harge C拌overage八 = 半$785八 = 7.14翱 times 把per yea爱r把颁 吧 拔 巴 $110哎PROBLEM埃 7蔼摆3阿 澳 半 绊 R百ecurrin罢g Earni傲ngs, Ex盎cluding胺 Intere挨st 肮耙 巴 伴 胺 Expe艾nse, Ta皑x Expen柏se, Equ拌ity Ear百ning, 拜a. Time捌s Inter坝est Ear艾ned = 哀and Min扒ority

5、E懊arnings耙_芭_爱_ 唉 摆 跋 邦搬 摆 氨 般 Inte版rest Ex芭pense, 敖Includi百ng 巴敖 捌 颁 爱 Capi扮talized哀 Intere澳st邦盎Income 摆before 叭income 爱taxes a白nd班版 extra俺ordinar安y charg斑es板癌$36澳暗Plus in坝terest 凹 隘 半 疤 搬 16拔皑(1) Adj把usted i矮ncome 昂 班 扳 百 52半拔(2) Int百erest e啊xpense拔芭$16跋 Time吧s Inter奥est Ear绊ned: (1稗) divid捌ed by

6、(阿2) = 3.背25 time岸s per y肮ear蔼癌 般 吧 邦 Recu办rring E八arnings坝, Exclu斑ding In癌terest霸盎 案 啊 熬 Expe鞍nse, Ta袄x Expen柏se, Equ盎ity Ear邦nings,捌扒 碍 昂 鞍 and 罢Minorit俺y Earni版ngs + I安nterest碍 Portio安n绊b. Fixe芭d Charg把e Cover爱age = 唉Of Rent捌als_把_巴_邦_凹_ 安 安 昂 案 熬板 皑 爸 拜 Inte癌rest Ex搬pense, 靶Includi拔ng Capi绊taliz

7、ed坝把 爸 隘 斑 Inte胺rest + 案Interes败t Porti巴on Of R半entals澳袄Adjuste颁d incom爱e (part扒 a)阿白$ 52拜疤1/3 of 挨operati拔ng leas颁e payme爸nts挨吧 (1/3 靶x $60)皑岸 拌 20盎岸(l) Adj安usted i斑ncome, 胺includi般ng rent芭als鞍班 摆$72胺搬Interes啊t expen叭se扮爸 $16胺俺1/3 of 背operati肮ng leas百e payme绊nts奥皑 半 20耙爸(2) Adj鞍usted i鞍nterest阿 exp

8、ens颁e班袄 昂$36凹隘Fixed c爱harge c唉overage扮: (1) d坝ivided 巴by (2) 扒= 2.00 扳times p版er year八PROBLEM疤 7白爱4昂a. Debt耙 Ratio 半= 傲b.盎八Debt/Eq隘uity Ra背tio = 矮c.按敖Ratio o邦f Total扮 Debt t笆o Tangi爱ble Net绊 Worth 搬=霸矮Total L八iabilit拌ies 笆 = 芭 $1翱74,979 班 背 = 蔼$174,97板9安 = 70.9扒%矮阿Tangibl鞍e Net W柏orth 安$249,22颁2 颁拜

9、$2,324靶 $246哎,898胺d.邦罢Kaufman巴 Compan哀y has f芭inanced半 over 4八1% of i艾ts asse蔼ts by t埃he use 败of fund拔s from 伴outside爱 credit胺ors. Th斑e Debt/坝Equity 霸Ratio a八nd the 瓣Debt to扳 Tangib办le Net 傲Worth R白atio ar芭e over 白70%. Wh氨ether t瓣hese ra班tios ar哀e reaso啊nable d癌epends 翱upon th吧e stabi阿lity of芭 earni

10、n案gs.凹PROBLEM啊 7-5罢Ratio哎Transac肮tion芭Times搬Interes稗t爸Earned奥Debt稗Ratio鞍Debt/哎Equity拜Total D拔ebt/埃Tangibl肮e瓣Net Wor疤th皑Purchas俺e of bu半ildings翱 financ奥ed by m胺ortgage百b. Purc鞍hase in摆ventory败 on sho凹rt-term巴 loan氨c.邦叭Declara八tion an凹d payme巴nt of c蔼ash div鞍idend疤d.佰把Declara八tion an把d payme凹nt of s盎t

11、ock di把vidend隘e.吧鞍Firm in吧creases颁 profit疤s by cu傲tting c扮ost of 拌sales哀f.阿蔼Appropr扒iation 安of reta奥ined ea鞍rnings俺g.叭唉Sale跋 of com柏mon sto扒ck哀h.办肮Repayme盎nt of l哎ong-ter搬m bank 俺loan昂i.板懊Convers阿ion of 凹bonds t耙o commo傲n stock稗 哀j.凹碍Sale挨 of inv伴entory 爸at grea板ter tha坝n cost败-摆-叭0肮0岸+矮0扳0阿+罢+挨+爸+霸

12、+靶+叭0笆-鞍0按-懊-傲-斑-班+版+捌+白0碍-拜0般-般-拌-碍-澳+哀+版+摆0案-靶0搬-坝-搬-霸-鞍PROBLEM摆 7搬笆6拌a.澳哀Times I矮nterest敖 Earned懊:敖Times i哎nterest癌 earned皑 relate澳s earni爸ngs bef俺ore int扒erest e般xpense,颁 tax, m瓣inority白 earnin办gs, and败 equity矮 income爱 to int班erest e唉xpense.板 The hi疤gher th啊is rati鞍o, the 白better 矮the int捌erest

13、c哎overage跋. The t皑imes in岸terest 稗earned 佰has imp安roved m跋aterial爸ly in s澳trength疤ening t摆he long哀哎term de搬bt posi矮tion. C隘onsider瓣ing tha八t the d邦ebt rat败io and 矮the deb熬t to ta安ngible 岸net wor袄th have罢 remain办ed fair绊ly cons凹tant, t班he prob靶able re般ason fo隘r the i吧mprovem叭ent is 熬an incr罢ease in拜

14、profit袄s.坝The tim阿es inte翱rest ea靶rned on拌ly indi颁cates t斑he inte瓣rest co版verage.胺 It is 拌limited百 in tha白t it do傲es not 巴conside胺r other背 possib办le fixe拔d charg隘es, and摆 it doe颁s not i般ndicate岸 the pr哀oportio斑n of th矮e firms背 resour把ces tha伴t have 佰come fr熬om debt爸.昂Debt Ra般tio:皑The deb奥t ratio版 re

15、late绊s the t啊otal li爱abiliti隘es to t艾he tota蔼l asset隘s.埃The low芭er this捌 ratio,办 the lo罢wer the坝 propor疤tion of搬 assets芭 that h摆ave bee罢n finan案ced by 蔼credito啊rs.癌For Aro霸dex Com柏pany, t敖his rat爱io has 背been st捌eady fo巴r the p矮ast thr隘ee year隘s. This扒 ratio 搬indicat版es that鞍 about 捌40% of 般the tot摆

16、al asse袄ts have翱 been f皑inanced般 by cre扳ditors.翱 For mo颁st firm版s, a 40安% debt 扳ratio w扮ould be捌 consid版ered to岸 be rea氨sonable白.按The deb耙t ratio办 is lim翱ited in百 that i按t relat俺es liab败ilities肮 to the颁 book v笆alue of胺 total 拌assets.挨 Many a跋ssets w皑ould ha瓣ve a va办lue gre懊ater th霸an book罢 value.奥 T

17、his t靶ends to佰 overst爱ate the白 debt r叭atio an百d, ther安efore, 凹usually昂 result盎s in a 柏conserv哀ative r百atio. T板he debt碍 ratio 岸does no背t consi蔼der imm半ediate 按profita碍bility 百and, th把erefore扮, can b胺e misle澳ading a俺s to th斑e firm岸s abili笆ty to h袄andle l哀ong佰绊term de叭bt.氨Debt to哎 Tangib翱le Net 霸Worth:

18、隘The deb绊t to ta斑ngible 斑net wor绊th rela暗tes tot捌al liab捌ilities埃 to sha捌reholde搬rs equ傲ity les爱s intan爸gible a胺ssets. 哎The low凹er this挨 ratio,爸 the lo案wer the跋 propor摆tion of蔼 tangib版le asse百ts that靶 has be半en fina笆nced by巴 credit伴ors.唉Arodex 爱Company扮 has ha耙d a sta叭ble rat笆io of a挨pproxim半ately 8

19、傲1% for 耙the pas百t three奥 years.碍 This i耙ndicate氨s that 爱credito隘rs have鞍 financ哀ed 81% 氨as much案 as the碍 shareh摆olders 哎after e半liminat笆ing int鞍angible隘s from 肮the sha啊reholde叭rs cont稗ributio奥n背唉蔼for mos耙t firms邦, this 矮would b敖e consi柏dered t敖o be re岸asonabl拌e. The 跋debt to埃 tangib跋le net 疤worth r

20、坝atio is白 more c袄onserva埃tive th澳an the 矮debt ra啊tio bec矮ause of案 the el吧iminati把on of i耙ntangib扮le item败s. It i肮s also 白conserv八ative f肮or the 澳same re佰ason th爱at the 般debt ra板tio was跋 conser安vative,笆 in tha盎t book 案value i案s used 埃for the拔 assets疤 and ma艾ny asse皑ts have瓣 a valu耙e great白er than挨 bo

21、ok v哀alue. T版he debt佰 to tan按gible n绊et wort扒h ratio巴 also d凹oes not扮 consid挨er imme罢diate p巴rofitab半ility a爱nd, the跋refore,摆 can be坝 mislea巴ding as肮 to the皑 firms唉 abilit八y to ha啊ndle lo佰ng翱暗term de啊bt.哀Collect哎ive inf凹erences芭 one ma熬y draw 袄from th笆e ratio罢s of Ar柏odex, C啊ompany:搬Overall巴 it app俺

22、ears th疤at Arod板ex Comp案any has澳 a reas鞍onable 盎and imp皑roving 岸long败班term de稗bt posi罢tion. T傲he debt叭 ratio 胺and the哀 debt t巴o tangi爱ble net昂 worth 埃ratios 爸indicat矮e that 熬the pro跋portion板 of deb哎t appea啊rs to b般e reaso澳nable. 伴The tim澳es inte班rest ea瓣rned ap胺pears t叭o be re唉asonabl蔼e and i隘mprovi

23、n笆g.爱The sta爱bility 霸of earn阿ings an岸d compa版rison w背ith ind斑ustry r埃atios w把ill be 敖importa拜nt in r埃eaching爸 a conc昂lusion 啊on the 搬long罢把term de柏bt posi爱tion of耙 Arodex暗 Compan澳y.般b.扳拔Ratios 唉are bas跋ed on p奥ast dat斑a. The 绊future 背is what斑 is imp班ortant,癌 and un芭certain案ties of百 the fu叭ture ca捌nn

24、ot be懊 accura跋tely de叭termine案d by ra傲tios ba板sed upo罢n past 败data.鞍Ratios 爸provide巴 only o肮ne aspe霸ct of a岸 firms巴 long-t按erm deb摆t-payin叭g abili吧ty. Ot暗her inf佰ormatio挨n, such奥 as inf澳ormatio哀n about班 manage斑ment an胺d produ凹cts, is疤 also i唉mportan岸t.哎A compa败rison o白f this 阿firms 氨ratios 拌with ra柏

25、tios of隘 other 哀firms i挨n the s奥ame ind阿ustry w拔ould be埃 helpfu皑l in or爸der to 拔decide 佰if the 颁ratios 哎are rea胺sonable哀.柏PROBLEM案 7澳佰7啊岸 凹 翱 柏Recurri笆ng Earn隘ings, E案xcludin吧g Inter凹est叭a. 1. T爸imes In柏terest 办 Expen佰se, Tax板 Expens凹e, Equi办ty Earn佰ings,靶 疤 Earned埃 懊= 背and Min疤ority E癌arnings佰_拔_熬_

26、 碍 白 唉 昂 哎 般 斑 Inter爱est Exp安ense, I埃ncludin巴g板办 办 隘 搬Capital白ized In埃terest隘阿安 办$162,00哎0凹 = 8.1 班times p办er year艾 奥澳摆 $ 20矮,000矮2. Debt澳 Ratio 俺= 伴Total L袄iabilit碍ies板碍拔 坝 肮Total A翱ssets稗把隘 凹 背$193,00埃0爱 = 32.2耙%扒白坝 埃 袄$600,00俺0袄3. Debt唉/Equity埃 Ratio 挨= 阿Total L凹iabilit霸ies 搬 摆 拔 稗 St坝ockhold碍ers

27、 Eq坝uity奥 扒 霸 翱$193,00叭0疤 = 47.4拔%般 阿 隘 $稗407,000扒 4.绊疤Debt to岸 Tangib敖le Net 败Worth R隘atio = 爸Total L癌iabilit办ies安袄阿 背 芭 哀 八 靶Tangibl案e Net W挨orth背 霸 扮 白 $19氨3,000 班 澳 = 49.拜9%绊 哀 鞍 $背407,000碍 板唉 $20,00鞍0埃b. New 叭asset s岸tructur傲e for a芭ll plan百s:按 笆 盎 A拜ssets稗 拜 Curr懊ent ass阿ets巴般$226,00拌0捌 肮 Prop

28、叭erty, p唉lant, a班nd把 扮 e凹quipmen胺t百颁 554,00扒0败 蔼 Inta芭ngibles傲案 20,00版0芭 爸 Tota摆l asset百s矮靶$800,00八0班 Liab背ilities懊 and Eq爸uity隘 懊Plan A绊按Current罢 Liabil拔ities蔼鞍$ 93,00翱0 $200癌,000,00耙0/100 =岸懊Long翱叭term de半bt坝百 100,00板0白安2,000,0疤00 shar疤es般搬Preferr盎ed stoc哀k坝碍 250,00拌0癌叭Common 叭equity岸爱 357,00颁0拌 N

29、o ch颁ange in挨 net in斑come巴叭芭版$800,00胺0Plan B叭叭Current挨 liabil佰ities班挨$ 93,00叭0 $200跋,000,00挨0/10 =搬败Long稗癌term de佰bt办摆 100,00拌0 20,0背00,000 奥shares靶笆Preferr敖ed stoc霸k柏伴 50,00澳0邦叭Common 氨stock般矮 120,00安0皑啊Premium案 on com拔mon sto哎ck癌盎 300,00拜0叭背Retaine败d earni疤ngs八暗 137,00颁0扒 No ch凹ange in疤 net in败com

30、e凹坝挨坝$800,00蔼0Plan C袄矮Current阿 liabil伴ities 胺 罢拌$ 93,00笆0 Oper氨ating I笆ncome 艾$162,00半0罢唉Long岸叭term de爱bt 凹 熬柏 300,00摆0 Inte败rest ex扒pense 八 52,00白0般*班稗Preferr懊ed stoc蔼k 败 白摆 50,00盎0 翱 百 般 110,00翱0熬阿Common 芭equity 唉 百 艾蔼 357,00般0巴 Taxes唉 (40%) 扮 般 44,00巴0八拔 搬 笆 板 矮 暗$800,00坝0稗 Net I啊ncome 岸 凹$ 66,00

31、伴0百皑* $20,拔000 + 1哀6% ($20柏0,000) 傲= $52,0爸00肮1.办瓣艾罢Recurri靶ng Earn胺ings, E捌xcludin颁g Inter碍est Exp半ense,柏爸Times I笆nterest班凹Tax Exp败ense, E奥quity E翱arnings奥, and M啊inority柏 Earnin熬gs奥案 熬Earned 叭 =耙澳Interes柏t Expen爱se, Inc埃luding 扒Capital唉ized In昂terest氨癌邦Plan 爱A摆斑Plan B扒败Plan C胺2.埃按Debt 笆= 版Total L澳

32、iabilit氨ies伴 岸鞍Ratio 胺 To安tal Ass盎ets昂 捌Plan 澳A 扒 巴Plan 斑B傲八 芭Plan C扮爸拔袄 啊搬 傲3.扳爱Debt/Eq阿uity Ra耙tio = 伴吧靶Plan A耙癌Plan B斑芭Plan C碍4.癌哀Debt to岸 Tangib案le Net 碍Worth =爸 袄跋Plan A摆罢 扒Plan B靶瓣翱 办 胺Plan C 矮c. Pref拔erred S半tock Al扒ternati懊ve:爸靶Advanta拔ges:版1.岸巴Lesser 佰drop in把 earnin罢gs per 扒share t盎han und

33、艾er the 百common 氨stock a败lternat绊ive.鞍2.板拜Not the靶 absolu靶te redu吧ction i蔼n earni背ngs tha胺t accom吧panied 碍the deb搬t alter暗native.昂盎3.般扒There w傲ould be叭 an imp白rovemen挨t in th半e Debt 瓣Ratio, 叭Debt/Eq鞍uity Ra氨tio, an氨d Total败 Debt t耙o Tangi把ble Net熬 Worth 伴Ratio.邦4.哎癌Does no奥t have 半the red般uced ti懊me

34、s int碍erest e熬arned t爱hat acc扒ompanie跋d alter敖native 肮of issu捌ing lon啊g凹傲term de澳bt.凹Disadva背ntages:耙1.袄昂An incr矮ease in熬 the fi巴xed pre稗ferred 傲dividen澳d charg岸e that 败the fir阿m must 柏pay bef扒ore any跋 divide芭nds can安 be pai版d to co败mmon st白ockhold唉ers.稗Common 蔼Stock A阿lternat百ive:败氨Advanta叭ges:摆翱1.

35、绊盎No incr板ease in奥 fixed 肮obligat唉ions.凹摆2.跋罢There w瓣ould be佰 an imp颁rovemen碍t in th奥e Debt 背Ratio, 版Debt/Eq耙uity Ra艾tio, an斑d the T皑otal De拜bt to T般angible暗 Net Wo矮rth Rat跋io.哎埃3.捌瓣Not the扮 absolu靶te redu袄ction i傲n earni般ngs tha暗t accom摆panied 皑the deb坝t alter罢native.埃按4.佰鞍Does no叭t have 巴the red安u

36、ced ti跋mes int稗erest e叭arned t扮hat acc叭ompanie版d alter瓣native 笆of issu耙ing lon捌g版按term de绊bt.办Disadva哎ntages:癌1.翱笆Maximum办 diluti摆on in e疤arnings袄 per sh白are of 瓣the thr跋ee alte笆rnative埃s.绊隘Long-Te哎rm Bond叭s Alter版native:斑奥Advanta氨ges:白皑1. High扳er earn鞍ings pe按r share捌 than w安ith com氨mon sto矮ck.俺Dis

37、adva隘ntages:八扳1.柏扮Materia凹l decli氨ne in T阿imes In背terest 啊Earned.埃稗2.阿澳A mater哎ial inc盎rease i扒n the D翱ebt Rat邦io, Deb半t/Equit稗y Ratio昂,巴叭爸and Tot癌al Debt肮 to Tan搬gible N扳et Wort暗h Ratio把.胺板3.癌翱Absolut胺e reduc拜tion in埃 earnin澳gs.拜皑4.按暗Increas敖e in th芭e inter版est fix熬ed char岸ge that胺 must b百e paid.班d

38、.斑耙The 10%拌 prefer阿red sto哎ck incr巴eased t芭he pref班erred d摆ividend霸s which叭 are no摆t tax d佰eductib稗le; the芭refore,熬 the co啊st of t白hese fu爱nds is 佰the 10%板 amount邦. The 1盎6% bond阿s are t斑ax dedu埃ctible 翱and, th隘erefore摆, the a袄fter-ta氨x cost 傲is 9.6%爸 (16% x霸 (1拜板.40).俺Note to哎 Instru版ctor: Y稗ou may

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40、ssump敖tions.氨PROBLEM扳 7把暗8俺a.吧瓣Times I叭nterest捌 Earned般 = 澳昂Earning八s from 芭continu奥ing ope扮rations班 before盎矮income 摆taxes a白nd equi唉ty earn办ings坝百(1) Add颁 back i蔼nterest把 expens袄e哎半岸暗(1) $ 笆74,780,百000隘翱(2) Adj捌usted e靶arnings扳捌敖版摆(2) $扳 37,646瓣,000叭熬搬搬八柏哀 $1凹12,426,办000癌版Times i疤nterest鞍 earned跋:

41、(2) 爸divided癌 by (1)胺 1.99蔼 times哀百扒靶搬柏埃 白 per把 year盎b.盎颁Earning八s from 扮continu氨ing ope柏rationsPlus:氨扒(1) Int案erest班颁敖板伴$ 65,13案5,000颁扒办 Income瓣 taxes碍案挨摆霸 37,39笆4,000碍癌(2) Adj佰usted e扳arnings氨捌八按碍$140,17柏5,000吧白Times i岸nterest胺 earned凹: (2) 稗divided奥 by (1)拔 3.72把 times爸拜半案叭疤翱 搬 per暗 year艾c.奥笆Remo

42、vin爸g equit板y earni巴ngs giv半es a mo艾re cons澳ervativ八e times按 intere佰st earn把ed rati肮o. The挨 equity俺 income澳 is usu俺ally su版bstanti啊ally mo柏re than半 the ca俺sh divi半dend re靶ceived 盎from th隘e relat唉ed inve埃stments艾. Ther翱efore, 翱the fir哎m canno隘t depen坝d on th背is inco哎me to c瓣over in胺terest 疤payment斑s.

43、案PROBLEM扮 7安碍9百a.凹扮1.氨鞍Times I佰nterest安 Earned熬 = 扒挨2.罢稗Debt Ra绊tio =搬 颁艾3.肮拔Debt Eq昂uity =办 扳 奥瓣4.芭耙Debt to蔼 Tangib扮le Net 白Worth =氨b.霸搬No, Bar傲ker Com癌pany ha爸s a tim背es inte奥rest ea啊rned of拌 5.3 ti伴mes whi绊le the 败industr拔y avera耙ge is 7盎.2 time爸s. Thi懊s indic败ates th拌at Bark跋er Comp搬any has捌 les

44、s t白han ave隘rage co搬verage 拌of its 爱interes隘t. Als坝o, Bark搬er Comp扮any has颁 a much袄 higher蔼 than a案verage 阿debt/eq哀uity, a半nd debt背 to tan稗gible n疤et wort班h ratio班.袄c.叭俺Allen C版ompany 办has a b背etter t盎imes in摆terest 佰earned,霸 debt r摆atio, d半ebt/equ柏ity, an哎d debt 埃to tang按ible ne芭t worth隘.爸PROBLEM白

45、7-10爱a.败耙1.拌绊Times I版nterest霸 Earned八 = 耙把傲2004:叭澳$280,00傲0 - $15靶6,000扳版稗= 7.29 百times p安er year拔鞍俺皑颁 $爸17,000岸跋笆2003:罢绊$302,00矮0 - $15啊7,000靶懊蔼= 9.06 芭times p阿er year半叭稗半懊 $蔼16,000白背哎2002:斑皑$286,00佰0 - $15奥4,000疤翱叭= 8.80 般times p办er year案靶盎稗坝 $疤15,000爱胺安2001:颁版$270,00半0 - $15颁0,000败拜癌= 8.28 斑times

46、 p哎er year凹岸碍敖拌 $爸14,500半邦绊2000:邦唉$248,00氨0 - $14吧7,000柏白伴= 4.39 耙times p唉er year柏摆霸般斑 $叭23,000皑翱把班吧拔罢澳Recurri霸ng Earn哀ings, E鞍xcludin扳g白疤靶皑敖熬绊暗Interes奥t, Tax 熬Expense翱, Equit盎y哀盎霸隘阿盎扒摆Earning伴s, and 拌Minorit绊y Earni版ngs +跋坝2.版白Fixed C靶harge C柏overage隘 = 蔼Interes按t Porti隘on of R奥entals 暗 拜袄坝俺靶敖胺板Int

47、eres八t Expen唉se, Inc巴luding 爱案哎爸拌敖胺昂Capital稗ized In霸terest 拜+ Inter扒est昂背背办扮拌俺矮Portion斑 of Ren扳tals白霸颁2004:懊皑$280,00挨0 - $15搬6,000 +佰 $10,00捌0办罢= 4.96 凹times p昂er year办邦盎肮翱 $傲17,000 芭+ $10,0捌00稗傲爸2003:盎柏$302,00蔼0 - $15艾7,000 +唉 $9,000柏拌= 6.16 岸times p笆er year哀把班敖蔼 $肮16,000 澳+ $9,00碍0 罢坝吧2002:叭拜$286,

48、00霸0 - $15癌4,000 +爱 $9,500肮颁= 5.78 办times p坝er year靶袄按败唉 $斑15,000 熬+ $9,50阿0百叭阿2001:胺碍$270,00埃0 - $15笆0,000 +版 $10,00澳0拜拜= 5.31 凹times p柏er year叭绊笆靶奥 $巴14,500 昂+ $10,0扮00傲癌敖2000:俺霸$248,00斑0 - $14败7,000 +佰 $9,000埃搬= 3.44 鞍times p凹er year拔案颁皑鞍 $胺23,000 翱+ $9,00阿0挨蔼3.半艾Debt Ra叭tio = 氨Total L把iabilit把ies凹皑懊摆碍 To霸tal Ass俺ets柏皑拌2004:瓣瓣$88,000熬 + $170佰,000矮百摆办= 46.07艾%俺败盎熬挨 $5叭60,000氨拔奥2003:佰耙$89,500班 + $168扮,000昂邦佰版= 46.48袄%按矮挨伴邦 $5翱54,000啊耙按2002:挨跋$