财务报表分析综合题课件

题型Ⅰ.根据教材，用英语解释下列专业术语）（共6题，每题2分，共12分）Ⅱ.不定项选择(7×2’=14’)（中文）Ⅲ.判断题(7×1’=7’)（中文）Ⅳ.（综合题）(37’)1.比较完工百分比法和全部完工法（12’）2.用直接法和间接法编制现金流量表（10’）3.比率计算（8’）4.比较先进先出法和加权平均法（7’）Ⅴ.某家上市公司的财务报表分析。(30分)题型Ⅰ.根据教材，用英语解释下列专业术语）（共6题，每题2分1Problem:比较全部完工法和完工百分比法200720082009Costincurred:currentyear$700$1,000$800Cumulative7001,7002,500Estimatedremainingcoststocomplete1,8008000AmountsbilledandcashreceivedCurrentyear$800$1,000$1,200Cumulative8001,8003,000OnDecember31,2006,XXconstructionenteredintoamajorlong-termconstructionwiththefollowingterms:Problem:比较全部完工法和完工百分比法20072002Questions:A.Showtherevenueandpretaxincomeforeachyearunderboththepercentage-of-completionandcompletedcontractmethods.（用两种方法列示各年收入和税前利润）B.Showthebalancesheetaccountsoftheendofthesethreeyearsresultingfromthecontractunderbothmethods.（用两种方法列示各年资产负债表账户余额）C.Assumethattotalprojectedcostsincreaseby$200andthechangeinestimateismadeatDecember31,2008.Computetherevenueandpretaxincomefortheseyearsundertherevisedassumption.Questions:3Answer:1. a.YearCumulative%CompletionCumulativeRevenueCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome20070.7/2.5=28%$840$840$700$14020081.7/2.5=68%20401200100020020092.5/2.5=100%3000960800160Total$3000$2500$500YearCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome2007$0$0$02008000200930002500500Total$3000$2500$500Answer:YearCumulativeCumulativ4b.BalanceSheetonDecember31,2000200720082009AssetsCash100100500Constructioninprogress(net)402400Totalassets140340500LiabilitiesandequityAdvancebillings(net)000Retainedearnings140340500Totalliabilitiesandequity140340500b.BalanceSheetonDecember35c.Thereisnochangein2008revenuesandpretaxincome(bothare$0.000)underthecompletedcontractmethodbecausenorevenueorincomecanberecognizedpriortocompletion.

Underthepercentage-of-completionmethod(revised)YearCumulative%CompletionCumulativeRevenueCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome2007$840$840$700$14020081.7/2.7=62.96%$1888.89$1048.89$1000$48.892009$3000$1111.11$1000$111.11c.Thereisnochangein20086Homework3.a(i)indirectmethodNetincome $1,080Addnoncashexpense:Depreciationexpense 600 Interestexpense600Add/Subtractchangesinworkingcapital:Accountsreceivable (150)Inventory (200) Accruedliabilities80Accountspayable 120Cashfromoperations:$2,130

Homework3.a(i)indirectmetho73.a(ii)directmethod

Cashcollections$9,850Cashpaymentsformerchandise (6,080)CashpaidforSG&A (920)Cashpaidfortaxes(720)

CashfromOperations:

$2,130Capitalexpenditures (1,150)CashforInvestingActivities:(1,150)

Cashpaidforinterest(600)Short-termborrowing(Notespayable)550Long-termdebtrepayment (398)Dividends (432)CashforFinancingActivities:

$(880)NetChangeinCash $1003.a(ii)directmethodCashc820082009IncomestatementfortheYearEndingDec.31,2009Cash$30$46Accountsreceivable545599Inventory405458Currentassets$980$1,103Sales$1,861Property,plant,andequipment204237Costofgoodssold1,277Less:accumulateddepreciation(73)(87)Totalassets$1,111$1,253Operatingexpense504Accountspayable$113$104Taxespayable130133Depreciation14Short-termdebt391453Interest51Currentliabilities$634$690Taxes6Long-termdebt143239Netincome$9Totalliabilities$777$929Commonstock7376Retainedearnings261248Totalequity$334$324Totalliabilitiesandequity$1,111$1.25320082009Incomestatementfort9根据前面的资产负债表和利润表用直接法编制现金流量表的经营现金流部分，并了解间接法。

CashcollectionsCashinputsCashexpensesTaxespaid

CashfromOperations$1807(1339)(504)(3)$(39)[Sales-AccountsReceivable][COGS+Inventory-AccountsPayable][OperatingExpense][TaxExpense-Taxpayable]Cashflowstatement(directmethod)根据前面的资产负债表和利润表用直接法编制现金流量表的经营现金10IndirectmethodCashflowsfromoperatingactivities:NetincomeAdjustmentstocashbasis:DepreciationexpenseIncreaseinaccountsreceivableIncreaseininventoryDecreaseinaccountspayableIncreaseintaxespayableIncreaseininterestexpenseNetcashflowfromoperatingactivities$9

14(54)(53)(9)351

$(39)IndirectmethodCashflowsfrom111.ActivityanalysisInventoryTurnoverAverageNo.DaysInventoryInStockReceivablesTurnoverAverageNo.DaysReceivablesOutstandingPayablesTurnoverAverageNo.DaysPayablesOutstandingWorkingCapitalTurnoverFixedAssetsTurnoverTotalAssetTurnover掌握这些比率的公式的英文表述，并根据上面的财务报表计算下列比率：1.Activityanalysis掌握这些比率的公式的122.LiquidityanalysisOperatingCycleCashCycleCurrentRatioQuickRatioCashRatioDefensiveInterval2.Liquidityanalysis133.Long-termdebtandSolvencyanalysisDebttoEquityTimesInterestEarned4.ProfitabilityanalysisReturnonSalesReturnonAssetsReturnonEquity3.Long-termdebtandSolvency141.ActivityanalysisInventoryTurnover=1277/431.5=2.96AverageNo.DaysInventoryInStock=365/2.96=123.31ReceivablesTurnover=1861/572=3.25AverageNo.DaysReceivablesOutstanding=365/3.25=112.31PayablesTurnover=(1277+53)/108.5=12.26AverageNo.DaysPayablesOutstanding=365/12.26=29.77WorkingCapitalTurnover=1861/(346+174)/2=7.16FixedAssetsTurnover=1861/(131+150)/2=13.25TotalAssetTurnover=1861/(1111+1253)/2=1.571.Activityanalysis152.LiquidityanalysisOperatingCycle=123.31+112.31=235.62CashCycle=235.62-12.26=223.36CurrentRatio=1103/690=1.60QuickRatio=(46+599)/690=0.93CashRatio=46/690=0.067DefensiveInterval=365X(46+599)/1838=120.092.Liquidityanalysis163.Long-termdebtandSolvencyanalysisDebttoEquity=929/324=2.87TimesInterestEarned=(9+51+6)/51=1.294.ProfitabilityanalysisReturnonSales=9/1861=0.48%ReturnonAssets=9/1253=0.72%ReturnonEquity=9/324=2.78%3.Long-termdebtandSolvency171.P171{S}a. Startwiththebasicinventoryrelationship BI+P=COGS+EI Openinginventory 400units@$20 $8,000 Purchases 1,000

25,000 Total 1,400units $33,000 (i) UnderFIFO,endinginventoryconsistsof600units: 100purchasedinsecondquarterat$24 $2,400 300purchasedinthirdquarterat$26 7,800

200purchasedinfourthquarterat$28 5,600

600unitstotal $15,800

1.P17118 (iii) Underaveragecost,endinginventoryconsistsof600unitswithanaveragecostof$33,000/1,400=$23.5714perunit$23.5714perunit×600=$14,142.84total. (iii) Underaveragecost,end19b. COGSfortheyearequalsthe$33,000totalofopeninginventorypluspurchases,lessclosinginventoryunderthemethodchosen:(i) FIFO:$33,000-$15,800=$17,200(iii)Averagecost:$33,000-$14,142.84=$18,857.16

b. COGSfortheyearequalsth20c. (i) ReportedincomeishighestunderFIFO(lowestCOGS)andlowestunderLIFO(highestCOGS).AveragecostisinbetweenFIFOandLIFO.(ii) Stockholders’equityishighestunderFIFO(highestinventoryandretainedearnings)andlowestunderLIFO(lowestinventoryandretainedearnings),withaveragecostinbetween.c. (i) Reportedincomeishigh21EndinginventoryCOGSincomestockholders'equityFIFO1580017200higherhigherAveragecost14142.8418857.16lowerlower1.P171EndingCOGSincomestockholders'222（1）FIFO（2）Average(i)GrossprofitmarginHigherLower(ii)NetincomeHigherLower(iii)CashfromoperationsLowerHigher(iv)InventoriesHigherLower(v)InventoryturnoverratioLowerHigher(vi)WorkingcapitalHigherHigher(vii)TotalassetsHigherLower(viii)Debt-to-equityratioLowerHigher2（1）FIFO（2）Average(i)Grosspr232.(i)Grossprofitmarginsarehigherunder

FIFO

thanunderWeighted-averagebecauserevenuesathighercurrentpricesarematchedwithcost-of-goods-soldmeasuredusingolder(lower)prices.(ii)NetincomeislowerunderWeighted-averagethanunderFIFO

becausecost-of-goods-soldishigher.(iii)Cashfromoperationsishigherunder

Weighted-averagethanunderFIFObecauseincometaxpaidislower.(iv)InventorybalancesarelowerunderWeighted-averagethanunder

FIFObecausecost-of-goods-soldishigherandlowerpricesremainininventory.2.24(v)InventoryturnoverislowerunderFIFOthanunder

Weighted-average

becausecost-of-goods-soldislowerandinventorybalanceshigher.Bothfactorsdecreasetheinventoryturnoverratio.(vi)WorkingcapitalislowerunderWeighted-averagethanunderFIFObecauseinventorybalancesarelower,despitepartialoffsetfromhighercashbalances(becauseoflowertaxpayments).(vii)Totalassetsarehigherunder

FIFO

becauseFIFOinventorybalancesarehigher.(vii)Thedebt-to-equityratioislowerunderFIFOthanunderWeighted-averagebecauseequityishigher,reflectinghigherretainedearnings.(v)Inventoryturnoverislowe253.TheMogulCompany,expectingthatdecreasesinoilpricesareonlytemporary,increasesitsmonthlypurchasesasthepriceofoildecreases.Mogul’smonthlyoilpurchasesfollow:月进货数量单价销货数量月进货数量单价销货数量110000025100000715000018150000210000025100000815000018150000310000025100000915000018150000412500020100000102000001515000051250002010000011200000151500006125000201000001220000015150000Assumptions:•Thecompanyhasnoopeninginventory.•MogulusestheFIFOinventorymethod.•Thecompany’staxrateis40%.3.TheMogulCompany,expectin26Question：a.ComputethedifferenceineachofthefollowingdollaramountsthatMogulwouldreportunderitspresentaccountingmethod(FIFO),ascomparedwithuseoftheWeightaveragemethod.(i)Inventorypurchases(ii)Closinginventory(iii)COGS(iv)Pretaxincome(v)Incometaxexpense(vi)Netincome(vii)Cashflowfromoperations(viii)Workingcapital(year-end)Question：a.Computethediffer273.{M}a. Startwiththebasicinventoryrelationship BI+P=COGS+EI Sinceopeninginventoryiszero,bothBIandP(purchases)areidenticalunderbothmethods;thedifferenceinCOGSequalsthedifferenceinendinginventory.Thatdifferencecanbecomputedasfollows:Totalpurchasesinunits=(3x100,000)+(3x125,000) +(3x150,000)+(3x200,000)=1,725,000Totalpurchasesamounts=32100000Totalsalesinunits=(6x100,000)+(6x150,000)=1,500,000.ThereforeunitsinEI=1,725,000-1,500,000=225,000Averageunitcost=32100000/1725000=18.61

3.{M}a. Startwiththebasici28结果如下：（本题是价格下降，考试题价格上升，关系别反了）（1）FIFO（2）AverageDifference（1）-（2）(i)Inventorypurchases1,725,0001,725,0000(ii)EI3,375,0004,186,957-811,957(iii)COGS

28,725,00027,913,043811,957(iv)PretaxincomeX-811,957X-811,957(v)Incometax0.4X-324,7830.4X-324,783-(vi)Netincome0.6X-487,1740.6X-487,174(vii)CFOY+324,783Y324,783(viii)Workingcapital(year-end)Z+3,699,783Z+4,186,957-487,174结果如下：（本题是价格下降，考试题价格上升，关系别反了）（129题型Ⅰ.根据教材，用英语解释下列专业术语）（共6题，每题2分，共12分）Ⅱ.不定项选择(7×2’=14’)（中文）Ⅲ.判断题(7×1’=7’)（中文）Ⅳ.（综合题）(37’)1.比较完工百分比法和全部完工法（12’）2.用直接法和间接法编制现金流量表（10’）3.比率计算（8’）4.比较先进先出法和加权平均法（7’）Ⅴ.某家上市公司的财务报表分析。(30分)题型Ⅰ.根据教材，用英语解释下列专业术语）（共6题，每题2分30Problem:比较全部完工法和完工百分比法200720082009Costincurred:currentyear$700$1,000$800Cumulative7001,7002,500Estimatedremainingcoststocomplete1,8008000AmountsbilledandcashreceivedCurrentyear$800$1,000$1,200Cumulative8001,8003,000OnDecember31,2006,XXconstructionenteredintoamajorlong-termconstructionwiththefollowingterms:Problem:比较全部完工法和完工百分比法200720031Questions:A.Showtherevenueandpretaxincomeforeachyearunderboththepercentage-of-completionandcompletedcontractmethods.（用两种方法列示各年收入和税前利润）B.Showthebalancesheetaccountsoftheendofthesethreeyearsresultingfromthecontractunderbothmethods.（用两种方法列示各年资产负债表账户余额）C.Assumethattotalprojectedcostsincreaseby$200andthechangeinestimateismadeatDecember31,2008.Computetherevenueandpretaxincomefortheseyearsundertherevisedassumption.Questions:32Answer:1. a.YearCumulative%CompletionCumulativeRevenueCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome20070.7/2.5=28%$840$840$700$14020081.7/2.5=68%20401200100020020092.5/2.5=100%3000960800160Total$3000$2500$500YearCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome2007$0$0$02008000200930002500500Total$3000$2500$500Answer:YearCumulativeCumulativ33b.BalanceSheetonDecember31,2000200720082009AssetsCash100100500Constructioninprogress(net)402400Totalassets140340500LiabilitiesandequityAdvancebillings(net)000Retainedearnings140340500Totalliabilitiesandequity140340500b.BalanceSheetonDecember334c.Thereisnochangein2008revenuesandpretaxincome(bothare$0.000)underthecompletedcontractmethodbecausenorevenueorincomecanberecognizedpriortocompletion.

Underthepercentage-of-completionmethod(revised)YearCumulative%CompletionCumulativeRevenueCurrentPeriodRevenueCurrentPeriodExpensePretaxIncome2007$840$840$700$14020081.7/2.7=62.96%$1888.89$1048.89$1000$48.892009$3000$1111.11$1000$111.11c.Thereisnochangein200835Homework3.a(i)indirectmethodNetincome $1,080Addnoncashexpense:Depreciationexpense 600 Interestexpense600Add/Subtractchangesinworkingcapital:Accountsreceivable (150)Inventory (200) Accruedliabilities80Accountspayable 120Cashfromoperations:$2,130

Homework3.a(i)indirectmetho363.a(ii)directmethod

Cashcollections$9,850Cashpaymentsformerchandise (6,080)CashpaidforSG&A (920)Cashpaidfortaxes(720)

CashfromOperations:

$2,130Capitalexpenditures (1,150)CashforInvestingActivities:(1,150)

Cashpaidforinterest(600)Short-termborrowing(Notespayable)550Long-termdebtrepayment (398)Dividends (432)CashforFinancingActivities:

$(880)NetChangeinCash $1003.a(ii)directmethodCashc3720082009IncomestatementfortheYearEndingDec.31,2009Cash$30$46Accountsreceivable545599Inventory405458Currentassets$980$1,103Sales$1,861Property,plant,andequipment204237Costofgoodssold1,277Less:accumulateddepreciation(73)(87)Totalassets$1,111$1,253Operatingexpense504Accountspayable$113$104Taxespayable130133Depreciation14Short-termdebt391453Interest51Currentliabilities$634$690Taxes6Long-termdebt143239Netincome$9Totalliabilities$777$929Commonstock7376Retainedearnings261248Totalequity$334$324Totalliabilitiesandequity$1,111$1.25320082009Incomestatementfort38根据前面的资产负债表和利润表用直接法编制现金流量表的经营现金流部分，并了解间接法。

CashcollectionsCashinputsCashexpensesTaxespaid

CashfromOperations$1807(1339)(504)(3)$(39)[Sales-AccountsReceivable][COGS+Inventory-AccountsPayable][OperatingExpense][TaxExpense-Taxpayable]Cashflowstatement(directmethod)根据前面的资产负债表和利润表用直接法编制现金流量表的经营现金39IndirectmethodCashflowsfromoperatingactivities:NetincomeAdjustmentstocashbasis:DepreciationexpenseIncreaseinaccountsreceivableIncreaseininventoryDecreaseinaccountspayableIncreaseintaxespayableIncreaseininterestexpenseNetcashflowfromoperatingactivities$9

14(54)(53)(9)351

$(39)IndirectmethodCashflowsfrom401.ActivityanalysisInventoryTurnoverAverageNo.DaysInventoryInStockReceivablesTurnoverAverageNo.DaysReceivablesOutstandingPayablesTurnoverAverageNo.DaysPayablesOutstandingWorkingCapitalTurnoverFixedAssetsTurnoverTotalAssetTurnover掌握这些比率的公式的英文表述，并根据上面的财务报表计算下列比率：1.Activityanalysis掌握这些比率的公式的412.LiquidityanalysisOperatingCycleCashCycleCurrentRatioQuickRatioCashRatioDefensiveInterval2.Liquidityanalysis423.Long-termdebtandSolvencyanalysisDebttoEquityTimesInterestEarned4.ProfitabilityanalysisReturnonSalesReturnonAssetsReturnonEquity3.Long-termdebtandSolvency431.ActivityanalysisInventoryTurnover=1277/431.5=2.96AverageNo.DaysInventoryInStock=365/2.96=123.31ReceivablesTurnover=1861/572=3.25AverageNo.DaysReceivablesOutstanding=365/3.25=112.31PayablesTurnover=(1277+53)/108.5=12.26AverageNo.DaysPayablesOutstanding=365/12.26=29.77WorkingCapitalTurnover=1861/(346+174)/2=7.16FixedAssetsTurnover=1861/(131+150)/2=13.25TotalAssetTurnover=1861/(1111+1253)/2=1.571.Activityanalysis442.LiquidityanalysisOperatingCycle=123.31+112.31=235.62CashCycle=235.62-12.26=223.36CurrentRatio=1103/690=1.60QuickRatio=(46+599)/690=0.93CashRatio=46/690=0.067DefensiveInterval=365X(46+599)/1838=120.092.Liquidityanalysis453.Long-termdebtandSolvencyanalysisDebttoEquity=929/324=2.87TimesInterestEarned=(9+51+6)/51=1.294.ProfitabilityanalysisReturnonSales=9/1861=0.48%ReturnonAssets=9/1253=0.72%ReturnonEquity=9/324=2.78%3.Long-termdebtandSolvency461.P171{S}a. Startwiththebasicinventoryrelationship BI+P=COGS+EI Openinginventory 400units@$20 $8,000 Purchases 1,000

25,000 Total 1,400units $33,000 (i) UnderFIFO,endinginventoryconsistsof600units: 100purchasedinsecondquarterat$24 $2,400 300purchasedinthirdquarterat$26 7,800

200purchasedinfourthquarterat$28 5,600

600unitstotal $15,800

1.P17147 (iii) Underaveragecost,endinginventoryconsistsof600unitswithanaveragecostof$33,000/1,400=$23.5714perunit$23.5714perunit×600=$14,142.84total. (iii) Underaveragecost,end48b. COGSfortheyearequalsthe$33,000totalofopeninginventorypluspurchases,lessclosinginventoryunderthemethodchosen:(i) FIFO:$33,000-$15,800=$17,200(iii)Averagecost:$33,000-$14,142.84=$18,857.16

b. COGSfortheyearequalsth49c. (i) ReportedincomeishighestunderFIFO(lowestCOGS)andlowestunderLIFO(highestCOGS).AveragecostisinbetweenFIFOandLIFO.(ii) Stockholders’equityishighestunderFIFO(highestinventoryandretainedearnings)andlowestunderLIFO(lowestinventoryandretainedearnings),withaveragecostinbetween.c. (i) Reportedincomeishigh50EndinginventoryCOGSincomestockholders'equityFIFO1580017200higherhigherAveragecost14142.8418857.16lowerlower1.P171EndingCOGSincomestockholders'512（1）FIFO（2）Average(i)GrossprofitmarginHigherLower(ii)NetincomeHigherLower(iii)CashfromoperationsLowerHigher(iv)InventoriesHigherLower(v)InventoryturnoverratioLowerHigher(vi)WorkingcapitalHigherHigher(vii)TotalassetsHigherLower(viii)Debt-to-equityratioLowerHigher2（1）FIFO（2）Average(i)Grosspr522.(i)Grossprofitmarginsarehigherunder

FIFO

thanunderWeighted-averagebecauserevenuesathighercurrentpricesarematchedwithcost-of-goods-soldmeasuredusingolder(lower)prices.(ii)NetincomeislowerunderWeighted-averagethanunderFIFO

becausecost-of-goods-soldishigher.(iii)Cashfromoperationsishigherunder

Weighted-averagethanunderFIFObecauseincometaxpaidislower.(iv)InventorybalancesarelowerunderWeighted-averagethanunder

FIFObecausecost-of-goods-soldishigherandlowerpricesremainininventory.2.53(v)InventoryturnoverislowerunderFIFOthanunder

Weighted-average

becausecost-of-goods-soldislowerandinventorybalanceshigher.Bothfactorsdecreasetheinventoryturnoverratio.(vi)WorkingcapitalislowerunderWeighted-averagethanunderFIFObecauseinventorybalancesarelower,despitepartialoffsetfromhigherca