【文章內(nèi)容簡介】 50414)/1861=%n Pretax margin= =(186112775041451)/1861=%n Profit margin (Return on Sales)=9/1861=%(2)Return on investment（投資回報率）① Return on assets（資產(chǎn)報酬率） n ROA = ( ine + aftertax interest cost)/average total assetsn ROA= EBIT/average total assets=② Return on total capital（總資本報酬率）n ROTC=EBIT/Average (total debt + stockholders’ equity)n ROTC= (Net ine + aftertax interest expense)/average (total debt + stockholders’ equity)n * the figure should be the same with return on assets③ Return on Equity（股本回報率）n ROE= pretax ine/average stockholders’ equityn Orn ROE= ine / average stockholders’ equityn ROCE（普通股股本回報率） = ( inepreferred dividends)/average mon equity2023 2023 Ine statement for the Year Ending , 2023Cash $30 $46Accounts receivable 545 599Inventory 405 458Current assets $980 $1,103 Sales $1,861Property, plant, and equipment 204 237 Cost of goods sold 1,277Less: accumulated depreciation (73) (87)Total assets $1,111 $1,253 Operating expense 504Accounts payable $113 $104Taxes payable 130 133 Depreciation 14Shortterm debt 391 453 Interest 51Current liabilities $634 $690 Taxes 6Longterm debt 143 239 Net ine $9Total liabilities $777 $929Common stock 73 76Retained earnings 261 248Total equity $334 $324Total liabilities and equity $1,111 $n Return on Assets = (9+51+6)/(1111+1253)*2=%n ROTC= Return on Assets = %n Return on Equity=9/(334+324)*2=%n (3)Profitability and cash flowsn Ignore that partExercise P141 problems 4n Ratios:n (i) Inventory turnover = COGS/average inventoryn = $12,000 / $4,100 = n (ii) Accounts receivable turnover = Sales/ average receivablesn = $19,000 / $3,250 = n (iii) Fixed asset turnover = sales/average fixed assetsn = $19,000 / $13,400 = n (iv) Total asset turnover = sales/average assetsn = $19,000 / $22,850= n b. Liquidity Ratios:n (i) Operating cycle = 365 [1/inventory turnover + 1/receivable turnover]n = 365 [1/ + 1/] = 187 daysn (ii) Cash cycle: n Purchases = COGS + increase in inventoryn = $12,000 + $200 = $12,200`n Number of days payable = 365 x average payables / purchasesn = 365 x $2,520/$12,200 = daysn Therefore cash cycle = 187 – n = daysn (iii) Current ratio = current assets / current liabilitiesn = $9,900 / $4,400 = n (iv)Quick ratio = (cash + receivables) / current liabilitiesn = $5,700 / $4,400 = n (v) Cash ratio = cash / current liabilitiesn = $2,200 / $4,400 = n (vi) Defensive intervaln = 365 x [cash + receivables] / projected expendituresn = 365 x $5,700 / $14,200 = daysn Where projected expenditures estimated as total costs and expenses less depreciationn = $15,700 $1,500 = $14,200n c. Solvency Ratiosn (i) Debt to equity = debt / equityn = $19,404 / $4,296 = n (ii) Debt to capital = debt / (debt + equity)n = $19,404/ $23,700 = n (iii) Times interest earned = earnings before interest and tax/interest expensen = $4,500 / $1,200 = n d. Profitability Ratiosn (i) Gross Margin= (sales COGS) / salesn = ($19,000 $12,000) / $19,000 = %n (ii) Operating ine to sales n = operating ine / salesn = $ 4,500 / $19,000 = %n (iii) Return on sales = ine / salesn = $1,860 / $19,000 = %n (iv)Return on assets = earnings before interest and taxes/Average assetsn = $4,500 / $22,850 = %n (v) Return on equity = ine / average equityn = $1,860 / $3,648 = 51%ReviewThe format of these ratiosn Quick ration Debt to equityn Times interest earnedn Return on salesn Return on assetsn Return on equity5. Operating（經(jīng)營） and financial（財(cái)務(wù)） leverage（杠桿）=AssetsDebtEquity+ Operating Ine Interest Net IneROAROE(1)Operating leverage（經(jīng)營杠桿）n The operating leverage effect (OLE) （經(jīng)營杠桿系數(shù)） : n OLE= %change in Ine / %Change in Sales =contribution/operating ineVariableponentsFixedponents Total expenses = F + VX (X銷量）(2)Financial leveragen FLE（財(cái)務(wù)杠桿系數(shù)） =operating ine/ inen TLE（總杠桿系數(shù)）=OLEFLE=contribution/ ineAssumptionCompany V Company FFixed costs $0 $40Variable costs/Sales 80% 40%Assets 200 200No leverageCompany VOperating leverageCompany F情景 A B C A B CSales 50 100 150 50 100 150V cost 40 80 120 20 40 60Contribution 10 20 30 30 60 90F cost 0 0 0 40 40 40Operating ine 10 20 30 (10) 20 50Return On sales 20% 20% 20% (20%)20% 33% On assets 5% 10% 15% (5%) 10% 25% On equity 5% 10% 15% (5%) 10% 25%Financial leverageCompany VTotal leverageCompany F情景 A B C A B COperating ine 10 20