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【正文】 ver seem all the more attractive on a price/book basis. Based on this analysis, Mulroney should select Eastover over Southampton.9. a. Net ine can increase even while cash flow from operations decreases. This can occur if there is a buildup in net working capital—for example, increases in accounts receivable or inventories, or reductions in accounts payable. Lower depreciation expense will also increase net ine but can reduce cash flow through the impact on taxes owed.b. Cash flow from operations might be a good indicator of a firm39。s quality of earnings because it shows whether the firm is actually generating the cash necessary to pay bills and dividends without resorting to new financing. Cash flow is less susceptible to arbitrary accounting rules than net ine is.10. $1,200Cash flow from operations = Sales – Cash expenses – Increase in A/RIgnore depreciation because it is a noncash item and its impact on taxes is already accounted for.11. Both current assets and current liabilities will decrease by equal amounts. But this is a larger percentage decrease for current liabilities because the initial current ratio is above . So the current ratio increases. Total assets are lower, so turnover increases.12. Considering the ponents of aftertax ROE, there are several possible explanations for a stable aftertax ROE despite declining operating ine:1. Declining operating ine could have been offset by an increase in nonoperating ine (., from discontinued operations, extraordinary gains, gains from changes in accounting policies) because both are ponents of profit margin (net ine/sales).2. Another offset to declining operating ine could have been declining interest rates on any interest rate obligations, which would have decreased interest expense while allowing pretax margins to remain stable.3. Leverage could have increased as a result of a decline in equity from: (a) writing down an equity investment。 (b) stock repurchases, (c) losses。 or (d) selling new debt. The effect of the increased leverage could have offset a decline in operating ine.4. An increase in asset turnover could also offset a decline in operating ine. Asset turnover could increase as a result of a sales growth rate that exceeds the asset growth rate, or from the sale or writeoff of assets.5. If the effective tax rate declined, the resulting increase in earnings after tax could offset a decline in operating ine. The decline in effective tax rates could result from increased tax credits, the use of tax loss carryforwards, or a decline in the statutory tax rate.13. a.20102014(1) Operating margin =(2) Asset turnover =(3) Interest burden =(4) Financial leverage =(5) Ine tax rate =Using the Du Pont formula:ROE = [ – (5)] 180。 (3) 180。 (1) 180。 (2) 180。 (4)ROE(2007) = 180。 180。 180。 180。 = = %ROE(2011) = 180。 180。 180。 180。 = = %Because of rounding error, these results differ slightly from those obtained by directly calculating ROE as net ine/equity.)b. Asset turnover measures the ability of a pany to minimize the level of assets (current or fixed) to support its level of sales. The asset turnover increased substantially over the period, thus contributing to an increase in the ROE.Financial leverage measures the amount of financing other than equity, including short and longterm debt. Financial leverage declined over the period, thus adversely affecting the ROE. Since asset turnover rose substantially more than financial leverage declined, the net effect was an increase in ROE.1911Copyright 169。 2014 McGrawHill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGrawHill Education.
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