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1、4.FinancialStatementAnalysisQ-l.Duringtheproccessofsecuritizationofaccountsreceivables,anonfinancialcompanyreceivesproceedslessthanthebookvalue.Thetransactionismostlikelytoincrease:A.netincome.B.cashfromfinancingactivities.C.cashfromoperations.Solution:C.ProceedsreceivedfromsellingA/RincreaseCFO.Sin
2、cetheproceedsarelessthanthebookvalueofA/Rs,alossshouldbereportedontheincomestatement.Q-2.WhichofthefollowingstatementsismostaccurateregardingcashflowstatementspreparedunderIFRSandU.S.GAAP?A.UnderU.S.GAAP,bankoverdraftsshouldbeclassifiedasafinancingcashflow.B.UnderIFRSzinterestpaidcanbereportedeither
3、asanoperatingoraninvestingcashflow.C.BoththedirectandindirectformatsofcashflowstatementsareallowedunderIFRSandU.S.GAAP,butindirectisencouragedunderIFRSonly.Solution:A.UnderU.S.GAAP,bankoverdraftsarenotconsideredpartofcashandcashequivalentsandareclassifiedasfinancingcashflows.Q-3.Whichofthefollowingt
4、ransactionsisleastlikelytoincreasereportedoperatingcashflowfortheperiod?A.Financingofpayables.B.Securitizationofreceivables.C.Exerciseofemployeestockoptions.Solution:A.Financingpayablesactuallyreducesoperatingcashflowaspayablesarereclassifiedasshort-termdebt.Companiesmaydecreaseoperatingcashflowsrep
5、ortedundertheindirectmethodbyusingthisstrategy.Securitizationofreceivablesincreasesoperatingcashflowsasthefundsreceivedaretreatedasanoperatingcashinflow.Exerciseofemployeestockoptionsincreasesoperatingcashflowsduetotaxbenefitsassociatedwithexercise.Q-4.WallyLtdpurchasedapatentandthecompanyhascapital
6、isedthisexpense.Iftaxisignored,comparedtoexpensingthecost,Wallywillmostlikelytoreport:A.LowerEPSinthatperiod.B.LowerCFIinthatperiod.C.LowerCFOinthatperiod.Solution:B.Iftheexpenseiscapitalized,Wallywillrecognizethepatentasanasset,thecompanywillrecognizedepreciationcosteachyear,andthecashflowrelatedto
7、thepurchasingwillclassifiedasanoutflowofCFI.Soduringthatperiod,theCFIforWallyislowerandCFOishigher.Also,thenetincomeforWallywillhigherinthatperiodiftheexpenseiscapitalised,sothattheEPSforWallywillbehigherinthatperiod.Q-5.Usingthefollowinginformation,aMexicancorporationiscomputingthedepreciationexpen
8、seforapieceofmanufacturingequipmentthatitpurchasedatthestartofthecurrentyear.Thecompanytakesafullyearsdepreciationintheyearofacquisition.CostofequipmentMXN4,000,000EstimatedresidualvalueMXN400,000Expectedusefullife10yearsTotalproductivecapacity5,000,000unitsProductionduringyear800,000unitsThedepreci
9、ationexpense(inMXN)willmostlikelybehigherby:A.224,000,usingthedouble-decliningmethodcomparedwiththeunits-of-productionmethod.B.280,000,usingtheunits-of-productionmethodcomparedwiththestraight-linemethod.C.360,000,usingthedouble-decliningbalancemethodcomparedwiththestraight-linemethod.Solution:A.Thed
10、ifferencebetweenthedouble-decliningbalancemethodandtheunits-of-productionmethod(inMXN)is800z000-576,000=224,000.StraightLineUnitsofProductionDecliningBalanceRate1/105,000,000units1/102=20%Annualexpense(4,000,000-400,000)/10(4,000,000-400,000)(800,000/5,000,000)0.204,000,000=360,0=576l000=800,000Q-6.
11、InearlyJanuary2015,ananalystseesanewsreleasethatacompanyhefollows(whichreportsunderUSGAAP)willbeforcedtoreduceoutputfromoneofitsmajorproductlinesatitshighlyspecializedceramicsplantinresponsetoanewtechnologyintroducedbyitsmajorcompetitor.Thetablesummarizesinformationandestimatesthattheanalysthasgathe
12、redfromvarioussourcesabouttheplantanditsfutureprospects.SelectedInformationRelatedtotheCeramicsProductionPlantEndof2014($thousands)Carryingamountofplant3z208Undiscountedexpectedfuturenetcashflows2z700PresentvalueOfexpectedfuturenetcashflows2,100Fairvalueofplant2,450Revisedestimateofusefullife4yearsD
13、epreciationmethodStraightlineRevisedestimateofresidualvalue$400Iftheaboveinformationandestimatesproveaccurate,thedepreciationexpensethatshouldbereportedfor2015relatedtotheplantwillbeclosestto:A.$426thousand.B.$612thousand.C.$512.5thousand.Solution:C.Attheendof2014,atestofimpairmentisrequiredbecause*
14、zeventsorchangesincircumstancesindicatethatitscarryingamountmaynotberecoverable/*(Allamounts$thousands)USGAAPImpairmentTest:Step1:Assessrecoverability:Comparecarryingamountwithundiscountedfuturenetcashflows.Carryingamount=3,2082,700(expectedfuturenetcashflows):Therecoverabilitytestisnotsatisfied,soa
15、nimpairmentlossisrequired.Step2:Determineimpairmentloss:Carryingamount-Fairvalue=3,208-2z450=758Newcarryingvalue:2,450Estimateddepreciationin2015碧翟善J10.LazloLtd,aEuropean-basedtelecommunicationsprovider,followsIFRSandcapitalizesnewproductdevelopmentcosts.During2007theyspent25milliononnewproductdevel
16、opmentandreportedanamortizationexpenserelatedtoaprioryear,snewproductdevelopmentof10million.OtherInformationrelatedto2007isasfollows:inmillionsNetincome225Averageassets1,875Cashflowfromoperations290AnanalystwouldliketocompareLazlowithaU.S.-basedtelecommunicationsproviderandhasdecidedtoadjusttheirfin
17、ancialstatementstoU.S.GAAP.UnderU.S.GAAP,andignoringtaxeffects,thereturnonassets(ROA)andcashflowfromoperations(CFO)forLazlowouldbeclosestto(millions):ROACFOA.10.7%265B.10.7%275C.11.2%265Solution:C.Ifalldevelopmentcostshadbeenexpensed,netincomewouldbereducedbytheamountspent,andincreasedbytheamortizat
18、ionofthepreviouslycapitalizedamounts:225-25+10=210million.ROA=210/1,875=112%(注意：理论上来说，averageasset需要减去资产的增加部分)CFOwouldbelowerbytheamountspentondevelopment290-25=265million.Note:Theamortizationofpreviousdevelopmentcostsisanon-cashexpensesodoesnotaffectcashflow.Qll.Whenanalyzingacompanythatpreparesits
19、financialstatementsaccordingtoU.S.GAAP,calculatingtheprice/tangiblebookvalueratioinsteadoftheprice/bookvalueratioismostappropriateifit:A.growsprimarilythroughacquisitions.B.developsitspatentsandprocessesinternally.C.investsasubstantialamountinnewcapitalassets.Solution:A.Acompanygrowingprimarilythrou
20、ghacquisitionwillusuallyrecordlargeamountofgoodwill,whichisintangibleasset.Q12.On1January2010,ElegantFragrancesCompanyissues1,000,000facevalue,five-yearbondswithannualinterestpaymentsof55,000tobepaideach31December.Themarketinterestrateis6.0percent.Usingtheeffectiveinterestratemethodofamortization,El
21、egantFragrancesismostlikelytorecord:A.aninterestexpenseof55,000onits2010incomestatement.B.aliabilityof982,674onthe31December2010balancesheet.C.a58,736cashoutflowfromoperatingactivityonthe2010statementofcashflows.Solution:B.Thebondswillbeissuedatadiscountbecausethemarketinterestrateishigherthanthesta
22、tedrate.Discountingthefuturepaymentstotheirpresentvalueindicatesthatatthetimeofissue,thecompanywillrecord978,938asbothaliabilityandacashinflowfromfinancingactivities.Interestexpensein2010is58,736(978,938times6.0percent).Duringtheyear,thecompanywillpaycashof55,000relatedtotheinterestpayment,butintere
23、stexpenseontheincomestatementwillalsoreflect3,736relatedtoamortisationoftheinitialdiscount(58,736interestexpenselessthe55,000interestpayment).Thus,thevalueoftheliabilityat31December2010willreflecttheinitialvalue(978,938)plustheamortiseddiscount(3,736),foratotalof982,674.Thecashoutflowof55,000maybepr
24、esentedaseitheranoperatingorfinancingactivityunderIFRS.Q-13.Thefollowingdataareavailableforacompanyanditsindustry:CompanyCommon-SizeBalanceSheetAsat31December2010Assets(%Cash&Short-TermInvestments42.1AccountsReceivable9.5Inventory0.8TotalCurrentAssets52.4NetProperty,Plant,andEquipment4.0Goodwill40.8
25、OtherLong-TermAssets2.8TotalAssets100.0LiabilitiesandShareholders*EquityShort-TermDebt1.5AccruedLiabilitiesandAccountsPayable18.0TotalCurrentLiabilities19.5Long-TermDebt20.0OtherLong-TermLiabilities7.5TotalLiabilities47QTotalStockholders*Equity53.0TotalLiabilities&Shareholders*Equity100.0Dataforcomp
26、arisonIndustryCurrentratio3.2Debt-to-equity55.0%Long-termdebt-to-equity42.0%Whichofthefollowingstatementsaboutthecompanyismostappropriate?Thecompany:A.operatesinthemanufacturingindustry.B.hasmadesignificantacquisitionsinthepast.C.hashigherfinancialleveragethantheindustry.Solution:B.acquisitionsatsom
27、epointbecausegoodwillisonlyrecognizedduringacquisitions.Leverageisbelowtheindustryaverageforboththedebt-to-equityratioof41%(20.0+1.5)53versustheindustryaverageof55%andlong-termdebt-to-equityratioof38%20.053versustheindustryaverageof42%.ThelowPP&Eandinventorylevelsalsoindicatethecompanyisnotlikelyama
28、nufacturer.Q-14.Acompanyreportsthattomaintaingoodrelationswithitssuppliers,ithasenteredintoafinancingarrangementwithabankwherebyitwillperiodicallyhavethebankpayitssupplierstheamountsowedanditwillthenrepaythebankinthefollowingperiod.Themotivationforthecompanysbehaviorismostlikelyto:A.improveitscurren
29、tratio.B.improveitsrelationswithitssuppliers.C.managethetimingofoperatingcashflows.Solution:C.Thecompanycanchoosewhentoenterintotheshort-termborrowingwiththebankandreclassifyitsaccountspayableintoshort-termfinancing.Itwilllikelydosowhencashflowsareseasonallystrong,therebyreducingoperatingcashflowsbu
30、tincreasingfinancingcashflows.Onrepaymentthecashoutflowistreatedasafinancingactivity(loanrepayment)insteadofanoperatingcashflow.Theresultisthatthecompanycanmanipulatethetimingofreportedcashflowssincethetimingandextentofvendorfinancingisatmanagementsdiscretion.Q-15.UnderIFRS,CompanyAcapitalized2milli
31、onofdevelopmentcostsforaccountingpurpose,whilethetaxauthorityrequiredtheamounttobeexpensedimmediately.Onthecompanysfinancialstatements,thecapitalizedcostwouldbedepreciatedovertwoyears.Thecompnayisexpectedtocontinueearningpositiveprofits.Foranalyticalpurpose,afianncialanalystshouldincorporatethediffe
32、renceduetotaxtreatmentinthebalancesheetas:A.liabilitieswhencalculatingthecompanycurrentratio.B.liabilitieswhencalculatingthecompanyzsdebt-to-equityratio.C.equitywhencalculatingthecompanysreturnonequityratio.Solution:B.Thedifferenceisatemporarydifferenceandwouldcreateadeferredtaxliability.Deferredtax
33、liabilitiesshouldbeclassifiedasdebtiftheyareexpectedtoreversewithsubsequenttaxpayments.UnderIFRSalldeferredtaxliabilitiesarenon-current.Q16.Giventhefollowingfinancialstatementdata,calculatethenetoperatingcycleforthiscompany.InMillions($)Creditsales40z000Costofgoodssold30z000Accountsreceivable3,000In
34、ventory-Beginningbalance1,500Inventory-Endingbalance2,000Accountspayable4,000Thenetoperatingcycleofthiscompanyisclosestto:A.0.8days.B.24.3days.C.51.7days.Solution:A.Averageinventory=(2,000+1,500)/2=1,750Numberofdaysofinventory=$1,750/($30,000/365)=21.292daysNumberofdaysofreceivables=$3,000(S40,000/3
35、65)=27.375daysOperatingcycle=21.292+27.375days=48.667daysPurchases=$30,000+$2,00O-$1,500=$30,500Numberofdaysofpayables=$4,000/($30,500/365)=47.869daysThenetoperatingcycleis48.667-47.869=0.798daysQ-17.StrongsvilleFabricatorsInc.usestheFIFOmethodforinventoryvaluation.Assumingarisingcostsenvironmentand
36、otherfactorsheldconstant,Strongsville,sprice-to-earningandprice-to-bookmultiplesrelativetothoseforanothercompanythatusestheLIFOmethodforinventoryvaluationwouldbe:PriCe-to-earnings MIUltiPIePriCe-tobcok MUltiPIeoverstatedoverstatedoverstatedunderstatedunderstatedunderstatedSolution: C.In a rising cos
37、ts environment, FIFO would result in higher earnings, higher ending inventory, as well as higher book value of equity. Thus, both P/E and P/BV tend to be understated relative to a comparable firm that uses LIFO method.Q-18.Acompanywhoseobjectiveistomaximizeincomehadspent$2,000,000foramachinewithtwos
38、ignificantcomponentsasindicatedbelow.Themachineisexpectedtohaveanoverallusefullifeof10yearsandthecompanyusesthestraightlinemethodofdepreciation.ComponentCostUsefulLifeA$1,000,00010yearsB$1,000,0005yearsThedepreciationexpenseforthefirstyearcomputedunderIFRScomparedwithunderU.S.GAAPwillmostlikelybe:A.
39、thesame.B.$100,000lower.C.$100,000higher.Solution:C.UnderIFRS:thecompanymustusethecomponentmethodofdepreciationexpense:(1,000,00010)+(lz000,0005)=$300,000peryearforthefirstfiveyears.UnderU.S.GAAP,thecompanywouldnotusecomponentdeprecationbecauseitwouldprefertominimizedepreciationexpenseinordermaximizeincome.2,0,00010=$200,000peryear.UnderIFRS,depreciationinfirstyearis:
