财务报表分析第章习题答案.doc

Chapter 7 Long-Term Debt-Paying Ability PROBLEMS PROBLEM 71 Earnings before interest and tax: Net sales $1,079,143 Cost of sales ( 792,755) Selling and administration ( 264,566) $ 21,822 a. b. Cash basis times interest earned: PROBLEM 72 Recurring Earnings Excluding Interest Expense, Tax Expense, Equity Earnings, a. Times Interest Earned = and Minority Earnings Interest Expense, Including Capitalized Interest Income before income taxes $675 Plus interest 60 Adjusted income $735 Interest expense $ 60 Times Interest Earned = $735 = 12.25 times per year $60 b.  Adjusted income from (part a) $735 1/3 of operating lease payments (1/3 x $150) 50 Adjusted income, including rentals $785 Interest expense $ 60 1/3 of operating lease payments 50 $110 Fixed Charge Coverage = $785 = 7.14 times per year $110 PROBLEM 73 Recurring Earnings, Excluding Interest Expense, Tax Expense, Equity Earning, a. Times Interest Earned = and Minority Earnings________________ Interest Expense, Including Capitalized Interest Income before income taxes and extraordinary charges $36 Plus interest 16 (1) Adjusted income 52 (2) Interest expense $16 Times Interest Earned: (1) divided by (2) = 3.25 times per year Recurring Earnings, Excluding Interest Expense, Tax Expense, Equity Earnings, and Minority Earnings + Interest Portion b. Fixed Charge Coverage = Of Rentals______________________________ Interest Expense, Including Capitalized