财务报表分析_第09章习题答案.docVIP

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财务报表分析_第09章习题答案.doc

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财务报表分析_第09章习题答案

Chapter 9 For the Investor PROBLEMS PROBLEM 91 Earnings Before Interest, Tax, Minority Share of Earnings, Equity Income and Nonrecurring Degree of Financial Leverage + ________Items____________ Earnings Before Tax, Minority Share of Earnings, Equity Income, and Nonrecurring Items PROBLEM 92 a. = $1,000,000 $800,000 = 1.25 b. Prior earnings before interest and tax $1,000,000 10% increase 100,000 Adjusted income before interest and tax $1,100,000 Interest 200,000 Income before tax $ 900,000 Tax (50% rate) 450,000 Net income $ 450,000 Earnings will increase by 12.5% to $450,000 ($400,000 x 112.5% = $450,000) c. $800,000 200,000 600,000 300,000 $300,000 This is a decline in profit of 25%, with a decline in earnings before interest and tax of 20%. PROBLEM 93 a. 1. 2003 2002 2001 Net income (A) Less: Common dividends Preferred dividends (B) (A) Less (B) = (C) (C) Divided by (A) $31,200,000 21,700,000 910,000 $22,610,000 8,590,000 27.53% $30,600,000 19,500,000 910,000 $20,410,000 10,190,000 33.30% $29,800,000 18,360,000 910,000 $19,270,000 10,530,000 35.34% 2. Price/Earnings Ratio = Market Price Per Share Fully Diluted Earnings Per Share 2003 2002 2001 $12.80 $14.00 $16.30 $ 1.12 $ 1.20 $ 1.27 = 11.43 = 11.67 = 12.83 3. Dividend Payout = Dividends Per Common Share Fully Diluted Earnings Per Share 2003 2002 2001 $ .90 $ .85 $ .82 $1.12 $1.20 $1.27 = 80.36% = 70.83% = 64.57% 4. Dividend Yield = Dividends Per Common Share Market Price Per Common Share