财务报表分析：存货、长期资产、递延税项和表内及表外负债(三)及答案解析.doc

1、财务报表分析：存货、长期资产、递延税项和表内及表外负债(三)及答案解析(总分：12.00，做题时间：90 分钟)一、B单项选择题/B(总题数：1，分数：12.00)QuestionThe following information has been gathered regarding a firm that uses straight line depreciation.Gross plant and equipment $1250000Depreciation expense $ 235000Accumulated depreciation $ 725000（分数：12.00）(1).Th

2、e average depreciable life of plant and equipment is: A. 3.09 years. B. 5.32 years. C. 2.23 years.（分数：1.00）A.B.C.(2).Average remaining useful life of the plant and equipment is: A. 3.09 years. B. 4. 32 years. C. 2.23 years.（分数：1.00）A.B.C.(3).The average age of plant and equipment is: A. 1.40 years.

3、B. 3.09 years. C. 2.23 years.（分数：1.00）A.B.C.(4).Interest expense is reported on the income statement as a function of: A. the unamortized bond discount. B. the coupon payment. C. the market rate.（分数：1.00）A.B.C.(5).For purposes of financial analysis, an analyst should: A. always consider deferred tax

4、 liabilities as a liability. B. always consider deferred tax liabilities as stockholder s equity. C. determine the treatment of deferred tax liabilities on a case-by-case basis.（分数：1.00）A.B.C.(6).Which of the following is NOT part of the basic inventory equation? A. Beginning inventory + purchases =

5、 ending inventory + cost of goods sold. B. Purchases - ending inventory + beginning inventory = cost of goods sold. C. Beginning inventory - ending inventory - cost of goods sold = purchases.（分数：1.00）A.B.C.(7).While attending a local college, music major Anjolie Webster accepts a temporary position

6、with a small manufacturing firm. Currently, the firm uses LIFO to account for inventory, but the owneris “just curious“ about how the financial results would look if the company used FIFO. Before the owner leaves for her voice lesson, she hands Webster a photocopy of the inventory data for the curre

7、nt period (summarized below).Beginning inventory of 1000 units at $ 30 cost.Ending inventory of 800 units.Sales of 1100 units.Three inventory purchases (listed from earliest purchase to latest purchase): 400 units at $ 27 each, 300 units at $ 25 each, and an unreadable number of units at $ 22 each.

8、(Unfortunately, when the owner copied the original document, she left a yellow sticky note covering some of the inventory information. )Current assets (less inventory) of $75000.Current liabilities of $ 65000.Using the information provided, determine which of the following statements is least accura

9、te? All else equal, compared to LIFO, using FIFO would result in: A. cost of goods sold of $ 32700. B. a lower ending inventory balance. C. a current ratio of approximately 1.60.（分数：1.00）A.B.C.(8).Given the following data during periods of rising prices and stable or increasing inventory quantities

10、:LIFO Inventory = $ 80000FIFO Inventory = $ 90000Retained Earnings = $125000When adjusting the balance sheet from (LIFO) to (FIFO), approximately what is the percent-age change in retained earnings? A. 8.00%. B. -12.50%. C. 12.50%.（分数：1.00）A.B.C.(9).Three firms in the same industry show the followin

11、g ratios for the most recent year after all proper adjustments have been made for dilutive securities and differences in financial reporting standards : Earnings per ShareSales per ShareOperating Cash Flow per ShareCompany X $ 1.50 $ 2.50 $ 1.00Company Y $ 3.50 $ 1.00 $ 2.00Company Z $ 2.00 $1.50 $

12、3.00Based on this information, the best financial performer among these three firms: A. is Company X because it has the greatest sales per share. B. is Company Y because it has the highest earnings per share. C. cannot be detennined because per-share ratios are not comparable.（分数：1.00）A.B.C.(10).A c

13、ompany purchased a new pizza oven directly from Italy for $ 12675. It will work for 5 years and has no salvage value. The tax rate is 41 percent, and annual revenues are constant at $ 7192. For financial reporting, the straight-line depreciation method is used, but for tax purposes depreciation is a

14、ccelerated to 35 percent in years 1 and 2, and 30 percent in year 3. For purposes of this exercise ignore all expenses other than depreciation. Assume the tax rate for years 4 and 5 changed from 41 percent to 31 percent. What will be the deferred tax liability as of the end of year 3 and the resulti

15、ng adjustment to net income in year 3 for financial reporting purposes due to the change in the tax rate?Deferred Tax Liability Net IncomeA. $1572 $ 507B. $1572 $ 747C. $1039 $ 5O7 A. B. C. （分数：1.00）A.B.C.(11).Assuming all else equal, if the coupon rate offered on a bond is less than the correspondi

16、ng market rate of interest, the bond will be issued at: A. par. B. a premium. C. a discount.（分数：1.00）A.B.C.(12).Which of the following statements regarding depreciation methods is TRUE? A. Straight-line depreciation results in an increasing rate of return over the life of an asset. B. Straight-line

17、depreciation causes an increase in reported income over time. C. Sinking fund depreciation is based on the theory that an asset generates an increasing rate of return over time.（分数：1.00）A.B.C.财务报表分析：存货、长期资产、递延税项和表内及表外负债(三)答案解析(总分：12.00，做题时间：90 分钟)一、B单项选择题/B(总题数：1，分数：12.00)QuestionThe following infor

18、mation has been gathered regarding a firm that uses straight line depreciation.Gross plant and equipment $1250000Depreciation expense $ 235000Accumulated depreciation $ 725000（分数：12.00）(1).The average depreciable life of plant and equipment is: A. 3.09 years. B. 5.32 years. C. 2.23 years.（分数：1.00）A.

19、B. C.解析：The average depreciable life = Gross PPE/Depreciation expense 5.32 = $1250000/$ 235000(2).Average remaining useful life of the plant and equipment is: A. 3.09 years. B. 4. 32 years. C. 2.23 years.（分数：1.00）A.B.C. 解析：Remaining useful life = (gross investment-accumulated depreciation)/depreciat

20、ion expense 2.23 = ( $1250000 - $ 725000) / $ 235000(3).The average age of plant and equipment is: A. 1.40 years. B. 3.09 years. C. 2.23 years.（分数：1.00）A.B. C.解析：The average age = accumulated depreciation/depreciation expense 3.09 = $ 725000/$ 235000.(4).Interest expense is reported on the income st

21、atement as a function of: A. the unamortized bond discount. B. the coupon payment. C. the market rate.（分数：1.00）A.B.C. 解析：Interest expense is always equal to the book value of the bond at the beginning of the period multiplied by the market rate at issuance.(5).For purposes of financial analysis, an

22、analyst should: A. always consider deferred tax liabilities as a liability. B. always consider deferred tax liabilities as stockholder s equity. C. determine the treatment of deferred tax liabilities on a case-by-case basis.（分数：1.00）A.B.C. 解析：For financial analysis, an analyst must decide on the app

23、ropriate treatment of deferred taxes on a case-by-case basis. These can be classified as liabilities or stockholder s equity, depending on various factors. Sometimes, deferred taxes are just ignored altogether.(6).Which of the following is NOT part of the basic inventory equation? A. Beginning inven

24、tory + purchases = ending inventory + cost of goods sold. B. Purchases - ending inventory + beginning inventory = cost of goods sold. C. Beginning inventory - ending inventory - cost of goods sold = purchases.（分数：1.00）A.B.C. 解析：To solve for purchases the basic inventory equation would then be: endin

25、g inventory + COGS- beginning inventory = purchases.(7).While attending a local college, music major Anjolie Webster accepts a temporary position with a small manufacturing firm. Currently, the firm uses LIFO to account for inventory, but the owneris “just curious“ about how the financial results wo

26、uld look if the company used FIFO. Before the owner leaves for her voice lesson, she hands Webster a photocopy of the inventory data for the current period (summarized below).Beginning inventory of 1000 units at $ 30 cost.Ending inventory of 800 units.Sales of 1100 units.Three inventory purchases (l

27、isted from earliest purchase to latest purchase): 400 units at $ 27 each, 300 units at $ 25 each, and an unreadable number of units at $ 22 each. (Unfortunately, when the owner copied the original document, she left a yellow sticky note covering some of the inventory information. )Current assets (le

28、ss inventory) of $75000.Current liabilities of $ 65000.Using the information provided, determine which of the following statements is least accurate? All else equal, compared to LIFO, using FIFO would result in: A. cost of goods sold of $ 32700. B. a lower ending inventory balance. C. a current rati

29、o of approximately 1.60.（分数：1.00）A.B.C. 解析：To calculate the current ratio (which includes the ending inventory balance) using FIFO, we first need to determine how many units were purchased in the third illegible purchase order (calculations follow). Ending inventory = beginning inventory + purchases

30、 - sales, so, purchases = sales + ending in-ventory-beginning inventory = 1100 + 800 - 1000 = 900. Third purchase units = 900 -400 - 300 = 200 FIFO ending inventory = (300 27 ) + (300 25 ) + (200 22) = $ 20000 FIFO current ratio (all else equal) = (75000 + 20000)/65000 = approximately 1.46(8).Given

31、the following data during periods of rising prices and stable or increasing inventory quantities :LIFO Inventory = $ 80000FIFO Inventory = $ 90000Retained Earnings = $125000When adjusting the balance sheet from (LIFO) to (FIFO), approximately what is the percent-age change in retained earnings? A. 8

32、.00%. B. -12.50%. C. 12.50%.（分数：1.00）A. B.C.解析：The difference between the two inventory methods results in a cost of goods sold of $10000 less using FIFO since the cost of the inventory sold is cheaper than using LIFO during rising prices. The percentage change in retained earnings = (10000/125000)

33、100 = 8.00%.(9).Three firms in the same industry show the following ratios for the most recent year after all proper adjustments have been made for dilutive securities and differences in financial reporting standards : Earnings per ShareSales per ShareOperating Cash Flow per ShareCompany X $ 1.50 $

34、2.50 $ 1.00Company Y $ 3.50 $ 1.00 $ 2.00Company Z $ 2.00 $1.50 $ 3.00Based on this information, the best financial performer among these three firms: A. is Company X because it has the greatest sales per share. B. is Company Y because it has the highest earnings per share. C. cannot be detennined b

35、ecause per-share ratios are not comparable.（分数：1.00）A.B.C. 解析：When stated on a per-share basis, different companies financial data cannot be compared meaningfully because these ratios depend on the number of shares outstanding, which is unrelated to the companies operating performance or profitabili

36、ty. A company with a $ 200 share price should have much higher valuation measures than a company with a $ 2 share price.(10).A company purchased a new pizza oven directly from Italy for $ 12675. It will work for 5 years and has no salvage value. The tax rate is 41 percent, and annual revenues are co

37、nstant at $ 7192. For financial reporting, the straight-line depreciation method is used, but for tax purposes depreciation is accelerated to 35 percent in years 1 and 2, and 30 percent in year 3. For purposes of this exercise ignore all expenses other than depreciation. Assume the tax rate for year

38、s 4 and 5 changed from 41 percent to 31 percent. What will be the deferred tax liability as of the end of year 3 and the resulting adjustment to net income in year 3 for financial reporting purposes due to the change in the tax rate?Deferred Tax Liability Net IncomeA. $1572 $ 507B. $1572 $ 747C. $10

39、39 $ 5O7 A. B. C. （分数：1.00）A. B.C.解析：Straight-line depreciation is $12675/5 = $ 2535. Financial statement income is $7192 - $ 2535 = $ 4657. Accelerated depreciation is $12675 (0.35) = $ 4436 in years 1 and 2 and $ 12675(0.3) = $3803 in year 3. Taxable income is $7192 - $4436 = $2756 in years 1 and2

40、 and $7192- $3803= $3389 in year 3. At the old tax rate of 41% : Deferred Tax liability for year 1 = $ 779.41 ( $ 4657 - $ 2756 ) 0.41 Deferred Tax liability for year 2 = $779.41 ( $4657 - $2756) 0.41 Deferred Tax liability for year 3 = $519.88 ( $4657- $ 3389) 0.41 Deferred tax liability at the end

41、 of year 3, before the change in tax rate, is $2079 = ( $779.41 + $779.41 + $519.88) At the new tax rate of 31% : Deferred Tax liability for year 1 = $ 589. 31 ( $ 4657 - $ 2756) 0.31 Deferred Tax liability for year 2 = $ 589.31 ( $ 4657 - $ 2756 ) 0.31 Deferred Tax liability for year 3 = $ 393.08 (

42、 $4657 - $ 3389) 0.31 Deferred tax liability at the end of year 3, after the change in tax rate, will be $1572 = ( $589.31+ $589.31+ $393.08) The deferred tax liability will decrease by $ 507 = ( $ 2079 - $1572) due to the new lower tax rate. An adjustment of $ 507 in tax expense will result in incr

43、ease in net income by the same amount $ 507.(11).Assuming all else equal, if the coupon rate offered on a bond is less than the corresponding market rate of interest, the bond will be issued at: A. par. B. a premium. C. a discount.（分数：1.00）A.B.C. 解析：If the coupon rate is less than the market rate, t

44、he bond must be sold at a discount so the effective rate on the bond equals the market rate.(12).Which of the following statements regarding depreciation methods is TRUE? A. Straight-line depreciation results in an increasing rate of return over the life of an asset. B. Straight-line depreciation ca

45、uses an increase in reported income over time. C. Sinking fund depreciation is based on the theory that an asset generates an increasing rate of return over time.（分数：1.00）A. B.C.解析：Straight-line depreciation applies a constant amount of depreciation to each period over the life of the asset; this method yields an increasing rate of return over the life of this asset. Year Beginning carrying value Straight-line depreciation Net income Rate of return on assets1 $ 1000 $ 200 $ 300 30.0%2 $ 800 $ 200 $ 300 37.5%3 $ 600 $ 200 $ 300 50.0%4 $ 400 $ 200 $ 300 75.0%