《经济环境下的财务会计课后习题答案ch02》由会员分享，可在线阅读，更多相关《经济环境下的财务会计课后习题答案ch02（26页珍藏版）》请在金锄头文库上搜索。
1、1CHAPTER2THEFINANCIALSTATEMENTSBRIEFRCISESBE21200020022003BeginningEndingRetained200320032003RetainedEarnings+RevenuesExpensesDividends=Earnings$13.5+$27$23.4X=$16.0X=$1.12003Dividendsasapercentageof2003netincome:2003Dividends=$1.1=30.6%2003Netincome($27-$23.4)$3.6BE22(1)CurrentLiabilitiesfinanced$1
2、8billionoftheassets.CurrentLiabilitiesdividedbyTotalassets=$18$53=34.0%(2)Long-termdebtfinanced$27billionoftheassets.Long-termdebtdividedbytotalassets=$27$53=50.9%(3)Stockholdersequityfinanced$8billionoftheassets.Stockholdersequitydividedbytotalassets=$8$53=15.1%BE23(a)Workingcapital=currentassetscu
3、rrentliabilities.Boeingscurrentassetstotal$17billionless$18billionofcurrentliabilitiesgivesthecompanynegativeworkingcapitalof$1billion.Anothermeasureofsolvencywouldbethecurrentratio.Thecurrentratioiscurrentassetsdividedbycurrentliabilitiesor$17billiondividedby$18billion=0.94.Bothmeasuresindicatethat
4、Boeingappearstohaveasolvencyproblem.Currentassetsarenotsufficienttocovercurrentliabilities.UnderexistingcircumstancestheCompanywillhavetolooktoothersourcestopayitscurrentobligations.(b)NoBoeinghas$9.1billionofliquidassets(cashshortterminvestmentsandaccountsreceivable)butithas$18billionofcurrentliabi
5、lities.(c)Boeingwouldbemoresolventifaccountsreceivablewere$5.3billionandinventorywas$4.5billion.Accountsreceivableareclosertocashthaninventory.Thismeansthataccountsreceivableareexpectedtobeconvertedtocashinashorterperiodoftimethaninventory.BE2-4200320022001Netcashflowfromoperatingactivities.$13517$1
6、5210$14805Netcashflowfrominvestingactivities.(3105)(3328)(8387)Netcashflowfromfinancingactivities.(9173)(9018)(6358)Netchangeincash.$1239$2864$60Cashatbeginningofperiod.3567703643Cashatendofperiod.$4806$3567$703SBCCommunicationscashmanagementactivitiesoverthethree-yearperiodof20032002and2001appearto
7、beextremelygood.Theyaregeneratingsignificantamountsofcashflowfromoperatingactivities.SBCCommunicationsisthenabletoreinvestsubstantialamountsinitsassetbase.AtthesametimeSBCCommunicationsisalsoabletofunditsfinancingactivitiesfromitsoperatingcashflow.Thelargeamountoffundsbeingusedininvestingactivitiesi
8、ndicatesthatSBCCommunicationsisgrowingitsbusiness.RCISESE21(1)FinancingBalancesheetStockholdersEquity(5)FinancingBalancesheet(2)OperatingBalancesheetIncomestatement(6)FinancingS.E.Bal.sheet(3)OperatingIncomestatementBalancesheet(7)InvestingBalancesheet(4)InvestingBalancesheet(8)OperatingBalancesheet
9、E221.FinancingBalancesheet2.OperatingBalancesheet3.OperatingIncomestatementBalancesheet4.OperatingIncomestatementBalancesheet5.InvestingBalancesheet6.InvestingBalancesheetIncomestatement7.FinancingBalancesheet8.OperatingBalancesheetE23a.Balancesheetg.Balancesheetm.Balancesheetb.Incomestatementh.Bala
10、ncesheetn.Balancesheetc.Balancesheeti.Balancesheeto.Balancesheetd.Incomestatementj.Balancesheetp.Incomestatemente.Balancesheetk.Incomestatementq.Balancesheetf.Incomestatementl.Incomestatementr.BalancesheetE24200120012001BeginningEndingRetained200120012001RetainedEarnings+RevenuesExpensesDividends=Ea
11、rnings$1.2+$3.9$3.5X=$1.3X=$.3200220022002BeginningEndingRetained200220022002RetainedEarnings+RevenuesExpensesDividends=Earnings$1.3+$4.1X$.3=$1.4X=$3.7200320032003BeginningEndingRetained200320032003RetainedEarnings+RevenuesExpensesDividends=EarningsX+$4.43.9$.3=$1.6X=$1.4youmustcalculatethe2003equa
12、tionbeforeyoucancalculatethe2002equation200320022001Salesgrowth($)$0.3$0.2NASalesgrowth(%)7.3%5.1%NAProfits($)$.5$.4$.4Profits(%ofsales)11.4%9.8%10.3%Dividends(%ofnetincome)60.0%75.0%75.0%Thecompanywasabletogrowsalessuccessfullyin2002butattheexpenseofprofits.Thenin2003thecompanywasagainsuccessfulatg
13、rowingsalesbutalsomanagedtoincreaseitsprofits.Duetotheincreasedprofitabilitytheconstantdividendpaymentswerelessasapercentageofnetincomein2003._E2520012001EndingRetainedEarnings2001BeginningRetainedEarningsor=+Revenuesfor20012002BeginningRetainedEarningsExpensesfor2001Dividendsfor2001($523)=($499)+$1
14、383X$0X=$1407Expensesfor2001are$1407.2002($758)=($523)+$1522$1608XX=$149Dividendsdeclaredfor2002are$149.2003($596)=($758)+X$1550$5X=$1717Revenuefor2003is$1717.200120022003Salesgrowth(%).NA10.0%12.8%Profits.($24)($86)$167Profitsasapercentageofsales.(1.7%)(5.7%)9.7%Dividends.$0$149$5Dividendsasapercentageofnetincome.NANA3.0%Theadvertisingagencyhadmodestsalesgrowthfrom2001to2003.Howeverfrom2002to2003theCompanywasabletogofromlossestoaprofit.EventhoughtheCompanyhadalossin2002theCompanypaidahealthydividend.Thenin2003whentheCompanyshowedaprofititvirtuallyeliminatedthedividend.Thereisreaso
