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ITESM CCM

AIF, prctica segundo parcial


Se resuelve INDIVIDUALMENTE
Dra. Sara Barajas Corts
Esta prctica tiene como finalidad que los alumnos practiquen los conceptos
comprendidos para su segunda evaluacin. La prctica es enunciativa y no
limitativa a que se integren otros conceptos relacionados, ya sea de la lectura
asignada para el tema o lo revisado en clase.
Tiempo estimado: 40 minutos Se requiere el procedimiento. Gracias
Nombre:_______________________________ Fecha_________________________
Ejercicios:
1. To study trends in a firms cost of goods sold (COGS), the analyst should
standardize the cost of goods sold numbers to a common-sized basis by dividing
COGS by:
a. Assets
b. Sales
c. Net income
d. The prior years COGS

2. Which of the following is least likely a limitation of financial ratios?


a.
b.
c.
d.

Data on comparable firms are difficult to acquire


Ratios are not meaningful when viewed in isolation
Determining the target or comparison value for a ratio requires judgment
Different accounting treatments require the analyst to adjust the data before
comparing ratios

3. An analyst who is interested in a companys long-term solvency would most likely


examine the:
a. return on total capital
b. defensive interval ratio
c. fixed charge coverage ratio
d. number of days of payables
4. RGB, Inc.s income statement indicates cost of goods sold of $100,000. The
balance sheet shows an average accounts payable balance of $12,000. RGBs
payable payment period is closest to:
a. 28 days
b. 37 days
c. 44 days
d. 52 days
1

5. RGB, Inc. has a gross profit of $45,000 on sales of $150,000. The balance sheet
shows average total assets of $75,000 with an average inventory balance of
$15,000. RGBs total asset turnover and inventory turnover are closest to:
Asset turnover Inventory turnover
a. 7.00 times
2.00 times
b. 2.00 times
7.00 times
c. 0.50 times
0.33 times
d. 10.00 times
0.60 times
6. Earnings before interest and taxes (EBIT) is also known as:
a.
gross profit.
b.
net profit.
c.
earnings before income taxes.
d.
operating profit.

7.

Given the following information about a company


Receivables turnover = 10 times
Payables turnover = 12 times
Inventory turnover = 8 times

What are the average receivables collection period, the average payables payment period, and
the average inventory processing period respectively?

a
b
c
d
8.

Average
Receivables

Average Payables

Collection Period

Payment Period

37
37
31
37

30
45
30
30

Average
Inventory
Processing
Period
52
46
28
46

The main difference between the current ratio and the quick ratio is that the quick ratio excludes:
a
cost of goods sold.
b
sales.
c
assets.
d
inventory.

9.- What is a companys equity if their return on equity (ROE) is 12 percent, and their net income is 10 million?
a.

83,333,333.00

1,200,000.00

12,000,000.00

120,000,000.00

10.- If a firm has a profit margin of 0.05, an asset turnover of 1.465, and an equity multiplier of 1.66, what is the
firm's ROE?
a

5.66%.

3.18%.

12.16%.

5.87%.

11.

A firms financial statements reflect the following:


Net profit margin
Sales
Interest payments
Avg. assets
Equity
Avg. working capital
Dividend payout rate

15%
$10,000,000
$1,200,000
$15,000,000
$11,000,000
$800,000
35%

Which of the following is the closest estimate of the firms sustainable growth rate?
a.
b.
c.
d.

10%.
8%.
9%.
11%.

12. If a firm has an asset turnover ratio of 2.1 and increases sales by 10 percent, what will its new
turnover ratio be?
a.
b.
c.
d.

2.31.
3.12.
3.21.
1.23.

13.

An analyst has collected the following data about a firm:

Receivables turnover = 10 times


Inventory turnover = 8 times
Payables turnover = 12 times

What is the average receivables collection period, the average inventory processing period, and the
average payables payment period respectively? (assume 360 days in a year)

a.
b.
c.
d.

Receivables Collection Period

Inventory
Processing
Period

Payables
Payment
Period

30 days
45 days
33 days
36 days

30 days
36 days
45 days
45 days

60 days
30 days
20 days
30 days

14. If a firm has an asset turnover ratio of 2.1 and increases sales by 10 percent, what
will its new turnover ratio be?
a. 2.31
.
b. 3.12
.
c. 3.21
.
d. .23.

15. Cash that normally would have been used to pay the firm's accounts payable is
used instead to pay off some of the firm's long-term debt. This will cause the firm's:
a. quick ratio to fall
b. current ratio to rise.
c. payables turnover to rise.
d. cash conversion cycle to lengthen.

16. What is a company's payables payment period if COGS are $200,000 and the
average balance of accounts payable (AP) is $10,000?
a. 18.25 days.
b. 15.26 days.
c. 10.75 days.
d. 11.33 days.

17.- Calculate the current year ratios and give the interpretation of results
Sample Income Statement

Year
Sales
Cost of goods sold
Gross profit
Operating expenses
Operating profit
Interest expense
Earnings before taxes
Taxes
Net Income
Common dividends

Current
Year
$4,000
3,000
$1,000
650
$350
$50
$300
100
$200
60

Financial ratio template


Current
year
Current ratio
Quick ratio
Days of sales outstanding
Inventory turnover
Total asset turnover
Working capital turnover
Gross profit margin
Net profit margin
Return on total capital
Return on common equity
Debt-to- equity
Interest coverage

Last year
2.1
1.1
18.9
10.7
2.3
14.5
27.4%
5.8%
21.1%
24.1%
99.4%
5.9

Industry
1.5
0.9
18
12
2.4
11.8
29.3%
6.5%
22.4%
19.8%
35.7%
9.2

Sample Balance Sheet

Year
Assets
Cash and marketable securities
Receivables
Inventories
Total current assets
Gross property, plant, and equipment
Accumulated depreciation
Net property, plant, and equipment
Total assets
Liabilities
Payables
Short-term debt
Current portion of long-term debt
Current liabilities
Long-term debt
Deferred taxes
Common stock
Additional paid in capital
Retained earnings
Common shareholders equity
Total liabilities and equity

Current
Year

Previous year

$105
205
310
620
1800
360
1,440
$2,060

$95
195
290
580
1700
340
1360
$ 1 ,940

110
160
55
325
610
105
300
400
320
1,020
$2,060

$90
140
45
$275
$690
95
300
400
1 80
880
$ 1 ,940