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Solutions Manual

Chapter 3

BASIC

12.

Building a Statement of Financial Position [LO1] Cable &

Wireless plc has current assets of 1.541 billion, non-current assets

of 3.650 billion, current liabilities of 1.856 billion, and non-current

liabilities of 1.291 billion. What is the value of the shareholders

equity account for this firm? How much is net working capital?

Answer: To find owners equity, we must construct a statement of

financial position as follows:

Statement of Financial Position

31-Dec-201X

Assets

Liabilities &

Owners'

Equity

in

billion

1.541

Current assets

Non-current assets

3.65

in billion

Current

liabilities

Non-current

liabilities

Owners' equity

5.19

1

Owners' equity

Current assets

Current liabilities

Net working

capital

2.044

in

billion

1.541

1.856

-0.315

13.

Building an Income Statement [LO1]Johnson Matthey

plc has revenues of 7.848 billion, costs of 7.324 billion,

depreciation expense of 108.9 million, interest expense of 42.7

million, and a tax rate of 28 per cent. What is the net income for

this firm?

Answer:

McGraw-Hill Education 2014

1.856

1.291

x

5.191

Second European Edition

Income Statement

in billion

7.848

7.324

Revenues

Costs

0.524

0.0427

0.1089

Gross Profit

Interest Expense

Depreciation

Taxable Income

Tax (28%)

0.3724

0.104272

0.268128

Net Income

14.

Calculating Liquidity Ratios [LO2]Essilor International SA

has current assets of 2,826 million, current liabilities of 1,875

million, and inventory of 833 million. What is the current ratio?

What is the quick ratio?

Answer: The relevant formulae are:

Current ratio =

Quick ratio =

Current assets

Current liabilities

Current liabilities

Current Ratio =

Quick Ratio =

2,826

1.51

1,875

2,826 833

1.06

1,875

15.

Calculating Profitability Ratios [LO2]Volkswagen AG had

sales of 113,808 million, total assets of 167,919 million, and total

debt of 69,380 million. If the profit margin is 4.173 per cent, what

was net income? What was ROA? What was ROE?

Answer: We need to find net income first. So:

Profit margin = Net income / Sales

Net income = Sales(Profit margin)

Net income = (113,808)(0.04173) = 4,749.2

ROA = Net income / TA = 4749.2 / 167,919 = .0282 or 2.82%

To find ROE, we need to find total equity. Since TL & TE equals TA:

McGraw-Hill Education 2014

Second European Edition

TA = TD + TE

TE = TA TD

TE = 167,919 69,380 = 98,539

ROE = Net income / TE = 4,749.2 / 98,539 = .0482 or 4.82%

16.

Calculating Leverage Ratios [LO2]GNR plc has a total

debt ratio of 0.43. What is its debtequity ratio? What is its equity

multiplier?

Answer: Total debt ratio = 0.43 = TD / TA

Substituting total debt plus total equity for total assets, we get:

0.43 = TD / (TD + TE)

Solving this equation yields:

0.43(TE) = 0.57(TD)

Debt/equity ratio = TD / TE = 0.43 / 0.57 = 0.75

Equity multiplier = 1 + D/E = 1 + 0.75 = 1.75

17.

Calculating Market Value Ratios [LO2]Axel plc had

additions to retained earnings for the year just ended of 430,000.

The firm paid out 175,000 in cash dividends, and it has ending

total equity of 5.3 million. If the company currently has 210,000

shares of equity outstanding, what are earnings per share?

Dividends per share? Book value per share? If the equity currently

sells for 63 per share, what is the market-to-book ratio? The price

earnings ratio? If the company had sales of 4.5 million, what is the

pricesales ratio?

Answer:

Net income

= 430,000 + 175,000 = 605,000

= Addition to RE + Dividends

per share

175,000 / 210,000 = 0.83 per share

= Dividends / Shares =

210,000 = 25.24 per share

Market-to-book ratio

25.24 = 2.50 times

P/E ratio

= TE / Shares

= 5,300,000 /

= 63 /

McGraw-Hill Education 2014

Second European Edition

21.43

= Sales / Shares

4,500,000

P/S ratio

times

210,000

= 63 / 21.43 = 2.94

INTERMEDIATE

18.

Book Values versus Market Values [LO1]In preparing a

balance sheet, why do you think International Accounting Standards

allow both historical cost and fair value approaches?

Answer: Historical costs can be objectively and precisely measured

whereas market values can be difficult to estimate, and different

analysts would come up with different numbers. Thus, there is a

tradeoff between relevance (market values) and objectivity (book

values).

19.

Residual Claims [LO1]Moneyback Limited is obligated to

pay its creditors 7,300 during the year.

(a)

What is the market value of the shareholders equity if assets

have a market value of 8,400?

(b)

What if assets equal 6,700?

Answer: The market value of shareholders equity cannot be

negative. A negative market value in this case would imply that the

company would pay you to own the equity. The market value of

shareholders equity can be stated as: Shareholders equity = Max

[(TA TL), 0]. So, if TA is 8,400, equity is equal to 1,100, and if TA

is 6,700, equity is equal to 0. We should note here that the book

value of shareholders equity can be negative.

20.

Net Income and OCF [LO1]This year, Southern Coat

Company had sales of 730,000. Cost of goods sold, administrative

and selling expenses, and depreciation expenses were 580,000,

105,000 and 135,000 respectively. In addition, the company had

an interest expense of 75,000 and a tax rate of 28 per cent.

(Ignore any tax loss carry-back or carry-forward provisions.)

(a) What is Southern Coat Companys net income?

(b) What is its operating cash flow?

(c) Explain your results in (a) and (b).

Answer:

Income Statement

Sales

730,000

COGS

580,000

McGraw-Hill Education 2014

Second European Edition

a.

Depreciation 135,000

Operating Profit90,000

Interest

75,000

Profit before Tax165,000

Tax (28%)

0

Net income 165,000

135,000 0 = 45,000

c. Net income was negative because of the tax deductibility of

depreciation and interest expense. However, the actual cash flow

from operations was positive because depreciation is a non-cash

expense and interest is a financing expense, not an operating

expense.

21.

Accounting Values versus Cash Flows [LO1] In Problem

20, suppose Southern Coat Company paid out 25,000 in cash

dividends. Is this possible? If spending on non-current assets and

net working capital was zero, and if no new shares were issued

during the year, what do you know about the firms long-term debt?

Answer:

A firm can still pay out dividends if net income is negative; it just

has to be sure there is sufficient cash flow to make the dividend

payments.

Cash Flow from Operating Activities = Operating Profit + Depreciation

Taxes = 45,000

Cash Flow from Financing Activities = Net New Long Term Debt Interest

-Dividends =

= New LT Debt - 75,000 -25,000 = LTD 100,000

Cash Flow from Investing Activities = 0

= 45,000 + LTD - 100,000 = 0

= LTD - 55,000

LTD = 55,000

To avoid having negative cash balance, at least 55,000 of new LTD

must be raised.

22.

Calculating Cash Flows [LO1]Consider the following

abbreviated financial statements for Parrothead Enterprises:

Parrothead Enterprises

2012 and 2013 Partial balance sheets

McGraw-Hill Education 2014

Second European Edition

Assets

2012 2013

2012

2013

Current assets

653

707

Current liabilities

261

293

Non-current

assets

2,69

1

3,240

Non-current

liabilities

1,422

1,512

Parrothead Enterprises

2013 Income statement

Sales

8,280

Costs

3,861

Depreciation

Interest paid

738

211

(b) What is the change in net working capital for 2013?

(c) In 2013, Parrothead Enterprises had capital expenditure of 1,350.

How much in non-current assets did Parrothead Enterprises sell?

What is the cash flow from investing activities for the year? (The

tax rate is 28 per cent.)

(d) During 2013, Parrothead Enterprises raised 270 in new long-term

debt. How much long-term debt must Parrothead Enterprises have

paid off during the year? What is the cash flow from financing

activities?

Answer:

a. Total assets 2012

Total liabilities 2012

Owners equity 2012

= 261 + 1,422 = 1,683

= 3,344 1,683 = 1,661

Total liabilities 2013

Owners equity 2013

= 293 + 1,512 = 1,805

= 3,947 1,805 = 2,142

b. NWC 2012

= CA12 CL12 = 653 261 = 392

NWC 2013

= CA13 CL13 = 707 293 = 414

Change in NWC = NWC12 NWC13 = 414 392 = 22

c. We can calculate cash flow from investing activities as:

Cash flow from investing activities = Non-Current Assets 2013 Non

Current

Assets 2012 + Depreciation

Cash flow from investing activities = 3,240 2,691 + 738 = 1,287

McGraw-Hill Education 2014

Second European Edition

So, the company had a cash flow from investing activities of 1,287.

We also know that cash flow from investing activities is:

Cash flow from investing activities = Non-current assets bought Noncurrent assets sold

1,287 = 1,350 Non-current assets sold

Non-current assets sold = 1,350 1,287 = 63

d. Net new borrowing = NCL13 NCL12 = 1,512 1,422 = 90

Cash flow from financing activities = New borrowing - Interest = 90 211 = -121

Net new borrowing = 90 = Debt issued Debt retired

Debt retired

= 270 90 = 180

23.

Profit Margin [LO2]In response to complaints about high

prices, a grocery chain runs the following advertising campaign: If

you pay your child 3 to go and buy 50 worth of groceries, then

your child makes twice as much on the trip as we do. Youve

collected the following information from the grocery chains

financial statements:

(millions)

Sales

750

Net income

22.5

Total assets

420

Total debt

280

Evaluate the grocery chains claim. What is the basis for the

statement? Is this claim misleading? Why or why not?

Answer:

Child: Profit margin = NI / S = 3.00 / 50

Store: Profit margin

750,000,000

= 0.06 or 6%

= NI / S

= 0.03 or 3%

22,500,000

appropriate earnings measure for the firms owners is the return on equity.

ROE = NI / TE = NI / (TA TD)

ROE = 22,500,000 / (420,000,000 280,000,000) = 0.1607 or 16.07%

CHALLENGE

Some recent financial statements for the luxury goods company LVMH

McGraw-Hill Education 2014

Second European Edition

Problems 2427.

Income statements for LVMH Moet Hennessy Louis Vuitton

Revenue

Cost of revenue

Gross profit

Selling/general/admin. expenses

Amortization

Unusual expense (income)

Other operating expenses, total

Operating profit

Interest expense

Interest/invest income

Y/E

2013

Y/E

2012

17,193

16,481

6,012

5,786

11,181

10,695

7,553

7,140

126

116

17

3,485

3,429

255

241

15

30

41

Other, net

Profit before taxes

Provision for income taxes

Profit after taxes

Minority interest

Equity in affiliates

41

3,204

3,177

893

853

2,311

2,324

292

306

Profit attributable to

shareholders

2,026

2,025

Vuitton

Dec

13

m

Current assets

Dec

12

m

Dec

13

m

Dec

12

m

Current liabilities

1,013

2,292

2,095

Trade receivables

1,650

1,866

1,552

229

short-term debt

1,571

2,212

Receivables

other

Second European Edition

Total inventory

5,767

debt/capital leases

Other current

assets

1,695

Other current

2,001 liabilities

Total current

assets

10,3

54

Non-current

assets

18 liabilities

276

926

610

628

6,615

7,413

Non-current

liabilities

Property/plant/

equipment

6,081

3,738

2,477

Goodwill, net

4,423

3,113

2,843

Intangibles, net

8,523

989

938

Long-term

investments

591

Other long-term

assets

1,51

1

8 liabilities

12,06 11,38

4

1

21,1

29

66

18,67 18,79

9

4

4,224

5,123

Shareholders

equity

Ordinary shares

147

147

Additional paid-in

capital

1,737

1,736

Retained earnings

(accumulated

deficit)

12,274

11,19

2

983

877

Treasury stock

common

_____

Total assets

31,4

83

371

608

Total equity

12,80 11,59

4

0

84 and shareholders

equity

31,48 30,38

3

4

24.

Calculating Financial Ratios [LO2]Find the following

financial ratios for LVMH Moet Hennessy Louis Vuitton SA (use yearend figures rather than average values where appropriate):

Short-term solvency ratios:

McGraw-Hill Education 2014

Second European Edition

(b) Quick ratio

(c) Cash ratio

Asset utilization ratios:

(d) Total asset turnover

(e) Inventory turnover

(f) Receivables turnover

Long-term solvency ratios:

(g) Total debt ratio

(h) Debtequity ratio

(i) Equity multiplier

(j) Times interest earned ratio

Profitability ratios:

(k) Profit margin

(l) Return on assets

(m)

________________________

________________________

________________________

________________________

________________________

________________________

________________________

________________________

________________________

________________________

________________________

________________________

Return

on

equity

________________________

Answer:

Short-term solvency ratios:

Current ratio

= Current assets / Current liabilities

Current ratio 2013

= 10,354m / 6,615m = 1.57 times

Current ratio 2012

= 10,118m / 7,413m = 1.36 times

Quick ratio

Quick ratio 2013

times

Quick ratio 2012

times

= (10,354m 5,767m) / 6,615m = 0.69

Cash ratio

Cash ratio 2013

Cash ratio 2012

= Cash / Current liabilities

= 1,013m / 6,615m = 0.15 times

= 1,559m / 7,413m = 0.21 times

Total asset turnover = Sales / Total assets

Total asset turnover 2013

= 17,193m / 31,483m = 0.55 times

Total asset turnover 2012

= 16,481m /30,384m = 0.54 times

Inventory turnover

Inventory turnover 2013

Inventory turnover 2012

= 6,012m / 5,767m = 1.04 times

= 5,786m /4,812m =1.2 times

Receivables turnover 2013 = 17,193m / 1,650m = 10.42 times

Receivables turnover 2012 = 16,481m /1,595m = 10.33 times

Long-term solvency ratios:

McGraw-Hill Education 2014

Second European Edition

= (Total assets Total equity) / Total assets

Total debt ratio 2013 = (31,483m 12,804m) / 31,483m = 0.59

Total debt ratio 2012 = (30,384m 11,590m) / 30,384m = 0.62

Debt-equity ratio

Debt-equity ratio 2013

Debt-equity ratio 2012

= (31,483m 12,804m) / 12,804m = 1.46

= (30,384m 11,590m) / 11,590m = 1.62

Equity multiplier

Equity multiplier 2013

Equity multiplier 2012

= 1 + D/E

= 1 + 1.46 = 2.46

= 1 + 1.62 = 2.62

Times interest earned 2013 = 3,485m / 255m = 13.67 times

Times interest earned 2012 = 3,429m /241m =14.23 times

Profitability ratios:

Profit margin

Profit margin 2013

Profit margin 2012

= 2,026m / 17,193m = 0.1178 or 11.78%

= 2,025m /16,481m = 0.1229 or 12.29%

Return on assets

Return on assets 2013

Return on assets 2012

= 2,026m / 31,483m = 0.0644 or 6.44%

= 2,025m /30,384m = 0.0666 or 6.66%

Return on equity

Return on equity 2013

Return on equity 2012

= 2,026m / 12,804m = 0.1582 or 15.82%

= 2,025m /11,590m = 0.1747or 17.47%

25.

Du Pont Identity [LO2]Construct the Du Pont identity for

LVMH Moet Hennessy Louis Vuitton SA.

Answer: The DuPont identity is:

ROE = (PM)(TAT)(EM)

ROE = (0.1178)(0.55)(2.46) = 0.1582 or 15.82%

26.

Market Value Ratios [LO2]LVMH Moet Hennessy Louis

Vuitton SA has 473.06 million ordinary shares outstanding, and the

market price for a share of equity at the end of 2012 was 46.79.

What is the priceearnings ratio? What is the market-to-book ratio

at the end of 2012? If the companys growth rate is 9 per cent, what

is the PEG ratio?

Answer:

Earnings per share

Earnings per share

P/E ratio

P/E ratio

Book value per share

Book value per share

= 2,026 / 473.06 = 4.28 per share

= Share price / Earnings per share

= 46.79 / 4.28 = 10.93 times

= Total equity / Shares

= 12,804 / 473.06 shares = 27.06 per share

Second European Edition

Market-to-book ratio

= Share price / Book value per share

Market-to-book ratio = 46.79 / 27.06 = 1.73 times

PEG ratio

PEG ratio

= 10.93 / 9 = 1.21 times

27.

Tobins Q [LO2]What is Tobins Q for LVMH Moet Hennessy

Louis Vuitton SA? What assumptions are you making about the

book value of debt and the market value of debt? What about the

book value of assets and the market value of assets? Are these

assumptions realistic? Why or why not? Assume that the book value

of debt is equal to the market value of debt and the assets can be

replaced at the current value on the statement of financial position

(balance sheet).

Answer: First, we will find the market value of the companys equity,

which is:

Market value of equity = Shares Share price

Market value of equity = 473.06m (46.79) = 22,134.48m

The total book value of the companys debt is:

Total debt = Current liabilities + Non-Current Liabilities

Total debt = 18,679m

Now we can calculate Tobins Q, which is:

Tobins Q = (Market value of equity + Book value of debt) / Book value

of assets

Tobins Q = (22,134.48m + 18,679m) / 31,483m

Tobins Q = 1.30

Using the book value of debt implicitly assumes that the book value of

debt is equal to the market value of debt. This will be discussed in

more detail in later chapters, but this assumption is generally true.

Using the book value of assets assumes that the assets can be

replaced at the current value on the statement of financial position

(balance sheet). There are several reasons this assumption could be

flawed. First, inflation during the life of the assets can cause the book

value of the assets to understate the market value of the assets. Since

assets are recorded at cost when purchased, inflation means that it is

more expensive to replace the assets. Second, improvements in

technology could mean that the assets could be replaced with more

productive, and possibly cheaper, assets. If this is true, the book value

can overstate the market value of the assets. Finally, the book value of

assets may not accurately represent the market value of the assets

because of depreciation. Depreciation is done according to some

schedule, generally reducing balance or straight-line. Thus, the book

value and market value can often diverge.

McGraw-Hill Education 2014

Second European Edition

28.

Earnings Management [LO1]Companies often try to keep

accounting earnings growing at a relatively steady pace, thereby

avoiding large swings in earnings from period to period. They also

try to meet earnings targets. To do so, they use a variety of tactics.

The simplest way is to control the timing of accounting revenues

and costs, which all firms can do to at least some extent. For

example, if earnings are looking too low this year, then some

accounting costs can be deferred until next year. This practice is

called earnings management. It is common, and it raises a lot of

questions. Why do firms do it? Why are firms even allowed to do it

under International Accounting Standards? Is it ethical? What are

the implications for cash flow and shareholder wealth?

Answer: In general, it appears that investors prefer companies that

have a steady earnings stream. If true, this encourages companies

to manage earnings. Under International Accounting Standards,

there are numerous choices for the way a company reports its

financial statements. Although not the reason for the choices under

IAS, one outcome is the ability of a company to manage earnings,

which is not an ethical decision. Even though earnings and cash

flow are often related, earnings management should have little

effect on cash flow (except for tax implications). If the market is

fooled and prefers steady earnings, shareholder wealth can be

increased, at least temporarily. However, given the questionable

ethics of this practice, the company (and shareholders) will lose

value if the practice is discovered.

29.

Cash Flow [LO1]What are some of the actions that a small

company like The Grandmother Calendar Company (see Questions

6 to 10) can take if it finds itself in a situation in which growth in

sales outstrips production capacity and available financial

resources? What other options (besides expansion of capacity) are

available to a company when orders exceed capacity?

Answer:

Demanding

cash

up

front,

increasing

prices,

subcontracting production, and improving financial resources via

new owners or new sources of credit are some of the options. When

orders exceed capacity, price increases may be especially

beneficial.

30.

Non-Current Assets and Depreciation [LO1]On the

simplified statement of financial position, the non-current assets

(NCA) account is equal to the gross property, plant and equipment

(PPE) account (which records the acquisition cost of property, plant

and equipment) minus the accumulated depreciation (AD) account

(which records the total depreciation taken by the firm against its

property, plant and equipment). Using the fact that NCA = PPE

AD, show that the expression for net capital spending, NCA end

NCAbeg + D (where D is the depreciation expense during the year),

McGraw-Hill Education 2014

Second European Edition

Answer:

Net capital spending

= NCAend NCAbeg + Depreciation

= (NCAend NCAbeg) + (Depreciation + ADbeg) ADbeg

= (NCAend NCAbeg)+ ADend ADbeg

= (NCAend + ADend) (NCAbeg + ADbeg) = PPEend PPEbeg

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