CFA一級百題進階：財報分析

4.FinancialAnalysisQ-1.Duringofsecuritizationofreceivables,anonfinancialcompanyreceivesproceedslessvalue.Thetransactionmostlikelyincrease:netcashfinancingactivities.C.cashSolution:C.ProceedsfromsellingA/RincreaseSincetheproceedslessthebookvalueofA/Rs,alossshouldbethe1-24Q-2.WhichofthefollowingstatementsismostaccurateregardingstatementspreparedunderIFRSGAAP?UndershouldbeclassifiedafinancingcashUnderIFRS,canbeeitherorinvestingC.BothandindirectofallowedunderIFRSandbutindirectunderIFRSSolution:A.Underbankconsideredpartofcashequivalentsandclassifiedfinancing2-24Q-3.Whichoffollowingisleastlikelytoincreasereportedoperatingflowforperiod?FinancingofSecuritizationofC.ExerciseofstockSolution:A.Financingactuallyoperatingreclassifiedshort-termdebt.Companiesmaydecreaseoperatingtheindirectmethodbyusingstrategy.Securitizationofreceivablesincreasesoperatingcashflowsfundsreceivedtreatedoperatingcashinflow.Exerciseofemployeestockoptionsincreasesoperatingtotaxbenefitsassociatedexercise.3-24Q-4.apatentthecompanyhasexpense.Iftaxignored,comparedtoexpensingcost,willmosttoLowerEPSinperiod.LowerinthatC.LowerSolution:B.Ifexpensewillpatentasset,recognizecostandpurchasingwillclassifiedofCFI.Soduringperiod,WallyisandAlso,netincomewillhigherinperiodifexpensesoEPSWallywillbehigherinthat4-24Q-5.Usingthefollowinginformation,aMexicancorporationcomputingtheexpenseforapieceofmanufacturingequipmentthatitpurchasedstartofcurrentyear.Thecompanyayear'sdepreciationyearofCostofequipmentMXN4,000,000MXN400,00010yearsEstimatedvalueExpectedTotalproductiveProductionduringyearunits800,000unitsThedepreciationexpenseMXN)willmostlikelybehigherby:224,000,usingdouble-decliningcomparedwiththeunits-of-productionmethod.280,000,usingunits-of-productionstraight-linemethod.C.360,000,usingdouble-decliningbalancewithstraight-linemethod.Solution:A.Thedifferencebetweendouble-decliningmethodunits-of-productionmethodMXN)is800,000–576,000=224,000.StraightLine1/10UnitsofProductionunitsDeclining1/10×2=20%0.20×RateAnnualexpense(4,000,000–400,000)/10–400,000)×(800,000/5,000,000)=360,000=576,000=800,0005-24Q-6.InJanuary2015,analystseesanewsreleaseacompanyfollowsreportsunderUSGAAP)willbetooutputofitsmajorproductlinesitshighlyspecializedceramicsplantresponseanewintroducedmajorcompetitor.Thetablesummarizesinformationthattheanalysthasgatheredvariousabouttheplantitsprospects.SelectedInformationtoCeramicsProductionPlantEndof2014($thousands)CarryingamountofplantUndiscountedexpectednetcashPresentvalueofexpectednetFairvalueofplantRevisedestimateofDepreciationmethod4yearsStraight$400RevisedestimateofresidualvalueIfinformationestimatesproveaccurate,theexpenseshouldbereported2015totheplantwillbeclosest$426thousand.$612thousand.C.$512.5Solution:C.theof2014,atestofimpairmentrequiredbecause“eventsorchangescircumstancesindicateitscarryingamountmayberecoverable.”(All$thousands)USGAAPImpairmentTest:Steprecoverability:Comparecarryingamountundiscountedflows.Carryingamount=3,208>Therecoverabilityisnotsatisfied,so(expectedflows):impairmentisStepDetermineimpairmentloss:Carryingamount-Fairvalue=–=758Newcarryingvalue:2,450??????????????????????????????????????????????????????Estimateddepreciationin2015$2,450?$400==$512.54?????6-247-24Q-7.Aitsaccordingleasedaofequipmenton1Januarytotheis1.annualleaseof$25,000,withthe1January2.onsimilarcompanydebt3.Thevalueoftheequipment$115,000.4.Usefulofequipmentis5.Thecompanydepreciatesotherequipmentinassetclassonastraight-linebasis.Theexpensetotheonthe2012incomebeclosestto:$22,024.$25,000.C.$28,185.Solution:C.ThewouldqualifyafinanceleaseunderU.S.becausepresentvaluethe90%ofvalue.PVofPMT=25,000,i=N=5,BGNPPV=$107,803,90%ofvalue:0.90x115,000=$103,500.Therefore,is90%andbe$107,803.Withpaymenttheoutstandingbalancein2012=107,803=Interestexpensein20120.08x6,624.2421,560.6028,184.84Amortizationexpenseyearusingleasetermthewilltheinitialterm)107,803/5expensein20128-24Q-8.AssumeappliesunlessotherwiseMadisonInc.planningaissue.TheyconsideringissuingeitherastraightcouponbondoracouponwithTheproceedseitherIssuebesame.Whatwillbetheeffectontheirexpenseandbalancesheetifbondscomparedtothebonds?thewithTheexpensewillbeThebalancesheetwillbeC.lowerlowerhigherlowerhigherlowerSolution:A.TheportionofproceedsthewouldbeclassifiedthusportionclassifiedabesmallerThebalancesheetvalueleadtoalowerexpenseitTheexpensebasedliabilitybeginningofperiod.Notcouponpayment.9-24Q-9.AssumeGAAPappliesunlessotherwiseCharlesMcKinmon,thefinancialofOnCredit,Inc.hassold$60ofproceedsof$50million,andMcKinmonwishestotreattransactionborrowing.McKinwillmostlikelyincludeadding:$50millionto$50milliontofinancingC.$50milliontoSolution:B.McKinnonshould$60toaccountsreceivable,operatingby$50million,andincreasefromfinancingactivities$50million.10-24Q-10.LazloaEuropean-basedfollowsIFRSnewproductdevelopmentcosts.During2007€25onproductdevelopmentandexpensetoanewproductdevelopmentof€10million.Otherre2007isin€millionsNetincomeassets225290CashoperationscompareLazloaU.S.-basedproviderandhasdecidedtotheirfinancialUnderandignoring(ROA)operations(CFO)Lazlowouldbeto(millions):ROACFO€265€275€265C.10.7%10.7%11.2%Solution:C.Ifalldevelopmenthadbeenexpensed,netbebyamountspent,andofpreviously225-+10=210million.210/=注意：理論上來說，asset需要減去資產(chǎn)的增加部分bytheamountdevelopment290-25=265million.Note:Theofdevelopmentcostsisanon-cashexpensecash11-24Q-11.Whenanalyzingacompanyitsaccordingtocalculatingprice/tangiblebookvalueofprice/bookvalueismostifgrowsprimarilyacquisitions.developsandC.acapitalSolution:A.Acompanygrowingprimarilythroughacquisitionwilllargeofgoodwill,whichisintangible12-24Q-12.On1January2010,Companyissuesvalue,five-yearbondsannualof￡55,000tobe31Theis6.0percent.Usingofamortization,ismostexpenseof￡55,000on2010incomealiabilityof982,67431December2010balancesheet.C.a￡58,736cashoutflowonthe2010statementofSolution:B.ThebondswilladiscountbecauseishighertheDiscountingtheirvaluethatofthewill￡978,938bothaainflowfinancingactivities.Interestexpense2010is￡58,736(￡978,938times6.0thewillof￡55,000butexpenseonthestatementwilltoofinitialdiscountexpenselessthe￡55,000Thus,valueof31December2010willtheinitialvalue(￡978,938)plusamortiseddiscount(￡3,736),aof￡982,674.Theoutflowof￡55,000bepresentedeitheroperatingorfinancingactivityunder13-24Q-13.ThefollowingdataaCompanyCommon-SizeBalanceSheet31December2010Assets(%)42.19.5Cash&InvestmentsAccounts0.8CurrentNetPlant,andEquipmentGoodwill52.44.040.82.8Other100.0LiabilitiesDebt1.518.019.520.07.5AccruedLiabilitiesCurrentLiabilitiesOtherLiabilitiesLiabilities47.053.0100.0Stockholders’Liabilities&Shareholders’EquitycomparisonCurrentIndustry3.2Debt-to-equity55.0%42.0%Long-termdebt-to-equityWhichofthetheisThecompany:inhassignificantC.hashigherSolution:B.14-24acquisitionssomepointbecausegoodwillonlyduringacquisitions.belowindustryboththedebt-to-equityof41%[(20.0+1.5)÷industryof55%andlong-termof38%[20.0÷53]theofThelowPP&Eandcompanynota15-24Q-14.Acompanytomaintaingoodwithitsithasafinancingaitwillitssupplierswilltheninperiod.Themotivationthebehaviorismostlikelyto:improvecurrentimprovewithitsC.manageofSolution:C.Thecanchoosetotheshort-termborrowingwithreclassifyshort-termfinancing.Itwilldososeasonallystrong,butfinancingflows.repayment,cashoutflowafinancingofoperatingTheisthatcompanymanipulateofflowssincethetimingofvendorfinancingismanadiscretion.16-24Q-15.UnderIFRS,A€2ofdevelopmentpurpose,authoritytobeOnthethecostbedeoveryears.TheistoearningForanalyticalpurpose,ashouldduetaxthebalancesheetas:liabilitiescalculatingcompanycurrentliabilitiescalculatingdebtC.equitycalculatingtheSolution:B.ThedifferenceisatemporarydifferenceandwouldcreateadeferredtaxDeferredtaxliabilitiesshouldbeclassifieddebtifsubsequenttaxpayments.UnderIFRSalldeferredtaxliabilitiesnon-current.17-24Q-16.GivenfinancialInMillions($)CreditCostofgoodssoldAccountsInventory–balanceInventoryEndingbalanceAccountsTheofcompanyis0.824.3C.51.7Solution:A.inventory=(2,000+1,500)/2=1,750Numberofof=$1,750/($30,000/365)=Numberofof=$3,000/(S40,000/365)=27.375Operating=21.292+=48.667Purchases=$30,000+$2,000–=$30,500Numberofof=$4,000/($30,500/365)=daysThe48.667–47.869=18-24Q-17.StrongsvilleusesFIFOmethodvaluation.arisingcostsotherheldpriceandprice-to-bookmultiplestothoseanotherthatusesmethodvaluationwouldbe:Price-to-earningsMultiplePrice-to-bookMultipleC.Solution:C.Inarisingwouldresultinhigherearnings,higherendingwellhighervalueofThus,bothandrelativetoacomparablefirmthatusesLIFOmethod.19-24Q-18.AcompanywhoseobjectiveishadspentamachinewithtwosignificantThemachineisexpectedtoof10andusesthestraightofdepreciation.ComponentCostUseful105ABTheexpenseyearcomputedunderIFRSwithU.S.GAAPwillmostlikelythesame.$100,000C.$100,000Solution:C.UnderIFRS:companymustusethecomponentmethodofdepreciationexpense:÷10)+÷5)=$300,000peryearforyears.UnderU.S.GAAP,companywouldcomponentdeprecationbecauseitwouldprefertominimizeexpenseinordermaximize÷10=$200,000peryear.$100,000higherUnderIFRS,depreciationis:20-24Q-19.Acompanyhasofitsdepreciableitsusefulwillbeanother10years.Theallis40%,andtheoftaxpurposes.assetinfollowingtable:(millions)AccountingPurposesPurposesOriginalandAcquisitioncostin2014Depreciation,Accumulateddepreciation,of2016105Netbalance,of2016Re-estimatedEstimates,of2017balance,startof2017NewestimatedNotapplicable10Thetaxassetmillions)of2017isclosest￡600.￡1,620.C.￡930.Solution:A.OnlytheportionofthethetaxbasecarryingisnotresultofisrisetoaTheportionarisingfrom(millions)AccountingPurposes(￡5,000–￡2,800)=10Purposes2remainingDepreciation,Startofyearbalanceafterrevaluation,2016Depreciation,2016(￡5,000/10=￡500￡800￡800Netbalance,of2016MinusCarryingvaluepurposesof–_____￡800=0.40×(￡2,300–￡800)=￡60021-24Q-20.analystisforecastingprofitofthefollowingcompanies.Heusesfive-yearaveragegrossusinginternalCompanyproductscurrentlyhealthymarginsbecauseoftechnologicaledge.technologiesreplaceoneseverytwothisindustry.Company2hasbeenofferingsameproductsthroughoutperiod,anddemandcostitsproductshavenotexperiencedchanges.Company