Solution
Il bilancio – Strumento di analisi per la gestione 4/ed R. N. Anthony, L. K. Breitner, D. M. Macrì Copyright © 2008 – The McGraw-Hill Companies srl
CAPITOLO 8 LE PASSIVITA’ E IL CAPITALE NETTO
Problemi
Problema 8-1 Laribee SpA a. (1) Including current liabilities.............. Debt/Equity Ratio $97,920 = 66.7% $146,880 Debt/Capitalization Ratio Rarely calculated this way.
(2)
Excluding current liabilities except current portion of long-term debt.....
Excluding all current liabilities........
$79,560 $146,880
= 54.2%
$79,560 = 35.1% $226,440 $73,440 = 33.3% $220,320
(3)
$73,440 = 50.0% $146,880
b. These two ratios measure the proportion of funds the company has raised from creditors as opposed to owners. They indicate how much “leverage” the firm has in its capital structure. The basic trade-off a company makes in determining the “right” ratio (i.e., capital structure) is between the risks inherent in taking on fixed debt obligations versus the opportunity to increase the shareholders’ profitability by having some debt in the capital structure. (A more detailed study of capital structure decisions is covered in finance courses.)
Problema 8-2 Morei
a. Basic earnings per share =
McGraw-Hill
($19,550,000 − $3,900,000) = $7.83 2,000,000 shares
Tutti i diritti riservati
b. Diluted earnings per share =
($19,550,000 − $3,900,000) = $7.45 2,000,000 + (200,000 − 100,000) *
*Assume 200,000 optional shares issued less assumed 100,000 shared repurchased with option payments (200,000 shares x $10 per exercised option) at $20 per share.
Problema 8-3 Power SpA
Weighted average number of shares outstanding during the fiscal year is
(100,000 + 300,000 + 300,000 + 300,000) = 250,000 shares 4
175
Il bilancio – Strumento di analisi per la gestione 4/ed R. N. Anthony, L. K. Breitner, D. M. Macrì Copyright © 2008 – The McGraw-Hill Companies srl
Problema 8-4 Grandi & Silvestri
Salaries..............................
CAPITOLO 8 LE PASSIVITA’ E IL CAPITALE NETTO
Problemi
Problema 8-1 Laribee SpA a. (1) Including current liabilities.............. Debt/Equity Ratio $97,920 = 66.7% $146,880 Debt/Capitalization Ratio Rarely calculated this way.
(2)
Excluding current liabilities except current portion of long-term debt.....
Excluding all current liabilities........
$79,560 $146,880
= 54.2%
$79,560 = 35.1% $226,440 $73,440 = 33.3% $220,320
(3)
$73,440 = 50.0% $146,880
b. These two ratios measure the proportion of funds the company has raised from creditors as opposed to owners. They indicate how much “leverage” the firm has in its capital structure. The basic trade-off a company makes in determining the “right” ratio (i.e., capital structure) is between the risks inherent in taking on fixed debt obligations versus the opportunity to increase the shareholders’ profitability by having some debt in the capital structure. (A more detailed study of capital structure decisions is covered in finance courses.)
Problema 8-2 Morei
a. Basic earnings per share =
McGraw-Hill
($19,550,000 − $3,900,000) = $7.83 2,000,000 shares
Tutti i diritti riservati
b. Diluted earnings per share =
($19,550,000 − $3,900,000) = $7.45 2,000,000 + (200,000 − 100,000) *
*Assume 200,000 optional shares issued less assumed 100,000 shared repurchased with option payments (200,000 shares x $10 per exercised option) at $20 per share.
Problema 8-3 Power SpA
Weighted average number of shares outstanding during the fiscal year is
(100,000 + 300,000 + 300,000 + 300,000) = 250,000 shares 4
175
Il bilancio – Strumento di analisi per la gestione 4/ed R. N. Anthony, L. K. Breitner, D. M. Macrì Copyright © 2008 – The McGraw-Hill Companies srl
Problema 8-4 Grandi & Silvestri
Salaries..............................