第1页共31页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共31页Chapter8ProfitabilityPROBLEMSPROBLEM8-1NetProfitMargin=NetIncomeBeforeMinorityShareofEarningsandNonrecurringItemsNetSales20042003$52,500$1,050,000$40,000$1,000,0005.00%4.00%ReturnonAssets=NetIncomeBeforeMinorityShareofEarningsandNonrecurringItemsAverageTotalAssets20042003$52,500$230,000$40,000$200,00022.83%20.00%TotalAssetTurnover=NetSalesAverageTotalAssets20042003$1,050,000$230,000$1,000,000$200,0004.57times5.00timesperyearperyear第2页共31页第1页共31页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共31页=ReturnonCommonEquity=NetIncomeBeforeNoncurringItemsMinusPreferredDividendsAverageCommonEquity20042003$52,500$170,000$40,000$160,00030.88%25.00%AhlEnterprisehashadasubstantialriseinprofittosales.Thisissomewhattemperedbyareductioninassetturnover.Givenaslightriseincommonequity,thereisasubstantialriseinreturnoncommonequity.PROBLEM8-2a.20042003SalesCostofgoodssoldGrossprofitSellingexpenseGeneralexpenseOperatingincomeIncometaxNetincome100.0%60.739.314.610.014.75.98.8%100.0%60.839.220.08.310.94.26.7%b.StarrCanninghashadasharpdecreaseinsellingexpensecoupledwithonlyamodestriseingeneralexpensesgivinganoverallriseinthenetprofitmargin.PROBLEM8-3EarningsBeforeinterestandtax$245,000Interest(750,000x6%)45,000Earningsbeforetax$200,000Tax80,000Netincome$120,000Preferreddividends15,000Incomeavailabletocommon$105,000第3页共31页第2页共31页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共31页a.ReturnonAssets=NetIncomeBeforeMinorityShareofEarningsandNonrecurringItemsAverageTotalAssets=$120,000$3,000,000=4.00%b.ReturnonTotalEquity=NetIncomeBeforeNonrecurringItems-DividendsonRedeemablePreferredStockAverageTotalEquity=$120,000$3,000,000=4.00%c.ReturnonCommonEquity=NetIncomeBeforeNonrecurringItems-AverageCommonEquityAverageCommonEquity$200,000-$80,000-$15,000$1,500,000=7.00%d.TimesInterestEarned=RecurringEarnings,ExcludingInterestExpense,TaxExpenseEquityEarnings,andMinorityEarningsInterestExpense,IncludingCapitalizedInterest=$245,000$45,000=5.44timesperyearPROBLEM8-4VentMoldedPlasticsVentMoldedPlasticsSalesSalesreturnsCostofgoodssoldSellingexpenseGeneralexpenseOtherincomeOtherexpenseIncometaxNetincome101.0%7.072.19.47.0.41.54.85.6%100.3%.367.110.17.9.41.35.58.5%Salesreturnsarehigherthantheindustry.Costofsalesismuchhigher,offsetsomebyloweroperatingexpenses.Otherexpense(perhapsinterest)issomewhathigher.Lowertaxesareperhapscausedbylowerincome.Overallprofitisless,primarilyduetocostofsales.第4页共31页第3页共31页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共31页PROBLEM8-5a.$1,589,150$1,294,966=122.72%2004saleswere122.72%ofthosein2003.b.$138,204$137,110=100.80%2004netearningswere100.80%ofthosein2003.c.1.NetProfitMargin=NetProfitBeforeMinorityShareofEarningsandNonrecurringItemsNetSales20042003$149,260$1,589,150=9.39%$149,760$1,294,966=11.56%2.ReturnonAssets=NetIncomeBeforeMinorityShareofEarningsandNonrecurringItemsAverageTotalAssets20042003$149,260$$1,437,636=10.38%$149,760$1,182,110=12.67%3.TotalAssetTurnover=NetSalesAverageTotalAssets20042003$1,589,150$1,437,636$1,294,966$1,182,1104.DuPontAnalysis:Returnon=NetProfitxTotalAssetAssetsMarginTurnover200410.42*=9.39%x1.11200312.72*=11.56%x1.10第5页共31页第4页共31页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟...
