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Financial Statement Analysis

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Financial Statement Analysis 11th edition Solutions Manual

(Finance)

Edition: 11th edition


Author: Crazy for study


ISBN: 9780078110962

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financial statement analysis, 11e, emphasizes effective business analysis and decision making by analysts, investors, managers, and other stakeholders of the company. It continues to set the standard in showing students the keys to effective financial statement analysis. The textbook is set up in a three part framework which makes this textbook one of the best-selling books in the market. It begins with an overview (chapters 1-2), followed by accounting analysis (chapters 3-6) and then financial analysis (chapters 7-11 and a Comprehensive Case). The book presents a balanced view of analysis, including both equity and credit analysis, and both cash-based and earnings-based valuation models. The eleventh edition is aimed at accounting and finance classes, and the professional audience - as it shows the relevance of financial statement analysis to all business decision makers. The author: Uses numerous and timely ?real world? examples and cases Draws heavily on actual excerpts from financial reports and footnotes Focuses on analysis and interpretation of financial reports and their footnotes Illustrates debt and equity valuation that uses results of financial statement analysis Applies a concise and succinct writing style to make the material accessible Sample questions asked in the 11th edition of financial statement analysis: Complete the requirements of Problem 7?6 using the business activities listed below: Part 1 a. An annual installment of $100,000 due on long-term debt is paid on its due date. b. Equipment originally costing $12,000 with $7,000 of accumulated depreciation is sold for $4,000 cash. c. Obsolete inventory costing $75,000 is written down to zero. d. Treasury stock costing $30,000 is sold for $28,000 cash. e. A plant is acquired by issuing a $300,000 mortgage payable due in equal installments over six years. f. The company?s 30 percent-owned unconsolidated subsidiary earns $100,000 and pays dividends of $20,000. The company recorded its 30 percent share of these items using the equity method. g. A product is sold for $40,000, to be paid with $10,000 down plus $10,000 each year for three years. Interest at 10 percent of the outstanding balance is due. Consider only the effect at the time of sale (the company?s operating cycle is less than one year). h. The company uses a periodic inventory method. Certain inventory is mistakenly valued at $1,000?it should have been valued at $10,000. Show the effect of correcting the error. i. Cash of $400,000 is used to acquire 100 percent of ZXY Manufacturing Company. At date of acquisition, ZXY has current assets of $300,000 (including $40,000 in cash). plant and equipment of $670,000. current liabilities of $160,000. and long-term debt of $410,000. j. A provision for bad debt expense of $60,000 is made (calculated as a percent of sales for the period). Part II a. Cash of $120,000 is invested in a 30-percent-owned company. b. A 30 percent-owned subsidiary earns $25,000 (in total) and pays no dividends. c. A 30 percent-owned subsidiary earns $30,000 (in total) and pays dividends of $10,000 (in total) d. Equipment with an original cost of $15,000 and accumulated depreciation of $12,000 is sold for $4,000 cash. e. The company borrows $60,000 from its banks on November 30 payable on June 30 of next year. f. Convertible bonds with a face value of $9,000 are converted into 1,000 shares of common stock with a par value of $2 per share. g. Treasury stock with a cost of $4,000 is sold for $6,000 cash. h. Common stock (par value $2) with a fair market value of $100,000 plus $100,000 cash are given to acquire 100 percent of ZXY Mfg. Co. At date of acquisition ZXY had current assets of $120,000 (including $40,000 cash). plant and equipment of $180,000. current liabilities of $60,000. and long-term debt of $40,000. (1)Identify the effect on the parent?s statement. (2)Identify the effect on the consolidated statement. i. The minority?s share of income is $4,000. j. Inventory with a cost of $80,000 is written down to its market value of $30,000. k. Accounts receivable for $1,200 are written off. The company uses an allowance for doubtful accounts. l. A noncancelable lease of equipment for 10 years with a present value of $120,000 is capitalized. m. A 15 percent stock dividend is declared. The 60,000 shares of common stock issued to cover the dividend have a par value of $2 per share and a fair market value of $3 per share. n. A provision of $27,000 for uncollectible accounts is made (calculated as a percent of sales for the period). Among the crucial events in accounting for property, plant, and equipment are acquisition and disposition. Required: a . What expenditures should be capitalized when a company acquires equipment for cash? b . Assume the market value of equipment acquired is not determinable by reference to a similar purchase for cash. Describe how the acquiring company should determine the capitalizable cost of equipment for each of the following separate cases when it is acquired in exchange for: (1) Bonds having an established market price. (2) Common stock not having an established market price. (3) Dissimilar equipment having a determinable market value. c . Describe the factors that determine whether expenditures toward property, plant, and equipment already in use should be capitalized. d . Describe how to account for the gain or loss on sale of property, plant, and equipment for cash. e . Discuss the important considerations in analyzing property, plant, and equipment. Compute the present value for each of the following bonds: a . Priced at the end of its fifth year, a 10-year bond with a face value of $100 and a contract (coupon) rate of 10% per annum (payable at the end of each year) with an effective (required) interest rate of 14% per annum. b . Priced at the beginning of its 10th year, a 14-year bond with a face value of $1,000 and a contract (coupon) rate of 8% per annum (payable at the end of each year) with an effective (required) interest rate of 6% per annum. c . What is the answer to b if bond interest is payable in equal semiannual amounts? Some financial statement users criticize the timeliness of annual financial statements. Required: a. Explain why summary information in the income statement is not new information when the annual report is issued. b . Describe the types of information in the income statement that are new information to financial statement users when the annual report is issued.
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