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level-1 请教几道题

1.Sarah Lawton, CFA, gathered the following information about Dalton Computers Inc:

Common stock $1.50 par value –Authorized           5,000,000 shares
Common stock $1.50 par value - Issued                   4,000,000 shares
Additional paid-in-capital                                           $20,000,000
Retained earnings                                                     $5,000,000
Treasury stock (500,000 shares)                              $10,000,000
Current price per share                                             $21

The price-to-book value of Dalton Computers is?

2.The latest annual report of Waterford Crossing Inc. contains the following data:

Common stock $0.50 par value – Issued (2,000,000 shares)      $1,000,000
Additional paid-in-capital                                                               $10,000,000
Retained earnings                                                                         $4,000,000
Treasury stock (500,000 shares)                                                   $5,000,000
Current price per share                                                                  $15

The company's ending inventories based on LIFO are valued at $500,000 and a footnote to financial statements reports inventories valued using FIFO basis would be $600,000. The company's tax rate is 30%.
The un-adjusted and adjusted price-to-book values of Waterford Crossing, respectively, are closest to?

做不出正确答案,求大家帮忙,最好能简单的阐述下处理过程,谢谢!

第二题题目好象有点问题,如果要做出调整后的p/b为2.1的话,LIFO 存货应该是5000.000,FIFO存货是6000,000,FIFO的NI要多1000(LIFO Reserve)×0.7=700k,Common stock 的equity就多了700K,等于 1000+10000+4000-5000+700=10700k,除以流通股数量2000-500=1500K,每股BV为7.13, 最后P/B=2.1

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根据mock 里面给的答案,应该是题错了,LIFO应该是5m,FIFO是6m,所以都少了一个0。自有这样,调整的事后存货多了100万(600万-500万)要加回到BOOK VALUE中,因为税是30%,所以真正多了100万×70%=70万。

这样ADUJESTED时,分子还是:150万×15=2250万

分母是:100万+1000万+400万-500万+70万=1070万

这样最后=2.1

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还有第二道还没有解释呢!如何adjust啊!!我怎么算都算不出一个选项。。。请高人解答!

[em06]

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已经找到问题所在,Treasury stock 减少了equity忘记了

bv per share=(par value*issued shares + Additional paid-in-capital + Retained earnings - Treasury stock) /(issued shares- trasury stock shares)                  

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