【#第一文档网# 导语】以下是®第一文档网的小编为您整理的《Chapter 2 财务管理(英语)作业》，欢迎阅读！
Chapter 2 Introduction to Financial Statement Analysis 15. Find online the 2012 annual report Green Mountain Coffee Roasters (GMCR), filed in September 2012. Answer the following questions from its cash flow statement: a. How much cash did Green Mountain generate from operating activities in 2012? Answer： generate from operating activities：$ 477785 b. What was Green Mountain’s depreciation expense in 2012? Answer：depreciation expense：$ 135656 ； depreciation expense are corporate assets, interest expense, foreign exchange gains or losses, certain corporate legal and acquisition-related expenses and compensation of the board of directors. c. How much cash was invested in new property and equipment (net of any sales) in 2012? Answer：137733+618 = $ 138351 d. How much did Green Mountain raise from the sale of shares of its stock (net of any purchases)in 2012? Answer： raised from the sale of shares of its stock in 2012： $ 12,092. 19. In April 2013, General Electric (GE) had a book value of equity of $123 billion, 10.3 billion shares outstanding, and a market price of $23 per share. GE also had cash of $90 billion, and total debt of $397 billion. a. What was GE’s market capitalization? What was GE’s market-to-book ratio? Answer: market capitalization = 10.3*1000000*23 = $ 236.9 billion market-to-book ratio = 236.9*1000000 / (123*1000000) = 1.93 b. What was GE’s book debt-equity ratio? What was GE’s market debt-equity ratio? Answer： book debt-equity ratio = 397 / 123 = 3.23 market debt-equity ratio = 397 / 236.9 = 1.68 c. What was GE’s enterprise value? Answer: enterprise value = 236.9+397-90 = 543.9 billion 34. Find online the annual report for Green Mountain Coffee Roasters (GMCR) for its 2012 fiscal year, filed in September 2012. a. Compute Green Mountain’s net profit margin, total asset turnover, and equity multiplier. Answer： net profit margin=net income/sales=363500/3859198=0.094 Total asset turnover=sales/total assets=3859198/3615789=1.07 Equity multiplier=total assets/total equity=3615789/2261228=1.60 b. Verify the DuPont Identity for Green Mountain’s ROE. Answer： Green Mountain’s ROE =profit margin*total asset turnover*equity multiplier=0.16 This decomposition of ROE shows that leverage is already high. According to the equation, GMCR is operating with 9% profit margins and asset turnover of 1.07, and an equity multiplier of 1.6. Obviously the profit margin is a little bit low while the other two ratio some kind of satisfying. Thus, GMCR should focus on lowering costs to increase the profit margin and try to keep the efficient assets turnover. c. If Green Mountain’s managers wanted to increase its ROE by 1 percentage point, how much higher would their asset turnover need to be? Answer： ROE=margin*asset turnover*equity multiplier=0.17(0.1604) =0.09*asset turnover*1.6 So the asset turnover should be 1.18 which is 0.11 higher than former one. 本文来源：https://www.dywdw.cn/e20c4796f18583d0496459c6.html
下载此文档
搜索文档
阅读：
文档下载
2022-04-01
