Solution

Topics: Corporate finance, Stock market, Stock Pages: 5 (784 words) Published: June 22, 2013
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

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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

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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.............................. Interest on capital.............. Remainder ......................... Total .................................. Problema 8-5 Ovlov

Total $ 55,000 12,000 54,000 $121,000

Johns $15,000 5,000 27,000 $47,000

Schwartz $40,000 7,000 27,000 $74,000

December 31, 2002 (a) No entry (except to show 10,000,000 shares issued and outstanding) (b) If retired: dr. Preferred Stock ........................................................ Retained Earnings or Paid-In Capital....................... cr. Cash ...................................................................... or If not retired: dr. Treasury Stock......................................................... cr. Cash ...................................................................... January 1, 2003 (a) dr. Dividends on Preferred Stock.................................. cr. Dividends Payable ................................................ (b) dr. Dividends on Common Stock.................................. cr. Dividends Payable ................................................ 1,200,000 168,000 1,368,000

1,368,000 1,368,000

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224,000 224,000 1,500,000 1,500,000

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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

(c) No entry. (When this stock dividend is effective, retained earnings is diluted for the fair value of the additional shares issued, paid-in-capital is credited for a like amount, and 1,000,000 additional shares are listed as issued and outstanding.) (d) February 1, 2003 1,724,000 dr. Dividends Payable ................................................... cr. Cash ...................................................................... 1,724,000 Problema 8-6 Valade

a. 15,000 ( 80,000 - 65,000) common shares issued in 2002. b. Change in common stock Change in paid-in-capital $150,000 225,000 $375,000 $375,000 = $25 / share 15,000 shares 150,000 150,000...
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