2. 外语
  3. May Ltd. has the following information: Balance Sheet as at 31 December Year 1 Year 2 Year 3 (＄ ’000) (＄ ’000) (＄ ’000) Fixed As

May Ltd. has the following information: Balance Sheet as at 31 December Year 1 Year 2 Year 3 (＄ ’000) (＄ ’000) (＄ ’000) Fixed As

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问题 May Ltd. has the following information:
Balance Sheet as at 31 December
Year 1 Year 2 Year 3
(＄ ’000) (＄ ’000) (＄ ’000)
Fixed Assets (net) 1,600 2,250 5,750
Stock 1,500 2,000 3,500
Debtors 3,025 5,000 6,250
Bank 2,000 1,250 -
8,125 10,500 15,500
Creditors 2,000 2,500 3,100
Taxation 125 140 150
Overdraft - - 1,750 6,000 7,860 10,500
Financed by
＄1 ordinary shares 500 500 500
Reserves 3,250 5,110 7,750
Bank loan(6% above prime rate due 31/12/2009) 2,250 2,250 2,250 6,000 7,860 15,500
Market price per share ＄25 ＄20 ＄16
Profit and Loss Accounts for the year ended 31 December
Year 3 Year 4 Year 5
(＄ ’000) (＄ ’000) (＄ ’000)
Sales (all credit sales) 24,000 25,000 26,500
Cost of sales 15,000 17,500 19,000
Gross profit 9,000 7,500 7,500
Salaries 2,500 2,000 1,900
Selling and delivery 4130 360 320
Advertising 1,100 1,200 1,300
Other expense 1,375 490 480
Net profit before taxation 3,625 3,450 3,500
Required:
(a)Calculate the following ratios for Year 3, Year 4 and Year 5 (please show format):
(i)Liquid ratio
(ii)Current ratio
(iii)Debtors collection period (days)
(iv)Stock turnover
(v)Capital turnover
(vi)Return on assets employed
(vii)Gross profit margin
(viii)Earning per share
(ix)Price/Earning ratio
(b)Comment on the performance of the company over the three-year period using the ratios calculated above.
选项
答案(a)[*] (b)By Year 5 the company was experiencing very serious liquidity problems. The liquid ratio was 1.25. And the company had a bank overdraft of ＄1,750 on Year 5. It is a dangerous signal. As for activity ratios, the debtors Collection period was increasing from 46 days (in Year 3)to 86.10 days (in Year 5). The stock turnover was decreased to 6.91 times in Year 5. The capital turnover ratio was decreased from 2.68 times to 2.04 times (Year 5). The profitability was also worse in the three year period. Return on assets employed decreased from 73.72% (Year 4) to 50.51% (Year 5). The gross profit margin was gradually decreased from 37.5% (year 3) to 30% (Year 4) and further decreased to 28.3% (Year 5). It was clear from the above analysis that the company was in need of finding more long-term funding in order to survive. It must try to increase its profit margin and cut cost in order to have more profit.
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