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🌊Yuri🌊 · 2023年01月26日

NO.PZ2016012101000126

问题如下:

The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

Which of the following choices best describes reasonable conclusions an analyst might make about the company’s liquidity?

选项:

A.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

B.

Comparing FY14 with FY10, the company’s liquidity deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.

C.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 to 0.75.

解释:

C  is correct.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 [= (316 + 558)/1,223] in FY10 to 0.75 [= (682 + 1,634)/3,108] in FY14. Note, however, comparing only current investments with the level of current liabilities shows a decline in liquidity from 0.26 (= 316/1,223) in FY10 to 0.22 (= 682/3,108) in FY14. Debt-to-assets ratio and interest coverage are measures of solvency not liquidity.

解析:从FY10到FY14,current ratio从0.71变为0.75,显示公司的流动性增强,A和B都是长期偿债能力指标,所以都不对。

请问c选项的分母是什么?

2 个答案

王园圆_品职助教 · 2023年10月30日

同学你好,助教不知道你的0.25和0.22是怎么计算得到的呢?

请看以下题目截图黄色框和绿色框部分,用黄色框部分(即current asset)除以绿色框部分(current liabilities)就能得到和答案一样的数值

"0.71 [= (316 + 558)/1,223] in FY10 to 0.75 [= (682 + 1,634)/3,108] in FY14."

王园圆_品职助教 · 2023年01月26日

嗨,从没放弃的小努力你好:


同学你好,current ratio = current asset/current liabilities 

本题中的current liabilities就是other creditors and provisions (current)这一列的数据——因为公司肯定是有短期负债的,而本题在liabilities那附近只有该行特意标注了是current liabilities的一种,所以只能是other creditors and provisions (current)代表短期负债

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

JanetS · 2023年10月30日

老师 CA/CL 得出的结果是 0.25 和0.22,题干里却说是0.71 to 0.75,这怎么理解?

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