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James · 2024年01月18日

D to E

NO.PZ2023081403000140

问题如下:

Q. An analyst observes the data in Exhibit 1 for two companies:

Exhibit 1:

Data Comparison (US dollars)

Which of the following choices best describes reasonable conclusions that the analyst might make about the two companies’ ability to pay their current and long-term obligations?

选项:

A.Company A’s current ratio of 4.0 indicates it is more liquid than Company B, whose current ratio is only 1.2, but Company B is more solvent, as indicated by its lower debt-to-equity ratio.

B.Company A’s current ratio of 0.25 indicates it is less liquid than Company B, whose current ratio is 0.83, and Company A is also less solvent, as indicated by a debt-to-equity ratio of 200 percent compared with Company B’s debt-to-equity ratio of only 30 percent.

C.Company A’s current ratio of 4.0 indicates it is more liquid than Company B, whose current ratio is only 1.2, and Company A is also more solvent, as indicated by a debt-to-equity ratio of 200 percent compared with Company B’s debt-to-equity ratio of only 30 percent.

解释:

A is correct. Company A’s current ratio of 4.0 (= USD40,000/USD10,000) indicates it is more liquid than Company B, whose current ratio is only 1.2 (=USD60,000/USD50,000). Company B is more solvent, as indicated by its lower debt-to-equity ratio of 30 percent (= USD150,000/USD500,000) compared with Company A’s debt-to-equity ratio of 200 percent (= USD60,000/USD30,000).

这里的E不是应该用总资产-总负债来计算吗?为啥直接用了表里面的数字?

2 个答案

lynn_品职助教 · 2024年01月20日

嗨,努力学习的PZer你好:


说反了,应该是70-15=55万,为啥直接用D/50万?


因为E=总资产-总负债,这道题给了total assets,没有给总负债total liability,


题目中的total debt是指总的有价债券,专指短期+长期的债券,负债还有accounts payable等不属于debts但属于liability,


所以同学用公式计算,条件不够。

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加油吧,让我们一起遇见更好的自己!

lynn_品职助教 · 2024年01月19日

嗨,爱思考的PZer你好:


这里的E不是应该用总资产-总负债来计算吗?为啥直接用了表里面的数字?


因为题目而没有给总负债,给的是total debt,特指那种有息的债券。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

James · 2024年01月19日

B公司的E应该是70-55=15万啊

James · 2024年01月19日

说反了,应该是70-15=55万,为啥直接用D/50万?

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