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 solvency?
选项：
A.Comparing FY14 with FY10, the company’s solvency 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 solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.
C.Comparing FY14 with FY10, the company’s solvency improved, as indicated by the growth in its profits to GBP 645 million.
解释：
B is correct.
Comparing FY14 with FY10, the company’s solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 (= 844/80) in FY10 to 8.4 (= 1,579/188) in FY14. The debt-to-asset ratio increased from 0.14 (= 602/4,384) in FY10 to 0.27 (= 3,707/13,799) in FY14. This is also indicative of deteriorating solvency. In isolation, the amount of profits does not provide enough information to assess solvency.
解析：ABC三个选项都是看solvency，需要反应出什么ratio衡量了solvency，其中AB提到的ratio都是衡量长期偿债的能力，但C中提到profit的增长，这个不是衡量长期偿债能力的指标，所以C错误。A中说D/A在上升，说明杠杠上升，长期偿债能力应该是下降的，而不是improved，A错误。B选项说interest coverage ratio变低，这个指标变低说明公司的付息能力变差，长期偿债能力下降，因此B正确。
我问下选项 A 的计算过程：是不是因为下面给出的是 net asset，意思是 total asset - total liability，也就是 Equity 部分，所以在算 D/A ratio 的时候，要把 net asset 和上面一行的total liability 加起来作为 D/A ratio 里的分母进行计算，才能得出0.14 和 0.27 两个选项是吧？
