问题 问答题 简答题

计算分析题:戊公司是一家上市公司,为了综合分析上年度的经营业绩,公司董事会召开专门会议进行讨论。公司相关资料如下:

资料一:戊公司资产负债表简表如表1所示:

资料二:戊公司及行业标杆企业部分财务指标如表2所示

注:表中“×”表示省略的数据,取自资产负债表的数据均取平均数。

资料三:戊公司2014年销售收入为146977万元,销售成本为95535.5万元,净利润为9480万元,2014年年初坏账准备余额500万元,2014年年末坏账准备余额600万元。

资料四:戊公司的生产经营存在季节性,每年3月份至10月份是经营旺季,11月份至次年2月份是经营淡季。

要求:

(1)确定表2中英文字母代表的数值(不需要列示计算过程)。

(2)和同行业相比戊公司的偿债能力如何,你认为什么会影响对企业短期偿债能力的评价。

(3)为了分析戊公司短期偿债能力指标的可行性,你认为应分析哪些指标,并计算这些指标。

(4)计算戊公司2014年权益净利率与行业标杆企业的差异,并使用因素分析法依次测算总资产净利率和权益乘数变动对权益净利率差异的影响。

答案

参考答案:

(1)流动比率A=[(31500+30000)/2]/[(15000+20000)/2]=1.76速动比率B=[(3500+10000+4000+12000)/2]/[(15000+20000)/2]=0.84总资产净利率C=9480/[(91500+100000)/2]×100%=9.90%权益乘数D=[(91500+100000)/2]/[(35260+40000)/2]=2.5445权益净利率E=9480/[(35260+40000)/2]=25.19%行业标杆企业销售净利率F=13%/1.3=10%行业标杆企业权益乘数G=1/(1-50%)=2行业标杆企业权益净利率H=13%×2=26%(2)戊公司的生产经营存在季节性,报表上的存货和应收账款金额不能反映平均水平,即使使用年末和年初的平均数计算,仍然无法消除季节性生产企业年末数据的特殊性。戊公司年末处于经营淡季,应收账款、存货、流动负债均低于平均水平,计算结果可能不能正确反映戊公司的短期偿债能力。(3)为了分析流动比率的可行性,应分析存货和应收账款的变现质量,为了分析速动比率的可行性应分析应收账款的周转率。存货周转率=146977/[(18000+14000)/2]=9.19应收账款周转率=146977/[(10000+500+12000+600)/2]=12.73(4)戊公司2014年权益净利率与行业标杆企业的差异=25.19%-26%=-0.81%总资产净利率变动对权益净利率的影响=(9.9%-13%)×2=-6.2%权益乘数变动对权益净利率的影响=9.9%×(2.5445-2)=5.39%

单项选择题

So long as teachers fail to distinguish(differ) between teaching and learning, they will continue to undertake to do for children that which only children can do for themselves. Teaching children to read is not passing reading on to them. It is certainly not endless hours spent in activities about reading. Douglas insists that "reading cannot be taught directly and schools should stop trying to do the impossible".

Teaching and learning are two entirely different processes. They differ in kind and function. The function of teaching is to create the conditions and the climate that will make it possible for children to plan cleverly the most efficient system for teaching themselves to read. Teaching is also a public activity: It can be seen and observed.

Learning to read involves all that each individual does to understand the world of printed language. Almost all of it is private, for learning is an occupation of the mind, and that process is not open to public scrutiny.

If teacher and learner roles are not interchangeable, what then can be done through teaching that will aid the child in the long search for knowledge Smith has one principle rule for all teaching instructions. "Make learning to read easy, which means making reading a meaningful, enjoyable and frequent experience for children. "

When the roles of teacher and learner are seen for what they are, and when both teacher and learner fulfill them properly, then much of the pressure and feeling of failure for both is got rid of. Learning to read is made easier when teachers create an environment where children are given the chance to solve the problem of learning to read by learning.

The teaching of reading will be successful if()

A. teachers can make their teaching activities observable

B. teachers can teach their students how to read

C. teachers can improve conditions at school for the students

D. teachers can enable students to develop their own way of reading

单项选择题