问题 问答题

TM公司2006年年初的流动资产总额为800万元(其中货币资金250万元,应收账款200万元,存货350万元),流动资产占资产总额的20%;流动负债总额为500万元,流动负债占负债总额的25%;该年的资本保值增值率(假设该年没有出现引起所有者权益变化的客观因素)为120%。该公司2006年年末的流动资产总额为1200万元(其中货币资金 350万元,应收账款400万元,存货450万元),流动资产占资产总额的24%,流动负债占负债总额的35%。
已知该公司2006年的营业收入为5000万元,营业毛利率为20%,三项期间费用合计400万元,负债的平均利息率为8%,年末现金流动负债比为0.6,当年该公司的固定经营成
本总额为500万元,适用的所得税税率为33%。
要求:
(1)计算2006年年初的负债总额、资产总额、权益乘数、流动比率和速动比率;
(2)计算2006年年末的股东权益总额、负债总额、资产总额、产权比率、流动比率和速动比率;
(3)计算2006年的资本积累率、应收账款周转率、存货周转率和总资产周转率;
(4)计算2006年息税前利润、总资产报酬率、净资产收益率、盈余现金保障倍数和已获利息倍数;
(5)计算2007年的经营杠杆系数、财务杠杆系数和复合杠杆系数。

答案

参考答案:(1)2006年年初的负债总额=500÷25%=2000(万元)
2006年年初的资产总额=800÷20%=4000(万元)
2006年年初的股东权益总额=4000-2000=2000(万元)
2006年年初的权益乘数=4000÷2000=2
2006年年初的流动比率=800÷500=1.6
2006年年初的速动比率=(250+200)÷500=0.9
(2)2006年年末的股东权益总额=2000×120%=2400(万元)
2006年年末的资产总额=1200÷24%=5000(万元)
2006年年末的负债总额=5000-2400=2600(万元)
2006年年末的产权比率=2600÷2400=1.08
2006年年末的流动负债=2600×35%=910(万元)
2006年年末的流动比率=1200÷910=1.32
2006年年末的速动比率=(350+400)/910=0.82
(3)2006年的资本积累率=资本保值增值率-1=120%-1=20%
应收账款周转率=5000/[(200+400)÷2]=16.67(次)
营业成本=5000×(1-20%)=4000(万元)
存货周转率=4000/[(350+450)÷2]=10(次)
总资产周转率=5000/[(4000+5000)÷2]=1.11(次)
(4)2006年平均负债=(2000+2600)÷2=2300(万元)
利息费用=2300×8%=184(万元)
营业及管理费用合计=三项期间费用合计-利息费用=400-184=216(万元)
息税前利润=营业收入-营业成本-营业及管理费用=5000-4000-216=784(万元)
净利润:(784-184)×(1-33%)=402(万元)
总资产报酬率=784/[(4000+5000)÷2]×100%=17.42%
净资产收益率=402/[(2000+2400)÷2]×100%=18.27%
经营现金净流量=0.6×910=546(万元)
盈余现金保障倍数=546÷402=1.36
已获利息倍数=784÷184=4.26
(5)DOL=(784+500)÷784=1.64
DFL=784÷(784-184)=1.31
DCL=1.64×1.31=2.15。

阅读理解

The laptop is a machine which can be a mobile office;it can be used to entertain us and people can play computer games on them. One machine can perform many tasks at the same time. As technology grows,the size of the new laptop machines is decreasing. Now laptops are lighter,have smaller screen sizes,and perform better. Smaller screen laptops,which are more convenient to take along with,have been specially designed for professionals. Huge display screen laptops are still used by graphic(绘画的)designers and those who like playing computer games.

Laptops are advanced machines,and they can be very expensive. When we spend much money on something,we should take good care of it. I know some people who buy a new laptop every year. The reason they do this is that the old one either is broken or has some problems which cannot be fixed. Common problems are the breaking of the screen,the breaking of joints of the laptop,display problems,and keyboard problems.

Different problems will always come up with machines,and they cannot be avoided(避免).Old machines will always have to be replaced by new ones. However,if we are more careful and handle our laptops with care,they will last for a longer period of time,and they will perform better. This is not a hard thing to do,but it will greatly increase the life and performance of laptops.

小题1:According to the first paragraph,the laptop is a machine which________.

A.is being used by more and more people in the office

B.will take the place of desktops sooner or later

C.is specially designed for people who like playing computer games

D.can be used for both work and entertainment purposes小题2:The underlined word in the first paragraph means “________”.

A.becoming smaller

B.becoming more important

C.becoming more popular

D.becoming better小题3:We infer that graphic designers still use huge display screen laptops most probably because________.

A.huge display screen laptops are very cheap

B.small display screen laptops are not on sale yet

C.they can see their drawings more clearly

D.they also want to play computer games小题4:What can we learn from the second paragraph?

A.That laptops can only be used for one year.

B.That laptops are not as good as desktops.

C.That the prices for laptops are too high.

D.That laptops may have problems which cannot be fixed.

填空题