財(cái)務(wù)報(bào)告與分析：三友會(huì)計(jì)名著譯叢 第07章習(xí)題答案

1、PAGE PAGE 22啊Chapter八 7百Long-Te藹rm Debt俺-Paying懊 Abilit隘y俺PROBLEM擺S敗PROBLEM埃 7懊版1矮鞍Earning暗s befor罷e inter鞍est and唉 tax:熬安 Net s傲ales 頒骯 $1,079啊,143挨辦 Cost 哀of sale頒s愛頒( 792白,755)阿凹 Selli凹ng and 捌adminis把tration稗岸(扮 264,隘566懊)扮邦罷 艾$ 21,背822a.氨b.鞍柏Cash ba唉sis tim跋es inte爸rest ea壩rned:絆PROBLEM靶 7爸耙2愛拔

2、跋襖伴艾 Recur版ring Ea疤rnings 岸Excludi疤ng Inte唉rest 襖疤暗頒案霸 Expen稗se, Tax百 Expens霸e, Equi扮ty Earn瓣ings, 安a. Time巴s Inter俺est Ear頒ned = 暗and Min啊ority E岸arnings扒 安 斑 岸俺頒艾斑哀 Inter瓣est Exp疤ense, I班ncludin罷g 疤奧背奧白敗 Capit芭alized 昂Interes襖t哎 Inco挨me befo敗re inco罷me taxe奧s凹搬昂$675岸 Plus辦 intere啊st凹八罷艾靶 60埃 Adju啊

3、sted in艾come頒白稗皚哀$735岸 Inte跋rest ex拔pense佰拜捌背岸$ 60佰埃Times I隘nterest版 Earned翱 = 昂$735襖 = 12.2俺5 times白 per ye奧ar挨擺 巴 柏 八 $60b.白擺Adjuste氨d incom昂e from 靶(part a扒)叭骯$735胺爸1/3 of 艾operati昂ng leas班e payme隘nts稗罷 (1/3 癌x $150)襖 疤 埃 昂胺 50把藹Adjuste霸d incom靶e, incl安uding r白entals半疤$785暗礙Interes半t expen八se芭案$

4、60跋哎1/3 of 啊operati柏ng leas哎e payme岸nts 邦暗 50礙吧 傲 敗 扮 氨 按啊$110唉靶Fixed C皚harge C拌overage八 = 半$785八 = 7.14翱 times 把per yea愛r把頒 吧 拔 巴 $110哎PROBLEM埃 7藹擺3阿 澳 半 絆 R百ecurrin罷g Earni傲ngs, Ex盎cluding胺 Intere挨st 骯耙 巴 伴 胺 Expe艾nse, Ta皚x Expen柏se, Equ拌ity Ear百ning, 拜a. Time捌s Inter壩est Ear艾ned = 哀and Min扒ority

5、E懊arnings耙_芭_(tái)愛_ 唉 擺 跋 邦搬 擺 氨 般 Inte版rest Ex芭pense, 敖Includi百ng 巴敖 捌 頒 愛 Capi扮talized哀 Intere澳st邦盎Income 擺before 叭income 愛taxes a白nd班版 extra俺ordinar安y charg斑es板癌$36澳暗Plus in壩terest 凹 隘 半 疤 搬 16拔皚(1) Adj把usted i矮ncome 昂 班 扳 百 52半拔(2) Int百erest e啊xpense拔芭$16跋 Time吧s Inter奧est Ear絆ned: (1稗) divid捌ed by

6、(阿2) = 3.背25 time岸s per y骯ear藹癌 般 吧 邦 Recu辦rring E八arnings壩, Exclu斑ding In癌terest霸盎 案 啊 熬 Expe鞍nse, Ta襖x Expen柏se, Equ盎ity Ear邦nings,捌扒 礙 昂 鞍 and 罷Minorit俺y Earni版ngs + I安nterest礙 Portio安n絆b. Fixe芭d Charg把e Cover愛age = 唉Of Rent捌als_把_巴_邦_凹_ 安 安 昂 案 熬板 皚 爸 拜 Inte癌rest Ex搬pense, 靶Includi拔ng Capi絆taliz

7、ed壩把 爸 隘 斑 Inte胺rest + 案Interes敗t Porti巴on Of R半entals澳襖Adjuste頒d incom愛e (part扒 a)阿白$ 52拜疤1/3 of 挨operati拔ng leas頒e payme爸nts挨吧 (1/3 靶x $60)皚岸 拌 20盎岸(l) Adj安usted i斑ncome, 胺includi般ng rent芭als鞍班 擺$72胺搬Interes啊t expen叭se扮爸 $16胺俺1/3 of 背operati骯ng leas百e payme絆nts奧皚 半 20耙爸(2) Adj鞍usted i鞍nterest阿 exp

8、ens頒e班襖 昂$36凹隘Fixed c愛harge c唉overage扮: (1) d壩ivided 巴by (2) 扒= 2.00 扳times p版er year八PROBLEM疤 7白愛4昂a. Debt耙 Ratio 半= 傲b.盎八Debt/Eq隘uity Ra背tio = 矮c.按敖Ratio o邦f Total扮 Debt t笆o Tangi愛ble Net絆 Worth 搬=霸矮Total L八iabilit拌ies 笆 = 芭 $1翱74,979 班 背 = 藹$174,97板9安 = 70.9扒%矮阿Tangibl鞍e Net W柏orth 安$249,22頒2 頒拜

9、$2,324靶 $246哎,898胺d.邦罷Kaufman巴 Compan哀y has f芭inanced半 over 4八1% of i艾ts asse藹ts by t埃he use 敗of fund拔s from 伴outside愛 credit胺ors. Th斑e Debt/壩Equity 霸Ratio a八nd the 瓣Debt to扳 Tangib辦le Net 傲Worth R白atio ar芭e over 白70%. Wh氨ether t瓣hese ra班tios ar哀e reaso啊nable d癌epends 翱upon th吧e stabi阿lity of芭 earni

10、n案gs.凹PROBLEM啊 7-5罷Ratio哎Transac骯tion芭Times搬Interes稗t爸Earned奧Debt稗Ratio鞍Debt/哎Equity拜Total D拔ebt/埃Tangibl骯e瓣Net Wor疤th皚Purchas俺e of bu半ildings翱 financ奧ed by m胺ortgage百b. Purc鞍hase in擺ventory敗 on sho凹rt-term巴 loan氨c.邦叭Declara八tion an凹d payme巴nt of c藹ash div鞍idend疤d.佰把Declara八tion an把d payme凹nt of s盎t

11、ock di把vidend隘e.吧鞍Firm in吧creases頒 profit疤s by cu傲tting c扮ost of 拌sales哀f.阿藹Appropr扒iation 安of reta奧ined ea鞍rnings俺g.叭唉Sale跋 of com柏mon sto扒ck哀h.辦骯Repayme盎nt of l哎ong-ter搬m bank 俺loan昂i.板懊Convers阿ion of 凹bonds t耙o commo傲n stock稗 哀j.凹礙Sale挨 of inv伴entory 爸at grea板ter tha壩n cost敗-擺-叭0骯0岸+矮0扳0阿+罷+挨+爸+霸

12、+靶+叭0笆-鞍0按-懊-傲-斑-班+版+捌+白0礙-拜0般-般-拌-礙-澳+哀+版+擺0案-靶0搬-壩-搬-霸-鞍PROBLEM擺 7搬笆6拌a.澳哀Times I矮nterest敖 Earned懊:敖Times i哎nterest癌 earned皚 relate澳s earni爸ngs bef俺ore int扒erest e般xpense,頒 tax, m瓣inority白 earnin辦gs, and敗 equity矮 income愛 to int班erest e唉xpense.板 The hi疤gher th啊is rati鞍o, the 白better 矮the int捌erest

13、c哎overage跋. The t皚imes in岸terest 稗earned 佰has imp安roved m跋aterial爸ly in s澳trength疤ening t擺he long哀哎term de搬bt posi矮tion. C隘onsider瓣ing tha八t the d邦ebt rat敗io and 矮the deb熬t to ta安ngible 岸net wor襖th have罷 remain辦ed fair絆ly cons凹tant, t班he prob靶able re般ason fo隘r the i吧mprovem叭ent is 熬an incr罷ease in拜

14、profit襖s.壩The tim阿es inte翱rest ea靶rned on拌ly indi頒cates t斑h(yuǎn)e inte瓣rest co版verage.胺 It is 拌limited百 in tha白t it do傲es not 巴conside胺r other背 possib辦le fixe拔d charg隘es, and擺 it doe頒s not i般ndicate岸 the pr哀oportio斑n of th矮e firms背 resour把ces tha伴t have 佰come fr熬om debt爸.昂Debt Ra般tio:皚The deb奧t ratio版 re

15、late絆s the t啊otal li愛abiliti隘es to t艾he tota藹l asset隘s.埃The low芭er this捌 ratio,辦 the lo罷wer the壩 propor疤tion of搬 assets芭 that h擺ave bee罷n finan案ced by 藹credito啊rs.癌For Aro霸dex Com柏pany, t敖his rat愛io has 背been st捌eady fo巴r the p矮ast thr隘ee year隘s. This扒 ratio 搬indicat版es that鞍 about 捌40% of 般the tot擺

16、al asse襖ts have翱 been f皚inanced般 by cre扳ditors.翱 For mo頒st firm版s, a 40安% debt 扳ratio w扮ould be捌 consid版ered to岸 be rea氨sonable白.按The deb耙t ratio辦 is lim翱ited in百 that i按t relat俺es liab敗ilities骯 to the頒 book v笆alue of胺 total 拌assets.挨 Many a跋ssets w皚ould ha瓣ve a va辦lue gre懊ater th霸an book罷 value.奧 T

17、his t靶ends to佰 overst愛ate the白 debt r叭atio an百d, ther安efore, 凹usually昂 result盎s in a 柏conserv哀ative r百atio. T板he debt礙 ratio 岸does no背t consi藹der imm半ediate 按profita礙bility 百and, th把erefore扮, can b胺e misle澳ading a俺s to th斑e firm岸s abili笆ty to h襖andle l哀ong佰絆term de叭bt.氨Debt to哎 Tangib翱le Net 霸Worth:

18、隘The deb絆t to ta斑ngible 斑net wor絆th rela暗tes tot捌al liab捌ilities埃 to sha捌reholde搬rs equ傲ity les愛s intan爸gible a胺ssets. 哎The low凹er this挨 ratio,爸 the lo案wer the跋 propor擺tion of藹 tangib版le asse百ts that靶 has be半en fina笆nced by巴 credit伴ors.唉Arodex 愛Company扮 has ha耙d a sta叭ble rat笆io of a挨pproxim半ately 8

19、傲1% for 耙the pas百t three奧 years.礙 This i耙ndicate氨s that 愛credito隘rs have鞍 financ哀ed 81% 氨as much案 as the礙 shareh擺olders 哎after e半liminat笆ing int鞍angible隘s from 骯the sha啊reholde叭rs cont稗r(nóng)ibutio奧n背唉藹for mos耙t firms邦, this 矮would b敖e consi柏dered t敖o be re岸asonabl拌e. The 跋debt to埃 tangib跋le net 疤worth r

20、壩atio is白 more c襖onserva埃tive th澳an the 矮debt ra啊tio bec矮ause of案 the el吧iminati把on of i耙ntangib扮le item敗s. It i骯s also 白conserv八ative f骯or the 澳same re佰ason th愛at the 般debt ra板tio was跋 conser安vative,笆 in tha盎t book 案value i案s used 埃for the拔 assets疤 and ma艾ny asse皚ts have瓣 a valu耙e great白er than挨 bo

21、ok v哀alue. T版he debt佰 to tan按gible n絆et wort扒h ratio巴 also d凹o(jì)es not扮 consid挨er imme罷diate p巴rofitab半ility a愛nd, the跋refore,擺 can be壩 mislea巴ding as骯 to the皚 firms唉 abilit八y to ha啊ndle lo佰ng翱暗term de啊bt.哀Collect哎ive inf凹erences芭 one ma熬y draw 襖from th笆e ratio罷s of Ar柏odex, C啊ompany:搬Overall巴 it app俺

22、ears th疤at Arod板e(cuò)x Comp案any has澳 a reas鞍onable 盎and imp皚roving 岸long敗班term de稗bt posi罷tion. T傲he debt叭 ratio 胺and the哀 debt t巴o tangi愛ble net昂 worth 埃ratios 爸indicat矮e that 熬the pro跋portion板 of deb哎t appea啊rs to b般e reaso澳nable. 伴The tim澳es inte班rest ea瓣rned ap胺pears t叭o be re唉asonabl藹e and i隘mprovi

23、n笆g.愛The sta愛bility 霸of earn阿ings an岸d compa版rison w背ith ind斑ustry r埃atios w把ill be 敖importa拜nt in r埃eaching爸 a conc昂lusion 啊on the 搬long罷把term de柏bt posi愛tion of耙 Arodex暗 Compan澳y.般b.扳拔Ratios 唉are bas跋ed on p奧ast dat斑a. The 絆future 背is what斑 is imp班ortant,癌 and un芭certain案ties of百 the fu叭ture ca捌nn

24、ot be懊 accura跋tely de叭termine案d by ra傲tios ba板sed upo罷n past 敗data.鞍Ratios 爸provide巴 only o骯ne aspe霸ct of a岸 firms巴 long-t按erm deb擺t-payin叭g abili吧ty. Ot暗her inf佰ormatio挨n, such奧 as inf澳ormatio哀n about班 manage斑ment an胺d produ凹cts, is疤 also i唉mportan岸t.哎A compa敗rison o白f this 阿firms 氨ratios 拌with ra柏

25、tios of隘 other 哀firms i挨n the s奧ame ind阿ustry w拔ould be埃 helpfu皚l in or爸der to 拔decide 佰if the 頒ratios 哎are rea胺sonable哀.柏PROBLEM案 7澳佰7啊岸 凹 翱 柏Recurri笆ng Earn隘ings, E案xcludin吧g Inter凹est叭a. 1. T爸imes In柏terest 辦 Expen佰se, Tax板 Expens凹e, Equi辦ty Earn佰ings,靶 疤 Earned埃 懊= 背and Min疤ority E癌arnings佰_拔_熬_

26、 礙 白 唉 昂 哎 般 斑 Inter愛est Exp安ense, I埃ncludin巴g板辦 辦 隘 搬Capital白ized In埃terest隘阿安 辦$162,00哎0凹 = 8.1 班times p辦er year艾 奧澳擺 $ 20矮,000矮2. Debt澳 Ratio 俺= 伴Total L襖iabilit礙ies板礙拔 壩 骯Total A翱ssets稗把隘 凹 背$193,00埃0愛 = 32.2耙%扒白壩 埃 襖$600,00俺0襖3. Debt唉/Equity埃 Ratio 挨= 阿Total L凹iabilit霸ies 搬 擺 拔 稗 St壩ockhold礙ers

27、 Eq壩uity奧 扒 霸 翱$193,00叭0疤 = 47.4拔%般 阿 隘 $稗407,000扒 4.絆疤Debt to岸 Tangib敖le Net 敗Worth R隘atio = 爸Total L癌iabilit辦ies安襖阿 背 芭 哀 八 靶Tangibl案e Net W挨orth背 霸 扮 白 $19氨3,000 班 澳 = 49.拜9%絆 哀 鞍 $背407,000礙 板唉 $20,00鞍0埃b. New 叭asset s岸tructur傲e for a芭ll plan百s:按 笆 盎 A拜ssets稗 拜 Curr懊ent ass阿ets巴般$226,00拌0捌 骯 Prop

28、叭erty, p唉lant, a班nd把 扮 e凹quipmen胺t百頒 554,00扒0敗 藹 Inta芭ngibles傲案 20,00版0芭 爸 Tota擺l asset百s矮靶$800,00八0班 Liab背ilities懊 and Eq爸uity隘 懊Plan A絆按Current罷 Liabil拔ities藹鞍$ 93,00翱0 $200癌,000,00耙0/100 =岸懊Long翱叭term de半bt壩百 100,00板0白安2,000,0疤00 shar疤es般搬Preferr盎ed stoc哀k壩礙 250,00拌0癌叭Common 叭equity岸愛 357,00頒0拌 N

29、o ch頒ange in挨 net in斑come巴叭芭版$800,00胺0Plan B叭叭Current挨 liabil佰ities班挨$ 93,00叭0 $200跋,000,00挨0/10 =搬敗Long稗癌term de佰bt辦擺 100,00拌0 20,0背00,000 奧shares靶笆Preferr敖ed stoc霸k柏伴 50,00澳0邦叭Common 氨stock般矮 120,00安0皚啊Premium案 on com拔mon sto哎ck癌盎 300,00拜0叭背Retaine敗d earni疤ngs八暗 137,00頒0扒 No ch凹ange in疤 net in敗com

30、e凹壩挨壩$800,00藹0Plan C襖矮Current阿 liabil伴ities 胺 罷拌$ 93,00笆0 Oper氨ating I笆ncome 艾$162,00半0罷唉Long岸叭term de愛bt 凹 熬柏 300,00擺0 Inte敗rest ex扒pense 八 52,00白0般*班稗Preferr懊ed stoc藹k 敗 白擺 50,00盎0 翱 百 般 110,00翱0熬阿Common 芭equity 唉 百 艾藹 357,00般0巴 Taxes唉 (40%) 扮 般 44,00巴0八拔 搬 笆 板 矮 暗$800,00壩0稗 Net I啊ncome 岸 凹$ 66,00

31、伴0百皚* $20,拔000 + 1哀6% ($20柏0,000) 傲= $52,0爸00骯1.辦瓣艾罷Recurri靶ng Earn胺ings, E捌xcludin頒g Inter礙est Exp半ense,柏爸Times I笆nterest班凹Tax Exp敗ense, E奧quity E翱arnings奧, and M啊inority柏 Earnin熬gs奧案 熬Earned 叭 =耙澳Interes柏t Expen愛se, Inc埃luding 扒Capital唉ized In昂terest氨癌邦Plan 愛A擺斑Plan B扒敗Plan C胺2.埃按Debt 笆= 版Total L澳

32、iabilit氨ies伴 岸鞍Ratio 胺 To安tal Ass盎ets昂 捌Plan 澳A 扒 巴Plan 斑B傲八 芭Plan C扮爸拔襖 啊搬 傲3.扳愛Debt/Eq阿uity Ra耙tio = 伴吧靶Plan A耙癌Plan B斑芭Plan C礙4.癌哀Debt to岸 Tangib案le Net 礙Worth =爸 襖跋Plan A擺罷 扒Plan B靶瓣翱 辦 胺Plan C 矮c. Pref拔erred S半tock Al扒ternati懊ve:爸靶Advanta拔ges:版1.岸巴Lesser 佰drop in把 earnin罷gs per 扒share t盎han und

33、艾er the 百common 氨stock a敗lternat絆ive.鞍2.板拜Not the靶 absolu靶te redu吧ction i藹n earni背ngs tha胺t accom吧panied 礙the deb搬t(yī) alter暗native.昂盎3.般扒There w傲ould be叭 an imp白rovemen挨t in th半e Debt 瓣Ratio, 叭Debt/Eq鞍uity Ra氨tio, an氨d Total敗 Debt t耙o Tangi把ble Net熬 Worth 伴Ratio.邦4.哎癌Does no奧t have 半the red般uced ti懊me

34、s int礙erest e熬arned t愛hat acc扒ompanie跋d alter敖native 骯of issu捌ing lon啊g凹傲term de澳bt.凹Disadva背ntages:耙1.襖昂An incr矮ease in熬 the fi巴xed pre稗ferred 傲dividen澳d charg岸e that 敗the fir阿m must 柏pay bef扒ore any跋 divide芭nds can安 be pai版d to co敗mmon st白o(hù)ckhold唉ers.稗Common 藹Stock A阿lternat百ive:敗氨Advanta叭ges:擺翱1.

35、絆盎No incr板e(cuò)ase in奧 fixed 骯obligat唉ions.凹擺2.跋罷There w瓣ould be佰 an imp頒rovemen礙t in th奧e Debt 背Ratio, 版Debt/Eq耙uity Ra艾tio, an斑d the T皚otal De拜bt to T般angible暗 Net Wo矮rth Rat跋io.哎埃3.捌瓣Not the扮 absolu靶te redu襖ction i傲n earni般ngs tha暗t accom擺panied 皚the deb壩t alter罷native.埃按4.佰鞍Does no叭t have 巴the red安u

36、ced ti跋mes int稗erest e叭arned t扮hat acc叭ompanie版d alter瓣native 笆of issu耙ing lon捌g版按term de絆bt.辦Disadva哎ntages:癌1.翱笆Maximum辦 diluti擺on in e疤arnings襖 per sh白are of 瓣the thr跋ee alte笆rnative埃s.絆隘Long-Te哎rm Bond叭s Alter版native:斑奧Advanta氨ges:白皚1. High扳er earn鞍ings pe按r share捌 than w安ith com氨mon sto矮ck.俺Dis

37、adva隘ntages:八扳1.柏扮Materia凹l decli氨ne in T阿imes In背terest 啊Earned.埃稗2.阿澳A mater哎ial inc盎rease i扒n the D翱ebt Rat邦io, Deb半t/Equit稗y Ratio昂,巴叭爸and Tot癌al Debt骯 to Tan搬gible N扳et Wort暗h Ratio把.胺板3.癌翱Absolut胺e reduc拜tion in埃 earnin澳gs.拜皚4.按暗Increas敖e in th芭e inter版est fix熬ed char岸ge that胺 must b百e paid.班d

38、.斑耙The 10%拌 prefer阿red sto哎ck incr巴eased t芭he pref班erred d擺ividend霸s which叭 are no擺t tax d佰eductib稗le; the芭refore,熬 the co啊st of t白hese fu愛nds is 佰the 10%板 amount邦. The 1盎6% bond阿s are t斑ax dedu埃ctible 翱and, th隘erefore擺, the a襖fter-ta氨x cost 傲is 9.6%爸 (16% x霸 (1拜板.40).俺Note to哎 Instru版ctor: Y稗ou may

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40、ssump敖tions.氨PROBLEM扳 7把暗8俺a.吧瓣Times I叭nterest捌 Earned般 = 澳昂Earning八s from 芭continu奧ing ope扮rations班 before盎矮income 擺taxes a白nd equi唉ty earn辦ings壩百(1) Add頒 back i藹nterest把 expens襖e哎半岸暗(1) $ 笆74,780,百000隘翱(2) Adj捌usted e靶arnings扳捌敖版擺(2) $扳 37,646瓣,000叭熬搬搬八柏哀 $1凹12,426,辦000癌版Times i疤nterest鞍 earned跋:

41、(2) 爸divided癌 by (1)胺 1.99藹 times哀百扒靶搬柏埃 白 per把 year盎b.盎頒Earning八s from 扮continu氨ing ope柏rationsPlus:氨扒(1) Int案erest班頒敖板伴$ 65,13案5,000頒扒辦 Income瓣 taxes礙案挨擺霸 37,39笆4,000礙癌(2) Adj佰usted e扳arnings氨捌八按礙$140,17柏5,000吧白Times i岸nterest胺 earned凹: (2) 稗divided奧 by (1)拔 3.72把 times爸拜半案叭疤翱 搬 per暗 year艾c.奧笆Remo

42、vin爸g equit板y earni巴ngs giv半es a mo艾re cons澳ervativ八e times按 intere佰st earn把ed rati骯o. The挨 equity俺 income澳 is usu俺ally su版bstanti啊ally mo柏re than半 the ca俺sh divi半dend re靶ceived 盎from th隘e relat唉ed inve埃stments艾. Ther翱efore, 翱the fir哎m canno隘t depen壩d on th背is inco哎me to c瓣over in胺terest 疤payment斑s.

43、案PROBLEM扮 7安礙9百a.凹扮1.氨鞍Times I佰nterest安 Earned熬 = 扒挨2.罷稗D(zhuǎn)ebt Ra絆tio =搬 頒艾3.骯拔Debt Eq昂uity =辦 扳 奧瓣4.芭耙Debt to藹 Tangib扮le Net 白Worth =氨b.霸搬No, Bar傲ker Com癌pany ha爸s a tim背es inte奧rest ea啊rned of拌 5.3 ti伴mes whi絆le the 敗industr拔y avera耙ge is 7盎.2 time爸s. Thi懊s indic敗ates th拌at Bark跋er Comp搬any has捌 les

44、s t白han ave隘rage co搬verage 拌of its 愛interes隘t. Als壩o, Bark搬er Comp扮any has頒 a much襖 higher藹 than a案verage 阿debt/eq哀uity, a半nd debt背 to tan稗gible n疤et wort班h ratio班.襖c.叭俺Allen C版ompany 辦has a b背etter t盎imes in擺terest 佰earned,霸 debt r擺atio, d半ebt/equ柏ity, an哎d debt 埃to tang按ible ne芭t worth隘.爸PROBLEM白

45、7-10愛a.敗耙1.拌絆Times I版nterest霸 Earned八 = 耙把傲2004:叭澳$280,00傲0 - $15靶6,000扳版稗= 7.29 百times p安er year拔鞍俺皚頒 $爸17,000岸跋笆2003:罷絆$302,00矮0 - $15啊7,000靶懊藹= 9.06 芭times p阿er year半叭稗半懊 $藹16,000白背哎2002:斑皚$286,00佰0 - $15奧4,000疤翱叭= 8.80 般times p辦er year案靶盎稗壩 $疤15,000愛胺安2001:頒版$270,00半0 - $15頒0,000敗拜癌= 8.28 斑times

46、 p哎er year凹岸礙敖拌 $爸14,500半邦絆2000:邦唉$248,00氨0 - $14吧7,000柏白伴= 4.39 耙times p唉er year柏?cái)[霸般斑 $叭23,000皚翱把班吧拔罷澳Recurri霸ng Earn哀ings, E鞍xcludin扳g白疤靶皚敖熬絆暗Interes奧t, Tax 熬Expense翱, Equit盎y哀盎霸隘阿盎扒擺Earning伴s, and 拌Minorit絆y Earni版ngs +跋壩2.版白Fixed C靶harge C柏overage隘 = 藹Interes按t Porti隘on of R奧entals 暗 拜襖壩俺靶敖胺板Int

47、eres八t Expen唉se, Inc巴luding 愛案哎爸拌敖胺昂Capital稗ized In霸terest 拜+ Inter扒est昂背背辦扮拌俺矮Portion斑 of Ren扳tals白霸頒2004:懊皚$280,00挨0 - $15搬6,000 +佰 $10,00捌0辦罷= 4.96 凹times p昂er year辦邦盎骯翱 $傲17,000 芭+ $10,0捌00稗傲爸2003:盎柏$302,00藹0 - $15艾7,000 +唉 $9,000柏拌= 6.16 岸times p笆er year哀把班敖藹 $骯16,000 澳+ $9,00礙0 罷壩吧2002:叭拜$286,

48、00霸0 - $15癌4,000 +愛 $9,500骯頒= 5.78 辦times p壩er year靶襖按敗唉 $斑15,000 熬+ $9,50阿0百叭阿2001:胺礙$270,00埃0 - $15笆0,000 +版 $10,00澳0拜拜= 5.31 凹times p柏er year叭絆笆靶奧 $巴14,500 昂+ $10,0扮00傲癌敖2000:俺霸$248,00斑0 - $14敗7,000 +佰 $9,000埃搬= 3.44 鞍times p凹er year拔案頒皚鞍 $胺23,000 翱+ $9,00阿0挨藹3.半艾Debt Ra叭tio = 氨Total L把iabilit把ies凹皚懊擺礙 To霸tal Ass俺ets柏皚拌2004:瓣瓣$88,000熬 + $170佰,000矮百擺辦= 46.07艾%俺敗盎熬挨 $5叭60,000氨拔奧2003:佰耙$89,500班 + $168扮,000昂邦佰版= 46.48襖%按矮挨伴邦 $5翱54,000啊耙按2002:挨跋$