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Can you give me the solution to the following assigment?

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Can you give me the solution to the following assigment?
ΕΛΛΗΝΙΚΟ ΑΝΟΙΚΤΟ ΠΑΝΕΠΙΣΤΗΜΙΟ
Course: MBA
Topic: MBA 51 – FINANCIAL MANAGEMENT AND ACCOUNTING
Academic Year: 2011-12
Written Assignment 2
Financial Statement Analysis

Γενικές οδηγίες
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Τρίτη 17 Ιανουαρίου 2012
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1

The Bank Credit officer Mr Smith is examining the A-B stores Inc. Financial
Statements that cover the years 2008 through 2010.
Balance Sheets
2008
Land
Other Fixed Assets
Accumulated Depreciation
NET FIXED ASSETS
Inventory
Accounts Receivables
Cash
Prepaid Expenses
CURRENT ASSETS
TOTAL ASSETS
Common Stock
Paid-in Capital1
Retained Earnings
EQUITY
Long-Term Debt (LTD)
Bond Loan
LONG-TERM LIABILITIES
Accounts Payable
Accrued Expenses
Current Maturities of LTD
CURRENT LIABILITIES

EQUITY & LIABILITIES

1

2009

2010

15,920
1,588,742
285,292
————1,319,370
————1,388,168
57,662
174,418
164,027
————1,784,275
————3,103,645
========
28,105
181,106
1,068,448
————1,277,659
————775,887
57,416
————833,303
————695,439
285,959
11,285
————992,683
————-

19,539
2,070,132
393,850
————1,695,821
————2,030,972
90,380
165,545
66,374
————2,353,271
————4,049,092
========
28,218
191,857
1,470,418
————1,690,493
————943,362
74,946
————1,018,308
————924,654
402,088
13,549
————1,340,291
————-

81,812
2,684,766
539,914
————2,226,664
————2,651,760
95,928
11,325
146,132
————2,905,145
————5,131,809
========
56,511
170,440
2,030,316
————2,257,267
————1,052,644
78,135
————1,130,779
————1,204,343
520,876
18,544
————1,743,763
————-

3,103,645
========

4,049,092
========

5,131,809
========

The ownership interest in excess of the stock’s par value.

2

Profit and Loss Accounts
2008
Net Sales
Cost of Goods Sold
Gross Profit
Administrative Expenses
Selling Expenses
Interest Expenses

Operating Profit (Net)
Extraordinary Revenues
Extraordinary Expenses
Profit Before Tax

8,506,616
6,361,271
————2,145,345
————1,338,918
89,749
56,543
————1,485,210
————660,135
————6,000
62,543
————603,592
========

2009
11,993,699
9,053,219
————2,940,480
————1,797,197
123,639
86,809
————2,007,645
————932,835
————5,000
91,809
————846,026
========

2010
16,064,038
12,281,744
————3,782,294
————2,319,148
165,962
114,257
————2,599,367
————1,182,927
————8,000
122,257
————1,068,670
========

Table of Appropriation of Results
2008
Profit Before Tax
Taxes
Net Profit

Dividends
Retained Earnings
Total

2009

2010

603,592
276,119
————327,743
=======

846,026
395,940
————450,086
=======

1,068,670
441,027
————627,643
=======

39,768
287,705
————327,473
=======

48,116
401,970
————450,086
=======

67,745
559,898
————627,643
=======

Based on the above financial statements he is asking your help to answer the
following:
A)
He considers calculating the following ratios:
Ιnventory turnover, number of times interest earned, current, acid-test, return
on equity, defensive interval, asset turnover, cash, net profit margin, owners
equity to total liabilities, gross profit margin, receivables turnover, return on
total assets, owners equity to total assets, fixed assets to long term liabilities,
networking capital turnover.
To facilitate the calculation he wants first to help him group the financial
ratios on the grounds of informational homogeneity and explain briefly the
3

usage of each group (one point).
Second, he wants to help him calculate the grouped financial ratios for the
years 2008 through 2010 (two points).
B)

For each of the above ratio groups, briefly –within two (2) paragraphs –
discuss and evaluate the firm’s performance. Is this approach the most
appropriate; Comment on how this approach should be complemented to give
a better evaluation on firm’s performance. (two points).

C)

Theory and practice give a strong support for the importance of the Cash Flow
Statement in financial analysis. Briefly explain the following:
a) How the cash-flow statement can be prepared from the above financial
statements for the years 2009-2010? (The explanation should be verbal not
arithmetical) (1,5 points).
b) How the information provided by this statement can be used in determining
the value of a company? (1,5 points)
(At least three scientific references for (a) and (b) – do not exceed 150 words
for each.)

D)

The Return on Equity (or Return on Common Equity, ROCE) ratio can be
disaggregate to show how is influenced by the financial leverage of the
company. Give this briefly comment on this, disaggregation, calculate it using
the above financial statements (two points).

Note: Ratios should be calculated with rounding to two decimal digits.

4


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