财务会计第十版答案
【篇一：财务会计学第10、11、12章课后习题参考答
案】
>教材练习题解析
1.20x?年。
提取的盈余公积金；200x10％=20(万元)
可供分配利润＝200—20=180(万元)
应支付优先股股利=5 000x6％=300(万元)
则实际支付优先股股利＝180(万元) .
未分派的优先股股利＝300—180=120(万元)
20x8年。
提取的盈余公积金=2 875x10％=287.5(万元)
可供分配利润＝2 875—287.5=2 587.5(万元)
补付20x7年优先股股利=120(万元)
20x8年优先股股利＝5 000x6％＝300(万元)
剩余可供分配利润＝2 587.5—120—300=2167.5(万元)
优先股剩余股利=0.070 5x5 000—300=52.5(万元)
优先股股利总额=120+300+52.5＝472.5(万元)
2.20x6年1月1日。
公司预计支付股份应负担的费用=loxl000x200＝2 000000(元)
不作会计处理。
20x6年12月31 h。
公司预计：支付股份：应负担的费用=2 000 000x(1—10％)
=1 800 000(元)
借：管理费用 600 000
贷：资本公积——其他资本公积 600 000
20x7年工2月31日。
公司预计支付股份应负担的费用=2 000 000x(1—8％)＝1 840
000(元) 20x7年累计应负担妁费用=1 840000x2／3x1 226 667(元) 20x7年应负担的费用=1 226 667—600 000=626 667(元)
借：管理费用 626 667
贷：资本公积——其他资本公积 626 667
20x8年12月31日。
公司实际支付股份应负担的费用昌loxl000x(200—3—3—1)
＝1 930 000(元)
20x8年应负担的费用=1 930000-226 667＝703 333(元)
借：管理费用 703 333
贷：资本公积——其他资本公积 703 333
20x9年1月1日。
向职工发放股票收取价款=5x1000x(200-3-3-1）＝965 000(元)借：银行存款 965 000
资本公积——其他资本公积 1 930 000
贷；般本 193 000
资本公积——股本溢价 2 702 000
第11章收入、费用与利润
教材练习题解析
1．(1)20x7年12月5日。
借：银行存款 1 800 000
贷：预收账款 1 800000
借：发出商品 3 800 000
贷：库存商品 3 800 000
20x7年12月31日。
电梯的安装检验是销售合同的重要组成部分，此时，商品所有权上的主要风险和报酬并未真正转移给买方，因而不能确认销售商品收入。
20x8年1月31日，假设全部安装完成。
借：预收账款 7 020000
贷：主营业务收．a． 6 000 000
应交税费——应交增值税(销项税额) 1 020 000
借：主营业务成本’ 3 800 000
贷：发出商品 3 800 000
(2)20x7年12月10日。
借：应收票据 351 000
贷：主营业务收入 300000
应交税费——应交增值税(销项税额) 51 000
借：主营业务成本 160000
贷：库存商品 160 000
(3)20x7年12月15日。
借：银行存款 234 000
贷：其他应付款 200000
应交税费——应交增值税(销项税额) 34 000
借；发出商品 150 000
贷：库存商品 150 000
20x7年12月31日。
借：财务费用 750
贷：其他应付款 750
20x8年2月15日。
借：财务费用 2 250
贷：其他应付款 2 250
借：库存商品 150 000
贷：发出商品 150 000
借：其他应付款 203 000
应交税费——应交增值税(进项税额) 34 510
贷：银行存款 237 510
2。(1)20x7年12月15 fi。
借：银行存款 1 000 000
贷；预收账款 1 000 000
(2)20x7年12月31日。
符合采用完工百分比法的条件。
确认的劳务收入＝500~50％一0＝250(万元)
确认的劳务成本＝(200+200)x50％一0：200(万元)借：预收账款 2 500 000
贷；主营业务收入 2 500 000
借：主营业务成本 2 000 000
贷：劳务成本 2 000000
3．(1)20x7年1月1日。
借：固定资产清理 8 000 000
累计折旧 2 000 000
贷：固定资产 10000 000
借：长期股权投资——投资成本 9 500 000
贷：固定资产清理 8 000 000
营业外收入 1 500 000
丙公司持有d公司30％的股权，应采用权益法核算。丙公司在d公司可辨认净资产公允价值中享有的份额为900万元(3 000x30％)，低于确认的初始投资成本，不需调整投资成本。
20x7年。
借：长期股权投资—损益调整 900000
贷：投资收益900 000
借：应收股利 600 000
贷：长期股权投资——损益调整 600 000
20x8年。
借：长期股权投资——损益调整 1 200 000
贷：投资收益 1 200 000
借：应收股利 900 000
贷：长期股权投资——损益调整 900 000
(2)20x8年。
应纳税所得额＝8 000000—3 000000x30％＝7100 000(元)
应交所得税＝7100 000x25％＝1 775 000(元)
当期所得税费用＝1 775 000(元)
长期股权投资账面价值＝9 500000+900 000—600000＝9 800
000(元) 长期股权投资计税基础＝9 500 000(元)
应纳税暂时性差异＝9 800 000—9 500000＝300 000(元)
递延所得税负债＝300000x25％＝75 000(元)
借：所得税费用——当期所得税费用 1 775 000
贷：应交税费——应交所得税 1 775 000
借：所得税费用——递延所得税费用 75 000
贷：递延所得税负债 75 000
20x9年。
应纳税所得额＝10000000—4000000x30％＝8 800000(元)
应交所得税=8 800 000x25％＝2 200000(元)
当期所得税费用＝2200000(元)
长期股权投资账面价值＝9 800000+1 200000—900000
=10100 000(元)
长期股权投资计税基础＝9 500 000(元)
应纳税暂时性差异＝1 010000—9 500000＝600 000(元)
递延所得税负债＝600 000x25％＝150 000(元)
本年递延所得税负债增加＝150 000(期末数)一75 000(期初数) ＝75 000(元)
借；所得税费用——当期所得税费用 2 200 000
贷：应交税费——应交所得税 2 200 000
借：所得税费用——递延所得税费用 75 000
贷：递延所得税负债 75 000
第12章财务报表
教材练习题解析
1．编制a公司20x6年12月31日的资产负债表如表12—9所示。表12—9 资产负债表
2．(1)编制会计分录如下；
1)借：应付票据200 000
贷：银行存款 200 000
2)借：在途物资 300 000
应交税费——应交增值税(进项税额) 51 000 贷：银行存款 351 000 3)借：材料采购 200 000
贷：预付账款 200 000
借：原材料 190000
材料成本差异 10 000
贷：材料采购 200 000
4)借：银行存款 468
贷：其他货币资金——银行汇票 468 借：材料采购 199 600
应交税费——应交增值税(进项税额) 33 932 贷：其他货币资金——银行汇票 233 532
【篇二：投资学第10版习题答案09】
2. if the security’s correlation coefficient with the market portfolio doubles (with all
other variables such as variances unchanged), then beta, and therefore the risk
premium, will also double. the current risk premium is: 14% –6% = 8%
the new risk premium would be 16%, and the new discount rate for the security would be: 16% + 6% = 22%
if the stock pays a constant perpetual dividend, then we know from the original data that the dividend (d) must satisfy the equation for the present value of a perpetuity:
price = dividend/discount rate
50 = d/0.14 ? d = 50 ? 0.14 = $7.00
at the new discount rate of 22%, the stock would be worth: $7/0.22 = $31.82
the increase in stock risk has lowered its value by 36.36%.
a.
systematic risk.
e(r$1discount)?.04?1.5?(.10?.04)?.13,or 13%
e(reverything$5)?.04?1.0?(.10?.04)?.10,or 10%
5. according to the capm, $1 discount stores requires a return of 13% based on its
therefore, the security is currently overvalued.
undervalued.
systematic risk is rewarded, it is safe to conclude that the expected return will be higher for kaskin’s stock than for quinn’s stock.
the appropriate discount rate for the project is:
npv??$40??$15??$40?[$15?annuity factor (22.4%, 10 years)] = $18.09 t1.224t?110 6. 7. 8.
the internal rate of return (irr) for the project is 35.73%. recall from your
introductory finance class that npv is positive if irr discount rate (or,
equivalently, hurdle rate). the highest value that beta can take before the hurdle rate exceeds the irr is determined by:
9. a. call the aggressive stock a and the defensive stock d. beta is the sensitivity
of the stock’s return to the market return, i.e., the change in the stock return
per unit change in the market return. therefore, we compute each stock’s beta
by calculating the difference in its return across the two scenarios divided by the difference in the market return:
b. with the two scenarios equally likely, the expected return is an average of the
two possible outcomes:
e(ra ) = 0.5 ? (–.02 + .38) = .18 = 18%
e(rd ) = 0.5 ? (.06 + .12) = .09 = 9%
c.
the equation for the security market line is:
d. based on its risk, the aggressive stock has a required expected return of:
the analyst’s forecast of expected return is only 18%. thus the stock’s alpha is:
= 18% – 24% = –6%
similarly, the required return for the defensive stock is:
the analyst’s forecast of expected return for d is 9%, and hence, the stock has
a positive alpha:
= .09 – .087 = +0.003 = +0.3%
e. the points for each stock plot on the graph as indicated above. the hurdle rate is determined by the project beta (0.3), not the firm’s beta. the
correct discount rate is 8.7%, the fair rate of return for stock d.
10. not possible. portfolio a has a higher beta than portfolio b, but the expected return
for portfolio a is lower than the expected return for portfolio b. thus, these two portfolios cannot exist in equilibrium.
11. possible. if the capm is valid, the expected rate of return compensates only for
systematic (market) risk, represented by beta, rather than for the standard deviation, which includes nonsystematic risk. thus, portfolio a’s lower rate of return can be paired with a higher standard deviation, as long as a’s beta is less than b’s.
12. not possible. the reward-to-variability ratio for portfolio a is better than that of the
market. this scenario is impossible according to the capm because the capm predicts that the market is the most efficient portfolio. using the numbers supplied:
sa?.16?.10?0.5.12sm?.18?.10?0.33 .24
portfolio a provides a better risk-reward trade-off than the market portfolio.
13. not possible. portfolio a clearly dominates the market portfolio. portfolio a has
both a lower standard deviation and a higher expected return. portfolios with beta equal to 1.5 have an expected return equal to:
the expected return for portfolio a is 16%; that is, portfolio a plots below the
sml (? a = –6%) and, hence, is an overpriced portfolio. this is inconsistent with the capm.
15. not possible. the sml is the same as in problem 14. here, portfolio a’s required
this is greater than 16%. portfolio a is overpriced with a negative alpha:
? a = –1.2%
16. possible. the cml is the same as in problem 12. portfolio a plots below the cml,
as any asset is expected to. this scenario is not inconsistent with the capm.
17. since the stock’s beta is equal to 1.2, its expected rate of return is:
.06 + [1.2 ? (.16 – .06)] = 18%
e(r)?d1?pp?$50?$61?p0?0.18?1?p1?$53 p0$50
18. the series of $1,000 payments is a perpetuity. if beta is 0.5, the cash flow should be
discounted at the rate:
pv = $1,000/0.11 = $9,090.91
if, however, beta is equal to 1, then the investment should yield 16%, and the price paid for the firm should be:
pv = $1,000/0.16 = $6,250
the difference, $2,840.91, is the amount you will overpay if you erroneously
assume that beta is 0.5 rather than 1.
ividual stocks we look
at abnormal return, which is the ex-post alpha; that is, the abnormal return is
the difference between the actual return and that predicted by the sml.
without information about the parameters of this equation (risk-free rate and
market rate of return) we cannot determine which investor was more accurate.
if rf = 6% and rm = 14%, then (using the notation alpha for the abnormal return):
here, the second investor has the larger abnormal return and thus appears to
be the superior stock selector. by making better predictions, the second
b.
【篇三：投资学第10版课后习题答案chap004】
ther investment
companies
problem sets
1. the unit investment trust should have lower operating expenses. because the
investment trust portfolio is fixed once the trust is established, it does not have to pay portfolio managers to constantly monitor and rebalance the portfolio as
perceived needs or opportunities change. because the portfolio is fixed, the unit investment trust also incurs virtually no trading costs.
2. a. unit investment trusts: diversification from large-scale investing, lower
transaction costs associated with large-scale trading, low management fees,
predictable portfolio composition, guaranteed low portfolio turnover rate.
b. open-end mutual funds: diversification from large-scale investing, lower
transaction costs associated with large-scale trading, professional management that may be able to take advantage of buy or sell opportunities as they arise,
record keeping.
c. individual stocks and bonds: no management fee; ability to coordinate
realization of capital gains or losses with investors’ personal tax situations;
capability of designing p ortfolio to investor’s specific risk and return profile.
3. open-end funds are obligated to redeem investors shares
at net asset value and thus
must keep cash or cash-equivalent securities on hand in order to meet potential redemptions. closed-end funds do not need the cash reserves because there are no redemptions for
closed-end funds. investors in closed-end funds sell their shares when they wish to cash out.
4. balanced funds keep relatively stable proportions of funds invested in each asset
class. they are meant as convenient instruments to provide participation in a range of asset classes. life-cycle funds are balanced funds whose asset mix generally depends on the age of the investor. aggressive life-cycle funds, with larger
investments in equities, are marketed to younger investors, while conservative life-cycle funds, with larger investments in fixed-income securities, are designed for older investors. asset allocation funds, in contrast, may vary the proportions
invested in each asset class by large amounts as predictions of relative performance across classes vary. asset allocation funds therefore engage in more aggressive market timing.
5. unlike an open-end fund, in which underlying shares are redeemed when the fund is
redeemed, a closed-end fund trades as a security in the market. thus, their prices may differ from the nav.
6. advantages of an etf over a mutual fund:
? etfs are continuously traded and can be sold or purchased on margin.
? there are no capital gains tax triggers when an etf is sold (shares are just
sold from one investor to another).
? investors buy from brokers, thus eliminating the cost of direct marketing
to individual small investors. this implies lower management fees.
disadvantages of an etf over a mutual fund:
? prices can depart from nav (unlike an open-end fund).
? there is a broker fee when buying and selling (unlike a no-load fund).
7. the offering price includes a 6% front-end load, or sales commission, meaning that
every dollar paid results in only $0.94 going toward purchase of shares. therefore: offering price =
8.
9. nav$10.70?= $11.38 1?load1?0.06nav = offering price ? (1 –load) = $12.30 ? .95 = $11.69 a $ 7,000,000
b 12,000,000
c 8,000,000
d total $42,000,000 net asset valu
e = $42,000,000?$30,000= $10.49 4,000,000
10. value of stocks sold and replaced = $15,000,000 turnover rate =
$15,000,000= 0.357, or 35.7% $42,000,000
11. a.
b. nav?$200,000,000?$3,000,000?$39.40
5,000,000price?nav$36?$39.40 = = –0.086, or -8.6%
nav$39.40premium (or discount) =
the fund sells at an 8.6% discount from nav.
12.
although nav increased by $0.10, the price of the fund decreased by $0.99. rate of return =
p$11.25?$12.24?$1.501?p0?distributions??0.042, or 4.2%
p0$12.24
b. an investor holding the same securities as the fund
manager would have earned a rate of return based on the increase in the nav of the portfolio:
nav1?nav0? distributions$12.10?$12.00?$1.50??0.133, or 13.3% nav0$12.00
14. a.
b. empirical research indicates that past performance of
mutual funds is not highly predictive of future performance, especially for better-performing funds. while there may be
some tendency for the fund to be an above average performer next year, it is unlikely to once again be a top 10% performer.
on the other hand, the evidence is more suggestive of a tendency for poor
performance to persist. this tendency is probably related to
fund costs and
turnover rates. thus if the fund is among the poorest performers, investors
should be concerned that the poor performance will persist.
15. nav0 = $200,000,000/10,000,000 = $20
dividends per share = $2,000,000/10,000,000 = $0.20
nav1 is based on the 8% price gain, less the 1% 12b-1 fee:
nav1 = $20 ? 1.08 ? (1 – 0.01) = $21.384 rate of return =
$21.384?$20?$0.20= 0.0792, or 7.92% $20
16. the excess of purchases over sales must be due to new inflows into the fund.
therefore, $400 million of stock previously held by the fund
was replaced by new holdings. so turnover is: $400/$2,200 =
0.182, or 18.2%.
17. fees paid to investment managers were: 0.007 ? $2.2 billion = $15.4 million
since the total expense ratio was 1.1% and the management
fee was 0.7%, we conclude that 0.4% must be for other expenses. therefore, other administrative expenses were:
0.004 ? $2.2 billion = $8.8 million.
18. as an initial approximation, your return equals the return
on the shares minus the
total of the expense ratio and purchase costs: 12% ? 1.2% ? 4% = 6.8%.
but the precise return is less than this because the 4% load is paid up front, not at the end of the year.
to purchase the shares, you would have had to invest:
$20,000/(1 ? 0.04) = $20,833. the shares increase in value from $20,000 to: $20,000 ? (1.12 ? 0.012) = $22,160.19.
the rate of return is: ($22,160 ? $20,833)/$20,833 = 6.37%.
20. a. $450,000,000?$10,000000?$10 44,000,000
b. the redemption of 1 million shares will most likely trigger capital gains taxes which will lower the remaining portfolio by
an amount greater than $10,000,000 (implying a remaining total value less than $440,000,000). the outstanding shares fall to 43 million and the nav drops to below $10.
21. suppose you have $1,000 to invest. the initial investment in class a shares is $940
net of the front-end load. after four years, your portfolio will be worth:
$940 ? (1.10)4 = $1,376.25
class b shares allow you to invest the full $1,000, but your investment performance net of 12b-1 fees will be only 9.5%,
and you will pay a 1% back-end load fee if you sell after four years. your portfolio value after four years will be:
$1,000 ? (1.095)4 = $1,437.66
after paying the back-end load fee, your portfolio value will be: $1,437.66 ? .99 = $1,423.28
class b shares are the better choice if your horizon is four years.
with a 15-year horizon, the class a shares will be worth:
$940 ? (1.10)15 = $3,926.61
for the class b shares, there is no back-end load in this case since the horizon is greater than five years. therefore, the value of the class b shares will be:
$1,000 ? (1.095)15 = $3,901.32
at this longer horizon, class b shares are no longer the better choice. the effect of class bs 0.5% 12b-1 fees accumulates over time and finally overwhelms the 6% load charged to class a investors.
after two years, each dollar invested in a fund with a 4% load and a portfolio
return equal to r will grow to: $0.96 ? (1 + r – 0.005)2.
each dollar invested in the bank cd will grow to: $1 ? 1.062.
if the mutual fund is to be the better investment, then the portfolio return (r)
must satisfy:
0.96 ? (1 + r – 0.005)2 1.062
0.96 ? (1 + r – 0.005)2 1.1236
(1 + r – 0.005)2 1.1704
1 + r – 0.005 1.0819
1 + r 1.0869
therefore: r 0.0869 = 8.69%
if you invest for six years, then the portfolio return must satisfy:
0.96 ? (1 + r – 0.005)6 1.066 = 1.4185
(1 + r – 0.005)6 1.4776
1 + r – 0.005 1.0672
r 7.22%
the cutoff rate of return is lower for the six-year investment because the
“fixed cost” (the one-time front-end load) is spread over a greater number of
years.
22. a. b.