Faser Finance Assingment help With Solution
1a. what is the difference between a single-step and multi-step format of the earnings statement? Which format is the useful for analysis?
1B. Explain how a company could have a decreasing gross profit margin but an increasing operation profit margin.
1C. what is an example of an industry that would need to spend a minimum amount an advertising to be competitive? On research and development?
2. The 2010 Intel annual report can be found at the following
a) Using the consolidated statements of operations, analyze the profitability of Intel by preparing a common-size income statement and by calculating any other ratios deemed necessary for the past three years. Be sure to calculate sales growth and operating expense growth for each two-year period presented.
b) Using the consolidated statements of stockholders’ equity for Intel, explain the key reasons for the changes in the common stock, accumulated other comprehensive income, and retained earnings accounts. Evaluate these changes
Write a one page (double space) answer for the following
3. Explain how the credit analyst’s focus will differ from the investment analyst’s focus with regard to financial ratio analysis. Please give specific examples Note; give reference
4. Prepare a comprehensive financial analysis of Exxon Mobil using the following formats.
The most recent annual report which can be located on the company’s web site or at sec.gov.
Title Page (APA Format) between 8-10 pages
Summary (1-2 pages)
Business Overview (1-2 pages)
Prepare a summary of the company and its business environment, including its industry, its products, and its market.
You can use various resources for this section including the company website and the annual report.
Company News (1/2 – 1 page)
Search for two significant news items or events that have affected your company or its industry over the past year. Briefly describe each event and discuss how this event will affect the company’s operations and the financial ratios. Appropriately cite all sources.
Financial Statement Analysis (4 – 5 pages in addition to spreadsheets)
(a) Prepare a common-sized balance sheet and common –sized income statements for the past two years. The statements should be prepared in an Excel spreadsheet and included as an exhibit.
(b) Calculate the following ratios for the past two years
Current, quick, accounts receivable turnover, inventory turnover, payables turnover, fixed asset turnover, total asset turnover, debt to equity, times interest earned, gross profit margin, operating profit margin, net profit margin, return on total assets, return on equity, and price to earnings.
You may not be able to calculate all of the ratios listed above depending on the company. You may also choose to include other ratios to aid in your analysis.
The ratios should be listed in an Excel spreadsheet (showing your calculations) and included as an exhibit.
(c) Obtain industry average information at money.msn.com or finance.yahoo.com and include this data on your ratio spreadsheet. You only need to include the ratios given on these sites.
(d) Use the data above to prepare a financial statement analysis.
Balance Sheet – comment on trends in the growth of assets, liabilities, and stockholders’ equity and overall financial risk.
Income Statement – comment on trends in the growth of revenues, expenses, and net income, and overall profitability.
Statement of Cash Flows – comment on the trends in the growth of operating, investing, and financial activities, and the overall cash position.
Ratios – discuss what the ratios tell you about your company with regard to profitability, efficiency, liquidity, and solvency.
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Review of Auditors’ Opinion (1 – 2 paragraphs)
Review and summarize the nature and implication of the audit opinion.
Stock Market Activity (1/2 – 1 page)
Review and discuss the trading price ranges of your stock for the prior two years, the exchange the stock is traded on, and the dividend policy and history. This information can be found from Item 5 of the 10-K form or on the two websites listed above (MSN Money and Yahoo Finance).
Current Developments (1 – 2 paragraphs)
Prepare a brief summary of any key developments in the latest Form 10_Q and other available information, including any recent Form 8-K filings.
5. Flow of Funds Exercise
Carson Company is a large manufacturing firm in California that was created 20 years ago by the Carson family. It was initially financed with an equity investment by the Carson Family and 10 other individuals. Over time, Carson Company obtained substantial loans from finance companies and commercial banks. The interest rates on the loans is tied to market interest rate and is adjusted every six months. Thus Carson’s cost of obtaining funds is sensitive to interest rate movements. It has a credit line with a bank in case it suddenly needs additional funds for a temporary period. It has purchased Treasury securities that it could sell if it experiences any liquidity problems.
Carson Company has assets valued at about $50 million and generates sales of about $100 million per year. Some of its growth is attributed to its acquisitions of other firms. Because of its expectation of a strong U.S economy, Carson plans to grow in the future by expanding its business and by making more acquisitions. It expects that it will need substantial long term financing and plans to borrow additional funds through loans or by issuing bonds. It is also considering issuing stock to raise funds in the next year. Carson closely monitors conditions in financial markets that could affect its cash inflows and cash outflows and thereby affect its value.
a. Assume that the markets expectations for the economy are similar to Carson’s expectations. Also assume that the yield curve is primarily influenced by interest rate expectations. Would the yield curve be upward sloping or downward sloping? Why?
b. If Carson could obtain more debt financing for 10 year projects, would it prefer to obtain credit at a long term fixed interest rate or at a floating rate? Why?
c. If Carson attempts to obtain funds by issuing 10-year bonds, explain what information would help in estimating the yield it would have to pay on 10-year bonds. That is, what are the key factors that would influence the rate Carson would pay on its 10-year bonds?
d. If Carson attempts to obtain funds by issuing loans with floating interest rates every six months, explain what information would help in estimating the yield it would have to pay over the next 10 years. That is, what are the key factors that would influence the rate Carson would pay over the 10-year period?
e. An upward-sloping yield curve suggests that the initial rate financial institutions could charge on a long term loan to Carson would be higher than the initial rate they could charge on a loan that floats in accordance with short term interest rates. Does this imply that creditors should prefer offering Carson a fixed-rate loan to offering them a floating-rate loan? Explain why Carson’s expectations of future interest rates are not necessarily the same as those of some financial institutions.
5. Given its large exposure to interest rates charged on its debt, Carson closely monitors Fed actions. It subscribes to a special service that attempts to monitor Fed’s actions in the Treasury security markets. It recently received an alert from the service that suggested the Fed has been selling large holdings of its treasury securities in the secondary Treasury securities market.
a. How should Carson interpret the actions by the fed? That is, will these actions place upward or downward pressure on the price of Treasury securities? Explain.
b. Will these actions place upward or downward pressure on Treasury yields? Explain.
c. Will these actions place upward or downward pressure on interest rates? Explain.
6. An economic report recently highlighted the strong growth in the economy, which has led to nearly full employment. In addition. In addition, the report estimated that the annualized inflation rate increased to 5 percent, up from 2 percent last month. The factors that the higher inflation (shortages of products and shortages of labor) are expected to continue.
a. How will the Fed’s monetary policy change based on the report?
b. How will the likely change in the Fed’s monetary policy affect Carson’s plans or future performance? Could it affect Carson’s plans for future expansion?
c. Explain how a tight monetary policy could affect the amount of funds borrowed at financial institutions by deficit units such as Carson Company. How might it affect the credit risk of these deficit units? How might it affect the performance of financial institutions that provide credit to such deficit units as Carson Company?
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