EJERCICIO SOBRE ANALISIS FINANCIEROS
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SECCION III B
EJERCICIO SOBRE ANALISIS FINANCIEROS
Juan Soto es el contador y gerente de las empresas Trame Distribuidora. Lo contrata a usted como analista financiero y asesor en la solicitud de un préstamo. La empresa está solicitando un préstamo de cinco años en un banco conocido en la comunidad. El propósito del préstamo es cancelar el pagaré –“notes payable” del 20X12 y para financiar activos corrientes, especialmente el inventario de mercadería. Se presentan los siguientes estados financieros.
INCOME STATEMENTS: 20X12 20X11
SALES $ 5, 075,000 $4, 821,250
COST OF GOODS SOLD 3,704,000 3,518,800 GROSS PROFIT $ 1,371,000 $1,302,450
OPERATING EXPENSES:
FIXED CASH OPERATING EXPENSES $ 650,000 $ 650,000
VARIABLE OPERATING EXPENSES 416,000 395,200
DEPRECIATION 152,000 152,000 TOTAL OPERATING EXPENSES $ 1,218,000 $ 1,197,200
EARNINGS BEFORE INTEREST & TAXES $ 153,000 $ 105,250
INTEREST 93,000 66,000
EARNINGS BEFORE TAXES $ 60,000 $ 39,250
TAXES 24,000 15,700 NET INCOME $ 36,000 $ 23,550
LESS PREFERRED STOCKS DIVIDENDS 3,000 3,550
EARNINGS AVAILABLE FOR
COMMON STOCKHOLDER $ 33,000 $ 20,000
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BALANCE SHEETS:
ASSETS 20X12 20X11
CASH $ 125,000 $124,100
ACCOUNTS RECEIVABLE 805,556 763,900
MARKETABLE SECURITIES 225,000 200,000
INVENTORIES 475,625 563,445
TOTAL CURRENT ASSETS $ 1,631,181 $ 1,651,445
LAND $ 2,493,819 $ 2,187,707
BUILDING & EQUIPMENT 1,800,000 1,400,000
LESS: ALLOWANCE FOR DEPRECIATION 500,000 348,000
TOTAL FIXED ASSETS (NET) $ 3,793,819 $ 3,239,707
TOTAL ASSETS $ 5,425,000 $ 4,891,152
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LIABILITIES
ACCOUNTS PAYABLE $ 230,000 $ 400,500
NOTES PAYABLE 411,000 470,000
MORTGAGE - CURRENT PORTION 75,000 100,902
TOTAL CURRENT LIABILITIES $ 716,000 971,402
MORTGAGE DEBT- LONG TERM $ 1,565,250 $ 796,000
TOTAL LIABILITIES $ 2,281,250 $ 1,767,402
STOCKHOLDERS’ EQUITY
COMMON STOCKS $ 1,450,000 $ 1, 450,000
PAID IN CAPITAL 693,750 693,750
RETAINED EARNINGS 1,000,000 980,000
TOTAL STOCKHOLDERS’
EQUITY $ 3,143,750 $ 3,123,750
TOTAL LIAB. & STOCKHOLDERS’
EQUITY $ 5,425,000 $ 4,891,152
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INDUSTRIES RATIOS: INDUSTRIES AVERAGE
CURRENT RATIO 1.50
ACID TEST RATIO 1.20
AVERAGE COLLECTION PERIOD 30 DAYS
INVENTORY TURN/OVER 10.20 TIMES
DEBTS TO TOTAL ASSETS 24.50%
LONG TERM DEBTS TO TOTAL CAPITALIZATION 33%
TIMES INTEREST EARND 2.50 TIME
GROSS PROFIT MARGIN 26%
OPERATING PROFIT MARGIN 17%
NET PROFIT MARGIN 7.50%
TOTAL ASSETS TURN/OVER 2.14 TIMES
FIXED ASSETS TURN/OVER 1.40 TIMES
OPERATING EARNINGS RETURN ON INVESTMENT 11.4%
RETURN ON TOTAL ASSETS 4.00%
RETURN ON COMMON EQUITY 9.50%
REQUERIDO:
1. RATIO ANALYSIS: EXCELLENCE, GOOD, AVERAGE, POOR, and DEFICIENT (personal appraisal)
2. COMMON SIZE ANALYSIS
A. INCOME STATEMENTS
B. BALANCE SHEETS
3. FUND STATEMENT ANALYSIS
4.
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