Chapter 3财管习题

Chapter 3

Discussion Questions

3-1.

If we divide users of ratios into short-term lenders, long-term lenders, and

stockholders, which ratios would each group be most interested in, and for what reasons?

Short-term lenders–liquidity because their concern is with the firm's ability to pay short-term obligations as they come due.

Long-term lenders–leverage because they are concerned with the relationship of debt to total assets. They also will examine profitability to insure that interest payments can be made.

Stockholders–profitability, with secondary consideration given to debt utilization, liquidity, and other ratios. Since stockholders are the ultimate owners of the firm, they are primarily concerned with profits or the return on their investment.

Explain how the Du Pont system of analysis breaks down return on assets. Also explain how it breaks down return on stockholders' equity.

The Du Pont system of analysis breaks out the return on assets between the profit margin and asset turnover.

Return on Assets = Profit Margin Asset Turnover

Net incomeTotal assets?Net incomeSales?SalesTotal assets 3-2.

In this fashion, we can assess the joint impact of profitability and asset turnover on the overall return on assets. This is a particularly useful analysis because we can determine the source of strength and weakness for a given firm. For example, a company in the capital goods industry may have a high profit

margin and a low asset turnover, while a foodprocessing firm may suffer from low profit margins, but enjoy a rapid turnover of assets.

The modified form of the Du Pont formula shows:

Return on equity?Return on assets ?investment??1?Debt/Assets?

S-39

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-3.

3-4.

3-5.

3-6.

3-7.

This indicates that return on stockholders' equity may be influenced by return on assets, the debt-to-assets ratio or a combination of both. Analysts or investors should be particularly sensitive to a high return on stockholders' equity that is influenced by large amounts of debt.

If the accounts receivable turnover ratio is decreasing, what will be happening to the average collection period?

If the accounts receivable turnover ratio is decreasing, accounts receivable will be on the books for a longer period of time. This means the average collection period will be increasing.

What advantage does the fixed charge coverage ratio offer over simply using times interest earned?

The fixed charge coverage ratio measures the firm's ability to meet all fixed obligations rather than interest payments alone, on the assumption that failure to meet any financial obligation will endanger the position of the firm.

Is there any validity in rule-of-thumb ratios for all corporations, for example, a current ratio of 2 to 1 or debt to assets of 50 percent?

No rule-of-thumb ratio is valid for all corporations. There is simply too much difference between industries or time periods in which ratios are computed. Nevertheless, rules-of-thumb ratios do offer some initial insight into the

operations of the firm, and when used with caution by the analyst can provide information.

Why is trend analysis helpful in analyzing ratios?

Trend analysis allows us to compare the present with the past and evaluate our progress through time. A profit margin of 5 percent may be particularly impressive if it has been running only 3 percent in the last ten years. Trend analysis must also be compared to industry patterns of change.

Inflation can have significant effects on income statements and balance sheets, and therefore on the calculation of ratios. Discuss the possible impact of

inflation on the following ratios, and explain the direction of the impact based on your assumptions.

a. Return on investment. b. Inventory turnover. c. Fixed asset turnover. d. Debt-to-assets ratio.

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-40

a. Return on investment

b. Inventory turnover?

c. Fixed asset turnover?

d. Debt to total assets?

3-8.

?Net incomeTotal assets

Inflation may cause net income to be overstated and total assets to be understated causing an artificially high ratio that is misleading.

SalesInventory

Inflation may cause sales to be overstated. If the firm uses FIFO accounting, inventory will also reflect \will be nil.

If the firm uses LIFO accounting, inventory will be stated in old dollars and too high a ratio could be reported.

SalesFixed assets

Fixed assets will be understated relative to sales and too high a ratio could be reported.

Total debtTotal assets

Since both are based on historical costs, no major inflationary impact will take place in the ratio.

3-9.

What effect will disinflation following a highly inflationary period have on the reported income of the firm?

Disinflation tends to lower reported earnings as inflation-induced income is squeezed out of the firm's income statement. This is particularly true for firms in highly cyclical industries where prices tend to rise and fall quickly.

Why might disinflation prove to be favorable to financial assets?

Because it is possible that prior inflationary pressures will no longer seriously impair the purchasing power of the dollar, lessening inflation also means that the required return that investors demand on financial assets will be going down, and with this lower demanded return, future earnings or interest should receive a higher current evaluation.

S-41

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-10.

Comparisons of income can be very difficult for two companies even though they sell the same products in equal volume. Why?

There are many different methods of financial reporting accepted by the

accounting profession as promulgated by the Financial Accounting Standards Board. Though the industry has continually tried to provide uniform guidelines and procedures, many options remain open to the reporting firm. Every item on the income statement and balance sheet must be given careful attention. Two apparently similar firms may show different values for sales, research and development, extraordinary losses, and many other items.

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-42

Problems

3-1.

Griffey Junior Wear, Inc., has $800,000 in assets and $200,000 of debt. It reports net income of $100,000.

a. What is the return on assets?

b. What is the return on stockholders' equity?

Solution:

Griffey Junior Wear

a.

Return on assets ?investment??Net incomeTotal assets

$100,000$800,000?12.5%

b.

Return on equity?Net incomeStockholders' equityStockholders' equity?total assets?total debt?$800,000?$200,000?$600,000

Net incomeStockholder's equity?$100,000$600,000?16.67%%OR

S-43

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-1. Continued

Return on equity?Return on assets ?investment??1?Debt/Asset$200,000$800,00012.5%?25%s?Debt/Assets?

Return on equity? 3-2.

12.5%.75?1?.25??16.67%

Bass Chemical, Inc., is considering expanding into a new product line. New assets to support expansion will cost $1,200,000. Bass estimates that it can generate $2

million in annual sales, with a 5 percent profit margin. What would net income and return on assets (investment) be for the year?

Solution:

Bass Chemical, Inc.

Net income

?Sales?profit margin?$2,000,000?0.05?$100,000

Return on assets (investment)

?Net incomeTotal assets$100,000$1,200,000?

?8.33%

S-44

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-3.

Franklin Mint and Candy Shop can open a new store that will do an annual sales volume of $750,000. It will turn over its assets 2.5 times per year. The profit margin on sales will be 6 percent. What would net income and return on assets (investment) be for the year?

Solution:

Return

Franklin Mint and Candy Shop

Net income?Sales?Profit Margin?$750,000?0.06?$45,000Assets?SalesTotal asset turnover?$750,0002.5?$300,000on assets ?investment??Net incomeTotal assets$45,000

?$300,000?15%

S-45

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-4.

Hugh Snore Bedding, Inc., has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12 percent. What is its profit margin (return on sales)?

Solution:

Hugh Snore Bedding, Inc.

Sales?Assets?total asset turnover?$400,000?1.5%?$600,000Net income?Assets?Return on assets$48,000?$400,000?12%Net incomeSales?$48,000/$600,000?8%

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-46

3-5.

Easter Egg and Poultry Company has $2,000,000 in assets and $1,400,000 of debt. It reports net income of $200,000.

a. What is the return on assets?

b. What is the return on stockholders’ equity?

c. If the firm has an asset turnover ratio of 2.5 times, what is the profit margin

(return on sales)?

Solution:

Easter Egg and Poultry Company

a.

Return on assets (investment)?Net incomeTotal assets b.

Return on equity$200,000$2,000,000?10%

?Net incomeStockholders' equity

Stockholders' equity?total assets?total debt?$2,000,000?$1,400,000

Net incomeStockholders' equity?$600,000

?$200,000$600,000?33%

OR

S-47

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-5. Continued

Return on equity?

Return on assets (investment)?1?Debt/Asset$1,400,000$2,000,00010%?70%.30s?

Debt/Assets?Return on equity??1?.70??33%

c. Sales ? total assets ? total assets turnover ?$2,000,000?2.5?$5,000,000

?$200,000$5,000,000?4%Profit margin 3-6.

?Net incomeSalesSharpe Razor Company has total assets of $2,500,000 and current assets of $1,000,000. It turns over its fixed assets 5 times a year. It has $700,000 of debt. Its return on sales is 3 percent. What is its return on stockholders' equity?

Solution:

Sharpe Razor Company

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

total assets – current assets Fixed assets $2,500,000 1,000,000 $1,500,000

Sales = Fixed assets x Fixed asset turnover = $1,500,000 x 5 = $7,500,000 total assets – debt Stockholders' equity

$2,500,000 700,000 $1,800,000

S-48

3-6. Continued

Net income = Sales x profit margin = $7,500,000 x 3% = $225,000

Return on stockholders' equity?Net incomeStockholders' equity

? 3-7.

$225,000$1,800,000?12.5%

Baker Oats had an asset turnover of 1.6 times per year.

a. If the return on total assets (investment) was 11.2 percent, what was Baker's

profit margin?

b. The following year, on the same level of assets, Baker's asset turnover

declined to 1.4 times and its profit margin was 8 percent. How did the return on total assets change from that of the previous year?

Solution:

Baker Oats

a. Total asset turnover ? Profit Margin = Return on Total assets

1.6???11.2%

Profit margin?11.2%1.6?7.0%

b. 1.4 ? 8%?11.2%

It did not change at all because the increase in profit margin made up for the decrease in the asset turnover.

S-49

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-8.

Global Healthcare Products has the following ratios compared to its industry for 2004. Global Healthcare Industry Return on sales 2% 10% Return on assets 18% 12%

Explain why the return on assets ratio is so much more favorable than the return on sales ratio compared to the industry. No numbers are necessary. A one sentence answer is all that is required.

Solution:

Global Healthcare Products

Global Healthcare Products has a higher asset turnover ratio than the industry.

Return on AssetsReturn on Sales?Asset Turnover18%2%vs12%

9?vs 1.2?

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-50

3-9.

Acme Transportation Company has the following ratios compared to its industry for 2005. Acme Transportation Industry Return on assets ...................... 9% 6% Return on equity ..................... 12 24

Explain why the return on equity ratio is so much less favorable than the return on assets ratio compared to the industry. No numbers are necessary; a one-sentence answer is all that is required.

Solution:

Acme Transportation Company

Acme Transportation has a lower debt/total assets ratio than the industry.

For those who did a calculation, Acme’s debt to assets were 25% vs 75% for the industry.

S-51

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-10.

Gates Appliances has a return-on-assets (investment) ratio of 8 percent.

a. If the debt-to-total-assets ratio is 40 percent, what is the return on equity? b. If the firm had no debt, what would the return-on-equity ratio be?

Solution:

Gates Appliances

a.

Return on equity?Return on assets ?investment??1?Debt/Asset8%s???1?0.40?

8%0.60??13.33%

b. The same as return on assets (8%).

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-52

3-11.

Using the Du Pont method, please evaluate the effects of the following relationships for the Butters Corporation.

a. Butters Corporation has a profit margin of 7 percent and its return on assets

(investment) is 25.2 percent. What is its asset turnover ratio?

b. If the Butters Corporation has a debt-to-total-assets ratio of 50 percent, what

will the firm's return on equity be?

c. What would happen to return on equity if the debt-to-total-assets ratio

decreased to 35 percent?

Solution:

Butters Corporation

a.Profit margin?Total asset turnover??25.2% ?25.2%7%Return on asset ?investment7%???Total asset turnover?3.6x b.

Return on equity?Return on assets ?investment??1?Debt/Asset25.2%s???1?0.50?

25.2%0.50??50.40%

S-53

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-11. Continued

c. Return on equity?Return on assets ?investment??1?Debt/Asset25.2%s???1?.35?

25.2%0.65??38.77%

3-12.

Jennifer’s Shoe Stores has $2,000,000 in yearly sales. The firm earns 3.8 percent on each dollar of sales and turns over its assets 2.5 times per year. It has $60,000 in current liabilities and $140,000 in long-term liabilities.

a. What is its return on stockholders' equity?

b. If the asset base remains the same as computed in part a, but total asset

turnover goes up to 3, what will be the new return on stockholders' equity? Assume that the profit margin stays the same as do current and long-term liabilities.

Solution:

Jennifer Shoe Stores

a. Net income?Sales?profit margin?$2,000,000?3.8%

?$76,000

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-54

3-12. Continued

Stockholders equity?Total assets?Total liabilities Total assets?Sales/Total asset turnover

?$2,000,000/2.5?$800,000

Total liabilities?Current liabilities?Long-term liabilities?$60,000?$140,000?$200,000Stockholders' equity?$800,000?$200,000?$600,000Return on stockholders' equity?Net incomeStockholders' equity?$76,000$600,000

?12.67%S-55

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-12. Continued

b. The Value for sales will be:

Sales?Total assets?Total asset turnover?$800,000?3

?$2,400,000

Net income?Sales?Profit margin

?$2,400,000?3.8%

?$91,200

Return on stockholders' equity?Net incomeStockholders' equity

?$91,200$600,000?15.2%

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-56

3-13.

Assume the following data for Interactive Technology and Silicon Software: Interactive Silicon

Technology (IT) Software (SS)

Net income ....................................... $ 15,000 $ 50,000 Sales ................................................. 150,000 1,000,000 Total assets....................................... 160,000 400,000 Total debt ......................................... 60,000 240,000 Stockholders' equity ......................... 100,000 160,000

a. Compute return on stockholders' equity for both firms using ratio 3a. Which

firm has the higher return?

b. Compute the following additional ratios for both firms.

Net income/Sales

Net income/Total assets Sales/Total assets Debt/Total assets

c. Discuss the factors from part b that added or detracted from one firm having a

higher return on stockholders' equity than the other firm as computed in part a.

Solution:

Interactive Technology and Silicon Software

a.

Interactive Technology (IT) Net incomeStockholders' equity?$15,000$100,000?15%Silicon Software (SS)

$50,000$160,000?31.25%

Silicon Software (SS) has a much higher return on stockholders' equity than Interactive Technology (IT).

S-57

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-13. Continued

b.

Interactive Technology (IT) ?$15,000$150,000$15,000$160,000$150,000$160,000$60,000$160,000?10%Silicon Software (SS)

$50,000$1,000,000$50,000$400,000$1,000,000$400,000$240,000$400,000?5%Net incomeSalesNet incomeTotal assetsSalesTotal assetsDebtTotal assets??9.37%?12.5%

??.937x?2.5x??37.5%?60%

As previously indicated, Silicon Software (SS) has a substantially higher return on stockholder's equity than Interactive Technology (IT). The reason is certainly not to be found on return on the sales dollar where Interactive Technology has a higher return than Silicon Software (10% vs. 5%).

However, Silicon Software has a higher return than Interactive Technology on total assets (12.5% versus 9.37%). The reason is clearly to be found in total asset turnover, which strongly favors Silicon Software over Interactive Technology (2.5x versus .937x). This factor alone leads to the higher return on total assets.

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-58

3-13. Continued

Silicon Software’s superior return on stockholders' equity is further

enhanced by a higher debt ratio than Interactive Technology (60% versus 37.5%). This means that a smaller percentage of Silicon Software’s total assets are being financed by stockholders' equity and thus the potentially higher return on stockholders' equity.

Although not requested in the question, one could show the following:

Net incomeStockholders' equity?Net income/Total asssets?1?debt/assets?Silicon Software?12.5%?1?.60??12.5%/.40?31.25% ?.937%?1?.375??9.37%/.625?15%Interactive Technology

S-59

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-14.

A firm has sales of $3 million, and 10 percent of the sales are for cash. The year-end accounts receivable balance is $285,000. What is the average collection period? (Use a 360-day year.)

Solution:

Average collection period?Accounts receivableAverage daily credit sales?$285000/?$3,000,000?90%?360 days

?$285,000$7,500 per day?38 days

3-15.

Martin Electronics has an accounts receivable turnover equal to 15 times. If accounts receivable are equal to $80,000, what is the value for average daily credit sales?

Solution:

Martin Electronics

Average daily credit sales ?Credit sales360

To determine credit sales, multiply accounts receivable by accounts receivable turnover.

$80,000 x 15 = $1,200,000

Average daily credit sales ?

S-60

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

$1,200,000360?$3,333

3-16.

Perez Corporation has the following financial data for the years 2003 and 2004: 2003 2004 Sales $8,000,000 $10,000,000 Cost of good sold 6,000,000 9,000,000 Inventory 800,000 1,000,000

a. Compute inventory turnover based on ratio number 6, sales/inventory, for

each year.

b. Compute inventory turnover based on an alternative calculation that is used by

many financial analysts, cost of goods sold/inventory, for each year. c. What conclusions can you draw from part a and part b?

Solution:

Perez Corporation

a.

2003

SalesInventory ?$8,000,000800,000$6,000,000800,000?10x2004

$10,000,0001,000,000$9,000,0001,000,000?10x

b.

Cost of goods soldInventory??7.5x?9x

c. Based on the sales to inventory ratio, the turnover has remained constant at 10x. However, based on the cost of goods sold to inventory ratio, it has improved from 7.5x to 9x.

The latter ratio may be providing a false picture of improvement in this example simply because cost of goods sold has gone up as percentage of sales (from 75 percent to 90 percent). Inventory is not really turning over any faster.

S-61

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-16. Continued

Nevertheless, cost of goods sold used by many analysis in the

numerator of the inventory turnover ratio because it is stated on a \basis as is inventory. This is an important theoretical consideration.

However, the authors prefer to use sales in the numerator of the

inventory turnover ratio because that is the procedure used by Dun & Bradstreet, the most widely quoted sources for ratio analysis. Furthermore, for privately traded companies there may be only information available on sales and not cost of goods sold.

3-17.

The balance sheet for the Stud Clothiers is given below. Sales for the year were $2,400,000, with 90 percent of sales sold on credit.

Stud Clothiers Balance Sheet 199X

Assets Liabilities and Equity

Cash ............................. $ 60,000 Accounts payable .................. $220,000 Accounts receivable ..... 240,000 Accrued taxes ........................ 30,000 Inventory ...................... 350,000 Bonds payable (long term) .... 150,000 Plant and equipment .... 410,000 Common stock....................... 80,000 Paid-in-capital ....................... 200,000 Retained earnings .................. 380,000 Total liabilities and equity ..... $1,060,000 Total assets................... $1,060,000

Compute the following ratios:

a. Current ratio. b. Quick ratio.

c. Debt-to-total-assets ratio. d. Asset turnover.

e. Average collection period.

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-62

3-17. Continued

Solution:

Stud Clothiers

a.Current ratio?Current assetsCurrent liabilities

b.Quick ratio

?$650,000$250,000

?2.6x??Current assets?inventory?Current liabilities?$650,000?$350,000$250,000

?$300,000$250,000?1.2xS-63

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-20.

A firm has net income before interest and taxes of $120,000 and interest expense of $24,000.

a. What is the times interest earned ratio?

b. If the firm's lease payments are $40,000, what is the fixed charge coverage?

Solution:

a.Times interest earned?Income before interest and taxesInterest?120,000/$24,000

b.?5xIBIT?Before tax fixed chargesFixed charge coverage?Interest?Fixed charges?$120,000?$40,000$24,000?$40,000

?2.5xS-69

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-21.

In January 1995, the Status Quo Company was formed. Total assets were

$500,000, of which $300,000 consisted of depreciable fixed assets. Status Quo uses straight-line depreciation, and in 1995 it estimated its fixed assets to have useful lives of 10 years. Aftertax income has been $26,000 per year each of the last 10 years. Other assets have not changed since 1995.

a. Compute return on assets at year-end for 1995, 1997, 2000, 2002 and 2004.

(Use $26,000 in the numerator for each year.)

b. To what do you attribute the phenomenon shown in part a?

c. Now assume income increased by 10 percent each year. What effect would

this have on your above answers? Comment.

Solution:

Status Quo Company

a. Return on assets (investment) = Income after taxes/Total assets.

The return on assets for Status Quo will increase over time as the assets depreciate and the denominator gets smaller. Fixed assets at the beginning of 1995 equal $300,000 with a ten-year life which means the depreciation expense will be $30,000 per year. Book values at year-end are as follows:

1995 = $270,000; 1997 = $210,000; 2000 = $120,000; 2002 = $60,000; 2004 = -0- Return on assets (investment)?

1995 = $26,000/$470,000 = 5.53% 1997 = $26,000/$410,000 = 6.34% 2000 = $26,000/$320,000 = 8.13% 2002 = $26,000/$260,000 = 10.00% 2004 = $26,000/200,000 = 13.00%

Income after taxesCurrent assets?Fixed assets

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-70

3-21. Continued

b. The increasing return on assets over time is due solely to the fact that annual depreciation charges reduce the amount of investment. The increasing return is in no way due to operations.

Financial analysts should be aware of the effect of overall asset age on the return-on-investment ratio and be able to search elsewhere for indications of operating efficiency when ROI is very high or very low.

c. As income rises, return on assets will be higher than in part (b) and would indicate an increase in return partially from more profitable operations.

3-22.

Calloway Products has the following data. Industry information also is shown.

Industry Data on Net

Year Net Income Total Assets Income/Total Assets 2002 $360,000 $3,000,000 11% 2003 380,000 3,400,000 8% 2004 380,000 3,800,000 5%

Industry Data on

Year Debt Total Assets Debt/Total Assets 2002 $1,600,000 $3,000,000 52% 2003 1,750,000 3,400,000 40% 2004 1,900,000 3,800,000 31%

As an industry analyst comparing the firm to the industry, are you more likely to praise or criticize the firm in inters of:

a. Net income/Total assets? b. Debt/Total assets?

S-71

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

3-22. Continued

Solution:

Calloway Products

a. Net income/total assets Year 2002 2003 2004

Industry Ratio

11.0% 8.0% 5.0%

Although the company has shown a declining return on assets since 1997, it has performed much better than the industry. Praise may be more appropriate than criticism.

b. Debt/total assets Year Calloway Ratio Industry Ratio 2002 53.33% 52.0% 2003 51.47% 40.0% 2004 50.0% 31.0%

While the company's debt ratio is improving, it is not improving nearly as rapidly as the industry ratio. Criticism may be more appropriate than praise.

Calloway Ratio 12.0% 11.18% 10.0%

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

S-72

3-23.

Quantum Moving Company has the following data. Industry information also is shown.

Company Data Industry Data on Net

Year Net Income Total Assets Income/Total Assets 2003 $350,000 $2,800,000 11.5% 2004 375,000 3,200,000 8.4% 2005 375,000 3,750,000 5.5%

Industry Data on

Year Debt Total Assets Debt/Total Assets 2003 $1,624,000 $2,800,000 54.1% 2004 1,730,000 3,200,000 42.0% 2005 1,900,000 3,750,000 33.4%

As an industry analyst comparing the firm to the industry, are you more likely to praise or criticize the firm in inters of:

a. Net income/total assets? b. Debt/total assets?

Solution:

Quantum Moving Company

a. Net income/total assets Year 2003 2004 2005

Industry Ratio

11.5% 8.4% 5.5%

Although the company has shown a declining return on assets since 2003, it has performed much better than the industry. Praise may be more appropriate than criticism.

Quantum Ratio 12.5% 11.7% 10.0%

S-73

Copyright ? 2005 by The McGraw-Hill Companies, Inc.

本文来源：https://www.bwwdw.com/article/kwa6.html