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The document analyzes various financial ratios for a business between 2013 and 2014 including profitability ratios, stability ratios, and turnover ratios. It finds that the business' return on equity, net profit margin, selling expense ratio, general expense ratio, total debt ratio, stock turnover, and interest coverage ratio improved between 2013 and 2014, while its gross profit margin, working capital ratio, and debtor turnover ratio worsened over this period.
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Financial Ratio Analysis Tutorial Exercise 1
Dr. Foo Manchu's Pet Store had net sales of $72,970 in 2014. The cost of goods sold was $49,610, resulting in a gross profit of $23,360. Total expenses were $16,205, giving a net profit of $7,155. The owner's equity increased from $30,200 in 2013 to $35,600 in 2014. Several profitability and stability ratios were calculated to analyze trends from 2013 to 2014.
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Dr. Foo Manchu's Pet Store had net sales of $72,970 in 2014. The cost of goods sold was $49,610, resulting in a gross profit of $23,360. Total expenses were $16,205, giving a net profit of $7,155. The owner's equity increased from $30,200 in 2013 to $35,600 in 2014. Several profitability and stability ratios were calculated to analyze trends from 2013 to 2014.
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DEFINITION of 'Operating Leverage'
A measurement of the degree to which a firm or project incurs a combination of fixed and variable costs.
1. A business that makes few sales, with each sale providing a very high gross margin, is said to be highly leveraged. A business that makes many sales, with each sale contributing a very slight margin, is said to be less leveraged. As the volume of sales in a business increases, each new sale contributes less to fixed costs and more to profitability.
2. A business that has a higher proportion of fixed costs and a lower proportion of variable costs is said to have used more operating leverage. Those businesses with lower fixed costs and higher variable costs are said to employ less operating leverage.
Financial Leverage:
Financial leverage is the degree to which a company uses fixed-income securities such as debt and preferred equity. The more debt financing a company uses, the higher its financial leverage. A high degree of financial leverage means high interest payments, which negatively affect the company's bottom-line earnings per share.
Financial risk is the risk to the stockholders that is caused by an increase in debt and preferred equities in a company's capital structure. As a company increases debt and preferred equities, interest payments increase, reducing EPS. As a result, risk to stockholder return is increased. A company should keep its optimal capital structure in mind when making financing decisions to ensure any increases in debt and preferred equity increase the value of the company.
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Account assignment ratio calculation
This document analyzes various financial ratios for a business between 2012 and 2013. It finds that the return on equity and gross profit margin decreased slightly, while the net profit margin increased slightly. Selling expenses decreased as a percentage of sales from 11.5% to 9.8%, while general and financial expenses increased slightly. The working capital ratio improved from 1.45 to 1.59, indicating better ability to cover current liabilities, though it remains below the minimum requirement of 2. The total debt ratio decreased from 56.8% to 56.3% but remains above the maximum limit of 50%. Inventory and debtor turnover ratios increased slightly, while the interest coverage ratio improved from 11.6 to 11.7 times and meets
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Chapter 2
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Chapter 6
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- 1. Financial Stability Ratios FAI Exercise 1 Tutorial Answers Profitability Ratios 2013 2014 Interpretation Return on Equity (ROE) 18.5% 7155 x 100% 65800 2 = 21.7% During the year 2013-14 period, the businesses’ ROE increased from 18.5% to 21.7%. This means the owner is getting more return from his capital. Net Profit Margin (NPM) 6.7% 7155 x 100% 72790 = 9.8% During the year 2013-14 period, the businesses’ NPM increased from 6.7% to 9.8%. This means the business is getting better at controlling its overall expenses. Gross Profit Margin (GPM) 34% 23360 x 100% 72790 = 32% During the year 2013-14 period, the businesses’ GPM decreased from 34% to 32%. This means the business is getting worse at controlling its COGS expenses. Selling Exp. Ratio (SER) 16.5% 9920 x 100% 72790 = 13.6% During the year 2013-14 period, the businesses’ SER decreased from 16.5% to 13.6%. This means the business is getting better at controlling its selling expenses. General Exp. Ratio (GER) 8.8% 4535 x 100% 72790 = 6.2% During the year 2013-14 period, the businesses’ GER decreased from 8.8% to 6.2%. This means the business is getting better at controlling its general expenses. Financial Exp. Ratio (FER) 2% 1750 x 100% 72790 = 2.4% During the year 2013-14 period, the businesses’ FER increased from 2% to 2.4%. This means the business is getting worse at controlling its financial expenses.
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