CAPITOLO 5 IL CONTO ECONOMICO E LA MISURAZIONE DEI COSTI. Problemi

Transcript

1 Copyright 2008 The Companies srl CAPITOLO 5 IL CONTO ECONOMICO E LA MISURAZIONE DEI COSTI Problema 5.1 Ace SpA Sales LC 26,666,667 [LC 20,000,000 x (200 / 150)] Problemi January cash LC 1,000,000 [LC 500,000 x (200 / 100)] December cash LC 600,000 At year-end the company was more liquid in terms of nominal currency (LC 600,000 versus LC 500,000) but in terms of the purchasing power of its cash it was worse off (LC 1,000,000 versus LC 600,000). Problema 5.2 Noretti & Klein a. Not an expense for June - not incurred. b. Expense for June c. Expense for June d. Expense for June e. Expense for June f. Not an expense for June - asset acquired. Problem 5-3 Gimatti Costruzioni Completed Contract Percentage of Completion This Year Next Year This Year Next Year Income excluding motel (000)... $1,250 $1,250 $1,250 $1,250 Income from motel project Income before taxes... $1,250 $2,000 $1,700 $1,550

2 Copyright 2008 The Companies srl Problem 5-4 Worden SpA a. (1) Sales... $85,000 Cost of goods sold... 45,000 Gross margin... $40,000 (2) 47 percent gross margin ($40,000 / $85,000) (3) 11 percent profit margin (9000/85000) The Woden Corporation had a tax rate of 40 percent ($6,000 / $15,000) on its pretax profit that represented 17.7 percent of its sales ($15,000 / $85,000). The company s operating expenses were 82.3percent of sales ($70,000 / $85,000) and its cost of goods sold was 53 percent of sales. The company s gross margin was 47 percent of sales ($40,000 / $85,000). Problema 5.5 Andreani SpA Depreciation. Each year for the next 5 years depreciation will be charged to income. No income statement charge. Land is not depreciated. Cost of goods sold. $3,500 charged to current year s income. $3,500 charged to next year s income. Subscription expense. $36 charged to current year. $36 charged to next year. Alternatively, $72 charged to current year on grounds $72 is immaterial. ti Problema 5.6 Green Lawn Chemical SpA Green Lawn s books: Dr. Inventory on Consignment... 8,400 Cr. Finished Goods Inventory... 8,400 Tutti i diritti riserva Note that at this point the $12,600 wholesale price (Green Lawn s revenue when these goods are sold) is irrelevant. Carson s books: No entry; the goods are not owned by Carson and hence are not inventory on Carson s books; similarly, Carson does not as yet owe Green Lawn for these goods. Green Lawn s books: Dr. Accounts Receivable... 5,040 Cost of Goods Sold... 3,360 Cr. Sales... 5,040 Inventory on Consignment... 3,360 (This can be shown as two entries.)

3 Copyright 2008 The Companies srl Carson s books: Dr. Cash or Accounts Receivable... 6,720 Cost of Goods Sold... 5,040 Cr. Sales... 6,720 Accounts Payable... 5,040 (This also can be shown as two entries.) Problema 5.7 Structco Costruzioni 20 x 1 20 x 2 20 x 3 Revenue... $980,000 $1,470,000 $2,205,000 Costs ,000 1,190,000 1,715,000 Income... $259,000 $ 280,000 $ 490,000 Revenue equals percentage completed during the year times fixed price.

4 Copyright 2008 The Companies srl Problema 5.8 GRW The GRW Company s current assets and current liabilities at year-end are shown below. Current assets: Cash... $ 23,100 Accounts receivable... $ 34,650 Less: Allowance for bad debts... 1,850 Net accounts receivable... 32,800 Beginning inventory... 46,200 Purchases ,800 Available inventory ,000 Less: Cost of goods sold ,700 Ending inventory... 69,300 Total current assets... $125,200 Current liabilities: Accounts payable... $38,600 Current portion of bonds payable... 7,700 Interest payable... 25,000 Total current liabilities... $ 71,300 Current ratio = $125,200 / $71,300 = 1.76 Quick ratio = ($23,100 + $32,800) / $71,300 =.78 The above ratios measure GRW s ability to meet short-term obligations. The current ratio indicates that GRW has 76 percent more cash and relatively liquid assets that are expected to be converted to cash in the short run than it has short-run obligations requiring cash for their satisfaction. This ratio does not necessarily mean the amount of current assets is adequate, however. For example, the accounts payable and interest payable could be obligations due within the next few days, and it may not be possible to liquidate accounts receivable and inventories that quickly. b. Cash Expenses: Cost of goods sold... $161,700 Other expenses... 69,300 Total cash expenses... $231,000 Days cash = $23,100 / ($231,000 / 365) = 36.5 days. This ratio measures how many days of normal operating expenses can be paid without adding to the cash balance. The above ratio indicates that GRW Company has an apparent stockpile of cash. This means GRW is either planning unusual expenditures during the next period, or is not properly managing cash. Cash does not generate a return. There is a trade-off between instant liquidity and the return on marketable securities. Some students may argue that purchases, rather than cost of goods sold, should be used in the calculation. This would not reflect a true steady state of operations, since it happened that GRW built up its

5 Copyright 2008 The Companies srl inventory by $23,100 during the year. The argument for basing the ratio on purchases would be stronger if the student explicitly assumes a long-term buildup of inventory each year (to support increasing sales); but then, for consistency, some other cash expenses should probably be increased, too, thus resulting in approximately the same 36.5-day figure. In any event, there is no implication that such ratio calculations are interpretable with great precision. They are most meaningful if calculated for the same company over a period of years. Problema 5.9 Excelsa SpA (A) ATTIVITA' 31/12/ /12/2004 Immobilizzazioni immateriali Brevetti industriali Marchi Immobilizzazioni materiali Impianti e macchinari netti Altre immobilizz. tecniche (al netto f.do amm.to) Attrezzature industriali nette Immobilizzazioni finanziarie Immobilizzazioni finanziarie Partecipazioni strategiche Crediti finanziari oltre l'esercizio successivo Totale immobilizzazioni Attività differite Crediti commerciali Rimanenze finali Crediti a breve verso Società del gruppo Crediti finanziari a breve verso altri Anticipi a fornitori Crediti a breve verso società controllante Crediti a breve verso imprese controllate Ratei e risconti attivi Attività liquide Assegni bancari 70 0 Denaro e valori in cassa Depositi bancari attivi Capitale circolante attivo Totale Attività

6 Copyright 2008 The Companies srl 31/12/03 31/12/04 Capitale netto Capitale sociale Riserva legale Riserva statutaria Utile degli esercizi precedenti portati a nuovo Utile netto d'esercizio Debiti a lungo termine Mutui e prestiti obbligazionari Debiti fin. a L/T verso altre società del gruppo Fondo Imposte a lungo termine Fondo rischi 60 0 Trattamento di Fine Rapporto Debiti a breve termine Acconti ricevuti da clienti Altri debiti finanziari a breve termine Debiti fin. a breve verso società controllante Debiti a breve verso l'erario 50 0 Debiti di conto corrente Debiti verso fornitori Debiti verso istituti di previdenza Ratei e risconti passivi Totale Passività Totale Passività e Capitale Netto

7 Copyright 2008 The Companies srl 31/12/03 31/12/04 Ricavi (A) Rimanenze iniziali Acquisti di materie prime Acquisto di servizi produttivi Canone di locazione dei magazzini Ammortamenti delle immobilizzazioni materiali Salari e stipendi di produzione Quota TFR relativa a salari Oneri previdenziali per il personale produttivo Rimanenze finali (-) Costo del venduto (B) Margine industriale (C=A-B) Ammortamento marchi Oneri diversi di gestione Costi di pubblicità Stipendi personale amministrativo e commerciale Quota TFR relativa a stipendi di struttura Oneri previdenziali del personale amministrativo Perdita su crediti Provvigioni agli agenti e procacciatori Costi di periodo (D) Risultato operativo caratteristico (E=C-D) Ricavi e proventi accessori Costi accessori di periodo (-) Altri proventi finanziari 30 0 Interessi attivi da società controllante Proventi da partecipazioni diverse Proventi da partecipazioni in società controllate Risultato della gestione accessoria (F) Risultato operativo globale (G=E+F) Interessi passivi e oneri finanziari (H) Risultato ordinario (I=G-H) Plusvalenze e sopravvenienze attive Minusvalenze e sopravvenienze passive (-) 50 0 Risultato della gestione straordinaria (L) Risultato prima delle imposte (M=I+L) Imposte sul reddito dell'esercizio (N) Utile (o perdita) dell'esercizio (O=M-N) ROE (%) 6,5 0,6 ROI (%) (675/( )*100 5,6 3,1 Dilazione di incasso del credito (gg) (3000/(9050/365) Dilazione concessa dai fornitori (gg) (1540/(( )/ Rotazione delle rimanenze (costo del venduto/rimanenze) 2,7 2,7