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Helen 🎈 · 2023年11月07日

total debt 不等于total liability

  1. CFA I
  2. FRA

NO.PZ2023081403000042

问题如下：

Q. Consider the common-size balance sheets in Exhibit 1 for Company A, Company B, as well as the industry average. Which statement is correct?

Exhibit 1:

Balance Sheet and Industry Average

选项：

A.Company A has below-average liquidity risk.

B.Company B has above-average solvency risk.

C.Company A has made one or more acquisitions.

解释：

C is correct. The presence of goodwill on Company A’s balance sheet signifies that it has made one or more acquisitions in the past. The current, cash, and quick ratios are lower for Company A than for the sector average. These lower liquidity ratios imply above-average liquidity risk. The total debt, long-term debt-to-equity, debt-to-equity, and financial leverage ratios are lower for Company B than for the sector average. These lower solvency ratios imply below-average solvency risk.

Current ratio is (35 ÷ 35) = 1.00 for Company A, versus (48 ÷ 28) = 1.71 for the sector average.Cash ratio is (5 + 5) ÷35 = 0.29 for Company A, versus (7 + 2) ÷28 = 0.32 for the sector average.Quick ratio is (5 + 5 + 5) ÷35 = 0.43 for Company A, versus (7 + 2 + 12) ÷28 = 0.75 for the sector average.Total debt ratio is (55 ÷ 100) = 0.55 for Company B, versus (63 ÷ 100) = 0.63 for the sector average.Long-term debt-to-equity ratio is (20 ÷ 45) = 0.44 for Company B, versus (28 ÷ 37) = 0.76 for the sector average.Debt-to-equity ratio is (55 ÷ 45) = 1.22 for Company B, versus (63 ÷ 37) = 1.70 for the sector average.Financial leverage ratio is (100 ÷ 45) = 2.22 for Company B, versus (100 ÷ 37) = 2.70 for the sector average.

请问B选项中，55/100这个是啥？total liability/L+E

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2 个答案

lynn_品职助教 · 2023年11月09日

嗨，爱思考的PZer你好：


既然不一样，为啥是total debt 是等于题目 里的liability/L+b


是的，这道题没有对debt 和liability进行区分。如下图是把所有黄色的加起来作为total debt ratio=total debt/total assets的分子。



total debt ratio=total debt/total assets

在计算上，如果考试不区分debt和liability，那么debt to capital，debt to assets是一样的。

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lynn_品职助教 · 2023年11月08日

嗨，努力学习的PZer你好：


公司的capital的来源有两个，分别是发债和发股票融资，total capital就是这两个资金来源的加总。


total asset=Liability+Equity。


题目中的debt不包含不付息的债务（比如Account payable）。


与Total asset相关的Liabilities包含所有债务（付息和不付息的）； 与Total Capital相关的Debt只包含付息债务。


正因为liability和debt不一样，导致total asset和total capital不一样。


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Helen 🎈 · 2023年11月08日

既然不一样，为啥是total debt 是等于题目 里的liability/L+b

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