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ESSAY. Write your answer in the space provided or on a separate sheet of paper.
1) In 2010, a biotechnology firm, DNA Map Inc., had $700 million of assets and $280 million of liabilities.
Earnings before interest and taxes were $215 million, interest expense was $10 million, and the tax rate was
32%.

(a) Calculate the times-interest-earned.

(b) Calculate the debt-to-equity ratio.
(c) Calculate the net margin.

2) The following data are available for two companies, Apple and Oracle, all stated in thousands of dollars.

Description Apple Oracle

Total revenue $42,905,000 $23,253,000
Earnings before interest and taxes 12,066,000 8,464,000
Interest expenses 0 630,000
Earnings before tax 12,066,000 7,834,000
Taxes at 40% 3,831,000 2,241,000
Earnings after tax (Net income) 8,235,000 5,593,000

Debt $15,861,000 $22,326,000

Equity 31,640,000 $25,090,000

(a) Calculate each company's return on equity (ROE) and return on asset (ROA)
(b) Which company has performed better in terms of profitability?
(c) If two companies were combined (merged), what would be the impact on the results on ROE? Under
what conditions would such a combination make sense?

3) The following shows selected comparative statement data for Dell Corporation. All financial data are as of
January 31 in millions.

2009 2008

Total revenue $61,101 $61,133

Cost of revenue $50,144 $49,462
Net income $2,478 $2,947
Account receivables $4,731 $7,693
Inventory $867 $1,180
Current assets $20,151 $19,880
Long-term liabilities $7,370 $5,206
Total assets $26,500 $27,561
Total common shareholders' equity $4,271 $3,735

For year 2009,

(a) (b) What is the total asset turnover?
(c) What is the current ratio?
What is (d) What is the return on asset?
the profit (e) What is the return on common shareholders' equity?
margin?

4) The following data were taken from the income statements of Broadcom Corporation (BRCM).

2009 2008
Total revenue $4,658,125 $3,776,395
Beginning inventory $231,313 $202,794
Purchases $510,711 $566,145
Ending inventory $366,106 $231,313

Compute for each year the inventory turnover ratio and what conclusions concerning the management of the
inventory can be drawn from the data?

5) Given the following facts, complete the balance sheet:

Given:
• Collection period 45.6 days
• Current ratio 1.38 times
• Quick ratio 1.13
• Inventory turnover ratio 23.5 times
• Time-interest-earned ratio 5.00
• Asset Turnover ratio 1.63
• Return on common equity 28.2%
• Gross margin 32.5%
• Net Margin 7.50%
• Cash $300
• Total sales revenue $4,000
• Total current assets $1,100
∙ Total assets $2,450

Find:
∙ Shareholders’ equity
∙ Long-term debt
∙ Current liabilities
∙ Account receivables
∙ Net income
1)
(a) Time-interest-earned ratio = = = 22.5 times

(b) Debt to equity ratio = = = 66.67%

(c) Net margin = ($215 - $10)(1 - 0.32) = $139.4

2)
(a) Return on common equity =

ROEA = = 26.03%

ROEO = = 22.29%

Return on total assets =

(b) If we judge the firms purely based on ROE and ROA, Apple performed better than Oracle.

ROAA = = 17.34%

ROAO = = 12.59%

(c) ROAmerge = = 24.38%

It seems merging improves the shareholders' value.

3)
2009 2008
Profit margin on sales 0.0406 0.0482
Total asset turnover 2.3057 2.2181
Current ratio 1.3561 1.0677
Return on asset 0.0917 0.1069
Return on common shareholders' equity 0.6190 0.7890

(a) Profit margin on sales = = = 4.06%

(b) Total assets turnover ratio = = = 2.3057 times

(c) Current ratio = = = 1.3561

(d) Return on total assets =

 Return on common
= equity = = 0.0917 = = 0.6190
(e)
4)
Inventory turnover ratio =

2009 2008
Total revenue $4,658,125 $3,776,395
Beginning inventory $231,313 $202,794
Purchases $510,711 $566,145
Ending inventory $366,106 $231,313

Inventory turnover 15.59 17.40

Inventory turnover in 2009 is slower than the ratio in 2008. It means the company was holding more excess stocks of
inventory in 2009.
5)
DSO = = = 45.6 days
∴ A/R = $500

Current ratio = = = 1.38

∴ Current liabilities = $797

Net margin = = = 7.5%

∴ Net Income = $300

Return on common equity = = = 28.2%

∴ Avg. common equity = $1,064

Total liabilities = Current liabilities + Long term liabilities + Common Equity

= $797 + Long term liabilities + $1,064 = $2,450
∴ Long term liabilities = $589
Other documents randomly have
different content
 III
But the really extraordinary thing about piecrust is that the quality
with which it is most frequently taunted is its one redeeming feature,
the feature that makes it sublime. Promises, they say, are like
piecrust, made to be broken. Why, the most beautiful and sacred
things in life are made to be broken! Upon all ordinary things,
breakage comes as the climax of disaster; upon a select few,
breakage comes as the climax of destiny. The fountain-pen that I
hold in my hand—the pen with which, without so much as a change
of nib, all my books have been written—will lie broken before me
one of these days. It was made; it will be broken; but it was not
made to be broken. The enjoyment ends with the breakage. But
with those other things, the things of the pie-crust class, the
enjoyment begins with the breakage. When I was a small boy, I
indulged in bird-nesting. And I never looked upon a cluster of
delicately-tinted, prettily-speckled eggs without feeling that each egg
was the most consummate piece of workmanship that I had ever
seen. Its shape, its color and its pattern were alike perfect. Indeed, I
silenced my conscience as I bore the nest home by amplifying this
very argument. 'If I leave the nest in the tree,' I said to myself,
'these pretty things will all be broken! When the birds are hatched,
the eggs will be smashed! They are far too pretty for that! I will take
them home and keep them. I am really saving them by stealing
them!' I know now that I was wrong. My argument was made up of
casuistry and special pleading. In reality I destroyed the eggs by
preserving them. They were made to be broken, and I cheated
destiny by preventing the breakage. I have travelled a good many
miles since then; but, every step of the way, I have learned, in some
new form, the same great lesson. And when, with reverent
footsteps, I have climbed the loftiest summits of all, the truth that I
first discovered in the English hedgerows has become most radiantly
clear. The two greatest events in the history of this planet are the
Incarnation and the Crucifixion.
It is Christmas-time; and we think with wonder and awe of the
mystery of that holy body's making!
It is Easter-time; and we think with wonder and awe of the mystery
of that holy body's breaking!
It is Communion-time! 'This is My body which is broken for you,' He
said.
And in the making of that body and the breaking of that body—the
body that was made to be broken—a lost world has found salvation.

VII—ALL'S WELL THAT ENDS WELL

It was a cruel winter's night; an icy wind was howling across the
Plain; a glorious fire was blazing in the dining-room grate; and,
happily, I had no engagements. To add to our felicity, the San
Francisco mail had arrived that morning, bringing our monthly
budget of news from home. The letters had, of course, been
devoured upon delivery, but the papers and magazines had been laid
aside for evening consumption. We had just opened the packages
and arranged the journals in order of publication when there came a
ring at the front-door bell. We glanced at each other meaningly and
at the papers regretfully. All kinds of visions presented themselves;
visions of a garrulous visitor who, with business over, would not go;
visions of a long drive across the Plain in the biting wind; visions of
everything but an evening with each other, a roaring fire and the
English mail. As though to rebuke our inhospitable and ungracious
thoughts, however, it was only Elsie Hammond. Elsie often dropped
in of an evening; she usually brought her fancy-work; and, in her
presence, we were perfectly at our ease. Every manse has one or
two such visitors. We read, worked, or chatted when Elsie came just
as we should have done if she had not dropped in.
'Why, Elsie,' I exclaimed, as soon as, divested of her hat and cloak,
she entered the dining-room and took her usual chair, 'whatever
brings you out on a wild night like this?'
'Well,' she replied, 'I wanted to see you about the Young People's
Missionary Union. You remember that they made me Secretary last
month, and we are arranging for the annual meeting. We have
invited Mr. Harriford Johnson, of the North Africa Evangelization
Society, to give an address; and I received his reply this morning. He
will be coming out from town by the five-twenty train; and I
wondered if you could let him come to the manse to tea, and, if
needs be, stay the night.'
I put Elsie at her ease by telling her that she might leave the matter
of Mr. Johnson's reception and entertainment entirely in my hands;
and then, resuming the pile of papers, we had a royal evening with
the English news.
The day of the missionary meeting arrived; and, as the clock struck
five, I set out for the station. Quite a number of people were moving
in the same direction, among them the Rev. J. M. McKerrow, my
Presbyterian neighbor. We walked towards the station together. On
the platform, however, he recognized a lady friend from a distance;
he moved away to speak to her; and, in the bustle of the train's
arrival, we saw each other no more.
I had never met Mr. Johnson, nor had any description of his personal
appearance been given me. For some reason, I had pictured to
myself a tall, cadaverous man in a severe garb, bearing upon him
the signs of the ravages wrought by a variety of tropical diseases;
and, contrary to one's usual experience, a gentleman roughly
according with this prognostication stepped from the train and
began to look aimlessly about him.
'Mr. Johnson?' I inquired, approaching him.
'Ah!' he replied, 'and you're from the manse!'
I admitted the impeachment, and we set off together for home. On
the way we chatted about the weather, the place, the crops, the
people, the church, the services, and things in general. He was a
vivacious conversationalist, and exhibited a remarkably alert and
hungry mind. He wanted to know all about everything; and when we
discussed my own work, its difficulties, and its encouragements, he
showed a genuine interest and a delightful sympathy. We had invited
several of the leading missionary spirits of the congregation to meet
him at tea. In order that the conversation at table might be generally
enjoyable, I had stored my mind with a fine assortment of questions
concerning conditions in Northern Africa which, like a quiver-full of
arrows, I intended firing at our guest as opportunity offered. But
opportunity did not offer. Mr. Johnson was so interested in the work
of the various organizations represented round the table that he
made it impossible for us to inquire about his own. Moreover, our
visitor chanced to discover that one of our guests had in his home a
little boy who was afflicted with blindness. On eliciting this
information, Mr. Johnson lapsed into sudden silence, and looked, I
thought, as though he had been hurt. But, after tea, he drew the
father of the blind boy aside and explained to him that he himself
had but one child, a little girl of ten, and she was similarly afflicted.
As he spoke of her, his vivacity vanished, and a great depth of
tenderness revealed itself. I wondered, but did not care to ask, if the
blindness of his child was part of the price that he had been
compelled to pay for residence in tropical Africa. After telling us of
his little daughter, and of the comfort that she was to him, Mr.
Johnson looked at his watch.
'We have nearly an hour,' he said, 'before meeting time; may I peep
into your sanctum? I love to glance over a man's books.'
Rarely have I spent an hour in the study so delightfully. All his
enthusiasm awoke again at sight of the shelves. He took down
volume after volume, handling each with affectionate reverence, and
making each the text of a running comment of a most fascinating
character. Amusing anecdotes about the author; an outline of the
singular circumstances under which certain of the books were
written; illuminating criticisms by eminent authorities; sparkling
quotations of out-of-the-way passages—there seemed to be no end
to his fund of lively and original observations.
'But I say,' he suddenly ejaculated, 'that conversation at table was
most interesting and valuable. I had no idea that so much excellent
work was being done. I have often wondered——'
But at that moment the mistress of the manse intervened.
'Excuse me,' she said, as she opened the study door, 'but Mr.
McKerrow and another gentleman wish to see you at once in the
drawing-room.'
To the drawing-room I accordingly repaired; and there I found my
companion of the afternoon, accompanied by a short, ruddy, thick-
set man, who was laughing very heartily.
'This is an extraordinary situation,' my friend began. 'You will have
discovered by this time that we jumped to conclusions too hurriedly
this afternoon. This is Mr. Harriford Johnson, of the North Africa
Evangelization Society, who is, I believe, to lecture for you to-night,
and I think you must have walked off with Mr. Douglas E. Johnson,
M.A., who is to address our teachers this evening on the
kindergarten method as applied to Sunday-school work. Mrs.
McKerrow and I had invited the superintendent of our Sunday-school
and the teachers of the primary classes to meet Mr. Johnson at tea
at the manse, and we got into a beautiful tangle. It was like playing
a game of cross questions and crooked answers. The young people
were asking Mr. Johnson's advice on technical matters connected
with their classes; and Mr. Johnson was modestly disclaiming all
knowledge of the subject, and was telling us of his experiences in
Central Africa. We were all beginning to feel that the world had
suddenly turned topsy-turvy, when Mr. Johnson suddenly asked how
long ago the Young People's Missionary Union was established, and
seemed surprised that a Miss Elsie Hammond was not present. Then
the truth broke upon us, and we have all been laughing ever since.'
I cordially welcomed Mr. Johnson, and then we all three went
through to the dining-room, in which, by this time, the whole of our
party was assembled. Mr. Johnson was holding the company spell-
bound. I briefly introduced our two visitors, and explained the
position. The announcement was received with bursts of merriment,
although our tea-table guest was covered with confusion and full of
apologies. However, he quickly entered into the humor of the
situation, and, after promising to return to lunch with the African Mr.
Johnson next day, he went off with Mr. McKerrow laughing heartily.
Both meetings were a great success. The comedy of errors may
have had something to do with it. In comparing notes next morning,
both speakers declared that they felt very much at home with their
audiences. The joke had quickly spread, and created an atmosphere
of sympathy and familiarity. Henry Drummond used to say that he
could never get on with people until he had laughed with them. Both
meetings opened that evening with a bond already established
between speaker and audience; and that stands for a good deal.
We had a very happy time, too, at lunch next morning. Our visitors
were both pleased that the mistake had been made.
'It's very nice,' said Mr. Harriford Johnson, 'to have got into touch
with two ministers and two congregations instead of one. I am
thankful to have been able to say a word for Africa to the young
people with whom I had tea at Mr. McKerrow's.'
'And for my part,' added Mr. Douglas Johnson, 'I am thoroughly
ashamed of myself. The conversation at the tea-table last evening
was a perfect revelation to me. I have often heard about foreign
missions, and I suppose I ought to have interested myself in them.
But one has his own line of things, and is apt to get into grooves. I
had no idea until yesterday that the movement was so orderly and
systematic nor that the operations were so extensive. It was like
being taken into the confidence of a military commander, and shown
his strategy. I go back feeling that my mind has been fitted with a
new set of windows, and I am able to look out upon the world in a
way that was impossible before. I am delighted, too, to have met my
namesake, Mr. Harriford Johnson. He has given me'—taking a
pamphlet from his pocket—'a copy of the last annual report of the
North Africa Evangelization Society, and I shall always think more
kindly of Africa because of this singular experience at Mosgiel.'
It was years before I heard of either of our visitors again. Mr.
Harriford Johnson, it is true, posted me each year a copy of the
report of his work. In 1899, however, he enclosed the pamphlet in a
note saying that he had found some of the hints that he had picked
up in his conversation with Mr. McKerrow's kindergarten teachers
very useful to his native school. 'There is something in the idea,' he
wrote, 'that appeals to the African mind; and I am sending to
London for some literature on the subject with a view to applying
the system more extensively. The mistakes that we all made that
evening at the Mosgiel railway station have proved, to me, very
profitable ones.'
I never heard directly from Mr. Douglas Johnson. But, about five
years afterwards, I noticed in an Auckland paper the announcement
of the death of his little blind girl; and, a year or two later, I saw in
the annual report of Mr. Harriford Johnson's Mission the
acknowledgement of a handsome donation from D.E.J., 'in loving
memory of one who, though spending all her days in darkness, now
sees, and desires that Africa shall have the Light of Life.'
Of all the things that are made in a world like this, mistakes are by
no means the worst.

OTHER BOOKS BY MR. BOREHAM

A BUNCH OF EVERLASTINGS
A HANDFUL OF STARS
A REEL OF RAINBOW
FACES IN THE FIRE
MOUNTAINS IN THE MIST
MUSHROOMS ON THE MOOR
THE GOLDEN MILESTONE
THE HOME OF THE ECHOES
THE LUGGAGE OF LIFE
THE OTHER SIDE OF THE HILL
THE SILVER SHADOW
THE UTTERMOST STAR
SHADOWS ON THE WALL
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