单选题
A company has convertible bonds with conversion price of $30 per
share. The stock price is currently $35 per share. For analytical purposes, the
bonds should be treated as:
单选题
Dacon Inc. has a capital structure consisting of $40 million of
liabilities and $50 million of equity. Dacon issues $3 million of preferred
shares and $5 million of bonds with warrants attached (debt component comprises
70% of the value) for total cash proceeds of $8 million. Which of the following
amounts is the revised debt-total capital ratio upon the issuance of the two new
financial instruments?
单选题
A finance lease results in the following net income effects to a
lessee as compared to an operating lease: early
years later years ①
lower lower
② lower
higher ③ higher
lower
单选题
Which of the following statements is least likely an off-balance-sheet
financing method?
A. Sale of receivables.
B. Convertible bonds.
C. Throughput arrangements.
【正确答案】
B
【答案解析】[解析] 可转换债券应作为负债记录在资产负债表中，因而不属于表外融资的方法。
单选题
At the beginning of the year, a lessee company enters into a new lease
agreement that is correctly classified as a finance lease, with the following
terms:
annual lease payment due 31 December
$100000
lease term
5 years
appropriate discount rate
12%
depreciation method
straight-line basis
estimated salvage value
$0
With respect to effect of the
lease on the company's financial statements in the first year of the lease,
which of the following is most accurate?
A. The reduction in the company's pretax income is $72096.
B. The reduction in the company's cash flow from financing is $56743.
C. The reduction in the company's cash flow from operations is
$72096.
单选题
Which of the following statements about direct financing leases and
operating leases is least accurate for a lessor?
A. Total cash flows are not affected by the accounting treatment of
lease.
B. As compared to an operating lease, a direct financing lease will result
in higher operating cash flows.
C. An operating lease will result in lower earnings in the earlier years of
the lease, while the direct lease will result in lower earnings in the later
years.
单选题
For a company that has sold receivable but retained the credit risk,
which of the following statements is least likely to require adjustment by an
analyst?
单选题
At the beginning of the year, two companies issued debt with the same
market rate, maturity date, and total face value. One company issued
coupon-bearing bonds at par and the other company issued zero-coupon bonds. All
other factors being equal for that year, compared with the company that issued
par bonds, the company that issued zero-coupon debt will most likely report:
A. higher cash flow from operations but not higher interest expense.
B. both higher cash flow operations and higher interest expense.
C. neither higher cash flow from operations nor higher interest
expense.
单选题
On 1 January 2010 a company enters into a lease agreement to lease a
piece of machinery as the lessor with the following terms:
annual lease payment due 31 December lease term estimated
useful life of the machine estimated salvage value of the machine carrying
value (cost) of leased asset implied interest rate on lease
$75000 6 years 7 years $0 $300000 7%
The firm is reasonably assured of the collection of the lease
payments.
The total effect on 2010
pre-tax income for the lessor from this lease is closest to: