Name_
Student Number:_
Commerce 315
Winter, 2013
Quiz # 2
Instructions:
1.
2.
3.
4.
5.
6.
7.
1
You must turn in both this quiz and the exam booklet with your answers.
Answer all questions in the examination book provided to you with your quiz. Remember
to
Google Reformulated Income Statement
12/31/2012
12/31/2013
12/31/2013
Operating Assets:
Operating Income:
Accounts Receiveble
Inventories
Deferred Income taxes, current
Income Taxes Receivable, current
Prepaid revenue, current
Prepaid revenue, long-term
N
Reformulated Balance Sheet
2012
Operating liabilities
Accounts payable
Accrued compensation and benefits
Accrued expenses and other current liabilities
Accrued revenue share
Deferred revenue
Income taxes payable, net
Deferred revenue, non-current
Income t
COMM 411 Case 6
10071075
First-level
breakdown
ROCE
RNOA
FLEV
RNFA
Sprea
d
38.08%+(ROCE 0.5897*37.90%) =
Floyd Shou
15.73%
38.08%
-0.5897
0.18%
37.90%
15.73%
ROCE was 15.73% in 2013. Analysis showed that this was driven by negative leverage.
The high RNOA
COMM 411 Mini case 1
Floyd Shou 10071075
Of the six companies provided, Urban Outfitters, Inc., Abercrombie & Fitch Co., and
Aeropostale, Inc. are the most appropriate companies to use as a foundation for comparables
valuation for American Eagle Outfitter
Google Reformulated Income Statement
12/31/2012
12/31/2013
12/31/2013
Operating Assets:
Operating Income:
Accounts Receiveble
Inventories
Deferred Income taxes, current
Income Taxes Receivable, current
Prepaid revenue, current
Prepaid revenue, long-term
N
COMM 414 Mini case 8
Floyd Shou 10071075
In 2013:
Short-term liquidity stock measures:
Current ratio = 0.8
Quick ratio = 0.4
Cash ratio = 0.09
These measures indicate that CN has insufficient near-cash assets to pay off the
current liabilities. Its liquid
Commerce 411 Project Information
Please e-mail me with the names of the company you would like to analyze ASAP if you
have not already done so. Be sure to consult the list of prohibited companies on the
website. I will let you know if your company is OK w
As of
December 31,
2012
As of
December 31,
2013
Assets
Current assets:
Cash and cash equivalents
14,778
18,898
Marketable securities
33,310
39,819
Total cash, cash equivalents, and marketable securities (including securities loaned of $3,160 and $5,059)
4
Mini-case #2
The 1984 Apples Macintosh commercial is an allusion to George Orwells novel 1984, while the
iPhone 5 commercial features daily sports activities in real life. The 1984 commercial renders a
powerful message to the audience that the new Macinto
MagnaInternationalInc.(TSX:MG)>Financials>BalanceSheet
In Millions of the reported currency, except per
share items.
Total Cash & ST Investments
Accounts Receivable
Inventory
Prepaid Exp.
Deferred Tax Assets, Curr.
Other Current Assets
Total Current Asset
MagnaInternationalInc.(TSX:MG)>Financials>KeyStats
In Millions of the trading currency, except per share items.
Currency:
Trading Currency
Conversion:
Historical
Order:
Decimals:
Latest on Right
Capital IQ (Default)
Units:
S&P Capital IQ (Default)
KeyFina
Reformulated Balance Sheet
2012
Operating liabilities
Accounts payable
Accrued compensation and benefits
Accrued expenses and other current liabilities
Accrued revenue share
Deferred revenue
Income taxes payable, net
Deferred revenue, non-current
Income t
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
2
Definition
Return on Common Equity
Ratios
RNOA excluding HDFS
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
2007
2008
Err:508
Formula
2009
Err:508
2007
2010
Err:508
2008
Err:508
2009
2010
Return on Net Operating Ass
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOA t+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOA t+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOA t+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
-8.01%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
16.00%
3
Core RNOA
No.
1
Ratios
ROCE
No.
Definition
Return on Common Equity
Ratios
Formula
Comprehensive income / [(CSEt + CSEt-1)/2]
Definition
Formula
2010
13.19%
2010
2
RNOA
Return on Net Operating Assets
Operating income after tax / [(NOAt+NOAt-1)/2]
16.00%
3
Core RNOA