"Corporate Finance":Financial Analysis Techniques

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Questions 1:

The following information is available for a company and the industry in which it competes:

Corporate Finance:Financial Analysis Techniques

Relative to the industry, the company’s operating cycle:

A 、is shorter, but its cash conversion cycle is longer.

B 、and cash conversion cycle are both longer.

C、 is longer, but its cash conversion cycle is shorter.

Questions 2:

Corporate Finance:Financial Analysis Techniques

The firm’s degree of total leverage (DTL) is closest to:

A 、1.43.

B 、2.00.

C、 2.86

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Operating cycle = Number of days of inventory + Number of days of receivables. Cash conversion cycle = Operating cycle – Number of days of payables.

Corporate Finance:Financial Analysis Techniques

Therefore, both the operating and cash conversion cycles are longer for the company. A is incorrect. See table. C is incorrect. See table.

【Answer to question 2】C

【analysis】

C is correct. DTL = Revenue – Variable cost/Net income = £800,000 – £400,000/£140,000 = 2.86. A is incorrect because it is the degree of financial leverage (DFL). DFL = Operating income/Net income = £200,000/£140,000 = 1.43 B is incorrect because it is the degree of operating leverage (DOL). DOL = (Revenue – Variable cost)/Operating Income = [(£800,000 – £400,000)/£200,000] = 2.00

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