Posted on Categories:Corporate Finance, 企业融资, 金融代写

# 金融代写|企业融资代写Corporate Finance代考|LRS28/TKMS13 Short-Term Solvency

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## 金融代写|企业融资代写Corporate Finance代考|Short-Term Solvency

Ratios of short-term solvency measure the ability of the firm to meet recurring financial obligations (that is, to pay its bills). To the extent a firm has sufficient cash flow, it will be able to avoid defaulting on its financial obligations and, thus, avoid experiencing financial distress. Accounting liquidity measures short-term solvency and is often associated with net working capital, the difference between current assets and current liabilities. Recall that current liabilities are debts that are due within one year from the date of the balance sheet. The basic source from which to pay these debts is current assets.

The most widely used measures of accounting liquidity are the current ratio and the quick ratio.

Current Ratio To find the current ratio, divide current assets by current liabilities. For the U.S. Composite Corporation, the figure for $20 \mathrm{X} 2$ is
$$\text { Current ratio }=\frac{\text { Total current assets }}{\text { Total current liabilities }}=\frac{761}{486}=1.57$$
If a firm is having financial difficulty, it may not be able to pay its bills (accounts payable) on time or it may need to extend its bank credit (notes payable). As a consequence, current liabilities may rise faster than current assets and the current ratio may fall. This may be the first sign of financial trouble. Of course, a firm’s current ratio should be calculated over several years for historical perspective, and it should be compared to the current ratios of other firms with similar operating activities.

Quick Ratio The quick ratio is computed by subtracting inventories from current assets and dividing the difference (called quick assets) by current liabilities:
$$\text { Quick ratio }=\frac{\text { Quick assets }}{\text { Total current liabilities }}=\frac{492}{486}=1.01$$
Quick assets are those current assets that are quickly convertible into cash. Inventories are the least liquid current assets. Many financial analysts believe it is important to determine a firm’s ability to pay off current liabilities without relying on the sale of inventories.

## 金融代写|企业融资代写Corporate Finance代考|Activity

Ratios of activity are constructed to measure how effectively the firm’s assets are being managed. The level of a firm’s investment in assets depends on many factors. For example, Toys ” Us might have a large stock of toys at the peak of the Christmas season; yet that same inventory in January would be undesirable. How can the appropriate level of investment in assets be measured? One logical starting point is to compare assets with sales for the year to arrive at turnover. The idea is to find out how effectively assets are used to generate sales.

Total Asset Turnover The total asset turnover ratio is determined by dividing total operating revenues for the accounting period by the average of total assets. The total asset turnover ratio for the U.S. Composite Corporation for $20 \mathrm{X} 2$ is
$$\text { Total asset turnover }^8=\frac{\text { Total operating revenues }}{\text { Total assets (average) }}=\frac{2,262}{1,810.5}=1.25$$
Average total assets $=\frac{1,879+1,742}{2}=1,810.5$
This ratio is intended to indicate how effectively a firm is using all of its assets. If the asset turnover ratio is high, the firm is presumably using its assets effectively in generating sales. If the ratio is low, the firm is not using its assets to their capacity and must either increase sales or dispose of some of the assets. One problem in interpreting this ratio is that it is maximized by using older assets because their accounting value is lower than newer assets. Also, firms with relatively small investments in fixed assets, such as retail and wholesale trade firms, tend to have high ratios of total asset turnover when compared with firms that require a large investment in fixed assets, such as manufacturing firms.

## 金融代写|企业融资代写Corporate Finance代考|Short-Term Solvency

$$\text { Current ratio }=\frac{\text { Total current assets }}{\text { Total current liabilities }}=\frac{761}{486}=1.57$$

$$\text { Quick ratio }=\frac{\text { Quick assets }}{\text { Total current liabilities }}=\frac{492}{486}=1.01$$

## 金融代写|企业融资代写Corporate Finance代考|Activity

$$\text { Total asset turnover }{ }^8=\frac{\text { Total operating revenues }}{\text { Total assets (average) }}=\frac{2,262}{1,810.5}=1.25$$

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