Income Statement (expressed in millions, except per share data)

for the Year ended December 31, 2013

Saless $ 2,700.00
Cost of goods sold (COGS) $ (2,025.00)
Gross Profits $ 675.00
Operating expenses
Selling expenses $ (90.00)
General and administrative expense $ (67.50)
Depreciation and amortization expense $ (135.00)
Total operating expense $ (292.50)
Net operating income (EBIT, or earning before interest and taxes) $ 382.50
Interest expense $ (67.50)
Earning before taxes $ 315.00
Income taxes $ (110.25)
Net income $ 204.75

Additional information
Dividends paid to stockholders during 2013 $ 45.00
Number of cummon shares outstanding $ 90.00

Earning per share (EPS) $ 2.28

Dividends per share $ 0.50
 100.0%
-75.0%
25.0%

-3.3%
-2.5%
-5.0%
-10.8%
14.2%
-2.5%
11.7%
-4.1%
7.6%

di dapat dari Net Income di bagi dengan outstandingg share

di dapat dari deviden yang harus di bayarkan di bagi dengan jumlah outstanding share
 Balance Sheet ($ million)
December 31, 2012 and 2013
Assets Liabilitie
2012 2013
Cash 94.50 90.00 Accounts payable
Accounts Receivable 139.50 162.00 Accurued expenses
Inventory 229.50 378.00 Short-term notes
Other current assets 13.50 13.50 Total current liabilities
Total current assets 477.00 643.50 Long-term debt
Gross plant and equipment 1,669.50 1,845.00 Total liabilities
Less accumulated depreciation (382.50) (517.50) Common stocholders equity
Net plant and equipment 1,287.00 1,327.50 Common stock-per value
Total assets 1,764.00 1,971.00 Paid-in capital
Retained earnings
Total common stockholders equit
Total liabilities and stockholders e
 Liabilities and Owner's Equity
2012 2013
184.50 189.00
45.00 45.00
63.00 54.00
l current liabilities 292.50 288.00
720.00 771.75
1,012.50 1,059.75
stocholders equity
mon stock-per value 45.00 45.00
324.00 324.00
ined earnings 382.50 542.25
mon stockholders equity 751.50 911.25
lities and stockholders equity 1,764.00 1,971.00
 Common size Income Statement (expressed in millions, except per share data)
for the Year ended December 31, 2013
Saless 100.0%
Cost of goods sold (COGS) -75.0%
Gross Profits 25.0%
Operating expenses
Selling expenses -3.3%
General and administrative expense -2.5%
Depreciation and amortization expense -5.0%
Total operating expense -10.8%
Net operating income (EBIT, or earning before interest a 14.2%
Interest expense -2.5%
Earning before taxes 11.7%
Income taxes -4.1%
Net income 7.6%

Common size Balance Sheet ($ million)

December 31, 2012 and 2013
2012 2013 Change
Cash 5.4% 4.6% -0.8%
Accounts Receivable 7.9% 8.2% 0.3%
Inventory 13.0% 19.2% 6.2%
Other current assets 0.8% 0.7% -0.1%
Total current assets 27.0% 32.6% 5.6%
Gross plant and equipment 94.6% 93.6% -1.0%
Less accumulated depreciation -21.7% -26.3% -4.6%
Net plant and equipment 73.0% 67.4% -5.6%
Total assets 100.0% 100.0% 0.0% Total Aset sebagai acuannya
2012 2013 Change
Accounts payable 10.5% 9.6% -0.9%
Accurued expenses 2.6% 2.3% -0.3%
Short-term notes 3.6% 2.7% -0.8%
Total current liabilities 16.6% 14.6% -2.0%
Long-term debt 40.8% 39.2% -1.7%
Total liabilities 57.4% 53.8% -3.6%
Common stocholders equity
Common stock-per value 2.6% 2.3% -0.3%
Paid-in capital 18.4% 16.4% -1.9%
Retained earnings 21.7% 27.5% 5.8%
Total common stockholders equity 42.6% 46.2% 3.6%
Total liabilities and stockholders equity 100.0% 100.0% 0.0% Total liabilitas sebagai acuan
er share data)

Nilai sales sebagai acuannya

Total Aset sebagai acuannya

Total liabilitas sebagai acuannya

 Current Ratio perusahaan boswell
Current ratio
Current aset $477.00
Current liabilities $292.50
1.63 perusahaan memiliki aset sebesar 1,63 kali dari total hutang jika perusahaan in

Acid-Test (quick) ratio

Acid-Test (quick) ratio
current asset 477.00
inventory 229.50
current liabilities 292.50
0.85 perusahaan hanya memiliki 0,85 dolar di dalam aset lancarnya untuk menutupi

Avarage Collection Period

berapakah average collection period perusahaan Boswell untuk tahun 2012 jika diasumsikan bahwa penjualan kredit tahun te

Daily credit sales

2500 365 6.85

Average Collection Period

Account recivable 139.50
Daily credit sales 6.85
20.37 Perusahaan mampu menagih hutang selama 20,37 hari

Account recivable Turnover

Annual credit sales 2500
Account recivable 139.50
17.92 piutang dagang berputar salam satu tahun

Inventory turnover
COGS 1980
Inventory 229.50
8.63 Perusahaan dapat memutar inventory dalam setahun

Days sales in inventory

days in year 365
inventory turnover ratio 8.63
42.31 perusahaan mempunyai inventory rata rata selama 42 hari

Capital Structure ratio

Debt Ratio
Total liabilities 1,012.50
total asset 1,764.00
57.40% perusahaan memiliki debt ratio sebesar 57%
 Time interest earned ratio
Time interest earned
EBIT $ 350.00
Interet ratio $ 65.00
5.38 perusahaan mampu membayar bunga sebesar 5,38 kali
hutang jika perusahaan ingin membayar hutang seluruhnya

lancarnya untuk menutupi setiap 1 dolar hutang

penjualan kredit tahun tersebut sebesar $ 2.500 juta?

Bedah kasus
mengevaluasi likuiditas Dell
menurut anda mengapa inventory turnover ratio HP terlalu rendah dibandingkan inventory turnover ratio Dell?
cara menghitung
IT Ratio = COGS / Inventories

$97,529,000 $7,490,000
13.02
Inventory turnover ratio HP selama (365/13,02) 28,3 hari daripada milik Dell sebesar 34,37 kali

Membandingkan keputusan finansial dari HD dan LOW

Berapakah times interest earned ratio dari Home Depot jika pembayaran bunganya tetap sama sedangkan net operating incom
Hal yang sama bila net operating income Lowes turun sebesar 80%, berapakah times interest earned ratio nya?
cara hitung
TIE = EBIT / Interest expense
TIE Home Depot
1332
606
2.20 TIE lebih tinggi
TIE Lowes
655
371
1.77 TIE lebih rendah
er ratio Dell?

angkan net operating income turun sebesar 80% menjadi hanya $1,332 miliar?
ed ratio nya?
Asset Management Efficiency Ratios (cont
Total Asset Turnover Ratio menggambarkan jumlah penjualan yang dihasilkan dari tiap dollar
(rupiah) aset yang diinvestasikan oleh perusahaan.

Total aset Sales $2,700 million

= = = 1.37 times
Turnover Total Assets $1,971 million

Peer-group total asset turnover = 1.15 times

Berapakah nilai total asset turnover ratio perusahaan Boswell pada tahun 2012 jika
diasumsikan bahwa nilai total sales sebesar $2,500 juta?

Total Assets Turnover

= $2,500 juta : $1,764 juta
= 1.42 kali

Perusahaan menghasilkan $1.42 penjualan per dollar aset pada tahun 2012.

Fixed asset turnover ratio mengukur efisiensi perusahaan dalam pemanfaatan aset tetap (seperti proper

Berapakah fixed asset turnover ratio perusahaan Boswell pada tahun 2012 jika diasumsikan penj

Fixed Asset Turnover

= $$2,500 juta ÷ $1,287 juta
= 1.94 kali = 1.94 kali

Perusahaan menghasilkan $1.94 per dollar penjualan atas aset tetap yang diinvestasikan.

Tabel berikut merangkum tingkat efisiensi manajemen Boswell dalam pemanfaatan asset-aset mereka gun
ios (cont.)

da tahun 2012 jika

tetap (seperti property, plant and equipment).

ika diasumsikan penjualan sebesar $2,500 juta selama tahun 2012?

iinvestasikan.

sset-aset mereka guna menghasilkan pendapatan (penjualan) selama tahun 2013.

Gambar 4.1 Analisis H. J. Boswell, Inc.’s Operating Retu

Tabel berikut ini menunjukan mengapa return on equity Boswell lebih tinggi daripada peers.
Operating Return on Assets (OROA)