博迪_投资学第九版_英文答案(3)

博迪_投资学第九版_英文答案

8. a.

Liabilities &

Shareholders’ equity

Cash $ 70,000 Bank loan $ 50,000 Computers Shareholders’ equity Total $100,000 Total $100,000

Ratio of real assets to total assets = $30,000/$100,000 = 0.30 Assets

b.

Assets

Software product*

Computers

Total *Valued at cost

Ratio of real assets to total assets = $100,000/$100,000 = 1.0

c.

Assets

Microsoft shares

Computers

Total Liabilities & Shareholders’ equity $120,000 Bank loan $ 50,000 Shareholders’ equity $150,000 Total $150,000 Liabilities & Shareholders’ equity $ 70,000 Bank loan $ 50,000 Shareholders’ equity $100,000 Total $100,000

Ratio of real assets to total assets = $30,000/$150,000 = 0.20

Conclusion: when the firm starts up and raises working capital, it is characterized by a low ratio of real assets to total assets. When it is in full production, it has a high ratio of real assets to total assets. When the project "shuts down" and the firm sells it off for cash, financial assets once again replace real assets.

9. For commercial banks, the ratio is: $140.1/$11,895.1 = 0.0118

For non-financial firms, the ratio is: $12,538/$26,572 = 0.4719

The difference should be expected primarily because the bulk of the

business of financial institutions is to make loans; which are financial assets

for financial institutions.

10. a. Primary-market transaction

b. Derivative assets

c. Investors who wish to hold gold without the complication and cost of

physical storage.