[회계원리] CKE Restaurant 재무분석(~2009)(영문)
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분야
docxChapter 6: Analyzing Revenues and Receivables
1. If your company lists receivables in its balance sheet, what percentage is it of total assets for each of the last three years? If your company does not list receivables, discuss why this is so.
2. Ratio analysis
3. If your company lists receivables, use the 10-K to determine what additional disclosure is available concerning the allowance for doubtful accounts.
Chapter 5: ROE Profit Driver Analysis
In the CKE’s 10-K, the account ‘bad debt expense’ is only listed included in ‘administrative expense’. Except this account, any account related to bad debt and doubtful accounts couldn’t be found. Though the administrative expense is continuously increasing, it is uncertain and can be wrong to suggest that CKE’s bad debt expense is also increasing.
It is common in the statement of cash flows that the change in receivables will produce the opposite result for the cash flow from operating activities. CKE’s receivables increased at 2008(peak) and decreased at 2009 to the similar value of 2007. Related, the cash flow has decreased at 2008 and increased at 2009 reversely. It can be easily explained by the fact that when there is an increase in receivable, it means the sale is made with a promise to pay in the future. Thus, in the statement of cash flows, it is shown as a decrease, because the cash is not actually .
Chapter 5: ROE Profit Driver Analysis
2006 2007 2008 2009
Net income
Net sales 37,882
1,542,071 31,076
1,534,634 36,956
1,482,710
Net Profit Margin 0.032 0.020 0.025
Total Assets
Avg. Total Assets 795,428 796,638
796,033 791,711
794,174.5 804,687
798,199
Asset Turnover Ratio 2.003 1.932 1.858
Total Stockeholder's equity
Avg. Total Shareholder's equity 308,938 378,846
343,892 145,242
262,044 194,276
169,759
Financial Leverage Ratio 2.310 3.021 4.740
ROE 0.148
14.8% 0.117
11.7% 0.220
22.0%
ROE=Net Profit Margin × Asset Turnover × Financial Leverage
