公司金融重要知识点(DOC)

1.Capital budgeting: capital budgeting to describe the process of making and managing expenditures on
long-lived assets.
资本预算:资本预算是形容对长期资产决策和管理支出的过程
2.Capital structure: capital structure represents the proportions of the firm’s financing from current a nd
long-term debt and equity.
资本结构：资本结构表示公司当前债务和长期债务及股权之间的融资比例
working capital: net working capital is defined as current assets minus current liabilities.
净营运资本：净营运资本是指流动资产减去流动负债
4.Debt service: debt service is interest payments plus repayments of principal (that is, retirement of debt).
还本付息：还本付息是支付利息加本金还款（即债务清偿）
5.Operating cash flow: operating cash flow, defined as earnings before interest plus depreciation minus taxes,
measures the cash generated from operations not counting capital spending or working capital requirements.
经营活动现金流：经营性现金流，定义为未计算利息的收益加上折旧减去税款，是用来衡量用于不计入资本支出的活动或营运资金需求所产生的现金量
pound value: compound value is the value of a sum after investing over one or more periods
复合值：复合值是指一个投资在一个或多个周期后的价值总和
present value: NPV is the present value of future cash flows minus the present value of the cost of the
investment.
净现值：净现值是指未来现金流的现值减去投资成本的现值
8.Discounting: the process of calculating the present value of a future cash flow is called discounting.
贴现：计算未来现金流量现值的过程称为贴现
9.Stated annual interest rate: the stated annual interest rate is the annual interest rate without consideration of
compounding.
名义年利率：名义年利率是指不考虑复利的年利率。

10.Perpetuity: is a constant stream of cash without end.
永久年金：指无限期支付的年金，即一系列没有到期日的现金流
11.Sensitivity analysis: sensitivity analysis examines how sensitive a particular NPV calculation is to changes in
underlying assumptions. Sensitivity analysis is also know as what-if analysis and bop(best, optimistic and pessimistic) analysis.
灵敏度分析：灵敏度分析是指一个特定的净现值计算转变为某一基本假设的灵敏程度。

灵敏度分析也与假设分析和BOP分析并称。

12.Homogeneous expectations: the useful simplifying assumption in a word where investors have access to
similar sources of information.
同质预期：就是一个让投资者有机会获得类似的信息来源的简化投资组合。

13.Beta coefficient: the beta coefficient tells us the response of the stock’s return to a systema tic risk.
贝塔系数：贝塔系数是一个用于反映股票的回报对于系统性风险的反应程度的工具
14.Tender offer: a tender offer is a public offer to buy shares of a target firm
要约收购: 要约收购是一个向目标公司发出收购股份的公告
简答题
1.Why do you think most long-term financial planning begins with sales forecasts? Put differently. Why are
future sales the key input? （第3章P77.8）
为什么你觉得最长远的财务规划是从销售预测开始？换句话说，为什么未来销售是关键因素
The reason is that, ultimately, sales are the driving force behind a business. A firm’s assets, employees, and, in fact, just about every aspect of its operations and financing exist to directly or indirectly support sales. Put differently, a firm’s future need for things like capital assets, employees, inventory, and financing are determined by its future sales level.
原因在于，销售由始至终都是商业活动的背后驱动力。

一个企业的资产，员工，而且，事实上，其业务及融资行为的每一个方面几乎都存在着直接或间接地支持销售的现象。

换句话说，企业的未来需求，比如资本资产，员工，存货和融资企业的未来需求是根据其未来的销售水平来决定的
2.Both ROA and ROE measure profitability. Which one is more useful for comparing two companies? Why?
（第3章P78.8）
ROA和ROE都能用于衡量盈利能力。

哪一个更适用于对比两个公司的盈利能力呢？为什么？Answer:
ROE is a bette r measure of the company’s performance. ROE shows the percentage return for the year earned on shareholder investment. Since the goal of a company is to maximize shareholder wealth, this ratio shows the company’s performance in achieving this goal over the period.
ROE（净资产收益率）更适用于衡量公司的表现。

ROE显示了股东投资一年挣取的全年回报的百分比。

由于公司的目标是股东财富最大化，所以这个比例同时反映了公司在实现这一目标期间的表现。

3.Which was the biggest culprit here: too many orders, too little cash, or too little production capacity? （第3
章P78.14）
哪个是这里最大的罪魁祸首：过多的订单，过分不足的现金，或过少的产能？
Answer:
All three were important, but the lack of cash or, more generally, financial resources, ultimately spelled doom. An inadequate cash resource is usually cited as the most common cause of small business failure.
这三者都很重要，但是现金的不足，或确切来说，是资金来源的缺乏造成了杯具。

资金链断裂通常被看作小企业失败的最常见原因
4.You are evaluating project A and project B, project A has a short period of future cash flows. While project B
has relatively long future cash flows. Which project will be more sensitive to changes in the required return?
Why?(第5章P161.11)
你正在评估项目A和项目B。

项目A有一个短期的未来现金流，而项目B则有相对长期的未来现金流。

哪一个项目对改变必要报酬率更敏感，为什么？
Answer:
Project B’s NPV would be more sensitive to changes in the discount rate. The reason is the time value of money. Cash flows that occur further out in the future are always more sensitive to changes in the interest rate. This sensitivity is similar to the interest rate risk of a bond.
项目B的净现值对于折现率的改变更敏感。

理由在于货币的时间价值。

较长期的现金流对利率的变化更敏感。

这种敏感性类似于债券的利率风险。

5.In our capital budgeting example, we assumed that a firm would recover all of the working capital it invested
in a project. Is this a reasonable assumption? When might it not valid?（第6章P194.5）
以资本预算为例，我们假定公司将收回其投资项目的全部营运资金。

这是一个合理的假设吗？它什么时候可能不是有效的
Answer:
It’s probably only a mild over-simplification. Current liabilities will all be paid, presumably. The cash portion of current assets will be retrieved. Some receivables won’t be collected, and some inventory sold above cost (and not replaced at the end of the project’s life) acts to increase working capital. There effects tend to offset one another.
这只是一个简单的假设。

因为流动负债可以全部付清，流动资产却不可能全部以现金支付，存货也不可能全部售完。

6.“When evaluating projects, we’re only concerned with the relevant incremental after-tax cash flows.
Therefore, because depreciation is a noncash expense, we should ignore its effects when evaluating project s.”
Critically evaluate this statement.
“在评估项目的时候，我们只关注税后现金流量的相关增量。

因此，由于折旧是一种非现金费用，所以我们在评估项目的时候，应该忽略它的影响。

”请批判性地评价这种说法。

Answer: （第6章P194.8）
Depreciation is a non-cash expense, but it is tax-deductible on the income statement. Thus depreciation causes taxes paid, an actual cash outflow, to be reduced by an amount equal to the depreciation tax shield, tcD. A reduction in taxes that would otherwise be paid is the same thing as a cash inflow, so the effects of the depreciation tax shield must be added in to get the total incremental after-tax cash flows.
折旧是一种非现金开支，但是在损益表中，它是一项可减税项目。

这样折旧将使得实际现金流出的赋税减少一定额度，并以此影响项目现金流，因此，折旧减免赋税的效应应该被归为总的增量税后现金流
7. A coworker claims that looking at all this marginal this and incremental that is just a bunch of nonsense, and
states, “Listen, if our average revenue doesn’t exceed our average cost, then we will have a negative cash flow, and we will go broke!” How do you respond?(第7章P225.3)
一位同事声称，当看到这些边际量和增量时，就会觉得这都是一堆废话，同时感到一股忧虑，“听着，如果我们的平均收益不超过我们的平均成本，那么我们将要承担负现金流，然后我们就会破产！”请问你会怎么回应他？
Answer:
It is true that if average revenue is less than average cost, the firm is losing money. This much of the statement is therefore correct. At the margin, however, accepting a project with marginal revenue in excess of its marginal cost clearly acts to increase operating cash flow.
事实上，当平均收益低于平均成本时，企业的确在亏钱。

因此上述观点大部分都是正确的。

不过对于边际来说，在执行项目时如果过份地追求平均收益大于平均成本，会导致经营性现金流的增加。

8.As a shareholder of a firm that is contemplating a new project, would you be more concerned with the
accounting break-even point, the cash break-even point (the point at which operating cash flow is zero), or the financial break-even point? Why? (第7章P226.4)
作为一家公司的股东，你正在考虑一个新项目。

你会更关注会计盈亏平衡点，现金盈亏平衡点（经营性现金流为零），或是财务收支平衡点？为什么？
Answer:
From the shareholder perspective, the financial break-even point is the most important. A project can exceed the accounting and cash break-even points but still be below the financial break-even point. This causes a reduction in shareholder (your) wealth.
从股东的角度来看，财务收支平衡点是最重要的。

一个项目可以超过会计收支平衡点和现金收支平衡点，但仍低于财务盈亏平衡点。

这会导致股东的财富减少。

9.Is it possible that a risky asset could have a beta of zero? Explain Based on the CAPM, what is the expected
return on such an asset? Is it possible that a risky asset could have a negative beta? What does the CAPM predict about the expected return on such an asset? Can you give an explanation for your answer?
一个风险资产的贝塔系数有没有可能为零？请根据资本资产定价模型解析，什么是这种资产的预期收益？一个风险资产的贝塔系数有没有可能是负数？资本资产定价模型对这些资产的预期是怎样预测的？你能解释一下你的答案吗？
Answer: (第11章P362.6)
Yes. It is possible, in theory, to construct a zero beta portfolio of risky assets whose return would be equal to the risk-free rate. It is also possible to have a negative beta: the return would be less than the risk-free rate. A negative beta asset would carry a negative risk premium because of its value as a diversification instrument.
这是有可能的，建立的贝塔系数为零的风险资产组合的收益理论上是等于无风险资产收益的。

同时，贝塔系数为负数也是可能的：收益会比无风险资产收益低。

由于负贝塔系数的资产具有多元化工具的价值，因此它会带来负的风险溢价。

10.Explain what is meant by business and financial risk. Suppose firm A
has greater business risk than firm B. Is it true that fire A also has a higher cost of equity capital? Explain. (第16章P513.5)
解释一下什么是经营风险和财务风险。

假设A公司的经营风险比B公司大，那么A公司的股权资本成本是否比B公司高？请解释。

Answer:
Business risk is the equity risk arising from the nature of the firm‘s operating activity, and is directly related to the systematic risk of the firm‘s assets. Financial risk is the equity risk that is due entirely to the firm‘s chosen capital s tructure. As financial leverage, or the use of debt financing, increases, so does financial risk and, hence, the overall risk of the equity. Thus, Firm B could have a higher cost of equity if it uses greater leverage. .
经营风险是公司经营活动的性质中产生的股权风险，与公司资产的系统性风险直接相关。

财务风险是完全由公司选择的资本结构产生的权益风险。

随着财务杠杆，或使用债务融资增加，财务风险也增大，因此，整个权益风险也增大。

于是，如果公司B 使用更高的杠杆那么公司B 可能会有更高的权益成本
11.What is the basic goal of financial management with regard to capital structure?
一个具有资本结构的财务管理的基本目标是什么？
Answer: (第16章P514.10)
The basic goal is to minimize the value of non-marketed claims.
财务管理的基本目标是在获得社会效益的同时，不断提高经济效益的满意值
12.It is sometimes suggested that firms should follow a “residual” dividend policy. With such a policy, the
main idea is that a firm should focus in meeting its investment and maintaining its desired debt-equity ratio.
Having done so, a firm pays out any leftover, or residual, income as dividends. What do you think would be the chief drawback to a residual dividend policy?
人们有时认为企业应该遵循“剩余”的股息政策。

有了这样的政策，主要的想法是，一个公司应该集中在满足其投资及维持其所需的债务权益比率。

有这样做，企业支付了任何剩余，或残留，收入作为股息。

你觉得会是主要缺点，以剩余股利政策？
Answer:（第十九章P608 3）
The chide drawback to a strict dividend policy is the variability in dividend payments. This is a problem because investors tend to want a somewhat predictable cash flow. Also, if there is information content to dividend announcements, then the firm may be inadvertently telling the market that it is expecting a downturn in earnings prospects when it cuts a dividend, when in reality its prospects are very good. In a compromise policy, the firm maintains a relatively constant dividend. It increases dividends only when it expects earnings to remain at a sufficiently high level to pay the larger dividends, and it lowers the dividend only if it absolutely has to.
争闹的缺点，以严格的股息政策是在支付股息的可变性。

这是一个问题，因为投资者往往希望一个有些可预见的现金流。

此外，如果有信息含量股息公告，则该公司可能会在不经意间告诉市场，它期待在盈利前景低迷时削减股息，而实际上它的前景是非常好的。

在一个妥协的政策，该公司维持相对恒定的股息。

它增加股息，只有当它预计盈利将维持在足够高的水平，以支付股息较大，而且降低了，只有当它是绝对有能力的股息。

计算题：
1.Culligan, Inc., has current assets of $5,300 net fixed assets of $26,000, current liabilities of $3,900 and
long-term debt of $14.200. What is the value of the shareholders’ equity account for this firm? How much is net working capital? Culligan®康丽根公司，有5 300美元26,000元的固定资产净值流动资产，约$ 3,900流动负债及14.200美元长期债务。

什么是这家公司的股东权益账户的价值？有多少是净营运资本？Answer: (第2章P35.1)
To find owners’ equity, we must construct a balance sheet as follows为了找到所有者权益，我们必须构建一个资产负债表如下：
Balance Sheet
CA $ 5,300 CL $ 3,900
NFA 26,000 LTD 14,200
OE ??
TA $31,300 TL & OE $31,300
We know tha t total liabilities and owners’ equity (TL & OE) must equal total assets of $31,300. We also know that TL & OE is equal to current liabilities plus long-term debt plus owne r‘s equity, so owner‘s equity is我们知道，总负债和所有者权益（TL＆OE）必须等于31300美元总资产。

我们也知道，TL和OE等于流动负债加长期债务加所有者权益，因此所有者权益为:
OE = $31,300 –14,200 – 3,900 = $13,200
NWC = CA – CL = $5,300 – 3,900 = $1,400
2.Ragsdale, Inc., has sales of $493,000, costs of $210,000, depreciation expense of $35,000, interest expense of
$19,000, and a tax rate of $35precent. What is the net income for the firm? Suppose the company paid out $50,000 in cash dividends. What is the addition to retained earnings? 拉格斯代尔公司，拥有年销售额达493,000210,000元费用，折旧费用35,000元，利息费用19,000元，而税率$35precent。

什么是净收入公司？假设该公司支付了50,000美元的现金股利。

什么是除留存收益？(第2章P35.2)
Answer:
The income statement for the company is:
Income Statement
Sales $493,000
Costs 210,000
Depreciation 35,000
EBIT $248,000
Interest 19,000
EBT $229,000
Taxes 80,150
Net income $148,850
One equation for net income is:
Net income = Dividends + Addition to retained earnings
Rearranging, we get:
Addition to retained earnings = Net income – Dividends
Addition to retained earnings = $148,850 – 50,000
Addition to retained earnings = $98,850
3.The 2009 balance sheet of Anna’s Tennis Shop, Inc, showed long-term debt of $1.34 million, and the 2010
balance sheet showed long-term debt of $1.39 million. The 2010 income statement showed an interest expense of $118,000. What was the firm’s cash flow to creditor during 2010 ? 安娜的网球商店，公司，2009年度资产负债表显示为13.4亿美元的长期债务，以及2010年资产负债表显示1390000美元长期债务。

2010年的利润表显示的利息费用118,000美元。

什么是2010年该公司的现金流，以债权人？（第2章P36.8）
Answer:
Cash flow to creditors = Interest paid – Net new borrowing
现金流量债权人=已付利息- 净新借款
Cash flow to creditors = $118,000 – (LTDend – LTDbeg)
Cash flow to creditors = $118,000 – ($1,390,000 – 1,340,000)
Cash flow to creditors = $118,000 – 50,000
Cash flow to creditors = $68,000
4 .Y3k, Inc., has sales of $3,100 total assets of $1,580, and a debt-equity ratio of 1.20, If its return on equity is 16 percent ，what is its net income ? Y3K公司，拥有年销售额达3,1001580美元总资产，以及1.20债务权益比率，如果它的净资产收益率是16％，什么是它的净收入？（第3章P78.3）
Answer:
This is a multi-step problem involving several ratios. The ratios given are all part of the Du Pont Identity.，The only Du Pont Identity ratio not given is the profit margin. If we know the profit margin, we can find the net income since sales are given. So, we begin with the Du Pont Identity: (这是涉及多个比率的多步骤的问题。

所给出的比例都是杜邦身份。

的一部分，没有给出唯一的杜邦身份比利润率。

如果我们知道的利润率，我们可以发现，纯收入自销售中给出。

所以，我们开始与杜邦身份：)
ROE = 0.16 = (PM)(TAT)(EM) = (PM)(S / TA)(1 + D/E)
Solving the Du Pont Identity for profit margin, we get:( 解决杜邦身份的利润率，我们得到：)
PM = [(ROE)(TA)] / [(1 + D/E)(S)]
PM = [(0.16)($1,1580)] / [(1 + 1.20)( $3,100)] = 0.0371
Now that we have the profit margin, we can use this number and the given sales figure to solve for net income:(现在，我们有利润率，我们可以用这个数字和给定的销售数字，以解决收入净额：)
PM = 0.0371 = NI / S
NI =0 .0371($3,100) = $114.91
5. Assuming the following ratios are constant ,what is the sustainable growth rate ?( 假设下面的比值是不变的，什么是可持续增长率？)
Total asset turnover(总资产周转率) = 1.90
Profit margin(利润率) = 8.1%
Equity multiplier(权益乘数) = 1.25%
Payout ratio (派息比率)= 30%
Answer:（第3章P79.7）
We must first calculate the ROE using the Du Pont ratio to calculate the sustainable growth rate. The ROE is:( 我们必须使用杜邦的比例来计算可持续增长率先计算净资产收益率。

净资产收益率是)
ROE = (PM)(TAT)(EM)
ROE = (0.81)(1.90)(1.25)
ROE = 0.1924 or 19.24%
The plowback ratio is one minus the dividend payout ratio, so:( 利润再投资的比例是一减派息率，所以)
b = 1 – 0.30 b = 0.70
Now, we can use the sustainable growth rate equation to get:( 现在，我们可以使用可持续增长率的公式得到) Sustainable growth rate(可持续增长率) = (ROE × b) / [1 – (ROE × b)]
Sustainable growth rate = [.1924(0.70)] / [1 – .1924(0.70)]
Sustainable growth rate =0 .1556 or 15.56%
6. First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent simple interest compounded annually. If you made a $5,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?（第一城市银行支付9％的储蓄账户余额单利计息，而第二个城市自付9％，其储蓄存款余额单利计息，而第二个城市银行支付9％的年复利单利。

如果你犯了5000美元的存款在各银行，多少钱，你会从你的第二个城市银行账户赚取10年结束了吗？）（第4章P123.1）Answer:
The simple interest per year is（每年单利是）:
$5,000 × .09 = $450
So, after 10 years, you will have（所以，10年后，你将有）:
$450 × 10 = $4,500 in interest.
The total balance will be （总的平衡将是）$5,000 + 4,500 = $9,500
With compound interest, we use the future value formula（按照复利计算，我们使用的未来值的公式）:
FV = PV(1 +r) t
FV = $5,000(1.09)10= $11,836.82
The difference is（所不同的是）: $11,836.82 – 9,500 = $2,336.82
7. Raphael Restaurant is considering the purchase of a $12,000 souffle marker .The soufflé maker has an economic life of five years and will be fully depreciated by the straight-line method. The machine will produce 1,900 souffles per year, with each costing $2.20 to make and priced at $5.Assume that the discount rate is 14 percent and the tax rate is 34 percent .Should Raphael make the purchase? （拉斐尔餐厅正在考虑购买1.2万美元杂音标记的蛋奶酥厂商有五年的经济寿命，并将由直线法计提折旧。

机器将每年生产1,900蛋白牛奶酥，每个耗资2.20制作和售价分别为5.Assume的贴现率为14％，税率为34％。

拉斐尔应该做出购买？）（第6章P195.1）Answer:
Using the tax shield approach to calculating OCF, we get（利用税盾的方法来计算OCF，我们得到）:
OCF = (Sales – Costs)(1 – t C) + t C Depreciation
OCF = [($5 × 1,900) – ($2.20 × 1,900)](1 – 0.34) + 0.34($12,000/5)
OCF = $4,327.20
So, the NPV of the project is（因此，该项目的净现值）:
NPV = –$12,000 + $4,327.20(PVIFA14 % 5 )
NPV = $2,855.63
8. Down Under Boomerang, Inc., is considering a new three year expansion project that requires an initial fixed asset investment of $2.4 million .The fixed asset will be depreciated straight-line to zero over its three –year tax life ,after which it will be worthless. The project is estimated to generate $2,050,000 in annual sales, with cost of $950,000.The tax rate is 35percent and the required return is 12 percent, What is th e project’s NPV？（下下回旋镖，公司正在考虑一个新的3年扩建项目，需要240万美元的初始固定资产投资，固定资产会贬值直线到
零在其三年的税生活，在这之后将是毫无价值。

该项目预计带来约2,050,000年销售额，以950,000元的成本，税率为35percent和必要报酬率是12％，这是该项目的NPV是多少？）（第6章P195.3）
Answer:
Using the tax shield approach to calculating OCF, we get（利用税盾的方法来计算OCF，我们得到）:
OCF = (Sales – Costs)(1 – t C) + t C Depreciation
OCF = ($2,050,000 – 950,000)(1 – 0.35) + 0.35($2,400,000/3)
OCF = $995,000
So, the NPV of the project is（因此，该项目的净现值）:
NPV = –$2,400,000 + $995,000(PVIFA12% , 3)
NPV = –10,177.89
9. You own a portfolio that has$1,900 invested in stock A and $2,300 invested in stock B. If the expected returns on these stocks are 10 percent and 15 percent ,respectively, what is the expected return on the portfolio?（您有自己的投资组合，有1900美元投资于股票A和2300美元投资于股票B，如果对这些股票的预期回报是10％和15％，分别，什么是对投资组合的预期回报）（第11章P363.2）
Answer:
The expected return of a portfolio is the sum of the weight of each asset times the expected return of each asset. The total value of the portfolio is（一个投资组合的预期回报是各项资产的时间内各资产的预期回报的重量的总和。

该投资组合的总价值为）:
Total value = $1,900 + 2,300 = $4,200
So, the expected return of this portfolio is（因此，该组合的预期收益）:
E(Rp) = ($1,900/$4,200)(0.10) + ($2,300/$4,200)(0.15) = 0.1274 or 12.74%
10. A portfolio is invested 15 percent in stock G, 65 percent in stock J, and 20 percent in stock K .The expected returns on these stocks are 8 percent,15 percent , and 24 percent ,respectively. What is the portfolio’s expected return? How do you interpret your answer?（一个投资组合是投资15％的股票G，65％的股票J和20％的存量K。

对这些股票的预期回报率是8％，15％和24％分别。

什么是投资组合的预期回报？你如何解释你的答案？）（第11章P363.8）
Answer:
The expected return of a portfolio is the sum of the weight of each asset times the expected return of each asset. So, the expected return of the portfolio is（一个投资组合的预期回报是各项资产的时间内各资产的预期回报的重量的总和。

因此，投资组合的预期收益）:
E(Rp) = 0.15(0.08) + 0.65(0.15) + 0.20(0.24) = 0.1575 or 15.75%
If we own this portfolio, we would expect to get a return of 15.75 percent.（如果我们自己的这个组合，我们会期望获得回报15.75％的）
11.A stock has an expected return of 16.2 percent ,a beta of 1.75 ,and the expected return on the market is 11 percent. What must the risk-free rate be? （A股有16.2％的预期收益率，1.75测试版，并在市场上的预期收益率是11％。

什么是必须的无风险利率是什么？）（第11章P364.16）
Answer:
Here we need to find the risk-free rate using the CAPM. Substituting the values given, and solving for the risk-free rate, we find（在这里，我们需要找到利用资本资产定价模型的无风险利率。

代给出的值，并解决了无风险利率，我们发现）:
E(Ri ) =0 .162 = R f + (0.11 – R f )(1.75)
0.162 = R f + 0.1925 – 1.75R f
R f = 0.0407 or 4.07%
12. McConnell Corp. has a book net worth of $10,380. Long-term debt is $7, working capital, other than cash is $2,105. Fixed assets are $15,190. How much cash does the company have? If current liabilities are $1,450 , what are current assert? （麦康奈尔公司拥有10380美元一本书身家。

长期债务为$7,500元。

净营运资金，现金以外的2105美元。

固定资产15190美元。

多少现金，请问公司有哪些？如果流动负债分别为$1,450什么是当前的断言？）(第26章P815.2)
Answer:
The total liabilities and equity of the company are the net book worth, or market value of equity, plus current liabilities and long-term debt, so（总负债及公司权益的账面价值，或股权的市场价值，加上流动负债和长期负债，因此：）:
Total liabilities and equity （总负债及权益）= $10,380 + 1,450 + 7,500
Total liabilities and equity = $19,330
This is also equal to the total assets of the company. Since total assets are the sum of all assets, and cash is an asset, the cash account must be equal to total assets minus all other assets, so（这也等于该公司的总资产。

由于总资产的所有资产的总和，而现金是一种资产，现金帐户必须等于总资产减去所有其他资产，所以：）:
Cash = $19,330 – 15,190 – 2,105
Cash = $2,035
We have NWC other than cash, so the total NWC is（我们有NWC现金以外，所以总NWC是：）:
NWC = $2,105 + 2,035
NWC = $4,140
We can find total current assets by using the NWC equation. NWC is equal to（我们可以通过使用NWC方程找到流动资产总额。

NWC是等于）:
NWC = CA – CL
$4,140 = CA – $1,450
CA = $5,590。