AICPA每日一练之BEC【2016-3-15】

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Spear Corp. had sales of $2,000,000, a profit margin of 11%, and assets of $2,500,000. Spear decided to reduce its debt ratio to 0.40 from 0.50 by selling new common stock and using the proceeds to repay principal on some outstanding long-term debt. After the refinancing, what is Spear，s return on

a.3.5%

b.5.3%

c.14.7%

d.22.9%

Answer:C

Choice “c” is correct. The requirement is to calculate the return on equity after the refinancing. Answer (c) is correct because the return on equity is 14.7%. Spear’s current profit is $220,000 (11% * $2,000,0000) and its return on equity before the refinancing is equal to 17.6% ($220,000/($2,500,000 * 50%)). Return on equity after the refinancing is equal to 14.7% ($220.000/ ($2,500,000*60%)). Answers (a), (b), and (d) are incorrect because the return on equity is equal to 14.7%.

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