How much will Gamma Inc.'s equityholders earn given the following information: total asset turnover is 0.85, profit margin is 0.15, and debt-equity ratio is 0.25?
44. Lease obligations are included in certain leverage ratios because leases:
A. require the payment of interest.
B. represent long-term fixed obligations.
C. must be financed through a bank.
D. are a measure of efficiency, just like debt.
45. A firm with no leases has a long-term debt ratio of 50%. This means that the book value of equity:
A. equals the book value of long-term debt.
B. is less than the book value of long-term debt.
C. is greater than the book value of long-term debt.
D. is unknown in relation to the book value of long-term debt.
46. When a firm's debt-equity ratio is 1.0, the firm:
A. has too much long-term debt in relation to leases.
B. has less long-term debt than equity.
C. is nearing insolvency.
D. has as much in long-term liabilities as in equity.
47. If a firm's total debt ratio is greater than .5, then:
A. its current liabilities are quite high.
B. its debt-equity ratio exceeds 1.0.
C. it has too few total assets.
D. it has more long-term debt than equity.
48. A times interest earned ratio of 5.0 indicates that the firm:
A. pays 5 times its earnings in interest expense.
B. earns significantly more than its interest obligations.
C. has interest expense equal to 5% of EBIT.
D. has low tax liability.
49. If a firm's cash coverage ratio is greater than its times interest earned ratio, then:
A. the firm's assets are not fully depreciated.
B. the firm has no lease obligations.
C. the firm has very little long-term debt.
D. the firm has a high degree of liquidity.
50. An asset's liquidity measures its:
A. potential for generating a profit.
B. cash requirements.
C. ease and cost of being converted to cash.
D. proportion of debt financing.
51. Which of the following actions could improve a firm's current ratio if it is now less than 1.0?
A. Convert marketable securities to cash.
B. Pay accounts payable with cash.
C. Buy inventory on credit.
D. Sell inventory at cost.
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