P2-Formulas(CMA 考试 P2 公式)

Working Capital =Current Assets ?Current Liabilities Current Ratio = (Current Assets )/(Cu

Quick Ratio = (Cas ?+Marketable Securities +Accounts Receivables )/(Curr

Cash Ratio = (Cas ?+Marketable Securities )/( Current Liabilitie

Cash Flow Ratio = (Operating Cas ? Flow )/(Current Liabilities )

Days ^′ Purchasein Accounts Payable = (Average Accounts Payable )/(Credit Purc ?ases ) X 365

Financial Leverage Ratio = Assets /Equity Debt to Total Assets = (Total Debt )/(Total Assets )Debt Equity Ratio = (Total Debt )/Equity

Total Debt to Total Capitol Ratio = (Current Liabilities +Long Term Liabilities )/(Total D ebt +Total Equity )

Long TermDebt to Equity Ratio = (Total Debt ?Current Liabilities )/Eq uity

Times Interest Earned Ratio = EBIT /(Interest Expenses )

Fixed ChargeCover = (Earnings before Fixed C ?arges & Taxes )/(Fixed C ?arges [=Interest +reqpuir ed repayment of principal +Leases ])

Cash Flow to Fixed Charges = (Cas ?from operations +Fixed C ?arges +Tax Payments )/(Fixed C ?arges )

Operating Cycle = Days ^′s Sales in Accounts Receivables +Days ^′s Sales in Inventory Account Receivable Turnover Ratio = (Credit Sales )/(Average Gross Accounts Rece ivables )

(1) Days ^′ Sales in Accounts Receivables = (Average Accounts Receivables )/(Annu Inventory Turnover Ratio = COGS /(Average Inventory )Days ^′ Sales in Inventory = (Average Inventory )/COGS X 365Total Assets Turnover Ratio = (Sales )/(Average Total Assets )Fixed Assets Turnover Ratio = Sales /(Average NF A )

(2) Days ^′ Sales in Accounts Receivables = 365/(Accounts Receivables Turnover R Earning per common share = (Net Income ?Preferred Divdends )/(Weig ?ted Aver age number of s ?ares outsanding )

Diluted EPS = (Net Income ?Preferred Dividends )/(Diluted weig ?ted average number of com mon s ?ares outsanding )Dividend payout ratio = (Common Dividend )/(Earnings available to common stock ?olders )

Dividend Yield = (Annual Dividends per s ?are )/(Market price p er s ?are )

SustainableGrowthRate =ROE X (1?dividend payout ratio )

Operating Profit Margin %= (Operating Profit (EBIT ))/Sales

Gross Profit Margin %= (Sales ?COGS )/Sale

Net Profit Margin %=(Net Profit )/Sales

ROI = (Net Profit of business unit )/(Assets of busin

ess unit )

ROA = (Net Income )/(Average Total Assets )

DuPont model of ROA =Net Profit Margin X Total Assets Turnover ROE = (Net Income )/(Average Equity )ROE =ROAX Financial Leverage

Economic Profit =Total Revenue ?(Explicitcost +Implicit cost )Accounting Profit =Total Revenue ?ExplicitCost

Book Value per share = (Total Equity ?Preferred S ?are ?olders ^′ Equity )/(Nu mber of common s ?ares outsanding )

Market to book ratio = (Current Stock price )/(Book Value per s ?are )

PE Ratio =(Market price per s ?are )/(Dilute Earnings yield = EPS /(Market price per s ?are )