【每日一练】ACCA F9（ Dec 2014）

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks

The following are extracts from the statement of financial position of a company:
                                                    $000               $000
Equity
Ordinary shares                          8,000
Reserves                                    20,000
                                                –––––––
                                                                           28,000
Non-current liabilities
Bonds                                          4,000
Bank loans                                   6,200
Preference shares                        2,000
                                                 –––––––
                                                                            12,200
Current liabilities
Overdraft                                     1,000
Trade payables                            1,500
                                                 –––––––
                                                                              2,500
                                                                          –––––––
Total equity and liabilities                                   42,700
                                                                          –––––––
The ordinary shares have a nominal value of 50 cents per share and are trading at $5·00 per share. The preference  shares have a nominal value of $1·00 per share and are trading at 80 cents per share. The bonds have a nominal  value of $100 and are trading at $105 per bond.
What is the market value based gearing of the company, defined as prior charge capital/equity?
A 15·0%
B 13·0%
C 11·8%
D 7·3%

Answer：

A
Gearing = [(4,000 x 1·05) + 6,200 + (2,000 x 0·8)]/(8,000 x 2 x 5) = 12,000/80,000 = 15%

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