20. Clean Surplus Relationship (LO3, CFA9) The clean surplus relationship says that: a. Assets minus liabilities minus

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20. Clean Surplus Relationship (LO3, CFA9) The clean surplus relationship says that:

a. Assets minus liabilities minus shareholder’s equity equals the change in current assets plus debt payments.

b. The difference between earnings and dividends equals the change in book value.

c. Dividends minus earnings equals one minus the payout ratio.

d. The difference between earnings and dividends equals the change in surplus inventory.

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Fundamentals Of Investments Valuation And Management

ISBN: 9781260013979

9th Edition

Authors: Bradford Jordan, Thomas Miller, Steve Dolvin

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