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Chapter 2 Problem 14 a. For the years 2005 -2009, calculate Boeing's i. Total liabilities-to-equity ratio ii. Times interest earned ratio iii. Times burden covered ratio b. What percentage decline in earnings before interest and taxes could Boeing have sustained in these years before failing to cover Interest and principal repayment requirements, Interest, principal and common dividend payments? i. 11. c. What do these calculations suggest about Boeing's financial leverage during this period? ANNUAL BALANCE SHEET (S MILLIONS) BOEING CO Dec09 Dec08 Dec07 Dec06 Deco5 ASSETS Cash & Short-Term Investments Net Receivables Inventories Other Current Assets 9,308 6,068 6,386 5,655 8,105 2,837 5,966 6,153 16,933 966 6,027 15,612 1,046 7,940 2,341 2,449 21,968 19,692 Total Current Assets 35,275 25,964 22,983 Gross Plant, Property & Equipment Accumulated Depreciation 21,042 20,180 11,915 19,310 11,635 12,795 11,272 8,420 12,407 13,251 Net Plant, Property & Equipment 8,265 1,085 9,803 7,675 964 Investments at Equity 974 5,522 942 6,243 6,332 Other Investments Intangibles Deferred Charges Other Asscts 4,302 536 786 1,129 TOTAL ASSETS 62,053 53,779 58,986 51,794 60,058 LIABILITIES Long Term Debt Due In One Year Accounts Payable Taxes Payable Accrued Expenses Other Current Liabilities 1,381 7,096 182 12,822 12,076 1,189 556 14,729 5,871 5,643 670 253 6,637 18,172 18,284 15,901 Total Current Liabilities 32,883 31,538