74. A company’s market information and balance sheet data at the end of fiscal year 2012 are as follows:
Price per Share and Shares Outstanding
Current market price per share $15.0
Number of shares outstanding (millions) 1.0
Balance Sheet Data As of 2012 ($ millions)
Cash and cash equivalents 0.4 Current liabilities 1.0
Accounts receivable 1.2 Long-term liabilities 61.0
Inventories 40.0
Investment securities 6.0 Common shareholders’ equity 15.6
Property, plant, and equipment 30.0
Total assets 77.6 Total liabilities and equity 77.6
If an analyst estimates that the market value of the company’s investment securities is 115% of their
reported value, the company’s ratio of price to adjusted book value is closest to:
A. 1.10.
B. 0.91.
C. 0.96.
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