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Problem - Compute and Interpret Altman's Z-scores
Following is selected financial information for Netflix, for 2018 and 2017.
$ thousands, except per share data
2018
2017
Current assets
$9,694,135
$7,669,974
Current liabilities
6,487,320
5,466,312
Total assets
25,974,400
19,012,742
Total liabilities
20,735,635
15,430,786
Shares outstanding
436,598,597
433,392,686
Retained earnings
2,942,359
1,731,117
Stock price per share
267.66
191.96
Sales
15,794,341
11,692,713
Earnings before interest and taxes
1,605,226
838,679
Required -
1. Compute and interpret Altman Z-scores for the company for both years.
2. Which of the following best describes the company's likelihood to go bankrupt given the z-score in 2017 compared to 2018.
a. The z-score in 2018 increased. Z-scores for both years are in the gray area indicating some risk of bankruptcy.
b. The z-score in 2018 increased, which suggests the company's risk of bankruptcy has increased.
c. The z-score in 2018 increased. Z-scores for both years indicate low bankruptcy potential in the short terms.
d. The z-score in 2018 decreased, which suggests the company's risk of bankruptcy has decreased.
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