26
melikuidisasikan
aktiva
lancarnya
menjadi
kas
dalam
jangka
waktu
kurang
dari
1
tahun. Rasio likuiditas yang dihitung di sini terdiri dari:
Current ratio = Current assets / Current liabilities
Quick
ratio
=
(Cash
+
Short-term
investments
+
Current
receivables)
/
Current
liabilities
Cash ratio = (Cash + Short-term investments) / Current liabilities
2.4.2. Struktur Modal dan Solvabilitas
Menurut
(Werner
and
Jones,
2004,
pp 477), rasio struktur
modal
mengukur
berapa bagian dari seluruh aktiva yang didanai oleh kewajiban dan ekuitas. Rasio
solvabilitas menunjukkan kemampuan suatu perusahaan untuk memenuhi
pembayaran
kewajiban
jangka
panjang
beserta
bunganya.
Rasio
struktur
modal
dan
solvabilitas yang dihitung di sini terdiri dari:
Debt ratio =
Total liabilities / Total assets
Debt to equity ratio = Total liabilities / Total equity
Net debt to equity ratio = (Total liabilities – Cash) / Total equity
Long-term debt to equity ratio = Long-term liabilities / Total equity
Long-term debt to capitalization ratio = Long-term liabilities / Total capital
Times interest earned ratio = Earnings before interest and income taxes / Interest
expense
Operating
cash
flow
coverage
ratio
=
Cash
provided
by
operating
activities
/
Average
total
liabilities
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