财务报表分析相关知识概述(英文版)13268.docx

Exercisse 7-33 (30 minuttes)a. Cash Fllows ffrom OOperattions Compuutatioon:Net inncome$10,0000Add (deeduct) itemms to conveert too cashh basiis:Depreciiationn, deppletioon, annd amoortizaation$8,0000Deferreed inccome ttaxes 400Amortizzationn of bbond ddiscouunt 50Increasse in accouunts ppayablle 1,2000Decreasse in invenntoriees 850 10,500$20,5500Undistrributeed earrningss of uunconssolidaated subsiddiariees andd affiiliatees(200)Amortizzationn of ppremiuum on bondss payaable(60)Increasse in accouunts rreceivvable (9000) (11,160)Cash prrovideed by operaationss $19,3340b.(1)The iissuannce off treaasury stockk for emplooyee sstock planss (as compeensatiion) rrequirres ann addbback tto nett incoome beecausee it iis an expennse noot usiing caash.(2)Thhe cassh outtflow for iintereest iss not incluuded iin exppense and mmust bbe inccludedd as ccash ooutfloow in invessting activvitiess (as part of ouutlayss for propeerty.)(3)Iff the diffeerencee betwween ppensioon exppense and aactuall fundding iis an accruued liiabiliity, tthe unnpaid portiion muust bee addeed bacck to incomme as an exxpensee not requiiring cash. If tthe ammount fundeed excceeds pensiion exxpensee, theen nett incoome muust bee reduuced bby thaat exccess aamountt.Exercisse 7-44 (30 minuttes)a.Begiinningg balaance oof acccountss receeivablle$ 3305,0000Net salles 1,9937,0000Total ppotenttial rreceippts$2,2422,000Ending balannce off accoounts receiivablee - 295,0000Cash coollectted frrom saales$1,9447,0000b.Endiing baalancee of iinventtory$ 5549,0000Cost off salees+1,1550,0000Total$1,6999,0000Beginniing baalancee of iinventtory- 4431,0000Purchasses$1,2668,0000Beginniing baalancee of aaccounnts paayablee$ 5563,0000Purchasses (ffrom aabove) 1,2268,0000Total ppotenttial ppaymennts$1,8331,0000Ending balannce off accoounts payabble- 6604,0000Cash paaymentts forr accoounts payabble$1,2227,0000c.Issuuance of coommon stockk$ 81,0000Issuancce of treassury sstock 17,000Total nnonopeeratinng cassh recceiptss$ 98,0000d.Incrrease in laand$ 1150,0000Increasse in plantt and equippment 18,000Total ppaymennts foor nonncurreent asssets$ 1168,0000Exercisse 7-55 (20 minuttes)SourceUseAdjusstmenttCateggorya.XXOb.XFc.XFd.XIe.XFf.NCNg.XIh.NCSi.XFj.XXXOExercisse 7-66 (20 minuttes)SourceUseAdjusstmenttCateggorya.XXOb. XFc.NCNd.XIe.NCSf.NCNg.XIh.NCSi.NEj. NEExercisse 7-77 (30 minuttes)NetCaash frromCashIncomeeoperaationssposittion1.NENE+2.NENE+3.+4a.-NENE4b.NEE(1)+(2)+(2)4c.-+(2)+(2) 5.NE+6.-+ (lonng-runn -)+ (loong-ruun -)7.-(5)+8.+NNENE9.+(33)+(4)+(4)10. NE + +11. + + +12. NE NE +13. NE NE +(1) Defferredd tax accouuntingg.(2) Deppends on whhetherr tax savinngs arre reaalizedd in ccash.(3) If profiitablee.(4) Iff accoounts receiivablee colllectedd.(5) Deppends on whhetherr inteerest is paaid orr accrrued.Furtheer expplanattions (listted byy propposal numbeer):1.Subsstitutting ppaymennt in stockk for paymeent inn cashh for its ddivideends wwill nnot afffect incomme or CFO bbut wiill inncreasse cassh possitionn.2.In tthe shhort rrun, ppostpoonemennt of capittal exxpendiituress willl savee cashh but have no efffect on inncome or CFFO. Inn the long term, bothh incoome annd CFOO may suffeer duee to llower operaating efficciencyy.Exercisse 7-7contiinued3.Cashh not spentt on rrepairr and mainttenancce willl inccreasee all threee meassures. Howeever, the sskimpiing onn neceessaryy disccretioonary costss willl adveerselyy impaact fuuture operaating efficciencyy and, hencce, prrofitaabilitty.4.Manaagers advoccatingg an iincreaase inn deprreciattion mmay haave sppoken in thhe misstakenn beliief thhat deepreciiationn is aa sourrce off cashh and that conseequenttly inncreassing iit wouuld reesult in a higheer cassh infflow. In faact, tthe leevel oof deppreciaation expennse haas no effecct on cash flowthe ssame aamountt of ddeprecciatioon dedductedd in aarriviing att net incomme is addedd backk in aarriviing att CFO. On the oother hand, incrreasinng deppreciaation for ttax puurposees willl in all ccases resullt in at leeast aa shorrtterm savinngs.5.Quiccker ccollecctionss willl not affecct inccome bbut wiill inncreasse CFOO becaause oof lowwer acccountts recceivabble. CCash wwill aalso iincreaase byy the speeddier cconverrsion of reeceivaables into cash. In tthe loonger run tthis sstiffeening in thhe terrms off salee to ccustommers mmay reesult in saales llost tto commpetittion.6.Paymments strettchedout wwill llower incomme beccause of loost diiscounnts buut doees possitiveely afffect CFO bby inccreasiing thhe levvel off accoounts payabble. CCash cconserrvatioon willl ressult iin a hhigherr cashh posiition. Relaationss withh suppplierss may be afffecteed advverselly. Noote: LLong-tterm ccash ooutfloow willl be higheer beccause of thhe losst disscountt.7.Borrrowingg willl resuult inn inteerest costss thatt willl decrrease incomme andd CFO. Cashh posiition will increease.8.Thiss channge inn deprreciattion mmethodd willl incrrease incomme in the eearly stagees of an assset'ss lifee. Thee oppoosite may hhold ttrue iin thee lateer staages oof thee asseet's llife.9. In the shortt termm, higgher ssales to deealerss willl resuult inn highher prrofitss (asssumingg we ssell aabove costss) andd, if they pay pprompttly, bboth CCFO annd cassh willl inccreasee. Howwever, unleess thhe deaalers are aable tto selll to consuumers, suchh salees willl be made at thhe exppense of fuuture saless.10. This wiill leead too lesss incoome frrom peensionn asseets inn the futurre whiich coould ccause futurre pennsion expennse too incrrease.11. The cosst of fundiing innventoory wiill bee reduuced iin thee futuure. In thhe currrent periood nett incoome maay alsso be increeased by a LIFO liquiidatioon froom redduced invenntory levells.12. The currrent periood deccline in thhe vallue off the tradiing seecuritties hhas beeen reeflectted inn currrent pperiodd incoome, aas hass the previious ggain. Althoough tthe saale wiill inncreasse cassh, itt willl havee no eeffectt on ccurrennt perriod iincomee. If the ccurrennt perriod ddeclinne is deemeed to be teemporaary, tthe coompanyy is ssellinng a ppotenttiallyy proffitablle seccurityy for a shoort-teerm caash gaain.13. Reissuaance oof treeasuryy sharres wiill inncreasse cassh, buut willl havve no effecct on curreent peeriod incomme as any “gain” or “loss” is rrefleccted iin addditionnal paaid inn capiital, not iincomee. If the sstock pricee is cconsiddered to bee tempporariily deepresssed, tthe coompanyy is fforegooing aa futuure saale att a grreaterr markket prrice aand iss, thuus, suufferiing cuurrentt diluution of shharehoolder valuee. Exercisse 79 (600 minuutes)a.Cashh Colllectioons Coomputaation:Accountts Recceivabble (NNet)Beg a564.11Sales 136205.86145.4Cash ccollecctionss bEnd 333624.55Notes:aBallance at 7/29/Yeear 100$624.5 333Less: increease iin Yeaar 10 (660.4) 61$564.11bThiss amouunt iss overrstateed by the pprovission ffor dooubtfuul acccountss expeense tthat iis inccludedd in aanotheer exppense categgory.b.Cashh Diviidendss Paidd Compputatiion:Dividennds PaayableeDividennd paiid 777137.5532.3BBeg 443142.2Dividdend ddeclarred aa 89937.0EEnd 443Note aa: Ittem 889 reepreseents ddivideends ddeclarred, nnot diividennds paaid (ssee allso Ittem 777).c.Costt of GGoods and SServicces Prroduceed Commputattion:InventooriesBeg 344819.88Amount to baalancee3982.44095.5Cost of prroductts solld 144End 344706.77d.The entryy for the iincomee tax proviision for YYear 111 is:Income tax eexpensse 277265.99Deferreed inccome ttax (ccurrennt) pplug 12.11Income tax ppayablle230.44Deferreed inccome ttax (nnoncurrrent) a 23.4Notes:(1) Thee entrry inccreasees currrent liabiilitiees by $12.11 sincce defferredd incoome taax (cuurrentt) is crediited bby thiis amoount. It allso inncreasses cuurrentt liabbilitiies byy $2300.4 1124A, the amounnt of incomme taxxes paayablee.(2) Thee a is thhe diffferennce inn the balannce off the noncuurrentt defeerred incomme taxx itemm 1766 = $258.55 $2355.1 = $23.44.(3) Alsso, $223.4 + $12.1 = $35.5, whicch is totall defeerred tax 59 oor 1227AExercisse 79contiinuede.Deprreciattion eexpensse hass no eeffectt on ccash ffrom ooperattions. The crediit, whhen reecordiing thhe deppreciaation expennse, ggoes tto acccumulaated ddeprecciatioon, a noncaash acccountt.f.Thesse proovisioons arre addded baack beecausee theyy affeect onnly nooncashh accoounts, the chargge to earniings mmust bbe remmoved in coonvertting iit to the ccash bbasis.g.The “Effecct of exchaange rrate cchangees on cash” reprresentts traanslattion aadjusttmentss (diffferennces) arisiing frrom thhe traanslattion oof cassh froom forreign curreenciess to tthe U.S. doollar.h. Any gaiin or loss is reeporteed undder "oother, net""Item 60.i. Free caash fllows = Cash fflow ffrom ooperattions Cashh usedd for capittal addditioons Diviidendss paiddYear 111: $8005.2 $3611.1 $1377.5 = $306.6 Year 100: $4448.4 $3877.6 $124.3 = $(63.55)Year 9: $3357.3 $2844.1 $886.7 = $(133.5)j. Start-uup commpaniees usuually have greatter caapitall addiition requiiremennts annd lowwer caash innflowss fromm operrationns. AAlso, startt-ups rarelly payy cashh diviidendss. Frree caash fllow eaarned by sttart-uup commpaniees is usuallly ussed too fundd the growtth of the ccompanny, esspeciaally iif succcessfful.k. During the llaunchh of aa new produuct liine, tthe sttatemeent off cashh flowws cann be aaffectted inn seveeral wways. Firsst, caash fllow frrom opperatiions iis lowwer beecausee subsstantiial addvertiising and ppromottion iis reqquiredd and saless growwth haas nott yet been maximmized. Seccond, substtantiaal cappital addittions are uusuallly neccessarry to proviide thhe inffrastrructurre forr the new pproducct linne. Thhird, cash flow from finanncing can bbe afffectedd if ffinanccing iis obttainedd to llaunchh thiss new produuct liine.