公司理财管理及财务管理知识分析(ppt 37页).pptx
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1、Financial Statements and Cash FlowChapter 2Copyright 2010 by the McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin2-1Key Concepts and SkillsoUnderstand the information provided by financial statementsoDifferentiate between book and market valuesoKnow the difference between average an
2、d marginal tax ratesoKnow the difference between accounting income and cash flowoCalculate a firms cash flow2-2Chapter Outline2.1 The Balance Sheet2.2 The Income Statement2.3 Taxes2.4 Net Working Capital2.5 Financial Cash Flow2.6 The Accounting Statement of Cash Flows2.7 Cash Flow Management2-3Sourc
3、es of Information2-42.1 The Balance SheetqAn accountants snapshot of the firms accounting value at a specific point in timeqThe Balance Sheet Identity is:Assets Liabilities + Stockholders Equity2-5U.S. Composite Corporation Balance Sheet2010200920102009Current assets:Current Liabilities: Cash and eq
4、uivalents$140$107 Accounts payable$213$197 Accounts receivable294270 Notes payable5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707Long-term liabilities:Fixed assets: Deferred taxes$117$104 Property, plant, and equipment$1,423$1,27
5、4 Long-term debt471458 Less accumulated depreciation(550)(460) Total long-term liabilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholders equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 par value)5532 Capital surplus347327
6、 Accumulated retained earnings390347 Less treasury stock(26)(20) Total equity$805$725Total assets$1,879$1,742Total liabilities and stockholders equity $1,879$1,742The assets are listed in order by the length of time it would normally take a firm with ongoing operations to convert them into cash.Clea
7、rly, cash is much more liquid than property, plant, and equipment.2-6Balance Sheet AnalysisoWhen analyzing a balance sheet, the Finance Manager should be aware of three concerns:1.Liquidity2.Debt versus equity3.Value versus cost2-7Liquidity oRefers to the ease and quickness with which assets can be
8、converted to cashwithout a significant loss in valueoCurrent assets are the most liquid.oSome fixed assets are intangible.oThe more liquid a firms assets, the less likely the firm is to experience problems meeting short-term obligations.oLiquid assets frequently have lower rates of return than fixed
9、 assets.2-8Debt versus EquityoCreditors generally receive the first claim on the firms cash flow.oShareholders equity is the residual difference between assets and liabilities.2-9Value versus CostoUnder Generally Accepted Accounting Principles (GAAP), audited financial statements of firms in the U.S
10、. carry assets at cost.oMarket value is the price at which the assets, liabilities, and equity could actually be bought or sold, which is a completely different concept from historical cost.2-102.2 The Income StatementoMeasures financial performance over a specific period of timeoThe accounting defi
11、nition of income is:Revenue Expenses Income2-11U.S.C.C. Income Statement Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net i
12、ncome Addition to retained earnings $43 Dividends: $43The operations section of the income statement reports the firms revenues and expenses from principal operations.$2,262 1,655 327 90$190 29$219 49$170 84$862-12Total operating revenues$2,262Cost of goods sold 1,655Selling, general, and administra
13、tive expenses 327Depreciation 90Operating income$190Other income29Earnings before interest and taxes$219Interest expense 49Pretax income$170Taxes 84 Current: $71 Deferred: $13Net income$86 Addition to retained earnings: $43 Dividends: $43The non-operating section of the income statement includes all
14、 financing costs, such as interest expense.U.S.C.C. Income Statement2-13Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net in
15、come Addition to retained earnings: $43 Dividends: $43Usually a separate section reports the amount of taxes levied on income.$2,262 1,655 327 90$19029$219 49$170 84$86U.S.C.C. Income Statement2-14Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOper
16、ating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Retained earnings: $43 Dividends: $43Net income is the “bottom line.”$2,262 1,655 327 90$19029$219 49$170 84$86U.S.C.C. Income Statement2-15Income Statement AnalysisoTher
17、e are three things to keep in mind when analyzing an income statement:1.Generally Accepted Accounting Principles (GAAP)2.Non-Cash Items3.Time and Costs2-16GAAPqThe matching principle of GAAP dictates that revenues be matched with expenses. qThus, income is reported when it is earned, even though no
18、cash flow may have occurred.2-17Non-Cash ItemsqDepreciation is the most apparent. No firm ever writes a check for “depreciation.”qAnother non-cash item is deferred taxes, which does not represent a cash flow.qThus, net income is not cash.2-18Time and CostsqIn the short-run, certain equipment, resour
19、ces, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.qIn the long-run, all inputs of production (and hence costs) are variable.qFinancial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs usually fit i
20、nto a classification that distinguishes product costs from period costs.2-192.3 TaxesoThe one thing we can rely on with taxes is that they are always changingoMarginal vs. average tax ratesnMarginal the percentage paid on the next dollar earnednAverage the tax bill / taxable incomeoOther taxes2-20Ma
21、rginal versus Average Rates oSuppose your firm earns $4 million in taxable income.nWhat is the firms tax liability?nWhat is the average tax rate?nWhat is the marginal tax rate?oIf you are considering a project that will increase the firms taxable income by $1 million, what tax rate should you use in
22、 your analysis?2-212.4 Net Working CapitalqNet Working Capital Current Assets Current LiabilitiesNWC usually grows with the firm 2-22U.S.C.C. Balance Sheet2010200920102009Current assets:Current Liabilities: Cash and equivalents$140$107 Accounts payable$213$197 Accounts receivable294270 Notes payable
23、5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707Long-term liabilities:Fixed assets: Deferred taxes$117$104 Property, plant, and equipment$1,423$1,274 Long-term debt471458 Less accumulated depreciation(550)(460 Total long-term liab
24、ilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholders equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 par value)5532 Capital surplus347327 Accumulated retained earnings390347 Less treasury stock(26)(20) Total equity$805$7
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