罗斯 公司理财 第七版 课件_Ch02.ppt
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1、2-0,CHAPTER,2,Accounting Statementsand Cash Flow,2-1,Chapter Outline,2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Summary and Conclusions,2-2,Sources of Information,Annual reports Wall Street Journal Internet NYSE
2、() Nasdaq () Text () SEC EDGAR 10K & 10Q reports,2-3,2.1 The Balance Sheet,An accountants snapshot of the firms accounting value as of a particular date. The Balance Sheet Identity is: Assets Liabilities + Stockholders Equity When analyzing a balance sheet, the financial manager should be aware of t
3、hree concerns: accounting liquidity, debt versus equity, and value versus cost.,2-4,The Balance Sheet of the U.S. Composite Corporation,Liabilities (Debt),Assets,20X2,20X1,and Stockholders Equity,20X2,20X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197
4、,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property, plant, and equipment,$1,423,$1,274,Long-term debt,471,4
5、58,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property, plant, and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock ($1 per value),55,32,Capital surplus,347,327,Accu
6、mulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,The assets are listed in order by the length of time it normally would take a firm with ongoing operations to convert them into cash
7、. Clearly, cash is much more liquid than property, plant and equipment.,2-5,Balance Sheet Analysis,When analyzing a balance sheet, the financial manager should be aware of three concerns: Accounting liquidity Debt versus equity Value versus cost,2-6,Accounting Liquidity,Refers to the ease and quickn
8、ess with which assets can be converted to cash. Current assets are the most liquid. Some fixed assets are intangible. The more liquid a firms assets, the less likely the firm is to experience problems meetingshort-term obligations. Liquid assets frequently have lower rates of return than fixed asset
9、s.,2-7,Debt versus Equity,Generally, when a firm borrows it gives the bondholders first claim on the firms cash flow. Thus shareholders equity is the residual difference between assets and liabilities.,2-8,Value versus Cost,Under GAAP audited financial statements of firms in the U.S. carry assets at
10、 cost. Market value is a completely different concept.,2-9,2.2 The Income Statement,The income statement measures performance over a specific period of time. The accounting definition of income is Revenue Expenses Income,2-10,U.S.C.C. Income Statement,(in $ millions),20X2,Income Statement,U.S. COMPO
11、SITE CORPORATION,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,Th
12、e operations section of the incomestatement reports the firms revenues and expenses from principal operations,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,2-11,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,$2,262,Cost of goods sold,- 1,655,Sel
13、ling, general, and administrative expenses,- 327,Depreciation,- 90,Operating income,$190,Other income,29,Earnings before interest and taxes,$219,Interest expense,- 49,Pretax income,$170,Taxes,- 84,Current: $71,Deferred: $13,Net income,$86,Retained earnings: $43,Dividends: $43,The non-operating secti
14、on of the income statement includes all financing costs, such as interest expense.,U.S.C.C. Income Statement,2-12,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,O
15、ther income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,Usually a separate section reports as a separate item the amount of taxes levied on income.,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170
16、,- 84,$86,U.S.C.C. Income Statement,2-13,(in $ millions),20 x2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax i
17、ncome,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,Net income is the “bottom line”.,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,U.S.C.C. Income Statement,2-14,Income Statement Analysis,There are three things to keep in mind when analyzing an income
18、statement: GAAP Non Cash Items Time and Costs,2-15,Generally Accepted Accounting Principles,GAAP The matching principal of GAAP dictates that revenues be matched with expenses. Thus, income is reported when it is earned, even though no cash flow may have occurred,2-16,Income Statement Analysis,Non C
19、ash Items Depreciation is the most apparent. No firm ever writes a check for “depreciation”. Another noncash item is deferred taxes, which does not represent a cash flow.,2-17,Income Statement Analysis,Time and Costs In the short run, certain equipment, resources, and commitments of the firm are fix
20、ed, but the firm can vary such inputs as labor and raw materials. In the long run, all inputs of production (and hence costs) are variable. Financial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs usually fit into a classification that distinguishes
21、product costs from period costs.,2-18,2.3 Net Working Capital,Net Working Capital Current Assets Current Liabilities NWC is usually growing with the firm.,2-19,The Balance Sheet of the U.S.C.C.,Liabilities (Debt),Assets,20X2,20X1,and Stockholders Equity,20X2,20X1,Current assets:,Current Liabilities:
22、,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Propert
23、y, plant, and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property, plant, and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Comm
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