[精选]公司理财管理及财务管理知识分析(ppt 37页)

1、Financial Statements and Cash Flow,Chapter 2,Copyright 2010 by the McGraw-Hill Companies, Inc. All rights reserved.,McGraw-Hill/Irwin,Key Concepts and Skills,Understand the information provided by financial statements Differentiate between book and market values Know the difference between average and marginal tax rates Know the difference between accounting income and cash flow Calculate a firms cash flow,Chapter Outline,2.1 The Balance Sheet 2.2 The Income Statement 2.3 Taxes 2.4 Net Working C

2、apital 2.5 Financial Cash Flow 2.6 The Accounting Statement of Cash Flows 2.7 Cash Flow Management,Sources of Information,2.1 The Balance Sheet,An accountants snapshot of the firms accounting value at a specific point in time The Balance Sheet Identity is: Assets Liabilities + Stockholders Equity,U.S. Composite Corporation Balance Sheet,2010,2009,2010,2009,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,5

3、3,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,471,458,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,Common

4、stock ($1 par value),55,32,Capital surplus,347,327,Accumulated 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 would normally take a firm with ongoing operations to convert them into cash. Clearly, cash is much more liquid than property, plant, and equipment.,Balance Sheet Analysis,When analyzing a balance sheet, the Finance Man

5、ager should be aware of three concerns: Liquidity Debt versus equity Value versus cost,Liquidity,Refers to the ease and quickness with which assets can be converted to cashwithout a significant loss in value 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 meeting short-term obligations. Liquid assets frequently have lower rates of return than fixed assets.,Debt versus Equity,Creditors general

6、ly receive the first claim on the firms cash flow. Shareholders equity is the residual difference between assets and liabilities.,Value versus Cost,Under Generally Accepted Accounting Principles (GAAP), audited financial statements of firms in the U.S. carry assets at cost. Market 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.,2.2 The Income Statement,Measures financial performance ov

7、er a specific period of time The accounting definition of income is: Revenue Expenses Income,U.S.C.C. Income Statement,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,Addition to retained earnings $43,Dividends: $43,The operations section of the income statement reports the firms revenues and expenses fr

8、om principal operations.,$2,262,1,655,327,90,$190,29,$219,49,$170,84,$86,Total operating revenues,$2,262,Cost of goods sold,1,655,Selling, 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,Addition to retained earnings: $43,Dividends: $43,The non-operating section of the income statement includes all financing costs, such a

9、s interest expense.,U.S.C.C. Income Statement,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,Addition to retained earnings: $43,Dividends: $43,Usually a separate section reports the amount of taxes levied on income.,$2,262,1,655,327,90,$190,29,$219,49,$170,84,$86,U.S.C.C. Income Statement,Total operatin

10、g 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,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,Income Statement Analysis,There are three things to keep in mind when analyzing an income statement: Generally Accepted Accoun

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