公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch03
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• Standardized statements make it easier to compare financial information, particularly as the company grows.
• They are also useful for comparing companies of different sizes, particularly within the same industry.
3,358 C/S
5,033 Total Liab. & Equity
2018 307 26
1,662 1,995
843
2,768
5,606
2017 303 119
1,353 1,775 1,091
2,167
5,033
Байду номын сангаас
Numbers in millions of dollars
3-4
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
STANDARDIZED FINANCIAL STATEMENTS
• Common-Size Balance Sheets
▪ Compute all accounts as a percent of total assets
• Common-Size Income Statements
▪ Compute all line items as a percent of sales
▪ Investment Activity – includes changes in fixed assets
▪ Financing Activity – includes changes in notes payable, long-term debt, and equity accounts, as well as dividends
3-3
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
58
893 116
4 309 -139 -164 -140 879
Financing Activity Decrease in Notes Payable Decrease in LT Debt Change in C/S (less RE) Dividends Paid Net Cash from Financing
CHAPTER OUTLINE
• Cash Flow and Financial Statements: A Closer Look
• Standardized Financial Statements • Ratio Analysis • The DuPont Identity • Using Financial Statement Information
• Ratios are used both internally and externally.
3-10
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Net Increase in Cash
Cash End of Year
-93 -248
0 -292 -633
50
108
Investment Activity Purchase of Fixed Assets Net Cash from Investments
-196 -196
Numbers in millions of dollars
3-9
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Standardize financial statements for comparison purposes
• Compute, and more importantly, interpret some common ratios
• Name the determinants of a firm’s profitability • Explain some of the problems and pitfalls in
CATEGORIES OF FINANCIAL RATIOS
• Short-term solvency, or liquidity, ratios • Long-term solvency, or financial leverage, ratios • Asset management, or turnover, ratios • Profitability ratios • Market value ratios
• Cash and other current assets
▪ Decrease in liability or equity account
• Notes payable and long-term debt
3-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
▪ Increase in liability or equity account
• Accounts payable, other current liabilities, and common stock
• Uses
▪ Cash outflow – occurs when we “buy” something ▪ Increase in asset account
3-7
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
(116) 1,138
(7) 1,131 (238)
893 4.68
Dividends per share
1.53
Numbers in millions of dollars, except EPS & DPS
3-5
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
SAMPLE INCOME STATEMENT
Revenues Cost of Goods Sold Expenses Depreciation EBIT Interest Expense Taxable Income Taxes
Net Income EPS
5,000 (2,006) (1,740)
SAMPLE BALANCE SHEET
Cash A/R
Inventory Other CA Total CA
Net FA
Total Assets
2018 108
1,156
501 403 2,168
3,438
5,606
2017 58 A/P
992 N/P
361 Other CL 264 Total CL 1,675 LT Debt
RATIO ANALYSIS
• Ratios allow for better comparison through time or between companies.
• As we look at each ratio, ask yourself what the ratio is trying to measure and why that information is important.
STATEMENT OF CASH FLOWS
• Statement that summarizes the sources and uses of cash
• Changes divided into three major categories
▪ Operating Activity – includes net income and changes in most current accounts
3-11
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
SAMPLE STATEMENT OF CASH FLOWS
Cash, beginning of year Operating Activity
Net Income Plus: Depreciation
Increase in A/P Increase in Other CL Less: Increase in other CA Increase in A/R Increase in Inventory Net Cash from Operations
financial statement analysis
3-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
CHAPTER 3
WORKING WITH FINANCIAL STATEMENTS
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
SOURCES AND USES OF CASH
• Sources
▪ Cash inflow – occurs when we “sell” something ▪ Decrease in asset account (Sample B/S)
• Accounts receivable, inventory, and net fixed assets
3-8
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• They are also useful for comparing companies of different sizes, particularly within the same industry.
3,358 C/S
5,033 Total Liab. & Equity
2018 307 26
1,662 1,995
843
2,768
5,606
2017 303 119
1,353 1,775 1,091
2,167
5,033
Байду номын сангаас
Numbers in millions of dollars
3-4
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
STANDARDIZED FINANCIAL STATEMENTS
• Common-Size Balance Sheets
▪ Compute all accounts as a percent of total assets
• Common-Size Income Statements
▪ Compute all line items as a percent of sales
▪ Investment Activity – includes changes in fixed assets
▪ Financing Activity – includes changes in notes payable, long-term debt, and equity accounts, as well as dividends
3-3
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
58
893 116
4 309 -139 -164 -140 879
Financing Activity Decrease in Notes Payable Decrease in LT Debt Change in C/S (less RE) Dividends Paid Net Cash from Financing
CHAPTER OUTLINE
• Cash Flow and Financial Statements: A Closer Look
• Standardized Financial Statements • Ratio Analysis • The DuPont Identity • Using Financial Statement Information
• Ratios are used both internally and externally.
3-10
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Net Increase in Cash
Cash End of Year
-93 -248
0 -292 -633
50
108
Investment Activity Purchase of Fixed Assets Net Cash from Investments
-196 -196
Numbers in millions of dollars
3-9
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Standardize financial statements for comparison purposes
• Compute, and more importantly, interpret some common ratios
• Name the determinants of a firm’s profitability • Explain some of the problems and pitfalls in
CATEGORIES OF FINANCIAL RATIOS
• Short-term solvency, or liquidity, ratios • Long-term solvency, or financial leverage, ratios • Asset management, or turnover, ratios • Profitability ratios • Market value ratios
• Cash and other current assets
▪ Decrease in liability or equity account
• Notes payable and long-term debt
3-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
▪ Increase in liability or equity account
• Accounts payable, other current liabilities, and common stock
• Uses
▪ Cash outflow – occurs when we “buy” something ▪ Increase in asset account
3-7
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
(116) 1,138
(7) 1,131 (238)
893 4.68
Dividends per share
1.53
Numbers in millions of dollars, except EPS & DPS
3-5
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
SAMPLE INCOME STATEMENT
Revenues Cost of Goods Sold Expenses Depreciation EBIT Interest Expense Taxable Income Taxes
Net Income EPS
5,000 (2,006) (1,740)
SAMPLE BALANCE SHEET
Cash A/R
Inventory Other CA Total CA
Net FA
Total Assets
2018 108
1,156
501 403 2,168
3,438
5,606
2017 58 A/P
992 N/P
361 Other CL 264 Total CL 1,675 LT Debt
RATIO ANALYSIS
• Ratios allow for better comparison through time or between companies.
• As we look at each ratio, ask yourself what the ratio is trying to measure and why that information is important.
STATEMENT OF CASH FLOWS
• Statement that summarizes the sources and uses of cash
• Changes divided into three major categories
▪ Operating Activity – includes net income and changes in most current accounts
3-11
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
SAMPLE STATEMENT OF CASH FLOWS
Cash, beginning of year Operating Activity
Net Income Plus: Depreciation
Increase in A/P Increase in Other CL Less: Increase in other CA Increase in A/R Increase in Inventory Net Cash from Operations
financial statement analysis
3-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
CHAPTER 3
WORKING WITH FINANCIAL STATEMENTS
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
SOURCES AND USES OF CASH
• Sources
▪ Cash inflow – occurs when we “sell” something ▪ Decrease in asset account (Sample B/S)
• Accounts receivable, inventory, and net fixed assets
3-8
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.