公司理财英文版第三章
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– Operating Activity – includes net income and changes in most current accounts – Investment Activity – includes changes in fixed assets – Financing Activity – includes changes in notes payable, long-term debt, and equity accounts, as well as dividends
• On the Statement of Cash Flows, which of the following are considered financing activities? I. increase in long-term debt II. decrease in accounts payable III. interest paid IV. dividends paid A. I and IV only B. III and IV only C. II and III only D. I, III, and IV only E. I, II, III, and IV
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
• Which one of the following is a source of cash? A. increase in accounts receivable B. decrease in notes payable C. decrease in common stock D. increase in accounts payable E. increase in inventory
• 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
3-11
Sample Statement of Cash Flows
Cash, beginning of year Operating Activity Net Income Plus: Depreciation Decrease in A/R Decrease in Inventory Increase in A/P Increase in Other CL Less: Increase in other CA Net Cash from Operations 689 116 36 60 4 309 -39 1,175 Cash End of Year 696 Net Increase in Cash 638 58 Financing Activity Decrease in Notes Payable Decrease in LT Debt Decrease in C/S (minus RE) Dividends Paid Net Cash from Financing -93 -248 -94 -206 -641
• Accounts receivable, inventory, and net fixed assets
– Increase in liability or equity account
• Accounts payable, other current liabilities, and common stock
• Notes payable and long-term debt
Байду номын сангаас
3-10
Statement of Cash Flows
• Statement that summarizes the sources and uses of cash • Changes divided into three major categories
• On the Statement of Cash Flows, which of the following are considered operating activities? I. costs of goods sold II. decrease in accounts payable III. interest paid IV. dividends paid A. I and III only B. III and IV only C. I, II, and III only D. I, III, and IV only E. I, II, III, and IV
• Understand sources and uses of cash and the Statement of Cash Flows • Know how to standardize financial statements for comparison purposes • Know how to compute and interpret important financial ratios • Be able to compute and interpret the Du Pont Identity • Understand the problems and pitfalls in financial statement analysis
EPS
Dividends per share
3.61
1.08
3-9
Numbers in millions of dollars, except EPS & DPS
Sources and Uses
• Sources
– Cash inflow – occurs when we “sell” something – Decrease in asset account (Sample B/S)
3-8
Sample Income Statement
Revenues Cost of Goods Sold 5,000 (2,006)
Expenses
Depreciation EBIT Interest Expense Taxable Income Taxes Net Income
(1,740)
(116) 1,138 (7) 1,131 (442) 689
3-15
PREVIEW
• Which of the following ratios are measures of a firm's liquidity? I. cash coverage ratio II. interval measure III. debt-equity ratio IV. quick ratio A. I and III only B. II and IV only C. I, III, and IV only D. I, II, and III only E. I, II, III, and IV
Total CA
Net FA Total Assets
2,256
3,138 5,394
1,675 LT Debt
3,358 C/S 5,033 Total Liab. & Equity
843
2,556 5,394
1,091
2,167 5,033
Numbers in millions of dollars
Investment Activity Sale of Fixed Assets Net Cash from Investments 104 104
Numbers in millions of dollars
3-12
PREVIEW
• On a common-size balance sheet all accounts are expressed as a percentage of: A. sales for the period. B. the base year sales. C. total equity for the base year. D. total assets for the current year. E. total assets for the base year.
3-2
Chapter Outline
• Cash Flow and Financial Statements: A Closer Look • Standardized Financial Statements • Ratio Analysis • The Du Pont Identity • Using Financial Statement Information
3-3
preview
• The sources and uses of cash over a stated period of time are reflected on the: A. income statement. B. balance sheet. C. tax reconciliation statement. D. statement of cash flows. E. statement of operating position.
• Uses
– Cash outflow – occurs when we “buy” something – Increase in asset account
• Cash and other current assets
– Decrease in liability or equity account
• A firm uses 2008 as the base year for its financial statements. The common-size, base-year statement for 2009 has an inventory value of 1.08. This is interpreted to mean that the 2009 inventory is equal to 108 percent of which one of the following? A. 2008 inventory B. 2008 total assets C. 2009 total assets D. 2008 inventory expressed as a percent of 2008 total assets E. 2009 inventory expressed as a percent of 2009 total assets
Chapter 3 Working With Financial Statements
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
Sample Balance Sheet
2009
Cash A/R Inventory Other CA 696 956 301 303
2008
58 A/P 992 N/P 361 Other CL 264 Total CL
2009
307 26 1,662 1,995
2008
303 119 1,353 1,775
• On the Statement of Cash Flows, which of the following are considered financing activities? I. increase in long-term debt II. decrease in accounts payable III. interest paid IV. dividends paid A. I and IV only B. III and IV only C. II and III only D. I, III, and IV only E. I, II, III, and IV
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
• Which one of the following is a source of cash? A. increase in accounts receivable B. decrease in notes payable C. decrease in common stock D. increase in accounts payable E. increase in inventory
• 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
3-11
Sample Statement of Cash Flows
Cash, beginning of year Operating Activity Net Income Plus: Depreciation Decrease in A/R Decrease in Inventory Increase in A/P Increase in Other CL Less: Increase in other CA Net Cash from Operations 689 116 36 60 4 309 -39 1,175 Cash End of Year 696 Net Increase in Cash 638 58 Financing Activity Decrease in Notes Payable Decrease in LT Debt Decrease in C/S (minus RE) Dividends Paid Net Cash from Financing -93 -248 -94 -206 -641
• Accounts receivable, inventory, and net fixed assets
– Increase in liability or equity account
• Accounts payable, other current liabilities, and common stock
• Notes payable and long-term debt
Байду номын сангаас
3-10
Statement of Cash Flows
• Statement that summarizes the sources and uses of cash • Changes divided into three major categories
• On the Statement of Cash Flows, which of the following are considered operating activities? I. costs of goods sold II. decrease in accounts payable III. interest paid IV. dividends paid A. I and III only B. III and IV only C. I, II, and III only D. I, III, and IV only E. I, II, III, and IV
• Understand sources and uses of cash and the Statement of Cash Flows • Know how to standardize financial statements for comparison purposes • Know how to compute and interpret important financial ratios • Be able to compute and interpret the Du Pont Identity • Understand the problems and pitfalls in financial statement analysis
EPS
Dividends per share
3.61
1.08
3-9
Numbers in millions of dollars, except EPS & DPS
Sources and Uses
• Sources
– Cash inflow – occurs when we “sell” something – Decrease in asset account (Sample B/S)
3-8
Sample Income Statement
Revenues Cost of Goods Sold 5,000 (2,006)
Expenses
Depreciation EBIT Interest Expense Taxable Income Taxes Net Income
(1,740)
(116) 1,138 (7) 1,131 (442) 689
3-15
PREVIEW
• Which of the following ratios are measures of a firm's liquidity? I. cash coverage ratio II. interval measure III. debt-equity ratio IV. quick ratio A. I and III only B. II and IV only C. I, III, and IV only D. I, II, and III only E. I, II, III, and IV
Total CA
Net FA Total Assets
2,256
3,138 5,394
1,675 LT Debt
3,358 C/S 5,033 Total Liab. & Equity
843
2,556 5,394
1,091
2,167 5,033
Numbers in millions of dollars
Investment Activity Sale of Fixed Assets Net Cash from Investments 104 104
Numbers in millions of dollars
3-12
PREVIEW
• On a common-size balance sheet all accounts are expressed as a percentage of: A. sales for the period. B. the base year sales. C. total equity for the base year. D. total assets for the current year. E. total assets for the base year.
3-2
Chapter Outline
• Cash Flow and Financial Statements: A Closer Look • Standardized Financial Statements • Ratio Analysis • The Du Pont Identity • Using Financial Statement Information
3-3
preview
• The sources and uses of cash over a stated period of time are reflected on the: A. income statement. B. balance sheet. C. tax reconciliation statement. D. statement of cash flows. E. statement of operating position.
• Uses
– Cash outflow – occurs when we “buy” something – Increase in asset account
• Cash and other current assets
– Decrease in liability or equity account
• A firm uses 2008 as the base year for its financial statements. The common-size, base-year statement for 2009 has an inventory value of 1.08. This is interpreted to mean that the 2009 inventory is equal to 108 percent of which one of the following? A. 2008 inventory B. 2008 total assets C. 2009 total assets D. 2008 inventory expressed as a percent of 2008 total assets E. 2009 inventory expressed as a percent of 2009 total assets
Chapter 3 Working With Financial Statements
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
Sample Balance Sheet
2009
Cash A/R Inventory Other CA 696 956 301 303
2008
58 A/P 992 N/P 361 Other CL 264 Total CL
2009
307 26 1,662 1,995
2008
303 119 1,353 1,775