罗斯公司理财英文第九版Chap002
合集下载
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Chapter 2
Financial Statements and Cash Flow
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
2-2
Sources of Information
2-3
2.1 The Balance Sheet
An accountant’s snapshot of the firm’s accounting value at a specific point in time
The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity
income and cash flow Calculate a firm’s cash flow
2-1
Chapter Outline
2.1 The Balance Sheet 2.2 The Income Statement 2.3 Taxes 2.4 Net Working Capital 2.5 Financial Cash Flow 2.6 The Accounting Statement of Cash Flows 2.7 Cash Flow Management
Liquid assets frequently have lower rates of
return than fixed assets.
2-7
Debt versus Equity
Creditors generally receive the first claim on the firm’s cash flow.
eqLeussitpremasuerynstto.ck Total equity
(26) (20) $805 $725
Total liabilities and stockholder's equity $1,879 $1,742
Hale Waihona Puke Baidu2-5
Balance Sheet Analysis
When analyzing a balance sheet, the Finance Manager should be aware of three concerns:
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
Intangible assets and other
245 221
Total fixed assets
$1,118 $1,035
Total assets
$1,879 $1,742
The assets are listed in20o10rde2r00b9y
the length of Current Liabilities: Accounts payable
$117 471
$588
$104 458
$562
Stockholder's equity:
CCProlemefemarroerndlsysttoo,cckkc(a$1sphar viasluem) uch m$o3595re
$39 32
liACqcacpuuitmaildusluarttephdlurasetnainepdreoarnpinegsrty, pla33n4970t, an33d2477
Current assets are the most liquid.
Some fixed assets are intangible.
The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations.
2-4
U.S. Composite Corporation Balance Sheet
Current assets: Cash and equivalents Accounts receivable Inventories Other Total current assets
2010 2009
$140 294 269 58
time
it
wo$u21l3d
$197
nNootrems paayalbllye take a firm with50 53
Accrued expenses
223 205
onTgotoalicnurgrentolipabeilirtiaestions to c$o48n6 ve$r4t55
Ltohneg-mtermilinabtiolitiecs:ash. Deferred taxes Long-term debt Total long-term liabilities
$761
$107 270 280 50
$707
Fixed assets:
Property, plant, and equipment $1,423 $1,274
Less accumulated depreciation (550) (460)
Net property, plant, and equipment 873 814
1. Liquidity 2. Debt versus equity 3. Value versus cost
2-6
Liquidity
Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value
Financial Statements and Cash Flow
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
2-2
Sources of Information
2-3
2.1 The Balance Sheet
An accountant’s snapshot of the firm’s accounting value at a specific point in time
The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity
income and cash flow Calculate a firm’s cash flow
2-1
Chapter Outline
2.1 The Balance Sheet 2.2 The Income Statement 2.3 Taxes 2.4 Net Working Capital 2.5 Financial Cash Flow 2.6 The Accounting Statement of Cash Flows 2.7 Cash Flow Management
Liquid assets frequently have lower rates of
return than fixed assets.
2-7
Debt versus Equity
Creditors generally receive the first claim on the firm’s cash flow.
eqLeussitpremasuerynstto.ck Total equity
(26) (20) $805 $725
Total liabilities and stockholder's equity $1,879 $1,742
Hale Waihona Puke Baidu2-5
Balance Sheet Analysis
When analyzing a balance sheet, the Finance Manager should be aware of three concerns:
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
Intangible assets and other
245 221
Total fixed assets
$1,118 $1,035
Total assets
$1,879 $1,742
The assets are listed in20o10rde2r00b9y
the length of Current Liabilities: Accounts payable
$117 471
$588
$104 458
$562
Stockholder's equity:
CCProlemefemarroerndlsysttoo,cckkc(a$1sphar viasluem) uch m$o3595re
$39 32
liACqcacpuuitmaildusluarttephdlurasetnainepdreoarnpinegsrty, pla33n4970t, an33d2477
Current assets are the most liquid.
Some fixed assets are intangible.
The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations.
2-4
U.S. Composite Corporation Balance Sheet
Current assets: Cash and equivalents Accounts receivable Inventories Other Total current assets
2010 2009
$140 294 269 58
time
it
wo$u21l3d
$197
nNootrems paayalbllye take a firm with50 53
Accrued expenses
223 205
onTgotoalicnurgrentolipabeilirtiaestions to c$o48n6 ve$r4t55
Ltohneg-mtermilinabtiolitiecs:ash. Deferred taxes Long-term debt Total long-term liabilities
$761
$107 270 280 50
$707
Fixed assets:
Property, plant, and equipment $1,423 $1,274
Less accumulated depreciation (550) (460)
Net property, plant, and equipment 873 814
1. Liquidity 2. Debt versus equity 3. Value versus cost
2-6
Liquidity
Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value