会计师实务 财务管理英文版

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Sources of Information
Annual reports Wall Street Journal Internet
NYSE () Nasdaq () Text ()
SEC
EDGAR 10K & 10Q reports
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U.S.C.C. Income Statement
U.S. COMPOSITE CORPORATION Income Statement 20X2 (in $ millions)
The operations section of the income statement reports the firm’s revenues and expenses from principal operations
U.S. COMPOSITE CORPORATION Income Statement 20X2
(in $ millions)
The nonoperating section of the income statement includes all financing costs, such as interest expense.
$39 $39
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liqACucacpiuitdmalustluahrtepadlurnsetapinerdoeparneinrgtsy, plan33t4970and332477
equipment. Less treasury stock Total equity
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
Net property, plant, and equipment 873
Intangible assets and other
245
Total fixed assets
$1,118
$1,274 -460 814 221
$1,035
Total assets
$1,879 $1,742
The aansdsLSeiatotbcsiklihtaioelsrd(eeDr'eslbiEts)qtueityd in o20rXd2er 20X1
U.S. COMPOSITE CORPORATION Income Statement 20x2
(in $ millions)
Total operating revenues Cost of goods sold Selling, general, and administrative expenses Depreciation Operating income Other income Earnings before interest and taxes Interest expense
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The Balance Sheet of the U.S. Composite Corporation
U.S. COMPOSITE CORPORATION Balance Sheet 20X2 and 20X1 (in $ millions)
Assets Current assets:
Cash and equivalents Accounts receivable Inventories Other
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2.1 The Balance Sheet
An accountant’s snapshot of the firm’s accounting value as of a particular date. The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity When analyzing a balance sheet, the financial manager should be aware of three concerns: accounting liquidity, debt versus equity, and value versus cost.
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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
Current: $71 Deferred: $13 Net income Retained earnings: Dividends:
$2,262 - 1,655
- 327 - 90 $190 29 $219 - 49 $170 - 84
$86 $43 $43
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U.S.C.C. Income Statement
Current: $71 Deferred: $13 Net income Retained earnings: Dividends:Biblioteka $2,262 - 1,655
- 327 - 90 $190 29 $219 - 49 $170 - 84
$86 $43 $43
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U.S.C.C. Income Statement
2-0
CHAPTER
2
Accounting Statements and Cash Flow
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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
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Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities.
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Accounting Liquidity
Refers to the ease and quickness with which assets can be converted to cash. 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. Liquid assets frequently have lower rates of return than fixed assets.
Net income is the Pretax income “bottom line”. Taxes
Current: $71 Deferred: $13 Net income Retained earnings: Dividends:
$2,262 - 1,655
- 327 - 90 $190 29 $219 - 49 $170 - 84
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
Total current assets
20X2 20X1
$140 294 269 58
$761
$107 270 280 50
$707
Fixed assets:
Property, plant, and equipment $1,423
Less accumulated depreciation -550
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Value versus Cost
Under GAAP audited financial statements of firms in the U.S. carry assets at cost. Market value is a completely different concept.
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
-26 -20 $805 $725
Total liabilities and stockholder's equity $1,879 $1,742
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Balance Sheet Analysis
When analyzing a balance sheet, the financial manager should be aware of three concerns: 1. Accounting liquidity 2. Debt versus equity 3. Value versus cost
$86 $43 $43
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Income Statement Analysis
by the length Current Liabilities: Accounts payable
of
time
it
$213
$197
noNromtesapalylayblewould take a firm50 53
Accrued expenses
223 205
withTotoal ncugrreontilniabgilitoiesperations$4t8o6 $455
Current: $71 Deferred: $13 Net income Retained earnings: Dividends:
$2,262 - 1,655
- 327 - 90 $190 29 $219 - 49 $170 - 84
$86 $43 $43
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U.S.C.C. Income Statement
convert them Long-term liabilities: Deferred taxes
into
cash.
$117
$104
Long-term debt
471 458
Total long-term liabilities
$588 $562
Stockholder's equity:
Preferred stock
U.S. COMPOSITE CORPORATION Income Statement 20X2
(in $ millions)
Usually a separate section reports as a separate item the amount of taxes levied on income.