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公司金融stephenChap02课件.ppt

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公司金融stephenChap02课件.ppt

上传人:yuzonghong1 9/21/2022 文件大小:1.21 MB

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文档介绍:该【公司金融stephenChap02课件 】是由【yuzonghong1】上传分享,文档一共【38】页,该文档可以免费在线阅读,需要了解更多关于【公司金融stephenChap02课件 】的内容,可以使用淘豆网的站内搜索功能,选择自己适合的文档,以下文字是截取该文章内的部分文字,如需要获得完整电子版,请下载此文档到您的设备,方便您编辑和打印。FinancialStatementsandCashFlow
Chapter2
KeyConceptsandSkills
Understandtheinformationprovidedbyfinancialstatements
Differentiatebetweenbookandmarketvalues
Knowthedifferencebetweenaverageandmarginaltaxrates
Knowthedifferencebetweenaccountingincomeandcashflow
Calculateafirm’scashflow
ChapterOutline







SourcesofInformation
Annualreports
WallStreetJournal
Internet
NYSE()
NASDAQ()
Textbook()
SEC
EDGAR
10K&10Qreports

2010
2009
2010
2009
Currentassets:
CurrentLiabilities:
Cashandequivalents
$140
$107
Accountspayable
$213
$197
Accountsreceivable
294
270
Notespayable
50
53
Inventories
269
280
Accruedexpenses
223
205
Other
58
50
Totalcurrentliabilities
$486
$455
Totalcurrentassets
$761
$707
Long-termliabilities:
Fixedassets:
Deferredtaxes
$117
$104
Property,plant,andequipment
$1,423
$1,274
Long-termdebt
471
458
Lessaccumulateddepreciation
(550)
(460)
Totallong-termliabilities
$588
$562
Netproperty,plant,andequipment
873
814
Intangibleassetsandother
245
221
Stockholder'sequity:
Totalfixedassets
$1,118
$1,035
Preferredstock
$39
$39
Commonstock($1parvalue)
55
32
Capitalsurplus
347
327
Accumulatedretainedearnings
390
347
Lesstreasurystock
(26)
(20)
Totalequity
$805
$725
Totalassets
$1,879
$1,742
Totalliabilitiesandstockholder'sequity
$1,879
$1,742
Theassetsarelistedinorderbythelengthoftimeitwouldnormallytakeafirmwithongoingoperationstoconvertthemintocash.
Clearly,cashismuchmoreliquidthanproperty,plant,andequipment.
BalanceSheetAnalysis
Whenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:
Liquidity
Debtversusequity
Valueversuscost
DebtversusEquity
Creditorsgenerallyreceivethefirstclaimonthefirm’scashflow.
Shareholder’sequityistheresidualdifferencebetweenassetsandliabilities.
ValueversusCost
UnderGenerallyAcceptedAccountingPrinciples(GAAP),.
Marketvalueisthepriceatwhichtheassets,liabilities,andequitycouldactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.

Measuresfinancialperformanceoveraspecificperiodoftime
Theaccountingdefinitionofincomeis:
Revenue–Expenses≡Income

Totaloperatingrevenues
Costofgoodssold
Selling,general,andadministrativeexpenses
Depreciation
Operatingincome
Otherincome
Earningsbeforeinterestandtaxes
Interestexpense
Pretaxincome
Taxes
Current:$71
Deferred:$13
Netincome
Additiontoretainedearnings$43
Dividends:$43
Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations.
$2,262
1,655
327
90
$190
29
$219
49
$170
84
$86