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1、Chapter 2 & 3,Financial Statements and Analysis (財務報表與財務分析),The Stockholders Report,The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用於準備與維持財務記錄及報告的指導方針是一般會計原則(GAPP). Sources of Financial Information (財務資訊的來源) Annual Report
2、 (年報：主要的資訊來源):年報中包括2種資訊 公司總經理的公開信(letter to stockholders) 4種基本的財務報表(financial statements) 美國的證管會(SEC) & 臺灣的金管會,2.1-2.2 The Balance Sheet & Income Statement (資產負債表&損益表),The income statement provides a financial summary of a companys operating results during a specified period.(流量的觀念) The balance shee
3、t presents a summary of a firms financial position at a given point in time.(存量的觀念) The Balance Sheet Identity is: Assets Liabilities + Stockholders Equity The accounting definition of income is: Revenue Expenses Income,Balance Sheet Analysis,When analyzing a balance sheet, the Finance Manager shoul
4、d be aware of three concerns: Accounting liquidity (會計的變現性) Debt versus equity (債務 v.s. 權益) Value versus cost (價值 v.s. 成本),Accounting Liquidity(變現性/流動性),Refers to the ease and quickness with which assets can be converted to cashwithout a significant loss in value (所謂變現性是指在沒有嚴重損失價值之下，可以容易且快速的將資產轉換成現金
5、) Current assets are the most liquid. (流動資產最具變現性) Some fixed assets are intangible. (某些固定資產是無形資產) The more liquid a firms assets, the less likely the firm is to experience problems meeting short-term obligations. (企業的資產越具變現性，則企業越不可能經歷無法滿足短期債務的問題) Liquid assets frequently have lower rates of return t
6、han fixed assets. (變現性高的資產之報酬率會比固定資產者低),Debt versus Equity,Creditors generally receive the first claim on the firms cash flow. Shareholders equity is the residual difference between assets and liabilities.,Value versus Cost,Under GAAP, audited financial statements of firms in the U.S. carry assets a
7、t cost. Market value is the price at which the assets, liabilities, and equity could actually be bought or sold, which is a completely different concept from historical cost.,The Income Statement,The operations section (營運部分) of the income statement reports the firms revenues and expenses from princ
8、ipal operations. The non-operating section (非營運部分) of the income statement includes all financing costs, such as interest expense. Usually a separate section reports the amount of taxes levied on income. Net income (淨利) is the “bottom line.”,Total operating revenues,Cost of goods sold,Selling, gener
9、al, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,(4) Net income is the “bottom line.”,$2,262,1,655,327,90,$190,29,$219,49,$170
10、,84,$86,U.S.C.C. Income Statement,(1),(2),(3),Income Statement Analysis,There are three things to keep in mind when analyzing an income statement: GAAP The matching principal of GAAP dictates that revenues be matched with expenses. (GAPP要求收入與費用配合原則) Thus, income is reported when it is earned, even t
11、hough no cash flow may have occurred. Non-Cash Items Time and Costs,Non-Cash Items,Depreciation (折舊 費用) is the most apparent. No firm ever writes a check for “depreciation.” Another non-cash item is deferred taxes (遞延所得稅), which does not represent a cash flow. Thus, net income is not cash.,Time and
12、Costs,In the short-run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials. In the long-run, all inputs of production (and hence costs) are variable. 會計師並不區分 variable costs 與 fixed costs. 相反地，會計成本的分類方式是為了區隔 product costs
13、from period costs。,2.3 Taxes,Marginal vs. average tax rates Marginal (邊際稅率) the percentage paid on the next dollar earned Average (平均稅率) the tax bill / taxable income Other taxes,Calculate federal income taxes due if taxable income (應稅所得) is $80,000. Solution: Tax = .15 ($50,000) + .25 ($25,000) + .
14、34 ($80,000 - $75,000) Tax = $15,450 = Tax liability (稅負) Marginal Tax Rate = 34% Average Tax Rate = $15,450/$80,000 = 19.31%,Example,Ordinary income is earned through the sale of a firms goods or services and is taxed at the rates depicted in Table 2.3.,2.4 Net Working Capital (NWC),Net Working Cap
15、ital Current Assets Current Liabilities NWC usually grows with the firm,2.5 Financial Cash Flow,In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm. The cash flow received from the firms assets (CF(A) must equal the cash flows to th
16、e firms creditors (CF(B) and stockholders (CF(S). CF(A) CF(B) + CF(S),2.5 The Statement of Cash Flows (現金流量表)-1,Constructed from the Balance Sheet and Income Statement 需要2個連續年度的資產負債表及當年的損益表來形成現金流量表 編表的方式有2種 依據3個不同的活動(operating, investing, and financing activities) 依據現金的來源與使用(sources and uses),The Statement of Cash Flows (現金流量表)-2:Business Cash Flows,Cash Flows Rules Asset decrease source o
