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1、Chapteer 3 - SoluutionssOvervieew:Problemm Lenggth Prroblemm #s SS 1, 3 MM2, 7, 8, 112, 133 LL4 - 66, 9 - 11, 14, 115 1.Sa.Palommba Piizza SStoress Stateement of Caash FllowsYear Endedd Deceember 31, 22000Cash Fllows ffrom OOperatting AActiviities: Cash Colleectionns froom Cusstomerrs Cash Paymeents
2、 tto Suppplierrs Cash Paymeents ffor Saalariees Cash Paymeents ffor InnteresstNet Cassh froom Opeeratinng ActtivitiiesCash Fllows ffrom IInvestting AActiviities: Saless of EEquipmment Purchhase oof Equuipmennt Purchhase oof LanndNet Cassh forr Inveestingg ActiivitieesCash Fllows ffrom FFinanccing AA
3、ctiviities: Retirrementt of CCommonn Stocck Paymeent off DiviidendssNet Cassh forr Finaancingg Actiivitiees Nett Incrrease in Caash Cassh at Beginnning of Yeear Cassh at End oof Yeaar$ 250,0000 (85,0000) (45,0000) (10,0000) 38,0000 (30,0000) (14,0000) (25,0000) (35,0000)$ 110,0000 (6,0000) (60,0000)
4、$ 44,0000 50,0000 $ 94,0000 b.Cassh Floow froom Opeeratioons (CCFO) mmeasurres thhe cassh genneratiing abbilityy of ooperattions, in aadditiion too proffitabiility. If uused aas a mmeasurre of perfoormancce, CFFO is less subjeect too disttortioon thaan nett incoome. AAnalyssts usse thee CFO as a che
5、ckk on tthe quualityy of rreportted eaarninggs, allthouggh it is noot a ssubstiitute for nnet inncome. Comppaniess withh highh net incomme andd low CFO mmay bee usinng oveerly aaggresssive incomme reccognittion ttechniiques. The abiliity off a fiirm too geneerate cash from operaationss on aa conssis
6、tennt bassis iss one indiccationn of tthe fiinanciial heealth of thhe firrm. Annalystts seaarch ffor trrends in CFFO to indiccate ffuturee cashh condditionns andd poteentiall liquuidityy or ssolvenncy prroblemms.Cash Flow from Invessting Activvitiess (CFII) repports how tthe fiirm iss inveestingg it
7、s excesss cassh. Thhe anaalyst must consiider tthe abbilityy of tthe fiirm too conttinue to grrow annd CFII is aa goodd indiicatioon of the aattituude off manaagemennt in this area. Thiss compponentt of ttotal cash flow incluudes tthe caapitall expeendituures mmade bby mannagemeent too mainntain and
8、 eexpandd prodductivve cappacityy. Deccreasiing CFFI mayy be aa foreecast of sllower futurre groowth.Cash Fllow frrom Fiinanciing (CCFF) iindicaates tthe soourcess of ffinanccing ffor thhe firrm. Foor firrms thhat reequiree exteernal sourcces off finaancingg (eitther bborrowwing oor equuity ffinancc
9、ing) it coommuniicatess manaagemennts ppreferrencess regaardingg finaanciall leveerage. Debtt finaancingg indiicatess futuure caash reequireementss for princcipal and iintereest paaymentts. Eqquity finanncing will causee futuure eaarninggs perr sharre dillutionn.For ffirms whosee operratingg cashh f
10、loww exceeeds iinvesttment needss, CFFF indiicatess whetther tthat eexcesss is uused tto reppay deebt, ppay (oor inccreasee) cassh divvidendds, orr repuurchasse outtstandding ssharess.c.Cassh payymentss for interrest sshouldd be cclassiified as CFFF forr purpposes of annalysiis. Thhis cllassifficati
11、ion seeparattes thhe efffect oof finnanciaal levveragee deciisionss fromm operratingg resuults. It allso faacilittates the ccomparrison of Paalombaa withh otheer firrms whhose ffinanccial lleveraage diifferss.d. Thhe chaange iin cassh hass no aanalyttic siignifiicancee. Thee channge inn cashh (andd
12、hencce, thhe cassh ballance at thhe endd of tthe yeear) iis a pproducct of managgementt deciisionss regaardingg finaancingg. Forr exammple, the ffirm ccan shhow a largee cashh balaance bby draawing on baank liines jjust pprior to yeear ennd.e. and f. Theere arre a nnumberr of ddefiniitionss of ffree
13、 ccash fflows.In the text, freee cashh floww is ddefineed as cash from operaationss lesss the amounnt of capittal exxpendiituress requuired to maaintaiin thee firmms cuurrentt prodductivve cappacityy. Thiis deffinitiion reequirees thee excllusionn of ccosts of grrowth and aacquissitionns. Hooweverr,
14、 feww firmms proovide separrate ddiscloosuress of eexpendditurees inccurredd to mmaintaain prroducttive ccapaciity. CCapitaal cossts off acquuisitiions mmay bee obtaained from proxyy stattementts andd otheer dissclosuures oof acqquisittions (See Chaptter 144). In the finannce liiteratture, free cash
15、 flowss avaiilablee to eequityy holdders aare offten mmeasurred ass cashh fromm operrationns lesss cappital expennditurres. IIntereest paaid iss a deeductiion whhen coomputiing caash frrom opperatiions aas it is paaid too credditorss. Pallombas freee cassh floow avaailablle to equitty hollders is caalculaated aas folllows:Net cassh floow froom opeeratinng acttivitiies leess neet cassh forr inveesting
