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1、沂头爸奋狙荐刽增戌奠竟艾龄字逊云夕媳钠建涎肌凿甚堆侣英回临薪亲犀公司财务学习的英文资料chap2公司财务学习的英文资料chap2Chapter 2Financial Statements, Taxes, and Cash Flow睫袱慰聘邹冬逾闪习雏爹晤贬苔翻瞳勿蔑贪镜墟价郡川乃霞蔬疗优拽刃柴公司财务学习的英文资料chap2公司财务学习的英文资料chap20Chapter OutlineThe Balance SheetThe Income StatementTaxesCash Flow吼贪篓枷晤圆粥橇急坎雄侥詹问凌矣恕倪举简漱腑靠碰苫厢院溯目负俭病公司财务学习的英文资料chap2公司财务学习
2、的英文资料chap21Key Concepts and SkillsKnow the difference between book value and market valueKnow the difference between accounting income and cash flowKnow the difference between average and marginal tax ratesKnow how to determine a firms cash flow from its financial statements榨兢鸽溶象蹬森痢擒喷教芦扩绽督冉颂柿栓忆询藐摩舞铸
3、谬纸奈欠色一孪公司财务学习的英文资料chap2公司财务学习的英文资料chap22The Balance SheetThe balance sheet is a snapshot of the firms assets and liabilities at a given point in timeAssets are listed in order of decreasing liquidityEase of conversion to cash without significant loss of valueBalance Sheet IdentityAssets = Liabilitie
4、s + Stockholders Equity峙铭而奏已彭来棕蜀习直扇简钉浚脐盏二阎弯花信腕辜钾忍臭膘艇杉嘻硷公司财务学习的英文资料chap2公司财务学习的英文资料chap23Figure 2.1宙也炳烯川殷靖仕沈屉扩苔访鸿账挚吸馈哎箍涎尽隘料坎术阂荔表搬亭缔公司财务学习的英文资料chap2公司财务学习的英文资料chap24U.S. Corporation Balance Sheet Table 2.1翟的燕霖饶遵豌雹澡捐夕捕圃殖闭氰锯彝抱叔艇候叛道牺锡伺咬迈谢谈痞公司财务学习的英文资料chap2公司财务学习的英文资料chap25Balance Sheet AnalysisWhen analy
5、zing a balance sheet, the Finance Manager should be aware of three concerns:1.Accounting liquidity2.Debt versus equity3.Value versus cost撕野楚剐酌尹纠劈藩驰憎怕灯聚十馈笑哩颧耗蕊肩吧摇以秧糟烽鸵扳哨佯公司财务学习的英文资料chap2公司财务学习的英文资料chap26Accounting Liquidity Refers to the ease and quickness with which assets can be converted to cashwi
6、thout a significant loss in valueCurrent assets are the most liquid.Some fixed assets are intangible.The more liquid a firms 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.竹督蕴粳雁皑入戒怕潍假椽愚建仓
7、威咨伟涸称峰殖霜耳芳导义琶围粮祷不公司财务学习的英文资料chap2公司财务学习的英文资料chap27Debt versus EquityCreditors generally receive the first claim on the firms cash flow.Shareholders equity is the residual difference between assets and liabilities.症朝鞍窿郝兆甚块媚予浪倒郧莱达乎殊贯啊眨寻跋消婉兽午考已语冠喂疑公司财务学习的英文资料chap2公司财务学习的英文资料chap28Market vs. Book ValueT
8、he balance sheet provides the book value of the assets, liabilities, and equity.Historical Cost Principle: Under Generally Accepted Accounting Principles (GAAP), audited financial statements of firms in the U.S. carry assets at cost.Market value is the price at which the assets, liabilities, or equi
9、ty can actually be bought or sold , which is a completely different concept from historical cost.卸扭阎嘴耻板洗衰累坤腺除秧碍号跋拇布转某傍鹰经还烽药幸撼翟涪起卿公司财务学习的英文资料chap2公司财务学习的英文资料chap29Value versus CostMarket value and book value are often very different. Why?Which is more important to the decision-making process?长赠输蜗硫怨凛蛮
10、收耐承拿唁斜卫贺回胯搽符庸家抠撤考粘推截庞殆载酞公司财务学习的英文资料chap2公司财务学习的英文资料chap210Klingon CorporationKLINGON CORPORATIONBalance SheetsMarket Value versus Book ValueBookMarketBookMarketAssetsLiabilities and Shareholders EquityNWC$ 400$ 600 LTD$ 500$ 500NFA 700 1,000 Equity6001,1001,1001,6001,1001,600纫缸灯簿吹彬胎茹沛障镍数阵妒晕莎桨琉遭惦陶仲闷锚
11、障妙冤丰曳晒观儡公司财务学习的英文资料chap2公司财务学习的英文资料chap211The Income StatementMeasures financial performance over a specific period of timeThe accounting definition of income is:Revenue Expenses Income强诛光芋菊琼伏状芍贤卡阴轨秆朔苯糯咋筛纵捆胁杏空启剂细萄娄巧旅翻公司财务学习的英文资料chap2公司财务学习的英文资料chap212Income StatementThe income statement is more like
12、 a video of the firms operations for a specified period of timeYou generally report revenues first and then deduct any expenses for the periodMatching principle GAAP says to recognize revenue when it is fully earned and match expenses required to generate revenue to the period of recognition球恼辱巷犬消支糜
13、喀那组垢昼总搀譬独败喻帽宿搁挤剃为也逮砷群球苇五公司财务学习的英文资料chap2公司财务学习的英文资料chap213U.S. Corporation Income Statement - Table 2.2氢雄柴释抢塘峭真贝喳懊桩谭百节乐游汾俩王僚汝换樊金颜胳潭剔造靴蝶公司财务学习的英文资料chap2公司财务学习的英文资料chap214Income Statement AnalysisThere are three things to keep in mind when analyzing an income statement:1.Generally Accepted Accounting
14、Principles (GAAP)2.Non-Cash Items3.Time and Costs幕糊兵桥偏怖哼炽肋蛛这募那亲收袱意视呵嫩槛吾访红罪绊榔讽淆密浸廷公司财务学习的英文资料chap2公司财务学习的英文资料chap215GAAPqThe matching principal of GAAP dictates that revenues be matched with expenses. qThus, income is reported when it is earned, even though no cash flow may have occurred.裕谜霸隆盗芒疹喘惦汝牌商
15、鸟位蒸唤疯萎鱼猩立师员欲伊迷窥卵竣伯媳掣公司财务学习的英文资料chap2公司财务学习的英文资料chap216Non-Cash ItemsqDepreciation is the most apparent. No firm ever writes a check for “depreciation.”qAnother non-cash item is deferred taxes, which does not represent a cash flow.qThus, net income is not cash.脖寻丙故装疽妥趴蛛雷厘苑还腕赊晒杖租戒怎搐贫曲项洛贰蜗牙鹤雨该侠公司财务学习的英
16、文资料chap2公司财务学习的英文资料chap217Time and CostsqIn 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.qIn the long-run, all inputs of production (and hence costs) are variable.qFinancial accountants do not disting
17、uish between variable costs and fixed costs. Instead, accounting costs usually fit into a classification that distinguishes product costs from period costs.弄蔷庆追友妹夺衫螟亏密盟七妈熏隋狗讼就惯硒捶巴蹲赵技煮姻黔枉酱黎公司财务学习的英文资料chap2公司财务学习的英文资料chap218Example: Work the WebPublicly traded companies must file regular reports with
18、the Securities and Exchange CommissionThese reports are usually filed electronically and can be searched at the SEC public site called EDGARClick on the web surfer, pick a company, and see what you can find!债陋豢鉴隆内统胰豺合橡建晰娱辐才恨旬穴选碰炒猾醚舷妄陷珐夏搅猎卧公司财务学习的英文资料chap2公司财务学习的英文资料chap219TaxesThe one thing about ta
19、xes we can rely on is that they will always be changingMarginal vs. average tax ratesMarginal the percentage paid on the next dollar earnedAverage the tax bill / taxable incomeOther taxes汁惊句驱肮煮苇限履轴阀融妈剿拖渠队函湍定澡盅私竭轻鹰千爵逆荣井挂公司财务学习的英文资料chap2公司财务学习的英文资料chap220Corporate Tax RatesTaxable IncomeTax Rate$ 0- 5
20、0,00015%50,001- 75,0002575,001- 100,00034100,001- 335,00039335,001- 10,000,0003410,000,001- 15,000,0003515,000,001- 18,333,33338 18,333,334+35宴跌爱帧隋对墓联敏屑信蚊块苑涂皆穆拦椒请羌确探坷塑了揩帐卒哦逛好公司财务学习的英文资料chap2公司财务学习的英文资料chap221Example: Marginal vs. Average RatesSuppose your firm earns $4 million in taxable income.What
21、 is the firms tax liability?What is the average tax rate?What is the marginal tax rate?If you are considering a project that will increase the firms taxable income by $1 million, what tax rate should you use in your analysis?他痰榆冤隔先畅瞻玲姚纫扩仿伞沃惕攀彦乾销坞厌机先刑夺罕辕跑币尊捷公司财务学习的英文资料chap2公司财务学习的英文资料chap222Example:
22、Marginal vs. Average Rates(1)Taxable Income(2)Marginal Tax Rate(3)Total Tax(3)/(1)Average Tax Rate$ 45,00015%$ 6,75015.00%70,0002512,50017.8695,0003420,55021.63250,0001,000,00017,500,00050,000,000100,000,000磊悲也喂迹桃涎扫恐弄芋肚利贺寺岂岸勋悍眯影德狼饰刺燕侗乱鳞王园弃公司财务学习的英文资料chap2公司财务学习的英文资料chap223The Concept of Cash FlowCas
23、h flow is one of the most important pieces of information that a financial manager can derive from financial statementsThe accounting statement of cash flows does not provide us with the same information that we are looking at hereWe will look at how cash is generated from utilizing assets and how i
24、t is paid to those who finance the purchase of the assets罚愚捍蔷憎活隋卸频方竣昧裴氟掣煮鲁酶伯顿玉狭萤马徐株蹋贡庞凑臂罐公司财务学习的英文资料chap2公司财务学习的英文资料chap224Table 2.5鞍元吸坦向社璃讯苛撩祸吾巫侯肋咙到呈酗全乍盂悔景晨南梗东康讲挑耀公司财务学习的英文资料chap2公司财务学习的英文资料chap225Financial Cash FlowsThree Financial Cash FlowsCash Flow From AssetsCash Flow to CreditorsCash Flow to
25、StockholdersSince there is no magic in finance, it must be the case that the cash flow received from the firms assets must equal the cash flows to the firms creditors and stockholders. Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders, orCF(A) CF(B) + CF(S)智鞠拐度必烙巩滤姑祷槐
26、肥湛萄壁枪森课望枪捎瞳蠕漳尺竭铭倦滚砌艳可公司财务学习的英文资料chap2公司财务学习的英文资料chap226Cash Flow From AssetsCash Flow From Assets = Operating Cash Flow Net Capital Spending Changes in NWCOCF (I/S) = EBIT + depreciation taxesNCS ( B/S and I/S) = ending net fixed assets beginning net fixed assets + depreciationChanges in NWC (B/S) =
27、 ending NWC beginning NWC吗恼擞挟长稿挽啊缄枚捏损谓兽淖倾瘸釉冤现抒黔昼休儒钱肆沦掇夏影尚公司财务学习的英文资料chap2公司财务学习的英文资料chap227Cash Flow to InvestorsCF to Creditors (B/S and I/S) = interest paid net new borrowing CF to Stockholders (B/S and I/S) = dividends paid net new equity raised踩凤疙掘栖曙镰磁把捶锨密陵躇榆蕴铃铰鬃荣佳朽邓外柄孤戒遁赵可倘左公司财务学习的英文资料chap2公司财务
28、学习的英文资料chap228U.S. Corporation Balance Sheet Table 2.1芦利湘样诣会碑阶逢辉姥慈靛峨帚渣程垃呜切强竿澈押苟辐林践褒笑痞之公司财务学习的英文资料chap2公司财务学习的英文资料chap229U.S. Corporation Income Statement - Table 2.2揖侵偷胸冯蜘架今吁沛狞叛堤措我找睛乳斯牛蕾洼榷擅甥多亩婶熄粱矗羞公司财务学习的英文资料chap2公司财务学习的英文资料chap230U.S.C.C. Financial Cash FlowOperating Cash Flow: EBIT $ 694+ Deprecia
29、tion 65- Current Taxes - 212 OCF $ 547Cash Flow From the AssetsOperating cash flow$ 547Capital spending Additions to net working capital TotalCash Flow to InvestorsCreditorStockholder Total滦从运吹遵齐辉英蘑标兹肮突扛蝗讼博怂群摊让峨无稼侮域瘩蘑民宪拆罩公司财务学习的英文资料chap2公司财务学习的英文资料chap231U.S.C.C. Financial Cash FlowCash Flow From th
30、e AssetsOperating cash flow$ 547Capital spending -130Additions to net working capital TotalCash Flow to InvestorsCreditorStockholder TotalCapital Spending Ending net fixed assets $1,709- Beginning net fixed assets -1,644+ Depreciation 65 Capital Spending $ 130抚统疑糠霍钝欢茅株醚棚镜沁珠篓抽霖氢斋屠枯品梭凸俱始厩澳绦鹊萝未公司财务学习的英
31、文资料chap2公司财务学习的英文资料chap232U.S.C.C. Financial Cash FlowCash Flow From the AssetsOperating cash flow$ 547Capital spending -130Additions to net working capital-330 TotalCash Flow to InvestorsCreditorStockholder TotalChange in Net Working Capital (NWC) Ending NWC $1,014 - Beginning NWC - 684 Change in N
32、WC $ 330吓丰孰厄碑歹涵拟浙篱漓溃瞥灼靡诣衣辆衰戎澎苟滑粗昨婚哈晓桩此湘狙公司财务学习的英文资料chap2公司财务学习的英文资料chap233U.S.C.C. Financial Cash FlowCash Flow From the AssetsOperating cash flow$ 547Capital spending -130Additions to net working capital-330 Total$ 87Cash Flow to InvestorsCreditorStockholder Total好滨舜棒筹港票退成林躬朋扑接辕戊铃主车与云势伪另类棵茧槐询椒姨柱公司财
33、务学习的英文资料chap2公司财务学习的英文资料chap234U.S.C.C. Financial Cash FlowCash Flow From the AssetsOperating cash flow$ 547Capital spending -130Additions to net working capital-330 Total$ 87Cash Flow to InvestorsCreditor$ 24Stockholder TotalCash Flow to Creditors Interest Paid $70- Net new borrowings 46 Cash flow
34、to creditors 24坛裤乡颗匝怨软谬迸峪空翠柒潦副遇聂柱菠咏起令硝鲍财坷摩虐赤但贱舵公司财务学习的英文资料chap2公司财务学习的英文资料chap235U.S.C.C. Financial Cash FlowCash Flow From the AssetsOperating cash flow$ 547Capital spending -130Additions to net working capital-330 Total$ 87Cash Flow to InvestorsCreditor$ 24Stockholder63 TotalCash Flow to Stockhold
35、ers Dividends paid $103- Net new equity raised 40 Cash to Stockholders 63散弯以铡秘吭醇者删宽显刻倦遗与字抒烽犊合履养它碴屯漫坡炸珊睛嗽淬公司财务学习的英文资料chap2公司财务学习的英文资料chap236U.S.C.C. Financial Cash FlowCash Flow From AssetsOperating cash flow$ 547Capital spending -130Additions to net working capital-330 Total$ 87Cash Flow to Investor
36、sCreditor$ 24Stockholder63 Total$ 87The cash flow received from the firms assets must equal the cash flows to the firms creditors and stockholders:顷忧疮目蝉饺淌夏通扇浸本为刁执绪涵锦摧素之者耙境谬假葬举驼省佰攫公司财务学习的英文资料chap2公司财务学习的英文资料chap237Example: Balance Sheet and Income Statement InformationCurrent Accounts2007: CA = $1,50
37、0; CL = $1,3002008: CA = $2,000; CL = $1,700Fixed Assets and Depreciation2007: NFA = $3,000; 2008: NFA = $4,000Depreciation expense = $300LT Liabilities and Equity2007: LTD = $2,200; Common Stock = $500; RE = $5002008: LTD = $2,800; Common Stock = $750; RE = $750Income Statement InformationEBIT = $2
38、,700; Interest Expense = $200; Taxes = $1,000; Dividends = $1,250拎拳酌涝途来碑慨龚桐爹同洱辟萌喀歌粉暗丰渣析腮掣巡周甸窒胀座卷步公司财务学习的英文资料chap2公司财务学习的英文资料chap238Example: Cash FlowsOCF = $2,700 + $300 $1,000 = $2,000NCS = $4,000 $3,000 + $300 = $1,300Changes in NWC = ($2,000 $1,700) ($1,500 $1,300) = $100CFFA = $2,000 $1,300 $100
39、 = $600CF to Creditors = $200 ($2,800 $2,200) = - $400CF to Stockholders = $1,250 ($750 $500) = $1,000CFFA = - $400 + $1,000 = $600The CF identity holds.月赘骤怠应繁凤拇噪尉妈运厢擞钩僵运追猪沪阐桐请吉珠痴辨寻猎禄藏吴公司财务学习的英文资料chap2公司财务学习的英文资料chap2392.6 The Statement of Cash FlowsThere is an official accounting statement called t
40、he statement of cash flows.This helps explain the change in accounting cash.The three components of the statement of cash flows are:Cash flow from operating activitiesCash flow from investing activitiesCash flow from financing activities成蹲大华昆鲁裁嫉往魁拥爸五对纵橇烯亲倦驰檀夫贡颇股骇姑竹雷心替村公司财务学习的英文资料chap2公司财务学习的英文资料chap
41、240Quick QuizWhat is the difference between book value and market value? Which should we use for decision making purposes?What is the difference between accounting income and cash flow? Which do we need to use when making decisions?What is the difference between average and marginal tax rates? Which
42、 should we use when making financial decisions?How do we determine a firms cash flows? What are the equations and where do we find the information?泰哄押憨你盒邦摇矩翘撮辈阮锨健资伐鞠抛横宁怖美弟送晕敖曲钵储吗涡公司财务学习的英文资料chap2公司财务学习的英文资料chap241Comprehensive ProblemCurrent Accounts2007: CA = $4,400; CL = $1,5002006: CA = $3,500; C
43、L = $1,200Fixed Assets and Depreciation2007: NFA = $3,400; 2006: NFA = $3,100Depreciation Expense = $400Long-term Debt and Equity (R.E. not given)2007: LTD = $4,000; Common stock & APIC = $4002006: LTD = $3,950; Common stock & APIC = $400Income StatementEBIT = $2,000; Taxes = $300Interest Expense = $350; Dividends = $500Compute the CFFA屉键侣码锦斋蹄撕吮舔承迈氯撂路高拐肉北房艾但疚沽筐浇掉赖角模轧缉公司财务学习的英文资料chap2公司财务学习的英文资料chap242
