第二章 会计报表与现金流量

2-0ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5SummaryandConclusions2-1SourcesofInformation•Annualreports•WallStreetJournal•Internet–NYSE()–Nasdaq()–Text()•SEC–EDGAR–10K&10Qreports2-22.1TheBalanceSheet•Anaccountant’ssnapshotofthefirm’saccountingvalueasofaparticulardate.•TheBalanceSheetIdentityis:Equitysr'StockholdesLiabilitieAssets•Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:accountingliquidity,debtversusequity,andvalueversuscost.2-3TheBalanceSheetoftheU.S.CompositeCorporation(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:Cashandequivalents$140$107Accountspayable$213$197Accountsreceivable294270Notespayable5053Inventories269280Accruedexpenses223205Other5850Totalcurrentliabilities$486$455Totalcurrentassets$761$707Long-termliabilities:Fixedassets:Deferredtaxes$117$104Property,plant,andequipment$1,423$1,274Long-termdebt471458Lessaccumulateddepreciation-550-460Totallong-termliabilities$588$562Netproperty,plant,andequipment873814Intangibleassetsandother245221Stockholder'sequity:Totalfixedassets$1,118$1,035Preferredstock$39$39Commonstock($1pervalue)5532Capitalsurplus347327Accumulatedretainedearnings390347Lesstreasurystock-26-20Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742Theassetsarelistedinorderbythelengthoftimeitnormallywouldtakeafirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plantandequipment.2-4BalanceSheetAnalysis•Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:1.Accountingliquidity2.Debtversusequity3.Valueversuscost2-5AccountingLiquidity•Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.•Currentassetsarethemostliquid.•Somefixedassetsareintangible.•Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.•Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.2-6DebtversusEquity•Generally,whenafirmborrowsitgivesthebondholdersfirstclaimonthefirm’scashflow.•Thusshareholder’sequityistheresidualdifferencebetweenassetsandliabilities.2-7ValueversusCost•UnderGAAPauditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.•Marketvalueisacompletelydifferentconcept.2-82.2TheIncomeStatement•Theincomestatementmeasuresperformanceoveraspecificperiodoftime.•TheaccountingdefinitionofincomeisIncomeExpensesRevenue2-9U.S.C.C.IncomeStatement(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$43Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations$2,262-1,655-327-90$19029$219-49$170-84$862-10(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenues$2,262Costofgoodssold-1,655Selling,general,andadministrativeexpenses-327Depreciation-90Operatingincome$190Otherincome29Earningsbeforeinterestandtaxes$219Interestexpense-49Pretaxincome$170Taxes-84Current:$71Deferred:$13Netincome$86Retainedearnings:$43Dividends:$43Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.U.S.C.C.IncomeStatement2-11(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$43Usuallyaseparatesectionreportsasaseparateitemtheamountoftaxesleviedonincome.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement2-12(in$millions)20x2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$43Netincomeisthe“bottomline”.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement2-13IncomeStatementAnalysis•Therearethreethingstokeepinmindwhenanalyzinganincomestatement:1.GAAP2.NonCashItems3.TimeandCosts2-14GenerallyAcceptedAccountingPrinciples1.GAAPThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurred2-15IncomeStatementAnalysis2.NonCashItemsDepreciationisthemostapparent.Nofirmeverwritesacheckfor“depreciation”.Anothernoncashitemisdeferredtaxes,whichdoesnotrepresentacashflow.2-16IncomeStatementAnalysis3.TimeandCostsIntheshortrun,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelongrun,allinputsofproduction(andhencecost