财务分析与证券定价(英文)chapter9

Chapter9TheAnalysisoftheBalanceSheetandtheIncomeStatementLinksChapter8reformulatedthestatementofowners’equity.LinktoPreviousChapterThischaptercontinuesthereformulationwiththebalancesheetandincomestatement.ThereformulationfollowsthedesigninChapter7.ThisChapterChapters10reformulatesthecashflowstatement.LinktoNextChapterLinktoWebPageWhatassetsandliabilitiesareclassifiedasoperating?Asfinancing?Whatitemsintheincomestatementareclassifiedasoperating?Asfinancing?Howaretaxesallocatedtotheoperatingandfinancingcomponentsoftheincomestatement?Whatratiosarecalculatedfromreformulatedstatements?Whatdotheymean?Whatyouwilllearnfromthischapter•Howtoreformulatebalancesheetsandincomestatementstoseparateoperatingandfinancingactivities•Whatassetsandliabilitiestypicallyfallintooperatingandfinancingtypes•Howtoallocateincometaxesinareformulatedincomestatement•Howtodocommonsizeandtrendanalysis•Howtocalculatebalancesheetandincomestatementratios•Howfinancingleverageismeasured•HowoperatingliabilityleverageismeasuredAnalysisofBalanceSheetandIncomeStatement:theSteps•ReformulatetodistinguishbetweenOperatingandFinancingactivities•Carryoutcommonsizeandtrendanalysis•CalculatebalancesheetandincomestatementratiosTheStandardBalanceSheetAssetsLiabilitiesandStockholders’EquityCurrentassets:Currentliabilities:CashAccountspayableCashequivalentsAccruedexpensesShort-terminvestmentsDeferred(unearned)revenuesDepositsandadvancesAdvancesfromcustomersAccountsreceivable(lessallowances)Short-termnotespayableShort-termnotesreceivableShort-termborrowingsOtherreceivablesDeferredtaxes(currentportion)InventoriesCurrentmaturitiesoflong-termdebtPrepaidexpensesDeferredincometaxes(currentportion)Long-termassets:Long-termliabilities:Long-termmarketabledebtsecuritiesBankloansLong-termnon-marketabledebtinvestmentsBondspayableEquityinvestmentsatmarketLong-termnotespayableEquityinvestments-equitymethodLeaseobligationsPropertyplantandequipmentCommitmentsandcontingencies(lessaccumulateddepreciation)DeferredtaxesLandPensionliabilitiesBuildingsPostemploymentliabilitiesEquipmentLeasedassetsMinorityInterestLeaseholdimprovementsConstructioninprogressIntangibleassetsPatentsCopyrightsGoodwillDeferredtaxes(non-current)PreferredequityDeferredchargesCommonequityTheReformulatedBalanceSheetAssetsLiabilitiesandStockholders?EquityFinancialassets:Financialliabilities:-Cashequivalents-Short-termborrowings-Short-terminvestments-Currentmaturitiesoflong-termdebt-Short-termnotesreceivable(?)-Short-termnotespayable(?)-Long-termnon-marketable-Long-termborrowing(bankloans,bondsdebtinvestmentspayable,notespayable)-Long-termmarketable-Leaseobligationsdebtsecurities-PreferredstockOperatingassets:Operatingliabilities:allelseallelseCommonequityAnExample:StandardBalanceSheetofVFCorporationCONSOLIDATEDBALANCESHEETSInthousandsJanuary1,1994January2,1993------------------------------------------------------------------------------------------------------------------ASSETSCurrentAssetsCashandequivalents$151,564$86,320Accountsreceivable,lessallowancesof$28,808in1993and$30,275in1992511,887493,030Inventories778,767742,474Deferredincometaxes38,13821,788Othercurrentassets19,82421,961------------------------------------------------------------------------------------------------------------------Totalcurrentassets1,500,1801,365,573Property,PlantandEquipment712,759711,087IntangibleAssets575,359554,703OtherAssets89,05081,017------------------------------------------------------------------------------------------------------------------$2,877,348$2,712,380------------------------------------------------------------------------------------------------------------------LIABILITIESANDSHAREHOLDERS'EQUITYCurrentLiabilitiesShort-termborrowings$35,648$125,822Currentportionoflong-termdebt110,11954,195Accountspayable246,503248,592Accruedliabilities267,578255,393------------------------------------------------------------------------------------------------------------------Totalcurrentliabilities659,848684,002Long-termDebt527,573767,641OtherLiabilities126,97895,248RedeemablePreferredStock63,30963,900DeferredContributiontoEmployeeStockOwnershipPlan(47,760)(52,382)------------------------------------------------------------------------------------------------------------------15,54911,518CommonShareholders'EquityCommonStock,statedvalue$1;sharesauthorized150,000,000;sharesoutstanding,64,488,660in1993and59,519,239in199264,48959,519Additionalpaid-incapital543,165301,336Foreigncurrencytranslationadjustments(12,865)4,244Retainedearnings952,611788,872------------------------------------------------------------------------------------------------------------------1,547,4001,153,971------------------------------------------------------------------------------------------------------------------$2,877,348$2,712,380------------------------------------------------------------------------------------------------------------------*Seenotestoconsolidatedfinancialstatements.AnExample:ReformulatedBalanceSheetofVFCorporationVFCorpora