【财务管理英文课件】Fund-Analysis--Cash-Flow-Analysis--and-F

7-1Chapter7FundAnalysis,Cash-FlowAnalysis,andFinancialPlanning7-2FundAnalysis,Cash-FlowAnalysis,andFinancialPlanningFlowofFunds(SourcesandUses)StatementAccountingStatementofCash-FlowsCash-FlowForecastingRangeofCash-FlowEstimatesForecastingFinancialStatements7-3FlowofFundsStatementHasbeenreplacedbythecashflowstatement(1989)inU.S.auditedannualreports.Asummaryofafirm’schangesinfinancialpositionfromoneperiodtoanother;itisalsocalledasourcesandusesoffundsstatementorastatementofchangesinfinancialposition.7-4WhyExaminetheFlowofFundsStatementQUESTION?WhyshouldwebothertounderstandaFlowofFundsStatementthatisnolongerrequiredtoappearinU.S.auditedannualreports?7-5WhyExaminetheFlowofFundsStatementIncludesimportantnoncashtransactionswhilethecashflowstatementdoesnot.IseasytoprepareandoftenpreferredbymanagersforanalysispurposesoverthemorecomplexcashflowstatementHelpsyoutobetterunderstandthecashflowstatement,especiallyifitispreparedundertheIndirectmethod.TheFlowofFundsStatement:7-6FlowofFundsStatementAllofthefirm‘sinvestmentsandclaimsagainstthoseinvestments.Extendsbeyondjusttransactionsinvolvingcash.Whatarefunds?7-7SourcesandUsesStatementTheletterslabelingtheboxstandforUses,Sources,Assets,andLiabilities(broadlydefined).Thepluses(minuses)indicateincreases(decreases)inassetsorliabilities.AL-++-SU7-8BWs’DeterminationofSourcesandUses$100-S410-S616+U5--9+U$1,140N/A930N/A(299)N/A$631+U50--223--$2,044CashandC.E.$90Acct.Rec.394Inventories696PrepaidExp5AccumTaxPrepay10CurrentAssets$1,195FixedAssets(@Cost)1030Less:Acc.Depr.(329)NetFix.Assets$701Investment,LT50OtherAssets,LT223TotalAssets$2,169Assets19X319X2+/-S/U7-9BWs’DeterminationofSourcesandUses$100$10S41016S61680U5--91U$1,140N/A930N/A(299)N/A$63170U50--223--$2,044CashandC.E.$90Acct.Rec.394Inventories696PrepaidExp5AccumTaxPrepay10CurrentAssets$1,195FixedAssets(@Cost)1030Less:Acc.Depr.(329)NetFix.Assets$701Investment,LT50OtherAssets,LT223TotalAssets$2,169Assets19X319X2+/-S/U7-10BWs’DeterminationofSourcesandUses$295-U94--16--100--$505N/A453+S200--729--157+S$1086N/A$2,044NotesPayable$290Acct.Payable94AccruedTaxes16OtherAccruedLiab.100CurrentLiab.$500Long-TermDebt530Shareholders?EquityCom.Stock($1par)200AddPdinCapital729RetainedEarnings210TotalEquity$1,139TotalLiab/Equity$2,169LiabilitiesandEquity19X319X2+/-S/U7-11BWs’DeterminationofSourcesandUses$295$5U94--16--100--$505N/A45377S200--729--15753S$1086N/A$2,044NotesPayable$290Acct.Payable94AccruedTaxes16OtherAccruedLiab.100CurrentLiab.$500Long-TermDebt530Shareholders?EquityCom.Stock($1par)200AddPdinCapital729RetainedEarnings210TotalEquity$1,139TotalLiab/Equity$2,169LiabilitiesandEquity19X319X2+/-S/U7-12BasicSourcesandUsesStatementUSES$156Increase,Inventories$80Increase,AccruedTaxes1Decrease,NotesPayable5Increase,NetFixedAssets70$156SOURCESIncrease,RetainedEarnings$53Decrease,AccountsReceivable16Increase,Long-TermDebt77Decrease,Cash+CashEquivalents107-13AdjustingtheBasicSourcesandUsesStatementThefollowingthreeslidesareBasketWonders’BalanceSheetandIncomeStatementthatwasdiscussedinChapter6.ThisinformationwillbeneededtoadjustthebasicSourcesandUsesStatement.7-14BasketWonders’BalanceSheet(AssetSide)a.Howthefirmstandsonaspecificdate.b.WhatBWowned.c.Amountsowedbycustomers.d.Futureexpenseitemsalreadypaid.e.Cash/likelyconvertibletocashwithin1year.f.Originalamountpaid.g.Acc.deductionsforwearandtear.CashandC.E.$90Acct.Rec.c394Inventories696PrepaidExpd5AccumTaxPrepay10CurrentAssetse$1,195FixedAssets(@Cost)f1030Less:Acc.Depr.g(329)NetFix.Assets$701Investment,LT50OtherAssets,LT223TotalAssetsb$2,169BasketWondersBalanceSheet(thousands)Dec.31,19X3a7-15BasketWonders’BalanceSheet(LiabilitySide)a.Note,Assets=Liabilities+Equity.b.WhatBWowedandownershipposition.c.Owedtosuppliersforgoodsandservices.d.Unpaidwages,salaries,etc.e.Debtspayable1year.f.Debtspayable1year.g.Originalinvestment.h.Earningsreinvested.NotesPayable$290Acct.Payablec94AccruedTaxesd16OtherAccruedLiab.d100CurrentLiab.e$500Long-TermDebtf530Shareholders’EquityCom.Stock($1par)g200AddPdinCapitalg729RetainedEarningsh210TotalEquity$1,139TotalLiab/Equitya,b$2,169BasketWondersBalanceSheet(thousands)Dec.31,19X37-16BasketWonders’IncomeStatementa.Measuresprofitabilityoveratimeperiod.b.Received,orreceivable,fromcustomers.c.Salescomm.,adv.,officer‘ssalaries,etc.d.Operatingincome.e.Costofborrowedfunds.f.Taxableincome.g.Amountearnedforshareholders.NetSales$2,211CostofGoodsSoldb1,599GrossProfit$612SG&AExpensesc402EBITd$210InterestExpensee59EBTf$151IncomeTaxes60EATg$91CashDividends38IncreaseinRE$53BasketWondersStatementofEarnings(inthousands)forYearEndingDecember31,19X3a7-17AdjustingtheBasicSourcesandUsesStatementRecognizeProfitsandDividendsChangeinretainedearningsiscomposedofprofitsanddividends.Source:NetProfit$91LessUse:CashDividends38(Net)Source:Incr.,R.E.$537-18AdjustingtheBasicSourcesandUsesStatementRecognizeDepreciationandGrossChangesinFixedAssetsChangeinnetfixedassetsiscomposedofdepreciationandfixedassets.Source:Depreciation$30LessUse:Add.toF.A.100(Net)Use:Incr.,NetF.A.$707-19SourcesandUsesStatem