公司理财(罗斯)第2章(英文.ppt

2-0,CHAPTER,2,AccountingStatementsandCashFlow,2-1,ChapterOutline,2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5TheStatementofCashFlows2.6FinancialStatementAnalysis2.7SummaryandConclusions,2-2,SourcesofInformation,AnnualreportsWallStreetJournalInternetNYSE()Nasdaq()Text()SECEDGAR10KCostofgoodssoldare$1,050;Operatingexpensesare$490;Depreciationexpenseis$300;andthetaxrateis34%A)$660.00B)$735.60C)$990.00D)$1,059.00E)$1,257.00OCF=Sales-COGS-OperatingExpenses-Taxes=2,500-$1,050-$490-224.40=$735.60,2-41,2.Overtheyear,theRockwellCompanyhadcashflowfromoperationsof$938,andhadnetcapitalspendingof$225.Inaddition,thefirmsnetworkingcapitalincreasedby$73.WhatwasRockwellstotalcashflow?A)$640B)$748C)$786D)$1,236E)Noneoftheabove.,2-42,Answer:ARationale:CashFlowfromOperations-NetCapitalSpending-AdditiontoNetWorkingCapital=$938-$225-$73=$640,2-43,Problemonp33,2.8a.Thedifferenceincashflowisthesumofthedifferencesincashflowsfromoperationsinvestingactivities,andfinancingactivities.b.NWCin20 x1=100-50=$50NWCin20 x2=150-75=$75IncreaseinNWC=75-50=$25c.Operatingcashflow=100+50=$150Capitalspending=200-100+50=$150AdditionstoNWC=$25Totalcashflowofthefirm=150-150-25=-$25,2-44,Cashflowpaidtocreditors=-(75-0)=-$75Cashflowpaidtostockholders=$50Totalcashflowtoinvestors=-75+50=-$25So,TotalCF(A)=CF(B)+CF(S)=-$25,2-45,2.5TheStatementofCashFlows(p29),Thereisanofficialaccountingstatementcalledthestatementofcashflows.Thishelpsexplainthechangeinaccountingcash,whichforU.S.Compositeis$33millionin20X2.ThethreecomponentsofthestatementofcashflowsareCashflowfromoperatingactivitiesCashflowfrominvestingactivitiesCashflowfromfinancingactivities,2-46,U.S.C.C.CashFlowfromOperatingActivities,(in$millions),20X2,CashFlowfromOperatingActivities,U.S.COMPOSITECORPORATION,Tocalculatecashflowfromoperations,startwithnetincome,addbacknoncashitemslikedepreciationandadjustforchangesincurrentassetsandliabilities(otherthancash).,Currentasset+,cf-Currentliabilities+,cf+,2-47,U.S.C.C.CashFlowfromInvestingActivities,(in$millions),20X2,CashFlowfromInvestingActivities,U.S.COMPOSITECORPORATION,Cashflowfrominvestingactivitiesinvolveschangesincapitalassets:acquisitionoffixedassetsandsalesoffixedassets(capitalexpenditures).,P30,2-48,U.S.C.C.CashFlowfromFinancingActivities,(in$millions),20X2,CashFlowfromFinancingActivities,U.S.COMPOSITECORPORATION,Cashflowstoandfromcreditorsandownersincludechangesinequityanddebt.,2-49,U.S.C.C.StatementofCashFlows,Thestatementofcashflowsistheadditionofcashflowsfromoperations,cashflowsfrominvestingactivities,andcashflowsfromfinancingactivities.,2-50,Problem3,In2002,AguaFriaBottlingpaiddividendsof$405andissued$605instock.Constructthefirmsstatementofcashflowfor2002usingtheinformationfromthetwopreviousproblems,2-51,2-52,2-53,Solutionofproblem3,AguaFriaBottlingStatementofCashFlows2002CashflowfromoperatingactivitiesNetincome$1,350Depreciation1,200ChangeinassetsandliabilitiesAccountsreceivable(150)Inventories250Accountspayable(400)NotesPayable250Cashflowfromoperatingactivities$2,500,2-54,FINANCIALSTATEMENTANALYSIS(p34),Short-termsolvencyActivityFinancialleverageProfitabilityValue,2-55,Short-TermSolvency,Measuretheabilityofthefirmtomeetitsshort-runobligations,include:,2-56,Activity,Ratiosofactivityareconstructedtomeasurehoweffectivelythefirmsassetsarebeingmanaged.include:,2-57,FinancialLeverage,Financialleverageisrelatedtotheextenttowhichafirmreliesondebtfinancingratherthanequity,2-58,Profitability,2-59,SustainableGrowthRate,Sustainablegrowthrate=ROERetentionratio,2-60,MarketValueRatio,Price-to-EarningsRatio=marketprice/EPSDividendYield=Dividendpershare/MarketpricepershareMarket-to-BookValue=Marketpricepershare/bookvaluepershare,2-61,Problem4,Usethe2002financialstatementinformationforAguaFria,presentedabove,tofillinthefollowingtable:,2-62,2-63,2-64,2-65,2-66,Solution,2-67,2-68,SupplementalProblems,1.UsethefollowinginformationfromRickoCorporationtoanswerthenexttwoquestions.Dividends=$24,000Year-endstockprice=$12pershareQuickratio=1.2Networkingcapital=$200,000Inventoryturnoverratio=5.5Receivablesturnover=10Totalliabilitiestostockholdersequityratio=1.75Monthlylevelsofaccountsreceivable,inventory,andaccountspayablehavenotchanged.,2-69,a.Completethebalancesheetandincomestatementbelow.BalanceSheetasofDecember31.20XXAssetsCash?Marketablesecurities$70,000Accountsreceivable?Inventory?Totalcurrentassets?Plantandequipment(net)?Totalassets?LiabilitiesandOwnersEquityAccountspayable?Notespayablebank(12%)$100,000Accruedexpenses$20,000Totalcurrentliabilities?Commonstock(80,000sharesat$1par)$360,000Long-termdebt(10%)$80,000Retainedearnings$240,000Totalliabilitiesandownersequity?,2-70,IncomeStatementforYearEndedDecember31,20XXSales(allcreditsales)$1,200,000Costofgoodssold?Grossprofit?Sellingandadministrativeexpense$200,000Operatingincome?Interestexpense$48,000Incomebeforetaxes?Incometax(34%taxrate)?Netincome?,2-71,b.Computethefollowingratios:CurrentratioEarningspershareReturnoncommonequity(%)TotalassetsturnoverInterestcoverageratioNetprofitmargin(%)alsocallednetoperatingmargin,2-72,Solution2.1Parta:Stockholdersequity=Commonstock+Retainedearnings=$320,000Sincetotalliabilitiestostockholdersequityratiois1.75,thenTotalliabilities=$320,0001.75=$560,000.Totalcurrentliabilities=TotalliabilitiesLong-termdebt=$560,000$360,000=$200,000.Accountspayable=$200,000$100,000$20,000=$80,000.Totalassets=$200,000+$360,000+$320,000=$880,000.,2-73,SinceNetworkingcapital=CurrentassetsCurrentliabilities=$200,000,thenCurrentassets=Currentliabilities+$200,000=$400,000.Plantandequipment=TotalassetsTotalcurrentassets=$880,000$200,000=$680,000.SinceReceivablesturnover=Sales/Averagereceivables=10,thenAveragereceivables=$1,200,000/10=$120,000.SinceQuickratio=1.2,thenAverageinventory=Currentassets1.2Currentliabilities=$400,000(1.2)($200,000)=$160,000.,2-74,Cash=$50,000.SinceInventoryturnover=5.5,thenCostofgoodssold=Averageinventory5.5=$880,0.00.Grossprofits=$320,000.Operatingincome=$120,000.Incomebeforetaxes=$72,000.Incometax=$24,480.Netincome=$47,520,2-75,Partb:Currentratio=$400,000/$200,000=2Totalassetsturnover=$1,200,000/$880,000=1.36ROE=$47,520/($80,000+$240,000)=14.9%Interestcoverageratio=$120,000/$48,000=2.5EP