《财务报表讲义》PPT课件.ppt

FinancialStatements Taxes andCashFlows 2 1 KeyConceptsandSkills KnowthedifferencebetweenbookvalueandmarketvalueKnowthedifferencebetweenaccountingincomeandcashflowKnowthedifferencebetweenaverageandmarginaltaxratesKnowhowtodetermineafirm scashflowfromitsfinancialstatements 2 2 ChapterOutline TheBalanceSheetTheIncomeStatementTaxesCashFlow 2 3 財務報表的意義 財務報表是公司內部會計制度運作所產生的結果 1 檢查交易憑證並分析交易性質 產生財務報表 日記簿分錄 過入總分類帳 編制結帳後試算表 結帳及調整分錄 編制試算表及完成工作底稿 2 3 4 5 6 7 2 4 BalanceSheet Thebalancesheetisasnapshotofthefirm sassetsandliabilitiesatagivenpointintimeAssetsarelistedinorderofliquidityEaseofconversiontocashWithoutsignificantlossofvalueBalanceSheetIdentityAssets Liabilities Stockholders Equity 2 5 TheBalanceSheet Figure2 1 2 6 NetWorkingCapitalandLiquidity NetWorkingCapitalCurrentAssets CurrentLiabilitiesPositivewhenthecashthatwillbereceivedoverthenext12monthsexceedsthecashthatwillbepaidoutUsuallypositiveinahealthyfirmLiquidityAbilitytoconverttocashquicklywithoutasignificantlossinvalueLiquidfirmsarelesslikelytoexperiencefinancialdistressButliquidassetsearnalowerreturnTrade offtofindbalancebetweenliquidandilliquidassets 2 7 USCorporationBalanceSheet Table2 1 2 8 MarketVs BookValue Thebalancesheetprovidesthebookvalueoftheassets liabilitiesandequity Marketvalueisthepriceatwhichtheassets liabilitiesorequitycanactuallybeboughtorsold Marketvalueandbookvalueareoftenverydifferent Why Whichismoreimportanttothedecision makingprocess 2 9 Example2 2KlingonCorporation 2 10 IncomeStatement Theincomestatementismorelikeavideoofthefirm soperationsforaspecifiedperiodoftime YougenerallyreportrevenuesfirstandthendeductanyexpensesfortheperiodMatchingprinciple GAAPsaytoshowrevenuewhenitaccruesandmatchtheexpensesrequiredtogeneratetherevenue 2 11 USCorporationIncomeStatement Table2 2 2 12 WorktheWebExample PubliclytradedcompaniesmustfileregularreportswiththeSecuritiesandExchangeCommissionThesereportsareusuallyfiledelectronicallyandcanbesearchedattheSECpublicsitecalledEDGARClickonthewebsurfer pickacompanyandseewhatyoucanfind 真像王證券專業資料庫台積電 民國91及90年度財務報告 2 13 Taxes TheonethingwecanrelyonwithtaxesisthattheyarealwayschangingMarginalvs averagetaxratesMarginal thepercentagepaidonthenextdollarearnedAverage thetaxbill taxableincomeOthertaxes 2 14 Example MarginalVs AverageRates Supposeyourfirmearns 4millionintaxableincome Whatisthefirm staxliability Whatistheaveragetaxrate Whatisthemarginaltaxrate Ifyouareconsideringaprojectthatwillincreasethefirm staxableincomeby 1million whattaxrateshouldyouuseinyouranalysis 2 15 台灣之營利事業所得稅 營利事業全年課稅所得額在5萬元以下者 免徵營利事業所得稅 營利事業全年課稅所得額在十萬元以下者 就其全部課稅所得額課徵15 但其應納稅額不得超過營利事業所得額超過5萬元以上部分之半數 超過10萬元以上者 就其超過額課徵課徵25 財稅網 2 16 當營所稅遇到綜所稅 兩稅合一 民國87年1月1日 國內租稅制度上有了一個重大的改革 就是實施兩稅合一 將營利事業所得稅與綜合所得稅加以整合 成為一個新的制度昔日稅制的探討兩稅合一的重要內容 2 17 TheConceptofCashFlow CashflowisoneofthemostimportantpiecesofinformationthatafinancialmanagercanderivefromfinancialstatementsThestatementofcashflowsdoesnotprovideuswiththesameinformationthatwearelookingathereWewilllookathowcashisgeneratedfromutilizingassetsandhowitispaidtothosethatfinancethepurchaseoftheassets 2 18 CashFlowFromAssets CashFlowFromAssets CFFA CashFlowtoCreditors CashFlowtoStockholdersCashFlowFromAssets OperatingCashFlow NetCapitalSpending ChangesinNWC 2 19 Example USCorporation PartI OCF I S EBIT depreciation taxes 547NCS B SandI S endingnetfixedassets beginningnetfixedassets depreciation 130ChangesinNWC B S endingNWC beginningNWC 330CFFA 547 130 330 87 2 20 Example USCorporation PartII CFtoCreditors B SandI S interestpaid netnewborrowing 24CFtoStockholders B SandI S dividendspaid netnewequityraised 63CFFA 24 63 87 2 21 CashFlowSummaryTable2 5 2 22 Example BalanceSheetandIncomeStatementInformation CurrentAccounts2004 CA 3625 CL 17872003 CA 3596 CL 2140FixedAssetsandDepreciation2004 NFA 2194 2003 NFA 2261DepreciationExpense 500Long termDebtandEquity2004 LTD 538 CommonstockDividends 285 2 23 Example CashFlows OCF 1014 500 368 1146NCS 2194 2261 500 433ChangesinNWC 3625 1787 3596 2140 382CFFA 1146 433 382 331CFtoCreditors 93 538 581 136CFtoStockholders 285 462 372 195CFFA 136 195 331TheCFidentityholds 2 24 QuickQuiz Whatisthedifferencebetweenbookvalueandmarketvalue Whichshouldweusefordecisionmakingpurposes Whatisthedifferencebetweenaccountingincomeandcashflow Whichdow