公司理财第七版Chap03ppt课件.ppt

AccountingandFinance Understandingfinancialaccountingisessentialtounderstandingcorporatefinance KeyComponentsoftheFinancials TheBalanceSheetTheIncomeStatementTheStatementofCashFlows TheBalanceSheet TheBalanceSheetisafinancialstatementthatshowsthefirm sassetsandliabilitiesataparticulartime Whyisituseful Shareholders Equity TotalAssets TotalLiabilities TheBalanceSheet CurrentAssetsCash SecuritiesReceivablesInventories FixedAssetsTangibleAssetsIntangibleAssets TotalAssets CurrentLiabilitiesPayablesShort termDebt Long termLiabilities Shareholders Equity TotalLiabilities Shareholders Equity Assets Assetsrepresenttheusesofafirm sfundsi e Assetsshowwhatthefirm owns LiquidAssetscanbeconvertedeasilyintocash Currentvs FixedAssets CurrentAssets Examples Whichofthefollowingassetsistypicallyconsideredmostliquid Leastliquid MarketablesecuritiesAccountsreceivableInventories Whichofthefollowingisacurrentasset PropertythatafirmownsAfirm sproductionequipmentUnsoldinventories FixedAssets TangibleAssetsIntangibleAssetsGoodwill FixedAssets Example Whichofthefollowingrepresenttangibleassets Intangibleassets PropertyProductionFacilitiesPatentsProductionEquipmentTrademarksCopyrights Liabilities Liabilitiesrepresentthesourcesofafirm sfunding i e Liabilitiesrepresentwhatafirm owes Currentvs Long TermLiabilitiesCurrentAssets CurrentLiabilities NetWorkingCapital Liabilities Example Whichofthefollowingisacurrentliability Bonddebtthatmaturesin3yearsAbankloanthatisduein24monthsAnobligationtopayasupplierwithin6months NetWorkingCapital Example Inthebalancesheetbelow whatwasthevalueofnetworkingcapitalin2008 2009 BookValuesvs MarketValues GAAP GenerallyAcceptedAccountingPrinciples BookValueValueofassetsorliabilitiesaccordingtothebalancesheet ValuesrecordedattheirhistoricalcostadjustedfordepreciationMarketValueThevalueofassetsorliabilitiesweretheytoberesoldinamarket Common SizeBalanceSheet Allbalancesheetitemsareexpressedasapercentageoftotalassets Whyisthisuseful Common SizeBalanceSheet Example Notethechangesfrom2008to2009 TheIncomeStatement IncomeStatement afinancialstatementthatshowstherevenues expenses andnetincomeofafirmoveraperiodoftime Whyisthisuseful Common sizeIncomeStatement Allitemsonacommon sizeincomestatementareexpressedasapercentageofrevenues Whyisthisuseful IncomeStatement Example Intheincomestatementbelow whatwasthevalueofHomeDepot sEBITin2009 CommonSizeIncomeStatement rightcolumn Profitsvs CashFlow Differencesbetweenprofits cashflow DepreciationCashvs accrualaccounting CashFlows Example Considerafirmthatspends 1 000toproducegoodsinperiod1 Inperiod2 itsellshalfofthesegoodsfor 750andcollectspaymentoneperiodlater Thefirmsellstheotherhalfinperiod3foranother 750 andcollectspaymentonthesesalesinperiod4 Whatarethecashflowsineachofthe4periodsforthefirm TheStatementofCashFlows TheStatementofCashFlowsshowsthefirm scashreceiptsandcashpaymentsovertime Whyisituseful FreeCashFlowiscashavailablefordistributiontoinvestorsafterthefirmpaysfornewinvestmentsoradditionstoworkingcapital TheStatementofCashFlows Cashflowfromoperations Cashflowfrominvestments Cashflowfromfinancing Changeincashbalance Structure CashFlow Example Netincomeforyourfirmwas 10 000lastyear Thedepreciationexpensewas 2 500 accountsreceivableincreased 1 250 accountspayableincreased 800 andinventoriesincreasedby 2 000 Whatwasthetotalcashflowfromoperationsfortheperiod Netincome 10 000Depreciation 2 500AccountsReceivable 1 250 AccountsPayable 800Inventories 2 000 Cashflowfromoperations 10 050 AccountingPractice Mostmanagerssaythataccountingearningsisthesinglemostimportantnumberreportedtoinvestors Whatimplicationsdoesthishavefortheinvestor AccountingPractice Greyareasforfinancialmanagers RevenuerecognitionCookie jarreserves AccountingPractice Additionalgreyareasforfinancialmanagers Off balancesheetassetsandliabilitiesMark to marketaccounting CorporateTaxes IntheUnitedStates corporationspaytaxontheirincome USCorporateTaxRates 2011 CorporateTaxes Example Whatisthemarginaltaxrateforacorporationwith 60 000taxableincomeandanaveragetaxrateof16 67 ifthenext lowestmarginaltaxrateof15 coverstaxableincomesupto 50 000 60 000 16 67 10 000totaltaxespaid 10 000 marginaltaxrate 2 500MarginalTaxRate 25 PersonalTax USPersonalTaxRates 2011 PersonalTax Example Whatistheaveragetaxrateforanindividualwithanetincomeof 50 000andatotaltaxliabilityof 10 704 50 TheP