《公司财务》学习的英文资料cha

0,Chapter2,FinancialStatements,Taxes,andCashFlow,1,ChapterOutline,TheBalanceSheetTheIncomeStatementTaxesCashFlow,2,KeyConceptsandSkills,KnowthedifferencebetweenbookvalueandmarketvalueKnowthedifferencebetweenaccountingincomeandcashflowKnowthedifferencebetweenaverageandmarginaltaxratesKnowhowtodetermineafirmscashflowfromitsfinancialstatements,3,TheBalanceSheet,ThebalancesheetisasnapshotofthefirmsassetsandliabilitiesatagivenpointintimeAssetsarelistedinorderofdecreasingliquidityEaseofconversiontocashwithoutsignificantlossofvalueBalanceSheetIdentityAssets=Liabilities+StockholdersEquity,4,Figure2.1,5,U.S.CorporationBalanceSheetTable2.1,6,BalanceSheetAnalysis,Whenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:AccountingliquidityDebtversusequityValueversuscost,7,AccountingLiquidity,ReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocashwithoutasignificantlossinvalueCurrentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirmsassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.,8,DebtversusEquity,Creditorsgenerallyreceivethefirstclaimonthefirmscashflow.Shareholdersequityistheresidualdifferencebetweenassetsandliabilities.,9,Marketvs.BookValue,Thebalancesheetprovidesthebookvalueoftheassets,liabilities,andequity.HistoricalCostPrinciple:UnderGenerallyAcceptedAccountingPrinciples(GAAP),auditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisthepriceatwhichtheassets,liabilities,orequitycanactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.,10,ValueversusCost,Marketvalueandbookvalueareoftenverydifferent.Why?Whichismoreimportanttothedecision-makingprocess?,11,KlingonCorporation,12,TheIncomeStatement,MeasuresfinancialperformanceoveraspecificperiodoftimeTheaccountingdefinitionofincomeis:RevenueExpensesIncome,13,IncomeStatement,TheincomestatementismorelikeavideoofthefirmsoperationsforaspecifiedperiodoftimeYougenerallyreportrevenuesfirstandthendeductanyexpensesfortheperiodMatchingprincipleGAAPsaystorecognizerevenuewhenitisfullyearnedandmatchexpensesrequiredtogeneraterevenuetotheperiodofrecognition,14,U.S.CorporationIncomeStatement-Table2.2,15,IncomeStatementAnalysis,Therearethreethingstokeepinmindwhenanalyzinganincomestatement:GenerallyAcceptedAccountingPrinciples(GAAP)Non-CashItemsTimeandCosts,16,GAAP,ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurred.,17,Non-CashItems,Depreciationisthemostapparent.Nofirmeverwritesacheckfor“depreciation.”Anothernon-cashitemisdeferredtaxes,whichdoesnotrepresentacashflow.Thus,netincomeisnotcash.,18,TimeandCosts,Intheshort-run,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelong-run,allinputsofproduction(andhencecosts)arevariable.Financialaccountantsdonotdistinguishbetweenvariablecostsandfixedcosts.Instead,accountingcostsusuallyfitintoaclassificationthatdistinguishesproductcostsfromperiodcosts.,19,Example:WorktheWeb,PubliclytradedcompaniesmustfileregularreportswiththeSecuritiesandExchangeCommissionThesereportsareusuallyfiledelectronicallyandcanbesearchedattheSECpublicsitecalledEDGARClickonthewebsurfer,pickacompany,andseewhatyoucanfind!,20,Taxes,TheonethingabouttaxeswecanrelyonisthattheywillalwaysbechangingMarginalvs.averagetaxratesMarginalthepercentagepaidonthenextdollarearnedAveragethetaxbill/taxableincomeOthertaxes,21,CorporateTaxRates,22,Example:Marginalvs.AverageRates,Supposeyourfirmearns$4millionintaxableincome.Whatisthefirmstaxliability?Whatistheaveragetaxrate?Whatisthemarginaltaxrate?Ifyouareconsideringaprojectthatwillincreasethefirmstaxableincomeby$1million,whattaxrateshouldyouuseinyouranalysis?,23,Example:Marginalvs.AverageRates,24,TheConceptofCashFlow,CashflowisoneofthemostimportantpiecesofinformationthatafinancialmanagercanderivefromfinancialstatementsTheaccountingstatementofcashflowsdoesnotprovideuswiththesameinformationthatwearelookingathereWewilllookathowcashisgeneratedfromutilizingassetsandhowitispaidtothosewhofinancethepurchaseoftheassets,25,Table2.5,26,FinancialCashFlows,ThreeFinancialCashFlowsCashFlowFromAssetsCashFlowtoCreditorsCashFlowtoStockholdersSincethereisnomagicinfinance,itmustbethecasethatthecashflowreceivedfromthefirmsassetsmustequalthecashflowstothefirmscreditorsandstockholders.CashFlowFromAssets(CFFA)=CashFlowtoCreditors+CashFlowtoStockholders,orCF(A)CF(B)+CF(S),27,CashFlowFromAssets,CashFlowFromAssets=OperatingCashFlowNetCapitalSpendingChangesinNWCOCF(I/S)=EBIT+depreciationtaxesNCS(B/SandI/S)=endingnetfixedassetsbeginningnetfixedassets+depreciationChangesinNWC(B/S)=endingNWCbeginningNWC,28,CashFlowtoInvestors,CFtoCreditors(B/SandI/S)=interestpaidnetnewborrowingCFtoStockholders(B/SandI/S)=dividendspaidnetnewequityraised,29,U.S.CorporationBalanceSheetTable2.1,30,U.S.CorporationIncomeStatement-Table2.2,31,U.S.C.C.FinancialCashFlow,OperatingCashFlow:EBIT$694+Depreciation65-CurrentTaxes-212OCF$547,32,U.S.C.C.FinancialCashFlow,CapitalSpendingEndingnetfixedassets$1,709-Beginningnetfixedassets-1,644+Depreciation65CapitalSpending$130,33,U.S.C.C.FinancialCashFlow,ChangeinNetWorkingCapital(NWC)EndingNWC$1,014-BeginningNWC-684ChangeinNWC$330,34,U.S.C.C.FinancialCashFlow,35,U.S.C.C.FinancialCashFlow,CashFlowtoCreditorsInterestPaid$70-Netnewborrowings46Cashflowtocreditors24,36,U.S.C.C.FinancialCashFlow,CashFlowtoStockholdersDividendspaid$103-Netnewequityraised40CashtoStockholders63,37,U.S.C.C.FinancialCashFlow,Thecashflowreceivedfromthefirmsassetsmustequalthecashflowstothefirmscreditorsandstockholders:,38,Example:BalanceSheetandIncomeStatementInformation,CurrentAccounts2007:CA=$1,500;CL=$1,3002008:CA=$2,000;CL=$1,700FixedAssetsandDepreciation2007:NFA=$3,000;2008:NFA=$4,000Depreciationexpense=$300LTLiabilitiesandEquity2007:LTD=$2,200;CommonStock=$500;RE=$5002008:LTD=$2,800;CommonStock=$750;RE=$750IncomeStatementInformationEBIT=$2,700;InterestExpense=$200;Taxes=$1,000;Dividends=$1,250,39,Example:CashFlows,OCF=$2,700+$300$1,000=$2,000NCS=$4,000$3,000+$300=$1,300ChangesinNWC=($2,000$1,700)($1,500$1,300)=$100CFFA=$2,000$1,300$100=$600CFtoCreditors=$200($2,800$2,200)=-$400CFtoStockholders=$1,250($750$500)=$1,000CFFA=-$400+$1,000=$600TheCFidentityholds.,40,2.6TheStatementofCashFlows,Thereisanofficialaccountingstatementcalledthestatementofcashflows.Thishelpsexplainthechangeinaccountingcash.Thethreecomponentsofthestatementofcashflowsare:Cashflowf