公司理财(罗斯)第2章(英文

1、McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-0 CHAPTER 2 Accounting Statements and Cash Flow McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-1 Chapter Outline 2.1 The Balance Sheet 2.2 The In

2、come Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Financial Statement Analysis 2.7 Summary and Conclusions McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-2 Sources of Information Annual reports Wal

3、l Street Journal Internet NYSE () Nasdaq () Text () SEC EDGAR 10K Cost of goods sold are $1,050; Operating expenses are $490; Depreciation expense is $ 300; and the tax rate is 34% A)$ 660.00 B)$ 735.60 C)$ 990.00 D)$1,059.00 E)$1,257.00 OCF=Sales -COGS-Operating Expenses -Taxes =2,500- $1,050-$490-

4、224.40 =$735.60 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-41 2. Over the year, the Rockwell Company had cash flow from operations of $938, and had net capital spending of $225. In addition, the firms net working capital increased by $73. Wha

5、t was Rockwells total cash flow? A)$ 640 B)$ 748 C)$ 786 D)$1,236 E)None of the above. McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-42 Answer: A Rationale: Cash Flow from Operations - Net Capital Spending -Addition to Net Working Capital = $938

6、 - $225 - $73 = $640 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-43 Problem on p33 2.8 a.The difference in cash flow is the sum of the differences in cash flows from operations investing activities, and financing activities. b.NWC in 20 x1=100

7、-50=$50 NWC in 20 x2=150-75=$75 Increase in NWC=75-50=$25 c. Operating cash flow =100+50=$ 150 Capital spending=200-100+50= $ 150 Additions to NWC = $25 Total cash flow of the firm=150-150-25=-$25 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-44

8、 Cash flow paid to creditors=-(75-0)=-$75 Cash flow paid to stockholders=$50 Total cash flow to investors=-75+50=-$25 So, Total CF(A)=CF(B)+CF(S)=-$25 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-45 2.5 The Statement of Cash Flows(p29) There is

9、 an official accounting statement called the statement of cash flows. This helps explain the change in accounting cash, which for U.S. Composite is $33 million in 20X2. The three components of the statement of cash flows are Cash flow from operating activities Cash flow from investing activities Cas

10、h flow from financing activities McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-46 U.S.C.C. Cash Flow from Operating Activities (in $ millions) 20X2 Cash Flow from Operating Activities U.S. COMPOSITE CORPORATION To calculate cash flow from operat

11、ions, start with net income, add back noncash items like depreciation and adjust for changes in current assets and liabilities (other than cash). Operations Net Income Depreciation Deferred Taxes Changes in Assets and Liabilities Accounts Receivable Inventories Accounts Payable Accrued Expenses Note

12、s Payable Other Total Cash Flow from Operations $86 90 13 (24) 11 16 18 (3) $199 (8) Current asset+,cf- Current liabilities+,cf+ McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-47 U.S.C.C. Cash Flow from Investing Activities (in $ millions) 20X2 C

13、ash Flow from Investing Activities U.S. COMPOSITE CORPORATION Cash flow from investing activities involves changes in capital assets: acquisition of fixed assets and sales of fixed assets (i.e. net capital expenditures). Acquisition of fixed assets Sales of fixed assets Total Cash Flow from Investin

14、g Activities $(198) 25 $(173) P 30 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-48 U.S.C.C. Cash Flow from Financing Activities (in $ millions) 20X2 Cash Flow from Financing Activities U.S. COMPOSITE CORPORATION Cash flows to and from creditors

15、 and owners include changes in equity and debt. Retirement of debt (includes notes) Proceeds from long-term debt sales Dividends Repurchase of stock Proceeds from new stock issue Total Cash Flow from Financing $(73) 86 (43) 43 $7 (6) McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Comp

16、anies, Inc. All Rights Reserved. 2-49 U.S.C.C. Statement of Cash Flows The statement of cash flows is the addition of cash flows from operations, cash flows from investing activities, and cash flows from financing activities. Operations Net Income Depreciation Deferred Taxes Changes in Assets and Li

17、abilities Accounts Receivable Inventories Accounts Payable Accrued Expenses Notes Payable Other Total Cash Flow from Operations $86 90 13 (24) 11 16 18 (3) $199 (8) Acquisition of fixed assets Sales of fixed assets Total Cash Flow from Investing Activities $(198) 25 $(173) Investing Activities Finan

18、cing Activities Retirement of debt (includes notes) Proceeds from long-term debt sales Dividends Repurchase of stock Proceeds from new stock issue Total Cash Flow from Financing $(73) 86 (43) 43 $7 (6) Change in Cash (on the balance sheet)$33 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-

19、Hill Companies, Inc. All Rights Reserved. 2-50 Problem 3 In 2002, Agua Fria Bottling paid dividends of $405 and issued $605 in stock. Construct the firms statement of cash flow for 2002 using the information from the two previous problems McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill

20、 Companies, Inc. All Rights Reserved. 2-51 Agua Fria Bottling Company Balance Sheet December 31 AssetsLiabilities and Owners Equity 2001200220012002 Current assetsCurrent liabilities Cash and mkt securities Accts receivable Inventory $1,000 800 2,000 $1,200 950 1,750 Accts payable Notes payable $1,4

21、00 1,500 $1,000 1,750 Total current assets3,8003,900Total current liabilities2,9002,750 Long-term debt6,0006,000 Fixed assetsTotal Liabilities8,9008.750 Net plant and equipment9,80011,100Common stock4,7006,250 Total fixed assets9,80011,100Total owners equity4,7006,250 Total assets$13,600$15,000Total

22、 liabilities and owners equity $13,600$15,000 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-52 Agua Fria Bottling Company Income Statement 2002 Net sales$6,750 Cost of goods sold2,700 Depreciation1,200 Earnings before interest and taxes 2,850 In

23、terest paid600 Taxable income2,250 Taxes900 Net Income$ 1,350 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-53 Solution of problem 3 Agua Fria Bottling Statement of Cash Flows 2002 Cash flow from operating activities Net income $1,350 Depreciati

24、on 1,200 Change in assets and liabilities Accounts receivable (150) Inventories 250 Accounts payable (400) Notes Payable 250 Cash flow from operating activities $2,500 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-54 FINANCIAL STATEMENT ANALYSIS

25、(p34) Short-term solvency Activity Financial leverage Profitability Value McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-55 Short-Term Solvency Measure the ability of the firm to meet its short-run obligations, include: McGraw-Hill/Irwin Corporat

26、e Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-56 Activity Ratios of activity are constructed to measure how effectively the firms assets are being managed.include: McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-57 Fin

27、ancial Leverage Financial leverage is related to the extent to which a firm relies on debt financing rather than equity McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-58 Profitability McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill

28、Companies, Inc. All Rights Reserved. 2-59 Sustainable Growth Rate Sustainable growth rate=ROE Retention ratio McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-60 Market Value Ratio Price-to-Earnings Ratio=market price/EPS Dividend Yield=Dividend pe

29、r share/Market price per share Market-to-Book Value=Market price per share/book value per share McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-61 Problem 4 Use the 2002 financial statement information for Agua Fria, presented above, to fill in th

30、e following table: McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-62 Agua Fria Bottling Company Balance Sheet December 31 AssetsLiabilities and Owners Equity 2001200220012002 Current assetsCurrent liabilities Cash and mkt securities Accts receiva

31、ble Inventory $1,000 800 2,000 $1,200 950 1,750 Accts payable Notes payable $1,400 1,500 $1,000 1,750 Total current assets3,8003,900Total current liabilities2,9002,750 Long-term debt6,0006,000 Fixed assetsTotal Liabilities8,9008.750 Net plant and equipment9,80011,100Common stock4,7006,250 Total fixe

32、d assets9,80011,100Total owners equity4,7006,250 Total assets$13,600$15,000Total liabilities and owners equity $13,600$15,000 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-63 Agua Fria Bottling Company Income Statement 2002 Net sales$6,750 Cost

33、of goods sold2,700 Depreciation1,200 Earnings before interest and taxes2,850 Interest paid600 Taxable income2,250 Taxes900 Net Income$ 1,350 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-64 Financial Ratios for Agua Fria Bottling Company Short-t

34、erm solvency ratios Current ratio Quick ratio _ _ Activity ratios Total asset turnover Inventory turnover Receivables turnover Average collection period Days in inventory _ _ _ _ _ McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-65 Financial lever

35、age ratios Debt ratio Debt-to-equity ratio Equity multiplier Interest coverage _ _ _ _ Profitability ratios Net profit margin Return on assets Return on equity _ _ _ McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-66 Solution Financial Ratios for

36、Agua Fria Bottling Company Short-term solvency ratios Current ratio=3900/2750= Quick ratio=(1200+950)/2750= 1.42 0.78 Activity ratios Total asset turnover=6750/(13600+15000)/2 Inventory turnover=2700/(2000+1750)/2 Receivables turnover=6750/(800+950)/2 Average collection period =365/7.71 Days in inve

37、ntory=365/1.44 0.47 1.44 7.71 47.3 253.5 McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-67 Financial leverage ratios Debt ratio=8750/15000 Debt-to-equity ratio=8750/6250 Equity multiplier=15000/6250 Interest coverage=2850/600 0.58 1.40 2.40 4.75

38、Profitability ratios Net profit margin=1350/6750 Return on assets=1350/(13600+15000)/2 Return on equity=1350/(4700+6250)/2 20.00% 9.44% 24.66% McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-68 Supplemental Problems 1.Use the following information

39、 from Ricko Corporation to answer the next two questions. Dividends = $24,000 Year-end stock price = $12 per share Quick ratio = 1.2 Net working capital = $200,000 Inventory turnover ratio = 5.5 Receivables turnover= 10 Total liabilities to stockholders equity ratio = 1.75 Monthly levels of accounts

40、 receivable, inventory, and accounts payable have not changed. McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-69 a. Complete the balance sheet and income statement below. Balance Sheet as of December 31. 20XX Assets Cash ? Marketable securities $

41、 70,000 Accounts receivable ? Inventory ? Total current assets ? Plant and equipment (net) ? Total assets ? Liabilities and Owners Equity Accounts payable ? Notes payable bank (12%) $ 100,000 Accrued expenses $ 20,000 Total current liabilities ? Common stock (80,000 shares at $1 par) $ 360,000 Long-

42、term debt (10%) $ 80,000 Retained earnings $ 240,000 Total liabilities and owners equity ? McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-70 Income Statement for Year Ended December 31, 20XX Sales (all credit sales) $1,200,000 Cost of goods sold

43、? Gross profit ? Selling and administrative expense $ 200,000 Operating income ? Interest expense $ 48,000 Income before taxes ? Income tax (34% tax rate) ? Net income ? McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-71 b. Compute the following r

44、atios: Current ratio Earnings per share Return on common equity (%) Total assets turnover Interest coverage ratio Net profit margin (%) also called net operating margin McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-72 Solution 2.1 Part a: Stockh

45、olders equity = Common stock + Retained earnings = $320,000 Since total liabilities to stockholders equity ratio is 1.75, then Total liabilities = $320,000 1.75 = $560,000. Total current liabilitie s = Total liabilities Long-term debt = $560,000 $360,000 = $200,000. Accounts payable = $200,000 $100,

46、000 $20,000 = $80,000. Total assets = $200,000 + $360,000 + $320,000 = $880,000. McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-73 Since Net working capital = Current assets Current liabilities = $200,000, then Current assets = Current liabilitie

47、s + $200,000 = $400,000. Plant and equipment = Total assets Total current assets = $880,000 $200,000 = $680,000. Since Receivables turnover = Sales / Average receivables = 10, then Average receivables = $1,200,000 /10 = $120,000. Since Quick ratio = 1.2, then Average inventory = Current assets 1.2 C

48、urrent liabilities = $400,000 (1.2) ($200,000) = $160,000. McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved. 2-74 Cash = $50,000. Since Inventory turnover = 5.5, then Cost of goods sold = Average inventory 5.5 = $880,0.00. Gross profits = $320,000. Operating income = $120,000. Income before taxes = $72,000. Income tax = $24,480. Net income = $47,520 McGraw-Hill/Irwin Corp