版权说明：本文档由用户提供并上传，收益归属内容提供方，若内容存在侵权，请进行举报或认领
文档简介
ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5SummaryandConclusionsChapterOutline2.1TheBalanceSourcesofInformationAnnualreportsWallStreetJournalInternetNYSE()Nasdaq()Text(/cj)SECEDGAR10K&10QreportsSourcesofInformationAnnualr2.1TheBalanceSheetAnaccountant’ssnapshotofthefirm’saccountingvalueasofaparticulardate.TheBalanceSheetIdentityis:Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:accountingliquidity,debtversusequity,andvalueversuscost.2.1TheBalanceSheetAnaccounTheBalanceSheetoftheU.S.CompositeCorporation(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1pervalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742Theassetsarelistedinorderbythelengthoftimeitnormallywouldtakeafirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plantandequipment.TheBalanceSheetoftheU.S.BalanceSheetAnalysisWhenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:AccountingliquidityDebtversusequityValueversuscostBalanceSheetAnalysisWhenanaAccountingLiquidityReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.Currentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.AccountingLiquidityReferstoDebtversusEquityGenerally,whenafirmborrowsitgivesthebondholdersfirstclaimonthefirm’scashflow.Thusshareholder’sequityistheresidualdifferencebetweenassetsandliabilities.DebtversusEquityGenerally,wValueversusCostUnderGAAPauditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisacompletelydifferentconcept.ValueversusCostUnderGAAPau2.2TheIncomeStatementTheincomestatementmeasuresperformanceoveraspecificperiodoftime.Theaccountingdefinitionofincomeis2.2TheIncomeStatementTheinU.S.C.C.IncomeStatement(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenues$2,262Costofgoodssold-1,655Selling,general,andadministrativeexpenses-327Depreciation-90Operatingincome$190Otherincome29Earningsbeforeinterestandtaxes$219Interestexpense-49Pretaxincome$170Taxes-84
Current:$71
Deferred:$13Netincome$86
Retainedearnings:$43
Dividends:$43Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Usuallyaseparatesectionreportsasaseparateitemtheamountoftaxesleviedonincome.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20x2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Netincomeisthe“bottomline”.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20x2IncomeStatIncomeStatementAnalysisTherearethreethingstokeepinmindwhenanalyzinganincomestatement:GAAPNonCashItemsTimeandCostsIncomeStatementAnalysisThereGenerallyAcceptedAccountingPrinciplesGAAP ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurredGenerallyAcceptedAccountingIncomeStatementAnalysisNonCashItemsDepreciationisthemostapparent.Nofirmeverwritesacheckfor“depreciation”.Anothernoncashitemisdeferredtaxes,whichdoesnotrepresentacashflow.IncomeStatementAnalysisNonCIncomeStatementAnalysisTimeandCostsIntheshortrun,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelongrun,allinputsofproduction(andhencecosts)arevariable.Financialaccountantsdonotdistinguishbetweenvariablecostsandfixedcosts.Instead,accountingcostsusuallyfitintoaclassificationthatdistinguishesproductcostsfromperiodcosts.IncomeStatementAnalysisTime2.3NetWorkingCapitalNWCisusuallygrowingwiththefirm.2.3NetWorkingCapitalNWCisTheBalanceSheetoftheU.S.C.C.(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1parvalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742HereweseeNWCgrowto$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionisaninvestmentofthefirm.$23million$275m=$761m-$486m$252m=$707-$455TheBalanceSheetoftheU.S.C2.4FinancialCashFlowInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.Sincethereisnomagicinfinance,itmustbethecasethatthecashfromreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.2.4FinancialCashFlowInfinaFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42OperatingCashFlow:EBIT $219Depreciation $90CurrentTaxes ($71)OCF $238FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CapitalSpendingPurchaseoffixedassets $198Salesoffixedassets (25)CapitalSpending $173FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42NWCgrewfrom$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionistheadditiontoNWC.FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CashFlowtoCreditorsInterest $49Retirementofdebt73 Debtservice 122Proceedsfromnewdebtsales (86)Total 36FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CashFlowtoStockholdersDividends $43Repurchaseofstock6 CashtoStockholders49Proceedsfromnewstockissue (43)Total $6FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42Thecashfromreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders:FinancialCashFlowoftheU.S2.5SummaryandConclusionsFinancialstatementsprovideimportantinformationregardingthevalueofthefirm.Youshouldkeepinmind:Measuresofprofitabilitydonottakeriskortimingofcashflowsintoaccount.Financialratiosarelinkedtooneanother.2.5SummaryandConclusionsFin态度决定一切细节影响成败谢谢您的关注！态度决定一切ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5SummaryandConclusionsChapterOutline2.1TheBalanceSourcesofInformationAnnualreportsWallStreetJournalInternetNYSE()Nasdaq()Text(/cj)SECEDGAR10K&10QreportsSourcesofInformationAnnualr2.1TheBalanceSheetAnaccountant’ssnapshotofthefirm’saccountingvalueasofaparticulardate.TheBalanceSheetIdentityis:Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:accountingliquidity,debtversusequity,andvalueversuscost.2.1TheBalanceSheetAnaccounTheBalanceSheetoftheU.S.CompositeCorporation(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1pervalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742Theassetsarelistedinorderbythelengthoftimeitnormallywouldtakeafirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plantandequipment.TheBalanceSheetoftheU.S.BalanceSheetAnalysisWhenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:AccountingliquidityDebtversusequityValueversuscostBalanceSheetAnalysisWhenanaAccountingLiquidityReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.Currentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.AccountingLiquidityReferstoDebtversusEquityGenerally,whenafirmborrowsitgivesthebondholdersfirstclaimonthefirm’scashflow.Thusshareholder’sequityistheresidualdifferencebetweenassetsandliabilities.DebtversusEquityGenerally,wValueversusCostUnderGAAPauditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisacompletelydifferentconcept.ValueversusCostUnderGAAPau2.2TheIncomeStatementTheincomestatementmeasuresperformanceoveraspecificperiodoftime.Theaccountingdefinitionofincomeis2.2TheIncomeStatementTheinU.S.C.C.IncomeStatement(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenues$2,262Costofgoodssold-1,655Selling,general,andadministrativeexpenses-327Depreciation-90Operatingincome$190Otherincome29Earningsbeforeinterestandtaxes$219Interestexpense-49Pretaxincome$170Taxes-84
Current:$71
Deferred:$13Netincome$86
Retainedearnings:$43
Dividends:$43Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Usuallyaseparatesectionreportsasaseparateitemtheamountoftaxesleviedonincome.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20x2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Netincomeisthe“bottomline”.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20x2IncomeStatIncomeStatementAnalysisTherearethreethingstokeepinmindwhenanalyzinganincomestatement:GAAPNonCashItemsTimeandCostsIncomeStatementAnalysisThereGenerallyAcceptedAccountingPrinciplesGAAP ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurredGenerallyAcceptedAccountingIncomeStatementAnalysisNonCashItemsDepreciationisthemostapparent.Nofirmeverwritesacheckfor“depreciation”.Anothernoncashitemisdeferredtaxes,whichdoesnotrepresentacashflow.IncomeStatementAnalysisNonCIncomeStatementAnalysisTimeandCostsIntheshortrun,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelongrun,allinputsofproduction(andhencecosts)arevariable.Financialaccountantsdonotdistinguishbetweenvariablecostsandfixedcosts.Instead,accountingcostsusuallyfitintoaclassificationthatdistinguishesproductcostsfromperiodcosts.IncomeStatementAnalysisTime2.3NetWorkingCapitalNWCisusuallygrowingwiththefirm.2.3NetWorkingCapitalNWCisTheBalanceSheetoftheU.S.C.C.(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1parvalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742HereweseeNWCgrowto$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionisaninvestmentofthefirm.$23million$275m=$761m-$486m$252m=$707-$455TheBalanceSheetoftheU.S.C2.4FinancialCashFlowInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.Sincethereisnomagicinfinance,itmustbethecasethatthecashfromreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.2.4FinancialCashFlowInfinaFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42OperatingCashFlow:EBIT $219Depreciation $90CurrentTaxes ($71)OCF $238FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CapitalSpendingPurchaseoffixedassets $198Salesoffixedassets (25)CapitalSpending $173FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42NWCgrewfrom$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionistheadditiontoNWC.FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDe
温馨提示
- 1. 本站所有资源如无特殊说明，都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等，如果需要附件，请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸，网页内容里面会有图纸预览，若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间，仅对用户上传内容的表现方式做保护处理，对用户上传分享的文档内容本身不做任何修改或编辑，并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容，请与我们联系，我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- DB32/T 4616-2023卫生健康非现场执法工作规范
- 2025年餐饮行业智能化设备应用与升级策略报告
- 2025年生活污水处理项目安全调研评估报告
- 2025年交通设施市场调查报告
- 2025年保鲜黄瓜项目市场调查研究报告
- DB32/T 4413-2022血站合格血液储存库射频识别(RFID)技术应用规范
- 高精度智能仓储货架设计与制造工艺合同
- 高效智能温室CO2施肥设备租赁与农业生态循环服务合同
- 2025-2030中国玉米须茶行业市场现状分析及竞争格局与投资发展研究报告
- 2025-2030中国海湾合作委员会国家薯片行业市场现状供需分析及投资评估规划分析研究报告
- 品质管控培训质量管理与质量控制课件
- 民间非营利组织审计报告(模板)
- 浆砌石挡墙 护坡施工方案
- 上海市上海民办兰生中学2024-2025学年八年级上学期9月第一次月考数学试题(无答案)
- 2024年10月自考试02899生理学部分真题含解析
- DB13-T 5834-2023 化工建设项目安装工程质量技术资料管理规范
- DL∕ T 969-2005 变电站运行导则
- 六年级道德与法治毕业考试时政知识点(一)
- 诊断学之全身体格检查
- 小区水系清淤合同范本
- 省教育科学规划课题设计论证：师范院校弘扬教育家精神的实践研究
评论
0/150
提交评论