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Overview:ProblemLengthProblem#’s{S}1,3{M}2,7,8,12,131.{S}a.PalombaPizzaStoresStatementofCashFlowsYearEndedDecember31,2000PRIVATE择Cash崖Flows谜from扛Oper鄙ating涛Acti竹vitie羞s:先Cas君hCol湖lecti捏onsf舍romC驰ustom制ers此Cas义hPay罗ments童toS尖uppli燃ers耕Cas尊hPay窃ments屠for痕Salar乓ies会Cas兵hPay假ments祸for从Inter趟est赢NetC签ashf顶romO繁perat膏ingA握ctivi齐ties嚼Cash光Flows脉from灯Inve浩sting虏Acti吼vitie童s:直Sal合esof刺Equi为pment录Pur钢chase色ofE裳quipm渡ent论Pur完chase取ofL意and海NetC炉ashf巩orIn罚vesti租ngAc闲tivit款ies腰Cash池Flows凭from骡Fina番ncing警Acti护vitie叛s:顽Ret探ireme少ntof捎Comm申onSt销ock届Pay服ment根ofDi悬viden触ds较NetC镰ashf瓜orFi狮nanci沙ngAc才tivit男ies杀N断etIn额creas幻ein喊Cash斩C湖asha盼tBeg怎innin宁gof劝Year沙C痕asha要tEnd鱼ofY轰ear事$250掉,000初(85拘,000)途(45唉,000)耽(10盟,000)句38五,000乒(30辆,000)歼(14递,000)溪(25铲,000)轮(35普,000)扩$110耽,000未(6嗽,000)狭(60蔽,000)孙$44鲜,000队50令,000来$94畅,000b.CashFlowfromOperations(CFO)measuresthecashgeneratingabilityofoperations,inadditiontoprofitability.Ifusedasameasureofperformance,CFOislesssubjecttodistortionthannetincome.AnalystsusetheCFOasacheckonthequalityofreportedearnings,althoughitisnotasubstitutefornetincome.CompanieswithhighnetincomeandlowCFOmaybeusingoverlyaggressiveincomerecognitiontechniques.Theabilityofafirmtogeneratecashfromoperationsonaconsistentbasisisoneindicationofthefinancialhealthofthefirm.AnalystssearchfortrendsinCFOtoindicatefuturecashconditionsandpotentialliquidityorsolvencyproblems.CashFlowfromInvestingActivities(CFI)reportshowthefirmisinvestingitsexcesscash.TheanalystmustconsidertheabilityofthefirmtocontinuetogrowandCFIisagoodindicationoftheattitudeofmanagementinthisarea.Thiscomponentoftotalcashflowincludesthecapitalexpendituresmadebymanagementtomaintainandexpandproductivecapacity.DecreasingCFImaybeaforecastofslowerfuturegrowth.CashFlowfromFinancing(CFF)indicatesthesourcesoffinancingforthefirm.Forfirmsthatrequireexternalsourcesoffinancing(eitherborrowingorequityfinancing)itcommunicatesmanagement'spreferencesregardingfinancialleverage.Debtfinancingindicatesfuturecashrequirementsforprincipalandinterestpayments.Equityfinancingwillcausefutureearningspersharedilution.Forfirmswhoseoperatingcashflowexceedsinvestmentneeds,CFFindicateswhetherthatexcessisusedtorepaydebt,pay(orincrease)cashdividends,orrepurchaseoutstandingshares.刺不c.描跟Cash董payme怜ntsf丛orin虑teres鹅tsho企uldb得ecla甩ssifi配edas使CFF丛forp向urpos华esof何anal扩ysis.大This乳clas减sific尚ation为sepa仅rates武the讨effec刻tof心finan贝cial势lever亲aged铲ecisi亦onsf初romo芦perat扶ingr众esult横s.It胀also多faci叮litat请esth茄ecom拐paris请onof商Palo环mbaw孩itho努ther始firms唉whos神efin净ancia吩llev脊erage秀diff腹ers.扬芽d.古哈Thec衫hange酱inc席ashh雹asno叨anal刚ytic赚signi滤fican蜂ce.T宅hech枯ange畏inca舟sh(a自ndhe翠nce,榨thec喜ashb辨alanc鸟eat拣thee纹ndof兔the幸year)侧isa全prod津ucto萍fman妙ageme要ntde芽cisio竹nsre蛙gardi值ngfi辱nanci锹ng.F匠orex介ample山,the菜firm住can创show戚alar豪geca糕shba役lance俯byd隶rawin形gon肉bank员lines饱just冷prio艺rto控year左end.雄e.an舟df.访机还银There伙are塌anum肿bero宫fdef浴initi解onso荡ffre简ecas将hflo嫂ws.交Inth锄etex猛t,fr汁eeca剩shfl酿owis垦defi晃neda须scas颤hfro将mope副ratio残nsle踏ssth提eamo表unto沸fcap零ital登expen通ditur胶esre滥quire惠dto梢maint翼aint拐hefi揪rm’s环curre盗ntpr材oduct冤ivec业apaci姨ty.T纺hisd月efini丸tion线requi朝rest式heex贞clusi尼onof处cost士sof准growt幕hand完acqu峰isiti怠ons.振Howev投er,f朱ewfi舌rmsp经rovid赠esep耍arate苍disc储losur延esof辞expe膊nditu队resi悦ncurr聋edto盆main胶tain侦produ辫ctive节capa急city.松Capi洋talc艳osts天ofac弃quisi烛tions用may亚beob唤taine摆dfro暖mpro吵xyst粪ateme餐ntsa经ndot着herd灵isclo茧sures宫ofa爸cquis络ition软s(Se摩eCha码pter贞14).刷颈歉Inth拜efin到ance迅liter策ature量,fre艳ecas忍hflo叨wsav骆ailab债leto康equi绒tyho舰lders奴are压often炒meas当ured肯asca剂shfr充omop兆erati急onsl港essc缸apita斧lexp牲endit告ures.界Inte停rest辩paid膝isa傻deduc独tion填when塔compu匠ting脱cash陪from绞opera蒜tions隙asi斥tis呆paid皮tocr秆edito呜rs.P证alomb帮a’sf点reec兰ashf肆lowa血vaila迟blet灶oequ硬ityh乱older峡sis蜻calcu钞lated明asf详ollow年s:坏Netc要ashf袜lowf舞romo凑perat忘inga锣ctivi输ties赔less妄netc蹦ashf爸orin睬vesti好ngac怕tivit揉ies:醋$110,苍000-涂$6,0寸00=垃$104,剃000乡Thei角nvest岁ment戴activ油ities李disc元losed响int评hepr载oblem桶don菌otin伞dicat浆eany衫acqu轮isiti年ons.狂Anoth街erde君finit斜iono核ffre迷ecas池hflo灰ws,w孟hich汽focus召eson索free炼cash眨flow速avai尸lable层toa你llpr泪ovide衔rsof概capi附tal,每would双excl贵udep兵aymen菜tsfo蛇rint喂erest样($10尿,000写inth牲isca释se)a惜ndde故bt.T填hus,伯Palom禽ba’s跃free愤cash垄flow龄avail间able档toal汇lpro竞vider份sof道capit茎alwo摆uldb萌e$11番4,000豪.迈城2.{M}担a.PRIVATE灌1996躺1997饺1998做1999罢2000众2001揪Sales字Badd肌ebte鞭xpens副e可Netr笨eceiv兔ables扛Cash杏colle窗ction聪s呢1挪$庭仆30锯$特$140购7倾40姑$123筒$150制7油50洒$133筒$165坊8厦60犯$147率$175旅10腐75高$150穿$195臣10厌95昂$165咬1班Sales五-ba音ddeb爱texp贫ense尝-inc老rease洗inn谷etre兔ceiva笨blesb.油1997端1998洪1999叔2000裤2001赛Badd想ebte昆xpens激e/sal吸es璃5.0%得4.7%嘱4.9%甲5.7%群5.1%苹Netr踪eceiv添ables螺/sale虏s株28.6资33.3的36.4企42.8膜48.7紧Cash碧colle妙ction徒s/sal器es挨87.9拔88.7肢89.1掀85.7星84.6规c.端收Theb件adde纸btpr者ovisi进ondo补esno镜tsee叶mto班bead墓equat偿e.Fr荷om19恒97-淹2001丈sales访incr病eased叨bya衫pprox段imate立ly40药%,wh锤ilen击etre垂ceiva先bles墓more销than徒doubl拍ed,i破ndica跪ting偏that除colle穴ction渣shav板ebee倾nlag步ging.符The坡ratio陷scal游culat叹edin细part梳bal概soin秧dicat稳ethe段prob薄lem.深While姿bad午debt骨expen际seha镰srem烤ained慢fair某lyco凡nstan张tat谋5%of闹sale撒sove帆rthe饭5ye券arpe昆riod,疑net著recei铅vable湿sas滴aper测centa速geof隆sale盟shav银einc努rease哨dfro雹m29%写to4的9%;c得ashc洲ollec艺tions壤rela霉tive威tosa维lesh艺aved劫eclin右ed.O浴ther蓄possi伯blee烈xplan黎ation当sfor亏thes牵edat咱aare屯that睬stat萍edpa冶yment袄term切shav持elen斑gthen谎edor陵that向Sten音gelh读asal价lowed门cust鹰omers群tod良elay言payme碰ntfo惰rcom箭petit绘iver迟eason边s.核3.{S}坐Niaga渡raCo能mpany打纽State暗ment谈ofCa勾shFl肤ows2袖001PRIVATE宏Cash乒colle您ction度s薄Cash洒input撑s榆Cash摊expen追ses拨Cash顽inter颜estp滑aid格Incom当etax葛espa横id粥Cas显hfro母mOpe略ratio璃ns法Purch贼aseo唱ffix迈edas做sets乌Cash碎Used猛forI得nvest狠ing畜Incre鲜asei玉nLT狭debt订Decre喊asei县nnot塘espa辞yable日Divid绕ends剑paid校Cash青Used刑forF记inanc骄ing滤NetC购hange惯inC挥ash刚Cash挎Balan暗ce12爪/31/0辽0页Cash鞭Balan素ce12管/31/0医1在$980蔑(670潮)佛(75心)存(40乡)猎(30佣)截$165袍潮(150书)堆(150沙)获50钞(25鸭)僚(30们)辩(5岛)习$10废年50皇红$60订姑[Sale佳s-未Acco杆unts拔Recei俱vable减]搬[COGS勾+拳Inve扑ntory病[Sell捏ing&蛋Gene栗ralE北xpens欠e-辫Acco袭unts夫Payab污le茶1评]宽[Inte绵rest鸦Expen先se-献Inte末rest昨Payab挎le]嚷[Inco域meTa轮xExp司ense烂-裹Defe熟rred围Tax]失[Depr昨eciat喊ionE逢xpens说e+精Fixe债dAss幕ets(虑net)]拼[Net鸦Incom凳e-斩Reta向ined幅earni蝴ngs]芦1钱Cana岛lsob柜euse破dto帖calcu皂late按cash预input送s,de雾creas居ingt岸hato垒utflo超wto期$645喉while各incr喝easin烧gcas晋hexp着enses悟to$毕100.三4.{L}屠a.嗓懒GCom任pany境涌音Incom取eSta氧temen饲t,20稠00($鸭thou条sands独)PRIVATE蔑Sales浆COGS扒+ope么ratin两g胳exp泥enses盛1然Depre遗ciati筑on内Inter贱est王Taxes牵Net遣inco而me加$3,8邀41竿3,6阁51恒恋15介猴41秧硬42态$嘴92挑[rece锋ipts垮from茂custo常mers掏+inc弯rease贫ina弓ccoun蔑tsre割ceiva狐ble]木[paym赚ents捕-inc俩rease厦ini蕉nvent裁ory+凤incr撇ease外inac病count唉spay熄able]型[incr叹ease嫂inac天cumul兴ated爽depre辛ciati挨on]隶[paym判ents]多[paym巷ent+逃incr涉ease省inta嘉xpay黎able]绒[chec扎k=c遍hange盗inr夸etain脖edea溜rning匹sas结there且are妨nodi津viden页ds]峡1促Note陆that纹these虑two袖items阵cann搂otbe辱calc球ulate短dsep仙arate座lyfr贞omth猫einf虽ormat勾iona鸡vaila齿ble.嚼舞b.削机MCom秆pany识蓝草Cash父Recei细ptsa暴ndDi鸦sburs无ement丢s,20乌00($子thou核sands叹)PRIVATE臂Cash蹦recei肠ptsf意rom:蹈Cus杨tomer锐s偏Iss套ueof纯stoc饺k验Sho闭rt-te消rmde巾bt役Lon闹g-ter垮mdeb兴t租侮Total播Cash倚disbu屯rseme岸nts:奶COG像Sand砖oper跌ating吼expe刃nses怖Tax呀es逆Int彩erest咽Div磁idend黄s属就PP&宾Epur砍chase犹核Tot趣al缎Chang叠ein丙cash恢$1,8壳07枝梯3类换62洗撤96凭$1,9歼68雄$1,8斤43兴缴3肃勾51星品22鼻较33糟$1,9流52稻$肝16比[Sale叨s-i济ncrea飘sein中rece攀ivabl盈es]锻[Incr换ease炕inac出count照]葡[Incr傻ease展inli董abili论ty]忆[Incr毒ease语inli草abili颤ty]籍[COGS耀+op牲erati真ngex敬pense商+in含creas求ein访inven糕tory虹+dec尼rease牵ina泄ccoun氧tspa系yable忧]朽[Expe秩nse-莫incr验ease企inta卖xpay网able]常[Expe劳nse]鬼[Inco阀me+领incre恢asei宵nret屿ained跃earn铸ings]过[Chan卖gein颈PP&E眯]节Note盯:Thi昨sis盐nota你true光rece遭ipts准andd做isbur厉semen堪tssc号hedul胖eas软itsh根owsc嫂ertai闹namo励unts粥(e.g.次,deb续t)on窝ane弓tbas盖isra抄ther则than刺gross席.Suc坏hsch惠edule熔s(an校dcas扬hflo早wsta饲temen忆ts)p受repar锡edfr棵ompu沟blish见edda港taca妨nonl电ysho沃wsom端eamo占unts率net,波unles业ssup节pleme腿ntary美data附are望avail厚able.概循c.仍座Thec爪ashf临lows洲tatem品ents神arep挺resen鹊tedw术itht残hein正come垦state您ment箩forc剂ompar散ison碎purpo弟sesi踢nans慢werin次gPar殊td.露MCom会pany:揪Stat斯ement身ofC羞ashF腰lows阶偿($th热ousan扔ds)PRIVATE嗽 健1996西 郊1997刺 运1998标 浸1999付 霸2000府CFO:君From躁custo森mers崖Less质outla妥ysfo羽r:壮COGS/骂oper.案exp.劲Inter琴est揪Taxes焰CFI:客PP&E桶purch活ase址CFF:毫Issue蛾ofs状tock浇Short零-term浮debt误Long-裁term录debt狂Divid和ends笼Stock匙repu斯rchas哄e朗LTde垂btre纹paid告STde养btre连paid句Chang蹲ein扩cash题$1,16楚5透1,13蓝0尾1颂5瓶2桑3旱$(奶3)坏(1盘4)朽读5趁6朴4俩-葵-事(2焰0)乞(2狐2)以(单2)柿-套-龄$2面5马相8朱$1,21黎0席1,18稠7蔑1赏9锋1陪9足$(1吐5)颂(1械7)活鸣5盾6燃5歼-烤-显(2染1)婚(1渠4)浴(良2)鼓-晚-跌$3除3合夫1锈$1,32溉7斥1,32兴6载1辛6尤抬9址$(2柜4)嘴(3瓜7)桃虎8斑-烤-雾10烦0付(2目1)报-筐-擦(杯3)戏(言8)克$7蒙6寨1疑5路$1,58罗7邀1,67惠2傻2沸1坐垮9泼$(11岗5)倘(3多0)拖塞3揪15所3唱-泪-熊(2小1)掀(1纪0)瘦-悠-敌-畅-约$12是5旦(2集0)处$1,80患7底1,84务3折5摄1佩兴3续$(9各0)金(3垃3)谅债3访6蔑2之9顶6食(2啊2)刚-喷-繁-块-堵-庸-填$13伏9蜓1俯6吧小折MCom罗pany:档Inco醉meSt程ateme激nt($圣thou忘sands嫌)PRIVATE求 定1996旨 草1997卡 堂1998胆 疮1999伙 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