罗斯财务管理

Chapter2 FinancialStatements, Taxes,andCashFlowMcGraw-Hill/Irwin1KeyConceptsandSkills2-22ChapterOutlineTheBalanceSheetTheIncomeStatementTaxesCashFlow2-33BalanceSheet2-44TheBalanceSheet-Figure2.12-55NetWorkingCapitalandLiquidity2-66USCorporationBalanceSheet–Table2.1PlaceTable2.1(USCorpBalanceSheet)here2-77MarketValuevs.BookValueThebalancesheetprovidesthebookvalueoftheassets,liabilities,andequity.Marketvalueisthepriceatwhichtheassets,liabilities,orequitycanactuallybeboughtorsold.Marketvalueandbookvalueareoftenverydifferent.Why?Whichismoreimportanttothedecision-makingprocess?2-88Example2.2KlingonCorporationKLINGONCORPORATIONBalanceSheetsMarketValueversusBookValueBookMarketBookMarketAssetsLiabilitiesandShareholders’EquityNWC$400$600LTD$500$500NFA7001,000SE6001,1001,1001,6001,1001,6002-99IncomeStatementTheincomestatementismorelikeavideoofthefirm’soperationsforaspecifiedperiodoftime.YougenerallyreportrevenuesfirstandthendeductanyexpensesfortheperiodMatchingprinciple–GAAPsaystoshowrevenuewhenitaccruesandmatchtheexpensesrequiredtogeneratetherevenue2-1010USCorporationIncomeStatement–Table2.2InsertnewTable2.2here(USCorpIncomeStatement)2-1111WorktheWebExamplePubliclytradedcompaniesmustfileregularreportswiththeSecuritiesandExchangeCommissionThesereportsareusuallyfiledelectronicallyandcanbesearchedattheSECpublicsitecalledEDGARClickonthewebsurfer,pickacompany,andseewhatyoucanfind!2-1212TaxesTheonethingwecanrelyonwithtaxesisthattheyarealwayschangingMarginalvs.averagetaxratesMarginaltaxrate–thepercentagepaidonthenextdollarearnedAveragetaxrate–thetaxbill/taxableincomeOthertaxes2-1313Example:MarginalVs.AverageRatesSupposeyourfirmearns$4millionintaxableincome.Whatisthefirm’staxliability?Whatistheaveragetaxrate?Whatisthemarginaltaxrate?Ifyouareconsideringaprojectthatwillincreasethefirm’staxableincomeby$1million,whattaxrateshouldyouuseinyouranalysis?2-1414TheConceptofCashFlow2-1515CashFlowFromAssetsCashFlowFromAssets(CFFA)=CashFlowtoCreditors+CashFlowtoStockholdersCashFlowFromAssets=OperatingCashFlow–NetCapitalSpending–ChangesinNWC2-1616Example:USCorporation–PartI2-1717Example:USCorporation–PartIICFtoCreditors(B/SandI/S)=interestpaid–netnewborrowing=$24CFtoStockholders(B/SandI/S)=dividendspaid–netnewequityraised=$63CFFA=24+63=$872-1818CashFlowSummary-Table2.52-1919Example:BalanceSheetandIncomeStatementInformationCurrentAccounts2009:CA=3625;CL=17872008:CA=3596;CL=2140FixedAssetsandDepreciation2009:NFA=2194;2008:NFA=2261DepreciationExpense=500Long-termDebtandEquity2009:LTD=538;Commonstock&APIC=4622008:LTD=581;Commonstock&APIC=372IncomeStatementEBIT=1014;Taxes=368InterestExpense=93;Dividends=2852-2020Example:CashFlowsOCF=1,014+500–368=1,146NCS=2,194–2,261+500=433ChangesinNWC=(3,625–1,787)–(3,596–2,140)=382CFFA=1,146–433–382=331CFtoCreditors=93–(538–581)=136CFtoStockholders=285–(462–372)=195CFFA=136+195=331TheCFidentityholds.2-2121QuickQuizWhatisthedifferencebetweenbookvalueandmarketvalue?Whichshouldweusefordecision-makingpurposes?Whatisthedifferencebetweenaccountingincomeandcashflow?Whichdoweneedtousewhenmakingdecisions?Whatisthedifferencebetweenaverageandmarginaltaxrates?Whichshouldweusewhenmakingfinancialdecisions?Howdowedetermineafirm’scashflows?Whataretheequations,andwheredowefindtheinformation?2-2222EthicsIssuesWhyismanipulationoffinancialstatementsnotonlyunethicalandillegal,butalsobadforstockholders?2-2323ComprehensiveProblemCurrentAccounts2009:CA=4,400;CL=1,5002008:CA=3,500;CL=1,200FixedAssetsandDepreciation2009:NFA=3,400;2008:NFA=3,100DepreciationExpense=400Long-termDebtandEquity(R.E.