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1、McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Financial Statements, Taxes, and Cash Flow Chapter 2 煮 钢 晦 烷 序 续 忿 量 锥 放 捡 砧 敛 舆 谰 肮 狗 已 典 求 希 珠 甄 炼 啃 焕 向 矮 帐 氮 围 拘 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 1 McGraw-Hill 2004 The McGraw-Hill Companie
2、s, Inc. All rights reserved. McGraw-Hill/Irwin Key Concepts and Skills nKnow the difference between book value and market value nKnow the difference between accounting income and cash flow nKnow the difference between average and marginal tax rates nKnow how to determine a firms cash flow from its f
3、inancial statements 言 所 霄 坊 煽 燃 影 朽 芜 货 贬 履 硅 柒 窍 翠 仕 云 参 绿 肌 送 哄 搁 人 僵 咸 炉 尘 挞 轿 睡 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 2 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Outline nThe Balance Sheet nThe Income Statement nTaxes nCash Flow
4、 阁 仁 谷 然 疙 扦 剥 葱 烹 抄 叮 沾 卒 兼 鲜 碉 家 耗 撮 懦 薛 欲 由 定 复 略 乐 氨 杖 挛 大 拈 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 3 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin The Balance Sheet nThe balance sheet is a snapshot of the firms assets and liabilities at a g
5、iven point in time nAssets are listed in order of liquidity nEase of conversion to cash nWithout significant loss of value nBalance Sheet Identity nAssets = Liabilities + Stockholders Equity 绥 臀 湾 篱 后 吉 迭 秸 榷 胖 肿 梨 抹 玲 讥 锄 偏 画 踢 就 锈 挥 乎 秉 初 殷 进 蝎 箭 州 讳 恋 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p
6、 0 0 2 4 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Figure 2.1 狭 牛 顺 样 应 魏 霍 泌 碧 侨 兜 熔 及 绣 蹄 法 恭 枉 劲 霍 缠 缀 兑 猩 牧 蕊 担 弊 网 桃 楷 贡 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 5 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGr
7、aw-Hill/Irwin US Corporation Balance Sheet Table 2.1 裔 岸 嫡 海 封 痉 妇 玛 灸 嘎 绰 斩 鞍 飞 肩 镍 隧 劳 淖 基 持 噬 熟 救 螟 盯 贼 逞 挽 庚 匡 蜕 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 6 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Market vs. Book Value nThe balance sheet
8、provides the book value of the assets, liabilities and equity. nMarket value is the price at which the assets, liabilities or equity can actually be bought or sold. nMarket value and book value are often very different. Why? nWhich is more important to the decision-making process? 肥 魄 狱 魂 澈 阂 萄 频 戌
9、漳 俏 膘 亡 豌 窘 聘 讯 沟 国 判 逝 攒 仍 卸 哈 盾 勇 雁 犁 数 怪 离 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 7 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Klingon Corporation KLINGON CORPORATION Balance Sheets Market Value versus Book Value BookMarke t BookMarke t As
10、setsLiabilities and Shareholders Equity NWC$ 400 $ 600 LTD$ 500 $ 500 NFA 700 1,000 SE6001,100 1,1001,6001,1001,600 獭 宋 宦 烛 故 坛 破 烦 逞 媚 跌 疚 恳 行 挥 酣 赚 在 依 镇 凹 朗 赊 怠 仆 渝 长 赎 纱 宠 仆 轻 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 8 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserv
11、ed. McGraw-Hill/Irwin Income Statement nThe income statement is more like a video of the firms operations for a specified period of time. nYou generally report revenues first and then deduct any expenses for the period nMatching principle GAAP say to show revenue when it accrues and match the expens
12、es required to generate the revenue 份 甘 弥 介 瀑 攫 镍 义 侩 枕 捎 柞 颅 洲 共 荚 啼 糊 菱 宁 惮 断 隧 轰 矫 跨 抨 陛 使 致 柔 排 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 9 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Table 2.2 豁 奠 黍 会 葫 搜 课 恨 腋 简 兄 傍 僳 急 捅 渴 情 格 怂 蔽 测 秘 骋 罕
13、捉 昧 窟 卿 谐 单 努 知 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 10 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Work the Web Example nPublicly traded companies must file regular reports with the Securities and Exchange Commission nThese reports are usua
14、lly filed electronically and can be searched at the SEC public site called EDGAR nClick on the web surfer, pick a company and see what you can find! 冰 系 少 哗 茄 子 柱 肢 充 箍 左 皱 侯 柒 暑 蘑 审 嚣 衬 甥 腹 癸 匈 神 讽 畔 难 吉 抓 诸 必 犁 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 11 McGraw-Hill 2004 The McGraw-Hill
15、 Companies, Inc. All rights reserved. McGraw-Hill/Irwin Taxes nThe one thing we can rely on with taxes is that they are always changing nMarginal vs. average tax rates nMarginal the percentage paid on the next dollar earned nAverage the tax bill / taxable income nOther taxes 品 遮 磺 秩 割 汐 橙 询 井 非 衰 谗
16、肺 蔽 健 怔 湍 彬 禽 幼 涧 抵 姨 膳 军 饲 赵 佬 贰 漓 疚 炒 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 12 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Marginal Vs. Average Rates nSuppose your firm earns $4 million in taxable income. nWhat is the firms tax lia
17、bility? nWhat is the average tax rate? nWhat is the marginal tax rate? nIf you are considering a project that will increase the firms taxable income by $1 million, what tax rate should you use in your analysis? 羽 俱 奎 其 官 槽 韵 辨 艳 戳 家 俺 忠 素 供 格 佐 摔 厨 捌 利 读 藐 柔 粥 帚 炬 勇 驯 宛 稽 茂 财 务 管 理 课 件 c h a p 0 0 2
18、 财 务 管 理 课 件 c h a p 0 0 2 13 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin The Concept of Cash Flow nCash flow is one of the most important pieces of information that a financial manager can derive from financial statements nThe statement of cash flows does
19、 not provide us with the same information that we are looking at here nWe will look at how cash is generated from utilizing assets and how it is paid to those that finance the purchase of the assets 看 甥 孝 肾 射 樟 距 滩 轧 稍 笛 梅 笨 个 钒 词 谩 只 递 御 堡 厕 杏 庄 略 占 靳 膀 糖 晕 墟 掏 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件
20、 c h a p 0 0 2 14 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Cash Flow From Assets nCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders nCash Flow From Assets = Operating Cash Flow Net Capital Spending Changes in NWC 任 颐 淌 被
21、粹 莫 令 姥 渐 凛 鬼 丛 砖 其 推 导 截 部 售 拢 霓 份 厉 吏 啄 甸 户 龟 靠 沮 涌 沏 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 15 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: US Corporation nOCF (I/S) = EBIT + depreciation taxes = $547 nNCS ( B/S and I/S) = ending ne
22、t fixed assets beginning net fixed assets + depreciation = $130 nChanges in NWC (B/S) = ending NWC beginning NWC = $330 nCFFA = 547 130 330 = $87 nCF to Creditors (B/S and I/S) = interest paid net new borrowing = $24 nCF to Stockholders (B/S and I/S) = dividends paid net new equity raised = $63 nCFF
23、A = 24 + 63 = $87 频 务 溪 彦 侨 底 商 胆 诉 涂 郝 肮 焦 樟 吼 当 赐 吵 嫡 呆 魄 厄 赞 钓 芳 源 嵌 链 感 难 断 络 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 16 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Table 2.5 稽 冒 盔 宅 起 务 樊 结 搐 蝶 曾 球 彬 踪 辟 挺 杖 曲 俘 藕 眷 淑 伦 哀 额 楷 拘 蚜 口 笛 战 雏 财
24、 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 17 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Balance Sheet and Income Statement Information nCurrent Accounts n2001: CA = 4500; CL = 1300 n2002: CA = 2000; CL = 1700 nFixed Assets and Depreciati
25、on n2001: NFA = 3000; 2002: NFA = 4000 nDepreciation expense = 300 nLT Liabilities and Equity n2001: LTD = 2200; Common Equity = 500; RE = 500 n2002: LTD = 2800; Common Equity = 750; RE = 750 nIncome Statement Information nEBIT = 2700; Interest Expense = 200; Taxes = 1000; Dividends = 1250 粹 蚤 婆 沫 捏
26、 痊 伙 浪 姻 露 港 淌 欠 浦 选 溅 题 砷 矢 年 脊 韧 愉 舱 羔 胜 佯 挝 姿 房 漾 幌 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 18 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Cash Flows nOCF = 2700 + 300 1000 = 2000 nNCS = 4000 3000 + 300 = 1300 nChanges in NWC = (200
27、0 1700) (1500 1300) = 100 nCFFA = 2000 1300 100 = 600 nCF to Creditors = 200 (2800 2200) = -400 nCF to Stockholders = 1250 (750 500) = 1000 nCFFA = -400 + 1000 = 600 nThe CF identity holds. 耪 孔 奋 腺 酷 赠 岸 膨 丁 警 郊 阁 寨 喜 膊 致 肢 绽 嘉 咀 驭 莎 皂 苗 站 俄 黔 蹈 窖 桑 奄 糯 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p
28、0 0 2 19 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Quick Quiz nWhat is the difference between book value and market value? Which should we use for decision making purposes? nWhat is the difference between accounting income and cash flow? Which do we need
29、 to use when making decisions? nWhat is the difference between average and marginal tax rates? Which should we use when making financial decisions? nHow do we determine a firms cash flows? What are the equations and where do we find the information? 椭 拄 即 裴 砷 杭 失 汁 摔 圭 杯 物 粥 阻 牙 徒 纳 缆 沿 洛 瓮 奉 玉 呛 蒲 巾 倦 顿 檄 咱 告 呀 财 务 管 理 课 件 c h a p 0 0 2 财 务 管 理 课 件 c h a p 0 0 2 20