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OnProjectReport/ReadingsMarketvalue,usenumberofsharesoutstanding,donotuseaveragenumberofsharesoutstandingIdentifysourceofdataorquotesCommonsizeanalysis,showamountsandpercentagesOnlyanalyzenotesthatarerelatedtoourcurrentlectureTaketurntowritethereport,donotleavetoonepersonInfinalexams,Imayprovideyouwithrawmaterialsandasamplearticlefromourreadingsforyoutoanalyzetherawmaterialsandwriteasimilararticle.Sogetfamiliarwithallarticles.Again,understandbutdonotmemorize.FirmNamesEagleEye:ValuationAnalysisStrategyInvestoriumStatementofCashFlowCashflowfromOperatingactivities:(营运活动) cashreceiptsfromcustomers cashdisbursedto: suppliersofmerchandise employeesforsalariesCashflowfrominvestingactivities:(投资活动) purchaseofbuildings,equipments,plants proceeds(进帐)fromsalesoflongtermassetsCashflowfromfinancingactivities:(融资活动) borrowing/repaylongtermdebts issuingnewshares

OverviewoftheStatementofCashFlowsInAOL2000balancesheet,cashandcashequivalentincreasedfrom$936millionsto$2,490millions.How?Thestatementofcashflows…(a)explainsthereasonsforachangeincash.(b)classifiesthereasonsforthechangeasanoperating,investingorfinancingactivity.(c)reconcilesnetincomewithcashflowfromoperations.MontgomeryWardb.f.bankruptThedifferencebetweenearningsandcashflowsI/SExplainchangeinretainedearningsI/Sisaccrued-basedI/SrecognizepropertyrightsI/SrequireestimatesI/SisanopinionI/Sisproneto(易于)manipulationFirmscansurvivealongstring(长串)ofnegativeearningsSCFexplainchangeincashandcashequivalentN/ASCFemphasize“actualpossessment”SCFdoesnotSCFisafactSCFissotoamuchlessdegreeFirmsgobankruptwithalongstringofnegativecashflows(outflow)Cashflowequation

A=L+EΔA=ΔL+ΔEΔcash+Δnon-cashA=ΔL+ΔEΔcash+ΔcurrentA(otherthancash)+Δnon-currentA=ΔcurrentL+Δnon-currentL+ΔEΔcash=ΔcurrentL+Δnon-currentL+ΔE-ΔcurrentA(otherthancash)-Δnon-currentACashflowfromoperationCashflowsrelatedtosellinggoodsandservices;thatis,theprinciplebusiness(主营业务)

ofthefirmThemainsourceofpayoffstoshareholdersandcreditorsThereasonforthefirmstoexistIffirmsdonotinthelongrungeneratemorecashfromoperationthanthereturnsoffundstoshareholdersandcreditors,thefirmsgobankruptCashflowfromoperation-componentsCashcollectedfromcustomersCashcollectedasinterest(利息)onloanstoothersCashcollectedasdividends(股利)oninvestmentonotherfirms’stocksCashpaidtosuppliersCashpaidtoemployeesCashpaidtootherserviceproviders:landlords,marketingagency,auditors,consultants,…CashpaidtogovernmentCashpaidtocreditorsasinterestonborrowedmoneyCashflowfrominvestingactivitiesCashflowsrelatedtotheacquisitionorsaleofnon-currentassets:investment,land,property,plants,equipments…Tomaintainthecurrentproductivityoftheoperation,afirmmustreplaceassetsthattheywearout

(消耗)Togrowitsoperation,afirmmustacquireadditionalassetsOldassetsmaybesoldastheybecomeobsolete

(过时),orasthefirmchangeproductionInvestingactivitiesthusprovideresourcetogeneratecashflowfromoperationsCashflowfrominvestingactivities-componentsCashreceivedfromsalesofland,investment,property,plantsandequipmentCashpaidtoacquireland,investment,property,plantsandequipmentCa啦sh掘f于lo壁w蜻fr符om侮f秃in遮an谎ci肃ng睬a薄ct革iv闷it丈ie众sCa厕sh黄f究lo造ws迷r蹄el渔at符ed圣t刻o胞lo亩ng股-t革er伤m免li剂ab绍il凭it浑ie聋s脖an晃d横ow聪ne核rs农’滥eq示ui赞tyTh及e编so骂ur娘ce报o耕f闯ca筑sh产t津o级be民u退se踩d芦in搜i顿nv额es曲ti特ng辛a以nd甲o利pe傅ra垂ti机ng槐a握ct唉iv垂it沈ie纤sTw蚂o回so亩ur遇ce螺s:存s盯ha项re注ho受ld忧er赠s室an傍d燃cr址ed侮it故or注sTh疼is介p比ar退t普of初S呼CF灶a符ls筛o阅in每di击ca易te径s体ho们w挤mu蔽ch梯c全as犬h决th偿e左fi桂rm推r咽et扫ur在ns劣t悼o鸭it柔s成ca傅pi岁ta博l礼pr目ov歌id仔er卡s,霞i絮.e杂.,链c乖as答h臭di宣st淡ri熟bu园ti妇on秤t榆o纺sh虾ar串eh造ol蛾de伤rs格a弱nd酱c浪re盆di抗to骆rsNo各te腔:sh阅or县t-设te管rm续l彩ia辨bi妇li雁ti送es设g颤en芝er幅at展ed射i宏n柄op沿er摘at羡io坡n,暖s武uc乎h导as境a鉴cc僻ou谣nt左p创ay拌ab移le搭,渠is交n队ot腾r后el乱at读ed种t输o施th饰is乏c天at晃eg愚or渠yCa购sh生f夸lo诞w磁fr滑om团f谢in煮an宽ci框ng押a逗ct费iv吓it川ie否s-遥co怨mp鹿on汪en索tsCa售sh妇r惹ec敞ei乒ve福d义fr歼om贴i估ss暮ui蒙ng布c掉or舰po恼ra膀te遭d苹eb栏ts羽o茫r恶ta蜜ki药ng慌u孙p狮lo星an凭sCa蓬sh妖r狡ec藏ei苦ve仆d权fr海om灰i坝ss界ui揪ng骆c商om愈mo叉n贷sh久ar墙es荷o拳r同pr刻ef叮er笋re牢d聚sh驳ar接esCa梳sh猾p造ai争d意to电r竟ep谢ay屯d案eb葛ts抛o术r当lo岁an玻sCa约sh他p乌ai机d拒to尿r痰ep篮ur受ch侦as角e菜sh傍ar凳esCa呀sh红p鲜ai耀d丙to活s饮ha轰re敞ho锁ld妥er促s纹as艺d优iv丝式id垂en废dsRe寻la塑ti回on度s菌am疮on疑g嫁th蜜e贞ca泥sh桐f矩lo赏ws阿f拦ro壶m键th蹈e拣th胆re阳e阔ca切te晌go念ri名es葬o错f晃ac驱ti构vi湿ti编es1CFfr泄omFi虚n.Ac贡t.CFfr莲omIn初v.Ac咽tCFFr波omOp蛛.Ac语t.Fr裳ee割C练as慌h桶Fl难ow=油Ca雁sh食f龙lo菊w话fr午om傅o袜pe异ra烟ti垫ng党a夜ct钥iv外it包ie化s+罪Ca李sh救f识lo框w君fr揪om才i惰nv承es伐ti踢ng义a纹ct禁iv诵it孝ie用sIf令p静os南it尘iv唯e,厚n殃or熊ma观l促op过er仓at堡io鹊n注ge躺ne廊ra避te腐s倒mo胖re笛c嗽as组h返th货at械i醋t漫co固ns任um煤es孙,差su奔ch皂a嗓s新th纱e挡ca画se悬o升f套a惯st屋ab味le朗f馆ir悼mIf分n戚eg浸at妻iv件e,责n族or究ma答l森op漆er吧at犬io倡n既ge碌ne芦ra奥te虚s傍in荡su立ff咳ic占ie伟nt习a稿mo错un桨t差of哨c责as姥h减to脆b谷e倡se狮lf幕-s悄us辣ta染in愁in泽g,规s角uc谈h城as眠a敏g挂ro症wi受ng贿f疲ir骡mTw情o戏me驱th杜od扶s刻to呈p族re黑pa片re臭t富he节o驱pe融ra平ti德ng挪p牧or泛ti烈on却o例f醉SC障FDi赢re朋ct青m身et迟ho滨d两of装p本re哗se喊nt敲at遣io宇n仓ca缎lc蹦ul鸡at黄es屡c罢as省h广fl必ow敏f新ro裕m诵op央er滤at忌io妻ns惠b维y龟su敲bt圾ra述ct值in葬g睛ca昨sh描d疮is夫bu脾rs猫em它en暂ts申t礼o抢su划pp胜li袋es疯,凭em形pl祖oy法ee以s,控a淹nd众o衣th茫er同s对fr榴om圣c脚as浮h勒re嘉ce餐ip协ts硬f重ro叹m腿cu向st族om逮er下s.Th笔e虫in跟di已re盘ct盆m量et活ho泻d划ca静lc农ul单at丈es炸c镇as记h寄fl盆ow撞f露ro希m匪op飘er论at盛io疗ns途b浅y满ad写ju野st双in萌g魄ne跪t助in类co赖me窃f辰orno淘nc载as莫hre间ve敌nu闲es幸a秧nd夏e负xp刻en狗se去s.Mo从st烘f瓶ir眼ms攻p额re送se贷nt枕t篮he辉ir雨c疮as玻h钻fl早ow医s符us赠in炸g流th炭e绢in辛di背re验ct旧m央et慈ho灯d.SC宇F-污Di铁re节ct俯m余et写ho砍dTh砖e街di横re感ct喂m挎et匙ho右d球is减s订im译pl蛇e祸an贼d吉st处ra醉ig帅ht介:Ca旬sh接c竿ol奖le垄ct产ed照f宣ro凡m燥cu判st情om中er岭sCa旧sh睡c葛ol间le塞ct吓ed钱a鲜sin沃te暂re葵st(利息责)on芳l堂oa宝ns阴t蹦o千ot厉he县rsCa梢sh障c阳ol跟le胀ct穷ed增a乓sdi场vi默de蔬nd仆s(股利此)on躁i油nv吃es游tm斧en嫂t壮on降o任th盐er馒f吨ir滋ms毛’叠st预oc蝴ksCa领sh兆p胸ai前d群to材s献up通pl霸ie揪rsCa省sh症p懒ai围d情to叶e托mp夏lo美ye阅esCa殖sh抖p层ai纸d且to烂o页th舌er吗s赤er帝vi章ce不p铺ro浩vi片de裤rs摘:饥la症nd握lo友rd即s,怠m判ar摸ke嗓ti溜ng缩慧a瓶ge读nc守y,贤a炎ud痒it承or消s,退c形on麦su爱lt蚀an绕ts杂,摸…Ca姿sh吃p乐ai铜d肆to氧g要ov厘er塑nm扣en则tCa瞎sh泼p胆ai米d贼to什c采re毅di或to细rs少a俗s兰in慨te理re晚st愚o困n腾bo工rr擦ow凶ed拼m班on桥eyIn倍di热re趋ct窗m驰et淹ho诉d漂SC毙F瓶re喊co该nc井il耻es遍n阔et室i芒nc彻om客e吗wi蝇th剧c导as汉h洞fl伤ow誉f却ro跨m汪op蔑er妻at乱io月nΔc俊as槽h找=聚Δc悠ur厦re泉nt赤L撑+喘Δn些on捕-c善ur禁re仅nt摄L枝+植ΔE混-棉Δ率cu逆rr筛en视t倡A甲(o帆th侧er睛t荷ha蛛n否ca往sh霸)医-Δ售no使n-贵cu瓣rr膀en墓t袜AΔc畅as牢h凑=拘[Δ隆cu稼rr扑en造t斑L茧-Δ凶c科ur途re叶nt煌A筛(绩ot损he汪r贺th贵an乔c捞as老h)拼]狂+去[Δ唇no院n-扇cu图rr竟en慎t能L+织Δ养E]寻–惕[Δ竞no躲n-旨cu戒rr悠en俯t镇A]Op浙.Fi斑n.In啦v.In怖di独re严ct忘m小et笼ho炮d碰SC需F染re吨co洋nc牵il木es存n片et战i环nc忙om御e辜wi朽th朝c必as宣h雁fl娱ow华f何ro辨m俊op蔬er拢at撞io败nNe犯t滋In耳co利me伪i恳s宗ac茶cr习ua截l-旦ba抚se贴d,请w要he惯n织we鸣c袄al陆cu会la报te帮n像et铜i宵nc吨om巷e,让w系e把do阅n灶ot星c畜ar爬e暮wh加et挥he肠r值ca遍sh妈h唉as框b缴ee撤n育re刘ce唐iv础ed荒o乐r当pa虽idBu暮t锯cu棉rr己en串t宁as乒se渗ts毅a细nd止c鲁ur蚕re慕nt优l剥ia搅bi轻li色ti宵es治a求cc猜ou捷nt愉s裳ar河e惊im屠pa乒ct彻ed蝴w倒he净n霸we彻c删al嗽cu在la镰te烘n差et盐i昏nc陕om茂e,闷e浮.g喜.,尖w弓e皮de疮bi抛t益ac排co竹un汇t壮re招ce副iv沫ab翼le稍a舟nd轧c形re企di蔑t触re放ve缘瑞nu柜e问wh广en傻f宰in事is估hi狮ng疲a惧s糖al笔es师a网ct城iv闹it惧yIn嫌di军re术ct蛮m睬et亿ho昂d榨SC扬F浩re屠co夏nc妄il眠es贫n赌et影i怖nc俘om涉e底wi捞th灯c睁as犹h湾fl铃ow缺f气ro慌m缠op缸er羽at改io硬nSo型i梨n停th丘e惩ex肤am棒pl仆e海ab锤ov甚e,兽n窗et惹i艺nc璃om盲e痰is杜h夺ig样he挣r吴th占an筹c倍as粪h联fl伯ow仇f晶ro忧m盛op将er寺at势io球n宽be队ca滥us稿e芳th庸is嚼t罗ra腿ns寄ac谣ti披on床i必nc脚re奥as杂es佛n覆et哄i瓶nc欢om好e姥by万i落nc秤re叨as件in币g择re悟ve雪nu村es族,滑bu茂t各do忠es蛇n围ot甜i镰nc碰re霞as草e激ca遮sh本b临ec烂au别se朽w缓e日de柱bi鹊t转ac瞎co挥un扫t撇re买ce编iv限ab汤le般a凶nd季n腥o怎ca嚷sh塞i间s严co疑ll扶ec直te匪d娇ye景t.Th哄er色ef俊or杯e,宜t遇o行ge棍t臭to破t龟he低b榴al慨an胁ce臂o夕f菜ca炭sh怠f朽ro县m细ne仓t卧in违co海me发,惩we钉s淡ub旦tr护ac堡t拦th革e刘in挠cr块ea欺se业i挣n谎ac趟co克un朱t敲re薄ce喘iv舌ab轻le幼a新cc竞ou押nt杆.Th威is晓p建ro束ce仪du芒re胡c东on枯fi妈rm闪s斧to朝t轧he挡c却as挪h拨eq腹ua糕ti颤on衬i禁n贤wh垫ic叨h脊in史cr伞ea弟se州(帽po舅si尤ti酒ve更c午ha脂ng呜e)提i导n皮cu啦rr玻en资t蛾as搬se毫ts牲o还th良er潮t黄ha求n之ca反sh竟d去ec雁re万as缸e侍ca谨sh朵f已lo译w科fr寇om刷o远pe守ra堡ti旧on圾.In贷di埋re善ct俩m允et悉ho罚d柿SC任F妙re繁co爪nc烦il翼es削n他et窄i虹nc脊om皱e塘wi觉th送c钳as凯h帜fl同ow榜f城ro傅m胀op戒er高at续io犯nTh暂e宪in赴di厕re君ct圾m呆et授ho船d:Ne鼻t野in干co布me+宿de斤pr技ec寄ia烘ti挽onIn造cr沈ea栗se误i泥n半cu膊rr排en险t没as淡se骂ts改a尺cc喊ou腹nt尾s+店de饰cr同ea鸡se都i匙n陆cu博rr贝en隙t虽as此se康ts匪a卸cc尊ou禁nt顾sde纷cr油ea兴se而i佩n的cu蜂rr倾en讽t爽li皆ab绳il途it相ie害s宵ac切co预un警ts+椅in迎cr典ea农se堂i范n帅cu该rr榆en拼t撕li具ab奶il窑it坟ie驾s作ac预co概un单ts=侍Ca助sh净f警lo语w味fr碎om老o除pe词ra淹ti寸onNo塘te腹s虚to缸f昏in忧an膛ci劈燕al彻s序ta挑te逝me妥nt倍s-厚o逮n鬼ca顷sh身f筒lo瓣wsIs屋c隔as津h届th存e丝式ki雕ng革?Ca乒sh柱i烦s体th石e管ul置ti虫ma挎te礼p述ay鼓of自fs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