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FinancialStatementsandCashFlowChapter2Copyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinKeyConceptsandSkillsUnderstandtheinformationprovidedbyfinancialstatementsDifferentiatebetweenbookandmarketvaluesKnowthedifferencebetweenaverageandmarginaltaxratesKnowthedifferencebetweenaccountingincomeandcashflowCalculateafirm’scashflowChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3Taxes2.4NetWorkingCapital2.5FinancialCashFlow2.6TheAccountingStatementofCashFlows2.7CashFlowManagementSourcesofInformationAnnualreportsWallStreetJournalInternetNYSE()NASDAQ()Textbook()SECEDGAR10K&10Qreports2.1TheBalanceSheetAnaccountant’ssnapshotofthefirm’saccountingvalueataspecificpointintimeTheBalanceSheetIdentityis:Assets≡Liabilities+Stockholder’sEquityU.S.CompositeCorporationBalanceSheet2010200920102009Currentassets: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$1,742Theassetsarelistedinorderbythelengthoftimeitwouldnormallytakeafirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plant,andequipment.BalanceSheetAnalysisWhenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:LiquidityDebtversusequityValueversuscostLiquidityReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocash—withoutasignificantlossinvalueCurrentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.DebtversusEquityCreditorsgenerallyreceivethefirstclaimonthefirm’scashflow.Shareholder’sequityistheresidualdifferencebetweenassetsandliabilities.ValueversusCostUnderGenerallyAcceptedAccountingPrinciples(GAAP),auditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisthepriceatwhichtheassets,liabilities,andequitycouldactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.2.2TheIncomeStatementMeasuresfinancialperformanceoveraspecificperiodoftimeTheaccountingdefinitionofincomeis: Revenue–Expenses≡IncomeU.S.C.C.IncomeStatementTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes

Current:$71

Deferred:$13Netincome

Additiontoretainedearnings$43

Dividends:$43Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations.$2,262

1,655

327

90$190

29$219

49$170

84$86Totaloperatingrevenues$2,262Costofgoodssold

1,655Selling,general,andadministrativeexpenses

327Depreciation

90Operatingincome$190Otherincome29Earningsbeforeinterestandtaxes$219Interestexpense

49Pretaxincome$170Taxes

84

Current:$71

Deferred:$13Netincome$86

Additiontoretainedearnings:$43

Dividends:$43Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.U.S.C.C.IncomeStatementTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes

Current:$71

Deferred:$13Netincome

Additiontoretainedearnings:$43

Dividends:$43Usuallyaseparatesectionreportstheamountoftaxesleviedonincome.$2,262

1,655

327

90$19029$219

49$170

84$86U.S.C.C.IncomeStatementTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes

Current:$71

Deferred:$13Netincome

Retainedearnings:$43

Dividends:$43Netincomeisthe“bottomline.”$2,262

1,655

327

90$19029$219

49$170

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