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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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