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Chapter9TheAnalysisoftheBalanceSheetandtheIncomeStatement1LinksChapter8reformulatedthestatementofowners’equity.LinktoPreviousChapterThischaptercontinuesthereformulationwiththebalancesheetandincomestatement.ThereformulationfollowsthedesigninChapter7.ThisChapterChapters10reformulatesthecashflowstatement.LinktoNextChapterLinktoWebPageWhatassetsandliabilitiesareclassifiedasoperating?Asfinancing?Whatitemsintheincomestatementareclassifiedasoperating?Asfinancing?Howaretaxesallocatedtotheoperatingandfinancingcomponentsoftheincomestatement?Whatratiosarecalculatedfromreformulatedstatements?Whatdotheymean?2Whatyouwilllearnfromthischapter HowtoreformulatebalancesheetsandincomestatementstoseparateoperatingandfinancingactivitiesWhatassetsandliabilitiestypicallyfallintooperatingandfinancingtypesHowtoallocateincometaxesinareformulatedincomestatementHowtodocommonsizeandtrendanalysisHowtocalculatebalancesheetandincomestatementratios HowfinancingleverageismeasuredHowoperatingliabilityleverageismeasured3AnalysisofBalanceSheetandIncomeStatement:theStepsReformulatetodistinguishbetweenOperatingandFinancingactivitiesCarryoutcommonsizeandtrendanalysisCalculatebalancesheetandincomestatementratios4TheStandardBalanceSheet5TheReformulatedBalanceSheet6AnExample:StandardBalanceSheetofVFCorporation7AnExample:ReformulatedBalanceSheetofVFCorporation8AnExample:StandardBalanceSheetofGenentech9AnExample:StandardBalanceSheetofGenentech10AnExample:ReformulatedBalanceSheetofGenentech11TheStandardIncomeStatement12TheReformulatedIncomeStatement13TheAllocationofTaxesIntheincomestatementonlyonetaxnumberisreported:Itmustbeallocatedtotheoperatingandfinancialcomponentstoputbothonanafter-taxbasisFirst,calculatethetaxbenefit(taxshield)providedbydeductinginterestexpensewheretisthemarginal(noteffective)taxrateFromtheoperatingincomedeductboththetotaltaxandthetaxshield,tocapturewhattheoperatingincomewouldhavebeeniftherehadbeennofinancingactivitiesTothenetfinancialexpenseaddthetaxshield,becauseitsneteffectisattributabletothefinancingactivities14AnExample:StandardIncomeStatementofVFCorporation15AnExample:ReformulatedIncomeStatementofVFCorporation16AnExample:StandardIncomeStatementofGenentech17AnExample:ReformulatedIncomeStatementofGenentech18CommonSizeAnalysisComparisontootherfirmsiscalledcross-sectionalanalysisComparisontoafirm’sownhistoryiscalledtime-seriesanalysisCommonsizeanalysisgivesareadycomparison:TheIncomeStatementOperatingitems/TotalrevenuesFinancingitems/TotalFinancingIncomeTheBalanceSheetOperatingitems/TotalsFinancingitems/Totals19CommonSizeIncomeStatementforGenentech,Amgen&Chiron20CommonSizeBalanceSheetforGenentech,Amgen&Chiron21TrendAnalysis:
VFCorporation,1994-199822IncomeStatementRatiosRevenuecompositionratiosOperatingRevenueCompositionRatio:FinancialIncomeCompositionRatio:ProfitMarginRatiosOperatingProfitMargin:SalesProfitMargin:OtherItemsProfitMargin:23IncomeStatementRatios(cont.)ProfitMarginRatios(cont.)FinancialIncomeContributionRatio:NetIncomeProfitMarginExpenseRatiosExpenseRatio1-SalesPM=SumofExpenseRatios24BalanceSheetRatiosCompositionRatiosOperatingAssetCompositionRatioOperatingLiabilityCompositionRatioFinancialAssetCompositionRatioFinancialLiabilityCompositionRatioOperatingLiabilityLeverage(OLEV)25BalanceSheetRatios(cont.)Financialleverageratios:CapitalizationRatio:FinancialLeverageRatio(FLEV)ItisalwaysthecasethatCapitalizationRatio-LeverageRatio=100.0%26GrowthRatios27SummaryProfitabilityMeasuresOperatingProfitability:FinancingProfitability:Allmeasuresareaftertax.28AFinancialStatementAnalysisProcedures1.Reformulatethestatementofstockholders’equityoncleansurplusbasis2.Calculatecomprehensiverateofreturnoncommonequity,ROCE,fromreformulatedstatementofcommonstockholders’equity3.Reformulatethebalancesheettodistinguishoperatingandfinancialassetsandobligations4.Reformulatetheincomestatementoncleansurplusbasisanddistinguishoperatingandfinancingincome5.Comparereformulatedbalancesheetsandincomestatementswithreformulatedstatementsofcomparisonfirmsthroughacommonsizeanalysisandaratioanalysis6.Calculatebalancesheetandincomestatementratios7.CarryouttheanalysisofROCE:Chapter118.Carryouttheanalysisofgrowth:Chapter1229TheAnalyst’sChecklistYoushouldunderstandthefollowingfromthischapter:WhyreformulatedincomestatementsandbalancesheetsaredesirableHowknowledgeofthebusinessisincorporatedinreformulatedstatementsHowoperatingandfinancingcomponentsofthetwostatementsareidentifiedWhatassetsandliabilitiestypicallyfallintooperatingandfinancingcategoriesWhyincometaxesareallocatedtodifferentpartsoftheincomestatementWhatbalancesheetandincomestatementratiosrevealYoushouldbeabletodothefollowingafterreadingthischapter:Reformulateincomestatementsandbalancesheets
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