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Chapter 2 Introduction to the Financial Statements Introduction to the Financial Statements What Will You Learn from this Chapter The broad picture of the firm that is painted by the financial statements The component parts of each financial statement How the financial statements fit together (or “articulate”). The accounting relations that govern the financial statements The stocks and flow equation that dictates how shareholders’ equity is updated The concept of dirty-surplus accounting The accounting principles that dictate how the balance sheet is measured How price-to-book ratios are affected by accounting principles The accounting principles that dictate how earnings are measured How price-earnings ratios are affected by accounting principles The difference between market value added and earnings Why fundamental analysts want accountants to enforce the reliability criterion How financial statements anchor investors Distinguishing Form from Content in Financial Statements Form is the way in which the statements and their components parts fit together. Content is the measurement of the line items that are reported within the component parts of financial statements. The form gives the overall story that the statements are telling. The content puts numbers into the story. The Four Financial Statements Balance Sheet Income Statement 3. Cash Flow Statement 4. Statement of Shareholders’ Equity The Balance Sheet: Dell Computer, 2002 The Income Statement: Dell Computer, 2002 Further Structure in the Income Statement Net Revenue – Cost of Goods Sold = Gross Margin Gross Margin – Operating Expenses = Operating Income before Tax (ebit) Operating Income before Tax – Interest Expense = Income before Taxes Income before Taxes – Income Taxes = Income after Taxes (and before Extraordinary Items) Income before Extraordinary Items + Extraordinary Items = Net Income New Income – Preferred Dividends = Net Income Available to Common The Cash Flow Stateme