英文财务管理.ppt

Statement of Cash Flows Cash flows are classified as (l) operating activities, (2) investing activities, or (3) financing activities. Generally, revenues (Expenses) increase (decrease) cash either at the time they are included (incurred) in the income statement or at an earlier or later date. Net cash flow＝ Net income－ Non-cash revenues＋ Non-cash charges. Net cash flow ＝ Net income ＋ Depreciation and amortization. (简略的） Statement of Cash Flows (2012) OPERATING ACTIVITIES Net income Add (Sources of cash): Depreciation Increase in A/P Increase in accruals Subtract (Uses of cash): Increase in A/R Increase in inventories Net cash provided by ops. (160,176) 116,960 378,560 353,600 (280,960) (572,160) (164,176) Statement of Cash Flows (2012) L-T INVESTING ACTIVITIES Investment in fixed assets FINANCING ACTIVITIES Increase in notes payable Increase in long-term debt Payment of cash dividend Net cash from financing NET CHANGE IN CASH Plus: Cash at beginning of year Cash at end of year (711,950) 436,808 400,000 (11,000) 825,808 (50,318) 57,600 7,282 What can you conclude about D’Leon’s financial condition from its statement of CFs? Net cash from operations = -$164,176, mainly because of negative NI. The firm borrowed $825,808 to meet its cash requirements. Even after borrowing, the cash account fell by $50,318. The Statement of Cash Flows Pepsico Statement of Cash Flows (excerpt - year end 2006) Net Income 5,642 Non-cash expenses Depreciation 1,406 Other 0 Changes in working capital A/R=(464) A/P=(86) Inv=(233) other=1,956 CL=155 1,328 Cash Flow from operations 8,376 Cash Flow from investments (933) Cash provided by financing (7,508) Net Change in Cash Position (65) Cash Flows Free Cash Flow (FCF) P51 Cash available for distribution to investors after firm pays for new investments or additions to working capital FCF = EBIT - taxes +depreciation - cha