supplementary_accounting_statements 公司金融 教学课件.ppt

* * * * 2-* Copyright ? 2011 Pearson Education. All rights reserved. Copyright ? 2011 Pearson Education. All rights reserved. Chapter 2 Introduction to Financial Statement Analysis 2.2 Balance Sheet A snapshot in time of the firm’s financial position The Balance Sheet Equation: Assets = Liabilities + Shareholders’ Equity 2.2 Balance Sheet (contd) Assets What the company owns Liabilities What the company owes Shareholder’s Equity The difference between the value of the firm’s assets and liabilities 2.2 Balance Sheet (contd) Assets Current Assets: Cash or asset expected to be turned into cash within one year Cash Marketable Securities Accounts Receivable Inventories Other Current Assets Example: Prepaid expenses 2.2 Balance Sheet (contd) Assets Long-Term (or Non- Current) Assets Net Property, Plant, Equipment Book Value = Acquisition cost Depreciation (and Accumulated Depreciation) Goodwill and intangible assets Amortization Other Long-Term Assets Example: Investments in Long-term Securities Table 2.1 Nokia Consolidated Balance Sheet for 2007 and 2006 2.2 Balance Sheet (contd) Liabilities Current Liabilities: Due to be paid within one year Accounts Payable Short-Term Debt/Notes Payable Current Maturities of Long-Term Debt Other Current Liabilities (Accruals) Taxes Payable Wages Payable 2.2 Balance Sheet (contd) The difference between current assets and current liabilities is the firm’s net working capital, the capital available in the short term to run the business. Net Working Capital = Current Assets – Current Liabilities 2.2 Balance Sheet (contd) Liabilities Long-Term Liabilities Long-Term Debt Capital Leases Deferred Taxes Table 2.1 (contd) Nokia Consolidated Balance Sheet for 2007 and 2006 2.2 Balance Sheet (contd) Shareholders’ Equity Book Value of Equity Book Value of Assets – Book Value of Liabilities Could possibly be negative Market Value of Equity (Market Capitalization) Market Price per Share x Number of Shares Outstanding Cannot be negative 2