Business Analysis and Valuation企业分析和估价-04ans.docVIP

Chapter 4 Implementing Accounting Analysis Question 1. Use the templates in Tables 4-1, 4-2, and 4-3 to recast the financial statements for A. Questions arise about several classifications: (a) fulfillment costs – these are viewed as cost of sales for most retailers; (b) stock option costs – these are probably for senior management and hence should probably be classified as SGA; and (c) in the cash flow statement gains and losses on currency translations (shown at the end of the statement are shown as operating factors that imply that cash from operations in the standardized format does not equate to that reported by the firm. Income Statement Standardization Classifications 2002 2001 2000 Sales Net sales $3,932,936 $3,122,433 $2,761,983 Cost of Sales Cost of sales 2,940,318 2,323,875 2,106,206 ? Gross profit 992,618 798,558 655,777 ? Operating expenses: Cost of Sales Fulfillment 392,467 374,250 414,509 SGA Marketing 125,383 138,283 179,980 SGA Technology and content 215,617 241,165 269,326 SGA General and administrative 79,049 89,862 108,962 SGA Stock-based compensation 68,927 4,637 24,797 Other Operating Expense Amortization of goodwill and other intangibles 5,478 181,033 321,772 Other Operating Expense Restructuring-related and other 41,573 181,585 200,311 ? Total operating expenses $928,494 $1,210,815 $1,519,657 ? Income (loss) from operations 64,124 -412,257 -863,880 Interest Income Interest income 23,687 29,103 40,821 Interest Expense Interest expense -142,925 -139,232 -130,921 Other Income Other income (expense), net 5,623 -1,900 -10,058 Other Income Other gains (losses), net -96,273 -2,141 -142,639 ? Total non-operating expenses, net ($209,888) ($114,170) ($242,797) ? Loss before equity in losses of equity-m