《公司理财第二章》-课件设计（公开）.pptVIP

Financial Statements, Taxes, and Cash Flow Chapter 2 Key Concepts and Skills Know the difference between book value and market value Know the difference between accounting income and cash flow Know the difference between average and marginal tax rates Know how to determine a firm’s cash flow from its financial statements Chapter Outline The Balance Sheet The Income Statement Taxes Cash Flow The Balance Sheet The balance sheet is a snapshot of the firm’s assets and liabilities at a given point in time Assets are listed in order of liquidity Ease of conversion to cash Without significant loss of value Balance Sheet Identity Assets = Liabilities + Stockholders’ Equity Figure 2.1 US Corporation Balance Sheet – Table 2.1 Market vs. Book Value The balance sheet provides the book value of the assets, liabilities and equity. Market value is the price at which the assets, liabilities or equity can actually be bought or sold. Market value and book value are often very different. Why? Which is more important to the decision-making process? Klingon Corporation Income Statement The income statement is more like a video of the firm’s operations for a specified period of time. You generally report revenues first and then deduct any expenses for the period Matching principle – GAAP say to show revenue when it accrues and match the expenses required to generate the revenue Table 2.2 Work the Web Example Publicly traded companies must file regular reports with the Securities and Exchange Commission These reports are usually filed electronically and can be searched at the SEC public site called EDGAR Click on the web surfer, pick a company and see what you can find! Taxes The one thing we can rely on with taxes is that they are always changing Marginal vs. average tax rates Marginal – the percentage paid on the next dollar earned Average – the tax bill / taxable income Other taxes Example: Marginal Vs. Average Rates Suppose your firm earns $4 million in taxable income. What is the fi