会计报表与现金流量分析报告.pptxVIP

Chapter Outline2.1 The Balance Sheet2.2 The Income Statement2.3 Net Working Capital2.4 Financial Cash Flow2.5 Summary and ConclusionsSources of Information2.1 The Balance SheetAn accountant’s snapshot of the firm’s accounting value as of a particular date.The Balance Sheet Identity is:When analyzing a balance sheet, the financial manager should be aware of three concerns: accounting liquidity, debt versus equity, and value versus cost.The Balance Sheet of the U.S. Composite CorporationU.S. COMPOSITE CORPORATIONBalance Sheet20X2 and 20X1(in $ millions)The assets are listed in order by the length of time it normally would take a firm with ongoing operations to convert them into cash.Clearly, cash is much more liquid than property, plant and equipment.Liabilities (Debt)Assets20X220X1and Stockholders Equity20X220X1Current assets:Current Liabilities: Cash and equivalents$140$107 Accounts payable$213$197 Accounts receivable294270 Notes payable5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707Long-term liabilities:Fixed assets: Deferred taxes$117$104 Property, plant, and equipment$1,423$1,274 Long-term debt471458 Less accumulated depreciation-550-460 Total long-term liabilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholders equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 per value)5532 Capital surplus347327 Accumulated retained earnings390347 Less treasury stock-26-20 Total equity$805$725Total assets$1,879$1,742Total liabilities and stockholders equity$1,879$1,742Balance Sheet AnalysisWhen analyzing a balance sheet, the financial manager should be aware of three concerns:Accounting liquidityDebt versus equityValue versus costAccounting Liquidity Refers to the ease and quickness with which assets can be converted to cash.Current assets are the most liquid.Some fixed assets are intangible.The more liquid a firm’s assets, the less