大三上chap002第二章财务报表.pdfVIP

Chapter 2 Financial Statements, Taxes, and Cash Flow McGraw-Hill/Irw opyright © 2010 by The McGraw-Hill Companies, . s . Key Concepts and Skills • Know the differenc ween book value and market value • Know the differenc ween accounting e and cash flow • Know the differenc ween average and marginal tax rates • Know how to determine a firm’s cash flow from its financial statements 2-2 Chapter Outline • The Balance Sheet • The e Statement • Taxes • Cash Flow 2-3 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 decreasing liquidity – Ease of conversion to cash – Without significant loss of value • Balance Sheet Identity – Assets = Liabilities + Stockholders’ Equity 2-4 The Balance Sheet - Figure 2.1 2-5 Net Working Capital and Liquidity Working Capital – = Current Assets – Current Liabilities – Positive when the cash that will be received over the next 12 month ceeds the cash that will be paid out – Usually positive in a healthy firm • Liquidity – Ability to convert to cash quickly without a significant loss in value – Liquid firms are less likely to experience financial distress – But liquid assets typically earn a lower return – T