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ID:59001554
大小:1.39 MB
页数:32页
时间:2020-09-27
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1、McGraw-Hill/IrwinCopyright©2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.1KeyConceptsandSkillsKnow:ThedifferencebetweenbookvalueandmarketvalueThedifferencebetweenaccountingincomeandcashflowThedifferencebetweenaverageandmarginaltaxratesHowtodetermineafirm’scashflowfromitsfinancialstatements2Cha
2、pterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3Taxes2.4CashFlow3TheBalanceSheetAsnapshotofthefirm’sassetsandliabilitiesatagivenpointintime(“asof…”)AssetsLeft-handside(orupperportion)InorderofdecreasingliquidityLiabilitiesandOwners’EquityRight-handside(orlowerportion)Inascendingorderofwhendueto
3、bepaidBalanceSheetIdentityAssets=Liabilities+Stockholders’Equity4TheBalanceSheetFigure2.15TheBalanceSheetNetworkingcapitalCurrentAssetsminusCurrentLiabilitiesUsuallypositiveforahealthyfirmLiquiditySpeedandeaseofconversiontocashwithoutsignificantlossofvalueValuableinavoidingfinancialdistressDebtversu
4、sEquityShareholders’equity=Assets-Liabilities6U.S.CorporationBalanceSheetTable2.17Marketvs.BookValueBookvalue=thebalancesheetvalueoftheassets,liabilities,andequity.Marketvalue=truevalue;thepriceatwhichtheassets,liabilities,orequitycanactuallybeboughtorsold.Marketvalueandbookvalueareoftenverydiffere
5、nt.Why?Whichismoreimportanttothedecision-makingprocess?ReturntoQuickQuiz8KlingonCorporationExample2.2KLINGONCORPORATIONBalanceSheetsMarketValueversusBookValueBookMarketBookMarketAssetsLiabilitiesandShareholders’EquityCA$400$600LTD$500$500NFA7001,000Equity6001,100$1,100$1,600$1,100$1,6009IncomeStatem
6、entTheincomestatementmeasuresperformanceoveraspecifiedperiodoftime(period,quarter,year).ReportrevenuesfirstandthendeductanyexpensesfortheperiodEndresult=NetIncome=“BottomLine”DividendspaidtoshareholdersAdditiontoretainedearningsIncomeStatementEquation:NetIncome=Revenue-Expenses10U.S.CorporationIncom
7、eStatementTable2.211FinancialStatementsGAAPMatchingPrinciple:RecognizerevenuewhenitisfullyearnedMatchexpensesrequiredtogeneraterevenuetotheperiodofrecognitionNoncashItemsExpenseschargedagainstrevenuet
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