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1、reportedinthefinancingactivitysectionoftheaccountingstatementofcashflows.WhenTycoreceivedpaymentsfromcustomers,thecashinflowswerereportedasoperatingcashflows.AnothermethodusedbyTycowastohaveacquiredcompaniesprepayoperatingexpenses.Inotherwords,thecompanyacquiredbyTyc
2、owouldpayvendorsforitemsnotyetreceived.Inonecase,thepaymentstotaledmorethan$50million.WhentheacquiredcompanywasconsolidatedwithTyco,theprepaymentsreducedTyco’scashoutflows,thusincreasingtheoperatingcashflows.Dynegy,theenergygiant,wasaccusedofengaginginanumberofcomple
3、x“round-triptrades.”Theround-triptradesessentiallyinvolvedthesaleofnaturalresourcestoacounterparty,withtherepurchaseoftheresourcesfromthesamepartyatthesameprice.Inessence,Dynegywouldsellanassetfor$100,andimmediatelyrepurchaseitfromthebuyerfor$100.Theproblemarosewitht
4、hetreatmentofthecashflowsfromthesale.Dynegytreatedthecashfromthesaleoftheassetasanoperatingcashflow,butclassifiedtherepurchaseasaninvestingcashoutflow.ThetotalcashflowsofthecontractstradedbyDynegyintheseround-triptradestotaled$300million.AdelphiaCommunicationswasanot
5、hercompanythatapparentlymanipulatedcashflows.InAdelphia’scase,thecompanycapitalizedthelaborrequiredtoinstallcable.Inotherwords,thecompanyclassifiedthislaborexpenseasafixedasset.Whilethispracticeisfairlycommoninthetelecommunicationsindustry,Adelphiacapitalizedahigherp
6、ercentageoflaborthaniscommon.Theeffectofthisclassificationwasthatthelaborwastreatedasaninvestmentcashflow,whichincreasedtheoperatingcashflow.Ineachoftheseexamples,thecompaniesweretryingtoboostoperatingcashflowsbyshiftingcashflowstoadifferentheading.Theimportantthingt
7、onoticeisthatthesemovementsdon’taffectthetotalcashflowofthefirm,whichiswhywerecommendfocusingonthisnumber,notjustoperatingcashflow.SummaryandConclusionsBesidesintroducingyoutocorporateaccounting,thepurposeofthischapterhasbeentoteachyouhowtodeterminecashflowfromtheacc
8、ountingstatementsofatypicalcompany.1.Cashflowisgeneratedbythefirmandpaidtocreditorsandshareholders.Itcanbeclassifiedas:1.Cashflowfr
