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ID:59412091
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时间:2020-09-19
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1、Chapter2FinancialStatements,Taxes,andCashFlow0ChapterOutlineTheBalanceSheetTheIncomeStatementTaxesCashFlow1KeyConceptsandSkillsKnowthedifferencebetweenbookvalueandmarketvalueKnowthedifferencebetweenaccountingincomeandcashflowKnowthedifferencebetweenaverageandmarginaltaxratesKnowhowtodeterminea
2、firm’scashflowfromitsfinancialstatements2TheBalanceSheetThebalancesheetisasnapshotofthefirm’sassetsandliabilitiesatagivenpointintimeAssetsarelistedinorderofdecreasingliquidityEaseofconversiontocashwithoutsignificantlossofvalueBalanceSheetIdentityAssets=Liabilities+Stockholders’Equity3Figure2.1
3、4U.S.CorporationBalanceSheet–Table2.15BalanceSheetAnalysisWhenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:AccountingliquidityDebtversusequityValueversuscost6AccountingLiquidityReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocash—withoutasignificantlossinvalu
4、eCurrentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.7DebtversusEquityCreditorsgenerallyreceivethefirstclaimonthefirm’scashflow.S
5、hareholder’sequityistheresidualdifferencebetweenassetsandliabilities.8Marketvs.BookValueThebalancesheetprovidesthebookvalueoftheassets,liabilities,andequity.HistoricalCostPrinciple:UnderGenerallyAcceptedAccountingPrinciples(GAAP),auditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Mark
6、etvalueisthepriceatwhichtheassets,liabilities,orequitycanactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.9ValueversusCostMarketvalueandbookvalueareoftenverydifferent.Why?Whichismoreimportanttothedecision-makingprocess?10KlingonCorporationKLINGONCORPORATIONBalanceShe
7、etsMarketValueversusBookValueBookMarketBookMarketAssetsLiabilitiesandShareholders’EquityNWC$400$600LTD$500$500NFA7001,000Equity6001,1001,1001,6001,1001,60011TheIncomeStatementMeasuresfinancialperformanceoveraspecificperiodoftimeTheaccou
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