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1、CHAPTER26Short-TermFinanceandPlanningPARTSEVENOnJanuary1,2005,retailinggiantWal-Martbegancompanythoughtitwouldsave$6.7billioninlaborcostsrequiringitslargest100supplierstoputradiofrequencybyeliminatingindividualscans,$600millionbyreducingidentification(RFID)tagso
2、ncasesandpalletsshippedout-of-stockitems,$575millionbyreducingtheft,tothreeofitsdistributioncentersand100ofitsstores.By$300millionwithbettertracking,and$180millionbyOctober2005,thecompanyexpandedtherequirementreducinginventory.ThetotalcostsavingsforWal-Marttoth
3、reeadditionaldistributioncentersand900moreisestimatedat$8.35billionperyear!Asthisexamplestores.Thenext200largestsuppliersalsohadtobeginsuggests,propermanagementofshort-termassetsaddingtheRFIDtags.suchasinventorycanhaveasignificantimpactontheRFIDtagsareessentiall
4、yhigh-techreplacementsprofitabilityofacompanyandthevalueinvestorsplaceforbarcodes.Theadvantageisthattheycanbereadonit.fromadistance,soanentirewarehousecanbescannedShort-termfinancialplanningisoneactivitythatcon-inseconds.RFIDtagsalesareexpectedtogrowfromcernsever
5、yoneinbusiness.Asthischapterillustrates,about$1billionin2003toabout$4.6billionin2007.suchplanningdemands,amongotherthings,salespro-Sowhytherapidgrowthinhigh-techbarcodes?Lookjectionsfrommarketing,costnumbersfromaccounting,nofurtherthanWal-Martfortheanswer.Speci
6、fically,theandinventoryrequirementsfromoperations.26.1TracingCashandNetWorkingCapitalInthissectionwetracethecomponentsofcashandnetworkingcapitalastheychangefromoneyeartothenext.Ourgoalistodescribetheshort-termoperatingactivitiesofthefirmandtheirimpactoncashandwor
7、kingcapital.Currentassetsarecashandotherassetsthatareexpectedtobeconvertedtocashwithintheyear.Currentassetsarepresentedinthebalancesheetinorderoftheiraccount-ingliquidity—theeasewithwhichtheycanbeconvertedtocashatafairpriceandthetimeittakestodoso.Table26.1gives
8、thebalancesheetandincomestatementoftheTradewindsManufacturingCorporationfor2006and2007.ThefourmajoritemsfoundinthecurrentassetsectionoftheTradewindsbalancesheetarecash,marke
