公司理財原書第七版第二章會計報表與現(xiàn)金流量

1、McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-0CHAPTER2Accounting Statementsand Cash FlowMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-1Chapter Outline2.1 The Balance Sheet2.2 The Income Stateme

2、nt2.3 Net Working Capital2.4 Financial Cash Flow2.5 The Statement of Cash Flows2.6 Financial Statement Analysis2.7 Summary and ConclusionsMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-22.1 The Balance SheetAn accountants snapshot of the firms acco

3、unting value as of a particular date.The Balance Sheet Identity is:Assets Liabilities + Stockholders EquityWhen analyzing a balance sheet, the financial manager should be aware of three concerns: accounting liquidity, debt versus equity, and value versus cost.McGraw-Hill/IrwinCorporate Finance, 7/e

4、2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-3The Balance Sheet of the U.S. Composite Corporation(in $ millions)20X2 and 20X1Balance SheetU.S. COMPOSITE CORPORATIONLiabilities (Debt)Assets20X220X1and Stockholders Equity20X220X1Current assets:Current Liabilities: Cash and equivalents$14

5、0$107 Accounts payable$213$197 Accounts receivable294270 Notes payable5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707Long-term liabilities:Fixed assets: Deferred taxes$117$104 Property, plant, and equipment$1,423$1,274 Long-term

6、debt471458 Less accumulated depreciation-550-460 Total long-term liabilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholders equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 per value)5532 Capital surplus347327 Accumulated r

7、etained earnings390347 Less treasury stock-26-20 Total equity$805$725Total assets$1,879$1,742Total liabilities and stockholders equity $1,879$1,742The assets are listed in order by the length of time it normally would take a firm with ongoing operations to convert them into cash.Clearly, cash is muc

8、h more liquid than property, plant and equipment.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-4Accounting Liquidity Refers to the ease and quickness with which assets can be converted to cash.Current assets are the most liquid.The more liquid a f

9、irms assets, the less likely the firm is to experience problems meetingshort-term obligations.Liquid assets frequently have lower rates of return than fixed assets.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-5Debt versus EquityGenerally, when a

10、firm borrows it gives the bondholders first claim on the firms cash flow.Thus shareholders equity is the residual difference between assets and liabilities.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-6Value versus CostThe accounting value of a f

11、irms assets is frequently referred to as the carrying value or the book value of the assets.Under GAAP audited financial statements of firms in the U.S. carry assets at cost.Market value is a completely different concept.It is the price at which willing buyers and sellers trade the assets.Management

12、s job is to create a value for the firm that is higher than its cost.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-7Problem 1The Agua Fria Bottling Company in 2001 had notes payable of $1,500, accounts payable of $1,400, and long-term debt of $6,0

13、00. The corresponding entries for 2002 are $1,750, $1,000, and $6,000. For assets, Agua Fria had in 2001 $1,000 in cash and marketable securities and $2,000 of inventory. The corresponding entries for 2002 are $1,200 and $1,750. Accounts receivable at the end of 2001 were $800 and $950 at the end of

14、 2002. The firms net plant and equipment was $9,800 in 2001 and $11,100 in 2002. Construct Agua Frias balance sheet for 2001 and 2002.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-8 Agua Fria Bottling CompanyBalance SheetDecember 31AssetsLiabiliti

15、es and Owners Equity2001200220012002Current assetsCurrent liabilitiesCash and mkt securitiesAccts receivableInventory$1,0008002,000$1,2009501,750Accts payableNotes payable$1,4001,500$1,0001,750Total current assets3,8003,900Total current liabilities2,9002,750Long-term debt6,0006,000Fixed assetsTotal

16、Liabilities8,9008.750Net plant and equipment9,80011,100Common stock4,7006,250Total fixed assets9,80011,100Total owners equity4,7006,250Total assets$13,600$15,000Total liabilities and owners equity$13,600$15,000McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Re

17、served.2-92.2 The Income StatementThe income statement measures performance over a specific period of time.The accounting definition of income isRevenue Expenses IncomeMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-10U.S.C.C. Income Statement (in $

18、 millions)20X2Income StatementU.S. COMPOSITE CORPORATIONTotal operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Retained ea

19、rnings: $43 Dividends: $43The operations section of the incomestatement reports the firms revenues and expenses from principal operations$2,262- 1,655- 327- 90$19029$219- 49$170- 84$86McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-11(in $ millions)

20、20X2Income StatementU.S. COMPOSITE CORPORATIONTotal operating revenues$2,262Cost of goods sold- 1,655Selling, general, and administrative expenses- 327Depreciation- 90Operating income$190Other income29Earnings before interest and taxes$219Interest expense- 49Pretax income$170Taxes- 84 Current: $71 D

21、eferred: $13Net income$86 Retained earnings: $43 Dividends: $43The non-operating section of the income statement includes all financing costs, such as interest expense.U.S.C.C. Income StatementMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-12(in $

22、millions)20X2Income StatementU.S. COMPOSITE CORPORATIONTotal operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Retained ear

23、nings: $43 Dividends: $43Usually a separate section reports as a separate item the amount of taxes levied on income.$2,262- 1,655- 327- 90$19029$219- 49$170- 84$86U.S.C.C. Income StatementMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-13(in $ milli

24、ons)20 x2Income StatementU.S. COMPOSITE CORPORATIONTotal operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Retained earning

25、s: $43 Dividends: $43Net income is the “bottom line”.$2,262- 1,655- 327- 90$19029$219- 49$170- 84$86U.S.C.C. Income StatementMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-14Problem 2Agua Fria Bottling Company had sales of $6,750 during 2002, costs

26、 of goods sold were $2,700, depreciation was $1,200, and had $600 of interest expense. The tax rate is 40% and all taxes are paid currently. Construct Agua Frias income statement for the year.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-15Solutio

27、n of problem 2 Agua Fria Bottling Company Income Statement2002Net sales $6,750Cost of goods sold ( 2,700)Depreciation (1,200)Earnings before interest and taxes 2,850Interest paid ( 600)Taxable income 2,250Taxes ( 900) Net Income $ 1,350McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Com

28、panies, Inc. All Rights Reserved.2-16Agua Fria Bottling CompanyIncome Statement2002Net sales$6,750Cost of goods sold2,700Depreciation1,200Earnings before interest and taxes2,850Interest paid600Taxable income2,250Taxes900 Net Income$ 1,350McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill C

29、ompanies, Inc. All Rights Reserved.2-17Income Statement AnalysisThere are three things to keep in mind when analyzing an income statement:GAAPNon Cash Items1.Time and CostsMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-18Generally Accepted Accounti

30、ng PrinciplesGAAPThe matching principle of GAAP dictates that revenues be matched with expenses. Thus, income is reported when it is earned, even though no cash flow may have occurredMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-19Income Statement

31、 AnalysisNon Cash ItemsDepreciation is the most apparent. No firm ever writes a check for “depreciation”.Another noncash item is deferred taxes, which does not represent a cash flow. Deferred taxes result from differences between accounting income and true taxable income.The accounting tax can be br

32、oken down as current taxes and deferred taxes.The current tax portion is sent to the tax authority,the deferred tax portion is not.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-20Income Statement AnalysisTime and CostsIn the short run, certain equ

33、ipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.In the long run, all inputs of production (and hence costs) are variable.Financial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs u

34、sually fit into a classification that distinguishes product costs from period costs.McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-212.3 Net Working CapitalNet Working Capital Current Assets Current LiabilitiesNWC is usually growing with the firm.

35、McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-22The Balance Sheet of the U.S.C.C.(in $ millions)20X2 and 20X1Balance SheetU.S. COMPOSITE CORPORATIONLiabilities (Debt)Assets20X220X1and Stockholders Equity20X220X1Current assets:Current Liabilities:

36、Cash and equivalents$140$107 Accounts payable$213$197 Accounts receivable294270 Notes payable5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707Long-term liabilities:Fixed assets: Deferred taxes$117$104 Property, plant, and equipment

37、$1,423$1,274 Long-term debt471458 Less accumulated depreciation-550-460 Total long-term liabilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholders equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 par value)5532 Capital surp

38、lus347327 Accumulated retained earnings390347 Less treasury stock-26-20 Total equity$805$725Total assets$1,879$1,742Total liabilities and stockholders equity $1,879$1,742Here we see NWC grow to $275 million in 20X2 from $252 million in 20X1. This increase of $23 million is an investment of the firm.

39、$23 million$275m = $761m- $486m$252m = $707- $455McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-23Multiple choice1. Assets are listed on the balance sheet in order of A)decreasing liquidity. B)decreasing size. C)increasing size. D)relative life. E)

40、None of the above. McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-24Answer: A McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-252. Of the following assets, which is the generally the least liquid?

41、A)Marketable securities B)Cash C)Fixed assets D)Accounts receivable E)All are equally liquid. McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-26Answer: C McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserve

42、d.2-273. Accounting liquidity is defined as A)the amount of cash the firm has. B)the turnover ratio. C)the ability of the assets to generate income. D)the ease and quickness with which assets can be converted to cash. E)None of the above McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill C

43、ompanies, Inc. All Rights Reserved.2-28Answer: D McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-294. The carrying value or book value of assets A)is determined under GAAP and is based on the cost of the asset. B)represents the true market value acc

44、ording to GAAP. C)is always the best measure of the companys value to an investor. D)is always higher than the replacement cost of the assets. E)None of the above. McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-30Answer: A McGraw-Hill/IrwinCorporat

45、e Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-315. Which of the following is a noncash expense? A)Depreciation B)Deferred taxes C)Payroll expenses D)Both A and B E)All of the above. McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Re

46、served.2-32Answer: D McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-336. In 2004, TimeNow Corporation had fixed assets of $1,345, current assets of $260, current liabilities of $180 and shareholders equity of $775. What was the net working capital

47、for TimeNow in 2004? A)$ 80 B)$180 C)$260 D)$390 E)None of the above. McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-34Answer: ARationale: $260 - $180 = $80McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Rese

48、rved.2-357. In 2004, TimeNow Corporation had current assets of $260 and current liabilities of $180. In 2003, current assets were $220 and current liabilities were $160. What was the change in net working capital for TimeNow in 2004? A)$20 B)$60 C)$80 D)$160 E)None of the above. McGraw-Hill/IrwinCor

49、porate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-36Answer: ARationale: Net working capital in 2004 = $260-$180 = $80Net working capital in 2003 = $220-$160 = $60Change in NWC = $80 - $60 = $20McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. A

50、ll Rights Reserved.2-372.4 Financial Cash FlowIn finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm.Since there is no magic in finance, it must be the case that the cash from received from the firms assets must equal the cash flows to

51、 the firms creditors and stockholders.CF(A) CF(B) + CF(S) McGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-38Financial Cash Flow of the U.S.C.C.(in $ millions)20X2Financial Cash FlowU.S. COMPOSITE CORPORATIONCash Flow of the FirmOperating cash flow$2

52、38 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending(173) (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital(23) Total$42Cash Flow of Investors in the FirmDebt$36 (Interest plus retirement of debt minus long-term debt financing

53、)Equity6 (Dividends plus repurchase of equity minus new equity financing) Total$42Operating Cash Flow:EBIT$219Depreciation $90Current Taxes($71)OCF$2380R:OCF=Net income + Depreciation + Interest expense +Deferred taxesMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All R

54、ights Reserved.2-39Financial Cash Flow of the U.S.C.C.(in $ millions)20X2Financial Cash FlowU.S. COMPOSITE CORPORATIONCash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed ass

55、ets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) TotalCapital SpendingPurchase of fixed assets $198Sales of fixed assets (25)Capita

56、l Spending $173(173)(23)$42$366$42=(1423-1274)+(245-221)=$149+$24=increase in property,plant and equipment+increase in intangible assetsMcGraw-Hill/IrwinCorporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-40Financial Cash Flow of the U.S.C.C.(in $ millions)20X2Financial

57、 Cash FlowU.S. COMPOSITE CORPORATIONCash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow to Investors in the FirmDebt (

58、Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) TotalNWC grew from $275 million in 20X2 from $252 millionin 20X1.This increase of $23 million is the addition to NWC.(173)(23)$42$366$42McGraw-Hill/IrwinCorporate F

59、inance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.2-41Financial Cash Flow of the U.S.C.C.(in $ millions)20X2Financial Cash FlowU.S. COMPOSITE CORPORATIONCash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending

60、(Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) Total(173)(23)$42$366$42McGr