二手電動(dòng)叉車電池保養(yǎng)與維護(hù)課件

Chapter12FinancialStatementAnalysis東莞電工培訓(xùn)PartAComparisonofFinancialAccountingInformationComparisonofFinancialAccountingInformationTypeofComparisonExample1.Comparisonsbetweencompanies

SalesGrowthSalesGrowthComparesalesgrowthforUnderArmourwithsalesgrowthforNike.2.Comparisonsovertime

20102009CompareUnderArmour’searningsthisyearwithitsearningslastyear.3.ComparisonstoindustryCompanyRiskIndustryRiskCompareUnderArmour’slevelofriskwiththeaveragedegreeofriskforthesportsapparelindustry.

UnderArmourNike

Under

Armour

Under

Armour

Under

Armour

IndustryVerticalAnalysisUnderArmourandNikeCommon-SizeBalanceSheetsDecember31,2006andMay31.2007(inmillions)UnderArmourNikeDecember31,2006May31,2007Amount%Amount%AssetsCurrentassets$245.084.7$8,076.575.6Propertyandequipment29.910.31,678.315.7Intangibleassets7.92.7540.75.0Otherassets6.62.3392.83.7Totalassets$289.4100.0$10,688.3100.0LiabilitiesandStockholders’EquityCurrentliabilities$71.624.8$2,584.024.2Long-termliabilities3.41.21,078.610.1Commonstock148.051.12,140.520.0Retainedearnings66.422.94,885.245.7Totalliabilitiesandstockholders’equity$289.4100.0$10,688.3100.0LO2HorizontalAnalysisAnalyzetrendsinfinancialstatementdataforasinglecompanyovertime

UnderArmourIncomeStatementFortheYearsEndedDecember31(inmillions)YearIncrease(Decrease)20062005Amount%Sales$430.7$281.1$149.653.2Costofgoodssold215.1145.269.948.1Grossprofit215.6135.979.758.6Operatingexpenses158.3100.058.358.3Operatingincome57.335.921.459.6Otherincome(expense)1.8(2.9)4.7N/AIncomebeforetax59.133.026.179.1Incometaxexpense51.1Netincome$39.0$19.7$19.398.0HorizontalAnalysisUnderArmourBalanceSheetDecember31(inmillions)YearIncrease(Decrease)20062005Amount%AssetsCurrentassets$245.0$181.8$63.234.8Propertyandequipment29.920.99.043.1Intangibleassets7.907.9N/AOtherassets6.61.05.6560.0Totalassets$289.4$203.7$85.742.1LiabilitiesandStockholders’EquityCurrentliabilities$71.6$47.7$23.950.1Long-termliabilities3.45.2(1.8)(34.6)Commonstock148.0122.725.320.6Retainedearnings66.428.138.3136.3Totalliabilitiesandstockholders’equity$289.4$203.7$85.742.1LO3RiskAnalysisRiskRatiosChapterCalculationsLiquidityReceivableturnoverratio5CreditsalesAveragenetreceivablesAveragecollectionperiod5365daysReceivableturnoverratioInventoryturnoverratio6CostofgoodssoldAverageinventoryAveragedaysininventory6365daysInventoryturnoverratioCurrentratio8CurrentassetsCurrentliabilitiesAcid-testratio8Cash+netreceivables+currentinvestmentsCurrentliabilitiesSolvencyDebttoequityratio9TotalliabilitiesTotalstockholders’equity

Timesinterestearnedratio9Netincome+interestexpense+taxexpenseInterestexpenseAcompany’sabilitytopayitscurrentliabilitiesAcompany’sabilitytopayitslong-termliabilitiesCommonMistake

Incomparinganincomestatementaccountwithabalancesheetaccount,somestudentsusethebalancesheetaccount’sendingbalance,ratherthantheaverageofitsbeginningandendingbalances.Sinceincomestatementaccountsaremeasuredoveraperiodoftime,comparisonstorelatedbalancesheetaccountsalsoneedtobeovertimebytakingtheaverageofthebeginningandendingpointsintime.ReceivableTurnoverRatioReceivableturnoverratioUnderArmourNikeNetcreditsalesAveragenetreceivables$430.7($84.3+$60.0)/2=6.0times6.1timesMeasureshowmanytimes,onaverage,acompanycollectsitsreceivablesduringtheyearHIGHRATIOAcompanycanquicklyturnitsreceivablesintocashInventoryTurnoverRatioMeasureshowmanytimes,onaverage,acompanysellsitsentireinventoryduringtheyearHIGHRATIOInventoryissellingmorequickly,lesscashistiedupininventory,andtheriskofoutdatedinventoryislowerInventoryturnoverratioUnderArmourNikeCostofgoodssoldAverageinventory$215.1($81.0+$53.6)/2=3.2times

4.4timesAverageDaysinInventoryConvertstheinventoryturnoverratiointodaysLOWRATIOCompaniestrytominimizethenumberofdaystheyholdinventoryAveragedaysininventoryUnderArmourNike365daysInventoryturnoverratio3653.2=114.1days

83.0daysCurrentRatioComparescurrentassetstocurrentliabilitiesHIGHRATIOAcompanyhassufficientcurrentassetstopaycurrentliabilitiesastheybecomedueCurrentratioUnderArmourNikeCurrentassetsCurrentliabilities$245.0$71.6=3.4to13.1to1Debt-to-EquityRatioComparesliabilitiestostockholders’equityLOWRATIOLowerdebtcomparedtoequity,resultsinlowerriskofbankruptcyDebttoequityratioUnderArmourNikeTotalliabilitiesTotalstockholders’equity$71.6+$3.4$214.4=35.0%

52.1%TimesInterestEarnedRatioComparesinterestpaymentswithacompany’sincomeavailabletopaythosechargesHIGHRATIOCompanygeneratesenoughincometocoveritsinterestpaymentsTimesinterestearnedratioUnderArmour

NikeNetincome+interestexpense+taxexpenseInterestexpense$39.0+$0.5+$20.1$0.5=119.237.7LO4ProfitabilityAnalysisProfitabilityRatiosChapterCalculationsGrossprofitratio6GrossprofitSalesReturnonassets7NetincomeAveragetotalassetsProfitmargin7NetincomeSalesAssetturnover7SalesAveragetotalassetsReturnonequity9NetincomeAveragestockholders’equityPrice-earningsratio10StockpriceEarningspershare

ReturnonAssetsMeasurestheincomethecompanyearnsoneachdollarinvestedinassetsHIGHRATIOHigherthereturnonassets,thebetteritisReturnonassetsUnderArmourNikeNetincomeAveragetotalassets$39.0($289.4+$203.7)/2=15.8%14.5%ProfitMarginMeasurestheincomeearnedoneachdollarofsalesHIGHRATIOHigherthemargin,thebetteritisProfitmarginUnderArmourNikeNetincomeSales$39.0$430.7=9.1%9.1%AssetTurnoverMeasuressalesvolumeinrelationtotheinvestmentinassetsHIGHRATIOHigherthesalesforeverydollaritinvestsinassets,thebetteritisAssetturnoverUnderArmourNikeSalesAveragetotalassets$430.7($289.4+$203.7)/2=1.7times1.6timesPrice-EarningsRatioComparesacompany’ssharepricewithitsearningspershareHIGHRATIOInvestorshavehighexpectationsoffutureearningsforthecompanyPrice-earningsratioUnderArmourNikeStockpriceEarningspershare$50.45$0.87=58.019.4PartCEarningsPersistenceandEarningsQualityExtraordinaryItemsFedererSportsApparelIncomeStatementFortheYearEndedDecember31,2010Revenues$15,500,000Costofgoodssold7,000,000Grossprofit8,500,000Operatingexpenses1,200,000Depreciationexpense1,000,000Otherrevenuesandexpenses300,000Incomebeforetax6,000,000Incometaxexpense2,000,000Incomefromcontinuingoperations4,000,000Discontinuedoperation:Lossfromdisposaloftennisshoesegment,netoftax2,500,000Extraordinaryitem:Lossfromearthquakedamage,netoftax600,000Netincome

$900,000Aneventthatproducesagainorloss;andis(1)unusual

innatureand(2)infrequent

inoccurrence.OtherRevenuesandExpensesExtraordinaryItemsOtherRevenuesandExpenses“Unusualinnature”and“Infrequent”“Unusualinnature”or“Infrequent”ExamplesExamples1.Uninsuredlossesfromanaturaldisastersuchasaflood,earthquake,orhurricane.1.Lossesduetothewrite-downofreceivables,inventory,orlong-termassets.2.Takeoverofpropertybyaforeigngovernment.2.Gainsorlossesonthesaleoflong-termassets.3.Lossesduetoanemployeestrike.4.Lossesduetobusinessrestructuring.LO6QualityofEarningsTheabilityofreportedearningstoreflectthecompany’strueearnings,aswellastheusefulnessofreportedearningstopredictfutureearnings.ConservativeAccountingPracticesAggressiveAccountingPracticesResultinreportinglowerincome,lowerassets,andhigherliabilitiesResultinreportinghigherincome,higherassets,andlowerliabilitiesFinancialStatementsbyMr.SamprasFedererSportsApparelIncomeStatementFortheYearEndedDecember31,2011Revenues$18,800,000Costofgoodssold13,200,000Grossprofit5,600,000Operatingexpenses1,600,000Depreciationexpense1,000,000Inventorywrite-down200,000Litigationexpense1,500,000Incomebeforetax1,300,000Incometaxexpense450,000Netincome$850,000FinancialStatementsbyMr.SamprasFedererSportsApparelBalanceSheetDecember3120112010Cash$2,300,000$800,000Accountsreceivable1,500,0001,200,000Inventory2,800,0001,700,000Buildings11,000,00011,000,000Less:Accumulateddepreciation(2,000,000)(1,000,000)Totalassets$15,600,000$13,700,000Accountspayable$1,450,000$1,700,000Litigationliability1,500,0000Commonstock8,000,0008,000,000Retainedearnings4,650,0004,000,000Totalliabilitiesandstockholders’equity$15,600,000$13,700,000FinancialStatementsbyMr.SamprasFedererSportsApparelStatementofCashFlowsFortheYearEndedDecember31,2011CashFlowsfromOperatingActivitiesNetincome$850,000AdjustmentsDepreciationexpense1,000,000Increaseinaccountsreceivable(300,000)Increaseininventory(1,100,000)Decreaseinaccountspayable(250,000)Increaseinlitigationliability1,500,000Netcashflowsfromoperatingactivities1,700,000CashFlowsfromInvestingActivitiesNetcashflowsfrominvestingactivities0CashFlowsfromFinancing

ActivitiesPaymentofcashdividends(200,000)Netcashflowsfromfinancingactivities(200,000)Netincrease(decrease)incash1,500,000Cashatthebeginningoftheperiod800,000Cashattheendoftheperiod$2,300,000SamprasRetiredandMcEnroehiredMr.McEnroe’sProposedChanges

Estimateofbaddebt.Attheendof2011,Mr.Samprasestimatedthatfuturebaddebtswillbe6%to10%ofcurrentaccountsreceivable.Hedecidedtoplayitsafeandrecordedanallowanceequalto10%or$150,000.Mr.McEnroeproposeschangingtheestimatetobe6%ofaccountsreceivableor$90,000.Thischangewouldincreasenetaccountsreceivableanddecreasebaddebtexpenseby$60,000.2.Write-downofinventory.Mr.Samprasrecordeda$200,000write-downofinventorywiththefollowingentry.Mr.McEnroeinsiststhewrite-downwasnotnecessarybecausethedeclineininventoryvaluewasonlytemporary.Therefore,Mr.McEnroeproposeseliminatingthisentry,whichwouldincreaseinventoryanddecreaselossoninventorywrite-downby$200,000.December31,2011DebitCreditLossonInventoryWrite-down200,000Inventory200,000(Write-downofinventory)SamprasRetiredandMcEnroehired3.Changeindepreciationestimate.Abuildingwaspurchasedfor$11millionatthebeginningof2010.Mr.Samprasrecordeddepreciationexpenseof$1millionin2010and2011usingthestraight-linemethodover10yearsandanestimatedsalvagevalueof$1million.Beginningin2011,Mr.McEnroeproposescalculatingdepreciationover20yearsinsteadof10andanestimatedsalvagevalueof$500,000.Thechangedecreasesaccumulateddepreciationanddepreciationexpensein2011by$500,000.4.Losscontingency.Attheendof2011,thecompany’slawyeradvisedMr.Samprasthattherewasa70%chanceoflosingalitigationsuitof$1,500,000filedagainstthecompany.Mr.Samprasrecordedthefollowingentry.Mr.McEnroearguesthatthelikelihoodoflosingthelitigationisreasonablypossible,butnotprobable.Therefore,heproposesremovingthelitigationentryfromtheaccountingrecords.Thechangewoulddecreaseliabilitiesandlitigationexpenseby$1,500,000.December31,2011DebitCreditLitigationExpense1,500,000LitigationLiability1,500,000(Litigationagainstthecompany)Mr.McEnroe’sFinancialStatementsFedererSportsApparelIncomeStatementFortheYearEndedDecember31,2011SamprasChangesMcEnroeRevenues$18,800,000$18,800,000Costofgoodssold13,200,00013,200,000Grossprofit5,600,0005,600,000Operatingexpenses1,600,000(60,000)1,540,000Depreciationexpense1,000,000(500,000)500,000Inventorywrite-down200,000(200,000)0Litigationexpense1,500,000(1,500,000)0Incomebeforetax1,300,0002,260,0003,560,000Incometaxexpense450,000450,000Netincome$850,0002,260,000$3,110,000Mr.McEnroe’sFinancialStatementsFedererSportsApparelB