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OnProjectReport/ReadingsMarketvalue,usenumberofsharesoutstanding,donotuseaveragenumberofsharesoutstandingIdentifysourceofdataorquotesCommonsizeanalysis,showamountsandpercentagesOnlyanalyzenotesthatarerelatedtoourcurrentlectureTaketurntowritethereport,donotleavetoonepersonInfinalexams,Imayprovideyouwithrawmaterialsandasamplearticlefromourreadingsforyoutoanalyzetherawmaterialsandwriteasimilararticle.Sogetfamiliarwithallarticles.Again,understandbutdonotmemorize.FirmNamesEagleEye:ValuationAnalysisStrategyInvestoriumStatementofCashFlowCashflowfromOperatingactivities:(營運(yùn)活動) cashreceiptsfromcustomers cashdisbursedto: suppliersofmerchandise employeesforsalariesCashflowfrominvestingactivities:(投資活動) purchaseofbuildings,equipments,plants proceeds(進(jìn)帳)fromsalesoflongtermassetsCashflowfromfinancingactivities:(融資活動) borrowing/repaylongtermdebts issuingnewshares

OverviewoftheStatementofCashFlowsInAOL2000balancesheet,cashandcashequivalentincreasedfrom$936millionsto$2,490millions.How?Thestatementofcashflows…(a)explainsthereasonsforachangeincash.(b)classifiesthereasonsforthechangeasanoperating,investingorfinancingactivity.(c)reconcilesnetincomewithcashflowfromoperations.MontgomeryWardb.f.bankruptThedifferencebetweenearningsandcashflowsI/SExplainchangeinretainedearningsI/Sisaccrued-basedI/SrecognizepropertyrightsI/SrequireestimatesI/SisanopinionI/Sisproneto(易于)manipulationFirmscansurvivealongstring(長串)ofnegativeearningsSCFexplainchangeincashandcashequivalentN/ASCFemphasize“actualpossessment”SCFdoesnotSCFisafactSCFissotoamuchlessdegreeFirmsgobankruptwithalongstringofnegativecashflows(outflow)Cashflowequation

A=L+EΔA=ΔL+ΔEΔcash+Δnon-cashA=ΔL+ΔEΔcash+ΔcurrentA(otherthancash)+Δnon-currentA=ΔcurrentL+Δnon-currentL+ΔEΔcash=ΔcurrentL+Δnon-currentL+ΔE-ΔcurrentA(otherthancash)-Δnon-currentACashflowfromoperationCashflowsrelatedtosellinggoodsandservices;thatis,theprinciplebusiness(主營業(yè)務(wù))

ofthefirmThemainsourceofpayoffstoshareholdersandcreditorsThereasonforthefirmstoexistIffirmsdonotinthelongrungeneratemorecashfromoperationthanthereturnsoffundstoshareholdersandcreditors,thefirmsgobankruptCashflowfromoperation-componentsCashcollectedfromcustomersCashcollectedasinterest(利息)onloanstoothersCashcollectedasdividends(股利)oninvestmentonotherfirms’stocksCashpaidtosuppliersCashpaidtoemployeesCashpaidtootherserviceproviders:landlords,marketingagency,auditors,consultants,…CashpaidtogovernmentCashpaidtocreditorsasinterestonborrowedmoneyCashflowfrominvestingactivitiesCashflowsrelatedtotheacquisitionorsaleofnon-currentassets:investment,land,property,plants,equipments…Tomaintainthecurrentproductivityoftheoperation,afirmmustreplaceassetsthattheywearout

(消耗)Togrowitsoperation,afirmmustacquireadditionalassetsOldassetsmaybesoldastheybecomeobsolete

(過時),orasthefirmchangeproductionInvestingactivitiesthusprovideresourcetogeneratecashflowfromoperationsCashflowfrominvestingactivities-componentsCashreceivedfromsalesofland,investment,property,plantsandequipmentCashpaidtoacquireland,investment,property,plantsandequipmentCa啦sh掘f于lo壁w蜻fr符om侮f禿in遮an謊ci肅ng睬a薄ct革iv悶it丈ie眾sCa廁sh黃f究lo造ws迷r蹄el漁at符ed圣t刻o胞lo畝ng股-t革er傷m免li劑ab紹il憑it渾ie聾s脖an晃d橫ow聰ne核rs農(nóng)’濫eq示ui贊tyTh及e編so罵ur娘ce報(bào)o耕f闖ca筑sh產(chǎn)t津o級be民u退se踩d蘆in搜i頓nv額es曲ti特ng辛a以nd甲o(hù)利pe傅ra垂ti機(jī)ng槐a握ct唉iv垂it沈ie纖sTw螞o回so畝ur遇ce螺s:存s盯ha項(xiàng)re注ho受ld憂er贈s室an傍d燃cr址ed侮it故or注sTh疼is介p比ar退t普of初S呼CF灶a符ls篩o閱in每di擊ca易te徑s體ho們w擠mu蔽ch梯c全as犬h決th償e左fi桂rm推r咽et掃ur在ns劣t悼o鴨it柔s成ca傅pi歲ta博l禮pr目ov歌id仔er卡s,霞i絮.e雜.,鏈c乖as答h臭di宣st淡ri熟bu園ti婦on秤t榆o紡sh蝦ar串eh造ol蛾de傷rs格a弱nd醬c浪re盆di抗to駱rsNo各te腔:sh閱or縣t-設(shè)te管rm續(xù)l彩ia辨bi婦li雁ti送es設(shè)g顫en芝er幅at展ed射i宏n柄op沿er摘at羨io坡n,暖s武uc乎h導(dǎo)as境a鑒cc僻ou謠nt左p創(chuàng)ay拌ab移le搭,渠is交n隊(duì)ot騰r后el亂at讀ed種t輸o施th飾is乏c天at晃eg愚or渠yCa購sh生f夸lo誕w磁fr滑om團(tuán)f謝in煮an寬ci框ng押a逗ct費(fèi)iv嚇it川ie否s-遙co怨mp鹿on汪en索tsCa售sh婦r惹ec敞ei乒ve福d義fr殲om貼i估ss暮ui蒙ng布c掉or艦po惱ra膀te遭d蘋eb欄ts羽o茫r惡ta蜜ki藥ng慌u孫p獅lo星an憑sCa蓬sh妖r狡ec藏ei苦ve仆d權(quán)fr海om灰i壩ss界ui揪ng駱c商om愈mo叉n貸sh久ar墻es荷o拳r同pr刻ef叮er筍re牢d聚sh駁ar接esCa梳sh猾p造ai爭d意to電r竟ep謝ay屯d案eb葛ts拋o術(shù)r當(dāng)lo歲an玻sCa約sh他p烏ai機(jī)d拒to尿r痰ep籃ur受ch偵as角e菜sh傍ar凳esCa呀sh紅p鮮ai耀d丙to活s飲ha轟re敞ho鎖ld妥er促s紋as藝d優(yōu)iv絲式id垂en廢dsRe尋la塑ti回on度s菌am瘡on疑g嫁th蜜e貞ca泥sh桐f矩lo賞ws阿f攔ro壺m鍵th蹈e揀th膽re陽e闊ca切te晌go念ri名es葬o錯f晃ac驅(qū)ti構(gòu)vi濕ti編es1CFfr泄omFi虛n.Ac貢t.CFfr蓮omIn初v.Ac咽tCFFr波omOp蛛.Ac語t.Fr裳ee割C練as慌h桶Fl難ow=油Ca雁sh食f龍lo菊w話fr午om傅o襪pe異ra煙ti墊ng黨a夜ct鑰iv外it包ie化s+罪Ca李sh救f識lo框w君fr揪om才i惰nv承es伐ti踢ng義a紋ct禁iv誦it孝ie用sIf令p靜os南it塵iv唯e,厚n殃or熊ma觀l促op過er倉at堡io鵲n注ge躺ne廊ra避te腐s倒mo胖re笛c嗽as組h返th貨at械i醋t漫co固ns任um煤es孫,差su奔ch皂a嗓s新th紗e擋ca畫se懸o升f套a慣st屋ab味le朗f館ir悼mIf分n戚eg浸at妻iv件e,責(zé)n族or究ma答l森op漆er吧at犬io倡n既ge碌ne蘆ra奧te虛s傍in蕩su立ff咳ic占ie偉nt習(xí)a稿mo錯un槳t差of哨c責(zé)as姥h減to脆b谷e倡se獅lf幕-s悄us辣ta染in愁in澤g,規(guī)s角uc談h城as眠a敏g掛ro癥wi受ng賄f疲ir騾mTw情o戲me驅(qū)th杜od扶s刻to呈p族re黑pa片re臭t富he節(jié)o驅(qū)pe融ra平ti德ng挪p牧or泛ti烈on卻o例f醉SC障FDi贏re朋ct青m身et遲ho濱d兩of裝p本re嘩se喊nt敲at遣io宇n倉ca緞lc蹦ul雞at黃es屢c罷as省h廣fl必ow敏f新ro裕m誦op央er濾at忌io妻ns惠b維y龜su敲bt圾ra述ct值in葬g睛ca昨sh描d瘡is夫bu脾rs貓em它en暫ts申t禮o搶su劃pp勝li袋es瘋,憑em形pl祖oy法ee以s,控a淹nd眾o衣th茫er同s對fr榴om圣c腳as浮h勒re嘉ce餐ip協(xié)ts硬f重ro嘆m腿cu向st族om逮er下s.Th筆e蟲in跟di已re盤ct盆m量et活ho瀉d劃ca靜lc農(nóng)ul單at丈es炸c鎮(zhèn)as記h寄fl盆ow撞f露ro希m匪op飄er論at盛io療ns途b淺y滿ad寫ju野st雙in萌g魄ne跪t助in類co賴me竊f辰orno淘nc載as莫hre間ve敵nu閑es幸a秧nd夏e負(fù)xp刻en狗se去s.Mo從st烘f瓶ir眼ms攻p額re送se貸nt枕t籃he輝ir雨c瘡as玻h鉆fl早ow醫(yī)s符us贈in炸g流th炭e絹in辛di背re驗(yàn)ct舊m央et慈ho燈d.SC宇F-污Di鐵re節(jié)ct俯m余et寫ho砍dTh磚e街di橫re感ct喂m挎et匙ho右d球is減s訂im譯pl蛇e禍an賊d吉st處ra醉ig帥ht介:Ca旬sh接c竿ol獎le壟ct產(chǎn)ed照f宣ro凡m燥cu判st情om中er嶺sCa舊sh睡c葛ol間le塞ct嚇ed錢a鮮sin沃te暫re葵st(利息責(zé))on芳l堂oa寶ns陰t蹦o千ot厲he縣rsCa梢sh障c陽ol跟le脹ct窮ed增a乓sdi場vi默de蔬nd仆s(股利此)on躁i油nv吃es游tm斧en嫂t壯on降o任th鹽er饅f噸ir滋ms毛’疊st預(yù)oc蝴ksCa領(lǐng)sh兆p胸ai前d群to材s獻(xiàn)up通pl霸ie揪rsCa省sh癥p懶ai圍d情to葉e托mp夏lo美ye閱esCa殖sh抖p層ai紙d且to爛o頁th舌er嗎s赤er帝vi章ce不p鋪ro浩vi片de褲rs摘:饑la癥nd握lo友rd即s,怠m判ar摸ke嗓ti溜ng縮慧a瓶ge讀nc守y,賢a炎u(yù)d癢it承or消s,退c形on麥su愛lt蝕an繞ts雜,摸…Ca姿sh吃p樂ai銅d肆to氧g要ov厘er塑nm扣en則tCa瞎sh潑p膽ai米d賊to什c采re毅di或to細(xì)rs少a俗s蘭in慨te理re晚st愚o困n騰bo工rr擦ow兇ed拼m班on橋eyIn倍di熱re趨ct窗m馳et淹ho訴d漂SC斃F瓶re喊co該nc井il恥es遍n闊et室i芒nc徹om客e嗎wi蠅th劇c導(dǎo)as漢h洞fl傷ow譽(yù)f卻ro跨m汪op蔑er妻at亂io月nΔc俊as槽h找=聚Δc悠ur廈re泉nt赤L撐+喘Δn些on捕-c善ur禁re僅nt攝L枝+植ΔE混-棉Δ率cu逆rr篩en視t倡A甲(o帆th側(cè)er睛t荷ha蛛n否ca往sh霸)醫(yī)-Δ售no使n-貴cu瓣rr膀en墓t襪AΔc暢as牢h湊=拘[Δ隆cu稼rr撲en造t斑L繭-Δ兇c科ur途re葉nt煌A篩(績ot損he汪r賀th貴an喬c撈as老h)拼]狂+去[Δ唇no院n-扇cu圖rr竟en慎t能L+織Δ養(yǎng)E]尋–惕[Δ競no躲n-旨cu戒rr悠en俯t鎮(zhèn)A]Op浙.Fi斑n.In啦v.In怖di獨(dú)re嚴(yán)ct忘m小et籠ho炮d碰SC需F染re噸co洋nc牽il木es存n片et戰(zhàn)i環(huán)nc忙om御e辜wi朽th朝c必as宣h雁fl娛ow華f何ro辨m俊op蔬er攏at撞io敗nNe犯t滋In耳co利me偽i懇s宗ac茶cr習(xí)ua截l-旦ba撫se貼d,請w要he慣n織we鳴c襖al陸cu會la報(bào)te幫n像et銅i宵nc噸om巷e,讓w系e把do閱n灶ot星c畜ar爬e暮wh加et揮he腸r值ca遍sh媽h唉as框b繳ee撤n育re劉ce唐iv礎(chǔ)ed荒o樂r當(dāng)pa雖idBu暮t鋸cu棉r(nóng)r己en串t寧as乒se滲ts毅a細(xì)nd止c魯ur蠶re慕nt優(yōu)l剝ia攪bi輕li色ti宵es治a求cc猜ou捷nt愉s裳a(bǔ)r河e驚im屠pa乒ct徹ed蝴w倒he凈n霸we徹c刪al嗽cu在la鐮te烘n差et鹽i昏nc陜om茂e,悶e浮.g喜.,尖w弓e皮de瘡bi拋t益ac排co竹un匯t壯re招ce副iv沫ab翼le稍a舟nd軋c形re企di蔑t觸re放ve緣瑞nu柜e問wh廣en傻f宰in事is估hi獅ng疲a懼s糖al筆es師a網(wǎng)ct城iv鬧it懼yIn嫌di軍re術(shù)ct蠻m睬et億ho昂d榨SC揚(yáng)F浩re屠co夏nc妄il眠es貧n賭et影i怖nc俘om涉e底wi撈th燈c睜as猶h灣fl鈴ow缺f氣ro慌m纏op缸er羽at改io硬nSo型i梨n停th丘e懲ex膚am棒pl仆e海ab錘ov甚e,獸n窗et惹i藝nc璃om盲e痰is杜h奪ig樣he掙r吳th占an籌c倍as糞h聯(lián)fl伯ow仇f晶ro憂m盛op將er寺at勢io球n寬be隊(duì)ca濫us稿e芳th庸is嚼t羅ra腿ns寄ac謠ti披on床i必nc腳re奧as雜es佛n覆et哄i瓶nc歡om好e姥by萬i落nc秤re叨as件in幣g擇re悟ve雪nu村es族,滑bu茂t各do忠es蛇n圍ot甜i鐮nc碰re霞as草e激ca遮sh本b臨ec爛au別se朽w緩e日de柱bi鵲t轉(zhuǎn)ac瞎co揮un掃t撇re買ce編iv限ab湯le般a兇nd季n腥o怎ca嚷sh塞i間s嚴(yán)co疑ll扶ec直te匪d嬌ye景t.Th哄er色ef俊or杯e,宜t遇o行g(shù)e棍t臭to破t龜he低b榴al慨a(chǎn)n脅ce臂o夕f菜ca炭sh怠f朽ro縣m細(xì)ne倉t臥in違co海me發(fā),懲we釘s淡ub旦tr護(hù)ac堡t攔th革e劉in撓cr塊ea欺se業(yè)i掙n謊ac趟co克un朱t敲re薄ce喘iv舌ab輕le幼a新cc競ou押nt桿.Th威is曉p建ro束ce儀du芒re胡c東on枯fi媽rm閃s斧to朝t軋he擋c卻as挪h撥eq腹ua糕ti顫on襯i禁n賢wh墊ic叨h脊in史cr傘ea弟se州(帽po舅si尤ti酒ve更c(diǎn)午ha脂ng嗚e)提i導(dǎo)n皮cu啦rr玻en資t蛾as搬se毫ts牲o還th良er潮t黃ha求n之ca反sh竟d去ec雁re萬as缸e侍ca謹(jǐn)sh朵f已lo譯w科fr寇om刷o遠(yuǎn)pe守ra堡ti舊on圾.In貸di埋re善ct倆m允et悉ho罰d柿SC任F妙re繁co爪nc煩il翼es削n他et窄i虹nc脊om皺e塘wi覺th送c鉗as凱h幟fl同ow榜f城ro傅m脹op戒er高at續(xù)io犯nTh暫e憲in赴di廁re君ct圾m呆et授ho船d:Ne鼻t野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