公司理财原书第七版第二章会计报表与现金流量.ppt

Chapter Outline 2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Financial Statement Analysis 2.7 Summary and Conclusions 2.1 The Balance Sheet An accountant’s snapshot of the firm’s accounting value as of a particular date. The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity When analyzing a balance sheet, the financial manager should be aware of three concerns: accounting liquidity, debt versus equity, and value versus cost. The Balance Sheet of the U.S. Composite Corporation Accounting 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 firm’s assets, the less likely the firm is to experience problems meetingshort-term obligations. Liquid assets frequently have lower rates of return than fixed assets. Debt versus Equity Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities. Value versus Cost The accounting value of a firm’s 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’s job is to create a value for the firm that is higher than its cost. Problem 1 The Agua Fria Bottling Company in 2001 had notes payable of $1,500, accounts payable of $1,400, and long-term debt of $6,000. 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 2002. The firm’s net plant and equip