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2-0ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5Summaryand

Conclusions2-1SourcesofInformation2-22.1TheBalanceSheet•Anaccountant’ssnapshotofthefirm’saccountingvalueasofaparticulardate.•TheBalanceShe

etIdentityis:Equitysr'StockholdesLiabilitieAssets+•Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreecon

cerns:accountingliquidity,debtversusequity,andvalueversuscost.2-3TheBalanceSheetoftheU.S.CompositeCorporation(in$millions)20X2and20X1BalanceSheetU

.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:Cashandequivalents$140$1

07Accountspayable$213$197Accountsreceivable294270Notespayable5053Inventories269280Accruedexpenses223205Other5850To

talcurrentliabilities$486$455Totalcurrentassets$761$707Long-termliabilities:Fixedassets:Deferredtaxes$117$104Property,plant,andequipment

$1,423$1,274Long-termdebt471458Lessaccumulateddepreciation-550-460Totallong-termliabilities$588$562Netproperty,plant,andequipment8

73814Intangibleassetsandother245221Stockholder'sequity:Totalfixedassets$1,118$1,035Preferredstock$39$3

9Commonstock($1pervalue)5532Capitalsurplus347327Accumulatedretainedearnings390347Lesstreasurystock-26-20Totalequity$805$725Totalasse

ts$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742Theassetsarelistedinorderbythelengthoftimeitnormallywouldtake

afirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plantandequipment.2-4

BalanceSheetAnalysis•Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:1.Accountingliquidity2.Debtver

susequity3.Valueversuscost2-5AccountingLiquidity•Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.•

Currentassetsarethemostliquid.•Somefixedassetsareintangible.•Themoreliquidafirm’sassets,thelesslikelythefirmistoex

perienceproblemsmeetingshort-termobligations.•Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.2-6DebtversusEquity•Generall

y,whenafirmborrowsitgivesthebondholdersfirstclaimonthefirm’scashflow.•Thusshareholder’sequityistheresidualdifferencebetweenassetsandli

abilities.2-7ValueversusCost•UnderGAAPauditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.•Marketvalueisacompletely

differentconcept.2-82.2TheIncomeStatement•Theincomestatementmeasuresperformanceoveraspecificperiodoftime.•Theaccountingdefinitionof

incomeisIncomeExpensesRevenue−2-9U.S.C.C.IncomeStatement(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperati

ngrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarning

sbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$4

3Dividends:$43Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipalopera

tions$2,262-1,655-327-90$19029$219-49$170-84$862-10(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORAT

IONTotaloperatingrevenues$2,262Costofgoodssold-1,655Selling,general,andadministrativeexpenses-327Depreciation-90Operatingincome$190Oth

erincome29Earningsbeforeinterestandtaxes$219Interestexpense-49Pretaxincome$170Taxes-84Current:$71Deferr

ed:$13Netincome$86Retainedearnings:$43Dividends:$43Thenon-operatingsectionoftheincomestatementincludesallfin

ancingcosts,suchasinterestexpense.U.S.C.C.IncomeStatement2-11(in$millions)20X2IncomeStatementU.S.COMPOSITECOR

PORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinter

estandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$43Usuallyaseparatesectionreportsasasepa

rateitemtheamountoftaxesleviedonincome.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement2-12(in$millions

)20x2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOpera

tingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$4

3Netincomeisthe“bottomline”.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement2-13IncomeStatementAnalysis•

Therearethreethingstokeepinmindwhenanalyzinganincomestatement:1.GAAP2.NonCashItems3.TimeandCosts2-14GenerallyAccepte

dAccountingPrinciples1.GAAPThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisrepor

tedwhenitisearned,eventhoughnocashflowmayhaveoccurred2-15IncomeStatementAnalysis2.NonCashItemsDepreciationisthemo

stapparent.Nofirmeverwritesacheckfor“depreciation”.Anothernoncashitemisdeferredtaxes,whichdoesnotrep

resentacashflow.2-16IncomeStatementAnalysis3.TimeandCostsIntheshortrun,certainequipment,resources,andcommitmentsof

thefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelongrun,allinputsofproduction

(andhencecosts)arevariable.Financialaccountantsdonotdistinguishbetweenvariablecostsandfixedcosts.Inst

ead,accountingcostsusuallyfitintoaclassificationthatdistinguishesproductcostsfromperiodcosts.2-172.3NetWorkingCapitalNWCisusuallygrowingwiththefi

rm.sLiabilitieCurrent-AssetsCurrentCapitalgNetWorkin2-18TheBalanceSheetoftheU.S.C.C.(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPO

RATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:Cashandequivalents$140$107Accountspa

yable$213$197Accountsreceivable294270Notespayable5053Inventories269280Accruedexpenses223205Other5850Totalcurrentliabilities$486$455

Totalcurrentassets$761$707Long-termliabilities:Fixedassets:Deferredtaxes$117$104Property,plant,andequipme

nt$1,423$1,274Long-termdebt471458Lessaccumulateddepreciation-550-460Totallong-termliabilities$588$562Netproperty,plant,andequipme

nt873814Intangibleassetsandother245221Stockholder'sequity:Totalfixedassets$1,118$1,035Preferredstock$39$39Commonstock($1parvalue)

5532Capitalsurplus347327Accumulatedretainedearnings390347Lesstreasurystock-26-20Totalequity$805$725Totalassets$1,87

9$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742HereweseeNWCgrowto$275millionin20X2from$252millionin20X1.Thisi

ncreaseof$23millionisaninvestmentofthefirm.$23million$275m=$761m-$486m$252m=$707-$4552-192.4FinancialCashFlow•Infinance,themost

importantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.•Sincethereisnomagicinfinance,itmustbethecasethatthecashfromrecei

vedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.)()()(SCFBCFACF+2-20FinancialCash

FlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeint

erestandtaxesplusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassetsminussalesoffixedassets)Additionstonetwor

kingcapital-23Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebtminuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof

equityminusnewequityfinancing)Total$42OperatingCashFlow:EBIT$219Depreciation$90CurrentTaxes($71)OCF$2382-21Fin

ancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperati

ngcashflow$238(Earningsbeforeinterestandtaxesplusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassetsmi

nussalesoffixedassets)Additionstonetworkingcapital-23Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebtminuslo

ng-termdebtfinancing)Equity6(Dividendsplusrepurchaseofequityminusnewequityfinancing)Total$42CapitalSpending

Purchaseoffixedassets$198Salesoffixedassets(25)CapitalSpending$1732-22FinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.

COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxesplusdepreciationminustaxes)Capitalspending-173(Acquisitions

offixedassetsminussalesoffixedassets)Additionstonetworkingcapital-23Total$42CashFlowofInvestorsintheFirmD

ebt$36(Interestplusretirementofdebtminuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseofequityminusnewequityfinancing)Total$42NWCgrewfrom$275

millionin20X2from$252millionin20X1.Thisincreaseof$23millionistheadditiontoNWC.2-23FinancialCashFlowoftheU.S.C.C.(i

n$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxesplusdepre

ciationminustaxes)Capitalspending-173(Acquisitionsoffixedassetsminussalesoffixedassets)Additionstonetworkingcapital-23Total$42CashFlo

wofInvestorsintheFirmDebt$36(Interestplusretirementofdebtminuslong-termdebtfinancing)Equity6(Dividendsp

lusrepurchaseofequityminusnewequityfinancing)Total$422-24FinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COM

POSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxesplusdepreciationminustaxes)Capitalspending-

173(Acquisitionsoffixedassetsminussalesoffixedassets)Additionstonetworkingcapital-23Total$42CashFlowofInvestorsintheFirmDebt$36(Int

erestplusretirementofdebtminuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseofequityminusneweq

uityfinancing)Total$42CashFlowtoCreditorsInterest$49Retirementofdebt73Debtservice122Proceedsfromnewdebtsales(

86)Total362-25FinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATI

ONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxesplusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassetsmi

nussalesoffixedassets)Additionstonetworkingcapital-23Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebtminuslong-termdebtfinanc

ing)Equity6(Dividendsplusrepurchaseofequityminusnewequityfinancing)Total$42CashFlowtoStockholdersDividend

s$43Repurchaseofstock6CashtoStockholders49Proceedsfromnewstockissue(43)Total$62-26FinancialCashFlowoftheU.S.C.C.(in$millions)20X2Fi

nancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxesplusdepreciationminustaxes)C

apitalspending-173(Acquisitionsoffixedassetsminussalesoffixedassets)Additionstonetworkingcapital-23Total$42CashFlowofInvestorsinth

eFirmDebt$36(Interestplusretirementofdebtminuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseofequitymi

nusnewequityfinancing)Total$42)()()(SCFBCFACF+Thecashfromreceivedfromthefirm’sassetsmustequalthecashflow

stothefirm’screditorsandstockholders:2-272.5SummaryandConclusions•Financialstatementsprovideimportantinformationregardingthev

alueofthefirm.•Youshouldkeepinmind:–Measuresofprofitabilitydonottakeriskortimingofcashflowsintoaccount.–Financialratiosarelinkedtooneanother.