第二章会计报表与现金流量

2-5
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash.
• Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less
2-4
Balance Sheet Analysis
• When analyzing a balance sheet, the financial manager should be aware of three concerns:
1. Accounting liquidity 2. Debt versus equity 3. Value versus cost
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.
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Total equity
$805 $725
Total liabilities and stockholder's equity $1,879 $1,742
2-3
The Balance Sheet of the U.S. Composite Corporation
U.S. COMPOSITE CORPORATION Balance Sheet 20X2 and 20X1 (in $ millions)
Assets Current assets:
Cash and equivalents Accounts receivable Inventories Other
2-2
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
Total current assets
20X2 20X1
$140 294 269 58
$761
$107 270 280 50
$707
Fixed assets:
Property, plant, and equipment $1,423
Less accumulated depreciation -550
Net property, plant, and equipment 873
Intangible assets and other
245
Total fixed assets
$1,118
$1,274 -460 814 221
$1,035
Total assets
$1,879 $1,742
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• When analyzing a balance sheet, the financial manager should be aware of three concerns: accounting liquidity, debt versus equity, and value versus cost.
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Deferred taxes
$117 $104
Long-term debt
471 458
Total long-term liabilities
$588 $562
Stockholder's equity:
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2-0
Chapter Outline
2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 Summary and Conclusions
2-1
Sources of Information
2-7
Value versus Cost
• Under GAAP audited financial statements of firms in the U.S. carry assets at cost.
likely the firm is to experience problems meeting short-term obligations. • Liquid assets frequently have lower rates of return than fixed assets.
2-6
by the length Current Liabilities: Accounts pa
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$197
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Accrued expenses
223 205
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