Chapter 1 intro to financial management learning outcomes


CHAPTER 2 ANALYSIS OF FINANCIAL STATEMENTS



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CHAPTER 1 & 2 PPT
CHAPTER 2

ANALYSIS OF FINANCIAL STATEMENTS

LEARNING OUTCOMES

学习成果

  • At the end of the lecture, students should be able to:

•         在讲座结束时,学生应该能够:

  • Explain how financial ratio analysis helps managers assess the firm’s health.

•         解释财务比率分析如何帮助管理者评估公司的健康状况。

  • Compute the liquidity, asset activity, leverage, profitability and market value ratios.

•         计算流动性、资产活动、杠杆、盈利能力和市值比率。

  • Compare financial information over time and among companies.

•         比较一段时间内和公司之间的财务信息。

  • Limitation of financial ratio.

•         财务比率的限制。

FINANCIAL STATEMENTS

财务报表

5 types of financial statements are mandated by the accounting and financial regulatory authorities:

会计和金融监管机构规定的 5 类财务报表:

  1. Statement of Comprehensive Income (Income statement).

综合收益表(损益表)。

  1. Statement of Financial Position (Balance sheet).

财务状况表(资产负债表)。

  1. Statement of Cash Flow.

现金流量表。

  1. Statement of Shareholder’s equity.

股东权益表。

  1. Explanatory Notes.

解释性说明。

USER FINANCIAL STATEMENTS

用户财务报表

INTERNAL USER

内部用户

    • CEO

•       首席执行官

    • Financial Manager

•       财务经理

    • Employee

•       员工

EXTERNAL USER

外部用户

    • Investor

•       投资者

    • Creditor

•       债权人

    • Government

•       政府

To know firm’s financial strengths & weaknesses

了解公司的财务优势和劣势

Statement of Comprehensive Income (Income Statement)

综合收益表(损益表)

  • It measures the amount of profits generated by a firm over a given time period provides the following information for a specific period of time.

它衡量公司在给定时间段内产生的利润量,提供特定时间段的以下信息。

  • Income statement can be expressed as follows:

损益表可以表示如下:

Revenues (or Sales) – Expenses = Profits

It contains the following basic elements:

它包含以下基本要素:

  • Revenues

•       收入

    • Sales

•       销售量

  • Expenses

•       花费

    • Cost of goods sold (COGS), Selling, General and administrative expense (SGA), depreciation expense, Interest expense, and Income tax expense

•       销货成本 (COGS)、销售、一般和管理费用 (SGA)、折旧费用、利息费用和所得税费用

  • Net Income

•       净利

    • Difference between Revenue and all expenses

收入与所有费用之间的差异




Earnings per share = company’s net income divided by the number of common shares outstanding.




= $204.75m ÷ 90m
= $2.28 per share




Dividends per share = total dividends paid divided by the number of common shares outstanding.




= $45m ÷ 90m
= $0.50 per share




What can the firm do with the net income?: Pay dividends to shareholders, and/or Reinvest in the firm

公司可以用净收入做什么?:向股东支付股息,和/或对公司进行再投资 

Statement of Financial Position (Balance sheet)

财务状况表(资产负债表)

  • It provides a snapshot of the firm’s financial position on a specific date.

  • 它提供了公司在特定日期的财务状况的快照。

  • A
    What can the firm do with the net income?
    ccounting equation:

  • 会计等式:



Assets = Liabilities + Shareholder’s Equity

Total assets represent the resources owned by the firm.

总资产代表公司拥有的资源。

Total liabilities represent the total amount of money the firm owes its creditors

总负债代表公司欠债权人的总金额

Total shareholders’ equity refers to the difference in the value of the firm’s total assets and the firm’s total liabilities.

股东权益总额是指企业总资产价值与企业总负债价值的差值




  • A
    SSET:


    • Current assets consist of firm’s cash plus other assets the firm expects to convert to cash within 12 months or less, such as receivables and inventory.




    • Non current assets (Fixed assets) are assets that the firm does not expect to sell within one year. For example, plant and equipment, land.




  • LIABILITIES:

    • Current liabilities represent the amount that the firm owes to creditors that must be repaid within a period of 12 months or less such as accounts payable, notes payable.




    • Non current liabilities (Long-term liabilities) refer to debt with maturities longer than a year such as bank loans, bonds.




  • SHAREHOLDER EQUITY:

    • The amount the company received from selling share to investors.

      • Par value is the stated or face value a firm puts on each share.

      • Paid in capital is the additional amount the firm raised when it sold the shares.




    • The amount of the firm’s retained earnings.

      • Retained earnings are the portion of net income that has been retained (i.e., not paid in dividends) from prior years operations.




Assets




Liabilities and Stockholders’ Equity







2016




2016

Cash

$ 90.00

Accounts payable

$ 189.00

Accounts receivable

162.00

Accrued expenses

45.00

Inventory

378.00

Short-term notes

54.00

Other current assets

13.50

Total current liabilities

$ 288.00

Total current assets

$ 643.50

Long-term debt

771.75

Gross plant and equipment

1,845.00

Total liabilities

$1,059.75

Less accumulated depreciation

(517.50)

Common stockholders'equity




Net plant and equipment

$1,327.50

Common stock-par value

45.00


Total assets

$1,971.00

Paid-in capital

324.00







Retained earnings

542.25







Total common stockholders' equity

$ 911.25







Total liabilities and stockholders' equity

$1,971.00

Assets: The Left-Hand Side of the Balance Sheet

资产:资产负债表的左侧

Current Assets. Assets that the firm expects to convert into cash in 12 months or less. Examples include cash, accounts receivable, inventories, and other curent assets.

当前资产。公司预期在 12 个月或更短的时间内转换为现金的资产。示例包括现金、应收账款、库存和其他流动资产。

  1. Cash.

  1. 一种)      现金

Every firm must have some cash on hand at all times because cash expenditures can sometimes exceed cash receipts.

每家公司都必须始终手头有一些现金,因为现金支出有时会超过现金收入。

  1. Accounts receivable.

  1. b)      应收账款。

The amounts owed to the firm by its customers who purchased on credit.

赊购的客户欠公司的金额。

  1. Inventory.

  1. C)       存货。

Raw materials that the firm utilizes to build its products. partially completed items or work in prcess, and finished goods held by the firm for eventual sale.

公司用来制造产品的原材料。部分完成的项目或在制品,以及由公司持有以供最终销售的成品。

  1. Other current assets.

  1. d)      其他流动资产。

All current assets that do not fall into one of the named categories (cash, accounts receivable, and so forth). Prepaid expenses (prepayments for insurance premiums, for example) are a common example of an asset in this catch-all category.

不属于指定类别之一的所有流动资产(现金、应收账款等)。预付费用(例如,保险费的预付款)是这一包罗万象的资产类别的一个常见示例。

Gross Plant and Equipment.

总厂房和设备。

The sum of the original acquisition prices of plant and equipment still owned by the firm.

公司仍拥有的厂房和设备的原始收购价格总和。

Accumulated Depreciation.

累计折旧。

The sum of all the depreciation expenses charged against the prior year's revenues for fixed assets that the firm still owns.

企业仍然拥有的固定资产,从上年收入中扣除的所有折旧费用的总和。

Net Plant and Equipment.

净厂房和设备。

The undepreciated value of the firm's plant and equipment.

公司厂房和设备的未折旧价值。


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