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[재무관리] Financial Statements, Taxes, and Cash Flow

..PAGE:1Financial Statements, Taxes, and Cash FlowChapter 2McGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin..PAGE:2Key Concepts and SkillsKnow the difference between book value and market valueKnow the difference between accounting income and cash flowKnow the difference between average and marginal tax ratesKnow how to determine a firm’s cash flow from its financial statementsMcGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin..PAGE:3Chapter OutlineThe Balance SheetThe Income StatementTaxesCash FlowMcGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin..PAGE:4The Balance SheetThe balance sheet is a snapshot of the firm’s assets and liabilities at a given point in timeAssets are listed in order of liquidityEase of conversion to cashWithout significant loss of valueBalance Sheet IdentityAssets = Liabilities + Stockholders’ EquityMcGraw-Hill2004 The McGraw-Hill Companies, Inc. All rightstalk about some of the specific types of items that show up on a balance sheet and remind the students what accounts receivable, accounts payable, notes payable, etc. are...PAGE:7Market vs. Book ValueThe balance sheet provides the book value of the assets, liabilities and equity.Market value is the price at which the assets, liabilities or equity can actually be bought or sold.Market value and book value are often very different. Why?Which is more important to the decision-making process?McGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinCurrent assets and liabilities generally have book values and market values that are very close. This is not necessarily the case with the other assets, liabilities and equity of the firm.Assets are listed at historical costs less accumulated depreciation this may bear little resemblance to what they could actually be sold for today. The balance sheet also does not include the value of many important assets, such as huAAP say to show revenue when it accrues and match the expenses required to generate the revenueMcGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinMatching principle this principle leads to non-cash deductions like depreciation. This is why net income is NOT a measure of the cash flow during the period...PAGE:10Table 2.2McGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinThe first example computing cash flows has a link to the information in this table. The arrow in the corner is used to return you to the example.Remember that these are simplified income statements for illustrative purposes.Earnings before interest and taxes is often called operating income.COGS would include both the fixed costs and the variable costs needed to generate the revenues.Analysts often look at EBITDA (earnings before interest, taxes, depreciation and amortization) as a measure of the operating cash flow of the firm. It is not true in the str is the marginal tax rate?If you are considering a project that will increase the firm’s taxable income by $1 million, what tax rate should you use in your analysis?McGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinTax liability:.15(50,000) + .25(75,000 50,000) + .34(100,000 75,000) + .39(335,000 100,000) + .34(4,000,000 335,000) = $1,356,100Average rate: 1,356,100 / 4,000,000 = .339025 or 33.9025%Marginal rate comes from the table and it is 34%Should use the marginal rate with an expected additional 34,000 in taxes and a change in the average rate to 1,390,100 / 4,000,000 = .347525 or 34.7525%..PAGE:14The Concept of Cash FlowCash flow is one of the most important pieces of information that a financial manager can derive from financial statementsThe statement of cash flows does not provide us with the same information that we are looking at hereWe will look at how cash is generated from utilizing assets and how it is paid to those that finance the purBalance Sheet and Income Statement InformationCurrent Accounts2001: CA = 1500; CL = 13002002: CA = 2000; CL = 1700Fixed Assets and Depreciation2001: NFA = 3000; 2002: NFA = 4000Depreciation expense = 300LT Liabilities and Equity2001: LTD = 2200; Common Equity = 500; RE = 5002002: LTD = 2800; Common Equity = 750; RE = 750Income Statement InformationEBIT = 2700; Interest Expense = 200; Taxes = 1000; Dividends = 1250McGraw-Hill2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinThe instructors manual provides an exercise that can be used to illustrate how difficult this analysis can be using published financial statements. It uses the 2001 McGraw-Hill annual report as an example.Here is the additional information required to complete the income statement. You may want to give them this information and have them practice putting together a balance sheet and income statement.Sales = 5000; Costs = 2000..PAGE:19Example: Cash FlowsOCF = 2700 + 300 1000 = 2000NCS = 4000 30n

경영/경제| 2003.11.19| 24페이지| 1,000원| 조회(466)

Taxes, Balance Sheet, Cash Flow, Income Sta..

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[재무관리] Introduction to Financial Management

..PAGE:1Introduction to Financial ManagementChapter 1..PAGE:2Key Concepts and SkillsKnow the basic types of financial management decisions and the role of the financial managerKnow the goal of financial managementKnow the financial implications of the different forms of business organizationUnderstand the conflicts of interest that can arise between owners and managers..PAGE:3Chapter OutlineFinance: A Quick LookBusiness Finance and The Financial ManagerForms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets and the Corporationwww: This is a good place to show the students the web site that accompanies the book, including the various features that they can access for study purposes (study guide, quizzes, web links, etc.). Click on the “web surfer” icon to go directly to the site...PAGE:4Basic Areas Of FinanceCorporate financeInvestmentsFinancial institutionsInternational financeEach of these topics will be discusset planning, college planning, day-to-day cash flow issuesSince this course is generally required of all business majors, it is important to emphasize that everyone needs to have a basic understanding of financial concepts so that they can communicate effectively within an organization. This is the same reason that everyone is required to take marketing courses, management courses, etc. It is important to speak the language of business, and that includes finance.MarketingHave to work within a budgetMarketing research is often very important to financial analysts, those doing the research need to understand what information the analysts need so that they ask the right questionsMarketing financial products including entire companies through IPOs and seasoned equity offerings, as well as insurance and other basic financial productsAccountingIn smaller businesses, accountants often perform both the accounting and finance functionsPrepare the financial statements that financial analysts relyd we pay for our assets?Should we use debt or equity?Working capital managementHow do we manage the day-to-day finances of the firm?Provide some examples of capital budgeting decisions, such as what product or service will the firm sell, should we replace old equipment with newer, more advanced equipment, etc.Be sure and define debt and equity.Provide some examples of working capital management, such as who should we sell to on credit, how much inventory should we carry, when should we pay our suppliers, etc...PAGE:15Forms of OrganizationThree major forms of business organizationSole proprietorshipPartnershipCorporationS-CorpLimited liability companywww: Clicking on the “web surfer” will take you to a web site that will provide a discussion about which form of business may be appropriate for an entrepreneur. The following pages will provide links to specific pages on the web site that provide additional information about the legal aspects of each form of business, as well as a discussintage)Easier to transfer ownershipDisadvantageAgency problems if management goals and owner goals are not alignedThe instructors manual provides additional discussion of limited liability companies and S-corporations..PAGE:19Goal Of Financial ManagementWhat should be the goal of a corporation?Maximize profit?Minimize costs?Maximize market share?Maximize the current value of the company’s stock?Maximize market value of the existing owners’ equityDoes this mean we should do anything and everything to maximize owner wealth?Try and have the students discuss each of the goals above and the inherent problems of the first three goals:Maximize profit Are we talking about long-run or short-run profits? Do we mean accounting profits or some measure of cash flow?Minimize costs We can minimize costs today by not purchasing new equipment or delaying maintenance, but this may not be in the best interest of the firm or its owners.Maximize market share This has been a strategy of many of the dot.com cfocuses on how one company handled the tough decision to cut jobs and managed to successfully increase shareholder value. It features ABT Co. in Canada.A common example of an agency relationship is a real estate broker in particular if you break it down between a buyers agent and a sellers agent. A classic conflict of interest is when the agent is paid on commission, so they may be less willing to let the buyer know that a lower price might be accepted or they may elect to only show the buyer homes that are listed at the high end of the buyers price range.Ethics Note: The instructor’s manual provides a discussion of Gillette and the apparent agency problems that existed prior to the introduction of the sensor razor.Direct agency costs the purchase of something for management that can’t be justified from a risk-return standpoint, monitoring costs.Indirect agency costs management’s tendency to forgo risky or expensive projects that could be justified from a risk-return standpoint...PAGE:on?

경영/경제| 2003.11.19| 28페이지| 1,000원| 조회(362)

Agence, Financila, Coporatin

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