财务报表分析Chapter04PPT文件格式下载.ppt

财务报表分析Chapter04PPT文件格式下载.ppt

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Copyright2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinFinancialStatementAnalysisKRSubramanyamJohnJWild4-24CHAPTERAnalyzingInvestingActivities4-3Current（Short-term）AssetsNoncurrent（Long-term）AssetsResourcesorclaimstoresourcesthatareexpectedtobesold,collected,orusedwithinoneyearortheoperatingcycle,whicheverislonger.Resourcesorclaimstoresourcesthatareexpectedtoyieldbenefitsthatextendbeyondoneyearortheoperatingcycle,whicheverislonger.CurrentAssetIntroductionClassification4-4CashCurrency,coinsandamountsondepositinbankaccounts,checkingaccounts,andsomesavingsaccounts.CurrentAssetIntroductionCash,CashEquivalentsandLiquidity4-5CashEquivalentsShort-term,highlyliquidinvestmentsthatare:

@#@Readilyconvertibletoaknowncashamount.Closetomaturitydateandnotsensitivetointerestratechanges.CurrentAssetIntroductionCash,CashEquivalentsandLiquidity4-6Companiesriskareductioninliquidityshouldthemarketvalueofshort-terminvestmentsdecline.Cashandcashequivalentsaresometimesrequiredtobemaintainedascompensatingbalancestosupportexistingborrowingarrangementsorascollateralforindebtedness.CurrentAssetIntroductionAnalysisofCashandCashEquivalents4-7Receivablesareamountsduefromothersthatarisefromthesaleofgoodsorservices,ortheloaningofmoneyAccountsreceivablerefertooralpromisesofindebtednessduefromcustomersNotesreceivablerefertoformalwrittenpromisesofindebtednessduefromothersCurrentAssetIntroductionReceivables4-8ReceivablesarereportedattheirnetrealizablevaluetotalamountofreceivableslessanallowanceforuncollectibleaccountsManagementestimatestheallowanceforuncollectiblesbasedonexperience,customerfortunes,economyandindustryexpectations,andcollectionpoliciesCurrentAssetIntroductionValuationofReceivables4-9AssessmentofearningsqualityisoftenaffectedbyananalysisofreceivablesandtheircollectibilityAnalysismustbealerttochangesintheallowancecomputedrelativetosales,receivables,orindustryandmarketconditions.Twospecialanalysisquestions:

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（1）CollectionRiskReviewallowanceforuncollectiblesinlightofindustryconditionsApplyspecialtoolsforanalyzingcollectibility:

@#@Determiningcompetitorsreceivablesasapercentofsalesvis-visthecompanyunderanalysisExaminingcustomerconcentrationriskincreaseswhenreceivablesareconcentratedinoneorafewcustomersInvestigatingtheagepatternofreceivablesoverdueandforhowlongDeterminingportionofreceivablesthatisarenewalofpriorreceivablesAnalyzingadequacyofallowancesfordiscounts,returns,andothercredits

（2）AuthenticityofReceivablesReviewcreditpolicyforchangesReviewreturnpoliciesforchangesReviewanycontingenciesonreceivablesCurrentAssetIntroductionAnalyzingReceivables4-10Securitization（orfactoring）iswhenacompanysellsalloraportionofitsreceivablestoathirdpartyReceivablescanbesoldwithorwithoutrecoursetoabuyer（recoursereferstoguaranteeofcollectibility）SaleofreceivableswithrecoursedoesnoteffectivelytransferriskofownershipCurrentAssetIntroductionSecuritizationofReceivablesForsecuritizationswithanytypeofrecourse,thesellermustrecordbothanassetandacompensatingliabilityfortheamountfactoredForsecuritizationswithoutanyrecourse,thesellerremovesthereceivablesfromthebalancesheet4-11Prepaidexpensesareadvancepaymentsforservicesorgoodsnotyetreceivedthatextendbeyondthecurrentaccountingperiodexamplesareadvancepaymentsforrent,insurance,utilities,andpropertytaxesCurrentAssetIntroductionPrepaidExpensesTwoanalysisissues:

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（1）Forreasonsofexpediency,noncurrentprepaidssometimesareincludedamongprepaidexpensesclassifiedascurrent-whentheirmagnitudeislarge,theywarrantscrutiny

（2）AnysubstantialchangesinprepaidexpenseswarrantscrutinyAnalysisofPrepaids4-12InventoriesDefinitionsInventoriesaregoodsheldforsale,orgoodsacquired（orinprocessofbeingreadied）forsale,aspartofacompanysnormaloperationsExpensingtreatsinventorycostslikeperiodcostscostsarereportedintheperiodwhenincurredCapitalizingtreatsinventorycostslikeproductcostscostsarecapitalizedasanassetandsubsequentlychargedagainstfutureperiod（s）revenuesbenefitingfromtheirsale4-13UseofInventoryMethodsinPracticeInventoriesInventoryCostingMethod4-14CostsofGoodsSoldEndingInventoryOldestCostsRecentCostsInventoriesFirst-In,First-Out（FIFO）4-15CostsofGoodsSoldEndingInventoryRecentCostsOldestCostsInventoriesLast-In,First-Out（LIFO）4-16Whenaunitissold,theaveragecostofeachunitininventoryisassignedtocostofgoodssold.CostofGoodsAvailableforSaleUnitsavailableonthedateofsaleInventoriesAverageCost4-17InventoryonJanuary1,Year240$500$20,000Inventoriespurchasedduringtheyear60$60036,000CostofGoodsavailableforsale100units$56,000Note:

@#@30unitsaresoldinYear2for$800eachfortotalRevenueof$24,000InventoriesIllustrationofCostingMethods4-18BeginningNetCostofEndingInventory+Purchases=GoodsSold+InventoryFIFO$20,000+$36,000=$15,000+$41,000LIFO$20,000+$36,000=$18,000+$38,000Average$20,000+$36,000=$16,800+$39,200Assumesalesof$35,000fortheperiodthengrossprofitundereachmethodis:

@#@SalesCostofGoodsSold=GrossProfitFIFO$24,000-15,000=$9,000LIFO$24,000-18,000=$6,000Average$24,000-16,800=$7,200InventoriesIllustrationofCostingMethods4-19EconomicPr