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Understanding theNumbers: Essential for
the Entrepreneur
A Student Tutorial
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Ever thought or said:
I did not do well in my accountingand finance classes . I just am notgood with numbers
Finance scares me. I try, but I just cant get it.
If not, great, but if so, you may try to
avoid accounting and finance. Why isthat a mistake?
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Reasons to Learn Finance
There are things you cannot learnabout a company any other way.
If you do not understand financial
statements and what they tell you,you will be missing some criticalinformation about the firm.
And hiring someone to do it for you,DOES NOT WORK!!
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UnderstandingFinancial Statements
Goal: Understand the financialconsequences of decisions
There are three basic financial (oraccounting) statements:
Income Statement
Balance Sheet
Cash Flow Statement
The Goal:MakingGood
FinancialDecisions
3 types of
financialstatements
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Income Statement (1)
Indicates the firms profits over aperiod of time
Usually monthly, quarterly or
annually Basic form:
Sales(Revenues)
ProfitsExpenses
Basicpurposeand formatof anincomestatement
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Income Statement (2)
The Income Statement starts withsales (revenues).
From Sales,subtract the Cost
of Goods Sold toobtain the GrossProfit
Sales (Revenue)
Cost of Goods Sold
Gross Profit
minus
equals
Can youcomputegrossprofits?= # of units sold X
sales price per unit
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Income Statement (3)
What is cost of goods sold?
Cost of goods sold is determined by:
The cost of producing or acquiringa single unit of the firms productsor services
The number of units sold
Cost ofgoodssold
=cost per
unit X
numberof units
sold
Computingcost ofgoodssold
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Income Statement (4)
Next compute operating income(earnings before interest & taxes)
From Gross ProfitssubtractOperatingExpenses to
obtain OperatingIncome
Sales Revenue
Cost of Goods Sold
Gross Profit
minus
equals
Operating Expenses
Operating Income
minus
equals
Can youcomputeoperatingincome;
also calledearningsbeforeinterestand taxes(EBIT)?
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Income Statement (5)
What are operating expenses?
In addition to the cost of goods sold, you need
to convince someone to buy what you areselling. So, you will have;
Marketing expenses
And you have operating overheadthe lightbill must be paid. So, you will have:
General & administrative expenses
And if you have equipment and buildings. Youwill have:
Depreciation expense
(More will be said about depreciation later.)
Operatingexpensesinclude
marketingexpenses,G&A, anddeprecia-tion
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Income Statement (6)
A Comment on Operating Income
Operating Income is the total profit afirm makes from running the business
before paying creditors (interestexpense) for the use of debt, andpaying income taxes to thegovernment.
Operating income is the best profitindicator of how well a company isdoing in its business.
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Income Statement (7)
Next we compute earnings beforetaxes (EBT)
From OperatingIncome, subtractInterest Expense toobtain Earnings
Before Taxes
Interest Expense
Operating Income
Earnings Before Taxes
minus
equals
Can youcomputeearnings
beforetaxes?
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Income Statement (8)Interest Expense: The Cost of
Borrowing Money A lender charges interest to loan
money, which is shown as interestexpense in the income statement ofthe borrower.
Interest expense is the result of theinterest rate and the amount
borrowed.
InterestRate
AmountBorrowed
InterestExpensex
You haveto pay thebanker touse the
banksmoney!!
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Income Statement (9)Computing Earning Before Taxes:
An Illustration
If a firm has:
$15,000 in operating income and $50,000in debt at a 6% interest rate, then:
Operating Income $ 15,000Interest Expense $ 3,000
The Earnings before taxes is: $ 12,000
Computinga firmsearningsbefore taxes
Earnings Before Taxes:
= Operating Income Interest Expense
= $15,000 - ($50,000 X .06)
= $15,000 - $3,000 = $12,000
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Income Statement (10)
Finally, we calculate net income
From EarningsBefore Taxessubtract Income
Taxes to obtainthe Net Income
Interest Expense
Operating Income
Earnings Before Taxes
minus
equals
Income Taxes
Net Income
minus
equals
Can youcomputenetincome?
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Income Statement (11)Computing Net Income Illustrated
If a firm has:
Operating Income of $15,000Earnings before taxes of $12,000And pays 25% on income taxes.
The Net income is: $ 9,000
Computing
incometaxes tofind netincome
Net Income:
(Earnings before taxes)-(Tax rate)*(Earningsbefore taxes)
$12,000 - (25%)*($12,000) =
$12,000 - $3,000 = $9,000
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Income Statement (12)
Sales Revenue
Cost of Goods Sold
Operating Expenses
Gross Profit
Operating Income
Interest Expense
Operating Income
Earnings Bef Taxes
Income Taxes
Net Income
Operatin
gActivities
FinancingActivities
minus
minus
minus
minus
equals
equals
equals
equals
What have we learned about theincome statement?
DO NOTcontinueuntil youknow and
understandthe formatandcontent ofan income
statement.
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Income Statement (13)An Example
The Income Statement for Trimble & Associates:
Sales $850
Cost of Goods Sold 550
Gross Profit on Sales $300
Operating Expenses:
Marketing Expenses 90
General & Admin Expenses 80
Depreciation 30
Total Operating. Expenses $200
Operating Income 100Interest Expense 20
Earnings Before Tax 80
Income Tax (25%) 20
Net Income 60
Incomefromoperating
thebusiness
Incomeafter\paying
interest
Cost ofborrowing
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Income Statement (14)Summary
The Income Statement answers thequestion:
How profitable is the business?
The Income Statement reports on fivebroad areas:
Sales (Revenue)
Costs of producing or acquiring the
firms goods or services Operating Expenses
Financing costs (interest expense)
Tax payments
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Income Statement (15)Can You Put It Together?
Cost of Goods Sold $250
Depreciation $ 8
Sales $290
Income Taxes(25%) $ 2
Admin. &Sales Exp. $ 18
Interest Expense $ 6
Organize this Income statement Put thepieceswherethey go!!
4. Goodjudgment
Gross Profit on Sales $
Operating Expenses:
Total Op. Exp. $
Operating Income $
Earnings Before Taxes $
Net Income $
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Gross Profit on Sales $
Operating Expenses:
Total Op. Exp. $
Operating Income $
Earnings Before Taxes $
Net Income $
Here You Go!
Cost of Goods Sold $250
Depreciation $ 8
Sales $290
Income Taxes(25%) $ 2
Admin. &Sales Exp. $ 18
Interest Expense $ 6
Depreciation $ 8
Sales $290
Income Taxes(25%) $ 2
Admin. &Sales Exp. $ 18
Interest Expense $ 6
Cost of Goods Sold $25040
26
14
8
6
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Income Statement (16)A Concluding Thought
Congratulations!! You should beable to understand the incomestatement and what it is telling you.
We are now ready to examine thebalance sheet, which measures thefirms current financial position.
Lets continue.
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Balance Sheet (1)
A Snapshot of a companys financialposition at a specific point in time
The Income Statement covers a period intime (Jan 1 Dec 31, 2007)
The Balance Sheet represents a specificmoment (December 31, 2007)
In its simplest form, the Balance Sheet
is:
Totalassetsalwaysequal
debt plusequity.
TotalAssets
Owners
EquityOutstanding
Debt
Debt & Equity
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Balance Sheet (2)Three main parts
Assets
What the company owns
Liabilities (Debt)
What the company owes
Owners Equity (Net Worth)
The amount invested by theowners (stockholders)
The difference between Assets andLiabilities
Basicpieces ofthebalance
sheet
Continue
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Balance Sheet (3)Three main parts
Total Assets, the sum of: Current Assets (Cash, A/R, Inventory)
Fixed Assets (Machinery and equipment,Buildings, Land)
Other Assets (Long-term investments,Patents)
Debt and Equity, the sum of:
Total Debt, including:
Current debt (Accounts payable, Accruedexpenses, Short-term notes)
Long-term debt (Long-term notes, Mortgages)
Owners equity: owners investment in
the company
A lookinside thebalancesheet
-Cash Flow2. Forecast
3. Determineandevaluate
4. Goodjudgment
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Balance Sheet (4)Assets: Current Assets
Current assets are also called grossworking capital
Current assets comprise the assets
that are relatively liquid Cash
Accounts Receivable
Inventories
Other current assets
(e.g., prepaid expenses)
Currentassets:the firmsliquid
assets;includescash andassetsthat cansoon beconvertedinto cash
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Balance Sheet (5)Assets: Fixed Assets
Fixed assets include:
Machinery and Equipment
Buildings and Land
The cost of a fixed asset is recordedin the balance sheet and depreciatedover its useful life.
The Income Statement reports the
depreciation expense for each year.
The Balance Sheet reports theaccumulated depreciationdepreciationtaken on an asset over all its life.
Fixedassetsmay alsobe called
plant &equipment
B l Sh t (6)
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Balance Sheet (6)Depreciating Fixed Assets
Remember that When a fixed asset is purchased, the firm
pays cash, and so: Fixed assets increase in the balance
sheet.
Cash decreases in the balance sheet. But the depreciation expense is
NOT a cash event. Depreciation expense is recorded in
the income statement Accumulated depreciation increases
in the balance sheet
There is NO cash involved!!
Depreciationexpense isNOT a cashexpense!!!
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Balance Sheet (7)Gross Versus Net Fixed Assets
Gross Fixed Assets is the originalamount paid for a firms fixed assets.
Net Fixed Assets is the gross fixedassets minus the total depreciation(accumulated depreciation) taken on
the fixed assets. That is,
Gross fixedassets
accumulateddepreciation =
net fixedassets-
So:
net fixedassets =gross fixed
assetsaccumulateddepreciation
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Balance Sheet (8)An Example of Depreciation
You purchase equipment for $10,000with an expected life of 5 years. Howmuch will the depreciation expense beeach year, as reported in the incomestatement?$2,000 ($10,000 5 years = $2,000)
What will the balance sheet look likeover the 5 years?
End of Year 1 2 3 4 5Gross fixed assets $10K $10K $10K $10K $10KAccumulated depre 2K 4K 6K 8K 10KNet fixed assets $8K $6K $4K $2K $0K
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Balance Sheet (9)Assets: Other Assets
Other assets includes intangibles,such as:
Patents
Copyrights Goodwill
And for a start-up company: Organizational costs
The firmsotherassets
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Balance Sheet (10)Debt And Equity
Remember TotalassetsMUSTequal
total debtplusownersequity
TotalAssets
Owners
EquityOutstanding
Debt
Debt & Equity
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Balance Sheet (11)Debt or Liabilities
Debt is financing provided by acreditor
Debt is divided in two parts: Current debt or short-term
liabilities
Long-term debt
Wheredoes debt
come
from?
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Balance Sheet (12)Short-term Liabilities
Liabilities due within 12 months
Accounts Payable or Trade Credit:
Credit extended by suppliers for the
purchase of inventories Usually given 30-60 days to pay
Accrued Expenses:
Operating expenses that are owed but
not yet paid Short-term Notes:
Short-term loans from banks or otherfinancial institutions
Short-termliabilitiesis debtthat must
be repaidwithin 12months-Cash Flow
2. Forecast
3. Determine
4. Goodjudgment
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Balance Sheet (13)Long-term Liabilities
Loans from banks or other sourcesthat that come due after 12 months
Usually loans to finance long-term
capital investments, such asmachinery and equipment.
Long-termliabilities(debt)
Loans that
come dueafter 12months
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Balance Sheet (14)Owners Equity
Owners Equity is the moneyinvested by the owners
Note: They are residual owners, because in
a liquidation, stockholders are paid last Equity consists of:
Amount invested when purchasingownership in the business
Retained Earnings: All the profitsretained in the company (profits not paidout in dividends to the owners)
Ownershave 2ways toinvest in a
business: Buy
stock
Reinvest
all orpart ofthefirmsprofits
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Balance Sheet (15)Owners Equity
Retained Earnings is theaccumulated profits (gains-losses) ofthe business, less the dividends paid
to stockholders since the firm wascreated
Owners
EquityCumulative
ProfitsOwners
InvestmentCumulativeDividends
RetainedEarnings
Owners
EquityOwners
Investment
Retainedearnings: Aconceptthat manystudents failtounderstand.Do you?
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Balance Sheet (16)An Example
ASSETS DEBT AND EQUITY
Current Assets Current Liabilities:
Cash $50 Accounts payable $20Accounts receiv 80 Short-term notes 80
Inventories 220 Total current debt $100
Total current assets $350 Long-term debt 200
Fixed assets: Total debt: $300
Gross fixed assets $960 Common stock $300Accum depreciation -390 Retained earnings 320
Net fixed assets $570 Total common equity $620
TOTAL ASSETS $920 TOTAL DEBT AND EQUITY $920
The Balance Sheet for Trimble & Associates:
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Balance Sheet (17)Putting it together
Given the information below, can youarrange the balance sheet?Remember: ASSETS = LIABILITIES + EQUITY
Cash $ 70
Accounts Receivable $ 220
Inventories $ 310
Total Current Assets $ 600
Gross Fixed Assets $2,500
Accumulated Depreciation $(300)
Net Fixed Assets $2,200
Assets:
Current Assets
Fixed Assets
TOTAL ASSETS $ 2,800
FIRST: ASSETS
Cash $ 70
Accounts Receivable $ 220
Inventories $ 310
Total Current Assets $ 600
Gross Fixed Assets $2,500
Accumulated Depreciation $(300)
Net Fixed Assets $2,200
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Balance Sheet (18)Putting it together
Common Stock $ 900
Long-term debt $ 800
Total Owners Equity $1,750
Total Debt $1,050
Total Current Liabilities $ 250
Short-term Notes $ 20
Accounts Payable $ 230
Liabilities:Current Liabilities:
Owners Equity:
TOTAL DEBT&EQUITY $ 2,800
NEXT: DEBT & EQUITY
Retained Earnings $ 850
Common Stock $ 900
Long-term debt $ 800
Total Owners Equity $1,750
Total Debt $1,050
Total Current Liabilities $ 250
Short-term Notes $ 20
Accounts Payable $ 230
Retained Earnings $ 850
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Balance Sheet (19)All Together
The complete balance sheet is as followsAssets:Current Assets
Fixed Assets
TOTAL ASSETS $ 2,800
Liabilities:Current Liabilities:
Owners Equity:
TOTAL DEBT&EQUITY $ 2,800
Cash $ 70
Accounts Receivable $ 220
Inventories $ 310
Total Current Assets $ 600
Gross Fixed Assets $2,500
Accumulated Depreciation $ 300
Net Fixed Assets $2,200
Common Stock $ 900
Long-term debt $ 800
Total Owners Equity $1,750
Total Debt $1,050
Total Current Liabilities $ 250
Short-term Notes $ 20
Accounts Payable $ 230
Retained Earnings $ 850
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Balance Sheet (20)Income Statement and Balance Sheet
The Income Statement and BalanceSheet complement each other
January
1
Decemb
er31
Balance Sheeton December31, 2006
Balance Sheeton December31, 2007
YEAR 2007
Income Statement for 2007
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Balance Sheet (21)Concluding Thought
A balance sheet indicates a firmsfinancial position in terms of theassets owned and how these assets
have been financed by debt andowners equity.
With an understanding of the incomestatement and the balance sheet, we
can now look at the Cash FlowStatement.
DONTCONTINUE
if you donot fullyunderstandthe balancesheet!! Goback untilyou havegrasped all
the parts ofthe balancesheet.
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Cash Flow Statement (1)
Cash is King!!
Cash flow problems is a major reason for
small firms failingeven at times whenthe business is profitable.
Run out of cash
and your business will fail!
CASH ISKING is notsomeclich, buta principleyou cannotafford toviolate!
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Cash Flow Statement (2)Accrual versus Cash Accounting
You must understand the differencebetween accrual-basis accountingand cash-basis accounting.
With the exception of very smallbusinesses, the income statementand the balance sheet are based onaccrual accounting.
When accrual accounting is used,profits and cash flows will not beequal.
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Cash Flow Statement (3)Accrual and Cash Accounting Again
Recording income and expenses:
Accrual-basis: When there is a commitment
Cash-basis: When money changes hands
Income earnedExpense incurred Cash receivedExpense paid
Accrual-basisaccounting
Cash-basisaccounting
Cash Flow Statement (4)
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Cash Flow Statement (4)Why Profits and Cash Flow
are NOT the Same
The differences between profits andcash flows can result from:
Sales reported on the IncomeStatement include cash and creditsales
Some purchases are financed bycreditso no cash is involved
Depreciation expense is a non-cashexpense.
Income tax on the income statementmay be accrued and paid in later
periods.
Profits willnever tellyou howmuch cashyougenerated!!
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Cash Flow Statement (5)Accrual vs. Cash Again
Which type of accounting would recordthe following?
Income tax expense that has not been paid
Insurance premium paid in advance
Customer pays for a good to be delivered
Equipment is sold, with a 30 day note
Customer pays and takes equipment sold
Customer receives a service estimate
Payment of last months utility bill
Accrual Cash
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Cash Flow Statement (6)
The Cash Flow Statement answersa very important question:
Where did the cash comefrom and where did the
cash go?
C h Fl St t t (7)
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Cash Flow Statement (7)Data Needed to Compute Cash Flows
From the income statement:
Depreciation expense
Operating income
Interest expense Income tax expense
Changes in the balance sheet at thebeginning of the year (end of lastyear) and the balance sheet for thecurrent year end.
Cash Flow Statement (8)
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Cash Flow Statement (8)Changes in the Balance Sheet
that Affect Cash Flows
Cash increases if:
Reduce assets
Borrow more money (increase debt)
Owners invest more in the business
Cash decreases if:
Increase assets
Repay (decrease) debt Owners withdraw money from the
company
Changesin thebalancesheet
affectcashflows.
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Cash Flow Statement (9)
Cash inflows and outflows resultfrom three activities:
Operating Activities:
Cash flow from normal operations Investment Activities:
Cash flow related to the investmentin or sale of assets
Financing activities:Cash flow related to financing thefirm
Threeactivitiescausecash to
increaseordecrease
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Cash Flow Statement (10)Operating Activities
Cash flow from operations consistsof the net flow of cash from day-to-day business activities
Start with Operating income
Add back Depreciation expense(a non-cash expense)
Subtract income taxes(to work on an after-tax basis)
Subtract increase in net workingcapitalWhich consists of:
Increase in A/R (a use of cash)
Increase in inventories (a use of cash)
Decrease in A/P (a source of cash)
What iscash flowfromopera-
tions?
C S (11)
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Cash Flow Statement (11)Investment Activities
Investment activities consist of
The purchase or sale of fixed assets(change in gross fixed assets)
The purchase or sale of other long-termassets (changes in goodwill, patents, etc.)
What iscash flowfrominvestmentactivities?
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Cash Flow Statement (12)Financing Activities
Financing activities include:
Paying dividends and interest expense
Increasing or decreasing short-term andlong-term debt
Increase: borrowing more money
Decrease: paying off debt
Owners invest more or less in business
Buy more stock Company buys owners stock back
What iscash flowfromfinancing
activities?
Cash Flow Statement (13)
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Cash Flow Statement (13)Cash Flow Statement for Trimble Associates
Operating Activities
Operating income $ 100Plus depreciation 30Less income taxes (20) $ 110Change in net working capital:Less increases in A/R $ (5)Less increases in inventories (40)Plus increases in A/P 5 (40)Cash flows from operations $ 100
Investment ActivitiesLess increase in gross fixed assets $ (100)
Financing Activities
Less interest expenses $ (20)Less dividends paid (15)Plus incr in short-term notes 20Plus incr in long-term notes 50Total Financing Activities $ 35
Increase (Decrease) in cash $ 5
Changeinnet
workingcapital
C S ( )
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Cash Flow Statement (14)Can You Arrange this Cash Flow Statement?
Operating activities:
PlusLessLess
LessPlusCash flows from operations:
Investment activitiesLess
Financing activities
LessLessPlusPlusTotal financing activities
Increase (Decrease) in cash
Operating Income $120
Depreciation $ 40
Taxes $(30)
Increases in accts receivable $(20)
Increases in inventories $(10)
Increases in accounts payable $ 5
Increase in gross fixed assets $(90)
Interest expenses $(30)
Increases in short-term notes $ 15
Increases in long-term notes $ 30
Dividends paid $(10)
$100
$ 5
$ 100
$ (90)
$ 5
$ 15
C h Fl St t t (15)
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Cash Flow Statement (15)Interpreting the Cash Flow Statement
To understand what the cashflow statement is saying, look atthe signs (+ or -) of the three
cash flow activities: Is cash flow from operations positive or
negative?
Is cash flow from investment activities
positive or negative?
Is cash flow from financing activatespositive or negative?
Want tounder-stand thecash flow
state-ment?Look atthe threecash flow
activities.
C h Fl St t t (16)
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Cash Flow Statement (16)Examples ofCash Flow Patterns
Using cash flows from operations and financing
to invest in long-term assets (fixed assets)
Using cash flows from operations to expand thebusiness and repay creditors and/or owners
Negative cash flow from operations funded by
selling long-term assets and additional financingSustaining negative cash flows and investmentto expand the business through financing
(Could be a start-up that has yet to break even)
Some of the more importantcash flow patterns are:
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CONGRATULATIONS!!
You have completed the task!
Hopefully, your persistence has paidoff and you understand financial
statements much more fully and anyfear of financial statements has beenreduced.
GoCelebrate!
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