ILLUSTRATION 5-1 BALANCE SHEET CLASSIFICATIONS

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1 ILLUSTRATION 5-1 BALANCE SHEET CLASSIFICATIONS MAJOR BALANCE SHEET CLASSIFICATIONS ASSETS = LIABILITIES + OWNERS' EQUITY Current Assets Long-Term Investments Current Liabilities Long-Term Debt Capital Stock Preferred Stock Common Stock Property, Plant, & Equipment Deferred Taxes Additional Paid-In Capital Intangible Assets Retained Earnings Other Assets Treasury Stock Probable future economic benefits obtained by or controlled by an entity as a result of past transactions or events. Probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide goods or services to other entities in the future as a result of past transactions or events. Residual interest in the assets of an entity that remains after deducting its liabilities. In a business enterprise, equity is the ownership interest. 29

2 ILLUSTRATION 5-2 CURRENT ASSET CLASSIFICATION CURRENT ASSETS CURRENT LIABILITIES 1. Cash 2. Short-term investments 3. Receivables 4. Inventories 5. Prepaid expenses 1. Short-term debt 2. Accounts payable 3. Advances from customers 4. Income taxes payable 5. Current portion of long-term debt. WORKING CAPITAL = Current assets Current liabilities Indication of entity's liquidity Indication of flexibility in meeting financial demands of THE OPERATING CYCLE Cash Receivables Inventories 30

3 ILLUSTRATION 5-3 POST-BALANCE SHEET EVENTS (Subsequent Events) POST-BALANCE SHEET (SUBSEQUENT) EVENTS FINANCIAL STATEMENT PERIOD SUBSEQUENT EVENTS PERIOD Jan. 1 Dec. 31 March 25 [Balance Sheet Date] [Financial Statement Issue Date] Adjust Financial Statements: Material conditions that existed as of the Balance Sheet date Disclose in Notes: Material conditions that did NOT exist as of the Balance Sheet date No Adjustment or Disclosure: Immaterial conditions or nonaccounting events 31

4 ILLUSTRATION 5-4 STATEMENT OF CASH FLOWS CASH FLOWS Beginning Cash and Cash Equivalent Balance Operating Activities Investing Activities Financing Activities Ending Cash and Cash Equivalent Balance CASH OUTFLOWS Change in Cash and Cash Equivalents for the Period 32

5 ILLUSTRATION 5-5 FORMULAS FOR ANALYZING NET CASH PROVIDED BY OPERATING ACTIVITIES Current cash debt coverage ratio = Net cash provided by operating activities Average current liabilities Cash debt coverage ratio = Net cash provided by operating activities Average total liabilities Free cash flow = Net cash provided by operating activities (capital expenditures + dividends) 33

6 ILLUSTRATION 5-6 RATIOS RATIO FORMULA PURPOSE OR USE A. Liquidity 1. Current ratio Current assets Measures short-term debt-paying Current liabilities ability 2. Quick or acid-test Cash, marketable securities, Measures immediate short-term ratio and receivables (net) liquidity Current liabilities 3. Current cash debt Net cash provided by Measures a company's ability to ratio operating activities pay off its current liabilities in a Average current liabilities given year out of its operations B. Activity 4. Receivable turnover Net sales Measures liquidity of receivables Average trade receivables (net) 5. Inventory turnover Cost of goods sold Measures liquidity of inventory Average inventory 6. Asset turnover Net sales Average total assets Measures how efficiently assets are used to generate sales C. Probability 7. Profit margin on Net income Measures net income generated sales Net sales by each dollar of sales 8. Rate of return on Net income Measures overall profitability of assets Average total assets assets 9. Rate of return on Net income minus preferred dividends Measures profitability of owner's common stock Average common stockholders' equity investment equity 10. Earnings per share Net income minus preferred dividends Measures net income earned on Weighted shares outstanding each share of common stock 11. Price earnings ratio Market price of stock Measures the ratio of the market Earnings per share price per share to earnings per share 12. Payout ratio Cash dividends Net income Measures percentage of earnings distributed in the form of cash dividends D. Coverage 13. Debt to total assets Total debt Total assets or equities Measures the percentage of total assets provided by creditors 14. Times interest Income before interest Measures ability to meet interest earned charges and taxes payments as they come due Interest charges 15. Cash debt coverage Net cash provided by Measures a company's ability to ratio operating activities repay its total liabilities in a given Average total liabilities year out of its operations 16. Book value Common stockholders' equity Measures the amount each share per share Outstanding shares would receive if the company were liquidated 34

7 ILLUSTRATION 5-7 QUESTIONS COVERING THE FINANCIAL STATEMENTS OF INTEL CORPORATION Examine the financial statements and accompanying notes for Intel Corporation, in Appendix 5-B. Answer the following questions (for 1995 only, unless otherwise specified). 1. What are the ending dates of the 1993, 1994, and 1995 statements? 2. Is the income statement presented in a multiplestep format or single-step format? 3. Where is the information for the statement of retained earnings located? 4. Were there any accounting changes in 1993, 1994, or 1995? 5. Were there any prior period adjustments in 1993, 1994, or 1995? 6. What major subclassifications were used for assets? For liabilities? For shareholders' equity? 7. Were there any extraordinary items in 1993, 1994, or 1995? 8. What was the amount of the allowance for doubtful accounts? 9. What basis was used for valuing inventories? 10. What was the primary depreciation method used? 11. Where does it explain what the $400 million of long-term debt consists of? 12. What was the amount of depreciation and depletion expense for 1995? 35

8 ILLUSTRATION 5-7 (continued) 13. How much was 1995 earnings per share? How was it computed? 14. What was the company's effective tax rate for 1995? 15. What percentage of total 1995 sales was attributable to foreign sales? 16. What interest rate was used to determine the present value of projected benefits under the retirement plans for employees? 17. Were there any restrictions or appropriations of retained earnings during 1993, 1994, or 1995? 18. What is the par value per share of common stock? 19. What was the number of common shares authorized, issued, and outstanding at December 31, 1995? 20. What was the amount of cash dividends declared in 1995? 21. Was any unamortized bond premium or discount reported? 22. What types of contingent liabilities were disclosed? 23. Were any subsequent events disclosed? 24. Do the financial statements contain any examples of intraperiod tax allocation? 25. Did the auditor's report express any reservations about the financial statements? 26. What was the range of stock prices at December 31, 1995? 36

9 ILLUSTRATION 5-8 ANSWERS TO QUESTIONS ABOUT THE FINANCIAL STATEMENTS OF INTEL CORPORATION 1. The financial statements cover the year ended December 30, 1995, and the years ended December 31, 1994 and The income statement is presented in a condensed, mostly multiple-step format. 3. The information for the statement of retained earnings is located in the third column (Retained Earnings Column) of the Consolidated Statement of Stockholders' Equity. 4. Intel made accounting changes in both 1994 and The company adopted SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities", at the beginning of fiscal 1994; and SFAS No. 121, "Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to be Disposed of", in fiscal There were no prior period adjustments in 1993, 1994, or The major subclassifications of the balance sheet are: Assets current assets, property, plant and equipment, long-term investments, and other assets; Liabilities current liabilities, long-term debt, deferred tax liabilities, and put warrants; Stockholders' Equity preferred stock, common stock, additional capital in excess of par, and retained earnings. 7. There were no extraordinary items in 1993, 1994, or The amount of the allowance for doubtful accounts was $57 million and $32 million in 1995 and 1994, respectively. 9. Inventory was valued at lower of cost or market on a currently adjusted standard basis (an approximation of actual cost on an average or FIFO basis). 10. Straight-line depreciation was used. 11. The make up of the $400 million in long-term debt is discussed in the "Borrowings" footnote. 12. Depreciation expense in 1995 was $1,371 million, as shown in the Statement of Cash Flows. 37

10 ILLUSTRATION 5-8 (continued) 13. The earnings per common and dilutive common equivalent share was calculated by dividing the net income by the weighted average number of outstanding common and dilutive common equivalent shares. 14. The 1995 effective tax rate was 36.8%, as shown in the "Provision for Taxes" footnote. 15. Foreign sales amounted to 51.1% of total sales, as shown in the Industry Segmented Reporting footnote (total foreign sales divided by total sales). 16. An assumed 7% interest rate was used to determine the present value of projected benefits, as shown in the Retirement Plans footnote. 17. There were no restrictions on retained earnings for 1993, 1994, or The par value per common share was $ As of December 30, 1995, there were 1,400 million shares authorized, and 821 million shares issued and outstanding cash dividends paid amounted to $124 million, as shown on the Consolidated Statement of Stockholders' Equity. 21. The unamortized bond discount for 1994 was $8 million, as shown in the Long-term Debt footnote. 22. Intel was involved in various legal proceedings, which management believes will not have an adverse effect on Intel's financial condition, as shown in the Contingencies footnote. 23. There were no subsequent events disclosed. 24. There was no intraperiod tax allocation disclosed. 25. The auditor's report did not express any reservation about the financial statements, and issued an unqualified opinion. 26. The range of stock prices for Intel at December 30, 1995 was $56.75 $

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