Chapter 3 Statements and Ratios Pearson Prentice Hall. All rights reserved. 1-1
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1 Chapter 3 Statements and Ratios 2012 Pearson Prentice Hall. All rights reserved. 1-1
2 The Stockholders Report Generally accepted accounting principles (GAAP) are the practice and procedure guidelines used to prepare and maintain financial records and reports; The Sarbanes-Oxley Act of 2002, passed to eliminate the many disclosure and conflict of interest problems of corporations More Countries Adopt International Financial Reporting Standards International Financial Reporting Standards (IFRS) are established by the International Accounting Standards Board (IASB) Pearson Prentice Hall. All rights reserved. 3-2
3 Focus on Ethics Take Earnings Reports at Face Value Near the end of each quarter, many companies unveil their quarterly performance. Firms that beat analyst estimates often see their share prices jump, while those that miss estimates by even a small amount, tend to suffer price declines. The practice of manipulating earnings in order to mislead investors is known as earnings management. Why might financial managers be tempted to manage earnings? Is it unethical for managers to manage earnings if they disclose their activities to investors? 2012 Pearson Prentice Hall. All rights reserved. 3-3
4 The Four Key Financial Statements: The Income Statement The income statement provides a financial summary of a company s operating results during a specified period. Although they are prepared quarterly for reporting purposes, they are generally computed monthly by management and quarterly for tax purposes Pearson Prentice Hall. All rights reserved. 3-4
5 Table 3.1 Bartlett Company Income Statements ($000) Concentrate on control issue Gross profit control expenses of production Operating profit control of the expenses of running the company Net income remaining profits after all expenses paid 2012 Pearson Prentice Hall. All rights reserved. 3-5
6 Personal Finance Example 2012 Pearson Prentice Hall. All rights reserved. 3-6
7 The Four Key Financial Statements: The Balance Sheet The balance sheet presents a summary of a firm s financial position at a given point in time. The statement balances the firm s assets (what it owns) against its financing, which can be either debt (what it owes) or equity (what was provided by owners) Pearson Prentice Hall. All rights reserved. 3-7
8 Table 3.2a Bartlett Company Balance Sheets ($000) Represents the assets that management has purchased and uses to achieve it s mission and goals Pearson Prentice Hall. All rights reserved. 3-8
9 Table 3.2b Bartlett Company Balance Sheets ($000) Represents how management gets the $$ to purchase the assets of the firm Pearson Prentice Hall. All rights reserved. 3-9
10 Personal Finance Example 2012 Pearson Prentice Hall. All rights reserved. 3-10
11 Personal Finance: Cash Management Identify all cash inflows and outflows. Breakdown into specific areas of spending. Discretionary Spending after all revenues and expenses are accounted for this is the amount that should be left in the checkbook at the end. What should you do with a surplus (+)?; a deficit (-)? Under worksheet Personal Finance go to Cash Management area. Use macros CTRL + SHIFT + F Select Cash Management Copyright 2009 Pearson Prentice Hall. All rights reserved.
12 Cash Management This part of the worksheet is used to identify major levels of revenue and expenditure. Debts include only loans, not utilities etc. Individual personal expenses are considered in the next slide. In this application, Living Expenses identifies remaining cash for other monthly expenses. Copyright 2009 Pearson Prentice Hall. All rights reserved. Cash Management and Budget
13 Living Expenses In this part of the worksheet, expenses can be averaged by listing the past 3 months expenses or annual numbers can be analyzed by inputting the data in column 3. Discretionary income here represents the amount of cash left over at the end of the period! This should be in the checkbook!!!! Copyright 2009 Pearson Prentice Hall. All rights reserved. Cash Management and Budget
14 Personal Finance: Net Worth Balance sheet looks very similar to a corporate balance sheet. Net worth = Total Assets Total Liabilities If you retired and sold everything you owned and paid off everyone you owed; this is what you would have to live off the rest of your life. When we are young this number is frequently negative. Especially if you have a student loan. Why? Copyright 2009 Pearson Prentice Hall. All rights reserved.
15 Personal Finance: Net Worth Identify all Assets and Liabilities Breakdown into proper categories Under worksheet Personal Finance go to Cash Management area. Use macros CTRL + SHIFT + F Select Personal Net Worth Copyright 2009 Pearson Prentice Hall. All rights reserved.
16 Copyright 2009 Pearson Prentice Hall. All rights reserved. Personal Net Worth
17 The Four Key Financial Statements: Statement of Retained Earnings The statement of retained earnings reconciles the net income earned during a given year, and any cash dividends paid, with the change in retained earnings between the start and the end of that year Pearson Prentice Hall. All rights reserved. 3-17
18 The Four Key Financial Statements: Statement of Cash Flows The statement of cash flows provides a summary of the firm s operating, investment, and financing cash flows and reconciles them with changes in its cash and marketable securities during the period. This statement not only provides insight into a company s investment, financing and operating activities, but also ties together the income statement and previous and current balance sheets Pearson Prentice Hall. All rights reserved. 3-18
19 Table 3.4 Bartlett Company Statement of Cash Flows ($000) for the Year Ended December 31, 2012 The cash flow statement illustrates the primary decisions that managers make. Managers make decisions on how to run the business (operations) Managers decide what kinds of assets to buy (investment) Managers decide where to get the $$ to run the business (financing) 2012 Pearson Prentice Hall. All rights reserved. 3-19
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