Reporting and Interpreting Liabilities Irwin/McGraw-Hill

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1 Chapter 9 Reporting and Interpreting Liabilities

2 Business Background The acquisition of assets is financed from two sources: Debt - funds from creditors Equity - funds from owners

3 Business Background The mix of debt and equity for a company is called the capital structure: Debt - funds from creditors Equity - funds from owners

4 Business Background Debt is considered riskier than equity. Interest is is a legal obligation. Creditors can force bankruptcy.

5 Business Background Financial Leverage - Borrowing at one rate and investing at a higher rate. If we borrow $1,000,000 at 8% and invest it at 10%, we will clear $20,000 profit!

6 Liabilities Defined and Classified Defined as probable future sacrifices of economic benefits. Maturity = 1 year or less Current Liabilities Maturity > 1 year Noncurrent Liabilities

7 Liabilities Defined and Classified Liabilities are measured at their current cash equivalent (the amount a creditor would accept to cancel the debt) at the time incurred.

8 Liabilities Defined and Classified An important indicator of a company s ability to meet its current obligations. Two commonly used measures: Current Ratio = Current Assets Current Liabilities Working Capital = Current Assets - Current Liabilities

9 Current Ratio General Mills has current liabilities of $1,443.7 and current assets of $1, The current ratio is... Current Ratio = Current Current Assets Liabilities = $ 1,035.3 $ 1,443.7 = 0.72

10 Current Liabilities Account Name Accounts Payable Accrued Liabilities Deferred Revenues Note Payable Also Called Trade Accounts Payable Accrued Expenses Unearned Revenues N/A Definition Obligations to pay for goods and services used in the basic operating activities of the business. Obligations related to expenses that have been incurred, but will not be paid until the subsequent period. Obligations arising when cash is received prior to the related revenue being earned. Portions of debt that are due within the next year or operating cycle.

11 Deferred Revenues and Service Obligations Cash is collected from the customer before the revenue is actually earned. Cash is received in advance. Deferred revenue is recorded. Deferred revenue is a liability account.

12 Deferred Revenues and Service Obligations Cash is collected from the customer before the revenue is actually earned. As the earnings process is completed... Cash is received in advance. Deferred revenue is recorded. Earned revenue is recorded.

13 Current Portion of Long-Term Debt Any portion of a note payable that is due within one year, or the operating cycle, whichever is longer. Total Notes Payable Current Notes Payable Noncurrent Notes Payable

14 Interest Interest is the compensation to the lender for giving up the use of their money for a period of time.!to the lender, interest is is a revenue.!to the borrower, interest is is an expense.

15 Interest The interest formula includes three variables that must be considered when computing interest: Interest = Principal Interest Rate Time When computing interest for one year, Time equals When the computation period is is less than one year, then Time is is a fraction.

16 Interest General Mills borrows $100,000 for 2 months at at an annual interest rate of 12%. Compute the interest on the note for the loan period.

17 Interest General Mills borrows $100,000 for 2 months at at an annual interest rate of 12%. Compute the interest on the note for the loan period. Interest = Principal Interest Rate Time Interest = $ 100,000 12% 2/12 Interest = $ 2,000

18 Working Capital Management Changes in working capital accounts affect a company s cash flows as indicated in the following table. Start with accounting net income and if a: Current Asset Account Current Liability Account Increases Decreases Subtract Decreases Increases Add... the change from accounting net income.

19 Long-Term Liabilities Creditors often require the borrower to pledge specific assets as security for the long-term liability. Maturity = 1 year or less Current Liabilities Maturity > 1 year Long-term Liabilities

20 Long-Term Debt It s going to take my company years to pay for this project!

21 Sources for Long-Term Loans Relatively small debt needs can be filled from single sources. Banks or Insurance Companies or Pension Plans

22 Sources for Publicly Issued Debt Significant debt needs are often filled by issuing bonds to the public. Bonds Cash

23 Borrowing in Foreign Currencies When a company has operations in a foreign country, it it often borrows in the local currency. This reduces exchange rate risk. Because interest rates vary from country to country, companies may borrow in the foreign market with the lowest interest rate.

24 Deferred Taxes GAAP is the set of rules for preparing financial statements. The Internal Revenue Code is the set of rules for preparing tax returns. Results in... Usually... Results in... Financial statement income tax expense. IRS income taxes payable. The difference between tax expense and tax payable is is recorded in in an account called deferred taxes.

25 Deferred Taxes Here is the December 31, 2001, financial information for General Mills. Revenues $ 1,000,000 Depreciation Expense: Straight-line 200,000 Accelerated 320,000 Other Expenses 650,000 The company uses straight-line depreciation for financial reporting and accelerated depreciation for income tax reporting. The company has a 30% tax rate.

26 Deferred Taxes Compute General Mill s income tax expense and income tax payable. Revenues $ 1,000,000 Le Less: Depreciation 200, ,000 Other Other expenses 650, ,000 Income Income before before taxes taxes $ 150, ,000 Tax Tax rate rate 30% 30% Income Income taxes taxes $ 45,000 45,000 Income Tax Statement Return Difference The income tax amount computed based on on financial statement income is is income tax expense for the period.

27 Deferred Taxes Compute General Mill s income tax expense and income tax payable. Income Tax Statement Return Difference Revenues $ 1,000,000 $ 1,000,000 Le Less: Depreciation 200, , , ,000 Other Other expenses 650, , , ,000 Income Income before before taxes taxes $ 150, ,000 $ 30,000 30,000 Tax Tax rate rate 30% 30% 30% 30% Income Income taxes taxes $ 45,000 45,000 $ 9,000 9,000 Income taxes based on on tax return income are the taxes payable for the period.

28 Deferred Taxes Compute The deferred General tax for Mill s the period income of tax expense $36,000 and is the income difference tax between payable. income tax expense of $45,000 and income tax payable of $9,000. Income Tax Statement Return Difference Revenues $ 1,000,000 $ 1,000,000 $ -- Le Less: Depreciation 200, , , ,000 (120,000) Other Other expenses 650, , , , Income Income before before taxes taxes $ 150, ,000 $ 30,000 30,000 $ 120, ,000 Tax Tax rate rate 30% 30% 30% 30% 30% 30% Income Income taxes taxes $ 45,000 45,000 $ 9,000 9,000 $ 36,000 36,000

29 Accrued Retirement Benefits Two types of plans... Defined contribution plans. Defined benefit plans. Transfer of contributions Pension payments Employer Retirement Plan Trustee Retirees

30 Accrued Retirement Benefits: Defined Contribution Plans Regular, defined contributions to the fund. The fund balance changes in in value with the accumulation of contributions and earnings. Decreased by benefits paid. Benefits received depend on the fund balance available at at retirement.

31 Accrued Retirement Benefits: Defined Benefit Plans Retirement benefits are defined by the company retirement plan. Contributions to the plan must be made so as to insure the availability of funds to pay the defined benefits.

32 Contingent Liabilities Potential liabilities that arise because of events or transactions that have already occurred. Probability of future sacrifice... Reasonably Probable Possible Remote Record Disclose Amount contingent liability in the No Can be liability. notes to the action. Estimated financial stmts. Disclose Disclose Amount liability in the liability in the No Cannot be notes to the notes to the action. Estimated financial stmts. financial stmts.

33 Now let s turn our attention to present value concepts.

34 Present and Future Value Concepts $1,000 invested today at 10%. In 5 years it will be worth $1, In 25 years it will be worth $10,834.71! Money can grow over time, because it can earn interest.

35 Present and Future Value Concepts $1,000 invested today at 10%. Present Value In 5 years it will be worth $1, In 25 years it will be worth $10,834.71! Future Value

36 Present and Future Value Concepts The growth is a mathematical function of four variables: "The value today. #The value in the future. $The interest rate. %The time period.

37 Present and Future Value Concepts Two types of cash flows can be involved: Periodic payments called annuities. Today Single payment

38 Time Value Tables Present and future value tables are available for: Future value, single amount. Present value, single amount. Future value, annuity. Present value, annuity.

39 Future Value of a Single Amount How much will an amount today be worth in the future? Present Value Interest compounding periods Future Value Today

40 Future Value of a Single Amount If If we invest $1,000 today earning 10% interest, compounded annually, how much will it it be worth in in three (3) years? a. a. $1,000 b. b. $1,010 c. c. $1,100 d. d. $1,331

41 Future Value of a Single Amount If If we invest $1,000 today earning 10% interest, compounded annually, how much will it it be worth in in three (3) years? a. a. $1,000 The b. b. $1,010 invested amount is is $1,000. i i = 10% & n = 3 years c. c. $1,100 Using the future value of of a single d. d. $1,331 amount table, the factor is is $1, = $1,331

42 Present Value of a Single Amount How much is a future amount worth today? Present Value Interest compounding periods Future Value Today

43 Present Value of a Single Amount How much do we need to invest today at at 10% interest, compounded annually, if if we need $1,331 in in three (3) years? a. a. $1, b. b. $ c. c. $ d. d. $

44 Present Value of a Single Amount How much do we need to invest today at at 10% interest, compounded annually, if if we need $1,331 in in three (3) years? a. a. $1, b. b. $ i i = 10% & n = 3 years c. c. $ Using the present value of of a single d. d. $ amount table, the factor is is The required future amount is is $1,331. $1, = $1, (rounded)

45 Future Value of an Annuity Equal payments are made each period. The payments and interest accumulate over time. Accumulation Present Value Interest compounding periods Future Value Today Payment 1 Payment 2 Payment 3 + +

46 Future Value of an Annuity If If we invest $1,000 each year at interest of 10%, compounded annually, how much will we have at the end of three years? a. $3,000 b. $3,090 c. $3,300 d. $3,310

47 Future Value of an Annuity If If we invest $1,000 each year at interest of 10%, compounded annually, how much will we have at the end of three years? a. $3,000 b. $3,090 i i = 10% & n = 3 years c. $3,300 Using the future value of of an an annuity table, d. $3,310 the factor is is The annual investment amount is is $1,000. $1, = $3,310

48 Present Value of an Annuity What is the value today of a series of payments to be received or paid out in the future? Present Value Interest compounding periods Future Value Today Payment 1 Payment 2 Payment 3

49 Present Value of an Annuity What is the present value of receiving $1,000 each year for three years at interest of 10%, compounded annually? a. $3, b. $2, c. $2, d. $2,486.90

50 Present Value of an Annuity What is the present value of receiving $1,000 each year for three years at interest of 10%, compounded annually? a. $3, The annual receipt amount is is b. $2, $1,000. c. $2, i i = 10% & n = 3 years Using d. $2, the present value of of an an annuity table, the factor is is $1, = $2,486.90

51 End of Chapter 9

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