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Chapter6FinancialStatementAnalysisChapter6FinancialStatementAAfterStudyingChapter6,youshouldbeableto:Understandthepurposeofbasicfinancialstatementsandtheircontents.Understandwhatismeantby“convergence”inaccountingstandards.Explainwhyfinancialstatementanalysisisimportanttothefirmandtooutsidesuppliersofcapital.Define,calculate,andcategorize(accordingtoliquidity,financialleverage,coverage,activity,andprofitability)themajorfinancialratiosandunderstandwhattheycantellusaboutthefirm.Define,calculate,anddiscussafirm’soperatingcycleandcashcycle.Useratiostoanalyzeafirm'shealthandthenrecommendreasonablealternativecoursesofactiontoimprovethehealthofthefirm.Analyzeafirm’sreturnoninvestment(i.e.,“earningpower”)andreturnonequityusingaDuPontapproach.Understandthelimitationsoffinancialratioanalysis.Usetrendanalysis,common-sizeanalysis,andindexanalysistogainadditionalinsightsintoafirm'sperformance.AfterStudyingChapter6,youFinancialStatementsAPossibleFrameworkforAnalysisBalanceSheetRatiosIncomeStatementandIncome/BalanceSheetRatiosTrendAnalysisCommon-SizeandIndexAnalysisFinancial

StatementAnalysisFinancialStatementsFinancialTradeCreditors

–Focusontheliquidityofthefirm.Bondholders

–Focusonthelong-termcashflowofthefirm.Shareholders–Focusontheprofitabilityandlong-termhealthofthefirm.ExamplesofExternalUsesofStatementAnalysisTradeCreditors–FocusonthePlan

–Focusonassessingthecurrentfinancialpositionandevaluatingpotentialfirmopportunities.Control

–Focusonreturnoninvestmentforvariousassetsandassetefficiency.Understand–Focusonunderstandinghowsuppliersoffundsanalyzethefirm.ExamplesofInternalUsesofStatementAnalysisPlan–FocusonassessingtheConvergenceofAccountingStandards:AimstonarroworremovedifferencessothatinvestorscanbetterunderstandfinancialstatementspreparedunderdifferentaccountingframeworksIASB–InternationalAccountingStandardsBoardhastheresponsibilityofIFRSIFRS–InternationalFinancialReportingStandards(EUcountriesadopted)USGAAP–USGenerallyAcceptedAccountingPrinciplesdeterminedbyFASBFASB–FinancialAccountingStandardsBoarddeterminesaccountingstandardsforfinancialstatementsGlobalAccountingStandardsConvergenceofAccountingStanIncomeStatementAsummaryofafirm’srevenuesandexpensesoveraspecifiedperiod,endingwithnetincomeorlossfortheperiod.BalanceSheetAsummaryofafirm’sfinancialpositiononagivendatethatshowstotalassets=totalliabilities+owners’equity.PrimaryTypesofFinancialStatementsIncomeStatementBalanceSheetPa.Howthefirmstandsonaspecificdate.b.WhatBWowned. c.Amountsowedbycustomers.d.Futureexpenseitemsalreadypaid.e.Cash/likelyconvertibletocashwithin1year.f.Originalamountpaid.g.Acc.deductionsforwearandtear.Cash $90Acct.Rec.c 394Inventories 696PrepaidExp

d 5AccumTaxPrepay

10

CurrentAssetse$1,195FixedAssets(@Cost)f1030Less:Acc.Depr.g (329)

NetFix.Assets

$701Investment,LT

50OtherAssets,LT 223

TotalAssets b$2,169BasketWondersBalanceSheet(thousands)Dec.31,2007aBasketWonders’BalanceSheet(AssetSide)a.Howthefirmstandsonasa.Note,Assets=Liabilities+Equity.b.WhatBWowedandownershipposition. c.Owedtosuppliersforgoodsandservices.d.Unpaidwages,salaries,etc.e.Debtspayable<1year.f.Debtspayable>1year.g.Originalinvestment.h.Earningsreinvested.NotesPayable $ 290Acct.Payablec 94AccruedTaxes

d 16OtherAccruedLiab.

d

100

CurrentLiab.

e$500Long-TermDebt

f

530

Shareholders’Equity Com.Stock($1par)

g

200

AddPdinCapital

g 729RetainedEarnings

h

210

TotalEquity $1,139

TotalLiab/Equitya,b$2,169BasketWondersBalanceSheet(thousands)Dec.31,2007BasketWonders’BalanceSheet(LiabilitySide)a.Note,Assets=Liabilitiesa.Measuresprofitabilityoveratimeperiod.b.Received,orreceivable,fromcustomers. c.Salescomm.,adv.,officers’salaries,etc.d.Operatingincome.e.Costofborrowedfunds.f.Taxableincome.g.Amountearnedforshareholders.NetSales $2,211CostofGoodsSold

b

1,599 GrossProfit

$612SG&AExpensesc

402

EBITd

$210InterestExpensee

59

EBTf

$

151

IncomeTaxes

60

EATg

$91CashDividends 38IncreaseinRE

$53BasketWondersStatementofEarnings(inthousands)forYearEndingDecember31,2007aBasketWonders’IncomeStatementa.MeasuresprofitabilityoveAnalyticalToolsUsedSourcesandUsesStatementStatementofCashFlowsCashBudgets1.Analysisofthefundsneedsofthefirm.Trend/SeasonalComponentHowmuchfundingwillberequiredinthefuture?Isthereaseasonalcomponent?FrameworkforFinancialAnalysisAnalyticalToolsUsed1.AnalyHealthofaFirmFinancialRatios 1.Individually 2.Overtime 3.Incombination 4.Incomparison1.Analysisofthefundsneedsofthefirm.2.Analysisofthefinancialconditionandprofitabilityofthefirm.FrameworkforFinancialAnalysisHealthofaFirm1.AnalysisoExamples:VolatilityinsalesVolatilityincostsProximitytobreak-evenpoint1.Analysisofthefundsneedsofthefirm.2.Analysisofthefinancialconditionandprofitabilityofthefirm.3.Analysisofthebusinessriskofthefirm.Businessriskrelatestotheriskinherentintheoperationsofthefirm.FrameworkforFinancialAnalysisExamples:1.AnalysisofthefAFinancialManagermustconsiderallthreejointlywhendeterminingthefinancingneedsofthefirm.Determiningthefinancingneedsofthefirm.1.Analysisofthefundsneedsofthefirm.2.Analysisofthefinancialconditionandprofitabilityofthefirm.3.Analysisofthebusinessriskofthefirm.FrameworkforFinancialAnalysisAFinancialManagermustconsiNegotiationswithsuppliersofcapital.Determiningthefinancingneedsofthefirm.1.Analysisofthefundsneedsofthefirm.2.Analysisofthefinancialconditionandprofitabilityofthefirm.3.Analysisofthebusinessriskofthefirm.FrameworkforFinancialAnalysisNegotiationsDetermining1.AnaTypesofComparisonsInternalComparisonsExternalComparisonsAFinancialRatioisanindexthatrelatestwoaccountingnumbersandisobtainedbydividingonenumberbytheother.UseofFinancialRatiosTypesofComparisonsAFinanciaExamples:RiskManagementAssociationDun&BradstreetAlmanacofBusinessandIndustrialFinancialRatiosThisinvolvescomparingtheratiosofonefirmwiththoseofsimilarfirmsorwithindustryaverages.Similarityisimportantasoneshouldcompare“applestoapples.”ExternalComparisonsandSourcesofIndustryRatiosExamples:ThisinvolvescompariCurrentCurrentAssetsCurrentLiabilitiesForBasketWondersDecember31,2007Showsafirm’sabilitytocoveritscurrentliabilitieswithitscurrentassets.BalanceSheetRatiosLiquidityRatios$1,195$500=2.39LiquidityRatiosCurrentShowsafirm’sabilityBW Industry2.39 2.152.26 2.091.91 2.01Year200720062005Current

RatioRatioisstrongerthantheindustryaverage.LiquidityRatioComparisonsBW IndustryYearCurrentRaAcid-Test(Quick)CurrentAssets-InvCurrentLiabilitiesForBasketWondersDecember31,2007Showsafirm’sabilitytomeetcurrentliabilitieswithitsmostliquidassets.BalanceSheetRatiosLiquidityRatios$1,195–$696$500=1.00LiquidityRatiosAcid-Test(Quick)Showsafirm’BW Industry1.00 1.251.04 1.231.11 1.25Year200720062005Acid-TestRatioRatioisweakerthantheindustryaverage.LiquidityRatioComparisonsBW IndustryYearAcid-TestStrongcurrentratioandweakacid-testratioindicatesapotentialproblemintheinventoriesaccount.Notethatthisindustryhasarelativelyhighlevelofinventories.Ratio BW IndustryCurrent 2.39 2.15Acid-Test 1.00 1.25SummaryoftheLiquidityRatioComparisonsStrongcurrentratioandweak

TrendAnalysisofCurrentRatio200520062007AnalysisYearRatioValueBWIndustryCurrentRatio–TrendAnalysisComparisonTrendAnalysisofCurrentTrendAnalysisofAcid-TestRatio1.31.5200520062007AnalysisYearRatioValueBWIndustryAcid-TestRatio–TrendAnalysisComparisonTrendAnalysisofAcid-TestRaThecurrentratiofortheindustryhasbeenrisingslowlyatthesametimetheacid-testratiohasbeenrelativelystable.ThisindicatesthatinventoriesareasignificantproblemforBW.ThecurrentratioforBWhasbeenrisingatthesametimetheacid-testratiohasbeendeclining.SummaryoftheLiquidityTrendAnalysesThecurrentratiofortheinduDebt-to-EquityTotalDebtShareholders’EquityForBasketWondersDecember31,2007Showstheextenttowhichthefirmisfinancedbydebt.BalanceSheetRatiosFinancialLeverageRatios$1,030$1,139=0.90FinancialLeverageRatiosDebt-to-EquityShowstheextentBW Industry0.90 0.900.88 0.900.81 0.89Year200720062005Debt-to-EquityRatioBWhasaveragedebtutilizationrelativetotheindustryaverage.FinancialLeverage

RatioComparisonsBW IndustryYearDebt-to-EqDebt-to-Total-AssetsTotalDebtTotalAssetsForBasketWondersDecember31,2007Showsthepercentageofthefirm’sassetsthataresupportedbydebtfinancing.BalanceSheetRatiosFinancialLeverageRatios$1,030$2,169=0.47FinancialLeverageRatiosDebt-to-Total-AssetsShowstheBW Industry0.47 0.47

0.47 0.470.45 0.47Year200720062005Debt-to-Total-AssetRatioBWhasaveragedebtutilizationrelativetotheindustryaverage.FinancialLeverage

RatioComparisonsBW IndustryYearDebt-to-ToTotalCapitalizationTotalDebtTotalCapitalizationForBasketWondersDecember31,2007Showstherelativeimportanceoflong-termdebttothelong-termfinancingofthefirm.BalanceSheetRatiosFinancialLeverageRatios$1,030$1,669=0.62(i.e.,LT-Debt+Equity)FinancialLeverageRatiosTotalCapitalizationShowstheBW Industry0.62 0.600.62 0.610.67 0.62Year200720062005TotalCapitalizationRatioBWhasaveragelong-termdebtutilizationrelativetotheindustryaverage.FinancialLeverage

RatioComparisonsBW IndustryYearTotalCapiInterestCoverageEBITInterestChargesForBasketWondersDecember31,2007Indicatesafirm’sabilitytocoverinterestcharges.IncomeStatementRatiosCoverageRatios$210$59=3.56CoverageRatiosInterestCoverageIndicatesafBW Industry3.56 5.194.35 5.0210.30 4.66Year200720062005InterestCoverageRatioBWhasbelowaverageinterestcoveragerelativetotheindustryaverage.Coverage

RatioComparisonsBW IndustryYearInterest

TrendAnalysisofInterestCoverageRatio3.05.07.09.011.0200520062007AnalysisYearRatioValueBWIndustryCoverageRatio–TrendAnalysisComparisonTrendAnalysisofInterestThisindicatesthatlowearnings(EBIT)maybeapotentialproblemforBW.Note,weknowthatdebtlevelsareinlinewiththeindustryaverages.TheinterestcoverageratioforBWhasbeenfallingsince2005.Ithasbeenbelowindustryaveragesforthepasttwoyears.SummaryoftheCoverageTrendAnalysisThisindicatesthatlowearninReceivableTurnoverAnnualNetCreditSalesReceivablesForBasketWondersDecember31,2007Indicatesqualityofreceivablesandhowsuccessfulthefirmisinitscollections.IncomeStatement/BalanceSheetRatiosActivityRatios$2,211$394=5.61(Assumeallsalesarecreditsales.)ActivityRatiosReceivableTurnoverIndicatesqAvgCollectionPeriodDaysintheYearReceivableTurnoverForBasketWondersDecember31,2007Averagenumberofdaysthatreceivablesareoutstanding.(orRTindays)IncomeStatement/BalanceSheetRatiosActivityRatios3655.61=65daysActivityRatiosAvgCollectionPeriodAveragenBW Industry65.0 65.771.1 66.383.6 69.2Year200720062005AverageCollectionPeriodBWhasimprovedtheaveragecollectionperiodtothatoftheindustryaverage.Activity

RatioComparisonsBW IndustryYearAverageCoPayableTurnover(PT)AnnualCreditPurchasesAccountsPayableForBasketWondersDecember31,2007Indicatesthepromptnessofpaymenttosuppliersbythefirm.IncomeStatement/BalanceSheetRatiosActivityRatios$1551$94=16.5(Assumeannualcreditpurchases=$1,551.)ActivityRatiosPayableTurnover(PT)IndicatesPTinDaysDaysintheYearPayableTurnoverForBasketWondersDecember31,2007Averagenumberofdaysthatpayablesareoutstanding.IncomeStatement/BalanceSheetRatiosActivityRatios36516.5=22.1daysActivityRatiosPTinDaysAveragenumberofdaBW Industry22.1 46.725.4 51.143.5 48.5Year200720062005PayableTurnoverinDaysBWhasimprovedthePTinDays.Isthisgood?Activity

RatioComparisonsBW IndustryYearPayableTuInventoryTurnoverCostofGoodsSoldInventoryForBasketWondersDecember31,2007Indicatestheeffectivenessoftheinventorymanagementpracticesofthefirm.IncomeStatement/BalanceSheetRatiosActivityRatios$1,599$696=2.30ActivityRatiosInventoryTurnoverIndicatesthBW Industry2.30 3.452.44 3.762.64 3.69Year200720062005InventoryTurnoverRatioBWhasaverypoorinventoryturnoverratio.Activity

RatioComparisonsBW IndustryYearInventory

TrendAnalysisofInventoryTurnoverRatio2.02.53.03.54.0200520062007AnalysisYearRatioValueBWIndustryInventoryTurnoverRatio–TrendAnalysisComparisonTrendAnalysisofInventorTotalAssetTurnoverNetSalesTotalAssetsForBasketWondersDecember31,2007Indicatestheoveralleffectivenessofthefirminutilizingitsassetstogeneratesales.IncomeStatement/BalanceSheetRatiosActivityRatios$2,211$2,169=1.02ActivityRatiosTotalAssetTurnoverIndicatesBW Industry1.02 1.171.03 1.141.01 1.13Year200720062005TotalAssetTurnoverRatioBWhasaweaktotalassetturnoverratio.Whyisthisratioconsideredweak?Activity

RatioComparisonsBW IndustryYearTotalAsseGrossProfitMarginGrossProfitNetSalesForBasketWondersDecember31,2007Indicatestheefficiencyofoperationsandfirmpricingpolicies.IncomeStatement/BalanceSheetRatiosProfitabilityRatios$612$2,211=0.277ProfitabilityRatiosGrossProfitMarginIndicatestBW Industry27.7% 31.1%28.7 30.831.3 27.6Year200720062005GrossProfitMarginBWhasaweakGrossProfitMargin.Profitability

RatioComparisonsBW IndustryYearGrossProf

TrendAnalysisofGrossProfitMargin25.027.530.032.535.0200520062007AnalysisYearRatioValue(%)BWIndustryGrossProfitMargin–

TrendAnalysisComparisonTrendAnalysisofGrossPrNetProfitMarginNetProfitafterTaxesNetSalesForBasketWondersDecember31,2007Indicatesthefirm’sprofitabilityaftertakingaccountofallexpensesandincometaxes.IncomeStatement/BalanceSheetRatiosProfitabilityRatios$91$2,211=0.041ProfitabilityRatiosNetProfitMarginIndicatestheBW Industry4.1% 8.2%4.9 8.19.0 7.6Year200720062005NetProfitMarginBWhasapoorNetProfitMargin.Profitability RatioComparisonsBW IndustryYearNetProfit

TrendAnalysisofNetProfitMargin45678910200520062007AnalysisYearRatioValue(%)BWIndustryNetProfitMargin–

TrendAnalysisComparisonTrendAnalysisofNetProfReturnonInvestmentNetProfitafterTaxesTotalAssetsForBasketWondersDecember31,2007Indicatestheprofitabilityontheassetsofthefirm(afterallexpensesandtaxes).IncomeStatement/BalanceSheetRatiosProfitabilityRatios$91$2,160=0.042ProfitabilityRatiosReturnonInvestmentIndicatesBW Industry4.2% 9.6%5.0 9.19.1 10.8Year200720062005ReturnonInvestmentBWhasapoorReturnonInvestment.Profitability RatioComparisonsBW IndustryYearReturnon

TrendAnalysisofReturnonInvestment4681012200520062007AnalysisYearRatioValue(%)BWIndustryReturnonInvestment–

TrendAnalysisComparisonTrendAnalysisofReturnoReturnonEquityNetProfitafterTaxesShareholders’EquityForBasketWondersDecember31,2007Indicatestheprofitabilitytotheshareholdersofthefirm(afterallexpensesandtaxes).IncomeStatement/BalanceSheetRatiosProfitabilityRatios$91$1,139=0.08ProfitabilityRatiosReturnonEquityIndicatestheBW Industry8.0% 18.0%9.4 17.216.6 20.4Year200720062005ReturnonEquityBWhasapoorReturnonEquity.Profitability RatioComparisonsBW IndustryYearReturnon

TrendAnalysisofReturnonEquity7.010.514.017.521.0200520062007AnalysisYearRatioValue(%)BWIndustryReturnonEquity–

TrendAnalysisComparisonTrendAnalysisofReturnoROI2007

=0.041×

1.02=

0.042

or4.2%ROIIndustry=0.082×

1.17=

0.096

or9.6%(Note:valuesarerounded)ROI

=Netprofitmargin×

TotalassetturnoverEarningPower

=Salesprofitability×

AssetefficiencyReturnonInvestmentandtheDuPontApproachROI2007=0.041×1.02=ROE2007=0.041

×

1.02×1.90=

0.080ROEIndustry=0.082

×

1.17×1.88=0.180(Note:valuesarerounded)ReturnOnEquity=NetprofitmarginX

TotalassetturnoverX

EquityMultiplierEquityMultiplier=TotalAssetsShareholders’EquityReturnonEquityand

theDuPontApproachROE2007=0.041×1.02×TheprofitabilityratiosforBWhaveALLbeenfallingsince2005.Eachhasbeenbelowtheindustryaveragesforthepastthreeyears.ThisindicatesthatCOGS

and

administrativecosts

maybothbetoohighandapotentialproblemforBW.Note,thisresultisconsistentwiththelowinterestcoverageratio.SummaryoftheProfitabilityTrendAnalysesTheprofitabilityratiosforBInventoriesaretoohigh.Maybepayingoffcreditors(accountspayable)toosoon.COGSmaybetoohigh.Selling,general,andadministrativecostsmaybetoohigh.SummaryofRatioAnalysesInventoriesaretoohigh.SummaAnanalysisofpercentagefinancialstatementswhereallbalancesheetitemsaredividedbytotalassetsandallincomestatementitemsaredividedbynetsalesorrevenues.Common-SizeAnalysisAnanalysisofpercentagefinaBasketWonders’CommonSizeBalanceSheetsBasketWonders’CommonSizeBaBasketWonders’Common-SizeBalanceSheetsBasketWonders’Common-SizeBBasketWonders’Common-SizeIncomeStatementsBasketWonders’Common-SizeIAnanalysisofpercentagefinancialstatementswhereallbalancesheetorincomestatementfiguresforabaseyearequal100.0(percent)andsubsequentfinancialstatementitemsareexpressedaspercentagesoftheirvaluesinthebaseyear.IndexAnalysesAnanalysisofpercentagefinaBasketWonders’

IndexedBalanceSheetsBasketWonders’

IndexedBalanBasketWonders’

IndexedBalanceSheetsBasketWonders’

IndexedBalan

Regular(thousandsof$)

Indexed(%)

2005

2006

2007

2005

2006

2007

NetSales

1,235

2,106

2,211

100.0

170.5

179.0

COGS

849

1,501

1,599

100.0

176.8

188.3

GrossProfit

386

605

612

100.0

156.7

158.5

Adm.

180

383

402

100.0

212.8

223.3

EBIT

206

222

210

100.0

107.8

101.9

IntExp

20

51

59

100.0

255.0

295.0

EBT

186

171

151

100.0

91.9

81.2

EAT

112

103

91

100.0

92.0

81.3

CashDiv

50

50

50

100.0

100.0

100.0

BasketWonders’IndexedIncomeStatementsRegular(thousandsof$)IndeChapter6FinancialStatementAnalysisChapter6FinancialStatementAAfterStudyingChapter6,youshouldbeableto:Understandthepurposeofbasicfinancialstatementsandtheircontents.Understandwhatismeantby“convergence”inaccountingstandards.Explainwhyfinancialstatementanalysisisimportanttothefirmandtooutsidesuppliersofcapital.Define,calculate,andcategorize(accordingtoliquidity,financialleverage,coverage,activity,andprofitability)themajorfinancialratiosandunderstandwhattheycantellusaboutthefirm.Define,calculate,anddiscussafirm’soperatingcycleandcashcycle.Useratiostoanalyzeafirm'shealthandthenrecommendreasonablealternativecoursesofactiontoimprovethehealthofthefirm.Analyzeafirm’sreturnoninvestment(i.e.,“earningpower”)andreturnonequityusingaDuPontapproach.Understandthelimitationsoffinancialratioanalysis.Usetrendanalysis,common-sizeanalysis,andindexanalysistogainadditionalinsightsintoafirm'sperformance.AfterStudyingChapter6,youFinancialStatementsAPossibleFrameworkforAnalysisBalanceSheetRatiosIncomeStatementandIncome/BalanceSheetRatiosTrendAnalysisCommon-SizeandIndexAnalysisFinancial

StatementAnalysisFinancialStatementsFinancialTradeCreditors

–Focusontheliquidityofthefirm.Bondholders

–Focusonthelong-termcashflowofthefirm.Shareholders–Focusontheprofitabilityandlong-termhealthofthefirm.ExamplesofExternalUsesofStatementAnalysisTradeCreditors–FocusonthePlan

–Focusonassessingthecurrentfinancialpositionandevaluatingpotentialfirmopportunities.Control

–Focusonreturnoninvestmentforvariousassetsandassetefficiency.Understand–Focusonunderstandinghowsuppliersoffundsanalyzethefirm.ExamplesofInternalUsesofStatementAnalysisPlan–FocusonassessingtheConvergenceofAccountingStandards:AimstonarroworremovedifferencessothatinvestorscanbetterunderstandfinancialstatementspreparedunderdifferentaccountingframeworksIASB–InternationalAccountingStandardsBoardhastheresponsibilityofIFRSIFRS–InternationalFinancialReportingStandards(EUcountriesadopted)USGAAP–USGenerallyAcceptedAccountingPrinciplesdeterminedbyFASBFASB–FinancialAccountingStandardsBoarddeterminesaccountingstandardsforfinancialstatementsGlobalAccountingStandardsConvergenceofAccountingStanIncomeStatementAsummaryofafirm’srevenuesandexpensesoveraspecifiedperiod,endingwithnetincomeorlossfortheperiod.BalanceSheetAsummaryofafirm’sfinancialpositiononagivendatethatshowstotalassets=totalliabilities+owners’equity.PrimaryTypesofFinancialStatementsIncomeStatementBalanceSheetPa.Howthefirmstandsonaspecificdate.b.WhatBWowned. c.Amountsowedbycustomers.d.Futureexpenseitemsalreadypaid.e.Cash/likelyconvertibletocashwithin1year.f.Originalamountpaid.g.Acc.deductionsforwearandtear.Cash $90Acct.Rec.c 394Inventories 696PrepaidExp

d 5AccumTaxPrepay

10

CurrentAssetse$1,195FixedAssets(@Cost)f1030Less:Acc.Depr.g (329)

NetFix.Assets

$701Investment,LT

50OtherAssets,LT 223

TotalAssets b$2,169BasketWondersBalanceSheet(thousands)Dec.31,2007aBasketWonders’BalanceSheet(AssetSide)a.Howthefirmstandsonasa.Note,Assets=Liabilities+Equity.b.WhatBWowedandownershipposition. c.Owedtosuppliersforgoodsandservices.d.Unpaidwages,salaries,etc.e.Debtspayable<1year.f.Debtspayable>1year.g.Originalinvestment.h.Earningsreinvested.NotesPayable $ 290Acct.Payablec 94AccruedTaxes

d 16OtherAccruedLiab.

d

100

CurrentLiab.

e$500Long-TermDebt

f

530

Shareholders’Equity Com.Stock($1par)

g

200

AddPdinCapital

g 729RetainedEarnings

h

210

TotalEquity $1,139

TotalLiab/Equitya,b$2,169BasketWondersBalanceSheet(thousands)Dec.31,2007BasketWonders’BalanceSheet(LiabilitySide)a.Note,Assets=Liabilitiesa.Measuresprofitabilityoveratimeperiod.b.Received,orreceivable,fromcustomers. c.Salescomm.,adv.,officers’salaries,etc.d.Operatingincome.e.Costofborrowedfunds.f.Taxableincome.g.Amountearnedforshareholders.NetSales $2,211CostofGoodsSold

b

1,599 GrossProfit

$612SG&AExpensesc

402

EBITd

$210InterestExpensee

59

EBTf

$

151

IncomeTaxes

60

EATg

$91CashDividends 38IncreaseinRE

$53BasketWondersStatementofEarnings(inthousands)forYearEndingDecember31,2007aBasketWonders’IncomeStatementa.MeasuresprofitabilityoveAnalyticalToolsUsedSourcesandUsesStatementStatementofCashFlowsCashBudgets1.Analysisofthefundsneedsofthefirm.Trend/SeasonalComponentHowmuchfundingwillberequiredinthefuture?Isthereaseasonalcomponent?FrameworkforFinancialAnalysisAnalyticalToolsUsed1.AnalyHealthofaFirmFinancialRatios 1.Individually 2.Overtime 3.Incombination 4.Incomparison1.Analysisofthefundsneedsofthefirm.2.Analysisofthefinancialconditionandprofitabilityofthefirm.FrameworkforFinancialAnalysisHealthofaFirm1.AnalysisoExamples:VolatilityinsalesVolatilityincostsProximitytobreak-evenpoint1.Analysisofthefundsneedsofthefirm.2.Analysisofthefinancialconditionandprofitabilityofthefirm.3.Analysisofthebusinessriskofthefirm.Businessriskrelatestotheriskinherentintheoperationsofthefirm.FrameworkforFinancialAnalysisExamples:1.AnalysisofthefAFinancialManage

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