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Lecture Fundamentals of corporate finance - Chapter 3: Working with financial statements

After studying this chapter, you should understand: How to standardize fi nancial statements for comparison purposes; how to compute and, more importantly, interpret some common ratios; the determinants of a fi rm’s profi tability; some of the problems and pitfalls in fi nancial statement analysis. | T3.1 Chapter Outline Chapter 3 Working With Financial Statements Chapter Organization 3.1 Cash Flow and Financial Statements: A Closer Look 3.2 Standardized Financial Statements 3.3 Ratio Analysis 3.4 The Du Pont Identity 3.5 Using Financial Statement Information 3.6 Summary and Conclusions copyright © 2002 McGraw-Hill Ryerson, Ltd. CLICK MOUSE OR HIT SPACEBAR TO ADVANCE T3.2 Hermetic, Inc. Balance Sheet Hermetic, Inc. Balance Sheet as of December 31 ($ in thousands) Assets 1999 2000 Current Assets Cash $ 45 $ 50 Accounts receivable 260 310 Inventory 320 385 Total $ 625 $ 745 Fixed assets Net plant and equipment 985 1100 Total assets $1610 $1845 T3.2 Hermetic, Inc. Balance Sheet (concluded) Liabilities and equity 1999 2000 Current liabilities Accounts payable $ 210 $ 260 Notes payable 110 175 Total $ 320 $ 435 Long-term debt 205 225 Stockholders’ equity Common stock and paid-in surplus 290 290 Retained earnings 795 895 Total 1085 1185 Total liabilities and equity $1610 $1845 T3.3 Hermetic, Inc., Income Statement ($ in thousands) Net sales $710.00 Cost of goods sold 480.00 Depreciation 30.00 Earnings before interest and taxes $200.00 Interest 20.00 Taxable income 180.00 Taxes 53.45 Net income $126.55 Dividends $ 26.55 Addition to retained earnings 100.00 T3.4 Statement of Cash Flows Operating activities + Net income + Depreciation + Any decrease in current assets (except cash) + Increase in accounts payable – Any increase in current assets (except cash) – Decrease in accounts payable Investment activities + Ending fixed assets – Beginning fixed assets + Depreciation T3.4 Statement of Cash Flows (concluded) Financing activities – Decrease in notes payable + Increase in notes payable – Decrease in long-term debt + Increase in long-term debt + Increase in common stock – Dividends paid T3.5 Hermetic, Inc. Statement of Cash Flows Operating activities + Net income + $ 126.55 + Depreciation + 30.00 + Increase in payables + 50.00 – Increase in receivables – 50.00 – . | T3.1 Chapter Outline Chapter 3 Working With Financial Statements Chapter Organization 3.1 Cash Flow and Financial Statements: A Closer Look 3.2 Standardized Financial Statements 3.3 Ratio Analysis 3.4 The Du Pont Identity 3.5 Using Financial Statement Information 3.6 Summary and Conclusions copyright © 2002 McGraw-Hill Ryerson, Ltd. CLICK MOUSE OR HIT SPACEBAR TO ADVANCE T3.2 Hermetic, Inc. Balance Sheet Hermetic, Inc. Balance Sheet as of December 31 ($ in thousands) Assets 1999 2000 Current Assets Cash $ 45 $ 50 Accounts receivable 260 310 Inventory 320 385 Total $ 625 $ 745 Fixed assets Net plant and equipment 985 1100 Total assets $1610 $1845 T3.2 Hermetic, Inc. Balance Sheet (concluded) Liabilities and equity 1999 2000 Current liabilities Accounts payable $ 210 $ 260 Notes payable 110 175 Total $ 320 $ 435 Long-term debt 205 225 Stockholders’ equity Common stock and paid-in surplus 290 290 Retained earnings 795 895 Total 1085 1185 Total liabilities and equity $1610 $1845 T3.3 .