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1、reportedinthefinancingactivitysectionoftheaccountingstatementofcashflows.WhenTycoreceivedpaymentsfromcustomers,thecashinflowswerereportedasoperatingcashflows.AnothermethodusedbyTycowastohaveacquiredcompaniesprepayoperatingexpenses.Inotherwords,thecompanyacquiredbyTycowouldpayvendorsforitem
2、snotyetreceived.Inonecase,thepaymentstotaledmorethan$50million.WhentheacquiredcompanywasconsolidatedwithTyco,theprepaymentsreducedTyco’scashoutflows,thusincreasingtheoperatingcashflows.Dynegy,theenergygiant,wasaccusedofengaginginanumberofcomplex“round-triptrades.”Theround-triptradesessenti
3、allyinvolvedthesaleofnaturalresourcestoacounterparty,withtherepurchaseoftheresourcesfromthesamepartyatthesameprice.Inessence,Dynegywouldsellanassetfor$100,andimmediatelyrepurchaseitfromthebuyerfor$100.Theproblemarosewiththetreatmentofthecashflowsfromthesale.Dynegytreatedthecashfromthesaleo
4、ftheassetasanoperatingcashflow,butclassifiedtherepurchaseasaninvestingcashoutflow.ThetotalcashflowsofthecontractstradedbyDynegyintheseround-triptradestotaled$300million.AdelphiaCommunicationswasanothercompanythatapparentlymanipulatedcashflows.InAdelphia’scase,thecompanycapitalizedthelaborr
5、equiredtoinstallcable.Inotherwords,thecompanyclassifiedthislaborexpenseasafixedasset.Whilethispracticeisfairlycommoninthetelecommunicationsindustry,Adelphiacapitalizedahigherpercentageoflaborthaniscommon.Theeffectofthisclassificationwasthatthelaborwastreatedasaninvestmentcashflow,whichincr
6、easedtheoperatingcashflow.Ineachoftheseexamples,thecompaniesweretryingtoboostoperatingcashflowsbyshiftingcashflowstoadifferentheading.Theimportantthingtonoticeisthatthesemovementsdon’taffectthetotalcashflowofthefirm,whichiswhywerecommendfocusingonthisnumber,notjustoperatingcashflow.Summary
7、andConclusionsBesidesintroducingyoutocorporateaccounting,thepurposeofthischapterhasbeentoteachyouhowtodeterminecashflowfromtheaccountingstatementsofatypicalcompany.1.Cashflowisgeneratedbythefirmandpaidtocreditorsandshareholders.Itcanbeclassifiedas:1.Cashflowfr
