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1、CHAPTER2AccountingStatements andCashFlow0ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5TheStatementofCashFlows2.6SummaryandConclusions12.1TheBalanceSheetAnaccountant’ssnapshotofthefirm’saccountingvalueasofaparticulardate.T
2、heBalanceSheetIdentityis:Assets≡Liabilities+Stockholder’sEquityWhenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:accountingliquidity,debtversusequity,andvalueversuscost.2TheBalanceSheetoftheU.S.CompositeCorporation(in$millions)20X2and20X1BalanceSh
3、eetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:Cashandequivalents$140$107Accountspayable$213$197Accountsreceivable294270Notespayable5053Inventories269280Accruedexpenses223205Other5850Totalcurrentlia
4、bilities$486$455Totalcurrentassets$761$707Long-termliabilities:Fixedassets:Deferredtaxes$117$104Property,plant,andequipment$1,423$1,274Long-termdebt471458Lessaccumulateddepreciation-550-460Totallong-termliabilities$588$562Netproperty,plant,andequipment873814Intangibleasse
5、tsandother245221Stockholder'sequity:Totalfixedassets$1,118$1,035Preferredstock$39$39Commonstock($1pervalue)5532Capitalsurplus347327Accumulatedretainedearnings390347Lesstreasurystock-26-20Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,87
6、9$1,742Theassetsarelistedinorderbythelengthoftimeitnormallywouldtakeafirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plantandequipment.3BalanceSheetAnalysisWhenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:A
7、ccountingliquidityDebtversusequityValueversuscost4AccountingLiquidityReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.Currentassetsarethemostliquid.Somefixedassetsaretangible(property,plant,equipment);intangible(trademark,patent).Themoreliquidafirm’sassets,t
8、helesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhave
