The document provides information on key financial statements and concepts:
- The income statement shows a company's sales, expenses, and profits over a period of time. Expenses include cost of goods sold, operating expenses, financing costs, and taxes.
- The balance sheet lists a company's assets, liabilities, and shareholders' equity on a given date. Assets include current assets, fixed assets, and other assets. Liabilities include current and long-term debt. Equity includes preferred stock and common stock.
- Free cash flow represents the cash a company generates after accounting for capital expenditures and changes in working capital that can be distributed to investors and creditors. It is calculated based on cash from operations less
10. Penjualan
- Harga Pokok Penjualan
Laba Kotor
- Biaya Operasi
Laba Operasi (EBIT)
- Biaya Bunga
Laba sebelum pajak (EBT)
- Pajak Penghasilan
Laba setelaah pajak (EAT)
- Deviden saham pereferen
- Laba untuk pemegang saham
Laporan Rugi/laba
11. Penjualan
- Harga pokok Penjualan
Laba Kotor
- Biaya operasi
Laba Operasi (EBIT)
- Biaya Bunga
Laba Sebelum Pajak (EBT)
- Pajak Penghasilan
Laba Setelah pajak (EAT)
- Dividen Saham Preferen
- Laba Untuk pemegang saham
Income Statement
12. SALES
- Cost of Goods Sold
GROSS PROFIT
- Operating Expenses
OPERATING INCOME (EBIT)
- Interest Expense
EARNINGS BEFORE TAXES (EBT)
- Income Taxes
EARNINGS AFTER TAXES (EAT)
- Preferred Stock Dividends
- NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS
Income Statement
15. T2.2 The Balance Sheet (Figure
2.1)
Total Value of Liabilities
and Shareholders’ Equity
Total Value of Assets
Net
Working
Capital
Current
Assets
Fixed Assets
1. Tangible fixed
assets
2. Intangible
fixed assets
Current Liabilities
Long-Term Debt
Shareholders’ Equity
21. Assets
• Current Assets: assets that are relatively
liquid, and are expected to be converted to
cash within a year.
22. Assets
• Current Assets: assets that are relatively
liquid, and are expected to be converted to
cash within a year.
– Cash, marketable securities, accounts
receivable, inventories, prepaid expenses.
23. Assets
• Current Assets: assets that are relatively
liquid, and are expected to be converted to
cash within a year.
– Cash, marketable securities, accounts
receivable, inventories, prepaid expenses.
• Fixed Assets:
24. Assets
• Current Assets: assets that are relatively
liquid, and are expected to be converted to
cash within a year.
– Cash, marketable securities, accounts
receivable, inventories, prepaid expenses.
• Fixed Assets: machinery
and equipment, buildings,
and land.
25. Assets
• Current Assets: assets that are relatively
liquid, and are expected to be converted to
cash within a year.
– Cash, marketable securities, accounts
receivable, inventories, prepaid expenses.
• Fixed Assets: machinery and equipment,
buildings, and land.
• Other Assets:
26. Assets
• Current Assets: assets that are relatively
liquid, and are expected to be converted to
cash within a year.
– Cash, marketable securities, accounts
receivable, inventories, prepaid expenses.
• Fixed Assets: machinery and equipment,
buildings, and land.
• Other Assets: any asset that is not a current
asset or fixed asset.
27. Assets
• Current Assets: assets that are relatively
liquid, and are expected to be converted to
cash within a year.
– Cash, marketable securities, accounts
receivable, inventories, prepaid expenses.
• Fixed Assets: machinery and equipment,
buildings, and land.
• Other Assets: any asset that is not a current
asset or fixed asset.
– Intangible assets such as patents and copyrights.
31. Financing
• Debt Capital: financing provided by a
creditor.
• Short-term debt: borrowed money that
must be repaid within the next 12 months.
32. Financing
• Debt Capital: financing provided by a
creditor.
• Short-term debt: borrowed money that
must be repaid within the next 12 months.
– Accounts payable, other payables such as
interest or taxes payable, accrued expenses,
short-term notes.
33. Financing
• Debt Capital: financing provided by a
creditor.
• Short-term debt: borrowed money that
must be repaid within the next 12 months.
– Accounts payable, other payables such as
interest or taxes payable, accrued expenses,
short-term notes.
• Long-term debt:
34. Financing
• Debt Capital: financing provided by a
creditor.
• Short-term debt: borrowed money that
must be repaid within the next 12 months.
– Accounts payable, other payables such as
interest or taxes payable, accrued expenses,
short-term notes.
• Long-term debt: loans from banks or other
sources that lend money for longer than 12
months.
38. Financing
• Equity Capital: shareholders’ investment in
the firm.
• Preferred Stockholders: receive fixed
dividends, and have higher priority than
common stockholders in event of liquidation
of the firm.
39. Financing
• Equity Capital: shareholders’ investment in
the firm.
• Preferred Stockholders: received fixed
dividends, and have higher priority than
common stockholders in event of liquidation
of the firm.
• Common Stockholders:
40. Financing
• Equity Capital: shareholders’ investment in
the firm.
• Preferred Stockholders: received fixed
dividends, and have higher priority than
common stockholders in event of liquidation
of the firm.
• Common Stockholders: residual owners of
a business. They receive whatever is left
after creditors and preferred stockholders
are paid.
42. Free Cash Flows
Free cash flow: cash flow that is free and
available to be distributed to the firm’s
investors (both debt and equity investors)
43. Free Cash Flows
Firm’s Operating
Free cash flows = Firm’s Financing
Free cash flows
Cash flows generated
through the firm’s
operations and
investments in assets
=
Cash flows paid to - or
received by - the
firm’s investors
(creditors &
stockholders)
44. Calculating Free Cash Flows:
An Operating Perspective
After-tax cash flow
from operations
less
investment in net
operating
working capital
less
investments in fixed
and other assets
45. Calculating Free Cash Flows:
An Operating Perspective
After-tax cash flow
from operations
less
investment in net
operating
working capital
less
investments in fixed
and other assets
Operating income
+ depreciation
- cash tax payments
46. Calculating Free Cash Flows:
An Operating Perspective
After-tax cash flow
from operations
less
investment in net
operating
working capital
less
investments in fixed
and other assets
[Change in current
assets]
-
[change in non-interest
bearing current liabilities]
47. Calculating Free Cash Flows:
An Operating Perspective
After-tax cash flow
from operations
less
investment in net
operating
working capital
less
investments in fixed
and other assets
Change in gross fixed
assets, and any other
assets that are on the
balance sheet.
48. Calculating Free Cash Flows:
A Financing Perspective
Interest payments to creditors
- change in debt principal
- dividends paid to stockholders
- change in stock
= Financing Free Cash Flows
50. • Space Cow Computer has sales of $32
million, cost of goods sold at 60% of
sales, cash operating expenses of $2.4
million, and $1.4 million in
depreciation expense. The firm has $12
million in 9.5% bonds outstanding.
The firm will pay $500,000 in dividends
to its common stock holders.
• Calculate the firm’s tax liability.
51. Sales $32,000,000
Cost of Goods Sold (19,200,000)
Operating Expenses (2,400,000)
Depreciation Expense (1,400,000)
EBIT or NOI 9,000,000
Interest Expense (1,140,000)
Taxable Income 7,860,000
52. Income tax rate tax payment
$50,000 x .15 = $ 7,500
$25,000 x .25 = 6,250
$25,000 x .34 = 8,500
$235,000 x .39 = 91,650
$7,525,000 x .34 = 2,558,500
Total Tax payment $2,672,400
short cut: $7,860,000 x .34 = $2,672,400