viii Contents Sage Inc.: Analysis of the Statement of Cash Flows 178 Sage Inc. Analysis: Cash Flowfrom Operating Activities 178 Summary Analysis of th...
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Chapter 3 Analysis of Financial Statements ... cash and other current assets to its current liabilities. ... SOLUTIONS TO END-OF-CHAPTER PROBLEMS
UNDERSTANDING
FINANCIAL
STATEMENTS
ELEVENTH
EDITION
Lyn M. Fräser Alleen Ormiston
PEARSON Boston Columbus Indianapolis New York San Francisco Hoboken Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Säo Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
CONTENTS
Preface to the Eleventh Edition x Organization ofthe Eleventh Edition Usesfor the Eleventh Edition Acknowledgments
xiv
About the Authors
xvi
CHARTER 1
xi
xiii
Financial Statements: An Overview
1
Map or Maze 1 Usefulness 4 Volume of Information 4 Global Economy 7 Where to Find a Company's Financial Statements 8 The Financial Statements 8 Notes to the Financial Statements 8 Auditor's Report 10 Financial Reporting Reforms 11 Management Discussion and Analysis 12 Five-Year Summary ofSelected Financial Data and Market Data Pandora (a.k.a. "PR Fluff") 14 Proxy Statement 15 Missing and Hard-to-Find Information 15 Characteristics, Assumptions, Principles and Basis ofAccounting Complexities and the Quality of Financial Reporting Accounting Choices 17 Timing of Revenue and Expense Recognition 18 Discretionary Items 19 The Journey Through the Maze Continues APPENDIX 1A Self-Test
Sage Inc.
14
16
17
19
20
32
Study Questions and Problems Gase 1.1 Intel Case
35
36
Gase 1.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template 37 Case 1.3 Mattel Inc. Case 1.4 Biolase, Inc.
38 39
v
Contents CHAPTER 2
The Balance Sheet
Financial Condition 48 Consolidation 48 Balance Sheet Date 48 Comparative Data 50 Balance Sheet Format 50 Common-Size Balance Sheet
47
50
Assets 51 Current Assets 51 Cash and Cash Equivalents 53 Marketable Securities 53 Accounts Receivable 53 Inventories 56 Inventory Accounting Methods 57 Prepaid Expenses 60 Property, Plant, and Equipment 60 Straight line 61 Accelerated 61 Goodwill 63 Other Assets 63 Liabilities 64 Current Liabilities 64 Accounts Payable 64 Short-Term Debt 65 Current Maturities ofLong-Term Debt 65 Accrued Liabilities 65 Unearned Revenue or Deferred Credits 66 Deferred Federal Income Taxes 67 Long-Term Debt 70 Capital Lease Obligations 70 Pensions and Postretirement Benefits 71 Commitments and Contingencies 71 Stockholders' Equity 72 Common Stock 73 Additional Paid-In Capital 73 Retained Eamings 74 Other Equity Accounts 74 Quality of Financial Reporting—The Balance Sheet Other Balance Sheet Items 76 Self-Test 76 Study Questions and Problems Case 2.1 Intel Case 86
75
81
Case 2.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template 87
Contents vii Case 2.3 Walgreen Co. and Subsidiaries Case 2.4 Hydrogenics Corporation
88
92
CHAPTER 3
Income Statement and Statement of Stockholders' Equity 103 The Income Statement 104 Common-Size Income Statement 106 Net Sales 106 Cost of Goods Sold 108 Gross Profit 108 Operating Expense III Operating Profit 114 Other Income (Expense) 114 Equity Earnings 115 Earnings Before Income Taxes/Effective Tax Rate 116 Special Items 117 Net Earnings 118 Earnings per Common Share 118 Comprehensive Income 118
The Statement of Stockholders' Equity 120 Earnings Quality, Cash Flow, and Segmental Accounting APPENDIX 3A Self-Test
A Guide to Earnings Quality
121
123
141
Study Questions and Problems Case 3.1 Intel Case
145
148
Case 3.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template 149 Case 3.3 Logitech International S.A. Case 3.4 Hydrogenics Corporation CHAPTER 4
Statement of Cash Flows
150 154 161
Why Cash Flow is Important: An Example
162
Statement of Cash Flows: Basic Principle Preparing a Statement of Cash Flows
163 165
Calculating Cash Flow from Operating Activities Indirect Method 170 Cash Flow from Investing Activities
173
Cash Flow from Financing Activities
173
Change in Cash
174
Analyzing the Statement of Cash Flows Cash Flow from Operations 175 Nocash Corporation 176
175
170
viii Contents Sage Inc.: Analysis of the Statement of Cash Flows 178 Sage Inc. Analysis: Cash Flowfrom Operating Activities 178 Summary Analysis of the S tatement of Cash Flows 179 Analysis of Cash Inflows 180 Analysis of Cash Outflows 181 Qualitative Issues Relating to the Statement of Cash Flows Are We There Yet? APPENDIX 4A Self-Test
182
183
Statement of Cash Flows—Direct Method
184
188
Study Questions and Problems Case 4.1 Intel Case
191
198
Case 4.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template 199 Case 4.3 Avnet Inc.
200
Case 4.4 Hydrogenics Corporation CHAPTER 5
202
The Analysis of Financial Statements
Objectives of Analysis
204
205
Sources of Information 206 Proxy Statement 206 Auditor's Report 206 Management Discussion and Analysis Supplementary Schedules 207 Form 10-K and Form 10-Q 207 Other Sources 207
207
Tools and Techniques 209 Common-Size Financial Statements 210 Key Financial Ratios 210 Liquidity Ratios: Short-Term Solvency 211 Cash Conversion Cycle or Net Trade Cycle 216 Activity Ratios: Asset Liquidity, Asset Management Efficiency Leverage Ratios: Debt Financing and Coverage 218 Profitability Ratios: Overall Efficiency and Performance 221 Market Ratios 223 Analyzing the Data 225 Background: Economy, Industry, and Firm 226 Short-Term Liquidity 227 Operating Efficiency 229 Capital Structure and Long-Term Solvency 229 Profitability 233 Relating the Ratios—The Du Pont System 234 Projections and Pro Forma Statements 236 Summary of Analysis 236 Financial Statements: A Map 237
216
Contents APPENDIX 5A
The Analysis of Segmental Data
Self-Test 244 Study Questions and Problems
ix
239
250
Case 5.1 Intel Case 256 Case 5.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template 257 Case 5.3 Facebook, Inc.
258
Case 5.4 Hydrogenics Corporation APPENDIXES A Summary of Financial Ratios B
