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Liabilities and Equity.ppt


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Liabilities and Equity.ppt
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BalanceSheet:AssetsCash7,28257,600AR632,160351,200Inventories1,287,360715,200TotalCA1,926,8021,124,000GrossFA1,202,950491,000Less:Deprec.263,160146,FA939,790344,800TotalAssets2,866,5921,468,tspayable524,160145,600Notespayable720,000200,ruals489,600136,000TotalCL1,733,760481,600Long-termdebt1,000,000323,monstock460,000460,000Retainedearnings(327,168)203,768Totalequity132,832663,768TotalL&E2,866,5921,468,eStatementSales5,834,4003,432,000COGS5,728,0002,864,000Otherexpenses680,000340,000EBITDA(573,600)228,000Depr.&Amort.116,96018,900EBIT(690,560)209,100Interestexp.176,00062,500EBT(866,560)146,600Taxes(40%)(346,624)58,e(519,936)87,96020001999OtherDataNo.ofshares100,000100,000EPS($5.199)$0.88DPS$0.110$0.22Stockprice$2.25$8.50Leasepmts$40,000$40,00020001999StatementofRetainedEarnings(2000)Balanceofretainedearnings,12/31/99 $203,e,2000 (519,936)Less:Dividendspaid (11,000)Balanceofretainedearnings,12/31/00 ($327,168)(523,936)StatementofCashFlows(2000)e(519,936)Add(Sourcesofcash):Depreciation116,960IncreaseinA/P378,ruals353,600Subtract(Usesofcash):IncreaseinA/R(280,960)Increaseininventories(572,cashprovidedbyops.L-TINVESTINGACTIVITIESInvestmentinfixedassets(711,950)FINANCINGACTIVITIESIncreaseinnotespayable520,000Increaseinlong-termdebt676,568Paymentofcashdividends(11,cashfromfinancing1,185,CHANGEINCASH(50,318)Plus:Cashatbeginningofyear57,600Cashatendofyear7,cashfromoperations=-$523,936,mainlybecauseofnegativeNI.Thefirmborrowed$1,185,568tomeetitscashrequirements.Evenafterborrowing,ountfellby$50,318.WhatcanyouconcludeaboutD’Leon’sfinancialconditionfromitsstatementofCFs?operatingprofitaftertaxes(NOPAT)?NOPAT=EBIT(1–Taxrate)NOPAT00 =-$690,560(1–0.4) =-$690,560(0.6) =-$414,336.NOPAT99 =$125,460.operatingworkingcapital(NOWC)?NOWC=–CurrentassetsNon-interestbearingCLNOWC00 =($7,282+$632,160+$1,287,360) –($524,160+$489,600) =$913,042.NOWC99 =$842,400. 内容来自淘豆网www.taodocs.com转载请标明出处.