Ch2-財(cái)務(wù)報(bào)表、稅和現(xiàn)金流

CH2財(cái)務(wù)報(bào)表、稅和現(xiàn)金流,申宇,馬克思說，經(jīng)濟(jì)越發(fā)展，會(huì)計(jì)越重要。案例：1.任正非發(fā)現(xiàn)財(cái)務(wù)成了華為發(fā)展的障礙，他給IBM的CEO彭明盛寫信，希望IBM幫助華為完善財(cái)務(wù)管理。不久，IBM精銳的財(cái)務(wù)咨詢顧問進(jìn)駐華為，啟動(dòng)了IFS（集成財(cái)務(wù)轉(zhuǎn)型）項(xiàng)目。幾年后華為因該變革獲得可觀的收益，但在當(dāng)時(shí)IFS項(xiàng)目推進(jìn)遇到了不小的阻力?，F(xiàn)在想想，沒有任總的力挺，華為財(cái)經(jīng)管理能如此耀眼嗎？2.給你一家陌生公司的會(huì)計(jì)報(bào)表，你最應(yīng)該關(guān)注哪三個(gè)數(shù)？凈利潤、經(jīng)營活動(dòng)凈現(xiàn)金流量、資產(chǎn)負(fù)債率。如果再讓你關(guān)注三個(gè)數(shù)呢？現(xiàn)金及現(xiàn)金等價(jià)物的變動(dòng)額、銷售毛利率、流動(dòng)比率。,第2章會(huì)計(jì)報(bào)表與現(xiàn)金流量,2.1資產(chǎn)負(fù)債表2.2損益表2.3稅2.4凈營運(yùn)資本2.5財(cái)務(wù)現(xiàn)金流量2.6會(huì)計(jì)現(xiàn)金流量表,2.1資產(chǎn)負(fù)債表,資產(chǎn)負(fù)債表可以看成是某一特定日期會(huì)計(jì)人員對(duì)企業(yè)會(huì)計(jì)價(jià)值所拍的一張快照。它說明了企業(yè)擁有什么東西以及這些東西是從哪里來的（相應(yīng)的索取權(quán)）。其基本關(guān)系式為：資產(chǎn)=負(fù)債+股東權(quán)益股東權(quán)益被定義為企業(yè)資產(chǎn)與負(fù)債之差，即股東在企業(yè)清償債務(wù)以后所擁有的剩余資產(chǎn)。股東權(quán)益亦稱所有者權(quán)益、凈資產(chǎn)或簡單地稱之為權(quán)益。資產(chǎn)負(fù)債表中的資產(chǎn)按正常變現(xiàn)所需的時(shí)間長短排列；這一部分取決于企業(yè)的行業(yè)性質(zhì)和管理行為。負(fù)債和股東權(quán)益按償付期的先后順序排列；這一部分取決于管理者對(duì)資本結(jié)構(gòu)的選擇。,TheBalanceSheetoftheU.S.CompositeCorporation,Liabilities(Debt),Assets,20X2,20X1,andStockholdersEquity,20X2,20X1,Currentassets:,CurrentLiabilities:,Cashandequivalents,$140,$107,Accountspayable,$213,$197,Accountsreceivable,294,270,Notespayable,50,53,Inventories,269,280,Accruedexpenses,223,205,Other,58,50,Totalcurrentliabilities,$486,$455,Totalcurrentassets,$761,$707,Long-termliabilities:,Fixedassets:,Deferredtaxes,$117,$104,Property,plant,andequipment,$1,423,$1,274,Long-termdebt,471,458,Lessaccumulateddepreciation,-550,-460,Totallong-termliabilities,$588,$562,Netproperty,plant,andequipment,873,814,Intangibleassetsandother,245,221,Stockholdersequity:,Totalfixedassets,$1,118,$1,035,Preferredstock,$39,$39,Commonstock($1pervalue),55,32,Capitalsurplus,347,327,Accumulatedretainedearnings,390,347,Lesstreasurystock,-26,-20,Totalequity,$805,$725,Totalassets,$1,879,$1,742,Totalliabilitiesandstockholdersequity,$1,879,$1,742,資產(chǎn)是按持續(xù)經(jīng)營企業(yè)將它們轉(zhuǎn)變成現(xiàn)金正常所花費(fèi)的時(shí)間長度排列。顯然，現(xiàn)金比財(cái)產(chǎn)、廠房和設(shè)備更具有流動(dòng)性。,2.1資產(chǎn)負(fù)債表,當(dāng)分析資產(chǎn)負(fù)債表時(shí)，財(cái)務(wù)經(jīng)理應(yīng)注意三個(gè)問題：會(huì)計(jì)流動(dòng)性負(fù)債與權(quán)益市價(jià)與成本,2.1資產(chǎn)負(fù)債表,2.1.1會(huì)計(jì)流動(dòng)性會(huì)計(jì)流動(dòng)性是指資產(chǎn)變現(xiàn)的方便和快捷程度。流動(dòng)資產(chǎn)的流動(dòng)性最強(qiáng)，它包括現(xiàn)金以及一年內(nèi)能夠變現(xiàn)的其他資產(chǎn)。固定資產(chǎn)的流動(dòng)性最差，它可區(qū)分為有形固定資產(chǎn)（如財(cái)產(chǎn)、廠房及設(shè)備等）和無形固定資產(chǎn)（如商標(biāo)、專利等）。資產(chǎn)的流動(dòng)性越大，對(duì)短期債務(wù)的清償能力就越強(qiáng)，企業(yè)避免財(cái)務(wù)困境的可能性就越大。流動(dòng)資產(chǎn)的收益率通常低于固定資產(chǎn)的收益率。,（1）流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債U.S公司20X1的流動(dòng)比率=707/455=1.55(倍)流動(dòng)負(fù)債覆蓋率為1.55倍，流動(dòng)比率越高越好，高流動(dòng)率意味著流動(dòng)性強(qiáng)，但同時(shí)也說明現(xiàn)金使用效率低。（2）速動(dòng)比率=（流動(dòng)資產(chǎn)-存貨）/流動(dòng)負(fù)債U.S速動(dòng)比率=（707-280）/455=0.94(3)現(xiàn)金比率=現(xiàn)金/流動(dòng)負(fù)債（4）凈運(yùn)營資本對(duì)總資產(chǎn)比=（流動(dòng)資產(chǎn)-流動(dòng)負(fù)債）/總資產(chǎn),2.1資產(chǎn)負(fù)債表,2.1.2負(fù)債與權(quán)益負(fù)債是企業(yè)所承擔(dān)的在規(guī)定的期限內(nèi)固定的現(xiàn)金支付（本金和利息）的責(zé)任。如果企業(yè)不能償付將會(huì)構(gòu)成違約。債權(quán)人享有對(duì)企業(yè)現(xiàn)金流量的第一索取權(quán)。股東權(quán)益則是對(duì)企業(yè)剩余資產(chǎn)的索取權(quán)，是不固定的。股東權(quán)益等于資產(chǎn)與負(fù)債的差額，即：資產(chǎn)-負(fù)債=股東權(quán)益。,償債能力（1）資產(chǎn)負(fù)債率=總資產(chǎn)/總負(fù)債（2）債務(wù)權(quán)益率=債務(wù)總額/權(quán)益總額（3）資產(chǎn)化總額長期負(fù)債率=長期債務(wù)/(長期債務(wù)+權(quán)益資產(chǎn))=562/(725+562)=,2.1資產(chǎn)負(fù)債表,2.1.3市價(jià)與成本企業(yè)資產(chǎn)的會(huì)計(jì)價(jià)值通常是指賬面價(jià)值。賬面價(jià)值說是價(jià)值，而實(shí)際上是成本。企業(yè)資產(chǎn)的會(huì)計(jì)價(jià)值通常不同于市場價(jià)值。許多財(cái)務(wù)報(bào)表的使用者，包括管理者和投資者，所關(guān)心的是企業(yè)的市場價(jià)值，而不是它的成本（賬面價(jià)值），但這在資產(chǎn)負(fù)債表上是無法得到滿足。管理者的任務(wù)就在于為企業(yè)創(chuàng)造高于其成本的價(jià)值。如何理解賬面價(jià)值、清算價(jià)值？案例：基金的投資風(fēng)格：價(jià)值型、成長型、平衡型。,2.2利潤表,利潤表用來衡量企業(yè)在一個(gè)特定時(shí)期（如一年）內(nèi)的業(yè)績。其基本關(guān)系式為：銷售收入-銷售成本-營業(yè)費(fèi)用-非營業(yè)費(fèi)用-所得稅=利潤如果說資產(chǎn)負(fù)債表是一張快照（某一時(shí)點(diǎn)的靜態(tài)信息），那么利潤表則記錄了人們?cè)趦蓮埧煺罩g做了些什么的一段錄象（某一時(shí)期的流動(dòng)狀況）。,U.S.C.C.IncomeStatement,(in$millions),20X2,IncomeStatement,U.S.COMPOSITECORPORATION,Totaloperatingrevenues,Costofgoodssold,Selling,general,andadministrativeexpenses,Depreciation,Operatingincome,Otherincome,Earningsbeforeinterestandtaxes,Interestexpense,Pretaxincome,Taxes,Current:$71,Deferred:$13,Netincome,Retainedearnings:$43,Dividends:$43,營業(yè)部分報(bào)告企業(yè)主營業(yè)務(wù)的收入和費(fèi)用,$2,262,-1,655,-327,-90,$190,29,$219,-49,$170,-84,$86,(in$millions),20X2,IncomeStatement,U.S.COMPOSITECORPORATION,Totaloperatingrevenues,$2,262,Costofgoodssold,-1,655,Selling,general,andadministrativeexpenses,-327,Depreciation,-90,Operatingincome,$190,Otherincome,29,Earningsbeforeinterestandtaxes,$219,Interestexpense,-49,Pretaxincome,$170,Taxes,-84,Current:$71,Deferred:$13,Netincome,$86,Retainedearnings:$43,Dividends:$43,非營業(yè)部分列出了包括利息費(fèi)用在內(nèi)的所有財(cái)務(wù)費(fèi)用,U.S.C.C.IncomeStatement,(in$millions),20X2,IncomeStatement,U.S.COMPOSITECORPORATION,Totaloperatingrevenues,Costofgoodssold,Selling,general,andadministrativeexpenses,Depreciation,Operatingincome,Otherincome,Earningsbeforeinterestandtaxes,Interestexpense,Pretaxincome,Taxes,Current:$71,Deferred:$13,Netincome,Retainedearnings:$43,Dividends:$43,再一個(gè)獨(dú)立的部分報(bào)告稅務(wù)部門對(duì)利潤課征的所得稅,$2,262,-1,655,-327,-90,$190,29,$219,-49,$170,-84,$86,U.S.C.C.IncomeStatement,(in$millions),20 x2,IncomeStatement,U.S.COMPOSITECORPORATION,Totaloperatingrevenues,Costofgoodssold,Selling,general,andadministrativeexpenses,Depreciation,Operatingincome,Otherincome,Earningsbeforeinterestandtaxes,Interestexpense,Pretaxincome,Taxes,Current:$71,Deferred:$13,Netincome,Retainedearnings:$43,Dividends:$43,最后一項(xiàng)是凈利潤,$2,262,-1,655,-327,-90,$190,29,$219,-49,$170,-84,$86,U.S.C.C.IncomeStatement,2.2利潤表,在分析損益表時(shí)，財(cái)務(wù)經(jīng)理應(yīng)注意的問題是：（1）公認(rèn)會(huì)計(jì)準(zhǔn)則利潤表是在發(fā)生時(shí)列示收入，無須在現(xiàn)金流入是列示（2）非現(xiàn)金項(xiàng)目最重要的是折舊。案例：上市公司的利潤操縱與盈余管理。（3）時(shí)間和成本會(huì)計(jì)報(bào)表中無法精確的區(qū)分：短期、長期例如：成本：產(chǎn)品成本、期間成本。,2.2利潤表,2.2.1權(quán)責(zé)發(fā)生制會(huì)計(jì)利潤的計(jì)量包括兩個(gè)步驟：1）確認(rèn)會(huì)計(jì)期間的收入；2）將相應(yīng)的成本和收入進(jìn)行配比。當(dāng)貨物已經(jīng)交換或服務(wù)已經(jīng)提供，盈利過程已經(jīng)在實(shí)質(zhì)上完成，并有理由相信款項(xiàng)能夠得到償付時(shí)，損益表確定收入。就賒銷而言，權(quán)責(zé)發(fā)生制意味著確認(rèn)收入是在銷售時(shí)，而不是在客戶實(shí)際付款時(shí)。收入不是等同于收到現(xiàn)金。,2.2利潤表,2.2.2非現(xiàn)金項(xiàng)目在利潤表上，與收入相配比的費(fèi)用中有些屬于非現(xiàn)金項(xiàng)目，并不影響現(xiàn)金流量。折舊折舊是將過去的固定資產(chǎn)支出（成本）在將來的期限內(nèi)分?jǐn)?，進(jìn)行收入與費(fèi)用的配比，以合理地反映報(bào)告期的收益。將固定資產(chǎn)的成本在其使用期限內(nèi)進(jìn)行分?jǐn)偟姆椒ㄓ袃煞N：直線法每年都提取等額的折舊。加速折舊法在固定資產(chǎn)使用的早期多提折舊，相應(yīng)地在后期少提折舊。它并沒有在總量上多提折舊，只是改變了確認(rèn)的時(shí)間。折舊額并不是實(shí)際現(xiàn)金流出。,2.2利潤表,2.2.2非現(xiàn)金項(xiàng)目遞延稅款遞延稅款是由會(huì)計(jì)利潤（向股東報(bào)告）和實(shí)際應(yīng)納稅利潤（向稅務(wù)部門報(bào)告）之間的差異引起的。會(huì)計(jì)稅款分為兩個(gè)部分：當(dāng)期稅款向稅務(wù)部門實(shí)際繳納遞延稅款不實(shí)際繳納。遞延稅款只是延期繳納，并不是取消。它在資產(chǎn)負(fù)債表上體現(xiàn)為負(fù)債的增加。從現(xiàn)金流量的角度來看，遞延稅款不是一筆現(xiàn)金流出。,2.2利潤表,2.2.3時(shí)間和成本會(huì)計(jì)不區(qū)分固定成本（比如機(jī)器設(shè)備）和變動(dòng)成本（它隨產(chǎn)量的變化而變化，比如原材料和工人工資）。會(huì)計(jì)成本通常區(qū)分為產(chǎn)品成本和期間費(fèi)用（比如分配到某一時(shí)期的銷售和行政管理費(fèi)用）。如何理解機(jī)會(huì)成本：老王打算買一套房，年初中介掛牌價(jià)360萬，現(xiàn)在掛牌價(jià)330萬。有可能房價(jià)還會(huì)接著下跌，據(jù)說明年年中房價(jià)筑底。假定明年此時(shí)這套房的價(jià)格跌至320萬元，今年急著買房的機(jī)會(huì)成本是多少？按一年5.5%的理財(cái)收益算，330萬房款一年可獲得的收益是18.15萬。加上10萬元的房價(jià)下跌，早買房一年的機(jī)會(huì)成本是28.15萬。,2.3稅,2.3.1公司稅率稅率僅適用于對(duì)應(yīng)區(qū)間內(nèi)的收入，而非總收入。（累進(jìn)稅）,2.3稅,2.3.2平均稅率與邊際稅率平均稅率等于應(yīng)納稅額除以應(yīng)稅所得，也就是收入中用于付稅的金額所占的百分比。邊際稅率則是指多賺一元錢需要支付的稅金（以百分比表示）。一般而言，與財(cái)務(wù)決策有關(guān)的是邊際稅率，邊際稅率可以告訴我們一項(xiàng)決策對(duì)應(yīng)納稅額的邊際影響。,舉例：一個(gè)公司應(yīng)稅所得額是200000美元，應(yīng)該交多少所得稅？邊際稅率、平均稅率是多少？計(jì)算：50000*15%=7500（75000-50000）*25%=6250（100000-75000）*34%=8500（200000-100000）*39%=39000那么總共納稅：7500+6250+8500+39000=61250邊際稅率：39%平均稅率：61250/200000=30.625%,2.4凈營運(yùn)資本,凈營運(yùn)資本=流動(dòng)資產(chǎn)-流動(dòng)負(fù)債凈營運(yùn)資本為正，表明企業(yè)在未來的一年里能得到的現(xiàn)金將大于要付出的現(xiàn)金。企業(yè)除了投資于固定資產(chǎn)（資本性支出），還要投資于凈營運(yùn)資本（凈營運(yùn)資本變動(dòng)額）凈營運(yùn)資本變動(dòng)額等于本年度凈營運(yùn)資本和上年度凈營運(yùn)資本的差額。一個(gè)成長性企業(yè)的凈營運(yùn)資本變動(dòng)額通常為正。,TheBalanceSheetoftheU.S.C.C.,Liabilities(Debt),Assets,20X2,20X1,andStockholdersEquity,20X2,20X1,Currentassets:,CurrentLiabilities:,Cashandequivalents,$140,$107,Accountspayable,$213,$197,Accountsreceivable,294,270,Notespayable,50,53,Inventories,269,280,Accruedexpenses,223,205,Other,58,50,Totalcurrentliabilities,$486,$455,Totalcurrentassets,$761,$707,Long-termliabilities:,Fixedassets:,Deferredtaxes,$117,$104,Property,plant,andequipment,$1,423,$1,274,Long-termdebt,471,458,Lessaccumulateddepreciation,-550,-460,Totallong-termliabilities,$588,$562,Netproperty,plant,andequipment,873,814,Intangibleassetsandother,245,221,Stockholdersequity:,Totalfixedassets,$1,118,$1,035,Preferredstock,$39,$39,Commonstock($1parvalue),55,32,Capitalsurplus,347,327,Accumulatedretainedearnings,390,347,Lesstreasurystock,-26,-20,Totalequity,$805,$725,Totalassets,$1,879,$1,742,Totalliabilitiesandstockholdersequity,$1,879,$1,742,HereweseeNWCgrowto$275millionin20X2from$252millionin20X1.,Thisincreaseof$23millionisaninvestmentofthefirm.,2.5財(cái)務(wù)現(xiàn)金流量,在公司金融中，可以從財(cái)務(wù)報(bào)表中獲取的最重要的項(xiàng)目是企業(yè)的實(shí)際現(xiàn)金流量。按照理財(cái)學(xué)的觀點(diǎn)，企業(yè)（或資產(chǎn)）的價(jià)值就在于其產(chǎn)生現(xiàn)金流量的能力。我們已經(jīng)知道，企業(yè)資產(chǎn)的價(jià)值一定等于負(fù)債的價(jià)值與權(quán)益的價(jià)值之和。由企業(yè)資產(chǎn)所產(chǎn)生的現(xiàn)金流量（即經(jīng)營性現(xiàn)金流量）CF(A)也一定等于流向企業(yè)債權(quán)人（負(fù)債）的現(xiàn)金流量CF(B)與流向權(quán)益投資者（所有者權(quán)益）的現(xiàn)金流量CF(S)之和。即：CF(A)=CF(B)+CF(S),2.5財(cái)務(wù)現(xiàn)金流量,企業(yè)現(xiàn)金流量由企業(yè)資產(chǎn)所產(chǎn)生的現(xiàn)金流量總額CF(A)=經(jīng)營性現(xiàn)金流量-資本性支出-凈營運(yùn)資本的增加額經(jīng)營性現(xiàn)金流量=息稅前利潤+折舊當(dāng)期稅款資本性支出=固定資產(chǎn)的購買固定資產(chǎn)的出售=期末固定資產(chǎn)凈額期初固定資產(chǎn)凈額+折舊凈營運(yùn)資本的增加額=本年度凈營運(yùn)資本上年度凈營運(yùn)資本企業(yè)流向投資者的現(xiàn)金流量向債權(quán)人支付的現(xiàn)金流量CF(B)=利息支出+到期債務(wù)本金償付-新增債務(wù)=利息支出-（本年度長期債務(wù)-上年度長期債務(wù)）向股東支付的現(xiàn)金流量CF(S)=股利支出+股票回購支出-新股發(fā)行收入=股利支出+（本年度庫藏股票-上年度庫藏股票）-（本年度普通股+股本溢價(jià)）-（上年度普通股+股本溢價(jià)）,FinancialCashFlowoftheU.S.C.C.,CashFlowoftheFirm,Operatingcashflow,$238,(Earningsbeforeinterestandtaxes,plusdepreciationminustaxes),Capitalspending,(173),(Acquisitionsoffixedassets,minussalesoffixedassets),Additionstonetworkingcapital,(23),Total,$42,CashFlowofInvestorsintheFirm,Debt,$36,(Interestplusretirementofdebt,minuslong-termdebtfinancing),Equity,6,(Dividendsplusrepurchaseof,equityminusnewequityfinancing),Total,$42,OperatingCashFlow:EBIT$219Depreciation$90CurrentTaxes($71)OCF$238,FinancialCashFlowoftheU.S.C.C.,(in$millions),20X2,FinancialCashFlow,U.S.COMPOSITECORPORATION,CashFlowoftheFirm,Operatingcashflow,$238,(Earningsbeforeinterestandtaxes,plusdepreciationminustaxes),Capitalspending,(Acquisitionsoffixedassets,minussalesoffixedassets),Additionstonetworkingcapital,Total,CashFlowofInvestorsintheFirm,Debt,(Interestplusretirementofdebt,minuslong-termdebtfinancing),Equity,(Dividendsplusrepurchaseof,equityminusnewequityfinancing),Total,CapitalSpendingPurchaseoffixedassets$198Salesoffixedassets(25)CapitalSpending$173,(173),(23),$42,$36,6,$42,FinancialCashFlowoftheU.S.C.C.,(in$millions),20X2,FinancialCashFlow,U.S.COMPOSITECORPORATION,CashFlowoftheFirm,Operatingcashflow,$238,(Earningsbeforeinterestandtaxes,plusdepreciationminustaxes),Capitalspending,(Acquisitionsoffixedassets,minussalesoffixedassets),Additionstonetworkingcapital,Total,CashFlowofInvestorsintheFirm,Debt,(Interestplusretirementofdebt,minuslong-termdebtfinancing),Equity,(Dividendsplusrepurchaseof,equityminusnewequityfinancing),Total,NWCgrewfrom$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionistheadditiontoNWC.,(173),(23),$42,$36,6,$42,FinancialCashFlowoftheU.S.C.C.,(in$millions),20X2,FinancialCashFlow,U.S.COMPOSITECORPORATION,CashFlowoftheFirm,Operatingcashflow,$238,(Earningsbeforeinterestandtaxes,plusdepreciationminustaxes),Capitalspending,(Acquisitionsoffixedassets,minussalesoffixedassets),Additionstonetworkingcapital,Total,CashFlowofInvestorsintheFirm,Debt,(Interestplusretirementofdebt,minuslong-termdebtfinancing),Equity,(Dividendsplusrepurchaseof,equityminusnewequityfinancing),Total,(173),(23),$42,$36,6,$42,FinancialCashFlowoftheU.S.C.C.,(in$millions),20X2,FinancialCashFlow,U.S.COMPOSITECORPORATION,CashFlowoftheFirm,Operatingcashflow,$238,(Earningsbeforeinterestandtaxes,plusdepreciationminustaxes),Capitalspending,(Acquisitionsoffixedassets,minussalesoffixedassets),Additionstonetworkingcapital,Total,CashFlowofInvestorsintheFirm,Debt,(Interestplusretirementofdebt,minuslong-termdebtfinancing),Equity,(Dividendsplusrepurchaseof,equityminusnewequityfinancing),Total,CashFlowtoCreditorsInterest$49Retirementofdebt73Debtservice122Proceedsfromnewdebtsales(86)Total36,(173),(23),$42,$36,6,$42,FinancialCashFlowoftheU.S.C.C.,(in$millions),20X2,FinancialCashFlow,U.S.COMPOSITECORPORATION,CashFlowoftheFirm,Operatingcashflow,$238,(Earningsbeforeinterestandtaxes,plusdepreciationminustaxes),Capitalspending,(Acquisitionsoffixedassets,minussalesoffixedassets),Additionstonetworkingcapital,Total,CashFlowofInvestorsintheFirm,Debt,(Interestplusretirementofdebt,minuslong-termdebtfinancing),Equity,(Dividendsplusrepurchaseof,equityminusnewequityfinancing),Total,CashFlowtoStockholdersDividends$43Repurchaseofstock6CashtoStockholders49Proceedsfromnewstockissue(43)Total$6,(173),(23),$42,$36,6,$42,FinancialCashFlowoftheU.S.C.C.,(in$millions),20X2,FinancialCashFlow,U.S.COMPOSITECORPORATION,CashFlowoftheFirm,Operatingcashflow,$238,(Earningsbeforeinterestandtaxes,plusdepreciationminustaxes),Capitalspending,(Acquisitionsoffixedassets,minussalesoffixedassets),Additionstonetworkingcap