財務(wù)報表分析與運用杰拉爾德課后答案英文版第三章

1、3-PAGE * ARABIC70背艾Chapter唉 3 - So板lutions背Overvie柏w:半Problem阿 Length哎 辦 鞍 Probl襖em #s柏 S凹 奧啊1, 3瓣 M扮搬辦2, 7, 8佰, 12, 1拔3盎 L靶靶柏4 - 6, 霸9 - 11,巴 14, 15矮 扒1.Sa.暗巴Palomba佰 Pizza 白Stores 安芭扒Stateme頒nt of C按ash Flo叭ws叭氨半Year En板ded Dec埃ember 3擺1, 2000PRIVATE 邦Cash Fl埃ows fro瓣m Opera笆ting Ac昂tivitie八s:拔 Ca

2、sh 邦Collect八ions fr辦om Cust芭omers哀 Cash 藹Payment般s to Su鞍ppliers扒 Cash 板Payment疤s for S哎alaries版 Cash 懊Payment胺s for I笆nterest哎Net Cas隘h from 敗Operati藹ng Acti盎vities礙Cash Fl凹o(jì)ws fro傲m Inves哀ting Ac暗tivitie扒s:疤 Sales暗 of Equ辦ipment扳 Purch扮ase of 頒Equipme捌nt吧 Purch白ase of 擺Land頒Net Cas澳h for I隘nvestin

3、拜g Activ按ities敖Cash Fl辦ows fro拔m Finan柏cing Ac唉tivitie奧s:搬 Retir鞍ement o澳f Commo皚n Stock芭 Payme襖nt of D班ividend胺s爸Net Cas頒h for F礙inancin扮g Activ胺ities唉 Net叭 Increa扳se in C礙ash佰 Cas巴h at Be柏ginning跋 of Yea阿r拔 Cas凹h at En哀d of Ye熬ar氨$ 250,0擺00 隘 (85,0唉00)扳 (45,0熬00)班 (10,0襖00)班 38,0頒00 罷 (30,0敖00)皚 (

4、14,0拔00)暗 (25,0奧00)把 (35,0傲00)伴$ 110,0哀00 胺 (6,0叭00)瓣 (60,0阿00)爸$ 44,0背00 暗 50,0邦00 敖$ 94,0班00 爸澳b.拜盎Cash Fl按ow from襖 Operat暗ions (C拌FO) mea爸sures t艾he cash盎 genera跋ting ab拔ility o澳f opera爸tions, 礙in addi拌tion to扳 profit瓣ability拔. If us稗ed as a敖 measur邦e of pe安rforman版ce, CFO芭 is les暗s subje扒ct to d

5、皚istorti百on than扳 net in鞍come. A俺nalysts佰 use th版e CFO a皚s a che柏ck on t按he qual靶ity of 靶reporte藹d earni班ngs, al啊though 阿it is n搬ot a su敗bstitut耙e for n靶et inco愛me. Com瓣panies 扳with hi芭gh net 艾income 岸and low骯 CFO ma巴y be us八ing ove捌rly agg跋ressive頒 income啊 recogn熬ition t柏echniqu爸es. The礙 abilit艾y o

6、f a 凹firm to鞍 genera哎te cash頒 from o哀peratio擺ns on a胺 consis哀tent ba般sis is 皚one ind瓣ication吧 of the白 financ芭ial hea骯lth of 暗the fir板m. Anal班ysts se襖arch fo背r trend盎s in CF跋O to in瓣dicate 半future 半cash co斑ndition邦s and p扮otentia白l liqui絆dity or扮 solven瓣cy prob八lems.扒澳壩Cash Fl唉ow from瓣 Invest皚ing Act

7、襖ivities傲 (CFI) 按reports埃 how th安e firm 邦is inve捌sting i擺ts exce百ss cash版. The a埃nalyst 皚must co擺nsider 百the abi傲lity of癌 the fi背rm to c昂ontinue稗 to gro鞍w and C邦FI is a笆 good i鞍ndicati爸on of t八he atti澳tude of八 manage氨ment in頒 this a俺rea. Th鞍is comp挨onent o白f total頒 cash f壩low inc愛ludes t懊he capi傲tal

8、 exp八enditur凹es made稗 by man罷agement八 to mai埃ntain a壩nd expa挨nd prod靶uctive 版capacit礙y. Decr凹easing 白CFI may扳 be a f藹orecast耙 of slo辦wer fut挨ure gro拔wth.斑Cash Fl安ow from敖 Financ半ing (CF昂F) indi哎cates t盎he sour絆ces of 捌financi霸ng for 伴the fir靶m. For 啊firms t奧hat req扮uire ex埃ternal 柏sources挨 of fin哎an

9、cing 跋(either拔 borrow熬ing or 澳equity 把financi八ng) it 爸communi百cates m岸anageme版nts pr藹eferenc斑es rega奧rding f叭inancia俺l lever疤age. De佰bt fina矮ncing i吧ndicate昂s futur阿e cash 靶require矮ments f瓣or prin敗cipal a盎nd inte奧rest pa安yments.巴 Equity拔 financ白ing wil阿l cause扳 future絆 earnin吧gs per 艾share d盎ilution

10、辦.罷瓣拌For fir霸ms whos艾e opera叭ting ca拌sh flow安 exceed矮s inves般tment n皚eeds, C搬FF indi岸cates w辦hether 啊that ex疤cess is疤 used t案o repay百 debt, 版pay (or八 increa頒se) cas骯h divid搬ends, o扮r repur埃chase o疤utstand啊ing sha伴res.暗澳c.懊扮Cash pa絆yments 唉for int芭erest s胺hould b隘e class隘ified a熬s CFF f拌or purp按oses

11、of扮 analys挨is. Thi癌s class柏ificati罷on sepa熬rates t暗he effe藹ct of f哎inancia皚l lever昂age dec奧isions 瓣from op凹erating氨 result擺s. It a捌lso fac拔ilitate拔s the c安omparis搬on of P啊alomba 吧with ot拔her fir霸ms whos跋e finan俺cial le暗verage 靶differs敖.笆癌d. 佰瓣The cha半nge in 皚cash ha癌s no an翱alytic 藹signifi班cance. 壩T

12、he cha扮nge in 笆cash (a辦nd henc胺e, the 敗cash ba懊lance a案t the e翱nd of t氨he year骯) is a 巴product藹 of man捌agement捌 decisi辦ons reg伴arding 頒financi背ng. For捌 exampl案e, the 巴firm ca把n show 扒a large百 cash b斑alance 案by draw愛ing on 敗bank li巴nes jus暗t prior版 to yea啊r end.拜e. and 奧f. 懊艾 邦絆There a瓣re a nu挨mber o

13、f氨 defini芭tions o班f free 版cash fl耙ows.稗In the 罷text, f般ree cas暗h flow 斑is defi熬ned as 般cash fr奧om oper暗ations 癌less th挨e amoun傲t of ca耙pital e爸xpendit翱ures re矮quired 暗to main奧tain th伴e firm安s curre芭nt prod頒uctive 芭capacit熬y. This白 defini哎tion re澳quires 拜the exc靶l(wèi)usion 鞍of cost鞍s of gr扒owth an伴d acqu

14、i哎sitions扳. Howev白er, few霸 firms 罷provide瓣 separa跋te disc伴losures哀 of exp胺enditur耙es incu傲rred to拜 mainta懊in prod扮uctive 挨capacit啊y. Capi擺tal cos八ts of a阿cquisit扳ions ma敗y be ob靶tained 凹from pr叭oxy sta瓣tements百 and ot絆her dis拜closure叭s of ac疤quisiti佰ons (Se芭e Chapt隘er 14).哎 巴啊In the 凹finance俺 litera

15、俺ture, f皚ree cas擺h flows擺 availa哀ble to 翱equity 昂holders拜 are of哀ten mea斑sured a笆s cash 懊from op暗eration哀s less 伴capital隘 expend瓣itures.皚 Intere懊st paid叭 is a d奧eductio礙n when 案computi笆ng cash傲 from o叭peratio罷ns as i白t is pa耙id to c奧reditor愛s. Palo挨mbas f唉ree cas翱h flow 懊availab胺le to e傲quity h笆olde

16、rs 盎is calc八ulated 拌as foll柏ows:襖Net cas岸h flow 耙from op敖erating昂 activi頒ties le胺ss net 百cash fo艾r inves班ting ac般tivitie瓣s:熬$110,00俺0 - $6,靶000 = 按$104,00皚0 鞍The inv班estment白 activi傲ties di岸sclosed熬 in the板 proble凹m do no熬t indic吧ate any耙 acquis藹itions.敖 吧Another哀 defini爸tion of俺 free c哀ash flo百ws,

17、whi礙ch focu吧ses on 愛free ca板sh flow懊 availa稗ble to 半all pro叭viders 疤of capi扒tal, wo百uld exc藹lude pa版yments 擺for int叭erest (藹$10,000般 in thi胺s case)瓣 and de扒bt. Thu芭s, Palo懊mbas f氨ree cas拔h flow 邦availab敖le to a拜ll prov熬iders o哀f capit愛al woul奧d be $1礙14,000.隘 伴2.Ma.PRIVATE 哀1996癌1997芭1998柏1999哀2000鞍

18、2001襖Sales盎Bad deb吧t expen皚se骯Net rec版eivable澳s澳Cash co傲llectio艾ns埃1叭$ 岸 案 30盎$ 敗$ 140啊 7奧 40唉$ 123懊$150隘 7矮 50鞍$133柏$165般 8矮 60背$147叭$175百 10按 75鞍$150板$195阿 10安 95板$165熬1 版Sales -半 bad de骯bt expe哎nse - i矮ncrease背 in net把 receiv頒ablesb. 骯1997皚1998敗1999芭2000耙2001跋Bad deb斑t expen背se/sale邦s俺5.0%扒4.7%邦4

19、.9%吧5.7%阿5.1%挨Net rec癌eivable昂s/sales壩28.6壩33.3啊36.4暗42.8拌48.7版Cash co昂llectio扒ns/sale搬s班87.9骯88.7扮89.1氨85.7跋84.6壩c.捌唉The bad拔 debt p把rovisio扒n does 半not see拔m to be阿 adequa絆te. Fro搬m 1997 扒- 2001 俺sales i爸ncrease案d by ap版proxima版tely 40傲%, whil哀e net r跋eceivab扒les mor班e than 扳doubled扒, indic霸ating

20、t板hat col絆lection啊s have 敗been la拜gging. 哀The rat艾ios cal敖culated罷 in par辦t b als搬o indic熬ate the敗 proble辦m. Whil矮e bad d爸ebt exp把ense ha壩s remai阿ned fai哎rly con耙stant a傲t 5% of瓣 sales 捌over th佰e 5 yea班r perio啊d, net 爸receiva白bles as鞍 a perc靶entage 案of sale澳s have 盎increas巴ed from把 29% to把 49%; c隘as

21、h col罷lection邦s relat版ive to 癌sales h壩ave dec靶l(wèi)ined. 拜Other p把ossible白 explan傲ations 敗for the岸se data白 are th傲at stat藹ed paym瓣ent ter邦ms have懊 length跋ened or把 that S瓣tengel 懊has all唉owed cu埃stomers捌 to del骯ay paym巴ent for拔 compet背itive r澳easons.阿3.S奧Niagara哎 Compan扒y芭懊Stateme辦nt of C按ash Flo罷ws 2001

22、PRIVATE 隘Cash co敗llectio艾ns拌Cash in白puts霸Cash ex熬penses哀Cash in瓣terest 背paid頒Income 罷taxes p啊aid搬 Cash 隘from Op鞍eration哀s藹Purchas凹e of fi案xed ass拌ets伴Cash Us昂ed for 翱Investi礙ng敖Increas哎e in LT佰 debt把Decreas搬e in no扳tes pay癌able背Dividen翱ds paid叭Cash Us岸ed for 白Financi班ng搬Net Cha俺nge in 澳Cash襖Cash Ba俺

23、lance 1敖2/31/00胺Cash Ba擺lance 1捌2/31/01唉$ 980阿 (670)鞍 (75)傲 (40)柏 (30)藹$ 165 伴 (150)矮 (150)邦 50敖 (25)頒 (30)稗 (5)昂$ 10 礙 50 案$ 60 岸Sales 襖- 岸 Accoun皚ts Rece版ivable拌COGS +吧 岸 Invent板ory澳Sellin隘g & Gen般eral Ex邦pense -瓣 敗 Accoun八ts Paya唉ble芭1骯叭Intere藹st Expe奧nse - 伴 Intere盎st Paya背ble擺Income傲 Tax Ex昂pen

24、se -搬 頒 Deferr捌ed Tax哀Deprec矮iation 矮Expense扒 + 笆 Fixed 拌Assets 案(net)胺Net In吧come - 斑 Retain奧ed earn芭ings 暗1 岸Can als傲o be us把ed to c安alculat熬e cash 安inputs,礙 decrea艾sing th翱at outf捌low to 扒$645 wh礙ile inc敖reasing芭 cash e靶xpenses凹 to $10鞍0.翱4.La.挨按G Compa癌ny辦昂柏Income 跋Stateme啊nt, 200翱0 ($ th哎ousand

25、s熬)PRIVATE 耙Sales邦COGS + 背operati捌ng拌 expen斑ses奧1鞍Depreci罷ation襖Interes斑t隘Taxes版 Net i疤ncome癌$ 3,841絆 3,651拜 15瓣 41扳 42芭$ 92叭receip半ts from唉 custom壩ers + i伴ncrease氨 in acc熬ounts r稗eceivab跋le把paymen阿ts - in拜crease 挨in inve敖ntory +般 increa鞍se in a叭ccounts半 payabl百e頒increa阿se in a耙ccumula叭ted dep俺recia

26、ti哀on氨paymen壩ts斑paymen捌t + inc笆rease i矮n tax p伴ayable擺check 稗= chang唉e in re斑tained 癌earning般s as th扒ere are罷 no div愛idends岸1 啊Note th礙at thes礙e two i拔tems ca扒nnot be鞍 calcul澳ated se阿paratel班y from 扮the inf礙ormatio爸n avail絆able.埃擺b.拜頒M Compa班ny半拜捌Cash Re哀ceipts 澳and Dis板burseme骯nts, 20耙00 ($ t搬housa

27、nd鞍s)PRIVATE 捌Cash re礙ceipts 絆from:拌 Custo頒mers吧 Issue百 of sto背ck佰 Short氨-term d唉ebt安 Long-敗term de昂bt礙 To皚tal胺Cash di敖sbursem凹ents:按 COGS 絆and ope搬rating 艾expense懊s艾 Taxes笆 Inter盎est笆 Divid敖ends 瓣 扳 PP&E 半purchas邦e 敖 Total盎Change 岸in cash愛$ 1,807艾 半 3扒 62壩 傲 96昂$ 1,968哎 擺$ 1,843捌 3奧 51懊 22翱 33爸$ 1,

28、952奧$ 16敗 鞍Sales 礙- incre拔ase in 凹receiva斑bles拔Increa柏se in a俺ccount矮I(xiàn)ncrea邦se in l敖iabilit芭y翱Increa扒se in l班iabilit俺y罷COGS +笆 operat霸ing exp敗ense + 佰increas半e in in壩ventory傲 + decr愛ease in阿 accoun敗ts paya半ble隘Expens頒e - inc絆rease i皚n tax p伴ayable艾Expens疤e捌Income拌 + incr艾ease in癌 retain稗ed earn捌ings

29、矮Change愛 in PP&熬E敖Note敗: This 澳is not 拔a true 拔receipt懊s and d哀isburse按ments s白chedule八 as it 百shows c澳ertain 胺amounts敖 (e.g.,盎 debt) 艾on a ne矮t basis爸 rather頒 than g按ross. S笆uch sch按edules 癌(and ca熬sh flow扮 statem哀ents) p笆repared班 from p昂ublishe盎d data 傲can onl霸y show 隘some am邦ounts n澳et, unl吧ess s

30、up巴plement拔ary dat跋a are a艾vailabl傲e.奧澳c.拌胺The cas礙h flow 傲stateme笆nts are熬 presen柏ted wit疤h the i斑ncome s斑tatemen扳t for c叭omparis板on purp把oses in哀 answer拔ing Par版t d.唉M Compa霸ny: Sta板tement 瓣of Cash擺 Flows白哀($ thou愛sands)PRIVATE 伴奧1996伴皚1997埃邦1998耙叭1999拔霸2000啊CFO:傲From cu艾stomers八Less ou襖tlays f扳or

31、:罷COGS/op埃er. exp百.襖Interes熬t藹Taxes辦CFI:霸PP&E pu爸rchase阿CFF:扳Issue o把f stock柏Short-t癌erm deb把t捌Long-te挨rm debt昂Dividen搬ds靶Stock r疤epurcha般se 版LT debt爸 repaid盎ST debt跋 repaid把Change 鞍in cash八$1,165 背 1,130 唉 15 辦 23 柏$ (3)靶 (14)鞍 5 懊 64 柏 - 班 (20)佰 (22)案 (2)絆 - 傲$ 25 岸 8 絆$1,210 奧 1,187 罷 19 阿 19 八$

32、(15)板 (17)絆 5 爸 65 跋 - 吧 (21)巴 (14)邦 (2)藹 - 凹$ 33 稗 1 稗$1,327 哎 1,326 瓣 16 凹 9 艾$ (24)霸 (37)辦 8 霸 - 藹 100 啊 (21)伴 - 岸 (3)盎 (8)爸$ 76 哀 15 阿$1,587 版 1,672 艾 21 盎 9 百$ (115)芭 (30)瓣 3 骯 153 罷 - 佰 (21)巴 (10)昂 - 捌 - 澳$ 125 艾 (20)把$1,807 唉 1,843 哀 51 瓣 3 阿$ (90)爸 (33)熬 3 把 62 暗 96 把 (22)阿 - 拜 - 八 - 阿$ 139

33、把 16 霸扮凹M Compa瓣ny: Inc骯ome Sta叭tement 皚($ thou百sands)PRIVATE 耙靶1996吧啊1997白叭1998斑般1999骯壩2000頒Sales佰COGS拔Operati靶ng expe暗nse捌Depreci盎ation邦I(lǐng)nteres氨t翱Taxes頒 Total傲 Net I隘ncome霸$ 1,220襖 818壩 298暗 9版 15白 百 38柏$ 1,178案 翱 42挨$ 1,265艾 843半 320骯 10辦 19辦 33澳$ 1,225胺 稗 40澳$ 1,384把 931礙 363瓣 11癌 16啊 27白$ 1,348

34、八 胺 36巴$ 1,655疤 1,125耙 434拜 12傲 21氨 26凹$ 1,852頒 癌 37懊$ 1,861絆 1,277唉 504辦 14把 51芭 6澳$ 1,852芭 安 9阿扮扒G Compa拔ny: Sta吧tement 壩of Cash暗 Flows唉稗($ thou爸sands)PRIVATE 阿壩1996暗笆1997把八1998佰巴1999叭班2000捌CFO:按From cu笆stomers懊Disburs鞍ements:扳COGS/Op艾er. exp艾.岸Interes爸t擺Taxes擺 辦CFI:皚PP&E pu般rchase啊CFF:氨Issue o班f

35、stock白Short-t啊erm deb叭t扮Long-te扒rm debt疤 暗Change 哎in cash阿$1,110 案 1,214 阿 11 啊 13 氨$ (128)爸 傲 10 頒 80 壩 40 盎$ 130 鞍$ 2拜$1,659 壩 1,702 班 13 芭 15 耙$ (71)拜 辦 佰 52 拌 23 哎$ 75 爸$ 4 礙$2,163 笆 1,702 班 23 凹 16 俺$ (93)斑 (20)班 5 背 91 壩 20 柏$ 116 艾$ 3 隘$2,809 藹 2,895 般 29 搬 29 爸$ (144)唉 (10)挨 45 昂 3 癌 125 氨$

36、173 拜$ 19 搬$3,679 埃 3,778 拔 41 白 35 八$ (175)哎 百 30 瓣 60 班 50 艾$ 140 鞍$ 35 岸跋阿G Compa藹ny-Inc爸ome Sta艾tement瓣般愛($ thou愛sands)PRIVATE 艾凹1996鞍扒1997懊頒1998挨把1999白霸2000扒Sales耙COGS耙Operati爸ng expe芭nse皚Depreci搬ation白Interes扮t跋Taxes辦 Total襖 Net i芭ncome柏$ 1,339拜 1,039稗 243疤 10按 11佰 13岸$ 1,316柏$ 23扮$ 1,731背 1,3

37、34邦 312稗 10白 13昂 20扒$ 1,689氨$ 42靶$ 2,261柏 1,743唉 398巴 12唉 23昂 27傲$ 2,203藹$ 58啊$ 2,939伴 2,267按 524耙 14挨 29癌 31巴$ 2,865俺$ 74版$ 3,841敗 稗 3,651奧 15唉 41扮 42熬$ 3,749案$ 92扒Note: 2敗000 COG耙S and o埃peratin拜g expen按se are 案combine柏d as th癌ere is 奧insuffi安cient i敗nformat艾ion to 般separat隘e them.哎d.芭拜Both co昂mpa

38、nies氨 are cr擺edit ri哎sks. Al俺though 啊both ar絆e profi拜table, 伴their C俺FO is i瓣ncreasi般ngly ne霸gative.澳 If cur皚rent tr八ends co艾ntinue 按they fa霸ce poss鞍ible in版solvenc傲y. Howe安ver, be挨fore re昂jecting壩 both l扳oans ou捌tright,把 it is 拜importa伴nt to k隘now whe扳ther CF半O and i斑ncome d安iffer b扒ecause 白the com

39、伴panies 般are doi氨ng poor叭ly or b罷ecause 稗they ar鞍e growi般ng too 叭fast.爸Both co耙mpanies叭 increa藹sed sal辦es over哎 the 5 昂year pe絆riod; C挨ompany 敖M by 50澳%, Comp鞍any G b斑y more 暗than 30霸0%. Are癌 these 半sales r笆eal (wi敗ll cash般 collec啊tions m疤aterial柏ize)? I愛f they 背are gr芭owing t爸oo fast吧, it m疤ay be a

40、昂dvisabl傲e to ma爸ke the 胺loan bu跋t also 胺to forc吧e the c愛ompany 疤to curt扳ail its暗 growth芭 until 扳CFO cat拜ches up愛. One w懊ay to v隘erify w班hether 捌the gap捌 is the絆 result唉 of sal斑es to p叭oor cre巴dit ris扳ks is t辦o check艾 if the罷 growth爸 in rec斑eivable昂s is p稗r(nóng)oporti斑onal t搬o the s笆ales gr版owth. S翱imila

41、r 靶checks 擺can be 藹made fo哀r the g阿rowth i骯n inven暗tories 傲and pay扳ables. 叭In this般 case, 般the inv爸entory 暗of M co背mpany h案as doub凹led fro矮m 1996 半to 2000疤 while 罷COGS in隘creased啊 by onl耙y 56%. 暗The inv巴entory 艾increas笆e would板 be one霸 area t岸o inves啊tigate 岸further頒.澳There i霸s a sig拜nifican澳t diffe

42、吧rence i霸n the i巴nvestme柏nt patt矮ern of 搬t(yī)he two拌 compan隘ies. Co阿mpany M芭 has ma芭de purc白hases o白f PPE e鞍ach yea礙r, whil瓣e Compa巴ny G ha拜s made 板little 唉net inv罷estment版 in PPE叭 over t把he peri鞍od. Yet跋 Compan岸y G has哎 grown 安much fa哀ster. D斑oes thi埃s refle板ct the 哎nature 把of the 案busines叭s (Comp把any

43、 G i扳s much 安less ca芭pital i暗ntensiv隘e) or h盎as Comp班any G u辦sed off奧 balanc敗e sheet熬 financ扳ing tec岸hniques俺?爸The cas敗h from 艾financi皚ng patt熬erns of辦 the tw背o compa矮nies al暗so diff熬er. Bot埃h tripl愛ed thei拔r total矮 debt o藹ver the哀 period靶 and in皚creased皚 the ra叭tio of 背total d罷ebt to 唉equity.芭 Give

44、n 叭Company跋 Ms sl柏ower gr耙owth (i岸n sales瓣 and eq板uity), 柏its deb扳t burde骯n has g熬rown mu骯ch more氨 rapidl案y. Desp安ite thi敖s, Comp般any M h挨as cont叭inued t澳o pay d澳ividend礙s and r挨epurcha唉se stoc昂k. Comp拔any G h愛as not 敖paid di奧vidends艾 and ha拔s issue挨d new e唉quity. 敖These t襖wo fact靶ors acc骯ount fo扳r

45、its l隘arger i敗ncrease扳 in equ扒ity fro昂m 1996 把to 2000鞍.拜Based o傲nly on 稗the fin熬ancial 靶data pr翱ovided,隘 G look擺s like 邦the bet昂ter cre昂dit ris傲k. Its 氨sales a敗nd inco壩me are 矮growing爸 rapidl扒y, whil爸e Ms i罷ncome i佰s stabl俺e to de鞍clining矮 on mod柏estly g矮rowing 岸sales. 盎Unless 哎further般 invest熬igati

46、on背 change霸s the i澳nsights敖 discus柏sed her案e, you 俺should 叭prefer 百to lend昂 to Com暗pany G.挨5.La.吧 (i)藹按Stateme爸nt of C霸ash Flo哀ws - In奧direct 背Method巴 Ca啊sh from埃 operat霸ions:吧懊巴啊襖礙Net inc昂ome頒哎罷按按把$1,080唉愛扒Add non壩cash ex艾pense: 耙depreci芭ation稗凹盎 600八版啊Add/Sub辦tract c唉hanges 邦in work哎ing cap按ital:把

47、Account班s recei跋vable凹笆安(150)八拜骯敗Invento拔ry半熬岸(200)版礙凹吧Accrual扮s邦稗 罷唉 80百斑叭胺Account敖s payab俺le胺疤哀 癌120骯笆 (150)襖敗骯奧佰笆 半八$耙1,530癌骯俺Cash fr岸om inve扒sting:骯罷八暗板暗Capital吧 expend扒itures唉辦阿盎巴 邦1,150霸半板壩岸霸阿挨跋把壩Cash fr矮om fina罷ncing:敖瓣疤稗暗佰Short t骯erm bor柏rowing案挨岸跋 班霸 550邦矮扳Long-te礙rm repa柏yment礙安埃版跋 (398)靶稗

48、耙Dividen擺ds翱芭啊把罷 襖 扮(432)按盎爸柏般皚搬 $翱(280)鞍拌笆Net cha扮nge in 爸cash岸板笆凹骯 佰$ 100八矮按Workshe皚et for 扮(Indire班ct Met邦hod) Ca絆sh Flow鞍 Statem柏ent 熬Income靶Balance背 Sheet壩Cash拌Stateme捌nt叭12/31/0瓣0爸12/31/0把1皚Change版Effect拌Net inc扮ome昂$1,080翱 $1,080罷Depreci敖ation八 600盎 600霸Account霸s recei叭vable稗 $1,500奧 $1,650佰

49、$150半 (150扮)哎Invento八ry矮 2,000柏 2,200盎 200鞍 (200拜)擺Accrual哀s拜 800壩 880癌 80背 80熬Account啊s payab敗le阿 1,200爸 1,320凹 120邦 120襖Depreci奧ation傲 (600哎)埃 (600敖)盎Net fix百ed asse班ts搬 6,500安 7,050擺 550邦 (550阿)翱 Capit八al expe疤nditure辦s藹$(1,150疤)按Note pa柏yable霸 5,500靶 6,050阿 550懊 550胺 Shor壩t-term 敗borrowi凹ng敗 $ 5

50、50襖Long-te佰rm debt伴 2,000吧 1,602矮 (398)擺 (398啊)扒 Long-絆term de案bt repa凹yment拌 $ (398佰)伴Net inc疤ome啊 (1,080皚)芭 (1,080斑)矮Retaine壩d earni扳ngs安 500岸 1,148隘 648佰 648瓣 Divid翱ends pa澳id 挨 $ (432白)哎_唉_哎_盎 捌 0皚 $ 100耙The wor盎ksheet 熬to crea疤te the 辦cash fl擺ow stat敖ement i靶s prese柏nted ab隘ove. Ea盎ch bala癌nce

51、she拌et chan挨ge (oth胺er than白 cash) 爸is acco昂unted f般or and 辦matched哎 with i柏ts corr拔espondi靶ng acti背vity. A伴s a las拔t check安, the n瓣et inco懊me and 埃the add板-backs 巴of non-盎cash it凹ems are班 balanc板ed and 八“closed瓣” to th哀eir res耙pective敖 accoun扒ts (PP&笆E and r隘etained斑 earnin稗gs) pro安viding 拔the amo般

52、unts of爸 capita邦l expen拌ditures跋 and di岸vidends絆.敖a. (ii)拌 Statem按ent of 辦Cash Fl埃ows - D阿irect M瓣ethod罷Cash fr骯om Oper斑ations:半跋斑頒霸吧 Cash愛 collec頒tions 靶按$9,850盎 Cash擺 paymen頒ts for 八merchan芭dise懊骯(6,080)安 Cash懊 paid f辦or SG&A頒板(920)熬 Cash班 paid f半or inte矮rest哀俺(600)敗 Cash昂 paid f挨or taxe襖s瓣斑(懊720)

53、$1,530扒Cash fo白r Inves案ting Ac伴tivitie俺s:叭Capital骯 expend扳itures氨白(敖1,150)熬Cash fo凹r Finan拌cing Ac斑tivitie叭s:巴吧癌叭疤懊Short-t擺erm bor愛rowing柏百 550襖Long-te拌rm debt拔 repaym熬ent奧俺 ( 398)埃Dividen搬ds耙斑 (艾 432)靶敖$愛( 280)翱Net Cha耙nge in 拜Cash傲啊 佰$ 100靶The wor絆ksheet 笆to crea凹te the 礙cash fl隘ow stat捌ement i捌s

54、prese骯nted be氨low. Ea伴ch bala把nce she癌et chan襖ge (oth愛er than暗 cash) 案is acco艾unted f礙or and 叭matched絆 with i藹ts corr凹espondi疤ng acti半vity. F骯urtherm敖ore the靶 operat案ing acc懊ount ch昂anges a八re matc白hed to 扒their c百orrespo傲nding i癌ncome s傲tatemen按t item.扳 As a l岸ast che藹ck, the哎 net in絆come is藹 balan

55、c氨ed and 吧“closed翱” to re絆tained 艾earning靶s provi懊ding th安e amoun瓣t of di岸vidends骯.癌Note th耙at ther哀e is no熬 differ骯ence be俺tween t頒he indi癌rect an皚d direc爸t metho拜ds in t礙he cash瓣 flow s把tatemen拔t and i暗n the w氨orkshee阿t for c熬ash for般 invest愛ing and癌 financ白ing act俺ivities稗,吧 熬阿Workshe跋et for 艾(Di

56、rect愛 Method藹) Cash 搬Flow St藹atement捌Income疤Balance搬 Sheet班Cash暗Stateme挨nt安12/31/0礙0敗12/31/0吧1哎Change皚Effect盎Sales盎$10,000辦$10,000藹Account澳s recei隘vable把$ 1,500愛$ 1,650壩$ 150襖 (150盎)傲 Cash 盎Collect疤ions靶$ 9,850伴COGS爸 (6,000傲)唉 (6,000般)背Invento跋ry八 2,000邦 2,200伴 200跋 (200埃)挨Account唉s payab板le爸 1,200背

57、 1,320襖 120胺 120版Cash Pa皚id for 凹Merchan跋dise半$(6,080把)礙SG&A ex頒pense矮 (1,000芭)背 (1,000奧)耙Accrual捌s霸 800按 880搬 80扳 80吧 Cash 邦Paid fo拌r SG&A班$ (920凹)奧Interes岸t expen邦se佰 (600八)靶 (600癌)挨 Cash 艾Paid fo襖r Inter霸est按$ (600搬)扳Taxes唉 (720笆)氨 (720拌)襖 Cash 八Paid fo奧r Taxes伴$ (720巴)辦Depreci疤ation搬 (600安)般 (60

58、0俺)稗Net fix傲ed asse哀ts俺 6,500疤 7,050癌 550鞍 (550把)哎Capital藹 Expend襖itures捌$(1,150頒)般Note pa阿yable奧 5,500班 6,050襖 550奧 550啊Short-t拜erm Bor胺rowing拜$ 550搬Long-te皚rm debt襖 2,000傲 1,602凹 (398)拔 (398板)搬 Long-敖term De胺bt Repa笆id擺$ (398昂)跋Net inc岸ome百 (1,080柏)版 (1,080伴)敖Retaine皚d earni叭ngs爸 500伴 1,148八 648唉

59、648礙 Divid矮ends 襖$ (432搬)哀_ _辦_唉_霸$ 0奧 白$ 100般6.La.笆巴Exhibit襖 3P-3 d唉oes not挨 provid襖e the (癌changes斑 in the安) indiv霸idual c凹o(jì)mponen凹ts that哀 make u罷p the c傲hanges 叭in work佰ing cap吧ital. A胺s such,擺 to cre捌ate the瓣 direct懊 method懊 cash f邦low sta哎tement,氨 we mus叭t obtai絆n the i傲nformat按ion dir疤ectly f

60、爸rom the哎 balanc頒e sheet按. This 阿procedu哎re does背 not ne唉cessari礙ly yiel襖d the s案ame cas擺h flow 爸compone俺nts usi唉ng the 吧direct 柏method 昂as thos翱e provi跋ded by 盎the com凹pany in拌 its in翱direct 班method 傲calcula矮tions. 挨Differe芭nces ma暗y arise隘 when敖there a絆re acqu凹isition斑s/dives爸tments案there a俺re for