chapter 2 financial statements, cash flow, and...

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2-1 2014_Spring Financial Statements, Cash Flow and Taxes Balance sheet (대차대조표) Income statement (손익계산서) Statement of cash flows (현금흐름표) Statement of stockholders’ equity (자본변동표)

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Page 1: CHAPTER 2 Financial Statements, Cash Flow, and Taxescontents.kocw.net/KOCW/document/2014/hanyang/chunghyunch...2014_Spring 2-1 Financial Statements, Cash Flow and Taxes Balance sheet

2-1 2014_Spring

Financial Statements, Cash Flow and Taxes

Balance sheet (대차대조표)

Income statement (손익계산서)

Statement of cash flows (현금흐름표)

Statement of stockholders’ equity

(자본변동표)

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2-2 2014_Spring

재무제표(financial statements)

일정기간 진행된 기업경영활동을 정해진 원칙에 따라 내용 정리

이해당사자(주주, 채권자, 일반투자자, 정부)에게 제공

기업간 객관적인 비교가 가능

주요 4대 재무제표

대차대조표 (B/S : Balance Sheet)

손익계산서 (I/S : Income Statement, Statement of Operations)

현금흐름표 (Statement of Cash Flows)

자본변동표 (Statement of Stockholders’ Equity)

Financial Statements

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Balance Sheet

◈ 대차대조표: provides a snapshot of a firm’s financial position at a point in time.

2008년 12월 31일 현재 2009년 12월 31일 현재

(ASSETS)

자산

Debt (Liability):

부채

(타인자본)

자산

부채

Equity:

자본

(자기자본) 자본

* 유동성 순서대로 나열

* 유동성(liquidity) : 가치 손실 없이 현금화 정도

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2-4 2014_Spring

◈ 대차대조표: 자산(Asset)

Ⅰ. 유동자산(Current Assets)

ㅇ 당좌자산

- 현금 및 현금성자산: 현금, 당좌(보통)예금

- 유가증권 : 타 기업 주식과 회사채

- 매출채권 : 외상매출금, 받을어음

ㅇ 재고자산: 상품, 제품

Ⅱ. 고정자산(Long-Term (fixed) Assets)

ㅇ 투자자산 : 장기금융상품, 투자유가증권

ㅇ 유형자산 : 토지, 건물, 기계장치, 선박

ㅇ 무형자산 : 영업권, 창업비, 개발비, copyrights, patents

Balance Sheet

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2-5 2014_Spring

◈ 대차대조표: 부채(Liability; Debt)

Ⅰ. 유동부채(Current Liability)

매입부채 : 외상매입금, 지급어음

단기차입금

미지급금 : 미지급대금(광고료, 판매수수료)

미지급비용 : 미지급이자, 미지급임차료, 미지급전력료

선수금 : 미리 받은 계약이행보증금

Ⅱ. 고정부채(Long-Term Debt)

사채 : 회사채

장기차입금

Balance Sheet

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2-6 2014_Spring

◈ 대차대조표: 자본(Equity)

Ⅰ. 자본금 : 주주의 출자액(주식의 총액면가액:common stock)

Ⅱ. 자본잉여금 : 경영성과가 아닌 자본거래에 의한 이익(주식발행초

과금:additional paid-in capital)

Ⅲ. 이익잉여금 : 당기순이익의 누적 유보액(retained earning)

Ⅳ. 자본조정 : 임시 자본항목(자사주 매입)

Balance Sheet

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2-7 2014_Spring

Balance Sheet

BALANCE SHEETS - Allied Food Products - December 31($ mil. )

Assets 2009 2008

Cash and equivalents $ 10 $ 80

Accounts receivable 375 315

Inventories 615 415

Total current assets $ 1,000 $ 810

Net plant and equipment 1,000 870

Total assets $ 2,000 $ 1,680

Liabilities and Equity

Accounts payable $ 60 $ 30

Notes payable 110 60

Accruals (Accrued wages and taxes) 140 130

Total current liabilities $ 310 $ 220

Long-term bonds 750 580

Total debt $ 1,060 $ 800

Common stock (50M shares) 130 130

Retained earnings 810 750

Total common equity $ 940 $ 880

Total liabilities and equity $ 2,000 $ 1,680

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2-8 2014_Spring

◈ 손익계산서(Income Statement): summarizes a firm’s

revenues and expenses over a given period of time

2009년 1월 1일부터 2009년 12월 31일까지

비용

수익

당기순이익

Income Statement

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2-9 2014_Spring

◈ 손익계산서(Income Statement) Ⅰ. 매출액 : 상품 및 서비스의 판매수익

Ⅱ. 매출원가 : 상품과 서비스의 구입/제조원가

Ⅲ. 매출총이익

Ⅳ. 판매비와 관리비 : 급여, 임차료, 접대비, 감가상각비,

광고선전비, 연구개발비

Ⅴ. 영업이익(operating income: EBIT)

Ⅵ. 영업외수익 : 이자(배당금)수익, 임대료, 외화환산이익

Ⅶ. 영업외비용 : 이자비용, 재고자산평가손실, 외화환산손실,

유가증권(유형자산)처분손실

Ⅷ. 경상이익

Ⅸ. 특별이익 :비경상적, 비반복적 거래 이익(고정자산 처분이익)

Ⅹ. 특별손실 : 재해손실

ⅩI. 법인세비용 차감 전 순이익

ⅩII. 법인세비용

ⅩIII. 당기순이익

Income Statement

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2-10 2014_Spring

Income statement

INCOME STATEMENTS - Allied Food Products - Years Ending

December 31(in millions of dollars)

2009 2008

Net sales $3,000.0 $2,850.0

Operating costs except depreciation 2,616.2 2,497.0

EBITDA $383.8 $353.0

Depreciation & Amortization 100.0 90.0

Earnings before interest and taxes (EBIT) $283.8 $263.0

Less interest 88.0 60.0

Earnings before taxes (EBT) $195.8 $203.0

Taxes 78.3 81.2

Net income $117.5 $121.8

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2-11 2014_Spring

Income statement

[Per share data] 2009 2008

Common stock price 23 26

Earnings per share (EPS) 2.35 2.44

Dividends per share (DPS) 1.15 1.06

Book value per share (BVPS) 18.80 17.6

Cash flow per share (CFPS) 4.35 4.24

EPS=NI/# of shares outstanding

DPS=Div/# of shares outstanding

BVPS=Total common equity/# of shares outstanding

CFPS=NI+Dep.+Amort./# of shares outstanding

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Statement of Cash Flows

지난 6월 부도가 난 중견 건설사 신일. 이 회사의 손익계산서에는

지난해 181억원, 2005년에는 247억원에 달하는 순이익을 낸

것으로 적혀 있다.

흑자도산인 셈이다. 미미하다면 몰라도 수백억 원에 달하는 이익,

그것도 수년간 이익을 내고 있는 업체가 왜 갑자기 부도를 냈을까

의아하다. 의문은 이 회사의 현금흐름표를 보면 금방 풀린다.

지난해 영업활동을 통해 신일이 거둬들인 현금이 756억원이나

적자이기 때문이다.

현금흐름표는 기업의 실제 현금 유출입을 기준으로 작성한다.

사안이 발생했을 때 수익과 비용을 기록하는 손익계산서에선 알 수

없는 실질적인 자금상태ㆍ단기지급능력을 포착할 수 있다는

얘기다.

[출처: 매일경제 2007년9월11일 화요일 A5]

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Statement of Cash Flows

Is the firm generating enough cash that can be used to repay debt or to invest in new products?

Is the firm generating extra cash to purchase the additional assets required for growth?

Will inadequate cash flows force the company to issue more stock?

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2-14 2014_Spring

◈ 현금흐름표: reports the impact of a firm’s activities on

cash flows over a given period of time 2008년 1월 1일부터 2008년 12월 31일까지 Ⅰ. 영업활동으로 인한 현금흐름 (Operating activities)

매출, 매입, 급료, 이자수익과 비용, 배당금수익, 법인세, 재고자산

Ⅱ. 투자활동으로 인한 현금흐름 (Investing activities)

유가증권의 처분/취득, 토지의 처분/취득, 기계장치 구입

Ⅲ. 재무활동으로 인한 현금흐름 (Financing activities)

차입금 차입/상환, 사채 발행/상환, 신주발행, 배당금지급

Ⅳ. 현금의 증가(감소) : I+II+III

Ⅴ. 기초의 현금

Ⅵ. 기말의 현금 : IV+V

Statement of Cash Flows

이자수익,배당금수입=>영업 또는 투자

이자비용, 배당지급 =>영업 또는 재무

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Statement of Cash Flows

STATEMENT OF CASH FLOWS - Allied Food Products (2009)

I. Operating Activities

Net Income before dividends 117.5

Additions (Sources of Cash)

Depreciation and amortization 100

Increase in accounts payable 30

Increase in accruals 10

Subtractions (Uses of Cash)

Increase in accounts receivable -60

Increase in inventories -200

Net cash provided by operating activities -2.5

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2-16 2014_Spring

Statement of Cash Flows

II. Long-Term Investing Activities

Cash used to acquire fixed assets -230

III. Financing Activities

Increase in notes payable 50

Increase in bonds 170

Payment of dividends -57.5

Net cash provided by financing activities 162.5

IV. Net change in cash and equivalents -70.0

V. Cash and equivalents at beginning of the year 80

VI. Cash and Equivalents at End of the Year 10.0

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2-17 2014_Spring

◈ 자본변동표: shows how much of the firm’s earnings were

retained, rather than paid out as dividends

Statement of Stockholders’ Equity

STATEMENT OF Stockholders’ Equity - Allied Food Products (2009 )

(in millions of dollars)

Common

Stock Retained Earnings

Total

Stockholders’

Equity

Balance, Dec.31,2008 130 750 880

2009 Net Income 117.5

Cash Dividend (57.5)

Additional Retained

Earnings 60 60

Balance, Dec.31, 2009 130 810 940