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On completion of this chapter students will: Know the difference between book value and market value, know the difference between accounting income and cash flow, know the difference between average and marginal tax rates, know how to determine a firm’s cash flow from its financial statements. | Chapter 2 Lecture - Financial Statements, Taxes, and Cash Flow Chapter 2 Lecture Financial Statements, Taxes, and Cash Flow Learning Objectives After studying this chapter, you should be able to: LO1 Differentiate between accounting value (or “book” value) and market value. LO2 Distinguish accounting income from cash flow. LO3 Explain the difference between average and marginal tax rates. LO4 Determine a firm's cash flow from its financial Copyright (c) 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 2- 1 2- 2 The Balance Sheet The Balance Sheet A snapshot of the firm’s assets and liabilities at a Total Value of Assets given point in time (“as of ”) Assets − Left-hand side (or upper portion) − In order of decreasing liquidity Liabilities and Owners’ Equity Right-hand side (or lower portion) In ascending order of when due to be paid Balance Sheet Identity Assets = Liabilities + Stockholders’ Equity Current Assets Total Value of Liabilities and Shareholders' Equity Net Working Capital Current Liabilities Long Term Debt Fixed Assets 1. Tangible 2. Intangible Shareholder Equity Beginners' Guide to Financial Statements 2- 3 2- 4 1 Chapter 2 Lecture - Financial Statements, Taxes, and Cash Flow The Balance Sheet Balance Sheet Classification: Overview ASSETS = • Current assets • Property, plant and equipment • Investments • Other assets • Assets are generally listed based on how quickly they will be converted into cash. Current assets are things a company expects to convert to cash within one year. A good example is inventory. • Fixed assets are those assets used to operate the business but that are not available for sale, such as trucks, office furniture and other property. • Net Fixed Assets is the purchase price of all fixed assets (Land, buildings, equipment, machinery, vehicles, leasehold improvements) less accumulated .
