TAILIEUCHUNG - Lecture Managerial finance - Chapter 3: Financial statements, cash flow, and taxes
Chapter 3 - Financial statements, cash flow, and taxes. After studying this chapter you will be able to understand: Income statement, balance sheet, statement of cash flows, accounting income versus cash flow, personal taxes, corporate taxes. | Chapter 3 Financial Statements, Cash Flow, and Taxes Topics in Chapter Income statement Balance sheet Statement of cash flows Accounting income versus cash flow Personal taxes Corporate taxes Income Statement 2006 2007 Sales 3,432,000 5,834,400 COGS 2,864,000 4,980,000 Other expenses 340,000 720,000 Deprec. 18,900 116,960 Tot. op. costs 3,222,900 5,816,960 EBIT 209,100 17,440 Int. expense 62,500 176,000 EBT 146,600 (158,560) Taxes (40%) 58,640 (63,424) Net income 87,960 (95,136) What happened to sales and net income? Sales increased by over $ million. Costs shot up by more than sales. Net income was negative. However, the firm received a tax refund since it paid taxes of more than $63,424 during the past two years. Balance Sheet: Assets 2006 2007 Cash 9,000 7,282 S-T invest. 48,600 20,000 AR 351,200 632,160 Inventories 715,200 1,287,360 Total CA 1,124,000 1,946,802 Gross FA 491,000 1,202,950 Less: Depr. 146,200 263,160 Net FA 344,800 939,790 Total assets 1,468,800 .
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