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ch03 - CHAPTER3 AnalysisofFinancial Statements...

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12/04/10 3-1 CHAPTER 3 Analysis of Financial  Statements Ratio Analysis Du Pont system Effects of improving ratios Limitations of ratio analysis Qualitative factors.
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12/04/10 2 3 Balance Sheet: Assets 2003E 2002 Cash        85,632      7,282 A/R       878,000   632,160 Inventories     1,716,480                     1,287,360 Total CA     2,680,112                    1,926,802 Gross FA           1,197,160                    1,202,950 Less: Dep.           380,120                        263,160 Net FA                 817,040                        939,790 Total Assets       3,497,152                     2,866,592   
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12/04/10 3 3 Balance Sheet:  Liabilities and Equity 2003E 2002 A/P                    436,800   524,160 N/P       300,000   636,808 Accruals       408,000                        489,600 Total CL     1,144,800                    1,650,568 Long-term debt    400,000                       723,432 Common Stocks 1,721,176                      460,000 RE                       231,176                         32,592 Total Equity       1,952,352                       492,592 Total L & E        3,497,152                       2,866,592   
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12/04/10 4 3 Income Statement 2003E 2002 Sales               7,035,600 6,034,000 GOGS    5,875,992 5,528,000 Other Expenses   550,000                         519,988    EBITDA       609,608                       (13,988) Depr. & Amort.    116,960                        116,960    EBIT                492,648                      (130,948) Interest Exp.         70,008                        136,012 EBT                    422,640                     (266,960) Taxes                 169,056                      (106,784) Net Income         253,584                      (160,176)   
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12/04/10 5 3 Other data 2003E 2002    No. of Shares          250,000                         100,000 EPS                          $1.014                           -$1.602 DPS                          $0.220                            $0.110 Stock Price                $12.17                              $2.25 Lease Pmts             $40,000                           $40,000
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12/04/10 6 3 Why are ratios useful?
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