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Chapter 3 - Chapter3 FinancialStatements,Cash Flow,andTaxes...

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Financial Statements, Cash  Flow, and Taxes Key Financial Statements    Balance Sheet    Income Statement   Statement of Stockholders’ Equity   Statement of Cash Flows Free Cash Flow Federal Tax System Chapter 3 3-1
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The Annual Report Balance sheet – provides a snapshot of a  firm’s financial position at one point in time. Income statement – summarizes a firm’s  revenues and expenses over a given period  of time. Statement of stockholders’ equity – shows  how much of the firm’s earnings were  retained, rather than paid out as dividends. Statement of cash flows – reports the impact  of a firm’s activities on cash flows over a  given period of time. 3-2
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Balance Sheet: Assets    Cash A/R Inventories Total CA Gross FA Less: Dep. Net FA Total Assets 3-3       2008 7,282   632,160 1,287,360 1,926,802 1,202,950     263,160     939,790 2,866,592     2007 57,600 351,200     715,200 1,124,000 491,000     146,200     344,800 1,468,800
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Balance Sheet: Liabilities and Equity Accts payable Notes payable Accruals Total CL Long-term debt Common stock Retained earnings Total Equity Total L & E 3-4       2008 524,160   636,808     489,600 1,650,568 723,432 460,000       32,592     492,592 2,866,592     2007 145,600 200,000     136,000 481,600 323,432 460,000     203,768     663,768 1,468,800
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Income Statement 3-5   2008  2007  Sales      $6,034,000      $3,432,000  COGS      5,528,000      2,864,000  Other expenses      519,988       358,672   Total oper.costs excl.    deprec. & amort.        $6,047,988        $3,222,672  Depreciation and amortization      116,960       18,900   EBIT    ($  130,948)    190,428  Interest expense      136,012       43,828   EBT    ($  266,960)    146,600  Taxes      (106,784 )      58,640   Net income    ($  160,176 )    87,960  
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Other Data No. of shares EPS DPS Stock price Lease pmts 3-6      2008 100,000 -$1.602 $0.11 $2.25 $40,000      2007 100,000 $0.88 $0.22 $8.50 $40,000
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Statement of Stockholders’  Equity (2008) 3-7         Total    Common Stock  Retained  Stockholders’    Shares  Amount  Earnings  Equity  Balances, 12/31/07  100,000  $460,000  $203,768  $663,768  2008 Net income      (160,176)    Cash dividends      (11,000)   
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