上海对外贸易学院财管中加财务报表分析课后练习答案cha3 cha4.docx
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上海对外贸易学院财管中加财务报表分析课后练习答案cha3 cha4.docx
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上海对外贸易学院财管中加财务报表分析课后练习答案cha3cha4
Cha3
5.{L}a.(i)
StatementofCashFlows-IndirectMethod
Cashfromoperations:
Netincome$1,080
Addnoncashexpense:
depreciation600
Add/Subtractchangesinworkingcapital:
Accountsreceivable(150)
Inventory(200)
Accruals80
Accountspayable120(150)
$1,530
Cashfrominvesting:
Capitalexpenditures1,150
Cashfromfinancing:
Shorttermborrowing550
Long-termrepayment(398)
Dividends(432)
$(280)
Netchangeincash$100
Worksheetfor(IndirectMethod)CashFlowStatement
Income
BalanceSheet
Cash
Statement
12/31/00
12/31/01
Change
Effect
Netincome
$1,080
$1,080
Depreciation
600
600
Accountsreceivable
$1,500
$1,650
$150
(150)
Inventory
2,000
2,200
200
(200)
Accruals
800
880
80
80
Accountspayable
1,200
1,320
120
120
Depreciation
(600)
(600)
Netfixedassets
6,500
7,050
550
(550)
Capitalexpenditures
$(1,150)
Notepayable
5,500
6,050
550
550
Short-termborrowing
$550
Long-termdebt
2,000
1,602
(398)
(398)
Long-termdebtrepayment
$(398)
Netincome
(1,080)
(1,080)
Retainedearnings
500
1,148
648
648
Dividendspaid
$(432)
_________
______
0
$100
Theworksheettocreatethecashflowstatementispresentedabove.Eachbalancesheetchange(otherthancash)isaccountedforandmatchedwithitscorrespondingactivity.Asalastcheck,thenetincomeandtheadd-backsofnon-cashitemsarebalancedand“closed”totheirrespectiveaccounts(PP&Eandretainedearnings)providingtheamountsofcapitalexpendituresanddividends.
a.(ii)StatementofCashFlows-DirectMethod
CashfromOperations:
Cashcollections$9,850
Cashpaymentsformerchandise(6,080)
CashpaidforSG&A(920)
Cashpaidforinterest(600)
Cashpaidfortaxes(720)
$1,530
CashforInvestingActivities:
Capitalexpenditures(1,150)
CashforFinancingActivities:
Short-termborrowing550
Long-termdebtrepayment(398)
Dividends(432)
$(280)
NetChangeinCash$100
Theworksheettocreatethecashflowstatementispresentedbelow.Eachbalancesheetchange(otherthancash)isaccountedforandmatchedwithitscorrespondingactivity.Furthermoretheoperatingaccountchangesarematchedtotheircorrespondingincomestatementitem.Asalastcheck,thenetincomeisbalancedand“closed”toretainedearningsprovidingtheamountofdividends.
Notethatthereisnodifferencebetweentheindirectanddirectmethodsinthecashflowstatementandintheworksheetforcashforinvestingandfinancingactivities,
Worksheetfor(DirectMethod)CashFlowStatement
Income
BalanceSheet
Cash
Statement
12/31/00
12/31/01
Change
Effect
Sales
$10,000
$10,000
Accountsreceivable
$1,500
$1,650
$150
(150)
CashCollections
$9,850
COGS
(6,000)
(6,000)
Inventory
2,000
2,200
200
(200)
Accountspayable
1,200
1,320
120
120
CashPaidforMerchandise
$(6,080)
SG&Aexpense
(1,000)
(1,000)
Accruals
800
880
80
80
CashPaidforSG&A
$(920)
Interestexpense
(600)
(600)
CashPaidforInterest
$(600)
Taxes
(720)
(720)
CashPaidforTaxes
$(720)
Depreciation
(600)
(600)
Netfixedassets
6,500
7,050
550
(550)
CapitalExpenditures
$(1,150)
Notepayable
5,500
6,050
550
550
Short-termBorrowing
$550
Long-termdebt
2,000
1,602
(398)
(398)
Long-termDebtRepaid
$(398)
Netincome
(1,080)
(1,080)
Retainedearnings
500
1,148
648
648
Dividends
$(432)
______
_______
$0
$100
6.{L}a.Exhibit3P-3doesnotprovidethe(changesinthe)individualcomponentsthatmakeupthechangesinworkingcapital.Assuch,tocreatethedirectmethodcashflowstatement,wemustobtaintheinformationdirectlyfromthebalancesheet.Thisproceduredoesnotnecessarilyyieldthesamecashflowcomponentsusingthedirectmethodasthoseprovidedbythecompanyinitsindirectmethodcalculations.Differencesmayarisewhen
1.thereareacquisitions/divestments
2.thereareforeignexchangeadjustments
3.thefirmaggregatesorclassifiesinvestingaccrualstogetherwithoperatingones.
Inthiscase,thedifferencesareminimalasindicatedbelow.(ThecalculationsrequiredforthedirectmethodcashflowstatementarepresentedinExhibit3S-1alongwiththeassumptionsusedtogeneratethestatement)
DirectMethodCashFlowStat
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