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Financial Statement Analysis
Financial statements

Financial analysis involves the use of various financial statements. These statements do several things. First, the balance sheet summarizes the assets, liabiiities, and owners' equity of. business at a moment in time, usually the end of a year or a quarter. Next, the income statement summarizes the revenues and expenses of the firm over a particular period of tin.rr. again usually a year or a quarter. Though the balance sheet represents a snapshot of the firmfinancial position at a moment in time, the income statement depicts a summary of the firmprofitability over time. From these two statements (plus, in some cases, a little additionainformation), certain derivative statements can be produced, such as a statement of retainec earnings, a sources and uses of funds statement, and a statement of cash flows. (We conside: the latter two in the next chapter.)

Speaking In Tongues

Forget esperanto. Too straightforward. The lingua L'franca that is increasingly spanning the globe is a tongue-twisting accounting-speak that is forcing even Americans to rethink some precious notions of financial sovereignty.

Balance Sheet Information

For many years in the US and other countries, cash was combined with cash equivalents under the heading "cash and cash equivalents" on a company's balance sheet and statement of cash flows. In an attempt to simplify accounting standards the US Financial Accounting Standards Board voted approval in early 2007 to change this heading to simply "cash." Items previously classified as cash equivalents would now be classified in the same way as other short-term investments. An implementation date has yet to be set, but in anticipation of this change, we will use the new terminology in the financial statements presented in this text. However, unless there is official implementation and guidance on this issue, "cash and cash equivalents" must be used in actual practice.

Income Statement Information

The income (earnings, or profit and loss) statement shows Aldine's revenues, expenses, and net profits for the two fiscal years under discussion. The cost of goods sold represents the cost of actually producing the products that were sold during the period. Included here are the cost of raw materials, labor costs associated with production, and manufacturing overhead related to products sold. Selling, general, and administrative expenses as well as interest expense are shown separately from the cost of goods sold because they are viewed as period expenses rather than product costs.

A Possible Framework for Analysis

A number of different approaches might be used in analyzing a firm. Many analysts have: favorite procedure for coming to some generalizations about the firm being analyzed. At the risk of treading on some rather sacred ground, we present a conceptual framework that lends itself to situations in which external financing is contemplated.



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