[經濟學]茲維博迪金融學第二版課件chapter-資料下載頁

　　

【正文】 sets ?600 ?720 ?864 ?1037 ?% ?% ?% ?Liabilities: ? Payables ?30 ?36 ?43 ?52 ?% ?% ?% ? Shortterm debt ?120 ?221 ?347 ?502 ?% ?% ?% ? Longterm debt ?150 ?150 ?150 ?150 ?% ?% ?% ? Total Liabilities ?300 ?407 ?540 ?704 ?% ?% ?% ?Shareholder39。s equity ?300 ?313 ?324 ?333 ?% ?% ?% Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 52 ? (Nearest $ Million) ?Year ?xxx0 ?xxx1 ?xxx2 ?xxx3 ?Ine Statement ?Sales ?200 ?240 ?288 ?Cost of goods sold ?110 ?132 ?158 ?Gross margin ?90 ?108 ?130 ?Selling, general amp。 admin. expenses ?30 ?36 ?43 ?EBIT ?60 ?72 ?86 ?Interest expenses ?30 ?45 ?64 ?Taxes ?12 ?11 ?9 ?Net ine ?18 ?16 ?13 ?Dividends ?5 ?5 ?4 ?Change in shareholder39。s equity ?13 ?11 ?9 Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 53 B a la n c e S h e e tA s s e ts : C a s h amp。 e q u i v a l e n t s 10 12 14 17 R e ce i v a b l e s 40 48 58 69 I n v e n t o ri e s 50 60 72 86 Pro p e rt y, Pl a n t amp。 e q u i p m e n t 500 600 720 864 T o ta l A s s e ts 600 720 864 1037L i a b i l i ti e s : Pa ya b l e s 30 36 43 52 Sh o rt t e rm d e b t 120 221 347 502 L o n g t e rm d e b t 150 150 150 150 T o ta l L i a b i l i ti e s 300 407 540 704Sh a r e h o l d e r 39。s e q u i ty 300 313 324 333Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 54 ? (Percent of Year39。s Sales) ?Year ?xxx1 ?xxx2 ?xxx3 ?Ine Statement Sales ?% ?% ?% Cost of goods sold ?% ?% ?% Gross margin ?% ?% ?% Selling, general amp。 admin exp. ?% ?% ?% EBIT ?% ?% ?% Interest expenses ?% ?% ?% Taxes ?% ?% ?% Net ine ?% ?% ?% Dividends ?% ?% ?% Change in equity ?% ?% ?% Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 55 Ba la n c e S h e e tA s s e ts : C a s h amp。 e q u i v a l e n t s 6 . 0 % 6 . 0 % 6 . 0 % R e ce i v a b l e s 2 4 . 0 % 2 4 . 0 % 2 4 . 0 % I n v e n t o ri e s 3 0 . 0 % 3 0 . 0 % 3 0 . 0 % Pro p e rt y, Pl a n t amp。 e q u i p m e n t 3 0 0 . 0 % 3 0 0 . 0 % 3 0 0 . 0 % T o ta l A s s e ts 3 6 0 . 0 % 3 6 0 . 0 % 3 6 0 . 0 %L i a b i l i ti e s : Pa ya b l e s 1 8 . 0 % 1 8 . 0 % 1 8 . 0 % Sh o rt t e rm d e b t 1 1 0 . 7 % 1 4 4 . 6 % 1 7 4 . 2 % L o n g t e rm d e b t 7 5 . 0 % 6 2 . 5 % 5 2 . 1 % T o ta l L i a b i l i ti e s 2 0 3 . 7 % 2 2 5 . 1 % 2 4 4 . 3 %Sh a r e h o l d e r 39。s e q u i ty 1 5 6 . 3 % 1 3 4 . 9 % 1 1 5 . 7 %Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 56 Constructing a Financial Planning Model ? Percentofsales method – First examine which items in the ine statement have maintained a fixed ratio to sales ? This enables us to decide which items should be forecast on projected sales, and which need to be forecast on another basis Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 57 Constructing a Financial Planning Model ? Percentofsales method – The second step is to forecast sales ? This is a major exercise, but we will assume that sales will continue to grow at 20% next year (as it has in the past) Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 58 Constructing a Financial Planning Model ? Percentofsales method – The third step is to forecast those items that have been assumed to vary with sales Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 59 Constructing a Financial Planning Model ? Percentofsales method – The fourth and final step is to forecast the missing items that have not been assumed to vary with sales – We need some assumptions: Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 60 Constructing a Financial Planning Model ? Assumptions: – Interest rate on longterm debt is 8%, and on shortterm debt is 15% – To avoid plexity, we assume that interest is puted on the yearend long and shortterm balances (we can readdress this later) – interest = * + *150 = Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 61 Constructing a Financial Planning Model – The ine statement may now be constructed given the dividend payout ratio and tax rate (30% and 40%) – The change in equity is added to the equity for year xxx3, to give the new balance for year xxx4 –“Total assets” is available, so the “Total liabilities” may now be puted Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 62 GPC Financial Statements, Years xxx1 xxx3 (Nearest $ Million) (Percent of Year39。s Sales) Year xxx0 xxx1 xxx2 xxx3 xxx1 xxx2 xxx3 F(sales)? xxx4 Ine Statement Sales 200 240 288 % % % N/A 346 Cost of goods sold 110 132 158 % % % Yes 190 Gross margin 90 108 130 % % % N/A(Yes) 156 Selling, general amp。 admin. expenses 30 36 43 % % % Yes 52 EBIT 60 72 86 % % % N/A 104 Interest expenses 30 45 64 % % % No 87 Taxes 12 11 9 % % % N/A 7 Net ine 18 16 13 % % % N/A 10 Dividends 5 5 4 % % % N/A 3 Change in shareholder39。s equity 13 11 9 % % % 7 Balance Sheet Assets: Cash amp。 equivalents 10 12 14 17 % % % Yes 21 Receivables 40 48 58 69 % % % Yes 83 Inventories 50 60 72 86 % % % Yes 104 Property, Plant amp。 equipment 500 600 720 864 % % % Yes 1037 Total Assets 600 720 864 1037 % % % N/A(Yes) 1244 Liabilities: Payables 30 36 43 52 % % % Yes 62 Shortterm debt 120 221 347 502 % % % No Longterm debt 150 150 150 150 % % % No Total Liabilities 300 407 540 704 % % % N/A 904 Shareholder39。s equity 300 313 324 333 % ?% ?% ?N/A ?340 Copyright 169。 2021 Pearson Education, Inc. Publishing as Prentice Hall 63 Example Completed – We plete the balance sheet by recognizing that there are only two accounts that need to be estimated, S