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Chapter5-1
Balance Sheet andBalance Sheet andStatement of Cash FlowsStatement of Cash Flows
ChapterChapter55
Intermediate Accounting12th Edition
Kieso, Weygandt, and Warfield
Prepared by Coby Harmon, University of California, Santa Barbara
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Chapter5-2
1.1. Explain the uses and limitations of a balance sheet.Explain the uses and limitations of a balance sheet.2.2. Identify the major classifications of the balance sheet.Identify the major classifications of the balance sheet.
3.3. Prepare a classified balance sheet using the report andPrepare a classified balance sheet using the report andaccount formats.account formats.
4.4. Determine which balance sheet information requiresDetermine which balance sheet information requiressupplemental disclosure.supplemental disclosure.
5.5. Describe the major disclosure techniques for the balanceDescribe the major disclosure techniques for the balancesheet.sheet.
6.6. Indicate the purpose of the statement of cash flows.Indicate the purpose of the statement of cash flows.
7.7. Identify the content of the statement of cash flows.Identify the content of the statement of cash flows.
8.8. Prepare a statement of cash flows.Prepare a statement of cash flows.
9.9. Understand the usefulness of the statement of cashUnderstand the usefulness of the statement of cashflows.flows.
Learning ObjectivesLearning Objectives
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Chapter5-3
BalanceBalance
SheetSheet
Statement ofStatement of
Cash FlowsCash Flows
PurposePurpose
Content andContent and
formatformat
PreparationPreparation
UsefulnessUsefulness
Balance Sheet and Statement of Cash FlowsBalance Sheet and Statement of Cash Flows
UsefulnessUsefulness
LimitationsLimitations
ClassificationClassification
AdditionalAdditional
informationinformation
reportedreportedTechniques ofTechniques of
disclosuredisclosure
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Chapter5-4
Evaluating the capital structure.
Assess risk and future cash flows.
Analyze the companys:
Liquidity,
Solvency, and
Financial flexibility.
Balance SheetBalance Sheet
Usefulness of the Balance Sheet
LO 1 Explain the uses and limitations of a balance sheet.LO 1 Explain the uses and limitations of a balance sheet.
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Chapter5-5
Most assets and liabilities are reported athistorical cost.
Use of judgments and estimates.
Many items of financial value are omitted.
Limitations of the Balance Sheet
LO 1 Understand the uses and limitations of an income statement.LO 1 Understand the uses and limitations of an income statement.
Balance SheetBalance Sheet
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Chapter5-6
Three General Classifications
Assets, Liabilities, and Stockholders Equity
Companies further divide these classifications:
Classification in the Balance Sheet
LO 2 Identify the major classifications of the balancesheet.LO 2 Identify the major classifications of the balancesheet.
Balance SheetBalance Sheet
Illustration 5Illustration 5--11
Balance SheetClassification
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Chapter5-7
Cash and other assets a company expects toconvert into cash, sell, or consume either in one
year or in the operating cycle, whichever is longer.
Current Assets
LO 2 Identify the major classifications of the balancesheet.LO 2 Identify the major classifications of the balancesheet.
Balance SheetBalance Sheet
Illustration 5Illustration 5--22Accounts andbasis of valuation
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Chapter5-8
ReviewReview
The correct order to present current assets isThe correct order to present current assets is
a.a. Cash, accounts receivable, prepaid items,Cash, accounts receivable, prepaid items,
inventories.inventories.
b.b. Cash, accounts receivable, inventories, prepaidCash, accounts receivable, inventories, prepaiditems.items.
c.c. Cash, inventories, accounts receivable, prepaidCash, inventories, accounts receivable, prepaid
items.items.d.d. Cash, inventories, prepaid items, accountsCash, inventories, prepaid items, accounts
receivable.receivable.
LO 8LO 8 Explain how to report other comprehensive income.Explain how to report other comprehensive income.
Balance SheetBalance Sheet
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Chapter5-9
Generally any monies available on demand.
Cashequivalents are short-term highly liquid
investments that will mature within threemonths or less.
Any restrictions or commitments must bedisclosed.
Cash
LO 2 Identify the major classifications of the balancesheet.LO 2 Identify the major classifications of the balancesheet.
Balance SheetBalance Sheet Current AssetsCurrent Assets
Illustration 5Illustration 5--33
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Chapter5-10
Portfolios
Short-Term Investments
LO 2 Identify the major classificationsof the balancesheet.LO 2 Identify the major classificationsof the balancesheet.
Type Valuation Classification
Held-to-Maturity Debt AmortizedCost Current orNoncurrent
Trading Debt or Equity Fair Value Current
Available-for-Sale
Debt or Equity Fair ValueCurrent orNoncurrent
Balance SheetBalance Sheet Current AssetsCurrent Assets
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Chapter
5-11
Claims held against customers and others formoney, goods, or services.
Accounts receivable oral promisesNotes receivable written promises
Major categories of receivables should be shown in
the balance sheet or the related notes.
Receivables
LO 2 Identify the major classifications of thebalancesheet.LO 2 Identify the major classifications of thebalancesheet.
Balance SheetBalance Sheet Current AssetsCurrent Assets
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Chapter
5-12
AccountsReceivable Presentation Options
LO 2 Identify the major classificationsof thebalancesheet.LO 2 Identify the major classificationsof thebalancesheet.
Current Assets:Current Assets:
CashCash $ 346$ 346
Accounts receivableAccounts receivable 500500
Less allowance for doubtful accountsLess allowance for doubtful accounts 2525 475475InventoryInventory 812812
Total current assetsTotal current assets $1,633$1,633
Current Assets:Current Assets:
CashCash $ 346$ 346Accounts receivable,Accounts receivable, net of $25 allowancenet of $25 allowance 475475
InventoryInventory 812812
Total current assetsTotal current assets $1,633$1,633
1
2
Balance SheetBalance Sheet Current AssetsCurrent Assets
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Chapter
5-13
Company discloses:
basis of valuation (e.g., lower-of-cost-or-
market) andthe method of pricing (e.g., FIFO or LIFO).
Inventories
LO 2Identify the major classificationsof the balancesheet.LO 2Identify the major classificationsof the balancesheet.
Balance SheetBalance Sheet Current AssetsCurrent Assets
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Chapter
5-14
Payment of cash, that is recorded as an asset becausePayment of cash, that is recorded as an asset becauseservice or benefit will be received in the future.service or benefit will be received in the future.
insuranceinsurance
suppliessupplies
advertisingadvertising
Cash Payment Expense RecordedBEFORE
rentrent
maintenance on equipmentmaintenance on equipment
Prepayments often occur in regard to:Prepayments often occur in regard to:
PrepaidExpenses
LO 2 Identify the major classifications of the balancesheet.LO 2 Identify the major classifications of the balancesheet.
Balance SheetBalance Sheet Current AssetsCurrent Assets
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Chapter
5-15
Generallyconsistsoffour types:
SecuritiesSecurities
FixedassetsFixedassets
SpecialfundsSpecialfunds
NonconsolidatedsubsidiariesNonconsolidatedsubsidiaries or
affiliated companies.
Long-TermInvestments
LO 2Identify the major classificationsof the balancesheet.LO 2Identify the major classificationsof the balancesheet.
Balance SheetBalance Sheet Noncurrent AssetsNoncurrent Assets
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Chapter
5-16
Long-TermInvestments
SecuritiesSecuritiesInvestments
Invesment in ABC bonds 321,657
Investment in UC Inc. 253,980Notes receivable 150,000
and held for speculation 550,000
Sinking fund 225,000
Pension fund 653,798
Cash surrender value 84,321
Investment in Uncon. Sub. 457,836otal investments 2,696,592
Property, Plant, and Equip.
Building 1,375,778
and 975,000
LO2Identify the major classificationsofthe balance sheet.LO2Identify the major classificationsofthe balance sheet.
Balance SheetBalance Sheet Noncurrent AssetsNoncurrent Assets
bonds,
stock, and
long-term notes
For marketable securities,managements intentdetermines current ornoncurrent classification.
Balance Sheet (in thousands)Current assets
Cash 285,000$
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Chapter
5-17
Fixed AssetsFixed Assets
Invest ents
Invesment in ABC bonds 321,657
Investment in UC Inc. 253,980Notes receivable 150,000
and held for speculation 550,000
Sinking fund 225,000
Pension fund 653,798
Cash surrender value 84,321
Investment in Uncon. Sub. 457,836otal investments 2,696,592
Property, Plant, and Equip.
Building 1,375,778
and 975,000
LO2Identify the major classificationsofthe balance sheet.LO2Identify the major classificationsofthe balance sheet.
Balance SheetBalance Sheet Noncurrent AssetsNoncurrent Assets
and held forspeculation
Long-TermInvestments
Balance Sheet (in thousands)Current assets
Cash 285,000$
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Chapter
5-18
SpecialFundsSpecialFunds
Investments
Invesment in ABC bonds 321,657
Investment in UC Inc. 253,980Notes receivable 150,000
and held for speculation 550,000
Sinking fund 225,000
Pension fund 653,798
Cash surrender value 84,321
Investment in Uncon. Sub. 457,836otal investments 2,696,592
Property, Plant, and Equip.
Building 1,375,778
and 975,000
LO2Identify the major classificationsofthe balance sheet.LO2Identify the major classificationsofthe balance sheet.
Balance SheetBalance Sheet Noncurrent AssetsNoncurrent Assets
Sinking fund
Pensions fund
Cash surrendervalue of lifeinsurance
Long-TermInvestments
Balance Sheet (in thousands)Current assets
Cash 285,000$
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Chapter
5-19
NonconsolidatedNonconsolidated
SubsidiariesorSubsidiariesorAffiliatedAffiliatedCompaniesCompanies
Investments
Invesment in ABC bonds 321,657
Investment in UC Inc. 253,980Notes receivable 150,000
and held for speculation 550,000
Sinking fund 225,000
Pension fund 653,798
Cash surrender value 84,321
Investment in Uncon. Sub. 457,836otal investments 2,696,592
Property, Plant, and Equip.
Building 1,375,778
and 975,000
LO2Identify the major classificationsofthe balance sheet.LO2Identify the major classificationsofthe balance sheet.
Balance SheetBalance Sheet Noncurrent AssetsNoncurrent Assets
Long-TermInvestments
Balance Sheet (in thousands)Current assets
Cash 285,000$
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Chapter
5-21
Intangibles
Accumulated depreciation 975,000
Total PP&E 2,170,386
IntangiblesGoodwill 2,000,000
Patents 177,000
Trademark 40,000
Franchises 125,000
Copyright 55,000
Total intangibles 2,397,000Other assets
Prepaid pension costs 133,000
Deferred income tax 40,000
Total other 173,000
LO 2Identifythe major classifications ofthe balance sheet.LO 2Identifythe major classifications ofthe balance sheet.
Balance SheetBalance Sheet Noncurrent AssetsNoncurrent Assets
Lackphysicalsubstance andare not
financial instruments.Limitedlifeintangibles amortized.
Indefinite-lifeintangibles testedforimpairment.
Balance Sheet in thousandsCurrent assets
Cash 285,000$
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Chapter
5-22 LO 2 Identify the major classifications of the balance sheet.LO 2 Identify the major classifications of the balance sheet.
Balance SheetBalance Sheet ExerciseExercise
BE5-6 Mickey Snyder Corporations adjusted trial balancecontained the following asset accounts at December 31, 2007:Prepaid Rent $12,000; Goodwill $40,000; Franchise FeesReceivable $2,000; Franchises $47,000; Patents $33,000;Trademarks $10,000. Prepare the intangible assets section of the
balance sheet.Intangibles
Goodwill $ 40,000
Franchises 47,000
Patents 33,000Trademarks 10,000
Total $130,000
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Chapter
5-23
Other Assets
t es
Goodwill 2,000,000
Patents 177,000rademark 40,000
Franchises 125,000
Copyright 55,000
otal intangibles 2,397,000
Other assets
Prepaid pension costs 133,000Deferred income tax 40,000
otal other 173,000
Total Assets 9,210,978$
LO 2Identifythe major classifications ofthe balance sheet.LO 2Identifythe major classifications ofthe balance sheet.
Balance SheetBalance Sheet Noncurrent AssetsNoncurrent Assets
This sectionshouldinclude onlyunusualitems sufficientlydifferent fromassetsinthe othercategories.
Balance Sheet (in thousands)Current assets
Cash 285,000$
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Chapter
5-24
Obligations thatacompany reasonably
expects toliquidateeither through the useofcurrentassetsor thecreationofother
currentliabilities.
LO 2 Identify themajor classificationsof thebalancesheet.LO 2 Identify themajor classificationsof thebalancesheet.
Balance SheetBalance Sheet
CurrentLiabilities Balance Sheet(in thousands)Current liabilities
Notes payable 233,450$
Accounts payable 131,800
Accrued compensation 43,000
Unearned revenue 17,000Income tax payable 23,400
Current maturities LT debt 121,000
Total current liabilities 569,650
Long-term liabilities
Long-term debt 979,500
Obligations capital lease 345,800Deferred income taxes 77,909
Total long-term liabilities 2,093,859
Stockholders' equity
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Chapter
5-25
Obligations thatacompanydoesnot
reasonablyexpect toliquidatewithin thenormaloperatingcycle.
Allcovenantsandrestrictionsmustbedisclosed.
LO 2 Identify themajor classificationsof thebalancesheet.LO 2 Identify themajor classificationsof thebalancesheet.
Balance SheetBalance Sheet
Balance Sheet(in thousands)
Current liabilities
Notes payable 233,450$
Accounts payable 131,800
Accrued compensation 43,000
Unearned revenue 17,000Income tax payable 23,400
Current maturities LT debt 121,000
Total current liabilities 569,650
Long-term liabilities
Long-term debt 979,500
Obligations capital lease 345,800Deferred income taxes 77,909
Total long-term liabilities 2,093,859
Stockholders' equity
Long-Term Liabilities
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Chapter
5-26 LO 2 Identify the major classifications of the balance sheet.LO 2 Identify the major classifications of the balance sheet.
Balance SheetBalance Sheet ExerciseExercise
BE5-9 Included in Ewing Companys December 31, 2007, trialbalance are the following accounts: Accounts Payable $240,000;Pension Liability $375,000;Discount on Bonds Payable $24,000;Advances from Customers $41,000; Bonds Payable $400,000;Wages Payable $27,000;Interest Payable $12,000;Income Taxes
Payable $29,000. Prepare the long-term liabilities section of thebalance sheet.
Long-termliabilities
Pension liability $375,000
Bonds payable 400,000
Discount on bonds payable (24,000)
Total 751,000
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Chapter
5-27
Companies usuallydivideequity into three parts,(1) CapitalStock,(2) AdditionalPaid-InCapital,
and(3) Retained Earnings.
LO 2Identify themajor classificationsof the balancesheet.LO 2Identify themajor classificationsof the balancesheet.
BalanceSheetBalanceSheet
Owners Equity
Illustration 5Illustration 5--1515
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Chapter
5-28
(a) Investment in preferred stock
LO 2 Identify the major classifications of the balance sheet.LO 2 Identify the major classifications of the balance sheet.
Balance Sheet Classification ExerciseBalance Sheet Classification Exercise
Account
(b) Treasury stock
(c) Common stock(d) Cash dividends payable
(e) Accumulated depreciation
(f) Interest payable
(g) Deficit(h) Trading securities
(i) Unearned revenue
(a) Current asset/Investment
(b) Equity
(c) Equity(d) Current liability
(e) Contra-asset
(f) Current liability
(g) Equity(h) Current asset
(i) Current liability
Classification
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Chapter
5-29
Classified BalanceSheet
AccountformAccountform
ReportformReportform
BalanceSheetBalanceSheet -- FormatFormat
Accounting Trendsand Techniques2004 (New York:AICPA) indicates that all of the 600companies surveyed
use either the report form (50
6) or the accountform (94), sometimes collectively referred to as thecustomary form.
LO 3 Prepare a classified balance sheet using the report and account formats.LO 3 Prepare a classified balance sheet using the report and account formats.
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Chapter
5-30
Contingencies
AccountingPolicies
ContractualSituations
Fair Values
Additional Information ReportedAdditional Information Reported
Therearenormally four typesofinformation thataresupplemental toaccount titlesandamountspresented in
thebalancesheet:
LO 4 Determine whichbalancesheet informationLO 4 Determine whichbalancesheet informationrequiressupplemental disclosure.requiressupplemental disclosure.
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Chapter
5-31
Parenthetical Explanations
Notes
Cross-ReferenceandContraItems
SupportingSchedulesTerminology
Techniquesof DisclosureTechniquesof Disclosure
LO 5 Describe themajor disclosure techniquesfor the balancesheet.LO 5 Describe themajor disclosure techniquesfor the balancesheet.
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Chapter
5-32
The Statement of Cash FlowsThe Statement of Cash Flows
LO 6 Indicate thepurpose of the statement of cash flows.LO 6 Indicate thepurpose of the statement of cash flows.
One of the three basic objectives of financialreporting is
assessing theamounts, timing,and
uncertaintyofcashflows.
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Chapter
5-33
To provide relevant information about the cashreceipts and cash payments of an enterprise during
a period.The statement provides answers to the followingquestions:
1. Where did the cash come from?
2. What was the cash used for?
3. What was the change in the cash balance?
Purposeof theStatement
TheStatementof Cash FlowsTheStatementof Cash Flows
LO 6 Indicate the purposeof thestatementof cashflows.LO 6 Indicate the purposeof thestatementof cashflows.
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Chapter
5-34
Three different activities:
Operating,
ContentandFormat
The StatementofCashFlowsThe StatementofCashFlows
LO 7 Identify the contentof the statementof cash flows.LO 7 Identify the contentof the statementof cash flows.
Investing, Financing
Illustration 5Illustration 5--2424
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Chapter
5-35
ContentandFormat
The StatementofCashFlowsThe StatementofCashFlows
OperatingOperating
Cash inflowsand outflowsfromoperations.
InvestingInvesting
Cash inflowsand outflowsfromnon-currentassets.
FinancingFinancing
Cash inflowsand outflowsfromnon-currentliabilities and
equity.
The statements value is that it helps users evaluateliquidity, solvency, and financial flexibility.
LO 7Identify thecontent of thestatement ofcash flows.LO 7Identify thecontent of thestatement ofcash flows.
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Chapter
5-36
Information obtained from several sources:
(1) comparative balance sheets,
(2) the current income statement, and
(3) selected transaction data.
Preparation
The Statementof Cash FlowsThe Statementof Cash Flows
LO 8Preparea statementof cash flows.LO 8Preparea statementof cash flows.
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Chapter
5-37
Preparation
The Statementof Cash FlowsThe Statementof Cash Flows
LO 8Preparea statementof cash flows.LO 8Preparea statementof cash flows.
BE5-12 Midwest Beverage Company reported thefollowing items in the most recent year.
Activity
OperatingFinancing
Operating
Operating
InvestingOperating
Financing
Required:Prepare a Statement of Cash Flows
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Chapter
5-39
ReviewReview
In preparing a statement of cash flows, which of theIn preparing a statement of cash flows, which of thefollowing transactions would be considered an investingfollowing transactions would be considered an investing
activity?activity?a.a. Sale of equipment at book valueSale of equipment at book value
b.b. Sale of merchandise on creditSale of merchandise on credit
c.c. Declaration of a cash dividendDeclaration of a cash dividend
d.d. Issuance of bonds payable at a discountIssuance of bonds payable at a discountreceivable.receivable.
Balance SheetBalance Sheet
LO 8 Prepare a statement of cash flows.LO 8 Prepare a statement of cash flows.
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Chapter
5-40
Issuance of common stock to purchase assets.Conversion of bonds into common stock.
Issuance of debt to purchase assets.Exchanges on long-lived assets.
Additional Information ReportedAdditional Information Reported
Significant financing and investing activitiesthat do not affect cash are reported in either aseparate schedule at the bottom of thestatement of cash flows or in the notes.
Examples include:
LO 8 Prepare a statement of cash flows.LO 8 Prepare a statement of cash flows.
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Chapter
5-41
Highamount- company able to generatesufficient cash to pay its bills.Lowamount- company may have to borrow orissue equity securities to pay bills.
Usefulnessof the Statementof Cash FlowsUsefulnessof the Statementof Cash Flows
Without cash, a company will not survive.
Cash flow from Operations:
LO 9 Understand the usefulnessof the statementof cash flows.LO 9 Understand the usefulnessof the statementof cash flows.
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Chapter
5-42
Usefulness of the Statement of Cash FlowsUsefulness of the Statement of Cash Flows
Ratio indicates whether the company can pay off its
current liabilities from its operations. A ratio near1:1 is good.
LO 9 Understand the usefulness of the statement of cash flows.LO 9 Understand the usefulness of the statement of cash flows.
FinancialLiquidity
Net Cash Provided byOperating Activities
Average Current Liabilities
CurrentCash
DebtCoverageRatio
=
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Chapter
5-43
Usefulness of the Statement of Cash FlowsUsefulness of the Statement of Cash Flows
This ratio indicates a companys ability to repay its
liabilities from net cash provided by operatingactivities, without having to liquidate the assetsemployed in its operations.
LO 9 Understand the usefulness of the statement of cash flows.LO 9 Understand the usefulness of the statement of cash flows.
FinancialFlexibility
Net Cash Provided byOperating Activities
Average Total Liabilities
Cash Debt
CoverageRatio
=
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Chapter
5-44
Usefulness of the Statement of Cash FlowsUsefulness of the Statement of Cash Flows
The amount of discretionary cash flow a company hasfor purchasing additional investments, retiring itsdebt, purchasing treasury stock, or simply adding toits liquidity.
LO 9 Understand the usefulness of the statement of cash flows.LO 9 Understand the usefulness of the statement of cash flows.
FreeCashFlowIllustration 5Illustration 5--3434
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Chapter
5-45
ReviewReview
The current cash debt coverage ratio is often used toThe current cash debt coverage ratio is often used toassessassess
a. financial flexibility.a. financial flexibility.b. liquidity.b. liquidity.
c. profitability.c. profitability.
d. solvency.d. solvency.
Balance SheetBalance Sheet
LO 9 Understand the usefulness of the statement of cash flows.LO 9 Understand the usefulness of the statement of cash flows.
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Chapter
5-46
Copyright 2006 John Wiley & Sons, Inc.All rights reserved.Reproduction or translation of this work beyond that permittedin Section 117 of the 1976 United States Copyright Act withoutthe express written permission of the copyright owner isunlawful. Request for further information should be addressed
to the Permissions Department, John Wiley & Sons, Inc.Thepurchaser may make back-up copies for his/her own use onlyand not for distribution or resale.The Publisher assumes noresponsibility for errors, omissions, or damages, caused by theuse of these programs or from the use of the informationcontained herein.
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