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Financial Statements
Financial Statements presents what happed to assets,
cash flows, earning, dividends during past few years.
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• Snapshots of its financial statement often on the last day of each year
(10-K) or the last day of each quarter (10-Q)
• A firm’s level of assets and the manner in which they have used debt
and equity to fund those assets
support fund
Operations Assets Debt & Equity
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Inventory
current
assets
liabilities
long-term
total
debts
• Listed in order of reduced liquidity
bonds
total
total
liabilities
preferred
stock
• Liabilities and equity
assets
• Listed in order in which they must be paid
net plant & equities
long- common
and
term stock
equipment common
fixed
assets equities
other long- retained
term assets earnings
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• It gives an indication of a firm’s operating ability Earnings before interests and taxes, EBIT (operating income)
- Interests
• The “bottom line” of an income statement is the firm's net income Earnings before taxes, EBT
• See the excel spreadsheet for details - Taxes
Net Income before preferred dividends
- Preferred dividends
Net Income
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3-47
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Assets = 8 million
Current Liabilities = 3 million EBT= 2,000,000 = 2 million
Long term debt (liability) =2 million Interest=300,000 = 0.3 million
Preferred Stock = 1 million
Depreciation= 200,000 = 0.2 million
Common Equity = 8-3-2-1 = 2 million
EBITDA = EDT+ Interest+ Depreciation = 2.5 Million
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NI = 80 million
RE (Y0)= 570 million
RE(Y1) = 600 million
Dividends= 570+80-600= 50 million
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