【正文】
2: CA = 3596。 CL = 2140 ? Fixed Assets and Depreciation ? 2022: NFA = 2194。 2022: NFA = 2261 ? Depreciation Expense = 500 ? Longterm Debt and Equity ? 2022: LTD = 538。 Common stock amp。 APIC = 462 ? 2022: LTD = 581。 Common stock amp。 APIC = 372 ? Ine Statement ? EBIT = 1014。 Taxes = 368 ? Interest Expense = 93。 Dividends = 285 223 Example: Cash Flows ? OCF = 1014 + 500 – 368 = 1146 ? NCS = 2194 – 2261 + 500 = 433 ? Changes in NWC = (3625 – 1787) – (3596 – 2140) = 382 ? CFFA = 1146 – 433 – 382 = 331 ? CF to Creditors = 93 – (538 – 581) = 136 ? CF to Stockholders = 285 – (462 – 372) = 195 ? CFFA = 136 + 195 = 331 ? The CF identity holds. 224 Quick Quiz ? What is the difference between book value and market value? Which should we use for decision making purposes? ? What is the difference between accounting ine and cash flow? Which do we need to use when making decisions? ? What is the difference between average and marginal tax rates? Which should we use when making financial decisions? ? How do we determine a firm’s cash flows? What are the equations and where do we find the information? Chapter 2 McGrawHill/Irwin Copyright 169。 2022 by The McGrawHill Companies, Inc. All rights reserved. ?End of Chapter