羅斯公司理財英文第九版chap002-在線瀏覽
2025-01-04 23:43本頁面
【正文】 erations.,$2,262,1,655,327,90,$190,29,$219,49,$170,84,$86,Total operating revenues,$2,262,Cost of goods sold,1,655,Selling, general, and administrative expenses,327,Depreciation,90,Operating income,$190,Other income,29,Earnings before interest and taxes,$219,Interest expense,49,Pretax income,$170,Taxes,84,Current: $71,Deferred: $13,Net income,$86,Addition to retained earnings: $43,Dividends: $43,The nonoperating section of the income statement includes all financing costs, such as interest expense.,U.S.C.C. Income Statement,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Addition to retained earnings: $43,Dividends: $43,Usually a separate section reports the amount of taxes levied on income.,$2,262,1,655,327,90,$190,29,$219,49,$170,84,$86,U.S.C.C. Income Statement,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,Net income is the “bottom line.”,$2,262,1,655,327,90,$190,29,$219,49,$170,84,$86,U.S.C.C. Income Statement,Income Statement Analysis,There are three things to keep in mind when analyzing an income statement: Generally Accepted Accounting Principles (GAAP) NonCash Items Time and Costs,GAAP,The matching principle of GAAP dictates that revenues be matched with expenses. Thus, income is reported when it is earned, even though no cash flow may have occurred.,NonCash Items,Depreciation is the most apparent. No firm ever writes a check for “depreciation.” Another noncash item is deferred taxes, which does not represent a cash flow. Thus, net income is not cash.,Time and Costs,In the shortrun, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials. In the longrun, all inputs of production (and hence costs) are variable. Financial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs usually fit into a classification that distinguishes product costs from period costs.,2.3 Taxes,The one thing we can rely on with taxes is that they are always changing Marginal vs. average tax rates Marginal – the percentage paid on the next dollar earned Average – the tax bill / taxable income Other taxes,Marginal versus Average Rates,Suppose your firm earns $4 million in taxable income. What is the firm’s tax liability? What is the average tax rate? What is the marginal tax rate? If you are considering a project that will increase
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