Analisis Laporan Keuangan_Prof. Dr. Slamet Sugiri, MBA.
Syahriar Abdullah
19/453637/EE/07444
Exercise 9–4A Preparing a Short-Term Cash Forecast
The Lyon Corporation is a merchandising company. Prepare a short-term cash forecast for
July of Year 6 following the format of Exhibit 9A.4. Selected financial data from Lyon
Corporation as of July 1 of Year 6 are reproduced below ($ thousands):
Cash, July 1, Year 6 . . . . . . . . . . . . . . . . . . . . . . . .
Accounts receivable, July 1, Year 6 . . . . . . . . . . . . .
$ 20
20
Forecasted sales for July. . . . . . . . . . . . . . . . . . . . .
150
Forecasted accounts receivable, July 31, Year 6 . . .
21
Inventory, July 1, Year 6. . . . . . . . . . . . . . . . . . . . . .
25
Desired inventory, July 31, Year 6 . . . . . . . . . . . . . .
15
Depreciation expense for July . . . . . . . . . . . . . . . . .
4
Miscellaneous outlays for July. . . . . . . . . . . . . . . . .
11
Minimum cash balance desired . . . . . . . . . . . . . . .
30
Accounts payable, July 1, Year 6 . . . . . . . . . . . . . . .
18
Additional Information:
1. Gross profit equals 20% of cost of goods sold.
2. Lyon purchases all inventory on the second day of the month and receives it the
following week.
3. Lyon pays 75% of payables within the month of purchase and the balance in the
following month.
4. Lyons pays all remaining expenses in cash.
CHECK Cash bal., $54
Page 1 of 10
Jawab:
Ending inventory
$ 15
Cost of goods sold (5/6 of sales)
125
140
Less beginning inventory
Purchases
25
$ 115
Lyon Corporation
Cash Forecast
For July, Year 6
Beginning cash balance
20
Cash collections
Beginning accounts receivable
Sales for month
20
150
170
Less: Ending accounts receivable
21
Cash available
149
169
Cash disbursements
Beginning accounts payable
Purchases
18
115
133
Ending accounts payable (25% of purchases)
Miscellaneous outlays
29
104
11
Cash balance
54
Minimum cash balance desired
30
Excess cash
24
Page 2 of 10
Problem 9-2 Preparing Pro Forma Financial Statements
Comparative income statements and balance sheets for Best Buy are shown below ($
millions).
Year 2
Income Statement
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,326
Cost of goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,267
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,059
Selling, general, and administrative expense. . . . . .
2,251
Depreciation and amortization expense . . . . . . . . .
167
Income before tax. . . . . . . . . . . . . . . . . . . . . . . . . . .
641
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . .
245
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 396
Year 1
Outstanding shares . . . . . . . . . . . . . . . . . . . . . . . . . .
$12,494
10,101
2,393
1,728
103
562
215
$ 347
208
200
Balance Sheet
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 746
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
313
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,767
Other current assets. . . . . . . . . . . . . . . . . . . . . . . . . .
102
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . 2,928
Property, plant, and equipment . . . . . . . . . . . . . . . . . 1,987
Accumulated depreciation . . . . . . . . . . . . . . . . . . . . .
543
Net property, plant, and equipment . . . . . . . . . . . . . . 1,444
Other noncurrent assets. . . . . . . . . . . . . . . . . . . . . . .
466
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,838
$ 751
262
1,184
41
2,238
1,093
395
698
59
$ 2,995
Accounts payable and accrued liabilities. . . . . . . . . .
$ 2,473
Short-term debt and current maturities of long-term debt . .
114
Income tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
127
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,714
Long-term liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
122
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181
Total long-term liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . .
303
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Capital surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,225
Shareholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,821
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,838
$ 1,704
16
65
1,785
100
15
115
20
247
828
1,095
$ 2,995
Page 3 of 10
Required:
a. Use the following ratios to prepare a projected income statement, balance sheet, and
statement of cash flows for Year 3.
Sales growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22.67%
Gross profit margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19.96%
Selling, general, and administrative expense/Sales . . . . . . . . .
14.69%
Depreciation expense/Prior-year PPE gross. . . . . . . . . . . . . . .
15.28%
Income tax expense/Pretax income . . . . . . . . . . . . . . . . . . . . .
38.22%
Accounts receivable turnover (Sales/Accounts receivable) . . .
48.96
Inventory turnover (Cost of goods sold/Inventory) . . . . . . . . .
6.94
Accounts payable turnover (Cost of goods sold/Accounts payable). 4.96
Taxes payable/Tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.84%
Total assets/Stockholders’ equity (financial leverage) . . . . . . . . . . 2.55
Dividends per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.00
Capital expenditures/Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.71%
b. Based on your initial projections, how much external financing (long-term debt and/or
stockholders’ equity) will Best Buy need to fund its growth at projected increases in
sales?
Jawab
a. Gunakan rasio yang telah disiapkan di buku untuk menyiapkan proyeksi laporan laba
rugi, neraca, dan laporan arus kas untuk Tahun 3.
Best Buy – Project Income Statement
Income statement
Net sales
Cost of goods
Gross profit
Selling general & administrative expense
Depreciation & amortization expense
Income before tax
Income tax expense
Net income
Outstanding shares
Best Buy - Rasio
Rasio
Sales growth
Gross Profit Margin
Selling General & Administrative Exp / Sales
DEPRECIATION (depn exp / pr yr PPE gross)
Tax (Inc Tax / Pre-tax inc)
Estimasi thn ke 3
18.800
15.048
3.752
2.761
304
688
263
425
208
Thn ke 2
15.326
12.267
3.059
2.251
167
641
245
396
208
Thn ke 1
12.494
10.101
2.393
1.728
103
562
215
347
200
Estimasi Thn ke 3 Thn ke 2
22,67%
22,67%
19,96%
19,96%
14,69%
14,69%
15,28%
15,28%
38,22%
38,22%
Page 4 of 10
Best Buy - Proyeksi Balance Sheet
BALANCE SHEET
Cash
Receivables
Inventories
Other
Total current assets
Estimasi thn ke 3 Thn ke 2 Thn ke 1
196
746
751
384
313
262
2.168
1.767
1.184
102
102
41
2.850
2.928
2.238
Property, plant & equipment
Accumulated depreciation
Net property & equipment
3.249
847
2.403
1.987
543
1.444
1.093
395
698
Other assets
Total assets
466
5.719
466
4.838
59
2.995
Accounts payable & accrued liabilities
Short-term debt & cumulated
Income taxes
Total current liabilities
3.034
114
136
3.284
2.473
114
127
2.714
1.704
16
65
1.785
122
67
189
122
181
303
100
15
115
Common stock
Capital surplus
Retained earnings
Shareholder equity
20
576
1.650
2.246
20
576
1.225
1.821
20
247
828
1.095
Total liabilities & net worth
5.719
4.838
2.995
Long term liabilities
Long term debt
Total long-term liabilities
Best Buy – Proyeksi Rasio Keuangan
Rasio
AR Turnover
Inventory Turnover
Ap Turnover
Tax Pay (Tax Pay/Tax Expense)
Flev
Div/Sh
CAPEX
CAPEX/Sales
Estimasi thn ke 3 Thn ke 2 Thn ke 1
48,96
48,96
47,69
6,94
6,94
8,53
4,96
4,96
5,93
51,83%
51,83%
30,23%
2,55
2,66
2,74
0
0
0
1.262
1.09
416
57,715
57,715
3.33%
Page 5 of 10
Best Buy – Proyeksi Arus Kas Tahun ke 3
Net income
Depreciation
Accounts receivable
Inventories
Accounts payable
Income taxes
Net cash flow from operations
CAPEX
Net cash flow from investing activities
Long term debt
Additional paid in capital
Dividends
Net cash flow from financing activities
Net change in cash
425
304
-71
-401
561
9
827
-1.262
-1262
-114
0
0
-114
-550
Beginning cash
Ending cash
746
196
b. Berdasarkan prediksi tersebut terlihat sepertinya Best Buy akan membutuhjan sekitar
550 juta dari pembiyaan eksternal untuk menghasilkan sekitar 750 juta. Untuk
menjaga tingkat leverage keuangan perusahaan maka analis harus mengalokasikan
pembiayaan eksternal tersebut diantara utang dan ekuitas perusahaan Best Buy.
Page 6 of 10
PROBLEM 9–5A Preparing Pro Forma Financial Statements
Telnet Corporation is a newly formed computer manufacturer. Telnet plans to begin
operations on January 1, Year 2. Selected financial information is available for the
preparation of Telnet’s six-month forecasted performance covering the period January 1 to
June 30 of Year 2.
Forecasted monthly sales . . . . . . . . . . . . . .
Monthly operating expenses
Labor. . . . . . . . . . . . . . . . . . . . . . . . . . .
Rent for factory . . . . . . . . . . . . . . . . . . .
Variable overhead . . . . . . . . . . . . . . . . .
Depreciation on equipment . . . . . . . . . .
Amortization of patents. . . . . . . . . . . . .
Selling and administrative expenses. . . .
Materials. . . . . . . . . . . . . . . . . . . . . . .
$250,000
30,500
10,000
22,500
35,000
500
47,500
125,000
Additional Information:
1. Collection period . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45 days
2. Purchase terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
n/30
3. Ending finished goods inventory . . . . . . . . . . . . . . . . . $100,000
4. Ending raw material inventory. . . . . . . . . . . . . . . . . .
$35,000
5. Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . .
50%
6. Beginning cash balance . . . . . . . . . . . . . . . . . . . . . . .
$ 60,000
7. Minimum cash balance required . . . . . . . . . . . . . . . . .
$ 40,000
8. Prepaid expenses on June 30, Year 2 . . . . . . . . . . . . . .
$ 7,000
9. No inventory is in process on June 30, Year 2.
10. Sales are made evenly throughout the period.
11. Expenses are paid in cash (unless otherwise indicated).
12. Telnet Corporation’s balance sheet data on January 1, Year 2, appears as:
Cash . . . . . . . . $ 60,000
Patents. . . . . . . . . . . . . . $ 40,000
Equipment. . . . 1,200,000
Shareholders’ equity . . . . 1,300,000
Required:
a. Prepare a pro forma income statement to portray the forecasted financial position of
Telnet Corporation for the six-month period ended June 30, Year 2.
b. Prepare a pro forma balance sheet as of June 30, Year 2.
c. Prepare a cash forecast analysis as in Exhibit 9A.4 for the six-month period ended
June 30, Year 2
CHECK
(a) NI, $8,000
(b) Total assets,$1,584,000
(c) Borrowing, $143,000
Page 7 of 10
Jawab
a. Mencari CoGS menggunakan T Account ($ thousands)
Raw Material Inventory
Beginning (given)
0 715 To W.I.P. inventory
Material purchases ($125 x 6 mos.) 750
Ending (given)
35
WIP Inventory
Beginning (given)
0
From raw materials inventory
715
7 Prepaid expenses (given)
Labor ($30.5 x 6 mos.)
183 1.299 To Finish Goods Inv
Variable overhead ($22.5 x 6 mos.) 135
Rent ($10 x 6 mos.)
60
Depreciation ($35 x 6 mos.)
210
Patent amortization ($.5 x 6 mos.)
3
Ending (given)
0
Finished Goods Inventory
Beginning (given)
0
From W.I.P. inventory 1.299 1.199 Cost of goods sold
100
Ending
Membuat Laba Rugi Proforma
Telnet Corp.
Proforma Income Statement (thousand$)
Six Months Ended June 30, Year 2
Sales revenue ($250 x 6 mos.)
1.500
Cost of goods sold
1.199
Gross margin
301
Selling and administrative expenses ($47.5 x 6 mos.)
285
Expected pre-tax income
16
Estimated income taxes (at 50%)
8
Expected net income
8
Page 8 of 10
b. Proforma Balance Sheet
Telnet Corp.
Pro forma Balance Sheet ($000s)
June 30, Year 2
ASSETS
Cash
40
Accounts receivable*
375
Inventories ($35 + $100)
135
Prepaid expenses
7
Total current assets
557
Equipment, net (less acm dep)
990
Patents, net (less amort)
37
Total Assets
1.584
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable**
125
Accrued taxes
8
Stockholders' equity
1.300
Retained earnings
8
Additional funds needed
143
Total liabilities and equity
1584
*($250,000 x 6) / 180 days = $8,333 per day x 45 days = $375,000
**($125,000 x 6) / 180 days = $4,166 per day x 30 days = $125,000
c. Forecast Cash Flow
Telnet Corp.
Forecasted Statement of Cash Flows
For Six Months Ended June 30, Year 2
Cash balance, beginning
60.000
Add collection of accounts receivable *
1.125.000
Less disbursements for
Material purchases **
625.000
Labor
183.000
Rent
60.000
Overhead
135.000
Selling Expense
285.000
Tentative cash balance
Minimum cash balance required
Additional borrowing required
Ending cash balance
Loan balance
1.185.000
- 1.288.000
- 103.000
40.000
143.000
40.000
143.000
Page 9 of 10
Schedule Account Receivable (AR) &Account Payable (AP)
*Collection of AR
Jan
Sales
250
Collections
0
Accumulated Collections
0
**Collection of AP
Jan
Purchases
125
Payments
0
Accumulated Payments
0
Feb Mar Apr May June
250 250 250 250
250
125 250 250 250
250
125 375 625 875 1.125
Feb Mar Apr May June
125 125 125 125 125
125 125 125 125 125
125 250 375 500 625
Page 10 of 10