Modul ke:
Manajemen Keuangan
Pengertian Laporan Keuangan, Pajak dan Arus Kas
Fakultas
EKONOMI &
BISNIS
P
Program
St
Studi
di
Manajemen
Hidayat Wiweko,S.E.,M.Si.
MODUL 2: Pengertian Laporan Keuangan, Pajak dan Arus Kas
Laporan Rugi/ Laba (Income Statement)
SALES ‐ EXPENSES = PROFIT
Income Statement
SALES
‐ EXPENSES
= PROFIT
PROFIT
Revenue
Income Statement
SALES
‐ EXPENSES
= PROFIT
PROFIT
Income Statement
SALES
‐ EXPENSES
= PROFIT
PROFIT
•Cost of Goods Sold Income Statement
SALES
‐ EXPENSES
= PROFIT
PROFIT
•Cost of Goods Sold
•Operating Expenses Income Statement
SALES
‐ EXPENSES
= PROFIT
PROFIT
•Cost of Goods Sold
•Operating Expenses
(marketing, administrative)
Income Statement
SALES
‐ EXPENSES
= PROFIT
PROFIT
•Cost of Goods Sold
•Operating Expenses
(marketing, administrative)
•Financing Costs
Income Statement
SALES
‐ EXPENSES
= PROFIT
PROFIT
•Cost of Goods Sold
•Operating Expenses
(marketing, administrative)
•Financing Costs
•Taxes
SALES
Income Statement
‐ Cost of Goods Sold
C t f G d S ld
GROSS PROFIT
‐ Operating Expenses
OPERATING INCOME (EBIT)
‐ Interest Expense
EARNINGS BEFORE TAXES (EBT)
‐ Income Taxes
EARNINGS AFTER TAXES (EAT)
EARNINGS AFTER TAXES (EAT)
‐ Preferred Stock Dividends
‐ NET INCOME AVAILABLE
NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS
SALES
C t f G d S ld
‐ Cost of Goods Sold
Income Statement
GROSS PROFIT
‐ Operating Expenses
OPERATING INCOME (EBIT)
‐ Interest Expense
EARNINGS BEFORE TAXES (EBT)
‐ Income Taxes
EARNINGS AFTER TAXES (EAT)
EARNINGS AFTER TAXES (EAT)
‐ Preferred Stock Dividends
‐ NET INCOME AVAILABLE
NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS
SALES
Income Statement
‐ Cost of Goods Sold
C t f G d S ld
GROSS PROFIT
‐ Operating Expenses
OPERATING INCOME (EBIT)
‐ Interest Expense
EARNINGS BEFORE TAXES (EBT)
‐ Income Taxes
EARNINGS AFTER TAXES (EAT)
EARNINGS AFTER TAXES (EAT)
‐ Preferred Stock Dividends
‐ NET INCOME AVAILABLE
NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS
Balance Sheet
Total Assets =
Total Assets Outstandingg
Debt
+
Shareholders’
Equity
Balance Sheet
Balance Sheet
Assets
Balance Sheet
Assets
Liabilities (Debt) & Equity
Liabilities (Debt) & Equity
Balance Sheet
Assets
Current Assets
Cash
Marketable Securities
A
Accounts Receivable
t R i bl
Inventories
Prepaid Expenses
Prepaid Expenses
Fixed Assets
Machinery & Equipment
Machinery
& Equipment
Buildings and Land
Other Assets
Investments & patents
Liabilities (Debt) & Equity
Liabilities (Debt) & Equity
Current Liabilities
Accounts Payable
Accounts
Payable
Accrued Expenses
Short‐term notes
Long‐Term Liabilities
bl
Long‐term notes Mortgages
g g
Equity
Preferred Stock Common Stock (Par value)
Common Stock (Par value)
Paid in Capital
Retained Earnings
Assets
• Current Assets:
Assets
• Current Assets: assets that are relatively liquid and are expected to be converted to
liquid, and are expected to be converted to cash within a year.
Assets
• Current Assets: assets that are relatively liquid and are expected to be converted to
liquid, and are expected to be converted to cash within a year.
– Cash, marketable securities, accounts receivable, Cash marketable securities accounts receivable
inventories, prepaid expenses.
Assets
• Current Assets: assets that are relatively liquid and are expected to be converted to
liquid, and are expected to be converted to cash within a year.
– Cash, marketable securities, accounts receivable, Cash marketable securities accounts receivable
inventories, prepaid expenses.
• Fixed Assets:
Fixed Assets:
Assets
• Current Assets: assets that are relatively liquid and are expected to be converted to
liquid, and are expected to be converted to cash within a year.
– Cash, marketable securities, accounts receivable, Cash marketable securities accounts receivable
inventories, prepaid expenses.
• Fixed
Fixed Assets: machinery
Assets: machinery
and equipment, buildings,
and land. Assets
• Current Assets: assets that are relatively liquid and are expected to be converted to
liquid, and are expected to be converted to cash within a year.
– Cash, marketable securities, accounts receivable, Cash marketable securities accounts receivable
inventories, prepaid expenses.
• Fixed
Fixed Assets: machinery and equipment, Assets: machinery and equipment
buildings, and land.
• Other Assets:
Oh A
Assets
• Current Assets: assets that are relatively liquid and are expected to be converted to
liquid, and are expected to be converted to cash within a year.
– Cash, marketable securities, accounts receivable, Cash marketable securities accounts receivable
inventories, prepaid expenses.
• Fixed
Fixed Assets: machinery and equipment, Assets: machinery and equipment
buildings, and land.
• Other Assets: any asset that is not a current Oh A
h i
asset or fixed asset.
Assets
• Current Assets: assets that are relatively liquid and are expected to be converted to
liquid, and are expected to be converted to cash within a year.
– Cash, marketable securities, accounts receivable, Cash marketable securities accounts receivable
inventories, prepaid expenses.
• Fixed
Fixed Assets: machinery and equipment, Assets: machinery and equipment
buildings, and land.
• Other Assets: any asset that is not a current Oh A
h i
asset or fixed asset.
– Intangible assets such as patents and copyrights.
Financing
• Debt Capital:
Financing
• Debt Capital: financing provided by a creditor. creditor
Financing
• Debt Capital: financing provided by a creditor. creditor
• Short‐term debt:
Financing
• Debt Capital: financing provided by a creditor. creditor
• Short‐term debt: borrowed money that must be repaid ithin the ne t 12 months
be repaid within the next 12 months. Financing
• Debt Capital: financing provided by a creditor. creditor
• Short‐term debt: borrowed money that must be repaid ithin the ne t 12 months
be repaid within the next 12 months. – Accounts payable, other payables such as interest or taxes payable accrued expenses short term
or taxes payable, accrued expenses, short‐term notes.
Financing
• Debt Capital: financing provided by a creditor. creditor
• Short‐term debt: borrowed money that must be repaid ithin the ne t 12 months
be repaid within the next 12 months. – Accounts payable, other payables such as interest or taxes payable accrued expenses short term
or taxes payable, accrued expenses, short‐term notes.
• Long‐term debt:
Long term debt:
Financing
• Debt Capital: financing provided by a creditor. creditor
• Short‐term debt: borrowed money that must be repaid ithin the ne t 12 months
be repaid within the next 12 months. – Accounts payable, other payables such as interest or taxes payable accrued expenses short term
or taxes payable, accrued expenses, short‐term notes.
• Long
Long‐term debt: loans from banks or other term debt: loans from banks or other
sources that lend money for longer than 12 months.
months
Financing
• Equity Capital:
Financing
• Equity Capital: shareholders’ investment in the firm
the firm. Financing
• Equity Capital: shareholders’ investment in the firm
the firm. • Preferred Stockholders:
Financing
• Equity Capital: shareholders’ investment in the firm
the firm. • Preferred Stockholders: receive fixed di idends and ha e higher priorit than
dividends, and have higher priority than common stockholders in event of liquidation of the firm
of the firm.
Financing
• Equity Capital: shareholders’ investment in the firm
the firm. • Preferred Stockholders: received fixed di idends and ha e higher priorit than
dividends, and have higher priority than common stockholders in event of liquidation of the firm
of the firm.
• Common Stockholders:
Financing
• Equity Capital: shareholders’ investment in the firm
the firm. • Preferred Stockholders: received fixed di idends and ha e higher priorit than
dividends, and have higher priority than common stockholders in event of liquidation of the firm
of the firm.
• Common Stockholders: residual owners of a business. They receive whatever is left after creditors and preferred stockholders are paid. Corporate Income Tax Rates
Since 1993
p
Taxable Income Corporate Tax Rate
$1 ‐ $50,000 15%
$
$50,001 ‐
$
$75,000 25%
$75,001 ‐ $100,000 34%
$100,001 ‐ $335,000 39%
$335,001 ‐ $10,000,000 34%
$10,000,001 ‐ $15,000,000
35%
$15,000,001 ‐ $18,333,333
38%
over $18,333,333
35%
Free Cash Flows
Free cash flow: cash flow that is free and available to be distributed to the firm’s investors (both debt and equity investors)
Free Cash Flows
Firm’s Operating Free cash flows
Cash flows generated Cash
flows generated
through the firm’s operations and investments in assets
=
Firm’s Financing Free cash flows
=
Cash flows paid to Cash
flows paid to ‐ or or
received by ‐ the firm’s investors (creditors & stockholders)
Calculating Free Cash Flows:
An Operating Perspective
An Operating Perspective
After‐tax cash flow After tax cash flow
from operations
less
investment in net operating working capital
less
investments in fixed
investments in fixed and other assets
Calculating Free Cash Flows:
An Operating Perspective
An Operating Perspective
After‐tax cash flow After tax cash flow
from operations
l
less
investment in net operating working capital
less
investments in fixed
investments in fixed and other assets
Operating income
+ depreciation ‐ cash tax payments
Calculating Free Cash Flows:
An Operating Perspective
An Operating Perspective
After‐tax cash flow After tax cash flow
from operations
l
less
investment in net operating working capital
less
investments in fixed
investments in fixed and other assets
‐
[Change in current assets]
[Change in current assets]
[change in non‐interest bearing current liabilities]
Calculating Free Cash Flows:
An Operating Perspective
An Operating Perspective
After‐tax cash flow After tax cash flow
from operations
less
investment in net operating working capital
less
investments in fixed
investments in fixed and other assets
Change in gross fixed assets, and any other assets that are on the balance sheet
balance sheet.
Calculating Free Cash Flows:
A Financing Perspective
Interest payments to creditors
‐ change in debt principal
‐
di id d
dividends paid to stockholders
id t t kh ld
‐
change in stock
change in stock
= Financing Free Cash Flows
g
Tax Example:
• SSpace Cow Computer has sales of $32 C
C
t h
l
f $32
million, cost of goods sold at 60% of sales, cash operating expenses of $2.4 ,
in depreciation p
million, and $1.4 million
expense. The firm has $12 million in 9.5% bonds outstanding. The firm will bonds outstanding. The firm will
pay $500,000 in dividends to its common stock holders
stock holders.
• Calculate the firm’s tax liability.
Sales
Cost of Goods Sold
Cost of Goods Sold
Operating Expenses
Depreciation Expense
EBIT or NOI
EBIT or NOI
Interest Expense
Taxable Income
$32,000,000
(19 200 000)
(19,200,000)
(2,400,000)
(1,400,000)
9 000 000
9,000,000
(1,140,000)
7,860,000
Income tax rate tax payment
$50,000 x .15 = $ 7,500
$25 000 x 25
$25,000 x .25 = 6,250
=
6 250
$25,000 x .34 = 8,500
$235,000 x .39 = 91,650
$7 525 000 x 34
$7,525,000 x .34 = 2,558,500
2 558 500
Total Tax payment $2,672,400
short cut:
h t t $7,860,000 x .34 = $2,672,400
$7 860 000 34 $2 672 400
Terima Kasih
Hidayat Wiweko,S.E.,M.Si.