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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
The Balance Sheet
• Assets
• Liabilities and Equity
• Working Capital
• Liquidity
• Debt to Equity
• Market Value vs. Book Value
• Limitations of the Balance Sheet
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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
Assets
• The main categories of assets are usually listed first, and normally, in order of
liquidity. On a balance sheet, assets will typically be classified into current assets
and non-current (long-term) assets.
• Current assets are those assets which can either be converted to cash or used to
pay current liabilities within 12 months. Current assets include cash and cash
equivalents, short-term investments, accounts receivable, inventories and the
portion of prepaid liabilities paid within a year.
• A non-current asset cannot easily be converted into cash. Non-current assets
include property, plant and equipment (PPE), investment property, intangible
assets, long-term financial assets, investments accounted for using the equity
Balance Sheet
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method, and biological assets.
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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
Liabilities and Equity
• In financial accounting, a liability is defined as an obligation of an entity arising
from past transactions or events, the settlement of which may result in the
transfer or use of assets, provision of services or other yielding of economic
benefits in the future.
• Equity is the residual claim or interest of the most junior class of investors in
assets, after all liabilities are paid.
• The types of accounts and their description that comprise the owner's equity
depend on the nature of the entity and may include: Common stock, preferred
stock, capital surplus, retained earnings, treasury stock, stock options and
reserve.
Accounting equation
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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
Working Capital
• Net working capital is calculated as current assets minus current liabilities.
• Current assets and current liabilities include three accounts which are of special
importance: accounts receivable, accounts payable and inventories.
• The goal of working capital management is to ensure that the firm is able to
continue its operations and that it has sufficient cash flow. The management of
working capital involves managing inventories, accounts receivable and payable,
and cash.
Statement of cash flows
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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
Liquidity
• Liquidity refers to a business's ability to meet its payment obligations, in terms of
possessing sufficient liquid assets, and to such assets themselves. For assets,
liquidity is an asset's ability to be sold without causing a significant movement in
the price and with minimum loss of value.
• A standard company balance sheet has three parts: assets, liabilities and
ownership equity. The main categories of assets are usually listed first, typically in
order of liquidity.
• For a corporation with a published balance sheet there are various ratios used to
calculate a measure of liquidity, namely the current ratio, the quick ratio, the
operating cash flow ratio, and the liquidity ratio (acid test).
Liquidity
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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
Debt to Equity
• The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion
of shareholders' equity and debt used to finance a company's assets. Closely
related to leveraging, the ratio is also known as risk, gearing or leverage.
• Preferred stocks can be considered part of debt or equity. Attributing preferred
shares to one or the other is partially a subjective decision.
• The formula of debt/ equity ratio: D/E = Debt (liabilities) / equity = Debt / (Assets –
Debt) = (Assets – Equity) / Equity.
Leverage Ratios of Investment Banks
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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
Market Value vs. Book Value
• Market value is the price at which an asset would trade in a competitive auction
setting.
• Book value or carrying value is the value of an asset according to its balance
sheet account balance. For assets, the value is based on the original cost of the
asset less any depreciation, amortization or impairment costs made against the
asset.
• In many cases, the carrying value of an asset and its market value will differ
greatly. However, they are interrelated.
Depreciation methods which are essential in
calculating book value
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Financial Statements, Taxes, and Cash Flow > The Balance Sheet
Limitations of the Balance Sheet
• Balance sheets do not show true value of assets. Historical cost is criticized for its
inaccuracy since it may not reflect current market valuation.
• Some of the current assets are valued on an estimated basis, so the balance
sheet is not in a position to reflect the true financial position of the business.
• The balance sheet can not reflect those assets which cannot be expressed in
monetary terms, such as skill, intelligence, honesty, and loyalty of workers.
Four depreciation methods
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Appendix
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Financial Statements, Taxes, and Cash Flow
Key terms
• amortization The distribution of the cost of an intangible asset, such as an intellectual property right, over the projected useful
life of the asset.
• carrying value In accounting, book value or carrying value is the value of an asset according to its balance sheet account
balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or Impairment costs
made against the asset.
• cash equivalents A deferred expense or prepayment, prepaid expense, plural often prepaids, is an asset representing cash
paid out to a counterpart for goods or services to be received in a later accounting period.
• deficit the amount by which spending exceeds revenue
• Fixed assets Fixed assets, also known as non-current assets or property, plant, and equipment (PP&E), is a term used in
accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets, such
as cash or bank accounts, which are described as liquid assets. In most cases, only tangible assets are referred to as fixed.
• leverage The use of borrowed funds with a contractually determined return to increase the ability of a business to invest and
earn an expected higher return (usually at high risk).
• liquidity Availability of cash over short term: ability to service short-term debt.
• liquidity ratio measurement of the availability of cash to pay debt
• operating liquidity The ability of a company or individual to quickly convert assets to cash for the purpose of paying operating
expenses.
• Preferred Stock Stock with a dividend, usually fixed, that is paid out of profits before any dividend can be paid on common
stock. It also has priority to common stock in liquidation.
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Financial Statements, Taxes, and Cash Flow
Statement of cash flows
The management of working capital involves managing inventories, accounts receivable and payable, and cash.
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Financial Statements, Taxes, and Cash Flow
Depreciation methods which are essential in calculating book value
4 Depreciation methods (1. Straight-Line method, (2. Double-Declining Balance method, (3. Sum-of-the-Years' Digits method, (4.Productive output
method)
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Financial Statements, Taxes, and Cash Flow
Balance Sheet
Sample Domestic Balance Sheet (DBS) to be referenced by Domestic Well-Being Accounting (DWBA)
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Financial Statements, Taxes, and Cash Flow
Four depreciation methods
Different methods of depreciation affect the carrying value of an asset on balance sheets.
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Financial Statements, Taxes, and Cash Flow
Liquidity
Monthly liquidity of an organic vegetable business
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Financial Statements, Taxes, and Cash Flow
Leverage Ratios of Investment Banks
Each of the five largest investment banks took on greater risk leading up to the subprime crisis. This is summarized by their leverage ratio, which is the
ratio of total debt to total equity. A higher ratio indicates more risk.
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Financial Statements, Taxes, and Cash Flow
Accounting equation
Assets = Liabilities + Owner's Equity
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a current asset?
A) Copyrights
B) Cash
C) Raw material inventory
D) Accounts Receivable
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a current asset?
A) Copyrights
B) Cash
C) Raw material inventory
D) Accounts Receivable
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Financial Statements, Taxes, and Cash Flow
Which of the following is the correct order of how assets should
be presented on a balance sheet?
A) Cash; inventory; accounts receivable; property, plant, and equipment
(PPE).
B) Cash; accounts receivable; inventory; property, plant and equipment
(PPE).
C) Accounts receivable; cash; inventory property, plant, and equipment.
D) Cash; inventory; property, plant, and equipment (PPE); accounts
receivable.
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Financial Statements, Taxes, and Cash Flow
Which of the following is the correct order of how assets should
be presented on a balance sheet?
A) Cash; inventory; accounts receivable; property, plant, and equipment
(PPE).
B) Cash; accounts receivable; inventory; property, plant and equipment
(PPE).
C) Accounts receivable; cash; inventory property, plant, and equipment.
D) Cash; inventory; property, plant, and equipment (PPE); accounts
receivable.
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a liability that a business must
include on its balance sheet?
A) Wages paid to its employees.
B) A short-term bank loan.
C) Payments received from customers for products the business has not
yet delivered.
D) Money owed to suppliers for goods the business has already received.
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a liability that a business must
include on its balance sheet?
A) Wages paid to its employees.
B) A short-term bank loan.
C) Payments received from customers for products the business has not
yet delivered.
D) Money owed to suppliers for goods the business has already received.
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Financial Statements, Taxes, and Cash Flow
Which of the following is the correct definition of the accounting
equation?
A) Assets = Liabilities + Owner's Equity
B) Owner's Equity = Assets + Liabilities
C) Liabilities = Assets + Owner's Equity
D) Assets = Liabilities + Initial Owner's Equity
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Financial Statements, Taxes, and Cash Flow
Which of the following is the correct definition of the accounting
equation?
A) Assets = Liabilities + Owner's Equity
B) Owner's Equity = Assets + Liabilities
C) Liabilities = Assets + Owner's Equity
D) Assets = Liabilities + Initial Owner's Equity
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a type of equity account?
A) Capital Surplus
B) Goodwill
C) Treasury Stock
D) Stock Options
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a type of equity account?
A) Capital Surplus
B) Goodwill
C) Treasury Stock
D) Stock Options
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Financial Statements, Taxes, and Cash Flow
What does it mean when a business has a working capital deficit?
A) The business does not have the resources to pay its debts.
B) The business lacks the current assets to pay its short-term expenses
and liabilities.
C) The business's accounts payable are greater than its accounts
receivable.
D) Inventory levels are too high.
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Financial Statements, Taxes, and Cash Flow
What does it mean when a business has a working capital deficit?
A) The business does not have the resources to pay its debts.
B) The business lacks the current assets to pay its short-term expenses
and liabilities.
C) The business's accounts payable are greater than its accounts
receivable.
D) Inventory levels are too high.
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a correct way of calculating a
liquidity ratio?
A) Operating Cash Flow Ratio = Current Liabilities / Operating Cash Flow
B) Current Ratio = Total Current Assets / Total Current Liabilities
C) Quick Ratio = (Current Asset - Inventories - Prepayments) / Current
Liabilities
D) Liquidity Ratio = Liquid Assets / Short-term Liabilities
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a correct way of calculating a
liquidity ratio?
A) Operating Cash Flow Ratio = Current Liabilities / Operating Cash Flow
B) Current Ratio = Total Current Assets / Total Current Liabilities
C) Quick Ratio = (Current Asset - Inventories - Prepayments) / Current
Liabilities
D) Liquidity Ratio = Liquid Assets / Short-term Liabilities
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a way to calculate the debt to equity
ratio?
A) Interest-Bearing Long-Term Debt / Equity
B) Debt / (Assets - Debt)
C) (Assets - Equity) / Debt
D) Debt / (Debt + Equity)
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT a way to calculate the debt to equity
ratio?
A) Interest-Bearing Long-Term Debt / Equity
B) Debt / (Assets - Debt)
C) (Assets - Equity) / Debt
D) Debt / (Debt + Equity)
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT information used to calculate an
asset's book value?
A) The total amount of depreciation, amortization, and impairment costs
made against the asset.
B) The price of the asset when it was acquired.
C) The current market price of the asset.
D) The costs associated with originally acquiring the asset, such as
broker fees.
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Financial Statements, Taxes, and Cash Flow
Which of the following is NOT information used to calculate an
asset's book value?
A) The total amount of depreciation, amortization, and impairment costs
made against the asset.
B) The price of the asset when it was acquired.
C) The current market price of the asset.
D) The costs associated with originally acquiring the asset, such as
broker fees.
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Financial Statements, Taxes, and Cash Flow
Which of the following is a limitation associated with using a
balance sheet?
A) The value of some assets listed on the balance sheets are estimates,
not the true financial value.
B) All of these answers.
C) Some assets, such as the loyalty of the business's workers, are not
included on the balance sheet.
D) Assets are recorded at their historical cost, not their current market
value.
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Financial Statements, Taxes, and Cash Flow
Which of the following is a limitation associated with using a
balance sheet?
A) The value of some assets listed on the balance sheets are estimates,
not the true financial value.
B) All of these answers.
C) Some assets, such as the loyalty of the business's workers, are not
included on the balance sheet.
D) Assets are recorded at their historical cost, not their current market
value.
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Financial Statements, Taxes, and Cash Flow
The balance sheet is the only financial statement which ____
A) uses estimates.
B) uses historical data.
C) must conform to accounting standards.
D) applies to a single point in time of a business's calendar year.
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Financial Statements, Taxes, and Cash Flow
The balance sheet is the only financial statement which ____
A) uses estimates.
B) uses historical data.
C) must conform to accounting standards.
D) applies to a single point in time of a business's calendar year.
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Financial Statements, Taxes, and Cash Flow
Attribution
• Wikipedia. "Goodwill (accounting)." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Goodwill_(accounting)
• Wikipedia. "Historical cost." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Historical_cost
• Wikipedia. "Intangible asset." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Intangible_asset
• Wikipedia. "Balance sheet." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Balance_sheet
• Wikipedia. "carrying value." CC BY-SA 3.0 http://en.wikipedia.org/wiki/carrying%20value
• Wikipedia. "Fixed assets." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Fixed%20assets
• Wikipedia. "Debt-to-equity ratio." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Debt-to-equity_ratio
• Wiktionary. "leverage." CC BY-SA 3.0 http://en.wiktionary.org/wiki/leverage
• Wikipedia. "Liquidity." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Liquidity
• Wikipedia. "Accounting liquidity." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Accounting_liquidity
• Wikipedia. "Financial ratio." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Financial_ratio
• Wikipedia. "cash equivalents." CC BY-SA 3.0 http://en.wikipedia.org/wiki/cash%20equivalents
• Wikipedia. "Equity (finance)." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Equity_(finance)
• Wikipedia. "Liability (accounting)." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Liability_(accounting)
• Wikipedia. "Balance sheet." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Balance_sheet#Liabilities
• Wikipedia. "Preferred Stock." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Preferred%20Stock
• Wikipedia. "Market value." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Market_value
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Financial Statements, Taxes, and Cash Flow
• Wikipedia. "Book value." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Book_value
• Wiktionary. "amortization." CC BY-SA 3.0 http://en.wiktionary.org/wiki/amortization
• Wikipedia. "Balance sheet." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Balance_sheet#Assets
• Wikipedia. "Cash and cash equivalents." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cash_and_cash_equivalents
• Wikipedia. "Fixed asset." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Fixed_asset
• Wikipedia. "Prepaid expenses." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Prepaid_expenses
• Wikipedia. "Current asset." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Current_asset
• Wikipedia. "Accounts receivable." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Accounts_receivable
• Wikipedia. "Inventory." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inventory#Financial_accounting
• Wikipedia. "Equity method." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Equity_method
• Wikipedia. "Goodwill (accounting)." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Goodwill_(accounting)
• Wiktionary. "liquidity." CC BY-SA 3.0 http://en.wiktionary.org/wiki/liquidity
• Wikipedia. "Working capital." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Working_capital
• Wiktionary. "deficit." CC BY-SA 3.0 http://en.wiktionary.org/wiki/deficit
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//finance/definition/operating-liquidity
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