chap3 Income Statement (损益表）财务报表分析教学教案.ppt 41页

'IncomeStatement(损益表）Revenues(销售收入）Costofgoodssold(COGS)（产品销售成本）=GrossProfit（毛利润）Expenses（费用）=EarningsBeforeTax（税前收益）Tax（所得税）=NetIncome（净收益）Thepurposeoffirmistoearnincomeforinvestorsthroughsellinggoodsorprovidingservicestocustomers.Incomestatementmeasureshowmuchincomeisearnedduringaspecificperiod,suchasayear,aquarter,oramonth. Outlineoftoday’slectureAtypicalincomestatementDefinitionofaccountingperiod(会计期间）,Revenues,Expenses,CostofGoodsSold,Earnings,andNetIncomeCashaccounting（收付实现制）anditsinadequacies（不足）AccrualAccounting（权责发生制）anditsstrengths4.1Revenuerecognition,matchingprincipleandexpenserecognition（收入确认、配比原则和费用确认）4.2Adjustingjournalentries（调整会计分录）5.Expensing（费用化）versuscapitalization（资产化）ofexpenditures6.Relationsbetweenincomestatementandbalancesheet7.Timeseriesandcrosssectionanalysisofincomestatement8.Earningsmanagementexamples9.P/Eratio（市盈率）andearnings-basedmarketanomalies DefinitionsRevenueRevenuesareinflowsofnetassets(assetslessliabilities)fromsellinggoodsorprovidingservicesGain/LossSometimesafirmengagesinunusual,non-operatingactivitiesandmakesorlosessomemoney.Assetsinflows/outflowsasaresultofsuchactivitiesarecalledgainsorlosses.ExpensesExpensesmeasuresthenetassetsthatafirmconsumesintheprocessofgeneratingrevenuesCostofGoodsSoldIfafirmbuyandsell,orproduceandsell,products,thenetassetsthatdirectlygointotheproductssold,arecalledcostofgoodssold.NetIncomeAlsocalledbottomline,itisthedifferencebetweenallrevenuesandgains,andallcostsofgoods,expensesandlosses.EarningsOnincomestatement,beforewereachbottomlinenetincome,someintermediarysumsarecalledearnings,suchasearningsfromcontinuingoperation. Ledger(T-Account)treatmentofincomestatementaccountsRevenuesGainsExpenses(inc.COGS)LossDividends CashAccountingRevenues:recognizedatthetimethatcashisreceivedExpenses:recognizedatthetimethatcashisdisbursedNote:Cashreceivedfromanddisbursed（分发）toshareholdersandcreditors（债权人）isneitherrevenuesnorexpenses,anddoesnotenterincomestatementundercashaccountingAnexample:AtoyretailerstartsbusinessonNovember1,19x0,Hepaystwomonthsrentonhisstore,$2,000,onthatday,andalsopurchasesandpayfor$35,000toys.However,hesellsnothinginNovember.InDecember,hesellsallthetoyswithasalespriceof$40,000andcollects$5,000incash CashAccountingIncomeStatementNovemberDecemberRevenues$0$5,000LessExpensesandCOGS:CostofGoodsSold35,0000Rentalexpense2,0000NetIncome($37,000)$5,000 ProblemswithCashAccountingMismatchthecostofefforts(expenses)withtheoutputoftheefforts(revenues)DelayrecognitionofrevenuesProvideopportunitiestomanageearnings AccrualAccountingRevenuerecognition:followrealizationprinciple(实现原则）1)Afirmhasperformedall,ormostof,theservicesitexpectstoprovide2)Thefirmhasreceivedcashorsomeotherassetscapableofreasonablyprecisemeasurement,suchasaccountreceivables AccrualAccountingExpenserecognition:Whenanassetisuseddirectlytogeneraterevenues,theusedassetbecomesexpense.E.g.,Amazon.comsoldbooks,thecosttopurchasethesoldbooksbecomeCOGS,apartofexpenses.Thisiscalledmatchingprinciple（配比原则）ofaccounting.Whenanusedassetisindirectlyrelatedtothecurrent,andonlythecurrent,periodrevenues,wetreattheusedassetasexpense.E.g.,cashtopayforadvertisement,salaryfortheCEO.Whenanassetisusedtobenefitboththecurrentandthefutureperiod,thebenefit,nevertheless,notmattercurrentorfuture,ishardtoidentifyandmeasure,wetreattheusedassetasexpense.E.g.,cashusedtopayresearchanddevelopmentforpharmaceuticalcompanies.Thisisconservativeprinciple（稳健原则）ofaccounting. AccrualAccountingIncomeStatementNovemberDecemberRevenues$0$40,000LessExpensesandCOGS:CostofGoodsSold035,000Rentalexpense1,0001,000NetIncome(1,000)4,000 AdjustingJournalEntriesUnderAccrualAccountingUnderaccrualaccounting,somejournalentriesarenotexplicitlyrelatedtoatransaction.Wemaketheseentries,adjustingjournalentries,mostlikelyattheendofanaccountingperiod.Therearefourtypesofadjustingentries:Unearnedrevenue(客户预付款）AccruedRevenue（应计收入）Prepaidexpense（预付费用）Accruedexpense（应计费用） UnearnedRevenueExample:SupposeyouaretheaccountantofGuanghuaandGuanghua’spolicyistoproportionatelyreturnstudenttuitionswheneverastudentchoosestoquitschool(notabadact,BillGatesquittedHarvard).SoonSeptember1,2002,youpaid$80,000toGuanghuafortwo-yeartuitions.Receivecashrecognizerevenue UnearnedRevenueOnSep.1,2002,althoughGuanghuareceivedthecash,toit,thecashreceivedisunearnedrevenue.Thatis,Guanghuahasnotprovidedyoueducationalserviceyet.Guanghua’sjournalentry:Dr.Cash$80,000Cr.UnearnedRevenue(liability)$80,000OnDec.31,2002,afteryouhavespenthalfayearatGuanghuatoenjoyitssuperbservice,Guanghuahasearnedone-fourthofthetuitions.Journalentry:Dr.UnearnedRevenue$20,000Cr.Revenue$20,000 AccruedRevenueExample:IfyouareamanufactureofcarsandIboughtacarfromyouonNov.12,2002for$3,000,butweagreethatIpayyounextyear.YouhaveearnedthemoneybecauseItookthecar.Butyouhavenotreceivedthecash.Still,itisyourmoneyandyourrevenue.Dr.AccountReceivable$3,000Cr.Revenue$3,000RecognizerevenueReceivecash PrepaidexpenseExample,backtotheGuanghuacase,fromyourpointofview,the$80,000isprepaidexpense.Thatis,ifonSep.2,2002,youwanttoquitschool,youwillgetmoneyback(ifyouwanttotrythis,pleasedosobeforeoraftermycourse).Thatis,youstillownthemoney.Paycashrecognizeexpense PrepaidexpenseOnSep.1,2002,youraccount:Dr.Prepaidtuitions$80,000Cr.Cash$80,000OnDec.31,2002,youDr.Tuitionexpense$20,000Cr.Prepaidexpense$20,000Ifyouquitschoolonthisday,youget$60,000backfromtheschool. AccruedExpenseExample,youworkedforyourcompanyinDecember2002,andyourcompanywillpayyoursalaryof$3,000ofDecemberinJanuary2003.Buttothecompany,expensehasincurredin2002,althoughcashisnotpaidinDecemberof2002.SothecompanyDr.Expense$3,000Cr.Salarypayable$3,000recognizeexpensepaycash TheFinalStagesoftheAccountingProcess(refertoapremieronaccountinghandout)OnDec.31oftheyear,theaccountantsfinishedalljournalentries,postedtoledger(T-accounts),calculatedthebalance（余额）ofeveryledgeraccount,anddidatrialbalance.Nowshe/hedoesadjustedjournalentries,andthenpoststoledgeragain,anddoesanadjustedtrialbalance.Whatshe/hehasinhandsnowisalistofaccounts.Next:PrepareincomestatementCloseincomestatementaccountstoretainedearningsaccountPreparebalancesheetQ.E.D Expensingvs.CapitalizationofExpendituresAfirmpaysemployeesalaries,wesaythefirmexpenseemployeesalaryExpensedexpendituresgotoincomestatementExpensedexpenditureshelpgeneraterevenuesincurrentperiodIfafirmexpensestheexpenditure,currentearningswillbelowerbythatamountAfirmbuyabuilding,wesaythefirmcapitalizethebuildingasasset.CapitalizedexpendituresgotobalancesheetCapitalizedexpenditureshelpgeneraterevenuesincurrentandfutureperiodsIfafirmcapitalizestheexpenditure,currentearningswillnotbeloweredbythatamount Expensingvs.CapitalizationofExpendituresButlifeisnotsosimpleandstraightforward.Sometimesitisdifficulttodeterminewhethertheexpendituresbenefitfutureperiods,andifitbenefitsfutureperiods,itisdifficulttodeterminewhichfutureperiodwillbenefit.Therefore,firmsexpensesomeexpendituresthatmayotherwisebecapitalized.ThisisaconservativetreatmentoftheexpendituresbyGAAP.MarketingexpendituresResearchandDevelopmentStockoptions TheWorldcomscandalJune26,2002,Worldcomreportsitoverstatedearningsby$3.8billioninthepastfewyears.Itquicklyaskedforchapter11protectionWhatdidtheydo?Capitalizeexpendituresthatshouldhavebeenexpensed.Thatis,$3.8billionshouldnotbeonbalancesheet,butgothroughincomestatementasexpense.In2001,thecompanyreportsearningsof1.4billion,whichshouldhavebeenalossyear. TherelationbetweenbalancesheetandincomestatementAssets=Liabilities+EquityEquity=Contributedcapital（股本）+RetainedEarnings(RE)Ending（期末余额）RE=Beginning（期初余额）RE+NetIncome–DividendsNetIncome=Revenues–ExpensesA=L+Contributedcapital+BeginningRE+(Revenues–Expenses)–DividendsTherefore,revenuesincreaseassetsandequityexpensesdecreasesassetsandequity TimeSeriesanalysisofcommon-sizeincomestatement Crosssectionanalysis（横向分析）ofcommon-sizeincomestatement Growthanalysisofincomestatement AfewitemsonI/SexplainedCostofrevenues=Costofgoodssold(COGS)SalesandMarketingSelling,generalandadministrativeProductdevelopmentDepreciationandamortizationOperatingincomeorincomefromoperationExtraordinaryitem:unusualandinfrequentNetIncomeEarningspershare-primaryEarningspershare-dilutedEarningspershare-endofyearnumberofshares,oraveragenumberofshares?ProFormaearnings=Asifearnings AOL2000 AOL2000 EarningsManagement-WhyFormanagers:earnings-basedbonusForshareholders:earnings-basedbondcovenantForthecompany:BetterIPOprice（新股上市发行价）AvoidgovernmentregulationAvoidpayingemployeehighsalaries EarningsManagement-HowAccelerateordelayrevenuesAccelerateordelayexpensesTakeone-timegainsorcharges:bigbath Earningsmanagement–Whogain,wholose?EnroncaseWorldcomcase Price-to-earningsratio–P/EP/EisareadyyardstickforvaluationUsecomparablefirms’P/EtopriceIPOstocksP/Eisaroughindicatorofrelativeover-valuationorunder-valuationAverageP/Eratioofallstocksonamarketindicatesthelevelofvaluationofthemarket P/EanomalyHighP/Estocks(glamourstocks,growthstocks)earnlowerreturnintheone-year-aheadperiod;lowP/Estocks(valuestocks)earnhigherstockreturnsinthesameperiod.Thereturndifferentialisnotexplainedbyrisk.FamaandFrenchJournalofFinance1992,thenumbersaremonthlyreturninpercentageHighP/E23456789LowP/E0.930.941.031.181.221.331.421.461.471.74 Caveats（提醒）inusingP/EinvaluationNegativeearningscannotbeusedincomputingP/EEarningscontaintransitory(临时的）items,orone-timeitemsthatdriveP/EupordowntemporarilyP/Eratioismeaningfulonlywhenearningscomefromnormal,repetitiveoperationIninvestingcommunity,peopleusedifferentearningstocomputeP/E,lagearnings,leadearnings,averageearnings… InvestingMotto“FinancialStatementislikebikini,whatitrevealsisinteresting,butwhatitconcealsitvital.”BurtonG.Malkiel'