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Reading 34: Understanding the Cash Flow Statement - LOS f,

Q12. An analyst has gathered the following information about a company:

Income Statement 2005

Sales

 

$650

Expenses

 

 

 

COGS

$445

 

 

Depreciation

10

 

 

Selling, General & Admin.

112

 

 

Interest

10

 

 

 

Total expenses

 

577

Pre-tax income

 

$73

Taxes

 

29

Net income

 

$44

 

Balance Sheet

Assets

2004

2005

 

Liabilities

2004

2005

Cash

50

35

 

Accts. Payable

115

90

Accts. Rec.

120

140

 

Wages Payable

55

50

Inventories

75

70

 

Bonds

100

90

Fixed Assets

215

190

 

Common Stock

50

20

Accum. Depr.

(95)

(105)

 

Retained Earnings

45

80

Total

365

330

 

 

365

330

Note: the dividend payout ratio equals 20%.

What is the net increase or decrease in cash?

A)   +$15.

B)   -$15.

C)   +$43.

答案和详解如下:

Correct answer is B)

There are two ways to approach this problem. The easier way is to just take the difference in cash from the two years: $35 − $50 = -$15.

The harder way is to create a statement of cash flows:

CFO = Net Income (44) + (Depreciation) (10) – (increase in Accounts Receivable) (20) + (decrease in Inventory) (5) – (decrease in Accounts Payable) (25) – (decrease in Wages Payable) (5) = $9.

CFI = $25 (fixed assets decreased by $25 representing a source of cash)

CFF = Dividends paid ((0.20) × (44)) = -9 – (decrease in bonds) (10) − (decrease in common stock) (30) = -$49.

The net change in cash = 9 + 25 – 49 = -$15, or a decrease of $15.

 

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