Assets = Liabilities + Stockholders’ EquityAssets = (Current + Fixed) AssetsNet Working Capital= Current Assets – Current LiabilitiesRevenues - Expenses = IncomeSales or Revenues(-) Cost of goods sold(=) Gross profit毛 利 (-) Administrative/marketing costs 行政管理/营销成本, Depreciation 折旧(=) Operating Profit 营业利润(-) Interests, Taxes(=) Net income 净收益(-) Dividends to preferred stocks(=) Earning available to common shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to StockholdersCash Flow From Assets = Operating Cash Flow 营运现金流量– Net Capital Spending净资本支出– Changes in NWC 净营运资本的变化OCF (I/S)营运现金流= EBIT 息税前利润+ depreciation – taxes = $547NCS 净资本支出( B/S and I/S) = ending net fixed assets – beginning net fixed assets + depreciation = $130Changes in NWC (B/S) = ending NWC – beginning NWC = $330CFFA = 547 – 130 – 330 = $87CF to Creditors (B/S and I/S) = interest paid – net new borrowing = $24CF to Stockholders (B/S and I/S) = dividends paid – net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流动比率= CA / CL 2,256 / 1,995 = timesQuick Ratio 速动比率= (CA – Inventory) / CL (2,256 – 301) / 1,995 = .98 timesCash Ratio 现金比率= Cash / CL 696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA (2,256 – 1,995) / 5,394 = .05Interval Measure 区间测量= CA / average daily operating costs 2,256 / ((2,006 + 1,740)/365) = daysTotal Debt Ratio 资产负债率 = (TA – TE) / TA (5,394 – 2,556) / 5,394 = %Debt/Equity 资本负债率 = TD / TE (5,394 – 2,556) / 2,556 = timesEquity Multiplier 权益乘数= TA / TE = 1 + D/E1 + = Long-term debt ratio 长期债务率 = LTD / (LTD + TE)843 / (843 + 2,556) = %Times Interest Earned 利息...
