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3.2.2: Relic Spotter 案例，第 6 部分
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财务会计概论（中文版）
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第 3 周: 周现金流
现金为王！ 首先我们要根据活动目的将现金流分为经营现金流、投资现金流和融资现金流几类。 然后我们将建立和分析现金流量表。 我们将为前面用作示例的创业公司建立和分析现金流量表，对该公司之前的案例进行总结。 最后，我们将讨论营运收入、营运现金流、息税折旧摊销前利润 (EBITDA) 和净现金流的区别。
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Brian J BusheeThe Geoffrey T. Boisi Professor
Accounting
>> Hello, I'm Professor Brian Bushee.
Welcome back.
In this video, we're finally going to finish the Relic Spotter case by putting
together its statement of cash flows using the direct and indirect methods.
Let's get started.
Last time we looked at the Relic Spotter case, we put all of the cash transactions
into operating, investing and financing buckets.
So now, we're going to go ahead and
use these classifications to put together the cash flow statement.
To do the indirect method,
we're going to need to pull some information off the income statement.
So, here's a reminder of what the income statement looked like for
Relic Spotter and we're going to need to use the balance sheet.
So, here's what the balance sheet looked like for Relic Spotter.
>> Where did all of the zeros come from?
I don't remember all of those zeros when we put together the balance sheet.
>> Good memory.
In fact, when we put together the Relic Spotter balance sheet, we didn't have all
these zeros in there, because we only put together the ending balance sheet.
But when we do a casual statement, we need to change in the balances.
The difference between the beginning balance and the ending balance.
There was no beginning balance in any of these accounts,
because Relic Spotter is a startup company.
So, I went ahead and created a beginning balance sheet of all zeros to make it
clear that we are taking the change in the balances for
this statement of cash flows not just the ending balance.
First, I'm going to do the direct method for investing and financing activities.
Once we get that out of the way,
then we'll look at operating activities under both the direct and indirect method.
For the investing activities,
we need to pull out the column of cash flows that we classified as investing and
then just list them in the Cash Flow from Investing Activities section.
So, we have purchase of land for 103,000.
Purchase of buildings, 85,000.
We purchased metal detectors of $120,000 cash and
purchased the software which is a long-term asset, $2,100.
Add them all up, we get net cash outflow from investing activities of 310,100.
This section will go on the final cash flow statement.
>> How do you determine which line items to report on the statement?
Oftentimes, don't companies simply report a line called capital expenditures?
>> There are generally no specific rules that govern how much or
how little detail you break things into on the statement of cash flows.
It's the managers choice, but usually the manager makes the choice based on what
investors and analysts want to see.
Because of investors and analysts are looking for a piece of information that's
not there, they'll just ask the company about it during a conference call or
some other communication.
So, what you're seeing on the cash list statement is
a joined agreement between managers and the users of the financial statement as to
how much detail they want to see in these various line items about the company.
Next, we do the direct method for the financing activities.
So, here is the column of cash transactions that we classified
as financing.
Now we just need to list them, so we paid dividends of $2,500.
Proceeds of sale of stock, that was $250,000 coming in and
proceeds from mortgage payable was $124,000 coming in.
That gave the same net cash inflow from financing activities of $371,500 and
this section will go on the final cash flow statement.
Now even though it's somewhat theoretical because companies never really
report these,
we're going to look at the operating activities under the direct method.
So, let me pull in the operating cash flow transactions.
And under the direct method, all we have to do is list them.
So first, I'm going to take all the cash that we collected from customers.
We received cash on the rental prepayment from the Pen Antiquities Club.
The revenues that came in cash from metal detector rentals and
then the 35,000 of cash from the Sundries sales.
You add that together and we have cash collected from customers,
totaling 156,300.
>> Wait, we haven't recognized revenue yet on the rental pre-payment amount.
How can we justify putting that on the cash flow statement?
>> Well, we can justify putting it on the cash flow statement,
because Relic Spotter actually received cash.
Well, you raise a good point in that a lot of the examples we've seen so far,
companies are recording revenue before they receive the cash.
And so we have a change in accounts receivable, but
you could have a company receive the cash before they earn the revenue.
The cash flow statement is just giving you cash in and cash out during the period and
that's going to be different from revenue, but
it could be different in either direction.
Either you might get the cash first or
you might get the cash later compared to when you booked the revenue.
Continuing on, we paid $2,000 cash to our supplier and
we bought an additional 38,000 of inventory with cash.
Add that up, cash paid to suppliers is 40,000.
Cash paid to employees for salaries and wages was 82,000.
Cash paid for short-term loans is 5,000 and then I'll combine legal fees,
and advertising into cash paid for miscellaneous expenses of 11,900.
Again, whether you list those separately or combine them depends on what your
financial statement users want to see in terms of the level of detail.
We add all this up and we get net cash from operations of 17,400,
which is what we had in the operating bucket to begin with.
>> This direct method is simple, clear, straightforward and
informative, but you said that companies rarely use it.
So- >> So,
why do we have to learn the indirect method?
Why do companies prefer the indirect method and
why does the FASB require it even when the direct method is chosen?
>> Yes, that is what I was going to ask.
Let's hear your answer.
>> I'm glad you asked that question here, because this is the best place for
me to show you why the direct method is not that useful for
the operating section of the cash flow statement.
Let me jump out to the slide and show you what I mean.
So Relic Spotter's cash collected from customers was 156,300.
Is that good or bad?
Relic Spotters cash paid the supplier was 40,000.
Is that good or bad?
Well, you can't tell without some kind of benchmark.
You could look at prior your numbers to see if there's a trend, but
what we really want to know is what was the level of activities surrounding
this cash collection during the year.
For example, if Relic Spotter had 157,000 of revenue and
collected 156,300 in cash, then the cash flow makes sense.
But if Relic Spotter had 500,000 in revenue, but
only collect 156,300, then there may be a problem.
Or let's say that Relic Spotter sold 40,000 of inventory,
paid 40,000 to their suppliers.
Again, the cash flow makes sense, but
what if Relic Spotter only sold 10,000 of inventory?
Then the question is why did they spend an extra 30,000 in cash to acquire inventory
they didn't sell?
What the indirect method's going to do is start with net income as a benchmark for
the expected level of activity or expected level of cash flows during the period and
then highlight any discrepancies from that level.
This is the kind of things we will talk about when we do an analysis of
an indirect cash flow statement after we finally put one together later
in the video.
Now we're going to do the indirect method, which we'll be what we'll show on
the final cash flow statement for Relic Spotter.
We're going to go step by step following the algorithm that I did before,
starting with net income.
So, I pulled up the income statement.
Now at the bottom line, we can see net income was $2,370.
So on our indirect method cash flow statement,
we start at the top with net income of 2,370.
Notice I already have the answer at the bottom, net cash and operations of 17,400.
Because whatever we do in this section,
we have to get the same answer that we got under the direct method.
So far, so good.
Next step in our algorithm was to adjust your components of net income tied to
non-cash items or investing activities.
We can ignore investing activities for Relic Spotter,
because they didn't have any gains or losses on sale PP&E or investments.
So it really involves adding back the depreciation, amortization.
Here is the income statement again.
We had metal detector depreciation of 3,000.
Software amortization expense of 350 and building appreciation expense of 1,500.
I'm going to combine those into one line item called depreciation and
amortization of 31,850, and
we're going to add that back to remove that non-cash expense from net income.
>> Do we always combine all of the depreciation and
amortization into one line?
>> Again, this is a choice by managers about how much or
how little detail they want to provide on their statements.
One thing I will say here is that generally,
the only place you can find depreciation and
amortization expense in the statements is on the statement cash flows.
Yes, it's part of the income statement, but it's often combined with other items
and not broken out separately, but you'll always be able to find it broken out
separately in the operating section of the statement of cash flows.
The last step in our algorithm is to go through all the asset and
liability accounts related to operating activities.
In other words, the working capital accounts and add or
subtract the change and the balance based on the balance sheet equation.
So, start with the accounts receivable.
Accounts receivable went from 0 to 4,200.
So it went up by 4,200 during the year.
That's a non-cash asset going up,
which means we need to subtract it on the cash flow statement to stay in balance.
Notes receivable went from zero to 5,000, non-cash asset going up.
To stay in balance, we need to subtract that on the cash flow statement, so
we subtract change in notes receivable at 5,000.
Interest receivable went from 0 to 250, non-cash asset is going up.
So, we subtract it on the cash flow statement.
Inventory went from 0 to 12,000, non-cash asset going up.
So, we subtract it on the cash flow statement.
Prepaid advertising went from 0 to 4,000.
And again, non-cash asset going up.
We subtract that on the cash flow statement.
>> I think I understand.
Assets are always subtracted when the indirect method is used.
>> No, no, no, no.
That's just a function of looking at a startup company which, of course,
had a balance of zero in all the assets beginning of the year.
And so, all the assets went up.
In a future video, we'll look at examples where companies do add assets to their
statement of cash flows, because they've had assets go down during the year.
If we look at the rest of the asset side of the balance sheet, we have land,
buildings, metal detectors, software.
We don't do anything with those in the operating section,
because we've already taken care of those in the invest activities.
So, we move on to the liability side of the balance sheet.
We have account payable went from 0 prior to 2,000.
That's an increase in a liability of 2,000.
Note we're on the other side of the equal sign with the liability.
So, liability going up means that we need to add it to the cash flow statement.
Interest payable went from 0 to 4,900.
So that's an increase in a liability of 4,900, which we need to add
to the cash flow statement to keep the balance sheet equation in balance.
Income taxes payable went from 0 to 630.
Again, an increase in a liability gets added to the cash flow statement.
And unearned revenue went from 0 to 1,100,
that's an increase in liability that gets added to the cash flow statement.
>> And I think I am not wrong to assume that it is not necessarily
the case that liabilities are always added under the indirect method.
>> Wow, there were a lot of negatives there.
I'm not really sure what the question was, but
you should not assume that liabilities are always added on the cash flow statement.
Again, because we are looking at a startup,
all the liabilities went up in value.
And so, we added them.
We will see examples where liabilities go down during the year and
we end up subtracting them on the cash flow statement.
Going back to the balance sheet, the next accounts we would have would be mortgage
payable, common stock, additional paid-in-capital, but
we already took care of those with the cash flow from financing activities.
In retained earnings, that's just net income and
dividends which we've also taken care of.
So it looks like we're done which is a good thing, because we're out of space on
the indirect method cash flow statement here on the right.
And if you add everything up, you'll find that we get the same answers,
17,400 that we got under the direct method.
So putting it all together,
this is what Relic Spotter's cash flow statement is going to look like.
Cash flows from operating activities are going to be under the indirect method and
then one of cash flow from investing, and
financing activity under the direct method.
In terms of analysis, what this statement tell us is that this company
is still in the early growth stage of its life cycle.
We do have positive cash operation 17,400, but that's nowhere near
enough to cover all the cash outflow for our investing activities.
So Relic Spotter had to go out and raise a lot of cash through financing activities,
both through stock and mortgage payable.
So again, just like we did in prior videos.
We can look at these three buckets operating, investing and
financing to get a sense for where company is in its growth stage in life cycle.
Now I want to focus just on the cash flow from operating activities section, so
we can talk about what we learn from this indirect method presentation.
First thing we learn is that it gives us the two different
pictures of the companies performance during the year.
So we see Relic Spotter's net income which answers the question,
did Relic Spotter price their rentals and
sales high enough to cover all the cost of running the business?
And thus, post a profit and we can see they did.
They had a profit of 2,370.
Then at the bottom, we see net cash in operations which answers the question,
did Relic Spotter have more cash coming in than cash going out in activities related
to running the business?
And here, we see that, that was the case also.
Between those two pictures of the business, we see all the discrepancies.
All the reason why we got different answers and
the biggest discrepancy is the depreciation, and amortization.
And that makes sense, because net income includes an expense or
a charge for using up these fixed assets using the buildings and
metal detector and softwares whereas there is no cash implications of doing that.
And so, it doesn't affect cash from operations.
So any time you look at companies that are very capital intensive,
they have a lot of long-term assets.
You'll see this difference between net income and
cash from operations is that primarily driven by this depreciation and
amortization, then we have all the changes in the working capital
that have created discrepancy between net income and cash flow.
And from analysis point of view, I think these are the most interesting and
important lines to focus on in the cash flow statement,
because what these lines are telling you is that some management activity is
creating a wedge between cash flows and revenue and expense recognition.
So, what you want to do is focus on the really big numbers and
try to understand what's going on.
So for instance, the biggest number is the change in inventories in negative 12,000.
What that represents is that Relic Spotter purchased $12,000 more inventory in cash,
then they need it for their level of sales which were recognized in that income.
What you want to do now is dig in and try to find what caused that.
So did Relic Spotter management buy a bunch of inventory that they
couldn't sell, because nobody wanted it?
Then this would be bad news or were they getting some kind of volume discounts?
And so they were buying excess inventory in advance of future sales,
which would be good news.
I mean, the cash flow statement's not going to tell you which one it is, but
it's going to tell you you need to dig into these further.
As another example, a big discrepancy that you often see is changes in accounts
receivable which in case of Relic Spotter was- negative 200.
This indicates that they booked more sales than they collected cash.
This could be good news if their sales are growing dramatically and
they just haven't had a chance to collect them yet or it could be bad news if their
sales on account to customers are not getting collected,
because the customers are not paying.
They're in financial difficulty.
Again, we don't know which scenario is going on just by looking at the cash flow
statement.
What it does is it highlights we need to dig in this further.
So, you want to look for the big numbers in these changes in working capital and
these are going to be a starting point for
further information gathering to try to figure out what's going on at the company.
So, that was our first trip through putting together an indirect method cash
flow statement using the balance sheet and the income statement.
Not clear yet?
Don't worry, there are more examples coming in future videos.
I'll see you then.
>> See you next video.
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