Chapter 3
Chapter 7 An Introduction to Financial Accounting and Valuation
Outline
Chapter 7 An Introduction Financial Accounting and Valuation
A. Financial Accounting Demystified
• accounting principles
o Generally Accepted Accounting Principles
o assumptions: separate entity, continuity, constant units of measure, time periods
o principles - cost, consistency, full disclosure, materiality, conservatism
• financial statements
1. Balance Sheet
▪ fundamental equation: A = L - Eq
▪ snapshot of nature of assets and claims against them
2. Income Statement
▪ revenues minus expenses
▪ movie picture of how making money, change in balance sheets over time
3. Statement of cash flows
▪ operating, investing and financing activities
▪ movement of cash indicates value of firm
• accounting issues
o accrual versus cash accounting
o cost of inventory
▪ cost of goods sold = opening inventory + purchases - value of closing inventory
▪ average cost / FIFO (higher profits) / LIFO (lower profits)
o depreciation
▪ reflect use of asset - Matching Principle
▪ goodwill - account for as asset if acquired / new GAAP does not require depreciation
B. Valuing the Enterprise
1. the old man and the tree: a parable of valuation
o Salvage value
o Current production
o Future (undiscounted) production
o Market price
o Book value
o Discounted future earnings
2. some additional thoughts on valuing businesses
o Methods of valuation
▪ Discounted Cash Flow
▪ Comparable approach.
Class Notes
|A. Financial Accounting Demystified |
|What is "profit" |Accounting answer: |
|Exco buys building for $100,000. It has monthly upkeep|Income Statement |
|of $2,000, but finds a tenant who pays monthly rent of | |
|$2,000. At year's end, Exco gets and refuses offer to |Revenues |
|sell building for $105,000. Any profit? |$24,000 |
| | |
| |Expenses |
| | |
| | |
| | Upkeep |
| |$24,000 |
| | |
| | Depreciation |
| |$ 5,000 |
| | |
| |Net income |
| |($5,000) |
| | |
| |Economic answer: |
| |Change in value |
| | |
| |Net cash flows |
| |$0 |
| | |
| |Appreciation |
| |$5,000 |
| | |
| |Cost of money - inflation |
| |($3,000) |
| | |
| |Net change in value |
| |$2,000 |
| | |
|Cookie Business |Balance Sheet (at day's end) |
| | |
|You go into business, buying and selling items from your cookie |Assets |
|jar. To keep track of your money-making efforts you kept a journal:| |
| | |
| | Cash |
|Cookie jar - accounting entries |$9 |
| | |
| | Pens |
|Assets = |$2 |
|Liabilities | |
|+ Equity | Scissors |
| |$5 |
|Put $12 in cookie jar | |
|$12 | |
|$0 |Liabilities |
|$12 | |
| | |
|Borrow $10 from Mom (put in IOU) | IOU - Mom |
|$22 |$10 |
|$10 | |
|$12 | Scissors |
| |$0 |
|Buy two $2 felt-tip pens | |
|$22 |Total liab |
|$10 |$10 |
|$12 | |
| | |
|Buy $5 scissors on credit |Equity |
|$27 | |
|$15 | |
|$12 | Mine |
| |$6 |
|Sell one of the felt-tip pens for $3 | |
|$28 |Total equity |
|$15 |$6 |
|$13 | |
| | |
|Repay the $5 scissors debt | |
|$23 |Total assets |
|$10 |$16 |
|$13 | |
| | |
|Pay $2 rent for using the jar |Total L + Eq |
|$21 |$16 |
|$10 | |
|$11 | |
| | |
|Take our $5 to go to movies | |
|$16 |Income Statement (day 1) |
|$10 | |
|$6 |Net sales |
| |$3 |
|At the end of the first day, you want to know where you stand. What| |
|are your current assets and liabilities, and how much in the cookie |Operating expenses |
|jar is yours? Did you make any money today? And where did the | |
|money go? | |
|In reviewing the financial statements: | Cost of goods sold |
|Balance sheet: |$2 |
|how is the rental arrangement for the cookie jar accounted for on | |
|the balance sheet? | Rent (jar) |
|what would be the effect on the balance sheet if you bought the |$2 |
|cookie jar? | |
|what if you sold some of the pens on credit - how would that affect | Selling/adm expenses |
|the balance sheet? |$0 |
|what is the value of your inventory - the pens and scissors? what | |
|if their price went up? | Total operating expenses |
|if you had the only cookie jar in the neighborhood, wouldn't this |$4 |
|have value? | |
|suppose you sell a pen to your sister who writes on the kitchen wall|Operating income |
|and you might be shut down, how account? |($1) |
|Income statement | |
|was the payment you made to yourself, a dividend or compensation for| Interest expense (Mom/scissors) |
|services? |$0 |
|should you amortize the rental payment, which only happens once a | |
|month? | Income taxes |
|suppose you sold a pen on credit, is that a sale? |$0 |
|does the the net income of minus $1 indicate that this is a | |
|money-losing business? |Net income |
| |($1) |
|You also contemplate whether your business has any value. Are you | |
|making money? Should you continue the business tomorrow? Could you |Dividends paid |
|sell it to your sister? For how much? Do the financial statements |$5 |
|give an answer? What is "net book value"? | |
| | |
| | |
| | |
| |Cash Flow Statement (day 1) |
| | |
| |Operating Activities |
| | |
| | |
| |Net income |
| |($1) |
| | |
| |Dec (Inc)) inventories |
| |($7) |
| | |
| |Total operating activities |
| |($8) |
| | |
| | |
| | |
| | |
| |Investing activities |
| |-- |
| | |
| | |
| | |
| | |
| |Financing activities |
| | |
| | |
| |Inc (Dec) short-term debt |
| |$0 |
| | |
| |Inc (Dec) long-term debt |
| |$10 |
| | |
| |Investment by owner |
| |$12 |
| | |
| |Distribution to owner |
| |($5) |
| | |
| |Total financing activities |
| |$17 |
| | |
| | |
| | |
| | |
| |Inc (Dec) cash position |
| |$9 |
| | |
| | |
| | |
| | |
| | |
| | |
|Precision Tools, Inc. |
|Balance Sheet |
|(as of Dec 31) |
|Assets |
| 2005 |
| 2004 |
| |
|Current assets |
| |
| |
| |
| Cash |
| 150,000 |
| 275,000 |
| |
| Accounts receivable |
|1,380,000 |
|1,145,000 |
| |
| Inventories |
|1,310,000 |
|1,105,000 |
| |
| Prepaid expenses |
| 40,000 |
| 35,000 |
| |
|Total current assets |
|2,880,000 |
|2,560,000 |
| |
| |
| |
| |
| |
|Fixed assets |
| |
| |
| |
| Land |
| 775,000 |
| 775,000 |
| |
| Buildings |
|2,000,000 |
|2,000,000 |
| |
| Machinery |
|1,000,000 |
| 935,000 |
| |
| Office equipment |
| 225,000 |
| 205,000 |
| |
|Total PP&E |
|4,000,000 |
|3,915,000 |
| |
| Less accumulated depreciation |
|1,620,000 |
|1,370,000 |
| |
|Net fixed assets |
|2,380,000 |
|2,545,000 |
| |
| |
| |
| |
| |
|Total assets |
|5,260,000 |
|5,105,000 |
| |
| |
|Liabilities |
|2005 |
|2004 |
| |
|Current liabilities |
| |
| |
| |
| Accounts payable |
| 900,000 |
|825,000 |
| |
| Notes payable |
| 600,000 |
|570,000 |
| |
| Accrued expenses payable |
| 250,000 |
| 235,000 |
| |
| Total current liabilities |
|1,750,000 |
|1,630,000 |
| |
|Long term liabilities |
| |
| |
| |
| Notes payable (12.5% 2008) |
|2,000,000 |
|2,000,000 |
| |
| Notes payable (11% 2000) |
| --- |
| 355,000 |
| |
|Total Liabilities |
|3,750,000 |
|3,985,000 |
| |
| |
| |
| |
| |
|Stockholders' Equity |
| |
| |
| |
|Common stock (1000 sh) |
| |
| |
| |
| Paid-in capital |
| 200,000 |
|200,000 |
| |
| Retained earnings |
|1,310,000 |
| 920,000 |
| |
|Total equity |
|1,510,000 |
|1,120,000 |
| |
| |
| |
| |
| |
|Total Liabilities and Equity |
|5,260,000 |
|5,105,000 |
| |
| |
| |
| |
|Analyze the balance sheet: |
|Do accounts receivable reflect the possibility of delinquent customers? Is there an allowance for doubtful accounts? How might this be |
|computed? |
|Does it make any difference that the company's land, a tract in an industrial park, was purchased 15 years ago and is actually worth far |
|more? A comparable tract recently sold for $3.5 million. |
|What would be the effect of re-valuing the land and buildings to reflect current market value? What accounts would this affect on the |
|balance sheet? |
|What is the company's financial strength for each of the two years-- |
|Working capital (current assets minus current liabilities) = |
|FY2002: 2,880,000 - 1,750,000 = $1,130,000 / FY2001: 2,560,000 - 1,630,000 = $930,000 |
|What does this tell you? |
|Current ratio (current assets divided by current liabilities) = |
|FY2002: 2880/1750 = 1.65 / FY2001: 2560/1630 = 1.57 |
|What does this tell you? |
|Liquidity ratio (quick assets [cash, mkt securities, accts rec'ble] divided by current liabilities) = |
|FY2002: 1530/1750 = 0.87 / FY2001: 1420/1630 = 0.87 |
|What does this tell you? |
|Debt-equity ratio (long-term debt divided by equity) |
|FY2002: 2000/1510 = 1.32 / FY2001: 2335/1120 = 2.08 |
|What does this tell creditors? |
|Book value (Assets minus Liaiblities) |
|FY2002: $1,510,000 / FY2001: $1,120,000 |
|What does this tell owners? |
|Precision Tools Inc |
|Income Statement |
|(Year ended Dec 31) |
| |
|2005 |
|2004 |
|2003 |
| |
|Net sales |
| 7,500,000 |
|7,000,000 |
|6,800,000 |
| |
|Operating expenses |
| |
| |
| |
| |
| Cost of goods sold |
|4,980,000 |
|4,650,000 |
|4,607,000 |
| |
| Depreciation |
|250,000 |
|240,000 |
|200,000 |
| |
| Selling and administrative expenses |
|1,300,000 |
|1,220,000 |
|1,150,000 |
| |
| Research and development |
| 50,000 |
| 125,000 |
| 120,000 |
| |
| |
| |
| |
| |
| |
|Operating income |
|920,0000 |
|765,000 |
|723,000 |
| |
| Interest expense |
| 320,000 |
| 375,000 |
| 375,000 |
| |
|Income before taxes |
|600,000 |
|390,000 |
|348,000 |
| |
| Income taxes |
|210,000 |
|136,000 |
| 122,000 |
| |
|Net Income |
| 390,000 |
|254,000 |
| 226,000 |
| |
|Analyze the income statement: |
|Can you tell where the business makes its money - |
|who are its customers? are they loyal? |
|who manages and how? are they competent and honest? |
|who are the suppliers? are they reliable? |
|What is the financial position of the company? |
|cost of goods sold (cost of goods divided by net sales) |
|FY2002 = 4980/7500 = 6.6% / FY2001: 4650/7000 = 6.6% / FY 2000 = 4607/6800 = 6.8% |
|what does this tell you? |
|profit margin (net sales minus operating expenses, divided by net sales) |
|FY2002 = 920/7500 = 12.3% / FY2001: 765/7000 = 10.9% / FY 2000 = 723/6800 = 10.6% |
|what does this tell you? why has it gone up? is this "window dressing"? |
|return on equity (net income divided by stockholders' equity as of prior year) |
|FY2002 = 390/1120 = 34.8% |
|what does this mean? assuming that long-term government bonds are returning 8.4%, does this suggest anything about the value of |
|Precision Tools? |
|Precision Tools Inc |
|Statement of Cash Flows |
|(Year ended Dec 31) |
| |
|2005 |
|2004 |
| |
|From operating Activities |
| |
| |
| |
|Net income |
|390,000 |
|254,000 |
| |
|Decrease (increase) in accts receivable |
| (235,000) |
| (34,000) |
| |
|Decrease (increase) in inventories |
|(205,000) |
|(28,000) |
| |
|Decrease (Increase) in prepaid expenses |
|(5,000) |
|(3,000) |
| |
|Increase (Decrease) in accounts payable |
|75,000 |
|25,000 |
| |
|Increase (Decrease) in accrued expenses payable |
| 15,000 |
| 7,000 |
| |
|Depreciation |
| 250,000 |
| 240,000 |
| |
|Total from Operating Activities |
|285,000 |
|461,000 |
| |
| |
| |
| |
| |
|From Investing Activities |
| |
| |
| |
|Sales (Purchases) of machinery |
|(65,000) |
|(378,000) |
| |
|Sales (Purchases) of office equipment |
| (20 ,000) |
|(27,000) |
| |
|Total from Investing Activities |
|(85,000) |
|(405,000) |
| |
| |
| |
| |
| |
|From Financing Activities |
| |
| |
| |
|Increase (Decrease) in short-term borrowings |
|30,000 |
|(40,000) |
| |
|Increase (Decrease) in long-term borrowings |
|(355,000) |
| ----- |
| |
|Total from Financing Activities |
|(325,000) |
|(40,000) |
| |
|Increase (Decrease) in Cash Position |
|(125,000) |
|16,000 |
| |
|Analyze the cash flow statement: |
|Can you tell whether the business is better off in 2001, compared to 2000? - |
|are there any danger signs? |
|what happened to "accounts receivable" and "inventories"? |
|Why doesn't this "cash bleeding" show up on income statement? |
|Why did management cut back on "research and development"? |
|does this suggest anything about the value of Precision Tools? |
|B. Valuing the Enterprise |
|[pic] |
|Adapted from Solomon, Schwartz & Bauman, |
|Corporations - Cases and Materials at 143 (4th ed. 1996). |
|The Old Man and the Tree: |
|A Parable of Valuation |
| |
|Once upon a time there was an old man who owned an apple tree. It was a fine tree. With modest care it yielded a crop of apples which he |
|sold for $100 each year. The man wanted money for new pursuits and thought of selling the tree. So he placed an ad in the Business |
|Opportunities section of the Wall Street Journal: "For sale, apple tree - best offer." |
|Six prospective buyers answered the ad, with six methods for valuing the tree: |
|Salvage value |
|Current production |
|Future (undiscounted) production |
|Market price |
|Book value |
|Discounted future earnings |
|From this we can draw a moral of the story |
| |
|[pic] |
| |
| |
|Present value |
| |
|Year |
|Cash flow |
|(8% discount rate) |
|(15% discount rate) |
| |
|1 |
|50 |
|$ 46.30 |
|$ 43.48 |
| |
|2 |
|50 |
|$ 42.87 |
|$ 37.81 |
| |
|3 |
|50 |
|$ 39.69 |
|$ 32.88 |
| |
|4 |
|50 |
|$ 36.75 |
|$ 28.59 |
| |
|5 |
|50 |
|$ 34.03 |
|$ 24.86 |
| |
|6 |
|40 |
|$ 25.21 |
|$ 17.29 |
| |
|7 |
|40 |
|$ 23.34 |
|$ 15.04 |
| |
|8 |
|40 |
|$ 21.61 |
|$ 13.08 |
| |
|9 |
|40 |
|$ 20.01 |
|$ 11.37 |
| |
|10 |
|40 |
|$ 18.53 |
|$ 9.89 |
| |
|11 |
|40 |
|$ 17.16 |
|$ 8.60 |
| |
|12 |
|40 |
|$ 15.88 |
|$ 7.48 |
| |
|13 |
|40 |
|$ 14.71 |
|$ 6.50 |
| |
|14 |
|40 |
|$ 13.62 |
|$ 5.65 |
| |
|15 |
|40 |
|$ 12.61 |
|$ 4.92 |
| |
|Salvage |
|50 |
|$ 15.76 |
|$ 6.14 |
| |
| |
|Total |
|$ 398.07 |
|$ 273.56 |
| |
| |
|[pic] |
|Moral of the story |
|There are several morals. First, you should have noticed that the prospective buyers used essentially three methods to value productive |
|assets -- |
|asset approach |
|salvage value |
|book value |
|income (cash flow) approach |
|current production |
|future (undiscounted) production |
|discounted future earnings |
|market (comparables) approach |
|price-earnings ratio |
|market price |
| |
|Second, asset valuation methods are useful tools, but valuation is an art that combines methods, good judgment and experience. And |
|experience comes from mistakes. |
|Third, you should listen closely to the experts -- focus not only on what they say, but on what they don't say. Behind their elegance, |
|there is much discordance and uncertainty. One wrong assumption can carry you off track. |
| |
|Finally, you're never too young or too old to learn. |
|Remember the financial statements for Precision Tools. What is the company's value, using the following methods |
|• Salvage value |
|• Current production |
|• Future (undiscounted) production |
|• Market price |
|• Book value |
|• Discounted future earnings |
|Precision Tools, Inc. |
|Balance Sheet |
|(as of Dec 31) |
|Assets |Liabilities |
| 2002 |2002 |
| 2001 |2001 |
| | |
|Current assets |Current liabilities |
| | |
| | |
| | |
| Cash | Accounts payable |
| 150,000 | 900,000 |
| 275,000 |825,000 |
| | |
| Accts receivable | Notes payable |
|1,380,000 | 600,000 |
|1,145,000 |570,000 |
| | |
| Inventories | Accrued expenses payable |
|1,310,000 | 250,000 |
|1,105,000 | 235,000 |
| | |
| Prepaid expenses | Total current liabilities |
| 40,000 |1,750,000 |
| 35,000 |1,630,000 |
| | |
|Total current assets |Long term liabilities |
|2,880,000 | |
|2,560,000 | |
| | |
| | Notes payable (12.5% 2008) |
| |2,000,000 |
| |2,000,000 |
| | |
|Fixed assets | Notes payable (11% 2000) |
| | --- |
| | 355,000 |
| | |
| Land |Total Liabilities |
| 775,000 |3,750,000 |
| 775,000 |3,985,000 |
| | |
| Buildings | |
|2,000,000 | |
|2,000,000 | |
| | |
| Machinery |Stockholders' Equity |
|1,000,000 | |
| 935,000 | |
| | |
| Office equipment |Common stock (1000 sh) |
| 225,000 | |
| 205,000 | |
| | |
|Total PP&E | Paid-in capital |
|4,000,000 | 200,000 |
|3,915,000 |200,000 |
| | |
| Less accum depreciation | Retained earnings |
|1,620,000 |1,310,000 |
|1,370,000 | 920,000 |
| | |
|Net fixed assets |Total equity |
|2,380,000 |1,510,000 |
|2,545,000 |1,120,000 |
| | |
| | |
| | |
| | |
| | |
|Total assets |Total Liabilities and Equity |
|5,260,000 |5,260,000 |
|5,105,000 |5,105,000 |
| | |
|Precision Tools Inc |
|Income Statement |
|(Year ended Dec 31) |
| |
|2002 |
|2001 |
|2000 |
| |
|Net sales |
| 7,500,000 |
|7,000,000 |
|6,800,000 |
| |
|Operating expenses |
| |
| |
| |
| |
| Cost of goods sold |
|4,980,000 |
|4,650,000 |
|4,607,000 |
| |
| Depreciation |
|250,000 |
|240,000 |
|200,000 |
| |
| Selling and administrative expenses |
|1,300,000 |
|1,220,000 |
|1,150,000 |
| |
| Research and development |
| 50,000 |
| 125,000 |
| 120,000 |
| |
| |
| |
| |
| |
| |
|Operating income |
|920,0000 |
|765,000 |
|723,000 |
| |
| Interest expense |
| 320,000 |
| 375,000 |
| 375,000 |
| |
|Income before taxes |
|600,000 |
|390,000 |
|348,000 |
| |
| Income taxes |
|210,000 |
|136,000 |
| 122,000 |
| |
|Net Income |
| 390,000 |
|254,000 |
| 226,000 |
| |
|Precision Tools Inc |
|Statement of Cashflow |
|(Year ended Dec 31) |
| |
|2002 |
|2001 |
| |
|From operating Activities |
| |
| |
| |
|Net income |
|390,000 |
|254,000 |
| |
|Decrease (increase) in accts receivable |
| (235,000) |
| (34,000) |
| |
|Decrease (increase) in inventories |
|(205,000) |
|(28,000) |
| |
|Decrease (Increase) in prepaid expenses |
|(5,000) |
|(3,000) |
| |
|Increase (Decrease) in accounts payable |
|75,000 |
|25,000 |
| |
|Increase (Decrease) in accrued expenses payable |
| 15,000 |
| 7,000 |
| |
|Depreciation |
| 250,000 |
| 240,000 |
| |
|Total from Operating Activities |
|285,000 |
|461,000 |
| |
| |
| |
| |
| |
|From Investing Activities |
| |
| |
| |
|Sales (Purchases) of machinery |
|(65,000) |
|(378,000) |
| |
|Sales (Purchases) of office equipment |
| (20 ,000) |
|(27,000) |
| |
|Total from Investing Activities |
|(85,000) |
|(405,000) |
| |
| |
| |
| |
| |
|From Financing Activities |
| |
| |
| |
|Increase (Decrease) in short-term borrowings |
|30,000 |
|(40,000) |
| |
|Increase (Decrease) in long-term borrowings |
|(355,000) |
| ----- |
| |
|Total from Financing Activities |
|(325,000) |
|(40,000) |
| |
|Increase (Decrease) in Cash Position |
|(125,000) |
|16,000 |
| |
|Salvage value: $5,215,000 - $3,750,000 = $1,465,000 |
| |
|Assets |
| 2002 |
| Salvage |
| |
|Current assets |
| |
| |
| |
| Cash - 100% |
| 150,000 |
| 150,000 |
| |
| Accts receivable - 75% |
|1,380,000 |
|1,035,000 |
| |
| Inventories - 50% |
|1,310,000 |
|655,000 |
| |
| Prepaid expenses - 75% |
| 40,000 |
| 30,000 |
| |
|Total current assets |
|2,880,000 |
|1,870,000 |
| |
| |
| |
| |
| |
|Fixed assets |
| |
| |
| |
| Land - FMV minus selling expense |
| 775,000 |
| 1,000,000 |
| |
| Buildings |
|2,000,000 |
|2,000,000 |
| |
| Machinery - 30% |
|1,000,000 |
| 300,000 |
| |
| Office equipment - 20% |
| 225,000 |
| 45,000 |
| |
|Total PP&E |
|4,000,000 |
|3,345,000 |
| |
| Less accum depreciation |
|1,620,000 |
| 0 |
| |
|Net fixed assets |
|2,380,000 |
|3,345,000 |
| |
| |
| |
| |
| |
|Total assets |
|5,260,000 |
|5,215,000 |
| |
| |
|Liabilities |
|2002 |
| |
|Current liabilities |
| |
| |
| Accounts payable |
| 900,000 |
| |
| Notes payable |
| 600,000 |
| |
| Accrued expenses payable |
| 250,000 |
| |
| Total current liabilities |
|1,750,000 |
| |
|Long term liabilities |
| |
| |
| Notes payable (12.5% 2008) |
|2,000,000 |
| |
| Notes payable (11% 2000) |
| --- |
| |
|Total Liabilities |
|3,750,000 |
| |
| |
| |
|Current production: $7,500,000 (FY 2001 Net sales) |
|[pic] |
|Future (undiscounted) production: $75,000,000 (assuming ten more years) |
|[pic] |
|Market price: who last offered? market price of individual share? |
|[pic] |
|Book value: $1,510,000 (from balance sheet) |
| |
|Stockholders' Equity |
|2002 |
| |
|Common stock (1000 sh) |
| |
| |
| Paid-in capital |
| 200,000 |
| |
| Retained earnings |
|1,310,000 |
| |
|Total equity |
|1,510,000 |
| |
|[pic] |
|Discounted future earnings |
| |
|2002 |
| |
|Net income |
|$390,000 |
| |
| Depreciation |
| $250,000 |
| |
| Bonuses |
|$120,000 |
| |
|Net cash flows |
|$760,000 |
| |
|Adjusted free cash flow |
|$500,000 |
| |
| |
| |
| |
|Discount rate |
|33% |
| |
|Growth rate |
|8% |
| |
|Capitalization rate (discount minus growth) |
|25% |
| |
|Capitalization multiplier |
|4 |
| |
| |
| |
| |
|Discounted cash flow |
|$2,000,000 |
| |
| |
| |
| |
|[pic] |
| |
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