# 会计代写|初级财务会计代写Principles of Financial Accounting代考|BUSN7008

## 会计代写|初级财务会计代写Principles of Financial Accounting代考|Evaluation of Profitability

Just as important as paying bills on time is profitability – the ability to earn a satisfactory income. As a goal, profitability competes with liquidity for managerial attention because liquid assets, although important, are not the best profitproducing resources. Cash, of course, means purchasing power, but a satisfactory profit can be made only if purchasing power is used to buy profit-producing (and less liquid) assets, such as inventory and long-term assets.

To evaluate a company’s profitability, you must relate its current performance to its past performance and prospects for the future, as well as to the averages of other companies in the same industry. The following are the ratios commonly used to evaluate a company’s ability to earn income:

1. Profit margin
2. Debt to equity ratio
3. Asset turnover
4. Return on equity
5. Return on assets
Profit Margin The profit margin shows the percentage of each sales dollar that results in net income. It should not be confused with gross margin, which is not a ratio but rather the amount by which revenues exceed the cost of goods sold. Cruz Company has a profit margin of $5.7$ percent. It is computed as follows:

Thus, on each dollar of net sales, Cruz Company makes $5.7$ cents. A difference of 1 or 2 percent in a company’s profit margin can be the difference between a fair year and a very profitable one.

Asset Turnover The asset turnover ratio measures how efficiently assets are used to produce sales. In other words, it shows how many dollars of sales are generated by each dollar of assets. A company with a higher asset turnover uses its assets more productively than one with a lower asset turnover.

The asset turnover ratio is computed by dividing net sales by average total assets. Average total assets are the sum of assets at the beginning of an accounting period and at the end of the period divided by 2. For example, if Cruz Company had assets of $\$ 594,480$at the beginning of the year, its asset turnover would be computed as follows: Thus, Cruz Company would produce$\$2.00$ in sales for each dollar invested in assets. This ratio shows a relationship between an income statement figure (net sales) and a balance sheet figure (total assets).

## 会计代写|初级财务会计代写Principles of Financial Accounting代考|Management’s Discussion and Analysis

In this section, management describes the company’s financial condition and results of operations and explains the difference in results from one year to the next. For example, CVS’s management explains the effects of its strategy to relocate some of its stores:
Total net revenues continued to benefit from our active relocation program, which moves existing in-line shopping center stores to larger, more convenient, freestanding locations. Historically, we have achieved significant improvements in customer count and net revenue when we do this. As of December 31,2008 , approximately $62 \%$ of our existing stores were freestanding, compared to approximately $64 \%$ and $61 \%$ at Deremher 29,3007 and Decemher 30, 3006 , nepectively. During 2008 , the decrease in the percentage of freestanding stores resulted from the addition of the Longs Drug Stores.
CVS’s management also describes the increase in cash flows from investing activities:
Net cash used in investing activities increased to $\$ 4.6$billion in 2008 . This compares to$\$3.1$ billion in 2007 and $\$ 4.6$billion in 2006 . The increase in net cash used in investing activities during 2008 was primarily due to the Longs Acquisition. The$\$3.1$ billion of net cash used in investing activities during 2007 was primarily due to the Caremark Merger. The increase in net cash used in investing activities during 2006 was primarily due to the Albertson’s Acquisition.

All companies present the same four basic financial statements in their annual reports, but the names they use may vary. As you can see in Exhibits $\mathrm{S}-1$ to $\mathrm{S}-4$, CVS presents statements of operations (income statements), balance sheets, statements of cash flows, and statements of shareholders’ equity (includes retained earnings). (Note that the numbers given in the statements are in millions, but the last six digits are omitted For example, $\$ 4,793,300,000$is shown as$\$4,793.3$ )
The headings of CVS’s financial statements are preceded by the word consolidated. A corporation issues consolidated financial statements when it consists of more than one company and has combined the companies’ data for reporting purposes.

CVS provides several years of data for each financial statement: two years for the balance sheet and three years for the others. Financial statements presented in this fashion are called comparative financial statements. Such statements are in accordance with generally accepted accounting principles and help readers assess the company’s performance over several years.

CVS’s fiscal year ends on the Saturday nearest the end of December (December 31,2008 in the latest year). Retailers commonly end their fiscal years during a slow period, usually the end of January, which is in contrast to CVS’s choosing the end of December.

# 财务会计代考

## 会计代写|初级财务会计代写《财务会计原则》代考|盈利能力评价

1. 利润率
2. 负债权益比
3. 资产周转率
4. 净资产收益率
5. 资产收益率
利润率表示每一笔销售额净收入的百分比。它不应与毛利率混淆，毛利率不是一个比率，而是收入超过销售成本的数额。克鲁兹公司的利润率为$5.7$ ％。计算公式为:

## 会计代写|初级财务会计代写财务会计原理代考|管理的讨论与分析

.

CVS财务报表的标题前面都有“合并”一词。当一个公司由一个以上的公司组成，并将这些公司的数据合并在一起用于报告目的时，该公司就会发布合并财务报表

CVS为每个财务报表提供几年的数据:资产负债表提供两年的数据，其他报表提供三年的数据。以这种方式提出的财务报表称为比较财务报表。这些报表是根据公认的会计原则编制的，有助于读者评估公司过去几年的业绩

CVS的财年在最接近12月底的周六结束(最近一年为2008年12月31日)。零售商通常在一个淡季结束他们的财年，通常是在1月底，这与CVS选择12月底形成对比

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