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

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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.

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

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


和按时支付账单一样重要的是盈利能力,即获得令人满意的收入的能力。作为一个目标,盈利能力与流动性竞争管理层的注意力,因为流动资产虽然重要,但不是最好的利润产生资源。现金当然意味着购买力,但只有购买力被用来购买产生利润(但流动性较差)的资产,如存货和长期资产,才能获得令人满意的利润


要评估一家公司的盈利能力,你必须将其当前的表现与过去的表现和未来的前景联系起来,并与同行业其他公司的平均水平联系起来。以下是通常用来评估公司赚取收入能力的比率:

  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:


因此,每一美元的净销售额,克鲁兹公司赚$5.7$美分。一个公司利润率的1%或2%的差别就可能是一个公平的一年和一个非常赚钱的一年的差别

资产周转率资产周转率衡量资产用于产生销售的效率。换句话说,它显示了每一美元资产产生的销售额。资产周转率高的公司比资产周转率低的公司更有效地利用其资产


资产周转率是用净销售额除以平均总资产计算的。平均总资产是会计期初和期末的总资产除以2。例如,如果Cruz公司在年初拥有$\$ 594,480$的资产,其资产周转率将计算如下:因此,Cruz公司每投资1美元资产将产生$\$ 2.00$的销售额。这个比率显示了损益表数字(销售净额)和资产负债表数字(总资产)之间的关系

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

.


在本节中,管理层描述公司的财务状况和经营结果,并解释每年与下一年的结果差异。例如,CVS的管理层解释了其迁移一些商店的策略的效果:总净收入继续受益于我们积极的迁移计划,即将现有的在线购物中心商店迁移到更大、更方便的独立地点。从历史上看,当我们这样做时,我们在客户数量和净收入方面取得了显著的改善。截至2008年12月31日,我们现有的店面中大约有$62 \%$是独立的,相比之下,在Deremher 29、3007和尼泊尔12月30、3006大约有$64 \%$和$61 \%$。2008年,独立商店百分比的下降是由于龙药店的加入。CVS的管理层也描述了投资活动带来的现金流的增加:2008年用于投资活动的净现金增加到$\$ 4.6$亿美元。相比之下,2007年为$\$ 3.1$亿美元,2006年为$\$ 4.6$亿美元。2008年用于投资活动的净现金增加主要是由于long收购。2007年用于投资活动的净现金$\$ 3.1$亿美元主要是由于Caremark的合并。2006年用于投资活动的净现金增加主要是由于艾伯森公司的收购


所有的公司在他们的年度报告中提出相同的四种基本财务报表,但他们使用的名称可能不同。正如您在附件$\mathrm{S}-1$至$\mathrm{S}-4$中所看到的,CVS提供了经营报表(损益表)、资产负债表、现金流量表和股东权益表(包括留存收益)。(注意,报表中给出的数字是以百万为单位的,但后六位数字被省略了例如,$\$ 4,793,300,000$显示为$\$ 4,793.3$)
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

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

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