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Calculate the financial ratios by referencing the appropriate items on the IncomeStatement or Balance Sheet. Open the Cash Flow Spreadsheet. Open the spreadsheet that you created for Corporate Financial Planning - Cash Flow and immediately save the spreadsheet under a new name using the File Save As command.
These three ratios indicate the ability of the firm to use its assets productively in generating revenues. Asset Turnover. These three ratios indicate the degree of profitability of the company.
Financial Leverage. These two ratios indicate the ability of the company to pay its bills and remain solvent. Market Value. These two ratios indicate the market value of the firm relative to accounting measures of firm value. The financial ratios are very useful in interpreting the financial condition of the firm. Solution Strategy.
Then graph the relationship. Open the Ratios Spreadsheet. Open the spreadsheet that you created for Corporate Financial Planning - Ratios and immediately save the spreadsheet under a new name using the File Save As command. Data Table. Create a list of input values for the Sales Growth Rate 0. This range includes both the input values on the top of the range and the output formula on the left side of the range.
Then choose Data Table from the main menu and a Table dialog box pops up. Highlight the input values and the results of the data table excluding the side in the range CI and then choose Insert Chart from the main menu. The sensitivity analysis indicates that External Funds Needed is very sensitive to the assumptionabout Sales Growth Rate.
Given historical 10K financial statements for Nike, Inc. Then forecast the financial statements in the same way as before. Add and Delete Rows. PPE and Accumulated Depreciation. Relabel Short-term Debt as Notes Payable. Other Comp. Update The Summary Lines. Enter Historical Data. Enter the historical financial statements for Nike, Inc. Enter three years of historical Income Statements into the yellow input sections of the range CE24 see Figure Enter the shares outstanding into the range CE Enter dividends into the range CE Enter four years of historical Balance Sheets into the yellow input sections of the range BE69 see Figure All of the data shown in Figures Finance at quote.
The 10K statement that you get has a table of contents window on the left. Click on the item that you want to look at. Income Statement Percent of Sales. Given the rows that have been added to the Income Statement, the Percent of Sales section needs to be updated. Then copy all of the formulas down by selecting the range AI79 and copy it to the range AI Delete ranges that correspond to blank sections of the Income Statement.
Balance Sheet Percent of Sales. Given the rows that have been added and subtracted from the Balance Sheet, the Percent of Sales section needs to be updated. To carry the updated labels down, copy the cell A97 to the range AA Then copy all of the formulas down by selecting the range AI and copy it to the range AI Delete ranges that correspond to blank sections of the Balance Sheet. Update The Forecast. Start with the Assumptions section. The Sales Growth Rate which is a key driver of the entire model is a subjective category.
One possible forecast is continued recovery from the recent downturn with growth of 5. The tax rate, which in reality reflects a variety of credits, exemptions, and adjustments, is forecast based on the average realized tax rate in recent years. Interest rates are forecast to rise slightly over time. The dividend payout rate is forecast to return to its previous level over time. One possible forecast is flat at the current level of Cash Flow Statement. Theoretically, the cash flow statement is strictly determined by changes in the balance sheet.
Therefore, many rows must be added and renamed in order to model the cash flow statement. Add rows using the Insert Rows command. Then move the Increase in Accounts Receivable row by selecting the entire row, clicking on Edit Cut, then selecting the cell under Inventories and clicking on Edit Past.
Label the three blank rows below Increase in Accounts Receivable as Decrease inc. Rate Changes on Cash. Enter three years of historical Cash Flow Statements into the yellow input sections of the range CE see Figure Cash Flow Statement Percent of Sales.
To carry the updated labels down, copy A to the range AA Delete ranges that correspond to blank sections of the Cash Flow Statement. Update The Cash Flow Forecast. Financial Ratios. Most of the financial ratios carry over without adjustment. The only change that is needed is the Debt percentage where an addition category of debt, Current Portion of L. Debt, was added. The percentage of sales method does a good job for most purposes.
Additional refinements wouldincrease accuracy of the forecast. For example, some items may be better projected as a trend, rather thanan average. Other items, such as the Restructuring Charge, may be one time events. ProblemsSkill-Building Problems. Given historical and forecasted financial statements for Global Impact P2P, create the historical and forecasted financial ratios.
Skill-Extending Problems. Select a company with publically traded stock. Locate the historical 10K financial statements for that company over the past few years. This data is available from Yahoo!
Live In-class Problems. Given the partial Actual spreadsheet FplanacZ. Given the partial Forecast spreadsheet FplanfoZ. Given the partial Cash Flow spreadsheet FplancaZ. Given the partial Ratios spreadsheet FplanraZ. Given the partial Sensitivity spreadsheet FplanseZ. Enter The Inputs. Enter the inputs into the range B4:B9.
Components of ROE. Copy the cell B14 to the range BB The decomposition helps us see where this comes from. Given the partial Basics spreadsheet DupontbZ. Develop a financial plan for investment and consumption over your life-cycle from the presentuntil your death.
Suppose the inflation rate is 2. Suppose that a risky diversified fund offers an average real return of 8. Suppose that federal income taxes have five brackets with thefollowing rates: You will start receiving social security benefits at age The percentage of your annual salary that you contribute to your retirement fund during your working years.
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