Pengertian Laporan Keuangan, Pajak dan Arus Kas

Transcription

1 Modul ke: Manajemen Keuangan Pengertian Laporan Keuangan, Pajak dan Arus Kas Fakultas EKONOMI & BISNIS Hidayat Wiweko,S.E.,M.Si. Program Studi Manajemen

2 MODUL 2: Pengertian Laporan Keuangan, Pajak dan Arus Kas Laporan Rugi/ Laba (Income Statement) SALES EXPENSES = PROFIT

3 Income Statement SALES EXPENSES = PROFIT Revenue

4 Income Statement SALES EXPENSES = PROFIT

5 Income Statement SALES Cost of Goods Sold EXPENSES = PROFIT

6 Income Statement SALES EXPENSES = PROFIT Cost of Goods Sold Operating Expenses

7 Income Statement SALES EXPENSES = PROFIT Cost of Goods Sold Operating Expenses (marketing, administrative)

8 Income Statement SALES EXPENSES = PROFIT Cost of Goods Sold Operating Expenses (marketing, administrative) Financing Costs

9 Income Statement SALES EXPENSES = PROFIT Cost of Goods Sold Operating Expenses (marketing, administrative) Financing Costs Taxes

10 SALES Cost of Goods Sold fg GROSS PROFIT Operating Expenses OPERATING INCOME (EBIT) Interest Expense EARNINGS BEFORE TAXES (EBT) Income Taxes EARNINGS AFTER TAXES (EAT) AFTER TAXES Preferred Stock Dividends NET INCOME AVAILABLE TO COMMON STOCKHOLDERS Income Statement

11 SALES Cost of Goods Sold fg GROSS PROFIT Operating Expenses OPERATING INCOME (EBIT) Interest Expense EARNINGS BEFORE TAXES (EBT) Income Taxes EARNINGS AFTER TAXES (EAT) AFTER TAXES Preferred Stock Dividends NET INCOME AVAILABLE TO COMMON STOCKHOLDERS Income Statement

12 SALES Cost of Goods Sold fg GROSS PROFIT Operating Expenses OPERATING INCOME (EBIT) Interest Expense EARNINGS BEFORE TAXES (EBT) Income Taxes EARNINGS AFTER TAXES (EAT) AFTER TAXES Preferred Stock Dividends NET INCOME AVAILABLE TO COMMON STOCKHOLDERS Income Statement

13 Balance Sheet Outstanding Debt Total Assets = + Shareholders Equity

14 Balance Sheet

15 Assets Balance Sheet

16 Balance Sheet Assets Liabilities (Debt) & Equity

17 Balance Sheet Assets Current Assets Cash Marketable Securities Accounts Receivable Inventories Prepaid Expenses Fixed Assets Machinery & Equipment Buildings and Land Other Assets Investments & patents Liabilities (Debt) & Equity Current Liabilities Accounts Payable Accrued Expenses Short term notes Long Term Liabilities Long term notes Mortgages gg Equity Preferred Stock Common Stock (Par value) Paid in Capital Retained Earnings

18 Current Assets: Assets

19 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to are expected to converted to cash within a year.

20 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to are expected to converted to cash within a year. Cash marketable securities accounts receivable Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

21 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to are expected to converted to cash within a year. Cash, marketable securities, accounts receivable, securities accounts receivable inventories, prepaid expenses. Fixed Assets:

22 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to are expected to converted to cash within a year. Cash, marketable securities, accounts receivable, securities accounts receivable inventories, prepaid expenses. Fixed Assets: machinery and equipment, buildings, and land.

23 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to are expected to converted to cash within a year. Cash, marketable securities, accounts receivable, securities accounts receivable inventories, prepaid expenses. Fixed Assets: machinery and equipment, and equipment buildings, and land. Other Assets:

24 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to are expected to converted to cash within a year. Cash, marketable securities, accounts receivable, securities accounts receivable inventories, prepaid expenses. Fixed Assets: machinery and equipment, and equipment buildings, and land. Other Assets: any asset that is not a current asset or fixed asset.

25 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to are expected to converted to cash within a year. Cash, marketable securities, accounts receivable, securities accounts receivable inventories, prepaid expenses. Fixed Assets: machinery and equipment, and equipment buildings, and land. Other Assets: any asset that is not a current asset or fixed asset. Intangible assets such as patents and copyrights.

26 Debt Capital: Financing

27 Financing Debt Capital: financing provided by a creditor.

28 Financing Debt Capital: financing provided by a creditor. Short term debt:

29 Financing Debt Capital: financing provided by a creditor. Short term debt: borrowed money that must be repaid within the next 12 months. ithin the ne t

30 Financing Debt Capital: financing provided by a creditor. Short term debt: borrowed money that must be repaid within the next 12 months. ithin the ne t Accounts payable, other payables such as interest or taxes payable, accrued expenses, short term accrued expenses short term notes.

31 Financing Debt Capital: financing provided by a creditor. Short term debt: borrowed money that must be repaid within the next 12 months. ithin the ne t Accounts payable, other payables such as interest or taxes payable, accrued expenses, short term accrued expenses short term notes. Long term debt:

32 Financing Debt Capital: financing provided by a creditor. Short term debt: borrowed money that must be repaid within the next 12 months. ithin the ne t Accounts payable, other payables such as interest or taxes payable, accrued expenses, short term accrued expenses short term notes. Long term debt: loans from banks or other banks or other sources that lend money for longer than 12 months.

33 Equity Capital: Financing

34 Financing Equity Capital: shareholders investment in the firm.

35 Financing Equity Capital: shareholders investment in the firm. Preferred Stockholders:

36 Financing Equity Capital: shareholders investment in the firm. Preferred Stockholders: receive fixed dividends, and have higher priority than idends e higher than common stockholders in event of liquidation of the firm. firm

37 Financing Equity Capital: shareholders investment in the firm. Preferred Stockholders: received fixed dividends, and have higher priority than idends e higher than common stockholders in event of liquidation of the firm. firm Common Stockholders:

38 Financing Equity Capital: shareholders investment in the firm. Preferred Stockholders: received fixed dividends, and have higher priority than idends e higher than common stockholders in event of liquidation of the firm. firm Common Stockholders: residual owners of a business. They receive whatever is left after creditors and preferred stockholders are paid.

39 Corporate Income Tax Rates Since 1993 Taxable Income Corporate Tax Rate $1 $50,000 15% $50,001 $75,000 25% $75,001 $100,000 34% $100,001 $335,000 39% $335,001 $10,000,000 34% $10,000,001 $15,000,000 35% $15,000,001 $18,333,333 38% over $18,333,333 35%

40 Free Cash Flows Free cash flow: cash flow that is free and available to be distributed to the firm s investors (both debt and equity investors)

41 Free Cash Flows Firm s Operating = Firm s Financing Free cash flows Free cash flows Cash flows generated through the firm s operations and investments in assets = Cash flows paid to or received by the firm s investors (creditors & stockholders)

42 Calculating Free Cash Flows: An Operating Perspective After tax cash flow tax flow from operations less investment in net operating working capital less investments in fixed and other assets

43 Calculating Free Cash Flows: An Operating Perspective After tax cash flow tax flow from operations less investment in net operating working capital less investments in fixed and other assets Operating income + depreciation cash tax payments

44 Calculating Free Cash Flows: An Operating Perspective After tax cash flow tax flow from operations less investment in net operating working capital less investments in fixed and other assets [Change in current assets] assets] [change in non interest bearing current liabilities]

45 Calculating Free Cash Flows: An Operating Perspective After tax cash flow tax flow from operations less investment in net operating working capital less investments in fixed and other assets Change in gross fixed assets, and any other assets that are on the balance sheet.

46 Calculating Free Cash Flows: A Financing Perspective Interest payments to creditors change in debt principal dividends paid to stockholdersid d id t change in stock = Financing Free Cash Flows

47 Tax Example:

48 Space Cow Computer has sales of $32 C f$32 million, cost of goods sold at 60% of sales, cash operating expenses of $2.4 million, and $1.4 million in depreciation expense. The firm has $12 million in 9.5% bonds outstanding. The firm will outstanding. pay $500,000 in dividends to its common stock holders. Calculate the firm s tax liability.

49 Sales $32,000,000 Cost of Goods Sold of (19,200,000) 000) Operating Expenses (2,400,000) Depreciation Expense (1,400,000) EBIT or NOI 9,000,000 Interest Expense (1,140,000) Taxable Income 7,860,000

50 Income tax rate tax payment $50,000 x.15 = $ 7,500 $25,000 x.25 = 6, $25,000 x.34 = 8,500 $235,000 x.39 = 91,650 $7,525,000 x.34 = 2,558, Total Tax payment $2,672,400 short cut: t $7,860,000 x.34 = $2,672, $

51 Terima Kasih Hidayat Wiweko,S.E.,M.Si.