MGMT 31000
Financial Management
CHAPTER 3:
Working with Financial
Statements
Agenda
1. Cash Flow and Financial Statements: A
Closer Look
Understand sources and uses of cash
2. Ratio Analysis
Know how to compute and interpret important
financial ratios
3. The Du Pont Identity
Be able to compute and interpret the Du Pont
Identity
MGMT 31000 - Financial
Management
2
Sources and Uses of Cash
Sources
1. Cash inflow – occurs when we “sell” something
2. Decrease in asset account
Accounts receivable, inventory, and net fixed assets
3. Increase in liability or equity account
Accounts payable, other current liabilities, and common stock
Uses
1. Cash outflow – occurs when we “buy” something
2. Increase in asset account
Cash and other current assets
3. Decrease in liability or equity account
Notes payable and long-term debt
MGMT 31000 - Financial
Management
3
MGMT 31000 - Financial
Management
4
Source vs. Use?
Source Use
Increase in accounts payable √
Increase in accounts receivable √
Decrease in notes payable √
Increase in retained earnings √
Increase in common stock √
Net fixed assets acquisitions √
Decrease in inventory √
Decrease in long-term debt √
MGMT 31000 - Financial
Management
5
MGMT 31000 - Financial
Management
6
2. Ratio Analysis
The goal of ratio analysis is to take the numerous
lines from both the income statement and balance sheet
and to interpret this information in a meaningful way.
There is simply too much information to grasp at
one time.
Ratios allow for better comparison through time or
between companies
As we look at each ratio, ask yourself what the ratio is
trying to measure and why that information is important
Ratios are used both internally and externally
MGMT 31000 - Financial
Management
7
Categories of Ratios
Short-term solvency or liquidity ratios
The ability to pay bills in the short-run
Long-term solvency or financial leverage ratios
The ability to meet long-term obligations
Asset management or turnover ratios
Efficiency of asset use
Profitability ratios
Efficiency of operations and how that translates to
profit
Valuation ratios
The MV of the firm relative to the BV
MGMT 31000 - Financial
Management
8
Categories of Financial Ratios
3-9
Short-term Solvency Ratios
Current Ratio: Ability to pay current liabilities
Quick Ratio: Ability to pay current liabilities without
converting inventory to sales
Cash Ratio: Ability to pay current liabilities with cash on hand
sLiabilitieCurrent
AssetsCurrent
RatioCurrent
sLiabilitieCurrent
Inventory)-Assets(Current
RatioQuick
sLiabilitieCurrent
Cash
RatioCash
10 MGMT 31000 - Financial
Management
Long-term Solvency Ratios
Total Debt Ratio: Measure of all debts and maturities
Debt-Equity Ratio: Use of debt and equity in capital st ...
Understanding financial statements - ITT Project Lekshmi Pillai
Here the speaker describes the roots of financial statements, how to interpret the financial statements and the different types along with practical examples.
Understanding financial statements - ITT Project Lekshmi Pillai
Here the speaker describes the roots of financial statements, how to interpret the financial statements and the different types along with practical examples.
Corporate Due Dilaigence Powerpoint Presentation SlidesSlideTeam
Introducing Corporate Due Diligence PowerPoint Presentation Slides. This financial due diligence PPT theme gives you a layout to represent technological due diligence, customer due diligence, and other fundamentals. Utilize our readily available stunning infographics of Commercial Due Diligence Process Presentation Slides to consolidate factual information about any organization. Showcase financial reports like P&L, balance sheet, and cash flow statement by easily editing this financial due diligence PPT template. Compile data like highest revenue-generating customers, and customer satisfaction in moments with the help of our commercial analysis PowerPoint deck. Our operational diligence PowerPoint slideshow also offers a layout to emphasize questions that influence technical due diligence. Use this business diligence PowerPoint presentation’s KPI diagrams, line chart, area chart, etc. to present bland stats with visual distinction. Our PPT assists in mergers and acquisitions by addressing vital strategic fit components like business compatibility. You may even present legal highlights such as litigation, and taxation via layouts included in this financial analysis PowerPoint presentation. https://bit.ly/3g4AAjF
Module 5.2 - Financial sustainability
The SENSES project co-funded by the European Union funds (ERDF and IPA)
For more information check the official website: http://www.interreg-danube.eu/senses
This presentation includes or may include representations or estimations concerning the
future about intentions, expectations or forecasts of VIDRALA or its management. which
may refer to the evolution of its business performance and its results. These forward looking
statements refer to our intentions, opinions and future expectations, and include, without
limitation, statements concerning our future business development and economic
performance. While these forward looking statements represent our judgment and future
expectations concerning the development of our business, a number of risks, uncertainties
and other important factors could cause actual developments and results to differ
materially from our expectations. These factors include, but are not limited to, (1) general
market, macro-economic, governmental and regulatory trends, (2) movements in local and
international securities markets, currency exchange rates and interest rates as well as
commodities, (3) competitive pressures, (4) technological developments, (5) changes in the
financial position or credit worthiness of our customers, obligors and counterparties
Analysis of Financial Statements.(Ratio analysis, Du Pont system ,Effects of ...Tanjin Tamanna urmi
Five Categories of Fin. Ratios
Liquidity: Ability to meet current obligations
Asset Mgmt: Proper & effective use of assets
Asset utilization (i.e., Total Asset Turnover Ratio:
TAT = Sales / T. Assets
Debt Mgmt: extent of debt & level of safety afforded creditors
Debt utilization (i.e., Equity Multiplier:
EM = T. Assets / T. Eqty
Profitability: reflects effects of liquidity, asset mgmt, & debt on operating results
Expense Control: Profit Margin:
PM = Net Income / Sales
Market Value: indicators of what investors think of firm’s past results & future prospects
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxjasoninnes20
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c ...
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxgarnerangelika
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c.
Understanding Basics of Financial StatementsAnkita6745
Understanding the basic concepts and term used in the Financial Statements.Understanding the ratios used for analyzing the Financial Statements.Discussing factors that drive corporate valuations.
Part 1.....InstructionsSelect one of the age groups disc.docxMARRY7
Part 1.....
Instructions
Select one of the age groups discussed in this unit (adolescent, adult, or elderly). Create a community health strategy for dealing with intentional and unintentional injuries (motor vehicle accidents, suicide, or violence).Your response should include information on the morbidity and mortality rates and the key factors associated with the injuries.Your APA-Style essay must be at least two pages in length (not counting the title and reference pages). All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Part 2....... Need To Be 1 Paragraph Long
According to the Centers for Medicare Services (CMS), the Affordable Care Act (ACA) was designed to give U.S. citizens improved flexibility and control, allowing them to make more informed decisions about their own health plans and healthcare providers.
Now that the ACA has been in place for several years, do you feel that in fact happened? Discuss the strengths and weaknesses of the ACA today.
.
Part 1 – Add to Website PlanList at least three .docxMARRY7
Part 1 – Add to Website Plan
List
at least three interactive features that could be added to your
site and what purpose each would serve for your site and its visitors.
The form created in Part Two of this assignment can be included as
one of the interactive features.
Part 2 – Refine and finalize your website
Refine
and finalize your website by doing the following:
•
Add a simple web form—such as an order form, a subscription
to a newsletter, or a request for contact.
•
Use division or a table to structure the form elements.
•
Apply JavaScript
®
to validate the form.
•
Finalize a navigation system.
•
Use metadata to increase accessibility and search engine
optimization.
15
WEB/240 Version 1
8
•
Test for functionality and usability.
As in the prior assignment, use only Adobe
®
Dreamweaver
®
or
another HTML editor to refine the homepage developed in Week
Three.
Check
your HTML code using the Markup Validation Service on the
W3C
®
website, (www.w3.org) prior to submitting your web page(s).
A link to this site may be found in the Materials tab on your student
website.
Submit
all website files in a compressed folder.
.
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Module 5.2 - Financial sustainability
The SENSES project co-funded by the European Union funds (ERDF and IPA)
For more information check the official website: http://www.interreg-danube.eu/senses
This presentation includes or may include representations or estimations concerning the
future about intentions, expectations or forecasts of VIDRALA or its management. which
may refer to the evolution of its business performance and its results. These forward looking
statements refer to our intentions, opinions and future expectations, and include, without
limitation, statements concerning our future business development and economic
performance. While these forward looking statements represent our judgment and future
expectations concerning the development of our business, a number of risks, uncertainties
and other important factors could cause actual developments and results to differ
materially from our expectations. These factors include, but are not limited to, (1) general
market, macro-economic, governmental and regulatory trends, (2) movements in local and
international securities markets, currency exchange rates and interest rates as well as
commodities, (3) competitive pressures, (4) technological developments, (5) changes in the
financial position or credit worthiness of our customers, obligors and counterparties
Analysis of Financial Statements.(Ratio analysis, Du Pont system ,Effects of ...Tanjin Tamanna urmi
Five Categories of Fin. Ratios
Liquidity: Ability to meet current obligations
Asset Mgmt: Proper & effective use of assets
Asset utilization (i.e., Total Asset Turnover Ratio:
TAT = Sales / T. Assets
Debt Mgmt: extent of debt & level of safety afforded creditors
Debt utilization (i.e., Equity Multiplier:
EM = T. Assets / T. Eqty
Profitability: reflects effects of liquidity, asset mgmt, & debt on operating results
Expense Control: Profit Margin:
PM = Net Income / Sales
Market Value: indicators of what investors think of firm’s past results & future prospects
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxjasoninnes20
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c ...
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxgarnerangelika
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c.
Understanding Basics of Financial StatementsAnkita6745
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Part 1.....InstructionsSelect one of the age groups disc.docxMARRY7
Part 1.....
Instructions
Select one of the age groups discussed in this unit (adolescent, adult, or elderly). Create a community health strategy for dealing with intentional and unintentional injuries (motor vehicle accidents, suicide, or violence).Your response should include information on the morbidity and mortality rates and the key factors associated with the injuries.Your APA-Style essay must be at least two pages in length (not counting the title and reference pages). All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Part 2....... Need To Be 1 Paragraph Long
According to the Centers for Medicare Services (CMS), the Affordable Care Act (ACA) was designed to give U.S. citizens improved flexibility and control, allowing them to make more informed decisions about their own health plans and healthcare providers.
Now that the ACA has been in place for several years, do you feel that in fact happened? Discuss the strengths and weaknesses of the ACA today.
.
Part 1 – Add to Website PlanList at least three .docxMARRY7
Part 1 – Add to Website Plan
List
at least three interactive features that could be added to your
site and what purpose each would serve for your site and its visitors.
The form created in Part Two of this assignment can be included as
one of the interactive features.
Part 2 – Refine and finalize your website
Refine
and finalize your website by doing the following:
•
Add a simple web form—such as an order form, a subscription
to a newsletter, or a request for contact.
•
Use division or a table to structure the form elements.
•
Apply JavaScript
®
to validate the form.
•
Finalize a navigation system.
•
Use metadata to increase accessibility and search engine
optimization.
15
WEB/240 Version 1
8
•
Test for functionality and usability.
As in the prior assignment, use only Adobe
®
Dreamweaver
®
or
another HTML editor to refine the homepage developed in Week
Three.
Check
your HTML code using the Markup Validation Service on the
W3C
®
website, (www.w3.org) prior to submitting your web page(s).
A link to this site may be found in the Materials tab on your student
website.
Submit
all website files in a compressed folder.
.
Part 1 True or False Questions. (10 questions at 1 point each).docxMARRY7
Part 1: True or False Questions.
(10 questions at 1 point each)
T
F
A hash algorithm uses a one-way cryptographic function, whereas both secret-key and public-key systems use two-way (i.e., reversible) cryptographic functions.
Answer: _____
T
F
The strongest 3DES (Triple DES) requires the use of three independent keys.
Answer: _____
T
F
When it comes to the ethics of a particular situation, there is only one right answer.
Answer: _____
T
F
Packet filters protect networks by blocking packets based on the packets’ contents.
Answer: _____
T
F
The biggest advantage of
public-key
cryptography over
secret-key
cryptography is in the area of key management/key distribution.
Answer: _____
T
F
In terms of privacy laws, companies have no advantage over the government in terms of the types of data that a company can collect.
Answer: _____
T
F
Intrusion Detection Systems (IDS) provide no protection from internal threats.
Answer: _____
T
F
A Denial-of-Service attack does not require the attacker to penetrate the target's security defenses.
Answer: _____
T
F
AES uses the Rijndael algorithm.
Answer: _____
T
F
A one-time pad is a safe house used only once by an undercover agent.
Answer: _____
Part 2: Multiple Choice Questions. Print
all
the correct answers in the blank following the question; in some cases a fully correct answer may require more than one lettered choice to be selected. (
Each question is worth 2 points.
There is no guarantee of partial credit for partially correct answers.)
If person A uses AES to transmit an encrypted message to person B, which key or keys will A have to use:
a.
A’s private key
b.
A’s public key
c.
B’s private key
d.
B’s public key
e.
None of the keys listed above
Answer(s): ____
From the perspective of
entropy
:
Plaintext will have a higher entropy than the ciphertext
The unequal frequency of characters in human languages tends to reduce the entropy of plaintext messages in that language
Encrypted messages appear to be noise-like
Plaintext requires more transmission bandwidth than ciphertext
None of the above
Answer(s): _____
Protection of a software program that uses a unique, novel algorithm could be legally protected by:
a.
A patent
b.
A copyright
c.
A patent and copyright
d.
Ethical standards
e.
All of the above
Answer(s): _____
Security
threats
include which of the following:
a.
Unlocked doors
b.
Disgruntled employees
c.
Hurricanes
d.
Un-patched software programs
e.
All of the above
Answer(s): _____
Denial of service attacks include:
a.
DNS poisoning
b.
Smurf attack
c.
Ping of death
d.
SYN flood
e.
All of the above
Answer(s): _____
Part 3: Short Answer Questions.
(10 questions at 5 points each)
Alan and Beatrice are both users of PKI. Explain how they use their keys to communicate when Alan sends a private message to Beatrice, and provides proof that he sent the message.
Answer:
Briefly describe the purpose of firewalls and how .
Part 11. Why is it so important in system engineering to become .docxMARRY7
Part 1
1. Why is it so important in system engineering to become familiar with some of the analytical methods?
2. Identify and describe some of the technologies that are being applied in the design process. Provide some examples of typical applications, and describe some of the benefits associated with the application of computerized methods in the design process.
3. How does CAM and CAS relate to system engineering? Describe some possible impacts.
4. How is design review and evaluation accomplished? Why is it important relative to meeting system engineering objectives? Describe some of the checks and balances in the design process.
5. What is included in the establishment of a "functional” baseline, Allocated baseline, and Product baseline? Why is baseline management important?
6. What is configuration management (CM) and how does it relate to system engineering? Define Configuration Identification (CI) and Configuration Status Accounting (CSA).
Part 2
Select a system of your choice, and construct a sequential flow diagram of the overall system development process. Identify the major tasks in system development, and develop a plan/schedule of formal design review. Briefly describe what is covered in each.
Part 3
Discuss some of the problems associated with the application of computerized methods in the design process. Provide examples. What cautions must be observed?
.
Part 1 Using the internet, search for commercial IDPS systems. What.docxMARRY7
Part 1: Using the internet, search for commercial IDPS systems. What classification systems and descriptions are used and how can these be used to compare the features and components of each IDPS? Create a comparison spreadsheet identifying the classification systems you find.
Part 2: What are some of the legal and ethical issues surrounding the use of intrusion detection systems logs and other technology tools as evidence in criminal and legal matters?
Part 3: Write a 2 - 3 page APA style paper summarizing the background, description, and purpose of NIST Special Publication 800-94,
Guide to Intrusion Detection and Prevention Systems
. The last section of your paper should be titled "Author Reflection" and should reflect your critique of the publication examined. You are not expected to read the entire guide, you should be mainly concerned with section two of the report, titled "Intrusion Detection and Prevention Principles" and section three of the report, titled "IDPS Technologies."
Part 4:
Why is it so important in system engineering to become familiar with some of the analytical methods?
Identify and describe some of the technologies that are being applied in the design process. Provide some examples of typical applications, and describe some of the benefits associated with the application of computerized methods in the design process.
How does CAM and CAS relate to system engineering? Describe some possible impacts.
How is design review and evaluation accomplished? Why is it important relative to meeting system engineering objectives? Describe some of the checks and balances in the design process.
What is included in the establishment of a "functional” baseline, Allocated baseline, and Product baseline? Why is baseline management important?
What is configuration management (CM) and how does it relate to system engineering? Define Configuration Identification (CI) and Configuration Status Accounting (CSA).
Part 5: Select a system of your choice, and construct a sequential flow diagram of the overall system development process. Identify the major tasks in system development, and develop a plan/schedule of formal design review. Briefly describe what is covered in each.
Part 6:
Discuss some of the problems associated with the application of computerized methods in the design process. Provide examples. What cautions must be observed?
.
Part 1- Create an outline of the assignment below thenPart 2-1000 .docxMARRY7
Part 1- Create an outline of the assignment below then
Part 2-1000 word assignment
Your fast-food franchise has been cleared for business in all 4 countries (United Arab Emirates, Israel, Mexico, and China). You now have to start construction on your restaurants. The financing is coming from the United Arab Emirates, the materials are coming from Mexico and China, the engineering and technology are coming from Israel , and the labor will be hired locally within these countries by your management team from the United States. You invite all of the players to the headquarters in the United States for a big meeting to explain the project and get to know one another. The people seem to be staying with their own groups and not mingling.
What is the cultural phenomenon at play here (what is it called/ term)?
How do you explain the lack of intercultural communication and interaction?
What do you know about these cultures—specifically their economic, political, educational, and social systems—that could help you in getting them together?
What are some of the contrasting cultural values of these countries?
You are concerned about some of the language barriers as you start the meeting, particularly the fact that the United States is a low-context country, and some of the countries present are high-context countries. Furthermore, you only speak English, and you do not have an interpreter present.
How will this affect the presentation?
What are some of the issues you should be concerned about regarding verbal and nonverbal language for this group?
What strategy would you use to begin to have everyone develop a relationship with each other that will help ease future negotiations, development, and implementation?
.
Part 1 Review QuestionsWhat is the difference between criminal la.docxMARRY7
Part 1: Review Questions
What is the difference between criminal law and civil law?
What is privacy, in the context of information security?
What is intellectual property? Is it offered the same protection in every country of the world? What laws currently protect it in the U.S. and Europe?
What are the three general categories of unethical and illegal behavior?
Part 2: Module Practice
What does CISSP stand for? Using the Internet, find out what continuing education is required in order for the holder of a CISSP to remain current and in good standing.
.
Part 1 Review QuestionsWhat is the difference between authenticat.docxMARRY7
Part 1: Review Questions
What is the difference between authentication and authorization? Can a system permit authorization without authentication? Why or why not?
What is the typical relationship between the untrusted network, the firewall, and the trusted network?
How does a network-based IDS differ from a host-based IDS?
What is a VPN? Why are VPNs widely used?
Part 2: Module Practice
Create a spreadsheet that takes eight values into eight different cells and then applies a transposition cipher to them. Next, create a row that takes the results and applies a substitution cipher to them (substitute 0 for 5, 1 for 6, 2 for 7, 3 for 8, 4 for 9, and vice versa).
.
Part 1 SQLDatabase workScenarioDevelopment of a relationa.docxMARRY7
Part 1: SQL/Database work
Scenario
Development of a relational database system for a food producing company
FoodRU is a Leicester-based food producing company. The company wants to keep details regarding both past and present employees and their assignment to shifts over time. At present, there are three defined shift patterns; the morning shift starts at 6am and finishes at 2pm, the day shift starts at 9am and finishes at 5pm, and the evening shift starts at 4pm and finishes at 12am (midnight). However, management have already indicated that they may need to add further shift patterns in the future (e.g., by adding a night shift to the existing ones so that the company can meet a high user demand for their foods). They therefore require shift details to be stored within a separate Shift table, with attributes that allow the storage of a shift name with its associated start and finish times (use the 24 hour clock for these times).
Past and present employee details are to be kept in the same Employee table, and the details to be kept are the employee’s unique 6 digit reference number, the first name, surname and any other names (if there are any) of the employee, the employee’s gender, contact address and contact telephone, the date on which the employee started his/her employment at the company and the date on which the employee finished his/her employment at the company (should s/he be a past employee). Details regarding staff assignments to shifts include the date that an employee was allocated to work a particular shift, and the date that s/he was taken off the shift (if not still assigned to it). Employees can be assigned to different shifts over time and even to the same shift over different time periods, although they cannot be assigned to more than one shift at any one time. A new employee may not yet be assigned to a shift.
Tasks:
1. Provide the table specifications for the THREE tables that are required by FoodRU to store employee, shift and assignment details. That is, for each of the three tables, you should provide, in a suitable presentation format, the name of the table and a specification of each its attributes to include:
• Attribute name
• Attribute brief description as to its meaning
• a description of the attribute’s data type/integrity (e.g., date field, character field of length 20, number field <= 10, etc. – you can use the Oracle data types within these descriptions if you want to)
• An indication as to whether the attribute is a primary key attribute and/or foreign key attribute
• An indication as to whether the attribute can or cannot take null values
Make sure your design specifies the appropriate links between the three tables. Remember to write down any additional integrity you need to enforce either at a specific table level or across two or more tables, if this is required. Also, remember to write down any justifications for the data types/integrity or for any other design features that.
Part 1 Review QuestionsWhat functions constitute a complete infor.docxMARRY7
Part 1: Review Questions
What functions constitute a complete information security program?
What is the typical size of the security staff in a small organization? A medium-sized organization? A large organization? A very large organization?
Where can an organization place the information security unit? Where should (and shouldn’t) it be placed?
Into what four areas should the information security functions be divided?
Part 2: Module Practice
Design three security posters on various aspects of information security using a graphics presentation program and clip art. Describe the methods you used to develop your design.
.
Part 1A persons lifestyle has a significant influence on the p.docxMARRY7
Part 1:
A person's lifestyle has a significant influence on the person's health and development as he or she moves into middle age (and old age). Stability and change are also common factors in an adult's life.
Describe how middle adulthood provides stability in a person's life. Explain some of the factors that would lead to stability in a person's life as he or she moves through middle age.
Describe some of the more common lifestyle issues that have a negative impact on a person's continued development. Explain how a person may be able to reverse some of the lifestyle influences.
On the basis of your readings, describe what is meant by a midlife crisis. Explain why a midlife crisis may or may not be critical.
Part 2:
Erikson, Gould, Helson, and Levinson provide different perspectives on middle age in adulthood.
Describe each of these theories as it relates to middle adulthood.
On the basis of your readings, compare and contrast these theories. Which one gives a better explanation of middle adulthood?
Justify your answers with appropriate reasoning and research from your text and course readings. Comment on the postings of at least two peers, and provide an analysis of each peer’s postings while also suggesting specific additions or clarifications for improving the discussion question response.
.
Part 1 Review QuestionsWhat is the definition of information secu.docxMARRY7
Part 1: Review Questions
What is the definition of information security? What essential protections must be in place to protect information systems from danger?
Define the InfoSec processes of identification, authentication, authorization, and accountability.
Define project management. Why is project management of particular interest in the field of information security?
What are the five basic outcomes that should be achieved through information security governance?
What is a threat in the context of information security? How many categories of threats exist as presented in this chapter?
Part 2: Module Practice
Find an article that talks about relative risk either from inside the organization or form external sources. Once you locate and read it, compose a 1-2 page paper that summarizes your findings and critique the article. Use a word processor to complete your assignment and submit it as a .docx or .doc document.
.
Part 1 Review QuestionsWhat is a security modelWhat are the es.docxMARRY7
Part 1: Review Questions
What is a security model?
What are the essential processes of access control?
Identify at least two different approaches used to categorize access control methodologies. List the types of controls found in each.
What is COBIT? Who is its sponsor? What does it accomplish?
What is the standard of due care? How does it relate to due diligence?
What is baselining? How does it differ from benchmarking?
Part 2: Module Practice
Make a list of at least ten information security metrics that could be collected for a small internet commerce company with 10 employees. For this senario, the company uses an outside vendor for packaging and distribution. Whom should the metrics be reported?
.
Part 1 Listed below are several key Supreme Court decisions that .docxMARRY7
Part 1:
Listed below are several key Supreme Court decisions that resulted in a clarification of inmate rights.
Choose any one
of the cases listed below. Summarize the facts of the case, the issue that needed to be resolved, the court’s decision, and the reasoning behind the decision.
Helling v. McKinney
(1993)
Washington v. Harper
(1990)
Hudson v. Palmer
(1984)
Bell v. Wolfish
(1979)
Bounds v. Smith
(1977)
Estelle v. Gamble
(1976)
Wolff v. McDonnell
(1974)
.
Part 1 Infrastructure DesignCreate an 8–10-page infrastructur.docxMARRY7
Part 1: Infrastructure Design
Create an 8–10-page infrastructure design document in which you:
Identify the major hardware and software components of your hypothetical e-commerce company's information systems infrastructure.
Design your e-commerce company's hardware (database and proxy servers, network equipment) and software (analytics, big data, API, content management) from a size, scale, type, and interoperability standards perspective.
Document the potential security vulnerabilities and a security design for your e-commerce company.
Use graphical tools to create a data flow diagram (DFD) for your e-commerce company.
Use sources to support your writing.
Choose sources that are credible, relevant, and appropriate.
Cite each source listed on your source page at least one time within your assignment.
Part 2: Updated Gantt Chart
Use Microsoft Project to update the previously created Gantt chart with the major and minor tasks identified in the infrastructure design document.
.
part 1 I attended an international conference on Biotechnology and .docxMARRY7
part 1: I attended an international conference on Biotechnology and one of the sessions I went to was on the subject of bio-engineering a "death gene" that could be introduced into the mosquito population and destroy every mosquito on earth. The discussion that ensued was about the ethics of such a thing. I want you to tell how you feel about introducing such a gene. Look up something about this. Your reference does not have to be about this particular gene, but can be about anything that relates to the discussion. Remember to cite your reference, and write at least 150 words
part 2:
Respond to another student
respond to this
I think that with regulation of the mosquito communities would be a good thing. Mosquitos carry many dangerous diseases and if we can lower the population we can slow the rate of transmission of these diseases. This could save many many lives around the world. I would be hesitant though to release the genetically engineered mosquitos into the environment. In the article I read they releases sterile male mosquitos into the environment. This I feel is a safer way to regulate because we are not altering any genes we are just regulating a naturally occurring issue in nature. Sterile males cannot pass on the genes and also male mosquitos are not the ones who would be likely to pass on the diseases. The article stated that only females bite and therefore males would not be capable of spreading the diseases. With sterile males being released there will be less mosquitos due to lack of repopulation. This will still allow organisms relying on mosquitos for food to still be able to survive with less risk to humans. They are an invasive species so it would help to eliminate the spread of mosquitos to different areas. This will keep the spread of disease throughout areas. I do not think it is right to alter the genes for human use though. It is not how nature had intended. If the gene pops up naturally in the population then it should not be taken out but we should not introduce it due to humans "playing God" with genetics. "Mosquitoes Engineered To Kill Their Own Kind." NPR. NPR, n.d. Web. 22 July 2014. .
.
Part 1 Chapter 7 Summary plus end of chapter discussion of Alfred.docxMARRY7
Part 1:
Chapter 7 Summary plus end of chapter discussion of Alfred Marshall, should be 100-250 words
Part 2: The discussion on the first 7 pages is a satire on the economists (known as the neoclassical economists).
List 4 passages that can be considered satire.
(You need not write the entire passage.
Simply show clearly where the passage begins and ends.)
.
Parent Involvement Plan This week you will create a Parent Involve.docxMARRY7
Parent Involvement Plan
This week you will create a Parent Involvement Plan in response to the following scenario:
Imagine you are working with infant, toddler and preschool aged children in a child care center. The majority of the children has special needs and receives early intervention or are on an IEP. Many of the children’s parents work two jobs and have a difficult time participating in the center's activities. Whenever the center plans an event, the parental involvement is lower than desired. The center has tried to increase parental involvement through such methods as calling to remind parents and sending home notices, but is not having any luck.
Your assignment is to create a Parental Involvement Plan to encourage better participation from parents. Follow these steps to develop your plan:
Step 1:
Identify the issue, discuss your beliefs about the situation, and formulate conclusions and offer suggestions to the director of the child care center.
Step 2:
Create a Parent Involvement Plan that your director can copy and paste into the employee and parent handbook. Your plan should include:
The importance of early intervention and individual educational plans
Ways to assist students and their families
The importance of parent involvement
Please use the template provided and your rubric as your guide to completing this assignment.
.
Parenting Practices Over GenerationsGeneration 1 Years children.docxMARRY7
Parenting Practices Over Generations
Generation 1: Years children were raised (19XX-XXXX)
Generation 2: Years
Generation 3: Years
Parenting Practice 1: Education
Parenting Practice 2:
Parenting Practice 3:
Parenting Practice 4:
.
ParamsThe interface must be pleasing to look at (a basic form wit.docxMARRY7
Params:
The interface must be pleasing to look at (a basic form with the four fields listed below, a playlist queue (checked listbox) and media player will suffice).
There must be a separate file that will contain information about each soundtrack in your system. That information will be:
Title;
Artist;
Note area;
Type; and
Anything else that you wish to include on each record.
There must be a way to add data to this file.
There must be a way to delete data from this file.
There must be at least one report using data from the file.
There must be a queue to allow you to play selected music tracks in sequence (like two in a row) without manual intervention.
There must be a way to show the data in at least two different sequences (by title, by artist, etc.).
There must be documentation explaining how your Jukebox works (how you add songs, play songs, etc.).
Currently there is a Text file that contains the information about the wav files to be played, several wav files that the text file references. I have also made an access database from the text file.
.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
1. MGMT 31000
Financial Management
CHAPTER 3:
Working with Financial
Statements
Agenda
1. Cash Flow and Financial Statements: A
Closer Look
2. Ratio Analysis
financial ratios
3. The Du Pont Identity
Identity
MGMT 31000 - Financial
Management
2
2. Sources and Uses of Cash
Sources
1. Cash inflow – occurs when we “sell” something
2. Decrease in asset account
3. Increase in liability or equity account
Uses
1. Cash outflow – occurs when we “buy” something
2. Increase in asset account
3. Decrease in liability or equity account
-term debt
MGMT 31000 - Financial
Management
3
3. MGMT 31000 - Financial
Management
4
Source vs. Use?
Source Use
Increase in accounts payable √
Increase in accounts receivable √
Decrease in notes payable √
Increase in retained earnings √
Increase in common stock √
Net fixed assets acquisitions √
Decrease in inventory √
Decrease in long-term debt √
MGMT 31000 - Financial
Management
5
MGMT 31000 - Financial
4. Management
6
2. Ratio Analysis
lines from both the income statement and balance sheet
and to interpret this information in a meaningful way.
one time.
between companies
trying to measure and why that information is important
MGMT 31000 - Financial
Management
7
Categories of Ratios
-term solvency or liquidity ratios
-run
6. y to pay current liabilities without
converting inventory to sales
hand
sLiabilitieCurrent
AssetsCurrent
sLiabilitieCurrent
Inventory)-Assets(Current
sLiabilitieCurrent
Cash
10 MGMT 31000 - Financial
Management
Long-term Solvency Ratios
7. -Equity Ratio: Use of debt and equity in capital structure
A company’s total assets per dollar of
equity
Total Debt
Total Debt Ratio 1
Total Assets
E
A
Total Debt
Debt-Equity Ratio
Total Equity
Total Assets
Equity Multiplier 1
Total Equity
D
E
8. 11 MGMT 31000 - Financial
Management
Long-term Solvency Ratios (cont’d)
MGMT 31000 - Financial
Management
12
EBIT
Times Interest Earned Ratio
Interst Expenses
Turnover Ratios
times each year inventory is
turned.
9. being turned.
dollar of assets.
Assets Total
Sales
Inventory
Sold Goods ofCost
365 days
Days' Sales in Inventory
Inventory Turnover
13 MGMT 31000 - Financial
Management
Turnover Ratios (cont’d)
10. s: How long it takes to collect on
credit sales.
MGMT 31000 - Financial
Management
14
Sales
Receivables Turnover
Account Receivable
365 days
Days' Sales in Receivables
Receivables Turnover
Profitability Ratios
or every dollar in sales
11. equity.
MGMT 31000 - Financial
Management
15
Assets Total
Income Net
Equity of ValueBook Total
Income Net
Net Income
Profit Margin
Sales
Market Value Ratios
share
12. -Earnings (P/E) Ratio: How much investors are willing
to
pay per dollar of current earnings.
-to-Book Ratio: Compare how investors value the
stock
to the financial statement value.
gOutstandin Shares #
IncomeNet
EPS
PriceShare
IncomeNet
tionCapitalizaM arket
Equity of ValueBook
Equity of ValueM arket
RatioBook -to-
16 MGMT 31000 - Financial
13. Management
Market Value Ratios (cont’d)
Amortization.
operations (i.e. a rough measure of operating cash flows).
over the business (i.e. purchase all of the equity and repay the
debt).
-EBITDA ratio
EV Market Value of Equity Book Value of Liabilities -
EV
Enterprise Value - EBITDA Ratio =
EBITDA
14. 17 MGMT 31000 - Financial
Management
Exercise..
-15.3)/48.0=0.87
MGMT 31000 - Financial
Management
18
Global’s 2012 B/S (Excerpted)
Current Assets Current liabilities
Cash 21.2 Accounts payable 29.2
Accounts Receivable 18.5 Notes payable/short-term debt 3.5
Inventories 15.3 Current maturities of long-term debt 13.3
Other Current Assets 2.0 Other current liabilities 2.0
Total Current Assets 57.0 Total current liabilities 48.0
15. Exercise…
(177.7-22.2)/177.7
=0.88
-Equity Ratio =
(3.5+13.3+99.9)
/22.2 = 5.26
177.7/22.2= 8.00
MGMT 31000 - Financial
Management
19
Assets 2009 Liabilities and Stockholders' Equity 2009
Current Assets Current liabilities
Cash 21.2 Accounts payable 29.2
Accounts Receivable 18.5 Notes payable/short-term debt 3.5
Inventories 15.3 Current maturities of long-term debt 13.3
Other Current Assets 2.0 Other current liabilities 2.0
Total Current Assets 57.0 Total current liabilities 48.0
16. Long-Term Assets Long-Term Liabilities
Land 22.2 Long-term debt 99.9
Buildings 36.5 Capital lease obligations 0.0
Equipment 39.7 Total debt 99.9
Less Accumulated Depreciation (18.7) Deferred taxes 7.6
Net Property, plant, and equipment 79.7 Other long-term
liabilities 0.0
Goodwill and intangible assets 20.0 Total long-term liabilities
107.5
Other Long-term assets 21.0 Total Liabilities 155.5
Total long-term assets 120.7 Stockhoders' Equity 22.2
Total assets 177.7 Total Liabilities and Stockholders' Equity
177.7
Global’s 2012 B/S
Exercise…
10.4/7.7= 1.35
17. MGMT 31000 - Financial
Management
20
2009
Total Sales 186.7
Cost of Sales (153.4)
Gross Profit 33.3
Selling, general, and administrative expense (13.5)
Research and development (8.2)
Depreciation and amortization (1.2)
Operating Income 10.4
Other income 0.0
Earnings before interest and taxes (EBIT) 10.4
Interest income (expense) (7.7)
Pretax income 2.7
Taxes (0.7)
Net Income 2.0
Global’s 2012 I/S
19. Total Current Assets 57.0
Long-Term Assets
Total long-term assets 120.7
Total assets 177.7
2009
Total Sales 186.7
Cost of Sales (153.4)
Gross Profit 33.3
Global’s 2009 I/S (Excerpted)
Global’s 2012 B/S (Excerpted)
Exercises..
Amortization = 10.4+1.2=11.6
MGMT 31000 - Financial
20. Management
22
Global’s 2012 I/S (Excerpted)
2009
Total Sales 186.7
Cost of Sales (153.4)
Gross Profit 33.3
SG&A (13.5)
Research and development (8.2)
Depreciation and amortization (1.2)
Operating Income 10.4
Other income 0.0
Earnings before interest and taxes (EBIT) 10.4
Interest income (expense) (7.7)
Pretax income 2.7
Taxes (0.7)
Net Income 2.0
• Book Assets = 177.7
• Book Equity = 22.2
21. 3. The Du Pont Identity
ROE = NI / TE
ROE = (NI / Sales) (Sales / TA) (TA / TE)
ROE = PM * TAT * EM
e of the firm’s
operating efficiency
asset use efficiency
financial leverage
MGMT 31000 - Financial
Management
23
Using the Du Pont Identity
XYZ Corporation has the following financial information for
22. the previous year:
A) = $6M
MGMT 31000 - Financial
Management
24
Using the Du Pont Identity
Compute the ROE using the DuPont Analysis.
1. Total assets = CA + FA = $2M + $6M = $8M
2. TAT = Sales / TA = $8M / $8M = 1
3. NWC = CA – CL CL = CA – NWC = $2M - $1M = $1M
4. Total liabs. = CL + LTD = $1M + $3M = $4M
5. Total equity = total assets – total liabs. = $8M - $4M = $4M
23. 6. EM = assets / equity = $8M / $4M = 2
7. ROE = PM x TAT x EM = 8% x 1 x 2 = 16%
8. Without DuPont, ROE = NI / TE = PM * Sales / TE = 8% x
$8M /
4M = 16%
MGMT 31000 - Financial
Management
25
Potential Problems
1. There is no underlying theory, so there is no way to
know which ratios are most relevant
2. Benchmarking is difficult for diversified firms
3. Globalization and international competition makes
comparison more difficult because of differences in
accounting regulations
4. Varying accounting procedures, i.e. FIFO vs. LIFO
5. Different fiscal years
MGMT 31000 - Financial
Management
24. 26
Example: Determinants of ROE
-Mart Stores and
Target had the following accounting measures:
sset turnover, equity
multiplier, and ROE during this period.
-Mart’s asset turnover in
2012, what would its ROE have been?
MGMT 31000 - Financial
Management
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(in $ billion) Wal-Mart Target
Sales 403.9 65.3
Net Income 13.7 2.6
Total Assets 167.8 47.0
25. Book Equity 65.5 13.6
Example: (cont’d)
Solution
:
ROE
than Wal-Mart.
-Mart’s asset turnover,
its
ROE would have been 3.98%× 2.41× 3.46=33.2%