Modul ke: ManajemenManajemen KeuanganKeuanganPengertian Laporan Keuangan, Pajak dan Arus Kas

Fakultas

P St di

Hidayat Wiweko,S.E.,M.Si.EKONOMI & BISNIS

Program Studi

Manajemen

MODUL 2: MODUL 2: Pengertian Laporan Keuangan, Pajak dan Arus Kas

Laporan Rugi/ Laba (Income Statement)

SALES  ‐ EXPENSES =  PROFIT

Income Statement

RevenueSALESEXPENSES

Revenue

‐ EXPENSES= PROFIT  PROFIT

Income Statement

SALESEXPENSES‐ EXPENSES

= PROFIT  PROFIT

Income Statement

SALESEXPENSES

•Cost of Goods Sold       

‐ EXPENSES= PROFIT  PROFIT

Income Statement

SALESEXPENSES

•Cost of Goods Sold•Operating Expenses     

‐ EXPENSES= PROFIT  PROFIT

Income Statement

SALESEXPENSES

•Cost of Goods Sold•Operating Expenses

‐ EXPENSES= PROFIT

(marketing, administrative)

  PROFIT

Income Statement

SALESEXPENSES

•Cost of Goods Sold•Operating Expenses

‐ EXPENSES= PROFIT

(marketing, administrative)•Financing Costs  PROFIT

Income Statement

SALESEXPENSES

•Cost of Goods Sold•Operating Expenses

‐ EXPENSES= PROFIT

(marketing, administrative)•Financing Costs  PROFIT•Taxes

SALESC t f G d S ld

Income Statement‐ Cost of Goods SoldGROSS PROFIT

‐ Operating ExpensesOPERATING INCOME (EBIT)

‐ Interest ExpenseEARNINGS BEFORE TAXES (EBT)

‐ Income TaxesEARNINGS AFTER TAXES (EAT)EARNINGS AFTER TAXES (EAT)

‐ Preferred Stock Dividends‐ NET INCOME AVAILABLE‐ NET INCOME AVAILABLETO COMMON STOCKHOLDERS

SALESC t f G d S ld

Income Statement‐ Cost of Goods SoldGROSS PROFIT

‐ Operating ExpensesOPERATING INCOME (EBIT)

‐ Interest ExpenseEARNINGS BEFORE TAXES (EBT)

‐ Income TaxesEARNINGS AFTER TAXES (EAT)EARNINGS AFTER TAXES (EAT)

‐ Preferred Stock Dividends‐ NET INCOME AVAILABLE‐ NET INCOME AVAILABLETO COMMON STOCKHOLDERS

SALESC t f G d S ld

Income Statement‐ Cost of Goods SoldGROSS PROFIT

‐ Operating ExpensesOPERATING INCOME (EBIT)

‐ Interest ExpenseEARNINGS BEFORE TAXES (EBT)

‐ Income TaxesEARNINGS AFTER TAXES (EAT)EARNINGS AFTER TAXES (EAT)

‐ Preferred Stock Dividends‐ NET INCOME AVAILABLE‐ NET INCOME AVAILABLETO COMMON STOCKHOLDERS

Balance Sheet

Outstanding

Total Assets =

gDebt+Total Assets       +

Shareholders’Equity

Balance Sheet

Balance SheetAssetsAssets

Balance SheetAssets Liabilities (Debt) & EquityAssets Liabilities (Debt) & Equity

Balance SheetAssets Liabilities (Debt) & EquityAssets Liabilities (Debt) & Equity

Current Assets Current LiabilitiesAccounts PayableCash

Marketable SecuritiesA t R i bl

Accounts PayableAccrued ExpensesShort‐term notes

b lAccounts ReceivableInventoriesPrepaid Expenses

Long‐Term LiabilitiesLong‐term notes    MortgagesPrepaid Expenses

Fixed AssetsMachinery & Equipment

g gEquity

Preferred Stock    Common Stock (Par value)Machinery & Equipment

Buildings and Land

Other Assets

Common Stock  (Par value)Paid in CapitalRetained Earnings

Investments & patents

Assets

• Current Assets:

Assets

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

Assets

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

Cash marketable securities accounts receivable– Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

Assets

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

Cash marketable securities accounts receivable– Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

• Fixed Assets:• Fixed Assets:

Assets

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

Cash marketable securities accounts receivable– Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

• Fixed Assets: machinery• Fixed Assets:  machineryand equipment, buildings,and land. 

Assets

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

Cash marketable securities accounts receivable– Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

• Fixed Assets: machinery and equipment• Fixed Assets:  machinery and equipment, buildings, and land.O h A• Other Assets:

Assets

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

Cash marketable securities accounts receivable– Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

• Fixed Assets: machinery and equipment• Fixed Assets:  machinery and equipment, buildings, and land.O h A h i• Other Assets:  any asset that is not a current asset or fixed asset.

Assets

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

Cash marketable securities accounts receivable– Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

• Fixed Assets: machinery and equipment• Fixed Assets:  machinery and equipment, buildings, and land.O h A h i• Other Assets:  any asset that is not a current asset or fixed asset.– Intangible assets such as patents and copyrights.

Financing

• Debt Capital:

Financing

• Debt Capital:  financing provided by a creditorcreditor. 

Financing

• Debt Capital:  financing provided by a creditorcreditor. 

• Short‐term debt:

Financing

• Debt Capital:  financing provided by a creditorcreditor. 

• Short‐term debt:  borrowed money that must be repaid ithin the ne t 12 monthsbe repaid within the next 12 months.  

Financing

• Debt Capital:  financing provided by a creditorcreditor. 

• Short‐term debt:  borrowed money that must be repaid ithin the ne t 12 monthsbe repaid within the next 12 months.  – Accounts payable, other payables such as interest or taxes payable accrued expenses short termor taxes payable, accrued expenses, short‐term notes.

Financing

• Debt Capital:  financing provided by a creditorcreditor. 

• Short‐term debt:  borrowed money that must be repaid ithin the ne t 12 monthsbe repaid within the next 12 months.  – Accounts payable, other payables such as interest or taxes payable accrued expenses short termor taxes payable, accrued expenses, short‐term notes.

• Long term debt:• Long‐term debt:

Financing

• Debt Capital:  financing provided by a creditorcreditor. 

• Short‐term debt:  borrowed money that must be repaid ithin the ne t 12 monthsbe repaid within the next 12 months.  – Accounts payable, other payables such as interest or taxes payable accrued expenses short termor taxes payable, accrued expenses, short‐term notes.

• Long term debt: loans from banks or other• Long‐term debt:  loans from banks or other sources that lend money for longer than 12 monthsmonths.

Financing

• Equity Capital:

Financing

• Equity Capital:  shareholders’ investment in the firmthe firm. 

Financing

• Equity Capital:  shareholders’ investment in the firmthe firm. 

• Preferred Stockholders:

Financing

• Equity Capital:  shareholders’ investment in the firmthe firm. 

• Preferred Stockholders:  receive fixed di idends and ha e higher priorit thandividends, and have higher priority than common stockholders in event of liquidation of the firmof the firm.

Financing

• Equity Capital:  shareholders’ investment in the firmthe firm. 

• Preferred Stockholders:  received fixed di idends and ha e higher priorit thandividends, and have higher priority than common stockholders in event of liquidation of the firmof the firm.

• Common Stockholders:

Financing

• Equity Capital:  shareholders’ investment in the firmthe firm. 

• Preferred Stockholders:  received fixed di idends and ha e higher priorit thandividends, and have higher priority than common stockholders in event of liquidation of the firmof the firm.

• Common Stockholders:  residual owners of a business.  They receive whatever is left after creditors and preferred stockholders are paid.  

Corporate Income Tax RatesSince 1993

Taxable Income                   Corporate Tax Ratep

$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%

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)

Free Cash Flows

Firm’s Operating Free cash flows = Firm’s Financing 

Free cash flows

Cash flows generated Cash flows paid to ‐ orCash flows generated through the firm’s operations and 

=Cash flows paid to  or received by ‐ the firm’s investors (creditors & 

investments in assets stockholders)

Calculating Free Cash Flows:An Operating PerspectiveAn Operating Perspective

After tax cash flowAfter‐tax cash flow from operations

llessinvestment in net operating  working capital

lessinvestments in fixedinvestments in fixed and other assets

Calculating Free Cash Flows:An Operating PerspectiveAn Operating Perspective

After tax cash flow Operating incomeAfter‐tax cash flow from operations

l

+ depreciation ‐ cash tax  payments

lessinvestment in net operating  working capital

lessinvestments in fixedinvestments in fixed and other assets

Calculating Free Cash Flows:An Operating PerspectiveAn Operating Perspective

After tax cash flowAfter‐tax cash flow from operations

l [Change in current assets]lessinvestment in net 

[Change in current assets]‐[change in non‐interest 

operating  working capital

bearing current liabilities]

lessinvestments in fixedinvestments in fixed and other assets

Calculating Free Cash Flows:An Operating PerspectiveAn Operating Perspective

After tax cash flowAfter‐tax cash flow from operations

llessinvestment in net  Change in gross fixed operating  working capital

assets, and any other assets that are on the 

balance sheetlessinvestments in fixed

balance sheet.

investments in fixed and other assets

Calculating Free Cash Flows:A Financing Perspective

Interest payments to creditors

‐ change in debt principal

di id d id t t kh ld‐ dividends paid to stockholders

‐ change in stock‐ change in stock

=    Financing Free Cash Flowsg

Tax Example:

S C C t h l f $32• Space Cow Computer has sales of $32 million, cost of goods sold at 60% of sales, cash operating expenses of $2.4 million, and $1.4 million in depreciation , pexpense.  The firm has $12 million in 9.5% bonds outstanding. The firm will9.5% bonds outstanding.  The firm will pay $500,000 in dividends to its common stock holdersstock holders.

• Calculate the firm’s tax liability.

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

Income   tax rate  tax payment$50,000    x     .15        =      $    7,500$25 000 x 25 = 6 250$25,000    x     .25        =            6,250$25,000    x     .34        =            8,500$235,000    x     .39       =   91,650$7 525 000 x 34 2 558 500$7,525,000   x     .34       =      2,558,500Total Tax payment               $2,672,400

h t t $7 860 000 34 $2 672 400short cut: $7,860,000 x .34 = $2,672,400

Terima KasihTerima KasihHidayat Wiweko,S.E.,M.Si.