第八章 财务报表

Chapter 8 Financial Statements

New Words and Expressions

Financial statements 财务报表shareholder 股东balance sheet 资产负债表asset 资产liability 负债owner’s equity 所有者权益shareholders’ equity 股东权益

current assets 流动资产fixed assets 固定资产cash equivalents 现金等价物

tangible assets 有形资产Intangible assets 无形资产accounts receivable 应收账款inventory 存货current liabilities 流动负债long-term liabilities 长期负债

accounts payable 应付账款current ratio 流动比率leverage 杠杆bankruptcy 破产income statement 利润表revenues 收入expenses 费用dividends 股利

cost of goods sold 销售成本gross profit 毛利润research and development 研发depreciation 折旧earnings before interest and tax 息税前利润retained earnings 留存收益net profit after taxes 税后净利润

Background

What are Financial Statements?

Financial statements provide an overview of a business or person's financial condition in both short and long term. There are three basic financial statements:

Balance sheet: reports on a company's assets, liabilities, and Ownership equity at a given point in time. Typically, a company lists its assets on the left side and its debts and liabilities on the right. It is important to realize that the balance sheet must balance. That is, total assets must equal the sum of total liabilities and total owner’s equity. Each of these sections is usually further divided into subsections.

Income statement:also referred to as Profit and Loss statement (or a "P&L"), reports on a company's income, expenses, and profits over a period of time.

Cash flows statement: provides a look at the movement of cash in and out of a company. The cash-flow statement can be important in determining whether or not a company has enough cash to pay its bills, handle expenses, and acquire assets.

Comprehension of the T ext

1. Which financial statement is prepared as of a particular date rather than for a period ending on a particular date?

2. What is the balance sheet?

3. How many types of assets are in the balance sheet?

4. In what section of the balance sheet would one find patents and trademarks?

5. What are the current liabilities?

6. What is the income statement?

课文难句理解

On the right-hand side of the balance sheet, lenders hold liabilities and shareholders hold equity. 在资产负债表的右边，债权人拥有负债，股东拥有权益。

The equity claim is "residual", which means shareholders own whatever assets remain after

deducting liabilities.

股东享有剩余财产索偿权，即仅对扣除负债后的资产享有索偿。

One, it can (or probably must) pay interest on its debt. Two, it can pay dividends to shareholders at its discretion. And three, it can retain or re-invest the remaining profits.

第一，利润可以（或者必须）用来支付债务利息。第二，公司可选择将利润用来支付股息。第三，利润可以留存或者再投资。

A balance sheet, also known as a "statement of financial position", reveals a company's assets, liabilities and owners' equity (net worth).

资产负债表，也被称为是“财务状况表”，反映了一个公司的资产，负债以及所有者权益（资本净值）。

Assets are what a company uses for its production process, while liabilities are obligations to be paid to outside parties.

资产就是公司用于生产活动的资金，而负债是要支付给外部主体的债务。

Owners' equity, referred to as shareholders' equity in a publicly traded company, is the amount of money initially invested into the company plus any retained earnings, and it represents a source of funding for the business.

所有者权益，也指上市公司的股东权益，它等于公司的初始投入资金加上留存收益，表示企业资金的来源之一。

Three types of assets are included in the balance sheet: current assets, fixed assets and intangible assets.

资产负债表中包含三种资产：流动资产，固定资产，和无形资产。

Current assets have a life span of one year or less, meaning they can be converted easily into cash. Such assets are cash and cash equivalents, accounts receivable and inventory.

流动资产的期限为一年或一年以下，说明它们能够很容易的转换为现金。这些资产包括现金和现金等价物，应收帐款以及存货。

If a company is manufacturing a product, the inventory is divided into three different stages: raw materials, work-in-progress (WIP) and finished goods.

如果公司是制造企业，存货分为三个不同的阶段：原材料，在制品，产成品。

Current liabilities include such items as dividends payable, accounts payables (what the company owes to suppliers for buying raw materials or retail products on credit), interest payments on long-term debt and taxes payable.

流动负债包括应付股利，应付帐款（公司购买原材料欠供应商的货款，或者利用商业信用赊购的商品），长期债务利息支出以及应付税金。

If, at the end of the fiscal year, a company decides to reinvest its net earnings (after taxes) into the company, the retained earnings will be restated from the income statement onto the balance sheet here.

如果，在财政年度末，公司决定将其税后净利润用于再投资，留存收益将会从利润表中调整到资产负债表。

While the balance sheet states a company's assets and liabilities, the income statement (IS), also referred to as a profit and loss statement (P&L), shows a company's revenues and expenses for a given period of time.

资产负债表说明了公司的资产负债情况；利润表，也称为损益表，则反映了一段时间内公司的收入与支出状况。

The income statement divulges a company's profitability, which reflects the company's

performance and how much income can be reinvested into the company or passed onto investors in the form of dividends.

利润表反映了公司的盈利状况，表明公司的业绩以及有多少收入可以用来再投资或者以股利的形式发放给股东。

Whether it's because of the way a company defines a certain transaction, or because of the nature of the industry in question, income statements will vary in the amount of information they detail.

不论按公司自有的核算方法，还是按行业准则计算，利润表会在细节部分有所不同。

The higher the gross profit, the more money available for reinvestment into the company for research and development (R&D), marketing, expansion, other investments and dividends paid to the investor.

毛利润越高，公司就有更多的可用资金再投入到产品的研发，营销，扩大市场，其他投资项目及股利发放。

A diminishing gross profit could be the result of poor management not taking advantage of cheaper suppliers, for example, or a reduction in sales due to oversupply in the market.

例如，毛利润的减少，可能是由于管理不善，没有充分利用廉价的商品供应商，或是因为市场上供给过剩导致销量下降。

Depreciation is the annual amount deducted from tangible assets (such as heavy machinery used in the production of goods), representing the life span of the machine in question.

折旧是有形资产（比如用于商品生产的重机械设备）每年的减少值，代表机器设备的使用寿命。

The idea is that the usefulness of a machine lessens with use over the years, and therefore becomes a loss from the initial value of the machine upon its purchase.

折旧意味着随着机器的使用，减少的使用价值，因此为初始购买价值的损失。

参考译文

第八章财务报告

财务报告描述了贯穿于业务中交易活动。每笔交易或交换，例如，销售额或租用物品的用途，都有助于财务报告的构建。让我们通过以下现金交易的流动来进一步了解财务报告。，我们将通过四个主要步骤来阐释财务报告

1、股东以及债权人为公司提供资金。

2、资金的提供者在公司享有要求权。资产负债表是一个随时更新公司投入商业活动的资金状况的记录。在资产负债表的右边，债权人拥有负债，股东拥有权益。股东享有剩余财产索偿权，即仅对扣除负债后的资产享有索偿。那些用来购买资产的资金，被列在资产负债表的左边。一些资产是具有流动性，像存货，而长期资产则如机器设备。

3、这些资产被用来创造当年的现金流动。进程的开始是出售所有权和发行新债来增加现金。然后，公司再通过购买资产将这些钱投其所用以（建造或购买）存货。这些存货将帮助公司获得销售收入(产生收入),大多数收入被用来支付经营费用，包括工资在内。

4、支付过费用(和税收)后，公司利润可作三件事情。第一，利润可以（或者必须）用来支付债务利息。第二，公司可选择将利润用来支付股息。第三，利润可以留存或者再投资。留存盈利（净利润）增加所有者权益的账户值（留存收益）。理论上，这些再投资资本是为股东利益而持有的并且以更高的股价反映出来. 这种交易活动中的基本现金流动引入了两种财务报表：资产负债表和现金流量表。通常说，资产负债表是年底的静态财务反应。

资产负债表

资产负债表，也被称为是“财务状况表”，反映了一个公司的资产，负债以及所有者权益（资本净值）。它连同损益表、成为任何公司财务报表的主要构成。如果你是一个公司的股东、了解资产负债表是如何构建并且能够读懂它，是至关重要的。

资产负债表是如何工作的

资产负债表根据以下等式被分为两部分，等式两边必须相等：资产=负债+所有者权益，也就是说资产，或者以产品的形式，可通过公司的金融债务和维持其营运的资金达到平衡。

资产就是公司用于生产活动的资金，而负债是要支付给外部主体的债务。所有者权益，也指上市公司的股东权益，它等于公司的初始投入资金加上留存收益，表示企业资金的来源之一。资产负债表记载着在某一时点（通常是某天）的数据，通常大多数是在企业的财政年度的最后一天，12月31日。

资产的类型

流动资产

资产负债表中包含三种资产：流动资产，固定资产，以及无形资产。流动资产有一年或少于一年的使用期，也就是说他们能够很容易的转换为现金。这些资产是现金或者现金等价物，应收帐款以及存货。它们全是短期的，高流动性的，极易转化为现金并且能作为货币使用的。

现金，最基本的流动资产，包括非限定性的银行账户和支票。现金等价物是像股票以及其他货币市场工具，如美国国债，能很快的变现为现金。

应收帐款是顾客对公司的短期债务。对于销售货物的应收帐款，公司希望从顾客那里每月收到分期付款，而对于提供劳务的应收帐款则表现为每月收取服务费的形式。

最后，存货代表目前生产的可用材料数量，如果公司是制造企业，存货分为三个阶段：原材料，在产品，产成品. 对商品流通企业来说，存货包括从制造商那里买来的商品以及即将对外销售的商品。

长期资产

长期资产，也称为固定资产，有超过一年的使用期。他们包括像机器，电脑，厂房建筑以及土地这样的有形资产.它们要计算折旧，并且从资产中扣除。长期资产也可以是无形资产，像网络信息，或者专利权，著作权。然而，事实上这些资产并不是物质的，他们通常是关系公司生存与否的无形资源，如商誉价值，使不能低估的。

负债的种类

在资产负债表的另一边是负债。即公司对外的债务。像资产，它们既有流动负债，又有长期负债。长期债务是超过一年的债务。典型的流动负债是在一年或一年之内偿还，因此通常用流动资产偿还流动负债。正因为用流动资产偿还流动负债，所以两者之间的比例是相当重要的:公司应该持有足够的流动资产来偿还流动负债。流动负债包括应付股利，应付帐款（公司购买原材料向供应商欠的货款，获依靠商业信用获得赊购的商品。）长期利息支出以及应付税金。

所有者权益

所有者权益是最初投入公司的资金。如果，在财政年度末，公司决定将其税后净利润用于再投资，留存收益将会从描述收入的利润表中调整到资产负债表。两个数字和代表了公司总的资本净值。为了维持资产平衡表平衡，总资产这边必须等于另一边的负债加上所有者权益。下面看一个事例；阐释了资产与负债，及所有者权益之间的平衡关系。

XYZ公司的资产负债平衡表

2005年12月31日

(所有的数据都是用美国美元表示)

资产2005 负债及所有者权益2005

流动资产5,000,000 流动负债

现金500,000 应付帐款4,000,000

国库卷1,000,000 应付红利2,000,000

应收帐款7,000,000 应付税金3,000,000

流动资产总计13,500,000 流动负债总计9,000,000

存货长期负债

原材料825,000 长期银行借款5,000,000

在产品750,000 负债总计14,000,000

产成品1,200,000 所有者权益

存货总计2,775,000 股本20,000,000

长期资产留存收益28,275,00

土地30,000,000 净收益总计48,275,000

设备20,000,000

折旧-5,000,000

无形资产

专利1,000,000

长期资产总计46,000,000

资产总计62,275,000 负债及净收益总计62,275,000

阅读资产负债表

当我们看一张资产负债表时，我们要知道怎样分析这些数据。财务比例可从负债表中计算出来，同时也有助于投资者了解负债状况以及公司未来的增长潜力。像流动比率（流动资产比流动负债）,它反映公司偿还短期债务的能力，如果流动比例是1.5，说明XYZ公司不仅流动性很高，而且发展很健康有足够能力偿还债务，而不是贷款偿还。同时，还告诉我们，该公司能够用再投资利润融通资金而不是通过举债。投资者利用此表与同行业的其他公司相比后，才能决定哪家公司是最好的投资选择。如果跟平均行业水平比，低流动比率则意味着公司可能有流动性问题。

另一个有效比率是财务杠杆(长期债务比总资产净值)，它反映了公司是如何利用配置资产的，是用债务融资还是用留存收益。如果公司有由较高的杠杆作用，或者说有大量的债务，则意味着公司可能在未来融资中遇到麻烦，因此，极有可能趋于破产。

了解利润表

资产负债表虽指明了公司的资产和负债，利润表，同样可称为损益表，反映了一段时间内公司的收入与支出。利润表公布公司的盈利状况，也反映了公司的业绩和公司可用的再投资资金或者可发放给股东的股利。.

科目

损益表涵盖了特定的一段时间。通常在财务周期末或财政年度末结算。报表越详细，其使用透明性也越高。在标准的损益表中，这些科目之所以这样列示是为了使读者明白公司所代表的财务实力是根据这些科目计算出来的。

不论按公司自有的核算方法还是按行业准则计算，利润表始终会与细节部分有所不同。然而，公认会计准则，是会计业的行业标准，要求企业努力沿用，以便每年的利润表能够与同行业的其他公司进行比较。为了进一步理解利润表，让我们来学习以下重要的会计科目：主营收入，这是公司全部的商品销售总额和提供劳务的所得收入

销售成本–这是公司为生产商品或出售劳务所花费的成本费用。这些费用包括原材料费用，制造费用，和劳务报酬（但不是工资）销售成本要从工资中扣除以达到实现毛利润。

优秀的经理会努力在保证商品和服务质量的同时将销售费用降到最低。

毛利润，在营业收入中扣除销售成本后，将得到毛利润，报表的使用者将了解公司到底从主营业务中赚取了多少利润。毛利润越高，公司就有更多的可用资金再投入到产品研究与开发，营销，扩大市场，和其他投资及股利发放。例如，科研开发的投入不断加大，会长期有效的较少销售成本。对于投资者而言，了解毛利润的来源是非常重要的。毛利润减少，可能是由于管理不善，没有充分利用廉价的商品供应者，还有可能是因为市场上供给过剩带来的销售额递减。另一方面，销售额增加，代表了对于季节性商品的不断需求。(如在雨季，雨伞的销售)

·营业费用-包括研发费，市场营销费，工资或租金。所有正常的日常经营费用都记入这个科目。

·折旧，折旧是有形资产每年的减值（像用于商品生产的重机械设备），它代表机器规定的使用寿命。折旧意味着机器失去使用价值或减少使用价值，因此与当初购买时相比，是一项损失。有很多不同的方法计算折旧。.

·营业收入–在从毛利润中扣除营业费用的折旧后，我们得到营业利润。它所代表的收入是主营业务收入减日常经营费用，再减有形资产折旧。营业利润对投资者来说非常重要，因为它表明了一个公司是否在盈利的基础上经营的。低营业收入会引起如下问题：是不是在市场营销和工资方面花费太多，或者机器是不是过度的滥用了，使其折旧率大于正常的必要折旧率。

·其他业务收入–不是由主营业务所获得收入成为营业收入。这包括像投资中的资本利得（损失）一样, 外汇汇兑收益，或出租财产的收益，这些收入有可能是按期得到（像每年的股利收入）, 但它仍属于其他业务收入，因为它是营业之外的业务活动所带来的收入.营业收入加上其他业务收入（或减去其他业务损失），用以核算下面所说的息税前利润。

·额外收入–这项收入通常与其他业务收入一起核算，但是可以单独列示，因为它所代表的利润或损失是非定期发生的，甚至不是以年为基准。由于网络病毒导致网络故障所带来的损失和自然灾害造成的损失就是个例子。额外收入在营业收入中的增减取决于公司盈利与否，从而计算息税前利润。

·息税前利润-如果公司本年没有其他收入或非常收入，息税前利润就等于营业收入，它标志着公司用本年收入支付债务利息的能力（如债券利息或银行贷款利息）·利息支出- 利息支出是公司向债券人所必需支付的利息。可能是向债券持有人或银行支付，从息税前利润中扣除利息支出就是净利润。

·税前净利润-

这个数据是根据计算得出的，因为通常公司都会推迟税金支付。像这样，公司用其支付特定时期税金的资金称为税前利润。

·税金-

这包括所有公司必须支付的收入所得税。它是由部分收入产生的，因此每年的税金是不同的。这项税收要从税前净利润中扣除从而得到税后净利润。

·税后净利润，

这是当所有的义务支付履行后留存的利润。.对于股东来说是个重要数据，因为它反映了公司能够分配给股东或对未来再投资的最终收入。

·股利分配-

如果公司决定当年分配给股东红利，那么股利分配就产生了这比费用是从税后净利润中扣除的.

·留存收益–这是在股利分配后留存的利润。这比资金即可以用于未来的商业活动，又能用于未来企业的再投资。如果公司分配红利，则是收入导向型。如果公司用税后利润再

投资，则是增长导向型，不论哪种方式，了解公司的政策和目标对投资者来说是及其重要的，以便将净利润以他们满意的方式运用。

简单的利润表

下面让我们看一张简单的xyz公司2004年至2005年度利润表（圆括号内的是支出）

ABC公司的利润表

FY2004-2005

(Figures USD) 2004 2005

主营业务收入1,500,000 2,000,000

营业成本(350,000) (375,000)

总利润1,150,000 1,625,000

营业支出(175,000) (200,000)

折旧(60,000) (60,000)

营业收入915,000 1,365,000

其它收入（利息收入）40,000 60,000

额外收入- (15,000)

息税前收入955,000 1,410,000

利息支出(50,000) (50,000)

税前净利润905,000 1,360,000

税金(10%) (90,500) (136,000)

税后净利润814,500 1,224,000

股利支付- (100,000)

留存收益814,500 1,124,000

既然我们了解了利润表，就能从以上的例子中推断出从2004至2005年，该公司在不断努力提高销售收入，相应地也在减少销售成本。同时，其营业费用会增加，这也是该公司在2004年没有分配股利的一个反映，取而代之，该公司将其留存利润再投资于科技研发，从而在销售额上获得了更大的收入。

我们还可以看到息税前利润在不断增长，暗示了资本市场在不断增长，或者公司的投资力度在不断加大。利息支出仍然不变，说明公司每年按时偿还有固定利息的贷款。收入所得税，税率为10%，随着每年销售利润的增长而增长。

至2005年底，公司实现了利润增长50%。这也许会影响收入导向型公司在实现上年再投资利润后，决定在2005年分配股利这一决定。.

Answers for Chapter 8

ⅠAnswer the following questions in English:

1. In what section of the balance sheet would one find patents and trademarks?

Patents and trademarks can be found in section intangible section.

2. Which depreciation method bases depreciation expense for a given period on actual use?

The Straight-line depreciation method bases depreciation expense for a given period on actual use.

3. Which financial statement is prepared as of a particular date rather than for a period ending on

a particular date?

The balance sheet is prepared as a particular date.

4. Who has the primary responsibility for the financial statements?

Manager has the primary responsibility for the financial statements.

5. At what value is land used in a business shown on the balance sheet?

Land is shown on the balance sheet at historical value.

6. Which of the following results from using the LIFO method of inventory cost flows during a period of inflation?

The result is higher costs of goods sold by using the LIFO method of inventory during a period of inflation.

7. What reflects the net tax effects of the temporary differences between the carrying values of assets and liabilities for financial reporting purposes and amounts used for income tax purposes? The deferred income taxes result from temporary differences in taxable and financial statement income.

8. What is the cost of a fixed asset less its accumulated depreciation?

It is the net value of the fixed assets.

9. How are held-to-maturity securities reported on the balance sheet?

It is reported as current assets on the balance sheet.

10. How many types of inventories does a manufacturing firm list on its balance sheet?

There are three types of inventories that the manufacturing firm list on its balance sheet. Such as raw material, working-in-process and finished products.

11. What does the FIFO inventory method assume about the first units purchased?

The FIFO inventory method assumes that the first units purchased should be first in use in order to reflect the historical cost of goods sold.

12. What does a company record when it receives a cash payment for services before it performs the services?

The company should record it as a liability (unearned revenue) increased and meanwhile cash increased.

Dr. Cash Cr. Liability (Unearned revenue)

ⅡFill in the each blank with an appropriate word or expression:

1. Basic earnings per share are computed by dividing net income by number of outstanding shares.

2. Financial statements must be prepared in accordance with generally accepted accounting principles.

3. The annual depreciation expense using the double-declining-balance method is equal to multiply the twice of straight-line rate by the book value at the beginning of the year.

4. Financial instruments that derive their value from an underlying asset or index are called Derivatives.

5. Accounts receivable are reported on the balance sheet at their net realizable value.

6. The book value of property, plant, and equipment is the purchase price minus accounting depreciation expense.

7. The reporting of inventory values at the lower of cost or market reflects the accounting principle or convention of historical.

ⅢTranslate the following sentences and passage into English:

1. 公司财务报表既反映了公司的财务状况，同时也是公司经营状况的综合反映。因此，通过分析公司财务报表，就能对公司财务状况及整个经营状况有个基本的了解。

Corporate financial statements reflect a company’s financial position and serve as the comprehensive reflection of a company’s operating condition. Therefore, through analysis of the corporate financial statements, we can obtain a basic understanding of the company’s financial position and the entire operating condition.

2. 分析公司财务报表可以掌握反映公司经营状况的一系列基本指标和变化情况，了解公司经营实力和业绩，并将它们与其他公司的情况进行比较，从而对公司的内在价值做出基本的判断。

Through analyzing corporate financial statements, we can know a series of basic indicators reflecting company’s operating condition and their changes, understand the company’s operating strength and performance and compare these indicators with those of others to obtain basic features on company's intrinsic value.

3. 按有关规定，上市公司应将其中期财务报表(上半年的)和年度财务报表公开发表。这样，一般投资者可从有关报刊上获得上市公司的中期和年度财务报表。

According to the request, listed companies should publish their interim financial statements (the first half of the year) and annual reports so that general investors can read interim financial statements and annual reports of listed company in public media.

4. 公司中期报表较为简单，年度报表则较为详细，但上市公司的各种财务报表至少应包括两个基本报表，即资产负债表和利润及利润分配表。

An interim report is simpler, while an annual report is more detailed, but at least, financial statements of listed companies should at least include two basic financial statements: balance sheet and income statement.

5. 资产负债表是一张静态报表，反映了该报表截止时间时公司的资金来源及分布状况。对该表的基本分析内容包括了解分析公司当时的财务结构、经营能力、盈利水平和偿债能力Balance sheet is a static statement, which reflects the sources the distribution of funds of a company at the end of a year. Basic analysis of the statement includes the analysis on the company’s financial structure, operating strength, profitability and ability to reduce debt.

6. 对财务状况的分析不能静态地看一个数据或一张报表的内容，而应将各种财务数据结合起来综合分析才能看出问题的实质。

In financial analysis, the essence can only be found through comprehensive analysis on all financial data, instead of through static judgments on a single number or a sheet only.

ⅣTranslate the following sentences and passage into Chinese:

1. The significance of transparent, timely and reliable financial statements and its importance to investor protection has never been more apparent.

财务报表的透明，实时和可靠和对投资者保护的重要性在今天显得尤为明显。

2. If a company fails to provide meaningful disclosure to investors about where it has been, where it is and where it is going, a damaging pattern ensues.

如果公司不能披露诸如公司取得什么成绩,正在做什么和将要做什么等有意义的信息给投资者,公司将面临困难局面。

3. The bond between shareholders and the company is shaken; investors grow anxious; prices fluctuate for no discernible reasons; and the trust that is the bedrock of our capital markets is severely tested.

如果股票持有人与公司间的信誉关系不稳固,投资者就会增加忧虑,进而导致不明原因的价格波动,资本市场的根基-信誉将受到严峻地考验.

4. When we look at the balance sheet we need to know how to assess the numbers. Financial ratios

can be calculated from the balance sheet, and these help the investor understand the state of liquidity and growth potential of the company in question.

在查阅资产负债表时我们需要知道如何评价这些数据,借助于资产负债表中的数据我们可以计算出财务比率,这些财务指标有助于投资者了解公司在资金的流动性和增长潜力等方面的情况.

5. A balance sheet, also known as a "statement of financial position", reveals a company's assets, liabilities and owners' equity (net worth).

资产负债表,通常被认为财务状况变动表,它揭示了公司的资产,负债和所有者权益(净值). 6. The income statement covers a specific period of time. It is usually released every financial quarter, and at the end of the fiscal year (FY).

损益表揭示了一个特定时间周期的收益数据, 损益表通常在每个财务季度和财务年度末公布.