Domina las habilidades técnicas necesarias para analizar estados financieros y declaraciones. Después podrás aplicar estas habilidades a un reto empresarial del mundo real como parte de la Programa Especializado de Fundamentos Empresariales de Wharton.
2.6: Compañía 3M: Estado de Resultados y Hoja de Balance
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來自 University of Pennsylvania 的課程
Introducción a la Contabilidad Financiera
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從本節課中
Semana 2: Contabilidad Devengada y Estado de Resultados
Comenzaremos con una discusión acerca de la contaduría de acumulación y como afecta el reconocimiento de las cuentas de estados de ingreso: Ganancias y Gastos. Luego, cubriremos las entradas de ajuste, las cuales se necesitan para preparar los libros internos de los estados financieros futuros. Finalmente, discutiremos las entradas de cierre y la preparación de la hoja de balance y del estado de ingreso. En cada etapa, continuaremos trabajando en el caso de la nueva compañía. Y si no están cansados hasta el hastío de las entradas en su diario, entonces ¡no he hecho bien mi trabajo!
與講師見面
Brian J BusheeThe Geoffrey T. Boisi Professor
Accounting
Hello I'm professor Brian Bushee and welcome back.
Our trip around the accounting cycle has culminated in the preparation of the first
two financial statements.
The income statement and the balance sheet.
As is our custom, we'll end the week by taking a look at the 3M company
annual report to see what their income statement and balance sheet look like.
So without further adieu, let's look at 3M's annual report.
Let's start with 3M's income statement which is on page 46 of their
annual report.
And to make this interesting,
why don't we just compare this directly to what we did for Relic Spotter.
So over here is the Relic Spotter income statement that we prepared, and
we'll just compare it directly to the 3M company.
So we started out with net revenue as the top line,
broke it into the two segments, 3M just gives us one line for net sales.
Then we have the cost of revenues, or cost of goods sold.
Again, 3M just has one line item.
We had selling, general, and administrative expenses.
3M has that as their next item.
Again, only one line item.
They also have R & D, which we didn't have as Relic Spotter.
Just let me delete that so that goes away.
They also had R & D which we did not have in Relic Spotter.
That is operating income, and we see the same thing on the 3M financial statements.
So so far we're seeing the same items in the same order,
there's just a lot more detail in Relic Spotter.
Below the operating income line we get to interest revenue and interest expense.
Same thing for 3M.
Then we have pre-tax income, income tax expense, net income.
And you see the same order for 3M.
The only thing is they have this non-controlling interest which
we'll talk about later in the term.
Now, you may be wondering how can a big multinational company like 3M,
producer of Post-It Notes and Scotch tape and all sorts of other cool stuff, get
away with providing less information in their income statement than Relic Spotter.
Well as it turns out, 3M is going to provide more information.
It's just not shown on the face of the income statement.
If we go back to that MD&A section, Management Discussion and Analysis, so
this is back on page 18 of the report, we'll find that here is where 3M gives us
a lot more detail about their income statement.
So here's net sales.
They give us U.S. versus international.
They tell us how much of it is price versus volume growth,
how much of it is organic versus acquisitions.
They give you some geographic and product segment information, and
they'll give you more of that.
I'll show you in a second.
For operating expenses,
like cost of sales, they give you a whole paragraph explaining what happened.
So it includes manufacturing, engineering, and freight costs.
One of the effect that changes year on year was the impact of selling price,
raw material, cost changes.
Same thing with SGNA.
They don't quite give you the same detailed breakdown of the components,
but they do talk about how different line items change, like pension expense,
restructuring expenses, cost control and productivity efforts.
So you're getting more detail on the line items here,
that you didn't see on the income statement.
Same thing with interest income and interest expense, income taxes.
And then as I mentioned, they go through each segment,
and for each segment like industrial and transportation business, healthcare
business, consumer and office business, so this is the Post-it Note segment.
Safety, security, and protection services.
Maybe this is Post-it Notes, but in each case they're giving you the sales by
the segment, operating income by segment, and some details about what happened.
So we do actually get more of the information than we see on the income
statement, but you have to dig into a different part of the report to find it.
Now let's take a look at the balance sheet which is on page 48 of the 3M 10K.
And again, we will compare it to our Relic Spotter balance sheet.
So this is as of December 31st point in time.
Always start with cash, that's the most liquid asset.
3M also has marketable securities, which are very liquid.
So things like security slip deposit.
Counts receivable comes next on both Statements.
3M talks about allowances.
In a couple weeks, we'll talk about what these allowances for
accounts receivable mean.
Then we had inventory.
We also see inventories for 3M.
As a manufacturing company they have different categories of inventory.
We'll talk about that in about three weeks.
We have things like prepaid interest receivable, notes receivable.
3M just lumps those into other current assets.
Then, for non-current assets we have land building,
metal detectors accumulation depreciation PPME.
If we look at 3M, they have their PPME at cost in one line,
less accumulated depreciation to get the net.
So it's the same treatment of original cost
minus total depreciation gives you net that we saw with Relic Spotter.
Just with Relic Spotter we got a little more detail on the makeup of the PPME.
And then for intangible assets,
we just have software, 3M has a lot more of goodwill, intangible assets nets,
prepaid pensions and the always popular other assets.
In terms of liabilities, we had accounts payable, interest payable,
income taxes payable, unearned revenue for Relic Spotter.
We can find similar things for 3M, accounts payable, accrued payroll,
accrued income taxes.
Accrued income taxes is another way of saying income tax is payable.
So accrued means the same thing as payable.
Do they have an other current liabilities,
which presumably will have have some of these other liabilities in there.
We had one long-term debt mortgage payable.
Here 3M has their long-term debt.
As I talked about in the prior video you could also put the current portion of that
in current liabilities as 3M does.
Gets us down to total liabilities for 3M after there's a couple other
liabilities that we didn't have for Relic Spotter.
And then finally for shareholders' equity we had common stock, APEC and
retained earnings.
So 3M common stock, notice it's a really small balance because their par value is
really small, basically only one cent per share.
So almost all of their contributed capital goes into APEC.
Then they have retained earnings, and
I think I said last video that retained earnings always comes last.
Well, it didn't take long to find an exception to that.
3M lists treasury stock and
accumulated other comprehensive income after retained earnings.
We'll talk about what these two items are, we'll talk about these two items much,
much later in the course.
There's also this non-controlling interest stuff which we'll talk about later, but
then bottom line, total liabilities in stock holders equity.
And in Relic Spotter our assets equaled are liabilities plus equity.
And the same thing for 3M,
no matter how big the company is the two have to be equal.
Wow, what a mess.
So now you may be wondering,
let's say I really need to know about prepaid assets for 3M.
Is there anywhere I can find them, because I can't just go with this other current
assets, because it's not going to tell me what I need to know about prepaids.
In footnote four of the 10K which is on page 66.
3M provides some more detail on the balance sheet.
So basically they break down some of those line items like other current assets,
other assets, and property plant equipment so
that we can see are prepaid expenses which we didn't see on 3M's balance sheet
was included in this total for other current assets.
Property, plant and equipment at cost, so the original cost.
Here 3M provides us the breakdown the land, buildings, machinery,
construction leases to get the gross property, plant, equipment.
That's PPE and cost.
Same thing with other current liabilities.
We get a breakdown into other kinds of payables.
So there's other kind of trade payables, derivative liabilities,
restructuring, employee benefits and so forth.
So what 3M decided to do was, instead of making their balance sheet two or three
pages, they put as few lines as they could get away with on their balance sheet and
then provided a foot note which gave us a breakdown of some of the other line items.
Now there's not a section in the MDNA talking about these assets and liabilities
in more detail because basically the footnotes tend to be oriented around a lot
of these accounts and so we see more detail in the footnotes.
So for example here's note 3, goodwill and intangible assets, this will tell
us everything we need to know, hopefully, about goodwill and intangible assets.
So the additional balance sheet information that we get we can usually
go through the footnotes and dig it out.
And so that's what we see for the balance sheet and the income statement for
the 3M Company.
So that's a wrap for week two.
I hope to see you again next week, where we'll talk about preparing the statement
of cash flows, the third of the four major financial statements.
I'll see you then.
