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analysisoffinancialstatement.doc

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Analysisoffinancialstatements Financialstatementanalysisusesratioscalculatedfromacompany’sincomestatementandbalancesheettoevaluatethecompany.Theseratiosarecomparedwiththeratiosfrompreviousyearstoassesstrendsintheperformanceofthecompany.Ratiosarealsocomparedwiththoseofotherfirmsandtheoverallindustrytoassesstherelativeperformanceofthecompany.Financialstatementanalysisisakeyelementinsecurityanalysisandvaluation.Financialdataisconvertedintoratiostomakethemeasiertoanalyze. Comparisonbetween:Thisyearandpreviousyears Thiscompanyandothercompanies Thiscompanyandtheoverallindustry Calculationandinterpretationoffinancialratios Ratioscanbeusedtoevaluatefivedifferentaspectsofacompany’sperformanceandcondition: Internalliquidity Operatingperformance(operatingefficiency&operatingprofitability) Riskanalysis Growthpotential Externalliquidity Evaluatinginternalliquidity Liquidityratiosindicatetheabilityofthecompanytopayitsshort-termliabilities. Thecurrentratio Thehigherthecurrentratio,themorelikelyitisthatthecompanywillbeabletopayitsshort-termdebts.Acurrentratiooflessthatonemeansthatthecompanyhasnegativeworkingcapitalanditfacesaliquiditycrisis.Workingcapitalisthedifferencebetweencurrentassetsandcurrentliabilities. Workingcapital=currentassets–currentliabilities Ageneralruleofthumbsuggeststhatthecurrentratioshouldbecloseto2. Thequickratio Thisratioisastrictermeasureofliquiditybecauseitdoesnotincludeinventoriesandotherassets(suchasprepaidexpensesandsuppliesonhand)thatmightnotbeveryliquid: Thehigherthequickratio,themorelikelyitisthatthecompanywillbeabletopayitsshort-termdebt. Thecashratio Thecashratioisanindicatorofacompany’sliquiditythatfurtherrefinesboththeHYPERLINK"http://www.investopedia.com/terms/c/currentratio.asp"currentratioandtheHYPERLINK"http://www.investopedia.com/terms/q/quickratio.asp"quickratiobymeasuringtheamountofcashandcashequivalentsthereareincurrentassetstocovercurrentliabilities. Cashequivalentsareassetsthatarereadilyconvertibleintocash,suchasHYPE