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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�Sold
GROSS�PROFIT� Operating�Expenses
OPERATING�INCOME�(EBIT)� Interest�Expense
EARNINGS�BEFORE�TAXES�(EBT)� Income�Taxes
EARNINGS AFTER TAXES (EAT)EARNINGS�AFTER�TAXES�(EAT)� Preferred�Stock�Dividends� NET INCOME AVAILABLE� NET�INCOME�AVAILABLE
TO�COMMON�STOCKHOLDERS
SALESC t f G d S ld
Income�Statement� Cost�of�Goods�Sold
GROSS�PROFIT� Operating�Expenses
OPERATING�INCOME (EBIT)� Interest�Expense
EARNINGS�BEFORE�TAXES�(EBT)� Income�Taxes
EARNINGS AFTER TAXES (EAT)EARNINGS�AFTER�TAXES�(EAT)� Preferred�Stock�Dividends� NET INCOME AVAILABLE� NET�INCOME�AVAILABLE
TO�COMMON�STOCKHOLDERS
SALESC t f G d S ld
Income�Statement� Cost�of�Goods�Sold
GROSS�PROFIT� Operating�Expenses
OPERATING�INCOME�(EBIT)� Interest�Expense
EARNINGS�BEFORE�TAXES�(EBT)� Income�Taxes
EARNINGS AFTER TAXES (EAT)EARNINGS�AFTER�TAXES�(EAT)� Preferred�Stock�Dividends� NET INCOME AVAILABLE� NET�INCOME�AVAILABLE
TO�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.