Using Analytical Review for Internal Financial Decisions and Planning for Cash

7 - 7 - 11© 2005 © 2005 Accounting 1/eAccounting 1/e, Terrell/Terrell, Terrell/Terrell

Using Analytical Review Using Analytical Review

for Internal Financial for Internal Financial

Decisions and Planning Decisions and Planning

for Cashfor CashChapter 7Chapter 7


Learning Objective 1Learning Objective 1

Identify the internal users of Identify the internal users of

analytical review techniques analytical review techniques

and the types of decisionand the types of decision

information theinformation the

techniques provide.techniques provide.


Internal Analysts ofInternal Analysts ofFinancial InformationFinancial Information

Their first objective is to ensure theTheir first objective is to ensure theintegrity of the financial statements.integrity of the financial statements.Their first objective is to ensure theTheir first objective is to ensure theintegrity of the financial statements.integrity of the financial statements.

Their second objective is to monitor theTheir second objective is to monitor theoverall performance of the business.overall performance of the business.

As financial decision makers, managersAs financial decision makers, managersshare some objectives of external analysts,share some objectives of external analysts,

but they also have distinctive objectivesbut they also have distinctive objectivesin performing financial statement analysis.in performing financial statement analysis.



Distinguish between trendDistinguish between trend

analysis and common-sizeanalysis and common-size

statement techniques.statement techniques.


Analyzing Information from Analyzing Information from Financial StatementsFinancial Statements

It also converts each element of an income statementIt also converts each element of an income statementfrom dollar amounts to percentages of sales.from dollar amounts to percentages of sales.

It also converts each element of an income statementIt also converts each element of an income statementfrom dollar amounts to percentages of sales.from dollar amounts to percentages of sales.

Trend analysisTrend analysis is a technique that indicates the is a technique that indicates theamount of changes in key financial data over time.amount of changes in key financial data over time.

A A common-size statementcommon-size statement is an analysis that is an analysis thatconverts each element of the balance sheet fromconverts each element of the balance sheet from

dollar amounts to percentages of total assets.dollar amounts to percentages of total assets.


Limitations of AnalyticalLimitations of AnalyticalReview AnalysisReview Analysis

1. The ability to predict the future1. The ability to predict the futureusing past results depends upon theusing past results depends upon thepredictive value of the information.predictive value of the information.

2. The financial statements used for the2. The financial statements used for theanalysis are based on historical cost.analysis are based on historical cost.



Perform analytical reviews Perform analytical reviews

in the forms of trend in the forms of trend

analysis and common-size analysis and common-size

statements.statements.


Consolidated StatementsConsolidated Statementsof Cash Flowof Cash Flow

Operating cash flowsOperating cash flowsInvesting cash flowsInvesting cash flowsFinancing cash flowsFinancing cash flows

Net change in cashNet change in cashCash, beg. of yearCash, beg. of yearCash, end of yearCash, end of year

$402,603$402,603(184,040)(184,040) (20,051)(20,051)

198,512198,512 21,75321,753$220,265$220,265

$165,910$165,910(160,170)(160,170) (27,545)(27,545)

(21,805)(21,805) 43,55843,558$ 21,753$ 21,753

$183,556$183,556(171,371)(171,371) (63,928)(63,928)

(51,743)(51,743) 95,30195,301$ 43,558$ 43,558

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesConsolidated Statements of Cash FlowConsolidated Statements of Cash Flow

For the Year EndedFor the Year Ended(in thousands)(in thousands)

Aug 31Aug 3120022002

Sep 1Sep 120012001

Aug 26Aug 2620002000


Consolidated StatementsConsolidated Statementsof Cash Flowof Cash Flow

Operating cash flowsOperating cash flowsInvesting cash flowsInvesting cash flowsFinancing cash flowsFinancing cash flows

Net change in cashNet change in cashCash, beg. of yearCash, beg. of yearCash, end of yearCash, end of year

$211,538$211,538 (95,330)(95,330) (24,455)(24,455)

91,75391,753 42,46842,468$134,221$134,221

$123,242$123,242 (75,783)(75,783) (23,836)(23,836)

23,62323,623 18,84518,845$ 42,468$ 42,468

$81,241$81,241(52,845)(52,845)(18,404)(18,404)

9,9929,992 8,8538,853$18,845$18,845

$110,883$110,883(123,112)(123,112) (26,691)(26,691)

(38,920)(38,920) 134,221134,221$ 95,301$ 95,301

Aug 28Aug 2819991999

Aug 29Aug 2919981998

Aug 31Aug 3119971997

Aug 31Aug 3119961996

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesConsolidated Statements of Cash FlowConsolidated Statements of Cash Flow



Trend Computations for Trend Computations for CashCash

19961996 $ 18,845 ÷ $18,845$ 18,845 ÷ $18,845

19971997 $ 42,468 ÷ $18,845$ 42,468 ÷ $18,845

19981998 $134,221 ÷ $18,845$134,221 ÷ $18,845

19991999 $ 95,301 ÷ $18,845$ 95,301 ÷ $18,845

20002000 $ 43,558 ÷ $18,845$ 43,558 ÷ $18,845

20012001 $ 21,753 ÷ $18,845$ 21,753 ÷ $18,845

20022002 $220,265 ÷ $18,845$220,265 ÷ $18,845

==

==

==

==

==

==

==

100.00100.00

225.35225.35

712.24712.24

505.71505.71

231.14231.14

115.43115.43

1,168.821,168.82

YearYear ComputationComputation Trend ValueTrend Value


Trend Balance SheetTrend Balance Sheet

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesTrend Consolidated Balance SheetsTrend Consolidated Balance Sheets

ASSETSASSETSCash and cash equivalentsCash and cash equivalentsMerchandise inventoriesMerchandise inventoriesOther current assetsOther current assetsProperty and equipment (net)Property and equipment (net)Other assetsOther assetsTotal assetsTotal assets

1168.821168.82 165.64165.64 263.07263.07 371.39371.39 301.72301.72 251.81251.81

115.43115.43155.90155.90243.95243.95314.66314.66269.73269.73200.88200.88

231.14231.14139.27139.27238.41238.41264.12264.12126.88126.88178.49178.49


Aug 31Aug 3120022002

Sep 1Sep 120012001

Aug 26Aug 2620002000




ASSETSASSETSCash and cash equivalentsCash and cash equivalentsMerchandise inventoriesMerchandise inventoriesOther current assetsOther current assetsProperty and equipment (net)Property and equipment (net)Other assetsOther assetsTotal assetsTotal assets

505.71505.71122.89122.89213.13213.13201.04201.04 96.6396.63157.18157.18

712.24712.24100.59100.59178.72178.72158.04158.04 88.1488.14135.21135.21

225.35225.35101.10101.10130.80130.80125.26125.26101.28101.28111.98111.98


Aug 28Aug 2819991999

Aug 29Aug 2919981998

Aug 31Aug 3119971997

100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00

Aug 31Aug 3119961996




LIABILITIES ANDLIABILITIES ANDSHAREHOLDERS’ EQUITYSHAREHOLDERS’ EQUITYLiabilities:Liabilities: Accounts payableAccounts payable Other current liabilitiesOther current liabilities Deferred income taxesDeferred income taxesTotal liabilitiesTotal liabilitiesShareholders’ equityShareholders’ equityTotal liabilities and equityTotal liabilities and equity

242.76242.76155.73155.73390.43390.43238.11238.11259.56259.56251.81251.81

168.75168.75162.36162.36285.84285.84175.00175.00215.53215.53200.88200.88

176.59176.59174.56174.56191.18191.18176.99176.99179.34179.34178.49178.49


Aug 31Aug 3120022002

Sep 1Sep 120012001

Aug 26Aug 2620002000




LIABILITIES ANDLIABILITIES ANDSHAREHOLDERS’ EQUITYSHAREHOLDERS’ EQUITYLiabilities:Liabilities: Accounts payableAccounts payable Other current liabilitiesOther current liabilities Deferred income taxesDeferred income taxesTotal liabilitiesTotal liabilitiesShareholders’ equityShareholders’ equityTotal liabilities and equityTotal liabilities and equity

155.92155.92173.25173.25147.66147.66160.65160.65155.22155.22157.18157.18

136.36136.36167.34167.34117.62117.62144.54144.54129.93129.93135.21135.21

105.18105.18124.46124.46106.94106.94111.21111.21112.41112.41111.98111.98


Aug 28Aug 2819991999

Aug 29Aug 2919981998

Aug 31Aug 3119971997

100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00

Aug 31Aug 3119961996


Trend Income StatementsTrend Income Statements

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesTrend Consolidated Income StatementsTrend Consolidated Income Statements

Net salesNet salesCosts and expenses:Costs and expenses: Cost of salesCost of sales Selling, general, and admin.Selling, general, and admin.Total expensesTotal expensesIncome before income taxesIncome before income taxesIncome taxesIncome taxesNet incomeNet incomeNet income/common shareNet income/common share

242.77242.77

239.30239.30229.36229.36236.47236.47345.89345.89326.61326.61358.04358.04357.14357.14

213.77213.77

210.97210.97201.82201.82208.37208.37302.15302.15285.29285.29312.78312.78314.29314.29

182.7182.7

179.63179.63170.74170.74177.10177.10274.30274.30259.03259.03283.91283.91285.71285.71


Aug 31Aug 3120022002

Sep 1Sep 120012001

Aug 26Aug 2620002000


Trend Income StatementsTrend Income Statements

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesTrend Consolidated Income StatementsTrend Consolidated Income Statements

Net salesNet salesCosts and expenses:Costs and expenses: Cost of salesCost of sales Selling, general, and admin.Selling, general, and admin.Total expensesTotal expensesIncome before income taxesIncome before income taxesIncome taxesIncome taxesNet incomeNet incomeNet income/common shareNet income/common share

160.45160.45

158.58158.58151.21151.21156.48156.48225.46225.46216.35216.35231.20231.20231.43231.43

137.75137.75

137.40137.40132.11132.11135.90135.90168.06168.06164.23164.23170.48170.48171.43171.43

116.35116.35

116.78116.78113.85113.85115.94115.94122.99122.99122.58122.58123.25123.25125.71125.71


Aug 28Aug 2819991999

Aug 29Aug 2919981998

Aug 31Aug 3119971997

100.00100.00

100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00

Aug 31Aug 3119961996


Earnings per Share (EPS)Earnings per Share (EPS)

Did EPS rise in proportionDid EPS rise in proportionto the increase in sales?to the increase in sales?

Did EPS rise in proportionDid EPS rise in proportionto the increase in sales?to the increase in sales?

A publicly traded company will carefullyA publicly traded company will carefullywatch its earnings per share.watch its earnings per share.

Did EPS rise steadily eachDid EPS rise steadily eachyear during the period?year during the period?


The Trend Cash Flow The Trend Cash Flow StatementStatement

Are the operating cash flows sufficientAre the operating cash flows sufficientto cover any negative cash flows fromto cover any negative cash flows from

investing and financing activities?investing and financing activities?

Are the operating cash flows sufficientAre the operating cash flows sufficientto cover any negative cash flows fromto cover any negative cash flows from

investing and financing activities?investing and financing activities?

The trend cash flow statement helps inThe trend cash flow statement helps indetermining the sources and uses of cash.determining the sources and uses of cash.

Are the operating cashAre the operating cashflows positive for all years?flows positive for all years?


Trend Lines of Cash FlowsTrend Lines of Cash Flows

-300-300

-200-200

-100-100

00

100100

200200

300300

400400

500500

OperatingOperatingInvestingInvestingFinancingFinancing

19961996 19971997 19981998 19991999 20002000 20012001 20022002

$ (

thou

san

ds)

$ (

thou

san

ds)

Family Dollar Stores, Inc.Family Dollar Stores, Inc.Trend Lines of Cash FlowsTrend Lines of Cash Flows


Common-Size StatementsCommon-Size Statements

These statements present the relationshipThese statements present the relationshipof data within a fiscal period.of data within a fiscal period.

To compute the common-size balance sheet,To compute the common-size balance sheet,each element of the balance sheet iseach element of the balance sheet is

shown as a percentage of total assets.shown as a percentage of total assets.


Consolidated Balance Consolidated Balance SheetsSheets

ASSETSASSETSCash and cash equivalentsCash and cash equivalents $ 220,265$ 220,265 $ 21,753$ 21,753Merchandise inventoriesMerchandise inventories 766,631 766,631 721,560 721,560Other current assetsOther current assets 68,963 68,963 63,952 63,952Property and equipment (net)Property and equipment (net) 685,617 685,617 580,879 580,879Other assetsOther assets 13,143 13,143 11,601 11,601Total assetsTotal assets $1,754,619$1,754,619 $1,399,745$1,399,745

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesConsolidated Balance SheetsConsolidated Balance Sheets


August 31August 3120022002

September 1September 120012001


Common-Size Balance Common-Size Balance SheetsSheets

ASSETSASSETSCash and cash equivalentsCash and cash equivalents 12.55 12.55 1.55 1.55Merchandise inventoriesMerchandise inventories 43.69 43.69 51.55 51.55Other current assetsOther current assets 3.93 3.93 4.57 4.57Property and equipment (net)Property and equipment (net) 39.08 39.08 41.50 41.50Other assetsOther assets 0.75 0.75 0.83 0.83Total assetsTotal assets 100.00100.00 100.00100.00

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesCommon-Size Consolidated Balance SheetsCommon-Size Consolidated Balance Sheets





Composition of AssetsComposition of Assets

Family Dollar Stores, Inc.Family Dollar Stores, Inc.Composition of AssetsComposition of Assets

0

10

20

30

40

50

60

2001 2002

Perc

en

tag

e o

f Tota

l A

ssets

CashInventoryOther currentFixed assetsOther assets


Composition of CapitalComposition of Capital

Family Dollar Stores, Inc.Family Dollar Stores, Inc.Composition of CapitalComposition of Capital

0

10

20

30

40

50

60

70

80

2001 2002

Perc

en

tag

e o

f Tota

l A

ssets

LiabilitiesEquity


Common-Size Income Common-Size Income StatementsStatements

Net salesNet sales 100.00100.00 100.00100.00Costs and expenses:Costs and expenses: Cost of salesCost of sales 66.46 66.46 66.55 66.55 Selling, general, and admin.Selling, general, and admin. 25.33 25.33 25.31 25.31Total expensesTotal expenses 91.79 91.79 91.86 91.86Income before income taxesIncome before income taxes 8.21 8.21 8.14 8.14Income taxesIncome taxes 3.00 3.00 2.97 2.97Net incomeNet income 5.21 5.21 5.17 5.17

Family Dollar Stores, Inc. and SubsidiariesFamily Dollar Stores, Inc. and SubsidiariesCommon-Size Consolidated Income StatementsCommon-Size Consolidated Income Statements






Prepare a cash flow Prepare a cash flow

statement.statement.


The Statement of Cash The Statement of Cash FlowsFlows

It helps internal and external parties to:It helps internal and external parties to:1.1. Assess a company’s ability to generateAssess a company’s ability to generate

positive future net cash flows.positive future net cash flows.2.2. Assess a company’s need for externalAssess a company’s need for external

financing and its ability to pay its debtsfinancing and its ability to pay its debtsand pay dividends.and pay dividends.

3.3. Assess a company’s overall financial health.Assess a company’s overall financial health.4.4. Reconcile the differences between net incomeReconcile the differences between net income

and the change in cash.and the change in cash.


The Statement of Cash The Statement of Cash FlowsFlows

Operating activitiesOperating activities(income statement items)(income statement items)

Investing activitiesInvesting activities(long-term asset items)(long-term asset items)

Financing activitiesFinancing activities(long-term liability and(long-term liability and

stockholders’ equity items)stockholders’ equity items)


Direct Method versusDirect Method versusIndirect MethodIndirect Method

The The indirect methodindirect method begins with net begins with netincome and adjusts it for all itemsincome and adjusts it for all itemsthat did not generate or use cash.that did not generate or use cash.

The The indirect methodindirect method begins with net begins with netincome and adjusts it for all itemsincome and adjusts it for all itemsthat did not generate or use cash.that did not generate or use cash.

The The direct methoddirect method presents the amount presents the amountof cash inflows from customers, interestof cash inflows from customers, interest

earned on loans, and dividends received andearned on loans, and dividends received andthe cash outflows for merchandise, wages,the cash outflows for merchandise, wages,operating expenses, taxes, and interest.operating expenses, taxes, and interest.



Direct method:Direct method:Operating activities:Operating activities:Cash received from customersCash received from customers $455,000$455,000Cash paid for:Cash paid for: MerchandiseMerchandise $160,000$160,000 Operating expensesOperating expenses 150,000 150,000 Income taxesIncome taxes 21,000 21,000 331,000 331,000Cash provided by operating activitiesCash provided by operating activities $124,000$124,000

Jason’s Furniture Gallery, Inc.Jason’s Furniture Gallery, Inc.Partial Statement of Cash FlowsPartial Statement of Cash Flows

For the Year Ended December 31, 2004For the Year Ended December 31, 2004



Indirect method:Indirect method:Operating activities:Operating activities:Net incomeNet income $ 41,000$ 41,000Adjustments:Adjustments:

DepreciationDepreciation $15,000$15,000Loss on sale of equipmentLoss on sale of equipment 8,000 8,000

Deduct: Gain on sale of securitiesDeduct: Gain on sale of securities (25,000)(25,000)Decrease in inventoryDecrease in inventory 45,000 45,000Increase in accounts payableIncrease in accounts payable 40,000 40,000 83,000 83,000Cash provided by operating activitiesCash provided by operating activities $124,000$124,000

Jason’s Furniture Gallery, Inc.Jason’s Furniture Gallery, Inc.Partial Statement of Cash FlowsPartial Statement of Cash Flows

For the Year Ended December 31, 2004For the Year Ended December 31, 2004


Preparing the Statement of Preparing the Statement of Cash Flows: Indirect MethodCash Flows: Indirect Method

Cash + Other assets = Liabilities + EquityCash + Other assets = Liabilities + Equity

Cash + Cash + Other assets = Other assets = Liabilities + Liabilities + EquityEquity

Cash = Cash = Liabilities + Liabilities + Equity – Equity – Other assetsOther assetsCash = Cash = Liabilities + Liabilities + Equity – Equity – Other assetsOther assets



Step 1:Step 1:Gather the information neededGather the information needed

to prepare the statement:to prepare the statement:

a.a. Consecutive, comparative balance sheetsConsecutive, comparative balance sheetsb.b. The income statement for the periodThe income statement for the period

between the two balance sheetsbetween the two balance sheetsc. Any information needed aboutc. Any information needed about

noncash transactionsnoncash transactions



Step 2:Step 2:Determine the net change in eachDetermine the net change in each

account of the balance sheetaccount of the balance sheet

Step 3:Step 3:Complete the operating activities section.Complete the operating activities section.

Step 4:Step 4:Complete the investing activities section.Complete the investing activities section.



Step 5:Step 5:Complete the financing activities section.Complete the financing activities section.

Step 6:Step 6:Add the operating, investing, and financingAdd the operating, investing, and financingactivities to derive the net change in cash,activities to derive the net change in cash,

and add it to the beginning balanceand add it to the beginning balanceto derive the ending balance.to derive the ending balance.



Cash flows from operating activities:Cash flows from operating activities:Net incomeNet income $ 63,181$ 63,181Adjustments:Adjustments:

Depreciation expenseDepreciation expense $17,800$17,800Amortization expenseAmortization expense 1,022 1,022Increase in accounts receivableIncrease in accounts receivable (9,450) (9,450)Increase in inventoriesIncrease in inventories (35,803) (35,803)Increase in prepaid expensesIncrease in prepaid expenses (17,000) (17,000)Increase in other accounts payableIncrease in other accounts payable 6,942 6,942Increase in accounts payableIncrease in accounts payable 13,772 13,772Increase in interest payableIncrease in interest payable 6,000 6,000Increase in taxes payableIncrease in taxes payable 42,120 42,120 25,403 25,403

Net cash provided by operating activitiesNet cash provided by operating activities $ 88,584$ 88,584

Jason’s Furniture Gallery, Inc.Jason’s Furniture Gallery, Inc.Statement of Cash FlowsStatement of Cash Flows

For the Year Ended May 31, 2004For the Year Ended May 31, 2004



Cash flows from investing activities:Cash flows from investing activities:Purchase of equipment and furniture $(43,100)Purchase of equipment and furniture $(43,100)Investment in intangible assetsInvestment in intangible assets (13,100) (13,100)

Net cash used by operating activitiesNet cash used by operating activities (56,200) (56,200)

Jason’s Furniture Gallery, Inc.Jason’s Furniture Gallery, Inc.Statement of Cash FlowsStatement of Cash Flows

For the Year Ended May 31, 2004For the Year Ended May 31, 2004

Cash flows from financing activities:Cash flows from financing activities:Sale of common stockSale of common stock $100,000 $100,000Payment of dividendsPayment of dividends (4,000) (4,000)

Net cash provided (used) by financing activitiesNet cash provided (used) by financing activities 96,000 96,000

Net change in cashNet change in cash $128,384$128,384Beginning cash, June 1, 2003Beginning cash, June 1, 2003 -0- -0-Ending cash, May 31, 2004Ending cash, May 31, 2004 $128,384$128,384


Supplemental SchedulesSupplemental Schedules

The first indicates the amount paidThe first indicates the amount paidfor interest and income taxes.for interest and income taxes.

The second outlines any significant noncashThe second outlines any significant noncashinvesting and financing activities.investing and financing activities.



Analyze the information Analyze the information

provided on aprovided on a

cash flow statement.cash flow statement.


Using information from the Using information from the Statement of Cash FlowsStatement of Cash Flows

The purpose of the statement of cash flows isThe purpose of the statement of cash flows isto disclose the company’s sources and usesto disclose the company’s sources and uses

of cash during a specific time period.of cash during a specific time period.

In the long run, all investments must be financedIn the long run, all investments must be financedthrough operations because operations is thethrough operations because operations is the

only renewable source of cash.only renewable source of cash.



Compute cash ratios andCompute cash ratios and

describe the decisiondescribe the decision

information provided byinformation provided by

cash ratio analysis.cash ratio analysis.


Cash RatiosCash Ratios

Cash to total assetsCash to total assets Free cash flowsFree cash flows

Operating cash flows to average current liabilitiesOperating cash flows to average current liabilitiesOperating cash flows to average current liabilitiesOperating cash flows to average current liabilities

Operating cash flows to average total liabilitiesOperating cash flows to average total liabilities



Cash to total assets = Cash ÷ Total assetsCash to total assets = Cash ÷ Total assets

$128,384 ÷ $288,015 = 44.58%$128,384 ÷ $288,015 = 44.58%

Free cash flows = Operating cash flowsFree cash flows = Operating cash flows– – Capital expenditures – DividendsCapital expenditures – Dividends

$28,384 = $88,584 – $56,200 – $4,000$28,384 = $88,584 – $56,200 – $4,000



Operating cash flow ÷ Average current liabilitiesOperating cash flow ÷ Average current liabilities

$88,584 ÷ $41,917 = 2.11 times$88,584 ÷ $41,917 = 2.11 times

Operating cash flow ÷ Average total liabilitiesOperating cash flow ÷ Average total liabilities

$88,584 ÷$64,417 = 1.37 times$88,584 ÷$64,417 = 1.37 times



Describe the importanceDescribe the importance

of cash management.of cash management.


Importance of Cash Importance of Cash ManagementManagement

Management might have to pass upManagement might have to pass upopportunities to lower operating costsopportunities to lower operating costs

by taking advantage of bargains.by taking advantage of bargains.

Management might have to pass upManagement might have to pass upopportunities to lower operating costsopportunities to lower operating costs

by taking advantage of bargains.by taking advantage of bargains.

Lack of cash can cause the loss of future revenues.Lack of cash can cause the loss of future revenues.

Improper cash management canImproper cash management canreduce profits in several ways.reduce profits in several ways.

The cash manager fails to takeThe cash manager fails to takediscounts on purchases.discounts on purchases.


End of Chapter 7End of Chapter 7

Using Analytical Review for Internal Financial Decisions and Planning for Cash

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