Chapter 2 - FINANCIAL STATEMENTS, TAXES, AND CASH FLOW

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The Balance Sheet Identity is:

Assets = Liabilities + Owner's Equity

Operating Cash Flow

EBIT + Depreciation - Taxes

_________ tax rate is the amount of tax payable on the next dollar earned.

Marginal

When considering Net Working Capital, a project will generally need all of the following, except:

Only long-term assets to get the project started

The first thing reported on an income statement would usually be:

Revenues

An income statement prepared using GAAP will show revenue when it is:

accrued

Cash flow from assets equals:

cash flow to creditors + cash flow to stockholders

The size of a company's tax bill is determined by the tax _______.

code

Net Working Capital

current assets - current liabilities

A _________ __________ is one that has a life of less than one year, meaning they must be paid within the year.

current liability

cash flow to creditors

interest paid - net new borrowing

Average Tax Rate

the tax bill / taxable income


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