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Exam (elaborations)

Wall Street Prep Test With Complete Solutions

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10 pages
2024/2025 Written for academic year
Institution WALL STREET PREP
Course WALL STREET PREP
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WALL STREET PREP TEST WITH COMPLETE SOLUTIONS

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WALL STREET PREP TEST WITH COMPLETE SOLUTIONS




AssetsC-CcorrectCanswer-resourcesCaCcompanyCusesCtoCoperateCitsCbusinessC

includesCcash,CA/R,CPP&E

LiabilitiesC-CcorrectCanswer-
representsCtheCcompany'sCcontractualCobligationsCandCincludesCA/P,Cdebt,CaccruedCe
xpenses

Shareholder'sCequityC-CcorrectCanswer-isCtheCresidual

theCvalueCofCtheCbusinessCavailableCtoCtheCownersC(shareholders)CafterCdebtsChaveCbe
enCpaidCoff

IncomeCstatementC-CcorrectCanswer-
illustratesCtheCprofitabilityCofCtheCcompanyCoverCaCspecifiedCperiodCofCtime

broadCsense:CshowsCrevenue-expenses

BalanceCsheetC-CcorrectCanswer-
snapshotCofCtheCcompanyCeconomicCresourcesCandCfundingCforCthoseCresourcesCatCaC
givenCpointCinCtimeC(AC=CLC+CSE)

RevenueC-CcorrectCanswer-"top-line"C

representsCtheCsaleCofCgoodsCandCservicesC

itCisCrecordedCwhenCearnedC(evenCthoughCcashCmightCnotChaveCbeenCreceivedCatCtheCti
meCofCtransaction)

ExpensesC-CcorrectCanswer-nettedCagainstCrevenueCtoCarriveCatCnetCincome

COGSC(directlyCassociateCwithCgoodCproduction),CSG&AC(indirectlyCassociatedCwithCpr
oduction),CinterestCexpenseC(expenseCrelatedCtoCpayingCdebtCholdersCperiodicCpayme
nts),Ctaxes,CdepreciationCexpenseC(non-

, cashCexpenseCaccountingCforCtheCuseCofCPP&E,CoftenCimbeddedCwithinCCOGSCandCS
G&A)

NetCincomeC-CcorrectCanswer-"bottom-line"

revenue-expenses

theCprofitabilityCavailableCtoCcommonCshareholder'sCafterCdebtCpaymentsChaveCbeenCm
adeC(interestCexpense)

EPSC(earningsCperCshare)C-CcorrectCanswer-
portionCofCaCcompany'sCprofitCallocatedCtoCeachCoutstandingCshareCofCcommonCstock

EPSC=C(netCincomeC-
CdividendsConCpreferredCstock)/weightedCaverageCsharesCoutstanding




CashCflowCstatementC-CcorrectCanswer-
WhileCcashCisCnotCnecessarilyCreceivedCwhenCaCsaleCoccurs,CtheCincomeCstatementCsti
llCrecordsCtheCsale.CAsCaCresult,CtheCincomeCstatementCcapturesCallCtheCeconomicCtran
sactionsCofCtheCbusiness.

TheCcashCflowCstatementCisCneededCbecauseCtheCincomeCstatementCusesCwhatCisCcall
edCaccrualCaccounting.CInCaccrualCaccounting,CrevenuesCareCrecordedCwhenCearnedCr
egardlessCofCwhenCcashCisCreceivedC(revenueCincludesCsalesCusingCcashCandCmadeCo
nCcreditCA/R)

CSinceCweCalsoCwantCtoChaveCaCclearCunderstandingCofCtheCcashCpositionCofCaCcompan
y,CweCneedCtheCstatementCofCcashCflowsCtoCreconcileCtheCincomeCstatementCtoCcashCin
flowsCandCoutflows.

"cashCpositionCofCtheCcompany"

cashCfromCoperatingCactivities,CcashCfromCinvestingCactivities,CandCcashCfromCfinancin
gCactivities

CashCfromCoperatingCactivitiesC-CcorrectCanswer-mostlyCindirectCmethod

startsCwithCnetCincomeCandCincludesCtheCcashCeffectsCofCtransactionsCinvolvedCinCcalcu
latingCnetCincome.CreconciliationCofCnetCincome.C

NetCincomeC(incomeCstatement)C
+Cnon-cashCexpenses
-Cnon-cashCgains
-CperiodConCperiodCincreasesCinCworkingCcapitalCassets
+CperiodConCperiodCincreasesCinCworkingCcapitalCliabilityC
=CCFCfromCoperationsC

*forCstable,Cmature,CplainCvanillaCcompanies,CaCpositiveCcashCflowCfromCoperatingCacti
vitiesCisCdesirable

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