,fI NA N C I A L
vv vv vv vv vv vv vv vv
s TAT E M E N T
vv vv vv vv vv vv vv vv vv
A N A LY S I S
v vv vv vv vv vv vv vv
ELEVENTH v v EDITION K. vvR.
vvSUBRAMANYA
MvUniversity vvof
vvSouthern
vvCalifornia
,FINANCIAL vvSTATEMENT vvANALYSIS, vvELEVENTH vvEDITION
Published vvby vvMcGraw-Hill vvEducation, vv2 vvPenn vvPlaza, vvNew vvYork, vvNY vv10121. vvCopyright
vv© vv 2014 vv by vvMcGraw-Hill vvEducation. vvAll vvrights vvreserved. vvPrinted vvin vvthe vvUnited vvStates vvof
vvAmerica. vvPrevious vveditions
© vv2009, vv2007, vvand vv2004. vvNo vvpart vvof vvthis vvpublication vvmay vvbe vvreproduced vvor vvdistributed vvin
vvany vvform vvor vvby vvany vvmeans, vvor vvstored vvin vva vvdatabase vvor vvretrieval vvsystem, vvwithout vvthe
vvprior vvwritten vvconsent vvof vvMcGraw-Hill vvEducation, vvincluding, vvbut vvnot vvlimited vvto, vvin vvany
vvnetwork vvor vvother vvelectronic vvstorage vvor vvtransmission,
or vv broadcast vv for vv distance vv learning.
Some vv ancillaries, vv including vv electronic vv and vv print vv components, vv may vv not vv be vv available vv to
vv customers vv outside vv the vv United vv States.
This vvbook vvis vvprinted vvon vvacid-free vvpaper.
1 vv 2 vv 3 vv 4 vv 5 vv6 vv 7 vv 8 vv 9 vv 0 vv QVR/QVR vv 1 vv 0 vv9 vv 8 vv 7 vv 6 vv5 vv 4 vv 3
ISBN 978-0-07-811096-2
MHID 0-07-811096-3
Senior vvVice vvPresident, vvProducts vv& vvMarkets: vvKurt vvL. vvStrand
Vice vvPresident, vvContent vvProduction vv& vvTechnology vvServices: vvKimberly vvMeriwether vvDavid
Managing vvDirector: vvTim vvVertovec
Executive vvBrand vvManager: vvJames vvHeine
vvManaging vvDevelopment vvEditor: vvGail
vvKorosavvMarketing vvManager: vvDean
vvKarampelas vvDirector, vv Content
vv Production: vv Terri vv Schiesl vvSenior
vvProject vvManager: vvMelissa vvM. vvLeick
vvBuyer: vv Susan vv K. vv Culbertson
Media vv Project vv Manager: vv Prashanthi
v v Nadipalli vvCover vvImage: vv© vvDon
vvBishop/Getty vvImages vvTypeface: vv 10/12
vv Caslon vv Book vv BE vvCompositor: vv MPS
vv Limited
Printer: vvQuad/Graphics
All vvcredits vvappearing vvon vvpage vvor vvat vvthe vvend vvof vvthe vvbook vvare vvconsidered vvto vvbe vvan
vvextension vvof vvthe vvcopyright vvpage.
Library v v of v v Congress v v Cataloging-in-Publication v v Data
Subramanyam, vvK. vvR.
Financial vvstatement vvanalysis vv/ vvK. vvR. vvSubramanyam. vv-- vvEleventh
vvedition. vvpages vv cm
ISBN vv978-0-07-811096-2 vv(alk. vvpaper)
1. Financial vvstatements. v v I.
vvTitle.
HF5681.B2W4963 v v 2014
657'.3--dc23
2013010851
The vvInternet vvaddresses vvlisted vvin vvthe vvtext vvwere vvaccurate vvat vvthe vvtime vvof vvpublication. vvThe
vvinclusion vvof vva vvwebsite vv does vvnot vvindicate vvan vvendorsement vvby vvthe vvauthors vvor vvMcGraw-Hill
vvEducation, vvand vvMcGraw-Hill vvEducation vvdoes vv not vv guarantee vv the vv accuracy vv of vv the
vvinformation vv presented vvat vv these vv sites.
, www.mhhe.com
vv vv vv vv vv vv vv vv
s TAT E M E N T
vv vv vv vv vv vv vv vv vv
A N A LY S I S
v vv vv vv vv vv vv vv
ELEVENTH v v EDITION K. vvR.
vvSUBRAMANYA
MvUniversity vvof
vvSouthern
vvCalifornia
,FINANCIAL vvSTATEMENT vvANALYSIS, vvELEVENTH vvEDITION
Published vvby vvMcGraw-Hill vvEducation, vv2 vvPenn vvPlaza, vvNew vvYork, vvNY vv10121. vvCopyright
vv© vv 2014 vv by vvMcGraw-Hill vvEducation. vvAll vvrights vvreserved. vvPrinted vvin vvthe vvUnited vvStates vvof
vvAmerica. vvPrevious vveditions
© vv2009, vv2007, vvand vv2004. vvNo vvpart vvof vvthis vvpublication vvmay vvbe vvreproduced vvor vvdistributed vvin
vvany vvform vvor vvby vvany vvmeans, vvor vvstored vvin vva vvdatabase vvor vvretrieval vvsystem, vvwithout vvthe
vvprior vvwritten vvconsent vvof vvMcGraw-Hill vvEducation, vvincluding, vvbut vvnot vvlimited vvto, vvin vvany
vvnetwork vvor vvother vvelectronic vvstorage vvor vvtransmission,
or vv broadcast vv for vv distance vv learning.
Some vv ancillaries, vv including vv electronic vv and vv print vv components, vv may vv not vv be vv available vv to
vv customers vv outside vv the vv United vv States.
This vvbook vvis vvprinted vvon vvacid-free vvpaper.
1 vv 2 vv 3 vv 4 vv 5 vv6 vv 7 vv 8 vv 9 vv 0 vv QVR/QVR vv 1 vv 0 vv9 vv 8 vv 7 vv 6 vv5 vv 4 vv 3
ISBN 978-0-07-811096-2
MHID 0-07-811096-3
Senior vvVice vvPresident, vvProducts vv& vvMarkets: vvKurt vvL. vvStrand
Vice vvPresident, vvContent vvProduction vv& vvTechnology vvServices: vvKimberly vvMeriwether vvDavid
Managing vvDirector: vvTim vvVertovec
Executive vvBrand vvManager: vvJames vvHeine
vvManaging vvDevelopment vvEditor: vvGail
vvKorosavvMarketing vvManager: vvDean
vvKarampelas vvDirector, vv Content
vv Production: vv Terri vv Schiesl vvSenior
vvProject vvManager: vvMelissa vvM. vvLeick
vvBuyer: vv Susan vv K. vv Culbertson
Media vv Project vv Manager: vv Prashanthi
v v Nadipalli vvCover vvImage: vv© vvDon
vvBishop/Getty vvImages vvTypeface: vv 10/12
vv Caslon vv Book vv BE vvCompositor: vv MPS
vv Limited
Printer: vvQuad/Graphics
All vvcredits vvappearing vvon vvpage vvor vvat vvthe vvend vvof vvthe vvbook vvare vvconsidered vvto vvbe vvan
vvextension vvof vvthe vvcopyright vvpage.
Library v v of v v Congress v v Cataloging-in-Publication v v Data
Subramanyam, vvK. vvR.
Financial vvstatement vvanalysis vv/ vvK. vvR. vvSubramanyam. vv-- vvEleventh
vvedition. vvpages vv cm
ISBN vv978-0-07-811096-2 vv(alk. vvpaper)
1. Financial vvstatements. v v I.
vvTitle.
HF5681.B2W4963 v v 2014
657'.3--dc23
2013010851
The vvInternet vvaddresses vvlisted vvin vvthe vvtext vvwere vvaccurate vvat vvthe vvtime vvof vvpublication. vvThe
vvinclusion vvof vva vvwebsite vv does vvnot vvindicate vvan vvendorsement vvby vvthe vvauthors vvor vvMcGraw-Hill
vvEducation, vvand vvMcGraw-Hill vvEducation vvdoes vv not vv guarantee vv the vv accuracy vv of vv the
vvinformation vv presented vvat vv these vv sites.
, www.mhhe.com
