## 会计代写|财务管理代写Financial Management代考|AFM219

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Too Much Growth

This is the crux of the sustainable growth problem for rapidly expanding firms: Because increasing operating efficiency is not always possible and altering financial policies is not always wise, we see that it is entirely possible for a company to grow too fast for its own good. This is particularly true for smaller companies, which may do inadequate financial planning. Such companies see sales growth as something to be maximized and think too little of the financial consequences. They do not realize that rapid growth has them on a treadmill; the faster they grow, the more cash they need, even when they are profitable. They can meet this need for a time by increasing leverage, but eventually they will reach their debt capacity, lenders will refuse additional credit requests, and the companies will find themselves without the cash to pay their bills. All of this can be prevented if managers understand that growth above the company’s sustainable rate creates financial challenges that must be anticipated and managed.

Please understand; I am not suggesting that a company’s actual growth rate should always equal its sustainable growth rate, or even closely approximate it. Rather, I am saying that management must anticipate any disparity between actual and sustainable growth and have a plan in place for managing that disparity. The challenge is, first, to recognize the disparity and, second, to create a viable strategy to manage it.

## 会计代写|财务管理代写Financial Management代考|Balanced Growth

Here is another way to think about sustainable growth. Recalling that a company’s return on assets, ROA, can be expressed as the product of its profit margin times its asset turnover, we can rewrite the sustainable growth equation $\mathrm{as}^{2}$
$$g^{}=R \hat{T} \times \mathrm{ROA}$$ Here, $R$ and $\hat{T}$ reflect the company’s financial policies, while ROA summarizes its operating performance. So if a company’s retention ratio is 25 percent and its assets-to-equity ratio is $1.6$, its sustainable growth equation becomes simply $$g^{}=0.4 \times \mathrm{ROA}$$
This equation says that given stable financial policies, sustainable growth varies linearly with return on assets. Figure $4.2$ graphs this relationship with sales growth on the vertical axis, ROA on the horizontal axis, and the sustainable growth equation as the upward-sloping, solid, diagonal line.

The line bears the label “Balanced growth” because the company can self-finance only the sales growth-ROA combinations lying on this line. All growth-return combinations lying off this line generate either cash deficits or cash surpluses. Thus, rapidly growing, marginally profitable companies will plot in the upper-left portion of the graph, implying cash deficits, while slowly expanding, highly profitable companies will plot in the lower-right portion, implying cash surpluses. I should emphasize that the phrase “selffinance” does not imply constant debt but rather a constant debt-to-equity ratio. Debt can increase but only in proportion to equity.

## 会计代写|财务管理代写Financial Management代考|Balanced Growth

$$g=R \hat{T} \times \mathrm{ROA}$$

$$g=0.4 \times \mathrm{ROA}$$

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|FINA3326

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Sustainable Growth

We can think of successful companies as passing through a predictable life cycle. The cycle begins with a startup phase in which the company loses money while developing products or services and establishing a foothold in the market. This is followed by a rapid growth phase in which the company is profitable but is growing so rapidly that it needs regular infusions of outside financing. The third phase is maturity, characterized by a decline in growth and a switch from absorbing outside financing to generating more cash than the firm can profitably reinvest. The last phase is decline, during which the company is perhaps marginally profitable, generates more cash than it can reinvest internally, and suffers declining sales. Mature and declining companies frequently devote considerable time and money to seeking investment opportunities in new products or firms that are still in their growth phase.
We begin our discussion by looking at the growth phase, when financing needs are most pressing. Later, we will consider the growth problems of mature and declining firms. Central to our discussion is the notion of sustainable growth. Intuitively, sustainable growth is merely a formalization of the old adage “It takes money to make money.” Increased sales require more assets of all types, which must be paid for. Retained profits and the accompanying new borrowing generate some cash, but only limited amounts. Unless the company is prepared to sell common stock or borrow excessive amounts, this limit puts a ceiling on the growth it can achieve without straining its resources. This is the firm’s sustainable growth rate.

## 会计代写|财务管理代写Financial Management代考|The Sustainable Growth Equation

Let’s begin by writing a simple equation to express the dependence of growth on financial resources. For this purpose, assume

• The company has a target financing, or capital, structure and a target dividend policy it wishes to maintain.
• Management is unable or unwilling to sell new equity.
We will say more about these assumptions soon. For now, it is enough to realize that although they may not be appropriate for all firms, the assumptions describe a great many.

Figure $4.1$ shows the rapidly growing company’s plight. It represents the firm’s balance sheet as two rectangles, one for assets and the other for liabilities and owners’ equity. The two long, unshaded rectangles represent the balance sheet at the beginning of the year. The rectangles are, of course, the same height because assets must equal liabilities plus owners’ equity. Now, if the company wants to increase sales during the coming year, it must also increase assets such as inventory, accounts receivable, and productive capacity. The shaded area on the assets side of the figure represents the value of new assets necessary to support the increased sales. Because the company will not be selling equity by assumption, the cash required to pay for this increase in assets must come from retained profits and new debt.

## 会计代写|财务管理代写Financial Management代考|The Sustainable Growth Equation

• 公司有一个目标融资或资本结构，以及它希望维持的目标股息政策。
• 管理层不能或不愿出售新股权。
我们很快就会更多地谈论这些假设。就目前而言，认识到尽管它们可能并不适合所有公司，但这些假设描述了很多公司就足够了。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|GMBA6006

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|The Techniques Compared

Although the formats differ, it should be a relief to learn that all of the forecasting techniques considered in this chapter produce the same results. As long as the assumptions are the same and no arithmetic or accounting mistakes are made, all of the techniques will produce the same estimate of external funding required. Moreover, if your accounting skills are up to the task, it is possible to reconcile one format with another. Problems 10,11 , and 12 at the end of the chapter allow you to demonstrate this fact for yourself.
A second reassuring fact is that regardless of which forecasting technique is used, the resulting estimate of new financing needs is not biased by inflation. Consequently, there is no need to resort to elaborate inflation adjustments when making financial forecasts in an inflationary environment. This is not to say that the need for new financing is independent of the inflation rate. Indeed, as will become apparent in Chapter 4 , the financing needs of most companies rise with inflation. Rather, it means that direct application of the previously described forecasting techniques will correctly indicate the need for external financing even in the presence of inflation.

Mechanically, then, the three forecasting techniques are equivalent, and the choice of which one to use can depend on the purpose of the forecast. For most planning purposes and for credit analysis, I recommend pro forma statements because they present the information in a form suitable for additional financial analysis. For short-term forecasting and the management of cash, the cash budget is appropriate. A cash flow forecast lies somewhere between the other two. It presents a broader picture of company operations than a cash budget does and is easier to construct and more accessible to accounting novices than pro formas are, but it is also less informative than pro formas.

Regardless of which forecasting technique you use, keep in mind that-as mentioned in the opening paragraph to this chapter-financial forecasts are only the tip of the planning iceberg. Especially in large, multidivision corporations, effective planning usually involves multiple steps. First, headquarters executives and division managers hammer out a corporate strategy.

## 会计代写|财务管理代写Financial Management代考|Managing Growth

Growth and its management present special problems in financial planning, in part because many executives see growth as something to be maximized. They reason simply that, as growth increases, the firm’s market share and profits should rise as well. From a financial perspective, however, growth is not always a blessing. Rapid growth can put considerable strain on a company’s resources, and unless management is aware of this effect and takes active steps to control it, rapid growth can lead to bankruptcy. Companies can literally grow broke. It is a sad truth that rapid growth has driven almost as many companies into bankruptcy as slow growth has. It is doubly sad to realize that those companies that grew too fast met the market test by providing a product people wanted and failed only because they lacked the financial acumen to manage their growth properly.

At the other end of the spectrum, companies growing too slowly have a different but no less pressing set of financial concerns. As will become apparent, if these companies fail to appreciate the financial implications of slow growth, they will come under increasing pressure from restive shareholders, irate board members, and potential raiders. In either case, the financial management of growth is a topic worthy of close inspection.

We begin our look at the financial dimensions of growth by defining a company’s sustainable growth rate. This is the maximum rate at which company sales can increase without depleting financial resources. Then, we look at the options open to management when a company’s target growth rate exceeds its sustainable growth rate and, conversely, when growth falls below sustainable levels. An important conclusion will be that growth is not necessarily something to be maximized. In many companies, it may be necessary to limit growth to conserve financial strength. In others, the money used to finance unprofitable growth might better be returned to owners. The need to limit growth is a hard lesson for operating managers used to thinking that more is better. It is a critical one, however, because operating executives bear major responsibility for managing growth.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|AFM219

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Measuring Earnings

This is not the place for a detailed discussion of accounting. But because earnings, or lack of same, are a critical indicator of financial health, several technical details of earnings measurement deserve mention.
Accrual Accounting
The measurement of accounting earnings involves two steps: (1) identifying revenues for the period and (2) matching the corresponding costs to revenues. Looking at the first step, it is important to recognize that revenue is not the same as cash received. According to the accrual principle (a cruel principle?) of accounting, revenue is recognized as soon as “the effort required to generate the sale is substantially complete and there is a reasonable certainty that payment will be received.” The accountant sees the timing of the actual cash receipts as a mere technicality. For credit sales, the accrual principle means that revenue is recognized at the time of sale, not when the customer pays. This can result in a significant time lag between the generation of revenue and the receipt of cash. Looking at Polaris, we see that revenue in 2020 was $\$ 7,108$million, but accounts receivable increased by$\$67$ million. We conclude that cash received from sales during 2020 was only $\$ 7,041$million$(\$7,108-\$ 67$million). The other$\$67$ million still awaits collection.

## 会计代写|财务管理代写Financial Management代考|Sources and Uses Statements

Two very basic but valuable things to know about a company are where it gets its cash and how it spends the cash. At first blush, it might appear that the income statement will answer these questions because it records flows of resources over time. But further reflection will convince you that the income statement is deficient in two respects: It includes accruals that are not cash flows, and it lists only cash flows associated with the sale of goods or services during the accounting period. A host of other cash receipts and disbursements do not appear on the income statement. Thus, Polaris increased its investment in accounts receivable by $\$ 67$million in 2020 (Table$1.2$) with little or no trace of this buildup on its income statement. Polaris also decreased longterm debt by$\$218$ million with little effect on its income statement.

To gain a more accurate picture of where a company got its money and how it spent it, we need to look more closely at the balance sheet or, more precisely, two balance sheets. Use the following two-step procedure. First, place two balance sheets for different dates side by side, and note all of the changes in accounts that occurred over the period. The changes for Polaris in 2020 appear in the rightmost column of Table 1.2. Second, segregate the changes into those that generated cash and those that consumed cash. The result is a sources and uses statement.

Here are the guidelines for distinguishing between a source and a use of cash:

• A company generates cash in two ways: by reducing an asset or by increasing a liability. The sale of used equipment, the liquidation of inventories, and the reduction of accounts receivable are all reductions in asset accounts and are all sources of cash to the company. On the liabilities side of the balance sheet, an increase in a bank loan and the sale of common stock are increases in liabilities, which again generate cash.

## 会计代写|财务管理代写Financial Management代考|Sources and Uses Statements

• 公司通过两种方式产生现金：减少资产或增加负债。旧设备的出售、存货的清算、应收账款的减少都是资产账户的减少，都是公司的现金来源。在资产负债表的负债方面，银行贷款的增加和普通股的出售是负债的增加，这又会产生现金。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|FINA3326

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Overview of Financial Statements

The most important source of information for evaluating the financial health of a company is its set of financial statements, consisting principally of a balance sheet, an income statement, and a cash flow statement. Although these statements can appear complex at times, they all rest on a very simple foundation. To understand this foundation and to see the ties among the three statements, let us look briefly at each.

A balance sheet is a financial snapshot, taken at a point in time, of all the assets the company owns and all the claims against those assets. The basic relationship, and indeed the foundation for all of accounting, is
Assets = Liabilities $+$ Shareholders’ equity
It is as if a herd (flock? column?) of accountants runs through the business on the appointed day, making a list of everything the company owns, and assigning each item a value. After tabulating the firm’s assets, the accountants list all outstanding company liabilities, where a liability is simply an obligation to deliver something of value in the future-or more colloquially, some form of an “IOU.” Having thus totaled up what the company owns and what it owes, the accountants call the difference between the two shareholders’ equity. Shareholders’ equity is the accountant’s estimate of the value of the shareholders’ investment in the firm, just as the value of a homeowners’ equity is the value of the home (the asset), less the mortgage outstanding against it (the liability). Shareholders’ equity is also known variously as owners’ equity, stockholders’ equity, net worth, or simply equity.

It is important to realize that the basic accounting equation holds for individual transactions, as well as for the firm as a whole. When a firm pays $\$ 1$million in wages, cash declines$\$1$ million and shareholders’ equity falls by the same amount. Similarly, when a company borrows $\$ 100,000$, cash rises$\$100,000$, as does a liability named something like loans outstanding. And when a company receives a $\$ 10,000$payment from a customer, cash rises while another asset, accounts receivable, falls by the same figure. In each instance, the double-entry nature of accounting guarantees that the basic accounting equation holds for each transaction, and when summed across all transactions, it holds for the company as a whole. To see how the repeated application of this single formula underlies the creation of company financial statements, consider Worldwide Sports (WWS), a newly founded retailer of value-priced sporting goods. In January 2021, the founder invested$\$150,000$ of his personal savings and added another $\$ 100,000$borrowed from relatives to start the business. After buying furniture and display fixtures for$\$60,000$ and merchandise for $\$ 80,000$, WWS was ready to open its doors. ## 会计代写|财务管理代写Financial Management代考|The Balance Sheet We will now take a more in-depth look at each of the key financial statements in turn, beginning with the balance sheet. To illustrate the techniques and concepts presented throughout the book, I will refer whenever possible to Polaris Inc., the self-styled “Global leader in Powersports” including snowmobiles, all-terrain vehicles (ATVs), motorcycles, and boats. In addition to the United States, Polaris has manufacturing operations in China, France, Mexico, and Poland. It has offices in 14 countries and sells its products in over 100 countries, although 80 percent of sales originate in the United States. The company’s focus, as embodied in its marketing tagline “Think Outside” is to create products that enhance the experience of outdoor enthusiasts. Headquartered in Medina, Minnesota, a small town outside of Minneapolis, Polaris has$\$7$ billion in annual sales, and its stock trades on the New York Stock Exchange. The firm was founded in 1954 as one of the pioneers of the snowmobile industry. In the $1980 \mathrm{~s}$, Polaris diversified into off-road vehicles when they produced the first American-made ATVs. In 2011, Polaris extended its reach into on-road vehicles with its acquisition of the legendary Indian Motorcycle company. Between 2018 and 2019 , two more acquisitions added three well-known boat brands to Polaris’s product portfolio. Polaris’s recent ventures include forays into electric ATVs, electric motorcycles, and special-purpose electric automobiles. In 2020 , 64 percent of Polaris’s sales came from snowmobiles and off-road vehicles, with 9 percent coming from boats, 8 percent from motorcycles, and 19 percent from other products and services.

Table $1.2$ presents Polaris’s balance sheets for 2019 and 2020 . If the precise meaning of every asset and liability category in Table $1.2$ is not immediately apparent, be patient. We will discuss many of them in the following text. In addition, all of the accounting terms used appear in the glossary at the end of the book.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 会计代写|财务管理代写Financial Management代考|GMBA6006

statistics-lab™ 为您的留学生涯保驾护航 在代写财务管理Financial Management方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财务管理Financial Management代写方面经验极为丰富，各种代写财务管理Financial Management相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Interpreting Financial Statements

Financial statements are like fine perfume; to be sniffed but not swallowed.
Abraham Briloff
Accounting is the scorecard of business. It translates a company’s diverse activities into a set of objective numbers that provide information about the firm’s performance, problems, and prospects. Finance involves the interpretation of these accounting numbers for assessing performance and planning future actions.

The skills of financial analysis are important to a wide range of people, including investors, creditors, and regulators. But nowhere are they more important than within the company. Regardless of functional specialty or company size, managers who possess these skills are able to diagnose their firm’s ills, prescribe useful remedies, and anticipate the financial consequences of their actions. Like a ballplayer who cannot keep score, an operating manager who does not fully understand accounting and finance works under an unnecessary handicap.

This and the following chapter look at the use of accounting information to assess financial health. We begin with an overview of the accounting principles governing financial statements and a discussion of one of the most abused and confusing notions in finance: cash flow. Two recurring themes will be that defining and measuring profits is more challenging than one might expect, and that profitability alone does not guarantee success, or even survival. In Chapter 2 , we look at measures of financial performance and ratio analysis.

## 会计代写|财务管理代写Financial Management代考|The Cash Flow Cycle

Finance can seem arcane and complex to the uninitiated. However, a comparatively few basic principles should guide your thinking. One is that $a$ company’s finances and operations are integrally connected. A company’s activities, method of operation, and competitive strategy all fundamentally shape the firm’s financial structure. The reverse is also true: Decisions that appear to be primarily financial in nature can significantly affect company operations. For example, the way a company finances its assets can affect the nature of the investments it is able to undertake in future years.

The cash flow-production cycle shown in Figure $1.1$ illustrates the close interplay between company operations and finances. For simplicity, suppose the company shown is a new one that has raised money from owners and creditors, has purchased productive assets, and is now ready to begin operations. To do so, the company uses cash to purchase raw materials and hire workers; with these inputs, it makes the product and stores it temporarily in inventory. Thus, what began as cash is now physical inventory. When the company sells an item, the physical inventory changes back into cash. If the sale is for cash, this occurs immediately; otherwise, cash is not realized until some later time when the account receivable is collected. This simple movement of cash to inventory, to accounts receivable, and back to cash is the firm’s operating, or working capital, cycle.

Another ongoing activity represented in Figure $1.1$ is investment. Over a period of time, the company’s fixed assets are consumed, or worn out, in the creation of products. It is as though every item passing through the business takes with it a small portion of the value of fixed assets. The accountant recognizes this process by continually reducing the accounting value of fixed assets and increasing the value of merchandise flowing into inventory by an amount known as depreciation. To maintain productive capacity and to finance additional growth, the company must invest part of its newly received cash in new fixed assets. The object of this whole exercise, of course, is to ensure that the cash returning from the working capital cycle and the investment cycle exceeds the amount that started the journey.

Abraham Briloff

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。