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T2.1 Chapter Outline

Chapter 9-10

Financial Statements, Taxes, and Cash Flow
Chapter Organization
 2.1 The Balance Sheet
 2.2 The Income Statement
 2.3 Taxes
 2.4 Cash Flow
 2.5 Summary and Conclusions
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T2.2 The Balance Sheet (Figure 2.1)

Irwin/McGraw-Hill
Inc. 2000

©The

McGraw-Hill Companies,

T2.3 GAAP versus Cash Flow Time Line
Revenue
recognized
and
matched
expenses

Sale of goods
on credit
Time
Pay
Payroll
forchecks utilities
raw goods
issued

Pay
accounts
receivable

Cash flow

Cash flow

Cash flow

Irwin/McGraw-Hill
Inc. 2000

Collect

Cash flow
©The

McGraw-Hill Companies,

T2.4 Corporate Tax Rates

Key issues:



What are corporate tax rates?
What is an average rate? A marginal rate?

A. Corporate tax brackets under the 1993 Omnibus Budget Reconciliation Act
Taxable Income
$0 - 50,000

15%

50,001 - 75,000

25%

75,001 - 100,000

34%

100,001 - 335,000

39%

335,001 - 10,000,000

34%

10,000,001 - 15,000,000

35%

15,000,001 - 18,333,333

38%

18,333,334 +

35%

Irwin/McGraw-Hill
Inc. 2000

Marginal Rates

©The

McGraw-Hill Companies,

T2.5 Marginal versus Average Corporate Tax Rates



What are marginal corporate tax rates?
What are average corporate tax rates at the top of each bracket?
Marginal and average tax rates under the 1993 Omnibus Budget Reconciliation Act

Taxable Income
Liability
Rates

Marginal Tax

Cumulative

$0 - 50,000

15%

$7,500

15.00%

50,001 - 75,000

25%

13,750

18.33%

75,001 - 100,000 34%

22,250

22.25%

100,001 - 335,00039%

113,900

34.00%

335,001 - 10 mil

34%

3.4 mil

34.00%

10 mil - 15 mil

35%

5,150,000 34.33%

15 mil - 18.33 mil 38%

6,416,667 35.00%

18.33 mil +

N/A

35%

Average Tax

Rates

Tax

35.00%

Notice that, while marginal rates fluctuate and rise as high as 39%, average rates increase
steadily with taxable income, until the 35% level is reached.

Irwin/McGraw-Hill
Inc. 2000

©The

McGraw-Hill Companies,

T2.6 Cash Flow Example

Balance Sheet
Beg

End

Beg

End

$100

$150

A/P

$100

$150

A/R

200

250

N/P

200

200

Inv

300

300

C/L

300

350

C/A

$600

$700

LTD

$400

$420

NFA

400

500

C/S

50

60

R/E

250

370

$300

$430

$1000

$1200

Cash

Total
Irwin/McGraw-Hill
Inc. 2000

$1000

$1200

Total

©The

McGraw-Hill Companies,

T2.6 Cash Flow Example (continued)

Income Statement
Sales

$2000

Costs

1400

Depreciation

100

EBIT

500

Interest

100

Taxable Income

400

Taxes

200

Net In...
T2.1 Chapter Outline
Chapter 9-10
Financial Statements, Taxes, and Cash Flow
Chapter Organization
2.1 The Balance Sheet
2.2 The Income Statement
2.3 Taxes
2.4 Cash Flow
2.5 Summary and Conclusions
Irwin/McGraw-Hill ©The McGraw-Hill
Companies, Inc. 2000
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