How to Read a Financial Report. John A. Tracy

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HOW TO READ A FINANCIAL REPORT

      WRINGING VITAL SIGNS OUT OF THE NUMBERS

       Ninth edition

       JOHN A. TRACY AND TAGE C. TRACY

Cover Design: Wiley Cover Illustration: Wiley

      Copyright © 2020 by John A. Tracy and Tage C. Tracy. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      The Eighth Edition of How to Read a Financial Report: Wringing Vital Signs Out of the Numbers was published by John Wiley & Sons, Inc, in 2014.

      Published simultaneously in Canada.

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       Library of Congress Cataloging-in-Publication Data:

      Names: Tracy, John A., author. | Tracy, Tage C., author.

      Title: How to read a financial report: wringing vital signs out of the

       numbers / John A. Tracy and Tage C. Tracy.

      Description: Ninth edition. | Hoboken, New Jersey : Wiley, [2020] |

       Includes index.

      Identifiers: LCCN 2019035972 (print) | LCCN 2019035973 (ebook) | ISBN

       9781119606468 (paperback) | ISBN 9781119606451 (Adobe PDF) | ISBN

       9781119606482 (epub)

      Subjects: LCSH: Financial statements.

      Classification: LCC HF5681.B2 T733 2020 (print) | LCC HF5681.B2 (ebook) |

       DDC 657/.3—dc23

      LC record available at https://lccn.loc.gov/2019035972 LC ebook record available at https://lccn.loc.gov/2019035973

      CONTENTS

      1  Cover

      2  PREFACE TO THE NINTH EDITION

      3  Part One FUNDAMENTALS 1 STARTING WITH CASH FLOWS Summary of Cash Flows for a Business What Does Cash Flows Summary Not Tell You? Profit Is Not Measured by Cash Flows Cash Flows Do Not Reveal Financial Condition A Final Note Before Moving On 2 TWO BEDROCK FINANCIAL STATEMENTS Need for Financial Information Reporting Profit Performance: The Income Statement Reporting Financial Condition: The Balance Sheet 3 REPORTING CASH FLOWS Statement of Cash Flows Cash Versus Accrual Accounting Financial Tasks of Business Managers 4 FITTING TOGETHER FINANCIAL STATEMENTS One Problem in Financial Reporting Connecting the Dots

      4  Part Two CONNECTIONS 5 SALES REVENUE AND ACCOUNTS RECEIVABLE Exploring One Link at a Time How Sales Revenue Drives Accounts Receivable Accounting Issues 6 COST OF GOODS SOLD EXPENSE AND INVENTORY Holding Products in Inventory Until They Are Sold Inventory Control Accounting Issues 7 INVENTORY AND ACCOUNTS PAYABLE Acquiring Inventory on the Cuff Accounting Issues 8

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