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1、CHAPTER3FinancialStatementsAnalysisandLong-TermPlanningInearly2006,sharesofstockinfoodproducerKraftdespitehavingnoearnings(alossactually),hadastockweretradingforabout$28.Atthatprice,Krafthadapriceofabout$19pershare.Meanwhile,theaveragepriceearningsratio,
2、orPE,of19,meaningthatinves-stockintheStandardandPoors(S&P)500index,whichtorswerewillingtopay$19foreverydollarinincomecontains500ofthelargestpubliclytradedcompaniesinearnedbyKraft.Atthesametime,investorsweretheUnitedStates,hadaPEratioofabout19,soKraftwill
3、ingtopayastunning$482foreachdollarearnedbywasaverageinthisregard.grocerKroger,butonlyabout$8and$5foreachdollarWhatdoPEratiostellusandwhyaretheyimportant?earnedbyGatewayComputersandUnitedStatesSteel,To?ndout,thischapterexploresavarietyofratiosandrespectiv
4、ely.AndtherewerestockslikeMaytag,which,theirusein?nancialanalysisandplanning.3.1FinancialStatementsAnalysisInChapter2,wediscussedsomeoftheessentialconceptsof?nancialstatementsandcash?ows.Thischaptercontinueswhereourearlierdiscussionleftoff.Ourgoalhereist
5、oex-pandyourunderstandingoftheuses(andabuses)of?nancialstatementinformation.Agoodworkingknowledgeof?nancialstatementsisdesirablesimplybecausesuchstatements,andnumbersderivedfromthosestatements,aretheprimarymeansofcommu-nicating?nancialinformationbothwith
6、inthe?rmandoutsidethe?rm.Inshort,muchofthelanguageofbusiness?nanceisrootedintheideaswediscussinthischapter.Clearly,oneimportantgoaloftheaccountantistoreport?nancialinformationtotheuserinaformusefulfordecisionmaking.Ironically,theinformationfrequentlydoes
7、notcometotheuserinsuchaform.Inotherwords,?nancialstatementsdon’tcomewithauser’sguide.Thischapterisa?rststepin?llingthisgap.StandardizingStatementsOneobviousthingwemightwanttodowithacompany’s?nancialstatementsistocom-parethemtothoseofother,similarcompanie
8、s.Wewouldimmediatelyhaveaproblem,however.It’salmostimpossibletodirectlycomparethe?nancialstatementsfortwocom-paniesbecauseofdifferencesinsize.Forexample,FordandGMareobviouslyseriousrivalsintheautomarket,butGMismuchlarger(i
