麥當(dāng)勞財(cái)務(wù)分析

1、jishouuniversitythe accounting bilingual title：the analysis of mcdonalds financial statements class：class three grade 11 accounting acamedy： school of business team members: 李永花（201320298） 劉夢(mèng)雅（201320302） 李金蓮（201320306） 鄒 聰 (201320318) 王鐘君（201320322） 湯 盈 (201320334) conentsparti 1.background3part ii

2、2.descriptive analysis3part iii 3.short-term solvency analysis4 3.1 analysis of current assets4 3.1.1 cash4 3.1.2 accounts receivable5 3.1.3 inventory6 3.2 analysisofthe current liabilities6 3.2.1 accounts payable6 3.3 analysis of ratios7 3.3.1 working capital7 3.3.2 current ratio8 3.3.3 quick ratio

3、9 3.3.4 cash ratio10 3.3.5 common-size analysis (vertical and horizontal)11part iv 4.long-teem debt-paying ability12 4.1 the income statement analysis12 4.2 analysis of the blance sheet13part v 5.profitability14 5.1 the content of profitability analysis15 5.2 dupont analysis table16 5.3 the profit i

4、ndex analysis17 5.3.1 operating income margin17 5.3.2return on assets17 5.3.3 return on net assets175.3.4 earning per share18the analysis of mcdonalds financial statementsparti 1.background mcdonalds is the worlds largest fast food chain enterprise.from 1955 the mcdonald brothers and ray , founder o

5、f the illinois opened its first restaurant in the united states today, it is in 121 countries and regions around the world have opened more than 32000 restaurants, global sales of more than $40 billion.mcdonalds corporate headquarters is located in the united states, illinois, is an international co

6、mpany with billions of dollars of assets, mcdonalds restaurants all over hundred countries on six continents around the world.mcdonalds is to sell burger chain operation ,mainly,now has become a global restaurant industry most valuable brands.in many countries, mcdonalds represents a kind of america

7、n way of life, and now is still in a quick rapid development trend.part ii 2.descriptive analysis can be seen from the development of mcdonalds, mcdonalds grasp in the segment of the market positioning is very accurate, this is also one of the important reason for the success of mcdonalds.consumer m

8、arket segmentation is mainly based on the geographical factors, human factors, psychological factors, purchasing behavior factors, each consumer group is a market segment, each segment is by having the same needs and purchase desire of consumer groups. mcdonalds is based on the geographical populati

9、on and psychological factors in the accurate market segmentation, and implement the corresponding strategy so as to achieve its marketing objectives.part iii 3.short-term solvency analysis short-term debt paying ability refers to the enterprises use current assets to repay the current liabilities. f

10、or creditors, the enterprise will have fully repay ability to guarantee. for investors, if the enterprise short-term solvency problems, will contain business managers spend a lot of energy to raise funds, to cope with debt, also will increase the difficulty of the enterprise financing, or increase t

11、he cost of temporary emergency financing, affect the profitability of the enterprise.3.1 analysis of current assetscurrent assets (current assets) refers to the enterprise can be in one year or within an operating cycle longer than a year to liquidate or use of assets, an indispensable part of enter

12、prise assets.current assets in the turnover of the transition, from monetary form, in turn, change its shape, finally returned to the monetary form (monetary funds and reserve funds, fixed capital to production for capital to finished product, monetary funds), various forms of closely combining with

13、 the production circulation of funds, rotation speed, strong liquidity .to strengthen the audit of current assets business, which is beneficial to determine the legitimacy of the current assets business, compliance, and to check the correctness of all current assets business accounting, reveals the

14、shortcomings of its existence, to improve efficiency in the use of liquid assets.3.1.1 cashcash refers to the medium of exchange can immediately put into circulation.it has universal acceptability, can be effectively used to buy goods immediately, goods, services, or to repay the debt.it is the ente

15、rprise in the liquidity of the strongest assets.can all controlled by the enterprise to use the paper silks, coins.cash is one of chinas enterprises accounting general ledger accounts in the balance sheet into the monetary funds, listed as current assets, but has a special use cash only as a fund or

16、 investment project as non-current assets.accountant coursedatedatedec.31, 2013dec.31, 2012dec.31,2011current assetscash and equivalents$2,798.70 $2,336.10 $2335.70total current assets$5,050.10$4,922.10$4403.00 so we learned that in 2013 the highest cash and cash equivalents.visible, showed a trend

17、of increasing capital, from the point of longitudinal comparative analysis, three years accounted for 55.42% of the ratio of current assets are cash, 46.80%, 53.05%.3.1.2 accounts receivableaccounts receivable (receivables) accounts receivable is to show the enterprise in the process of normal opera

18、tion for selling goods, products, services and other business, should charge the money to buy units, including shall be borne by unit of choose and buy or accept labor units of taxes, buying all kinds of freight paid by the buyer, etc.accountant datedatedec.31,2013dec.31,2012dec.31.2011current asset

19、saccounts and notes receivable$1,319.80$1,375.30$1334.70total current assets$5,050.10$4,922.10$4403.00the table shows that the amount of the in nearly three years of accounts receivable, respectively, at $1319.8, $1375.3, $1334.7, so we have learned 2013 accounts receivable.obviously, money is const

20、antly decreasing potential, from the point of longitudinal comparative analysis, three years accounted for 26.13% of the ratio of current assets are cash, 27.94%, 30.31%.3.1.3 inventoryinventory refers to the enterprise or business held for sale in the daily activities of raw materials or products,

21、in the production process in the product, in the production process or provide labor services process consumption of materials, materials, etc., sales, inventory, etc.inventory difference in illiquid assets, such as fixed assets is the most basic characteristics, enterprise to hold inventory of the

22、final purpose is to sell, whether it is available for direct sales, such as enterprise of finished goods, goods, etc.;still need to sell after further processing, such as raw materials, etc.accountantdatedec.31,2013dec.31,2012dec.31,2011current assetsinventories, at cost, not in excess of market$123

23、.7 $121.7 $116.8 by a table the stock in the amount of nearly three years, respectively, at $123.7, $121.7, $116.8, so we learn about the stock of 2013 the most.visible, the fund was an increasing trend, from the point of longitudinal comparative analysis, three years accounted for 2.45% of the rati

24、o of current assets are cash, 2.47%, 2.65%.3.2 analysisofthe current liabilities short-term debt is also called the current liabilities (current liabilities), it is to point to will in 1 year (including 1 year) or within an operating cycle longer than a year to repay debt, including short-term loans

25、 payable, notes payable, accounts payable, advance payments, wages payable, deal with welfare funds, dividends payable, taxes payable, to suspend the accounts payable, accrued expenses, and other long-term borrowing due within one year, and so on.3.2.1 accounts payable accounts payable refers to for

26、 purchase of materials, goods or labor supply of debt, this is the buyer and the seller on the purchase and marketing activities of the materials and pay the loan in time inconsistency of debt.accountantdatedec.31,2013dec.31,2012 dec.31,2011current liabilitiesaccounts payable$1086.00$1141.9$961.3tot

27、al current liabilities$3,170.00$3,403.10$3509.2by a table the inventory of the amount is $1086, respectively, in nearly three years at $1141.9, $961.3, so we know that the accounts payable center in 2013.visible, the fund was an increasing trend, from the point of longitudinal comparative analysis,

28、three years cash accounts for the ratio of current assets are 34.26%, 33.55%, 27.39%.3.3 analysis of ratiosratio analysis is to use company published financial information, predict it could achieve future profit estimates.is divided into four categories: liquidity ratio, management ratio, profit-see

29、king ratios, leverage ratios.ratio analysis including the ratio between the balance sheet or profit and loss statement projects, they can often to the companys level of risk, the respect such as the ability to create profits for shareholders to provide unique perspective.these ratios of simple calcu

30、lation (often divide a data by another data) as well as to their interpretation is what we call the ratio analysis.3.3.1 working capitalworking capital also known as working capital.general working capital is also called total working capital, refers to an enterprise on the funds in liquid assets, i

31、ncluding cash, marketable securities, accounts receivable, inventory and other money.enterprises in the special working capital refers to a certain point of the difference between the current assets and current liabilities.compute working capital capital as follows：working capital =current assets cu

32、rrent liabilitiesyear ended dec 31，2013 -2011（in millions）201320122011current assets a$5505.10$4922.10$4403.00current liabilities b$3170.00$3403.10$3509.2working capital a-b $2335.1$1589.00$893.8 exhibit 3-3-1presents the working capital for mcd at the end of 2011 and 2013. mcd had $2,335,100,00.in

33、working capital 2013 and $1,589,000,000 in working capital in 2012 and $893,800,000 in working capital.these figures tend to be understated because some of the current assets ,such as inventory ,may be understated ,based on the these figures .the inventory as reported may be much less than its repla

34、cement cost. the difference between the reported inventory amount and the replacement amount is normally material when the firm is using lifo inventory. the difference may also be material when using one of the other cost methods . the current working capital amount should be compared with past amou

35、nts to determine if working capital is reasonable.because the relative size of a firm may be expanding or contracting,comparing the working capital of one firm with that of another firm is usually meaningless because of their size differences. if the working capital appears to be out of line,the rea

36、sons should be found by analyzing the individual current asset and current liability accounts3.3.2 current ratioliquidity ratio is the ratio of current assets to current liabilities. liquid assets mainly include the monetary funds, tradable financial assets, receivables and prepayments, the inventor

37、y and non - current assets, due within one year, usually expressed in the final total current assets in the balance sheet.current liabilities include short - term borrowing, tradable financial liabilities, and advance payments, all kinds of payable taxes payable, non - current liabilities due within

38、 1 year, etc., are usually expressed in the final total current liabilities in the balance sheet.its computation formula for:current ratio= current assent current liabilityyear ended dec 31，2013 2011（in millions）201320122011current assets a$5050.1$4922.1$4403.00current liabilities b$3170.00$3403.10$

39、3509.2current ratioa/b1.591.451.25exhibit 3-3-2 presents the current ratio for mcd at the end of 2013 and 2011.for mcd the current ratio was 1.59 at the end of 2013 and 1.45 at the end of 2012 and 1.25 at the end of 2011. this suggests that the flow rate of the mcd also needs to improve.current rati

40、o is an important measure of corporate short-term solvency financial indicators, the higher the ratio, the stronger ability to repay its current liabilities of that enterprise, repaid safeguard, the greater the current liabilities.however, high liquidity ratio also is not a good thing, because liqui

41、dity ratio is too high, companies may be stranded on the liquidity of funds too much, failed to effectively exploit, may affect corporate profitability.according to the experience, the current ratio in about 2 more appropriate, mcd companys current ratio is 1.5, you also need to improve.in fact, the

42、 analysis of current ratio should be combined with the characteristics of different industries, liquid assets structure and the various factors such as liquid assets actual cash ability.some industry liquidity ratio is higher, and some industry is low, cannot treat as the same.experience judgment, h

43、owever, this alone is not reliable, sometimes the liquidity ratio is higher, but its short-term debt paying ability is not strong, because could be the result of inventory backlog or unsold, and the enterprise is also easy to forge the ratio, to cover up its solvency.3.3.3 quick ratioquick ratio is

44、refers to the ratio of quick assets to current liabilities.it is used to measure of enterprise current assets can be converted into cash immediately to repay the ability of current liabilities.quick assets include the monetary funds, short-term investments, notes receivable, accounts receivable, can

45、 be realized in a short time.and inventory in liquid assets and non-current assets due within 1 year and other liquid assets, should not be included.compute the quick ratio follows：quick ratio= current assetsinventory current liabilityyear ended dec 31，2013 2011（in millions）201320122011current asset

46、s$5050.10$4922.10$4403.00less：ending inventory$123.70$121.70$116.80remaining current assets $4926.40$4800.40$4286.20current liability $3170.00$3403.10$3509.20quick ratio 1.551.411.22for mcd,the quick ratio was 1.55 at the end of 2013 and 1.41 at the end of 2012 and 1.22 at the end of 2011.this repre

47、sents a positive trend.according to the experience, it is generally believed quick to 1 ratio is more appropriate, mcd quick ratio is about 1.5, should fall within the normal range. but in the actual analysis, should according to the nature of the enterprise and other factors to comprehensive judgme

48、nt, cannot treat as the same. the important factors that affect the credibility of the quick ratio is usually liquidity of accounts receivable, if the enterprise has the most difficult to recover in the accounts receivable, may become bad debts, so quick ratio cant truly reflect the solvency of the

49、enterprise. therefore, in the use of quick ratio analysis enterprise short-term debt paying ability, should be combined with the accounts receivable aging structure is analyzed.3.3.4 cash ratiosometimes an analysis needs to view the liquidity of a firm from an extremely conservative point of view.fo

50、r example ，the company may have pledged its receivables and its inventory ,or the analysis suspects severe liquidity problems with inventory and receivables.compute the cash ratio as follows:cash ratio =cash equivalents +marketable securities current liabilities years ended dec 31,2013 and 2011（in m

51、illions） 2013 2012 2011cash and equivalents$2798.7$2336.1$2335.7total current liabilities$3170$3403.1$3509.2 cash ratio0.880.690.67cash ratio can reflect enterprises solvency directly, because cash is the ultimate means of enterprises to repay the debt, if the company lack of cash may occur payment

52、difficulties, facing a financial crisis.cash ratio is high, therefore, that the enterprise has a better ability to pay, is guaranteed to repay debt.but if the ratio is too high, could mean that companies have too much cash asset class low profitability, the assets of the enterprises failed to get ef

53、fective use.3.3.5 common-size analysis (vertical and horizontal)the analysis is based on a project for the fixed reference, by reference of other items, calculate the accounts for the proportion of the references, the analysis can be used in conjunction with change analysis.for example can be based

54、on the analysis of an enterprise in the income statement in two years sales cost, management cost accounting for the proportion of income details about enterprises profit.(a) longitudinal comparative analysis due to the current ratio, quick ratio and cash ratio is the main indicator of evaluation en

55、terprise short-term debt paying ability, so from the three metrics, mcdonalds companys short-term debt paying ability is enhanced.but mcdonalds current ratio is less than 2, the enterprise short-term debt paying ability to strengthen, should reduce liquidity is weak in stock, increase liquidity;quic

56、k ratio is in accordance with industry standards.at the same time, the part of enterprise assets can easily cope with the current liabilities of the enterprise, it plays a positive role in improving the company reputation.(b) horizontal comparative analysis in the same industry.select several other catering industry representative company yum and qjd comparison analysis, including mcdonalds in the restaurant industry upstream, qjd medium level in the restaurant industry.in 2013, the data as a reference, through and compare different