Ga - Tech - Overdrafts - 2003 Cash Flow Reporting in The Presence of Overdrafts

Financial Reporting and Analysis Lab
755 Ferst Avenue

404-894-4395
Atlanta, GA 30332
http://www.dupree.gatech.edu/faculty/finlab/lab.shtml
Dr. Charles W. Mulford, CPA, Director
Invesco Chair and Professor of Accounting
charles.mulford@mgt.gatech.edu
Kerianne Maloney
Graduate Research Assistant
gtg335k@mail.gatech.edu
Cashflow Reporting
in the Presence of Overdrafts
Executive Summary
Numerous companies maintain cash overdraft balances. These seemingly innocuous accounts
can have material effects on reported amounts of cash and operating cash flow. In this report we
survey reporting practices for overdrafts and draw attention to cases where analysts may be
misled.
January, 2003
Cash Flow Reporting in the Presence of Overdrafts

DuPree College of Management
Georgia Institute of Technology
Atlanta, GA 30332-0520
The DuPree College of Management Financial Reporting and Analysis Lab conducts unbiased
stock market research. Unbiased information is vital to effective investment decision-making.
Accordingly, we think that independent research organizations, such as our own, have an
important role to play in providing information to market participants.
Because our Lab is housed within a university, all of our research reports have an educational
quality, as they are designed to impart knowledge and understanding to those who read them.
Our focus is on issues that we believe will be of interest to a large segment of stock market
participants. Depending on the issue, we may focus our attention on individual companies,
groups of companies, or on large segments of the market at large.
A recurring theme in our work is the identification of reporting practices that give investors a
misleading signal, whether positive or negative, of corporate earning power. We define earning
power as the ability to generate a sustainable stream of earnings that is backed by cash flow.
Accordingly, our research may look into reporting practices that affect either earnings or cash
flow, or both. At times our research may look at stock prices generally, though from a
fundamental and not technical point of view.
Contact Information
Charles Mulford. Invesco Chair, Professor of Accounting and the Lab's Director.
Phone: (404) 894-4395
Email: charles.mulford@mgt.gatech.edu
Michael L. Ely. MBA, Financial Analyst.
Phone: (404) 894-9473
Email: michael.ely@mgt.gatech.edu
Katie Hudson. Graduate research assistant and MBA student.
Kerianne Maloney. Graduate research assistant and MBA student.
Andrew Moses. Graduate research assistant and MBA student.
Website: http://www.dupree.gatech.edu/faculty/finlab/lab.shtml
2002 by the DuPree College of Management, Georgia Institute of Technology, Atlanta, GA 30332-0520. ALL
RIGHTS RESERVED. The information in this research report was based on sources believed to be reliable and
accurate, consisting principally of required filings submitted by the companies represented to the Securities and
Exchange Commission. However, no warranty can be made. No data or statement is or should be construed to be a
recommendation for the purchase, retention, or sale of the securities mentioned.
Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

(c) 2003 by the DuPree College of Management, Georgia Institute of Technology, Atlanta, GA 30332-0520
www.dupree.gatech.edu/faculty/finlab/lab.shtml
Companies Named In This Report

Airborne, Inc.
AMC Entertainment, Inc.
Amgen, Inc.
Aviall, Inc.
Beazer Homes, USA, Inc.
Boeing Corporation
Electric Lightwave Inc.
Hershey Foods Corporation
Hunt Corp.
Kendle International Inc.
Linens N Things, Inc.
Medsolutions, Inc.
Mim, Corp.
National R.V. Holdings, Inc.
Paving Stone Corporation and Subs.
Peabodys Coffee, Inc.
Pennford Corp.
Perini Corporation
Railworks Corp.
Speizman Industries Inc. and Subsidiaries
Strategic Distribution Inc.

Page
5,6
5,13-14
5,10-12
5,8-9
5,7-8
5,6
5
5,6
5
5
12-13
5
9-10
5
5
5
5
5
5
5
5
Cash Flow Reporting

in the Presence of Overdrafts
Introduction
Cash-balance overdrafts arise when checks written and presented for payment exceed available
bank balances. It is not uncommon for companies to have overdraft protection arrangements
with their banks whereby short-term financing is provided to cover checks presented for
payment. Indeed, an overdraft arrangement can play a role in effective cash management as a
means of minimizing the opportunity cost of carrying funds in low-yielding bank accounts.
At period's end, even though an overdraft has been covered resulting in a positive bank balance,
the existence of outstanding checks will result in a book overdraft - a negative cash balance.
Generally accepted accounting principles (GAAP) call for the reporting of such an overdraft
balance as a current liability.
Reclassifying an overdraft balance to a liability results in an increase in the reported cash balance
from a negative amount to zero. At times, the amounts of these reclassifications can be
significant. Analysts who are unaware of such reclassifications may be misled into thinking that
more on-hand cash is available than is actually the case. Also, while GAAP calls for the
reporting of changes in overdraft balances as financing sources and uses of cash, many
companies report them as operating cash flows. The end result may be an improper assessment
of a firm's ability to generate sustainable cash flow.
This report provides accounting guidance for overdrafts and statistics on the extent to which cash
overdrafts are reported and their materiality to existing cash balances. Also provided are
measures of the extent to which the operating cash flow designation for changes in overdrafts is
employed versus a more appropriate financing classification.
Frequency of Overdraft Reporting

We began our study by gathering evidence on the frequency with which companies report
overdraft balances. We sampled 2,571 10-K annual report filings spread across the fiscal 2001
filing year. In particular, we were looking for evidence of the disclosure of overdrafts either in
the footnotes, the balance sheet, or in the statement of cash flows. In the sample, 100 companies,
or 3.9% disclosed the existence of overdrafts of a sufficiently material amount to warrant
disclosure. Some examples of the overdrafts noted in fiscal 2001, together with a few interesting
examples from 2000 are provided in Exhibit 1 below.
______________________________
Quick Stat.: 3.9% of 10-K filings sampled reported the existence of material overdrafts
______________________________

Exhibit 1 presents reported cash balances, cash overdrafts, and net cash balances, for a sample of
companies noted in our survey of overdraft reporting. In the exhibit, the Reported Cash Balance
column is the amount of cash and cash equivalents reported on the balance sheet for the fiscal
year noted. The Cash Overdraft Balance column is the year-end amount of overdrafts disclosed
in the footnotes or as a liability on the balance sheet. The Net Cash Balance was computed by
subtracting the overdraft balance from the reported cash balance. Net cash reflects the actual onhand amount of cash and cash equivalents in the absence of any overdraft financing.
Exhibit 1. Cash Balances and Cash Overdrafts
Year
Ended
Reported
Cash
Balance
Cash
Overdraft
Balance
Net Cash
Balance
AIRBORNE INC.
12/31/00
$ 40,390,000
$ 51,738,000
($ 11,348,000)
AMC ENTERTAINMENT, INC.
03/28/02
219,432,000
31,751,000
187,681,000
AMGEN INC.
12/31/00
226,500,000
101,200,000
125,300,000
AVIALL INC.
12/31/01
2,526,000
7,500,000
(4,974,000)
BEAZER HOMES USA, INC.
09/30/01
41,678,000
20,100,000
21,578,000
BOEING CORPORATION
12/31/01
633,000,000
351,000,000
282,000,000
ELECTRIC LIGHTWAVE INC.
12/31/00
10,318,000
6,965,000
3,353,000
HERSHEY FOODS CORP.
12/31/00
31,969,000
22,500,000
9,469,000
HUNT CORP.
12/03/00
23,878,000
4,100,000
19,778,000
KENDLE INTER. INC.
12/31/00
6,709,000
1,234,000
5,475,000
MEDSOLUTIONS, INC.
12/31/01
145,500
(145,500)
NATIONAL R.V. HOLD., INC.
12/31/01
22,000
608,000
(586,000)
PAVING STN. CORP. & SUBS.
12/31/01
35,439
326,936
(291,497)
PEABODYS COFFEE, INC.
03/31/02
7,307
48,495
(41,188)
PERINI CORPORATION
12/31/01
9,512,000
2,626,000
6,886,000
RAILWORKS CORP.
12/31/00
7,263,000
1,164,000
6,099,000
SPEIZMAN IND. INC. & SUBS.
06/30/01
1,438,466
(1,438,466)
STRATEGIC DISTRIB. INC.
12/31/00
1,869,000
2,495,000
(626,000)
Company
Source: Company filings with SEC.

In reviewing Exhibit 1, consider the results for Airborne, Inc. Because the company's cash
overdraft balance exceeds its cash balance at December 31, 2000, its net cash balance is a
negative amount at year-end. However, because the overdraft balance is not separately stated on
the companys balance sheet, but is instead included in its account payable balance, its negative
cash balance is not evident from the company's financial statements. A review of the financial
statement footnotes is necessary to reveal the effect of the overdraft balance on its reported
amount of cash. As reported in the notes:
Cash
The Company has a cash management system under which a cash overdraft exists for
uncleared checks in the Company's primary disbursement accounts. The cash amount in
the accompanying financial statements represents balances in other accounts prior to
being transferred to the primary disbursement accounts. Uncleared checks of $51,738,000
and $43,246,000 are included in accounts payable at December 31, 2000 and 1999,
respectively.
In the case of Boeing Corp., the cash overdraft balance at year-end does not exceed its reported
cash balance. Overdrafts comprise 55.5% of the company's reported cash balance. Here again, a
review of the footnotes is necessary to reveal the effect of the overdraft balance on reported cash.
As reported in the notes (in millions):
Accounts Payable and Other Liabilities
Accounts payable includes $351 and $441 as of December 31, 2001 and 2000,
attributable to checks written but not yet cleared by the bank.
Hershey Foods Corp.s cash overdrafts comprise 70.4% of its reported cash balance, as revealed
in the footnotes to its financial statements:
Short-term debt
As a result of maintaining a consolidated cash management system, the Corporation
maintains overdraft positions at certain banks. Such overdrafts, which were included in
accounts payable, were $22.5 million and $20.4 million as of December 31, 2000 and
1999, respectively.
Overdrafts and the Statement of Cash Flows

Under GAAP, changes in overdraft balances - sources of cash from increasing overdraft balances
or uses of cash for reducing them - should be reported as financing activities on the statement of
cash flows. Statement 95, Statement of Cash Flows, does not make specific reference to the
cash flow classification of overdrafts. The Statement is, however, clear in noting that outside
sources of cash in the form of borrowed amounts are to be classified as financing activities.
Because cash is not on-hand to fund an overdraft balance, an outside source, a financing, is
needed. Bolstering this view, in a speech delivered to the Twenty-Third Annual National
Conference on Current SEC Developments in 1996, Christine Q. Davine, Associate Chief
Accountant, Division of Corporation Finance of the SEC noted,

"Registrants are reminded to evaluate the criteria in SFAS 95 for classifying each cash
receipt and payment in the appropriate category . . . Cash overdrafts should be reported as
financing activities."1
In some instances, companies may use funds transferred from company-owned investment
accounts to cover overdrafts. In such cases, an investing cash-flow classification for changes in
overdrafts, though importantly, not an operating designation would appear to be in order.
Such guidance notwithstanding, not all companies report changes in overdrafts outside the
operating section of the cash flow statement. In fact, among our sample of companies reporting
the existence of overdrafts, 16% included changes in overdrafts as operating cash flow while
61% reported overdrafts in the financing section. The remainder, 23% of our sample, did not
provide sufficient information to determine where overdrafts had been classified in the statement
of cash flows.
______________________________
Quick Stats.: 16% of sample reported overdrafts in operating cash flow

61% of sample reported overdrafts in financing cash flow
______________________________
In analyzing performance, it is important to be clear on how overdrafts have been classified on

the statement of cash flows. When overdrafts are included in operating cash flow, analysts may
overestimate the amount of sustainable cash flow being generated. Given the nontrivial number
of firms classifying overdrafts as operating cash flow, there is ample opportunity for analysts to
be misled.
Consider the case of Beazer Homes USA, Inc. In the year ended September 30, 2001, the
company reported that it used $29.4 million in operating cash flow. That year, however, an
increase in overdrafts provided $20 million. Thus, the company's operating cash performance
would have been worse in the absence of overdraft financing.
In its performance for 2002, Beazer was more profitable than in 2001 and was more successful in
generating operating cash flow. In addition to an increase in earnings, contributing to its
operating cash that year were an increase in trade accounts payable versus a decline the previous
year, a decrease in other assets, and an increase in the tax benefits from stock transactions. The
company disclosed no change in overdrafts
The operating section of Beazer's cash flow statement is presented in Exhibit 2. Note the clear
disclosure of changes in overdrafts and their effects on operating cash flow.
American Institute of Certified Public Accountants 1996 Twenty-Third Annual National Conference on Current
SEC Developments, taken from http://www.sec.gov/news/speech/speecharchive/1996/spch080.txt (accessed
10/28/02).

Exhibit 2. Financial Statement Excerpts, Beazer Homes USA, Inc.

Operating Section, Consolidated Statements of Cash Flows (in thousands)
For the year ended:
Cash flows from operating activities:
Net income
Adjustments to reconcile net loss to net cash
(used)/provided by
operating activities:
Depreciation and amortization
Loss on early extinguishment of debt
Deferred income tax benefit
Tax benefit from stock transactions
Changes in operating assets and liabilities, net of
effects from acquisitions:
Increase in accounts receivable
Increase in inventory
Decrease/(increase) in other assets
(Decrease)/increase in trade accounts payable
(Decrease)/increase in other liabilities
Change in book overdraft
Other changes
Net cash (used)/provided by operating activities
2001
2002
2000
$ 122,634
$ 74,876
$ 43,606
9,453
-(6,613)
12,235
9,253
1,202
(7,906)
3,837
6,852
-(3,792)
--
(13,601)
(152,990)
15,611
23,481
48,300
-954
$ 59,464
(15,814)
(153,668)
(1,023)
(26,676)
65,397
20,095
4,849
$ (25,578)
(1,671)
(97,104)
4,589
28,571
11,083
(11,219)
359
$ (18,726)
Other companies were less forthcoming in their disclosures of the effects of overdrafts on
operating cash flow. Consider, for example, Aviall, Inc.
In 2000, Aviall, Inc. reported that it generated $7.7 million in operating cash flow. The cash
flow statement did not, however, provide direct evidence of the effects of overdrafts. The
company did disclose in a note that overdrafts were included in accounts payable. According to
the note, during 2000, those overdrafts increased $15.2 million, providing that amount of
operating cash flow. The note is reproduced below:
Cash and cash equivalents
The Company considers all highly liquid, interest-bearing instruments with an original
maturity of three months or less to be cash equivalents. The Company reclassifies cash
overdrafts to accounts payable. Cash overdrafts included in accounts payable were $19.7
million and $4.5 million at December 31, 2000 and 1999, respectively.
To confirm the inclusion of overdrafts in operating cash flow, we tied the change in accounts
payable from the balance sheet, which, according to the company, included cash overdrafts, to its
change in the operating section of the cash flow statement.

In 2001, Aviall reported that it used $93.4 million in operating cash flow. That year, overdrafts
declined from $19.7 million to $7.5 million, consuming $12.2 million in cash from operations.
The company made the following disclosure in the notes to its financial statements for 2001:
Cash and cash equivalents
The Company considers all highly liquid, interest-bearing instruments with an original
maturity of three months or less to be cash equivalents. The Company reclassifies cash
overdrafts to accounts payable. Cash overdrafts included in accounts payable were $7.5
million and $19.7 million at December 31, 2001 and 2000, respectively.
As is common for quarterly filings, the company provided no disclosure of overdrafts in the
quarterly statements for the period ended September 30, 2002.
Exhibit 3. Financial Statement Excerpts, Aviall, Inc.
Year ended December 31,

OPERATING ACTIVITIES:
Net earnings
Gain on disposal of discontinued operations
Unusual items
Extraordinary item
Compensation expense on restricted stock
Awards
Deferred income taxes
Tax benefit from exercise of stock options
Changes in:
Receivables
Inventories
Accounts payable
Accrued expenses
Other, net
Net cash (used for) provided by operating
Activities
2001
2000
1999
$ 2,759
(322)
9,787
1,026
11,630
$ 11,628
(1,062)
--9,232
437
1,477
--
371
5,684
23
104
2,709
128
7,234
(112,613)
(15,942)
1,054
85
$ (93,388)
(20,643)
(26,319)
31,594
(196)
(2,644)
$ 7,668
(3,395)
(24,880)
3,448
(5,213)
(2,800)
$ (11,980)
9,703
(4,588)
6,029
-6,775
Consider also the effects of overdrafts on the operating cash flow of Mim Corp. as presented in
Exhibit 4.

Exhibit 4. Financial Statement Excerpts, Mim, Corp.

Fiscal period
Net income
Adjustments to reconcile net
income to net cash provided by
operating activities:
TennCare reserve adjustment
Issuance of stock to employees
Provision for losses on
receivables
Changes in assets and liabilities,
net of acquired assets:
Receivables, net
Inventory
Prepaid expenses and other
current assets
Accounts payable
Claims payable
Cash overdrafts
Payables to plan sponsors
Accrued expenses and other
current liabilities
Non-current liabilities
Net cash provided by operating
activities
Nine Months
Ending
Sept. 30, 2002
$ 14,303
Three Months
Ending
March, 30, 2002
$ 5,207
Three Months
Ending
March, 30, 2001
$ 3,483
4,544
(851)
109
941
1,343
(851)
1,416
(980)
169
305
5,264
(2,268)
(4,463)
(2,185)
(5,479)
(1,296)
(1,305)
56
(2,721)
-2,046
(158)
1,482
4,956
9,698
(1,946)
283
930
8,788
-(3,423)
(1,900)
--
(321)
--
86
(232)
$ 18,218
$ 12,931
$ 3,881
For the fiscal quarter ending March 31, 2002 Mim clearly disclosed the effects of overdrafts on
operating cash flow. That quarter, an increase in cash overdrafts of $9.7 million provided Mim
with 75.0% of its operating cash flow.
For the nine months ending September 30, 2002, however, Mim did not report the effects of cash
overdrafts on operating cash flow. That is, the line item "cash overdrafts" was actually deleted
from the cash flow statement. Such presentation indicates that either cash overdrafts were
covered or effectively repaid in ensuing quarters or the effects of overdrafts were combined with
another line item on the statement of cash flows.
Like so many other companies, Amgen, Inc. includes its bank overdraft balance at year-end in
accounts payable. As reported in the notes to the company's financial statements for the year
ended December 31, 2000:
10
The company considers cash equivalents to be only those investments that are highly
liquid, readily convertible to cash and which mature within three months from date of
purchase. Under the Companys cash management system, the bank notifies the
Company daily of checks presented for payment against its primary disbursement
accounts. The Company transfers funds from short-term investments to cover the checks
presented for payment. This system results in a book cash overdraft in the primary
disbursement accounts as a result of checks outstanding. The book overdraft, which was
reclassified to accounts payable, was $101.2 million and $43.9 million at December 31,
2000 and 1999, respectively.
At December 31, 2001, Amgen did not disclose the existence of overdrafts. That year, the
company's cash note was amended to the following:
The Company considers cash equivalents to be only those investments which are highly
liquid, readily convertible to cash, and which mature within three months from date of
purchase.
Amgen did not separately report the effects of overdrafts in its cash flow statement. However, in
2000, because the change in accounts payable on Amgens statement of cash flows agreed with
the change in accounts payable reported on the balance sheet, which included overdraft balances,
it is apparent that Amgen had included cash overdraft activity in the operating section of its cash
flow statement. The operating section of Amgen's cash flow statement is provided in Exhibit 5.
Exhibit 5. Financial Statement Excerpts, Amgen, Inc.
Year Ended December 31,
Cash flows from operating activities:
Net income
Tax benefits related to employee stock
Options
Loss / (gain) on equity investments
Other non-cash expenses
Deferred income taxes
Loss of affiliates, net
Cash provided by (used in):
Trade receivables, net
Inventories
Other current assets
Accounts payable
Accrued liabilities
Net cash provided by operating activities
2001
2000
1999
$ 1,119,700
265,900
$ 1,138,500
211,800
$ 1,096,400
176,800
244,500
7,400
87,700
(148,300)
2,700
376,600
(31,800)
29,700
6,600
23,900
151,600
--9,800
16,800
(123,000)
(85,500)
(31,500)
(6,500)
147,100
$ 1,480,200
23,000
(120,900)
(51,400)
59,800
(31,200)
$ 1,634,600
(92,300)
(73,500)
(9,000)
(38,200)
(11,500)
$ 1,226,900

11

At December 31, 2000, 44.7% of Amgens cash balance consisted of cash overdrafts. Further,
an increase in cash overdrafts contributed $57.3 million to Amgens operating cash flow for that
year. Although Amgen may have maintained an overdraft balance at December 31, 2001, the
company did not disclose the details of the amount or the accounts in which the overdrafts were
included. Thus, both the reported cash balance at December 31, 2001 and the operating cash
flow for the year ending December 31, 2001 may be materially affected by the presence of
overdrafts, but such effects cannot be determined from the financial statements alone.
As an example of a company that includes overdrafts in financing cash flow, consider AMC
Entertainment, Inc. The company reports the existence of overdrafts with the following footnote
disclosure:
Under the Company's cash management system, checks issued but not presented to banks
frequently result in overdraft balances for accounting purposes and are classified within
accounts payable in the balance sheet. The amount of these checks included in accounts
payable as of March 28, 2002 and March 29, 2001 was $31,751,000 and $35,157,000,
respectively.
The cash flow statement clearly reports the change in overdrafts in financing cash flow, as seen
in Exhibit 6.
Exhibit 6. Financial Statement Excerpts, AMC Entertainment, Inc.
Condensed Consolidated Statements of Cash Flows (in thousands)
Year Ended March 28, 2002 and March 29, 2001:
Net cash provided by operating activities
Net cash used in investing activities
Cash flows from financing activities:
Net borrowings (repayments) under Credit Facility
Proceeds from issuance of 9 7/8% Senior Subordinated
Notes due 2012
Net proceeds from sale of Common Stock
Net proceeds from Preferred Stock Issuance
Proceeds from financing lease obligations
Principal payments under capital and financing lease
obligations and other
Change in cash overdrafts
Change in construction payables
Deferred financing costs and other
Net cash (used in) provided by financing activities
Effect of exchange rate changes on cash and equivalents
March, 2002
$ 100,649
March, 2001
$ 43,458
(144,510)
(91,933)
(270,000)
(60,000)
172,263
100,800
230,022
881
19,135
(2,638)
(3,406)
6,264
(4,865)
229,321
(2,755)
6,520
1,816
(35,284)
(103)
(1,471)

12
Net increase (decrease) in cash and equivalents

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
185,357
34,075
$ 219,432
(85,230)
119,305
$ 34,075
Since AMC Entertainment, Inc. has appropriately reported the effects of overdrafts in its
financing cash flow, operating cash flow results have not been distorted.
Conclusion
The presence of overdraft balances at year-end can affect the presentation of both the balance
sheet and statement of cash flows. Because overdraft balances are typically classified as
liabilities, the reported balance in cash can be misleading. Moreover, if changes in overdraft
balances are improperly reported in the operating section of the cash flow statement, reported
operating cash flow does not clearly reflect sustainable cash flow. Given the number of
companies maintaining overdraft balances and the potentially material effect such overdrafts can
have on cash balances and operating cash flow, a complete financial analysis should consider
their impact. However, because disclosure is somewhat spotty, verification with management of
the existence of cash overdrafts may be in order.

13

Ga - Tech - Overdrafts - 2003 Cash Flow Reporting in The Presence of Overdrafts

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Ga - Tech - Overdrafts - 2003 Cash Flow Reporting in The Presence of Overdrafts

Transféré par

Droits d'auteur :

Formats disponibles

Financial Reporting and Analysis Lab

755 Ferst Avenue

Cash Flow Reporting in the Presence of Overdrafts

Financial Reporting and Analysis Lab

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Financial Reporting and Analysis Lab

Companies Named In This Report

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Cash Flow Reporting in the Presence of Overdrafts

Cash Flow Reporting

Frequency of Overdraft Reporting

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Financial Reporting and Analysis Lab

AMC ENTERTAINMENT, INC.

BEAZER HOMES USA, INC.

ELECTRIC LIGHTWAVE INC.

HERSHEY FOODS CORP.

KENDLE INTER. INC.

NATIONAL R.V. HOLD., INC.

PAVING STN. CORP. & SUBS.

PEABODYS COFFEE, INC.

SPEIZMAN IND. INC. & SUBS.

STRATEGIC DISTRIB. INC.

Source: Company filings with SEC.

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Cash Flow Reporting in the Presence of Overdrafts

Overdrafts and the Statement of Cash Flows

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Financial Reporting and Analysis Lab

Quick Stats.: 16% of sample reported overdrafts in operating cash flow

In analyzing performance, it is important to be clear on how overdrafts have been classified on

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Cash Flow Reporting in the Presence of Overdrafts

Exhibit 2. Financial Statement Excerpts, Beazer Homes USA, Inc.

Source: Company filings with SEC.

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Financial Reporting and Analysis Lab

Year ended December 31,

Source: Company filings with SEC.

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Cash Flow Reporting in the Presence of Overdrafts

Exhibit 4. Financial Statement Excerpts, Mim, Corp.

Source: Company filings with SEC.

Financial Reporting and Analysis Lab

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Cash Flow Reporting in the Presence of Overdrafts

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Financial Reporting and Analysis Lab

Net increase (decrease) in cash and equivalents

Source: Company filings with SEC.

Cash Flow Reporting in the Presence of Overdrafts, January, 2003.

Vous aimerez peut-être aussi