Financial statements are the language of business. This seminar aims to teach participants practical knowledge of this language and gain insight into understanding financial statements and the related business income tax returns. The course provides a business person's perspective on financial statements and tax returns, using examples. Attendees will acquire useful financial analysis techniques, learn to identify financial management issues and use ratios. There is a significant focus on using the financial statements to understand the operations of the business and cash flow. The course should benefit anyone using financial statements to determine ways to improve operations, make loans or investments, assess the reliability of the financial statements and many other applications.
8:30 a.m. - 9:00 a.m.
I. Overview And Introduction; What Are
Financial Statements And Why Are
A. Different Types Of Business Entities
B. Reporting To Creditors, Investors And Other Third Parties
C. Measuring Business Performance
D. Making Decisions About The Future
E. Accounting Concepts
9:00 a.m. - 9:20 a.m.
II. Accounting Profession And Types Of
Certified Financial Statement
A. Audited, Reviewed And Compiled Financial Statements
B. National, Regional And Local Accounting Firms
C. Financial Statement Footnotes (Finding Nuggets Of Gold)
9:20 a.m. - 9:50 a.m.
III. The Four Basic Financial Statements
A. Balance Sheet 'Snap Shot'
B. Income Statement 'Report Card'
C. Cash Flow Statement
D. Statement Of Stockholders' Equity
9:50 a.m. - 10:30 a.m.
IV. Balance Sheet Analysis
1. Cash And Receivables
3. Prepaid Expenses
4. Fixed Assets And Depreciation
5. Intangible Assets
6. Other Assets
7. Off Balance Sheet Assets
10:30 a.m. - 10:40 a.m.
10:40 a.m. - 11:20 a.m.
IV. Balance Sheet Analysis (Continued)
1. Accounts Payable
2. Payroll Related Liabilities
3. Deferred Revenue
4. Income Taxes
5. Bank Debt
6. Off Balance Sheet Liabilities
1. Investments By Owners
2. Equity Structures
11:20 a.m. - 12:00 p.m.
V. Income Statement Analysis
B. Cost Of Sales
C. Gross Profit
D. Overhead And Other Business Expenses
E. Vertical Income Statement Analysis
F. Income Statement Problem
G. Using Non-Financial Data
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:15 p.m.
VI. Understanding Cash Flow
A. How Cash Flows Differ From Profits
B. How To Predict Cash Flows
C. Why Do We Have Net Income But No Cash?
D. Cash Flow Problem
E. Managing Credit Relationships
F. Daily Cash Flow Management
2:15 p.m. - 2:50 p.m.
VII. Income Taxes And The Internal
A. Payroll Taxes And 401(k) Managing The Trust Funds
B. Tax Accounting Methods
C. Cash Flow Implications
2:50 p.m. - 3:00 p.m.
3:00 p.m. - 3:50 p.m.
VIII. Corporate Tax Returns
A. Different Types Of Taxable Entities
B. Options For Compensating Shareholders
C. Tax Aspects Of S And C Corporations
D. Schedule L, M-1, M-2
E. Shareholder Basis Calculations
3:50 p.m. - 4:20 p.m.
IX. Partnership/Limited Liability Company
Tax Returns/Sole Proprietorship
A. Entity Characteristics
B. Tax Aspects Of Partnership And LLC Returns
C. Partner/Member Basis Calculations
D. Sole Proprietorship
4:20 p.m. - 4:30 p.m.
X. Conclusion; Question And Answer