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1、FinancialPlanningandForecastingFinancialPlans■Financialplansevaluatetheeconomicsbehindthestrategyandoperations.Theyconsistofsixsteps:1.Projectedfinancialstatements:toanalyzetheeffectsoftheoperatingplanonprojectedprofitsandfinancialratios.2.Determinethefu
2、ndsneededtosupporttheplan.3.Forecastfundsavailability.1.Establishandmaintainasystemofcontrolstogoverntheallocationanduseoffundswithinthefirm.2.Developproceduresforadjustingthebasicplaniftheeconomicforecastsuponwhichtheplanwasbaseddonotmaterialize3.Establ
3、ishaperformance-basedmanagementcompensationsystem.七SalesForecast■Salesforecastsareusuallybasedontheanalysisofhistoricdata.■Anaccuratesaleforecastiscriticaltothefirm'sprofitability:'ThePercentofSalesMethod■Thisisthemostcommonmethod,whichbeginswiththesales
4、forecastexpressedasanannualgrowthrateindollarsalerevenue.■Manyitemsonthebalancesheetandincomestatementareassumedtochangeproportionallywithsales.^jThePercentofSalesMethod:AnExamplealanceSheet*Cash1,080*AccountsPayable4,320*Receivables6,480*Accruals2,880*l
5、nventory9,000NotesPayable2,100*TCA16,560TCL9,300*FixedAssets12,600Bonds3,500CommonStock3,500RetainedEarnings12,860*TotalAssets29,160X1.15=33,534A4,374Total(L+E)29,160Weneedincreaseontheassetside・]•Allassetsarespontmneous・Ontheliabilityandequityside,Accou
6、ntsPayableandAccrualsaretheonlyspontaneousfunds.•Duringthenextyear,salesincreaseby15%resultingina15%increaseinTotalAssets(4,374).Hence,theassetsideonnextyear'sbalancesheetmustgoupby15%・Also,thespontaneousfundsontheliabilitysidemustalsoincreaseby15%・"Deno
7、tesspontaneous,whichmeansincreasespontaneouslywithsales.鼻Example(cont'd):BalanceSheet*Cash1,080*AccountsPayable4,320X1.15=4,968A648*Receivables6,480*Accruals2,880X1.15=3,312A432*lnventory9,000NotesPayable2,100*TCA16,560TCL9,300*FixedAssets12,600Bonds3,50
8、0CommonStock3,500RetainedEarnings12,860*TotalAssets29,160X1.15=33,534A4,374Total(L+E)29,160Thespontaneousitemsontheliabilitiessideoftheprojectedbalancesheetmustalsoincreaseby15%・IncomeStatement20012002*Sales36,000X1.15=41,
