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Tables of Contents for Financial Decisionmaking
Chapter/Section Title
Page #
Page Count
Introduction
vii
Chapter 1: What Finance is All About
1
6
Cash Talks--All Else Walks
1
1
The Owners Representative
2
5
Chapter 2: Should You Incorporate or Operate as a Proprietorship?
7
6
Or Maybe a Partnership
10
1
OK, So What About a Limited Partnership?
10
1
Other Corporate Forms
11
2
Chapter 3: Discounting Cash Flows
13
4
Adjusting Amounts for Time Differences
13
4
Chapter 4: U.S. Income Taxes
17
18
Deductable Operating Losses
20
4
Incorporating to Reduce the Tax Bite
24
4
Reasonable Compensation and Multiple Corporations
28
1
Multiple Corporations Don't Help Much
28
1
Accrual Accounting
29
1
Depreciation is a Four-Letter Word
30
1
State Income Taxes
30
1
Tax Shelters -- The Golden Age of Taxation
31
4
Chapter 5: Accounting: A Long-Term Concept in a Short-Term World
35
10
Investor Disenfranchisement
35
1
The Goals of Accounting
36
1
Financial Statements -- A Financial Window
37
2
The Expectation Gap
39
6
Chapter 6: Reading Financial Statements
45
18
What You Know So Far
45
1
Footnotes and Opinion Letter
45
1
Knowledge of the Industry is Required
46
1
Standardizing the Numbers
47
1
The Balance Sheet
48
6
The Big Bath
54
4
Equity
58
1
The Income Statement
59
4
Chapter 7: Analyzing Financial Statements
63
8
Ratios Solve the Size Problem
63
1
Ratios have Limits
64
4
Watch Out for Stock Options
68
1
Not All Public Companies are Really Public
69
1
Comparing With Your Competition
69
1
Industry Standard Ratios
70
1
Chapter 8: Debt -- It's Good, Not Bad
71
6
Let Creditors Share the Risk
71
1
Negotiable Debt
71
1
Bonds
72
4
Non-Negotiable Debt
76
1
Chapter 9: The Cost of Equity
77
8
Sources of Business Equity
77
1
Distributions to Owners
78
1
Dividends
79
2
What Determines the Price of Stock
81
1
Dividends Must Go Up
82
3
Chapter 10: The Cost of Capital
85
10
The Calculation is Simple
85
1
All Business Assets are Financed at the Same Interest Rate
86
1
The Public Corporation
87
2
Calculating the Public Corporation's Cost of Capital
89
3
Stock Buy-Backs
92
1
Optimizing the Cost of Capital
92
3
Chapter 11: Working Capital Management
95
20
A Financial Statement on Cash Flow
95
1
A Well-Managed Business has a Red Checking Account
96
1
Businesses get Different Treatment by their Bankers
97
1
Playing the Float is a Gamble
97
1
The Company's Operating Cycle
98
1
Granting Credit
99
1
Hoarding Cash isn't the Answer
100
1
Priming the Pump on Working Capital
101
5
What Banks are Good for
106
3
Growth and Minimum Working Capital
109
6
Chapter 12: Capital Budgeting
115
16
Investing Excess Cash
115
1
Reducing Debt and Equity with Excess Cash
116
1
Investing Surplus Cash to Improve Profits
117
2
When Earning aren't Sufficient to Meet Capital Needs
119
1
Preparing a Capital Budget
120
3
An Illustrated Capital Budget Request
123
4
Sometimes it's Necessary to Invest in Loosing Projects
127
2
Allocating Capital is an Art
129
1
The Statement of Cash Flows
130
1
Chapter 13: Interest Rates
131
6
The Structure of Interest Rates
132
2
Making Your Brother-in-Law a Loan
134
3
Chapter 14: Leasing
137
12
No Foreclosure Necessary
137
1
Leasing -- GAAP Requirements
138
1
Leasing -- IRS Requirements
139
1
How a Lessor Determines a Lease Rate
140
6
Lease or Buy Decisions
146
3
Chapter 15: The Private Company
149
14
Capital, Not Labor
149
1
Private Company Ownership
150
1
It's All About Getting Rich
150
3
Making a Business Valuable
153
2
How to Value a Private Business
155
5
To Whom Do You Sell Your Business?
160
3
Chapter 16: Break-Even Analysis
163
8
Two Falvors of Business Leverage
163
2
Variable and Fixed Costs
165
1
Sales Dollars to Break Even
166
2
How Financial Leverage and Operating Leverage Relate
168
2
Controlling the Mix of Fixed and Variable Costs within a Company
170
1
Chapter 17: Measuring Business Segment Performance
171
8
What is a Business Segment
171
4
EVA as a Business Segment Management Tool
175
4
Chapter 18: Mergers and Auctions
179
8
A Pooling of Interests
180
1
The Purchase of One Business Entity by Another
180
1
The Role of the IRS in a Business Combination
181
2
Merger Mania
183
2
Philosophy of Managing the Acquired Company
185
1
The Conglomerate was a Bad Idea
185
1
Anti-Trust Hands Off by Uncle Sam
186
1
Chapter 19: Currency Heading
187
6
Converting Foreign Currency Financial Statements
188
1
A Hedge or an Investment?
188
1
Reporting Hedging Results in Financial Statements
189
2
Sources for Hedging Contracts
191
2
Epilogue
193
2
Index
195