Problem 4.1. The production output is 30,000 pcs. per quarter, the metal consumption rate is 20 kg per 1 product, the metal price is 12 rubles. for 1 kg. Calculate the value of the production stock, if the norm of the transport stock is 2 days, the preparatory stock is 2.5 days. The volume of deliveries, see table. 4.2.
Table 4.2
1. Determine the weighted average delivery interval:
2. Determine the current stock rate:
D tech. = 0.5 ∙ 14 = 7 days.
3. Determine the safety stock rate:
D str. \u003d 0.5 ∙ 7 \u003d 3.5 days.
4. Define the general average rate of production stock:
D MPZ \u003d 7 + 3.5 + 2 + 2.5 \u003d 15 days.
5. Determine the daily (one-day) consumption of materials:
6. Let's determine the SOS standard in the MPZ in monetary terms:
N MPZ \u003d 15 ∙ 80 \u003d 1200 thousand rubles.
Task 4.2. Determine the average delivery interval, current and insurance stocks in days. The initial data are given in table. 4.3.
Table 4.3
1. Determine the average delivery interval:
2. Determine the current warehouse stock:
D tech. = 0.5 ∙ 34 = 17 days.
3. Define the safety stock:
D str. \u003d 0.5 ∙ 17 \u003d 8.5 days.
Task 4.3. The planned consumption in the first quarter for material A amounted to 200 thousand rubles, for material B - 40 thousand rubles, for material C - 120 thousand rubles. Determine: the average rate of working capital for all inventories; one-day consumption of materials; SOS standard in MPZ in monetary terms. Working capital norms in days for certain types MPZ, see table. 4.4.
Table 4.4
1. Determine the average rate in days for all materials:
2. Determine the one-day consumption of materials:
3. Define the standard of own working capital in production stocks in monetary terms:
H MPZ \u003d P day. D MPZ \u003d 4 ∙ 46 \u003d 184 thousand rubles.
Task 4.4. The monthly amount of expenses of the CO is 12 million rubles, incl. one-time costs for the purchase of MPZ - 4.8 million rubles, which corresponds to 40%, and incremental costs - 7.2 million rubles. Determine the cost escalation factor.
Let's define the cost increase factor:
Task 4.5. Planned quarterly expenses - 46 thousand rubles, incl. one-time - 24 thousand rubles, accruing - 22 thousand rubles. Determine the duration of the production cycle, the coefficient of increase in costs, the norm and standard of SOS for work in progress based on the data in Table. 4.5.
Table 4.5
1. Define average duration production cycle:
D c \u003d 40 0.35 + 8 0.4 + 16 0.1 + 2 0.15 \u003d 19.1 days.
3. Determine the rate of funds for work in progress in days:
D NP \u003d D c K n.z. = 19.1 0.76 = 14.5 days.
4. Let's determine the average daily costs for the production of products at the quarterly cost, i.e. according to the cost estimate for production:
5. Determine the standard of own working capital for work in progress in monetary terms:
H NP \u003d 3 days. D c K n.z. \u003d 511 19.1 0.76 \u003d 511 14.5 \u003d 7418 rubles.
Problem 4.6. There is the following information on stocks and purchases of electric motors for the production of vacuum cleaners, see table. 4.6. For the reporting year, the proceeds from the sale of electric motors amounted to 579.7 thousand rubles. The balance of electric motors at the end of the reporting year - 60 pcs. Calculate the cost of inventory of electric motors, cost and profit using three methods products sold.
Table 4.6
Note. The sequence of calculations is based on the use of the following formula: products for sale (stocks at the beginning of the period + purchases) - stocks at the end of the period = cost of goods sold.
The problem is solved in a tabular way, see table. 4.7.
Table 4.7
Problem 4.7. The total cost of production is 100 rubles, the annual output is 125 thousand items, the duration of the production cycle is 4 days. Costs on the first day - 30 rubles, on the second - 30 rubles, on the third - 20 rubles, on the fourth - 20 rubles. Determine the rate of increase in costs, the rate and standard of working capital in work in progress.
1. Let's determine the coefficient of increase in costs:
2. Let's define the SOS rate in work in progress:
3. Determine the standard of own working capital in work in progress in monetary terms:
Problem 4.8. The amount of expenses at the beginning of the planned year for balance sheet- 150 thousand rubles. The planned amount of expenses for future periods in the coming period is 240 thousand rubles. The amount of expenses attributable to the cost of production in the planned period is 180 thousand rubles. Determine the standard of working capital in deferred expenses.
Let's define the SOS standard in RBP in monetary terms:
N RBP \u003d R n.g. + R bud. - R plan. \u003d 150 + 240 - 180 \u003d 210 thousand rubles.
Problem 4.9. Annual output - 5000 units. products, the price of 1 kg of metal is 8 thousand rubles. The net weight of the machine is 460 kg, the amount of actual waste is 120 kg. As a result of improving the technology, waste is planned to be reduced by 15%. Determine the metal utilization rate, the share of waste before and after the change in technology, the specific savings of metal after the change in technology and the annual savings.
1. Define waste after technology change:
Oh fact. \u003d 120 (1−0.15) \u003d 102 kg.
2. Let's determine the metal utilization factors:
3. Determine the share of waste:
4. Let's determine the specific savings of metal after changing the technology:
5. Determine the annual metal savings:
Problem 4.10. Bulldozers with a capacity of 130 hp were produced at the plant, their net weight was 4.5 tons. The consumption rate (rough weight) of metal for the manufacture of one bulldozer was 6 tons. After improving the design of the bulldozer and introducing new technology in production, its power increased to 165 hp. while maintaining the same net weight, and the consumption rate decreased to 5 tons.
To determine the indicators of the use of metal before and after the improvement of the design and the introduction of new technology.
1. Let's determine the indicators of metal use:
2. Let's define indicators of relative material consumption:
3. Determine the integral indicators of the use of metal:
4. Determine the total metal savings per 1 hp:
Problem 4.11. The annual volume of production and sales of products is 50,000 pieces, the time of warehouse processing of materials is 2 days. Calculate the amount of stocks of raw materials in natural units and the organization's need for working capital in monetary terms based on the data in Table. 4.8.
Table 4.8
1. Determine the annual need for material A in tones:
M A \u003d H R (A) Q\u003d 3.6 50000 \u003d 180000 kg, or 180 tons.
2. Determine the number of deliveries of material A per year:
3. Determine the interval between two deliveries of material A in days:
4. Determine the rate of production stock of material A:
5. Determine the one-day consumption of material A in natural units:
6. Determine the standard in working capital for material A in rubles. :
H A \u003d P day. D A C \u003d 0.5 120 73.5 \u003d 4410 thousand rubles.
7. Determine the annual standard for material B in tons:
M B = N R (B) Q\u003d 1.44 50000 \u003d 72000 kg, or 72 tons.
8. Determine the number of deliveries per year of material B:
9. Determine the interval between two deliveries of material B:
10. Determine the rate of production stock in days for material B:
11. Determine the one-day consumption of material B in tones:
12. Determine the need for working capital of material B in rubles. :
N B \u003d R day (B) C D B \u003d 0.2 950 143 \u003d 27170 thousand rubles.
13. Determine the total capital requirement for materials A and B:
N A + B \u003d N A + N B \u003d 4410 + 27170 \u003d 31580 thousand rubles.
Problem 4.12. Define average annual cost working capital, using various formulas, if the amounts of working capital are known for three options: 1) at the beginning of the year - 100 thousand rubles; at the end of the year - 110 thousand rubles; 2) as of January 1, 2009 - 120 thousand rubles; as of April 1, 2009 - 130 thousand rubles; as of July 1, 2009 - 125 thousand rubles; 140 thousand rubles; 3) as of 01/01/2009 - 110 thousand rubles, from 01/06/2009 an additional 12 thousand rubles were attracted, from 10/1/2009 - 4 thousand rubles were released.
1. Determine the average annual balance of working capital by applying the simple calculation formula medium size:
2. Determine the average annual balance of working capital by applying the formula for calculating a simple chronological average:
3. Determine the average annual balance of working capital by applying the formula for calculating the weighted average:
Problem 2.13. The annual production volume is 720 items, the sales revenue is 115.5 million rubles, the cost of one item is 150 thousand rubles. The duration of the production cycle is 15 days. The consumption of basic materials for one product is 100 thousand rubles. at a stock rate of 25 days. The consumption of auxiliary materials for the annual output is 5.4 million rubles. at a reserve rate of 40 days, fuel - 4.32 million rubles. at a stock rate of 30 days, other inventories - 3.06 million rubles. at a stock rate of 60 days. Deferred expenses - 1.2 million rubles. Stock rate in finished products- five days. Next year, the volume of sold products should increase by 20% with the same amount of normalized working capital. Determine: annual consumption of basic materials; one-day consumption of materials (main, auxiliary, other) and fuel; standard of working capital in production stocks of materials; cost increase factor; daily output of products at the planned cost; norms of working capital in work in progress and in finished products, as well as the total norm of working capital; turnover ratios of working capital of the reporting and planned year.
1. Determine the annual consumption of basic materials:
M \u003d QH p1 \u003d 720 100 \u003d 72,000 thousand rubles.
2. Determine the one-day expense:
a) basic materials:
c) fuel:
d) other materials:
3. Let's determine the standard of funds in the production stocks of materials:
N MPZ \u003d D MPZ R day. .
a) basic materials:
H main.m. = 200 25 = 5000 thousand rubles;
b) auxiliary materials:
H aux. = 15 40 = 600 thousand rubles;
c) fuel:
H fuel = 12 30 = 360 thousand rubles;
d) other materials:
N pr. m. = 8.5 60 = 510 thousand. rub.;
e) all types of materials:
N MPZ \u003d 5000 + 600 + 360 + 510 \u003d 6470 thousand rubles.
4. Let's determine the coefficient of increase in costs:
5. Let's determine the daily output of products at the planned cost:
6. Define the SOS standard in work in progress:
H NP \u003d 15 0.834 300 \u003d 3735 thousand rubles.
7. Determine the standard of working capital in finished products:
N GP \u003d 5 300 \u003d 1500 thousand rubles.
8. Let's define the general standard of own working capital (NSOS):
H total \u003d N SOS \u003d N MPZ + Z NP + Z GP + Z RBP \u003d 6470 + 3735 + 1500 + 1200 \u003d 12905 thousand rubles.
9. Determine the turnover ratio for the reporting year:
10. Determine the turnover ratio of the SOS of the planned year:
Problem 4.14. Determine the turnover ratio of working capital if it is known that the proceeds from sales are 20% more than the cost of annual output. Initial data in table. 4.9.
Table 4.9
1. Determine the standard of working capital in the inventory:
2. Determine the cost increase factor:
3. Determine the standard of working capital in WIP:
4. Define the standard of working capital in finished products:
5. Let's define the general standard of working capital:
H total = 30 +79.2 +33 =142.2 thousand rubles.
6. Determine the turnover ratio of working capital:
Problem 4.15. Calculate the release of working capital due to an increase in the turnover ratio, the additional need for working capital in the reporting period due to the growth in sales, evaluate the overall performance of the organization based on the data in Table. 4.10.
Table 4.10
The problem can be solved in two ways
The first way to solve the problem
1. Determine the turnover ratios by years:
base: reporting:
2. Define the absolute release (or attraction) of working capital in reporting year:
3. Let's determine the relative release of working capital due to the growth of the turnover ratio:
4. Let's determine the conditional need for working capital to fulfill the planned production plan for the reporting year:
5. Let's determine the conditional additional need for working capital to fulfill the planned production plan for the reporting year:
6. Let's determine the overall result obtained under the influence of two factors (growth in sales and increase in its volume):
ΔO total = + 60 - 50 = + 10 thousand rubles.
The second way to solve the problem
1. Let's determine the relative release of working capital due to the growth of the turnover ratio:
2. Let's determine the additional need for working capital to fulfill the planned production plan for the reporting year:
3. Define the overall result:
∆tot. = ΔK vol. + ΔВ р = + 60 - 50 = + 10 thousand rubles.
Problem 2.16. The volume of products sold in the base year is 120 million rubles, the average annual balance of working capital is 30 million rubles; in the reporting year, the volume of production and sales should increase by 10%, and the duration of one turnover of working capital, on the contrary, should decrease by 10 days. Determine the turnover and load ratios, the duration of turnover by years, the absolute and relative release of working capital.
End of solution
10. Determine the relative release of COC different ways:
Problem 4.17. The volume of production and sales in the base year is 120 million rubles. with an average annual balance of working capital of 30 million rubles; in the reporting year, the volume of production and sales should increase by 20%, and the turnover of working capital will increase by 2 turnovers. Determine the proceeds from the sale of the reporting year, turnover and load ratios, the duration of turnover in the base and reporting years, the amount of working capital balances of the reporting year and the absolute and relative release of own working capital.
End of solution
9. Define the absolute release of working capital:
10. Let's define the relative release of own working capital in different ways.
|
Indicators |
at the beginning of the period, thousand rubles |
at the end of the period, thousand rubles |
Deviations (+,-), |
Growth rate % |
|
thousand roubles. |
||||
|
1. Non-current assets | ||||
|
2. Current assets | ||||
|
3. Balance currency | ||||
|
4. Equity | ||||
|
6. Accounts receivable | ||||
|
7. Accounts payable | ||||
|
8. Own funds in working capital |
Signs of a "good" balance:
1. The balance sheet currency increased at the end of the reporting period compared to the beginning by 9.12%. This positive trend is associated with an increase in production volumes and with an increase in current assets. (condition met)
2. The growth rate of current assets is higher than the growth rate of non-current assets by 22.86%. (condition met)
3. The equity capital of the enterprise is many times greater than the borrowed capital, and the growth rate is noticeably higher (the condition is met)
4. Growth rate accounts payable outpaces growth accounts receivable by 18.54%, thus, it negatively affects the activity. (condition not met)
5. The share of own funds in current assets is large (the condition is met).
6. Missing articles: uncovered loss(the condition is met).
2.6. Analysis of the structure of assets and liabilities of the balance sheet Analysis of the structure of property value
|
Indicators |
at the beginning of the period |
at the end of the period |
Growth for reporting period (+,-) % |
||
|
thousand roubles. |
in % of property value |
thousand roubles. |
in % of property value |
||
|
1. All property, including: | |||||
|
2. Non-current assets, including: | |||||
|
2.1. fixed assets | |||||
|
2.2. Long term financial investments | |||||
|
3. Working capital, of which: | |||||
|
3.1. Short-term financial investments | |||||
|
3.2. Cash | |||||
|
3.3. Accounts receivable | |||||
|
3.4. Stocks | |||||
1. During the reporting period, the assets of the enterprise increased by 10889 thousand rubles. or 9.123%. This was due to an increase in current assets by 13,353 thousand rubles. or 15.882%. It turns out that the company in the reporting year invested more funds in current assets than in non-current assets, which decreased by 2464 thousand rubles. or 6.985%. There are pluses in this, as the property of the enterprise has become more mobile.
2. The share of current assets in the value of all property accounts for 74.8052%, compared to 25.1948% of non-current assets. The increase in working capital was due to a sharp increase Money and stocks.
3. Long-term financial investments have not changed over the year, therefore, we can conclude that the company does not seek to investment activity, and is in no hurry to invest in projects. Or, it can be said that no financial investments were made during the year, but in the past the enterprise willingly invested its funds.
4. The share of fixed assets increased by 30%. This indicates an increase in production capital, and the prospects for further development of production. Thus, the enterprise cares about the future.
Based on this balance, we draw up an aggregate balance sheet, which is shown in Table 2.
D With- cash and short-term financial investments;
Dz - accounts receivable;
Oap - other current assets;
Zz - stocks and costs;
Wa- fixed assets(mobilized funds);
Kz - accounts payable;
Kk - loans and credits;
Kpr - other short-term liabilities;
Дп - long-term liabilities;
Ks - equity.
Based on the above balance sheet, we draw up an aggregated balance sheet.
Table 2 - Aggregate balance sheet
|
Designation |
At the beginning of the period (thousand rubles) |
At the end of the period (thousand roubles.) |
|
|
ASSETS |
|||
|
1 non-current assets (mobilized funds) |
|||
|
2 inventory and costs |
|||
|
3 accounts receivable |
|||
|
4cash and short-term financial investments |
|||
|
5 Other current assets |
|||
|
LIABILITY |
|||
|
1 equity |
|||
|
2 loans and credits |
|||
|
3 Accounts payable |
|||
|
4 Other current liabilities |
|||
|
5 Long-term liabilities |
|||
1 Most liquid assets A1 = Ds
At the beginning of the period A1 = 771 thousand rubles.
At the end of the period A1 = 8118 thousand rubles.
2 Quickly realizable assets A2 = Dz + Oap
At the beginning of the period A2 = 5704 thousand rubles.
At the end of the period А2 = 8608 thous. rub.
3 slow-moving assets A3 = Z3
At the beginning of the period A3 = 4151 thousand rubles.
At the end of the period A3 = 11077 thousand rubles.
4 hard-to-sell assets A4 = Ba
At the beginning of the period A4 = 3774 thousand rubles.
At the end of the period A4 = 4942 thousand rubles.
1 most urgent obligations P1 = Kz + Kk
At the beginning of the period P1 = 750 + 3600 = 4350 thousand rubles.
At the end of the period P1 = 8446 + 5260 = 13706 thousand rubles.
2 Short-term liabilities P2 = Kpr
At the beginning of the period P2 = 324 thousand rubles.
At the end of the period P2 = 0 thousand rubles.
3 long-term liabilities P3 = Dp
At the beginning of the period P3 = 3778 thousand rubles.
At the end of the period P3 = 6450 thousand rubles.
4 permanent liabilities P4 = Ks
At the beginning of the period P4 = 5948 thousand rubles.
At the end of the period P4 = 12589 thousand rubles.
Having calculated the liquidity indicators, we compile Table 3, calculate the change and structure.
Table 3 - Balance liquidity
|
Indicators |
Beginning of the period (thousand rubles) |
End of period (thousand rubles) |
Change |
Structure |
||
|
Amount (thousand rubles) |
beginning of period |
end of period |
||||
|
1 Most liquid assets |
||||||
|
2 Marketable assets |
||||||
|
3 Slow selling assets |
||||||
|
4 hard-to-sell assets |
||||||
|
Total |
||||||
|
1 Most urgent liabilities |
||||||
|
2 Current liabilities |
||||||
|
4 Permanent liabilities |
||||||
|
Total |
||||||
Based on table 3, we draw up diagrams of Asset and Liability
To determine the liquidity of the balance sheet, it is necessary to compare the results of the asset and liability groups.
At the beginning of the period: At the end of the period:
A1 ≤ P1 A1 ≤ P1
A2 ≥ P2 A2 ≥ P2
A3 ≥ P3 A3 ≥ P3
A4 ≤ P4 A4 ≤ P4
The data in Table 3 indicate that the balance of the analyzed organization is not absolutely liquid both at the beginning and at the end of the period.
The solvency of the organization is characterized by liquidity ratios, which are calculated as the ratio various kinds working capital to the amount of term liabilities:
Coverage or current liquidity ratio (Ktl) from 2 to 3
Quick liquidity ratio (Kbl) from 0.8 to 1.0 or 1 or more
Absolute liquidity ratio (Cal) not less than 0.2
Ktl \u003d current assets / current liabilities \u003d (A1 + A2 + A3) / (P1 + P2)
At the beginning of the period = 771+5704+4151/4350+324 = 2.27
At the end of the period = 8118+8608+11077/13706+0 = 2.03
Kbl \u003d current assets - stocks / current short-term liabilities \u003d
= (A1 + A2) / (P1 + P2).
At the beginning of the period = 771+5704/4350+324 =6475/4674 = 1.39
At the end of the period = 8118+8608/13706+0 = 1.22
Cal = absolutely liquid assets / current short-term liabilities =
= A1 / (P1 + P2).
At the beginning of the period = 771/4350+324 = 0.16
At the end of the period = 8118/13706+0 = 0.59
It can be seen from the calculations that the most liquid assets at the beginning of the period amounted to 771 thousand rubles, at the end of the period they amounted to 8118 thousand rubles. the increase occurred by 7347 thousand rubles. or 952.9%.
Marketable assets at the end of the period amounted to 8608 thousand rubles. the increase compared to the cash period amounted to 2904 thousand rubles. or 50.9%.
Slowly sold assets at the beginning of the period amounted to 4151 thousand rubles. at the end of the period 11,077 thousand rubles. The increase occurred by 6926 thousand rubles. or by 166.9%.
Hard-to-sell assets at the beginning of the period amounted to 3,774 thousand rubles. at the end of the period 4942 thousand rubles. The increase occurred by 11687 thousand rubles. or by 30.9%
The largest share in the structure of the balance sheet assets at the beginning of the period was made up of fast-moving assets (39.6%).
Slowly realizable assets accounted for 28.% of the balance structure, hard to sell assets - 26.2%, the most liquid assets - 5.4%.
The largest share in the balance structure at the end of the period was slow-moving assets - 33.8%, followed by fast-moving assets - 26.3%, the most liquid assets - 24.8%, hard-to-sell assets - 15.1%.
In the structure of the balance sheet liabilities: permanent liabilities at the beginning of the period 41.3% at the end of the period 38.5%, the most urgent liabilities at the beginning of the period 30.2% at the end of the period 41.9%, long-term liabilities at the beginning of the period - 26.2% at the end of the period - 19.7%, short-term liabilities at the beginning of the period - 2.3% at the end of the period - 0.
It can be seen from the calculations that the balance sheet of the analyzed organization is not absolutely liquid, both at the end and at the beginning of the period, since the most liquid assets do not cover the most urgent liabilities.
When calculating the solvency of the organization, I calculated the liquidity ratios:
Coverage ratio or current liquidity at the beginning of the period 2.27, at the end of 2.03. This coefficient characterizes how many rubles financial resources invested in current assets account for one ruble of current liabilities. This indicator decreased by 0.24. A decrease in the indicator in dynamics is considered as a negative characteristic of the financial and economic activities of the organization, although it is within the established norms (2 - 3).
Quick liquidity ratio at the beginning of the period amounted to 1.39, at the end of 1.22. The decrease was 0.17. This indicator helps to assess the ability of the organization to pay off short-term obligations, in the event of a critical situation, when it will not be possible to sell stocks. This coefficient is greater than its minimum value (0.8), both at the beginning and at the end of the period. The value of this indicator positively characterizes the financial condition of the enterprise.
The absolute liquidity ratio at the beginning of the period was 0.16, at the end of the period 0.59. The increase was by 0.43. This ratio shows what part of term liabilities can be repaid at the expense of the organization's most liquid assets (cash and short-term financial investments). The lower limit of this ratio should be 0.2, i.e. at least 20% of term liabilities should be covered by cash and short-term financial investments. At the beginning of the period, this coefficient was less than the established limit. At the end of the period, the coefficient increased and due to this it became above the established minimum.
The management of an economic entity should pay attention to the fact that the balance sheet is not liquid, both at the beginning and at the end of the period. In order for the organization's balance sheet to become absolutely liquid, it is necessary to increase the most liquid assets, that is, cash and short-term financial investments, and especially carefully study the reasons for the change in all accounts payable, its structure and the profitability of attracting borrowed money. To ensure the solvency of the organization, cash and short-term financial investments must cover urgent obligations.
It is possible to increase the most liquid assets by reducing the amounts of quickly sold assets, that is, by reducing accounts receivable (decreasing production volumes, reducing production costs).
The lack of funds can be caused by an excess stock of inventory items.
The most urgent liabilities can be reduced by increasing other short-term liabilities, which amounted to 0 thousand rubles by the end of the period.
Conclusion
In the course of my work, all the goals and objectives were achieved, namely, the liquidity ratios of the balance sheet were calculated, the assets and liabilities were distributed into groups according to the timing of receipt of funds and the occurrence of payments. Based on this division, I was able to determine the conditions for the liquidity of the balance sheet.
I also found that there are many other methods for calculating liquidity and solvency, and that this method by which I analyzed in the Russian conditions of economic development is imperfect and limited.
Bibliography
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Cash flow management (CFM) allows you to forecast cash flow, establish the financial feasibility of the plan, determine the timing and amount of required borrowings. The cash flow forecasting procedure is performed in the following sequence:
1. Forecasting cash receipts by sub-periods. The main source of cash receipts is the sale of goods (sales for cash or on credit).
2. Forecasting the outflow of funds by sub-periods (the main element is the repayment of accounts payable).
3. Calculation of the net cash flow (balance) by sub-periods by comparing the projected receipts and payments.
4. Calculation of the cumulative cash flow (taking into account the balance of previous sub-periods). An example is presented in Table. 5.1.
Table 5.1
Cash flow plan, thousand rubles
(cash at the beginning of the period - 100 thousand rubles)
|
Name, thousand rubles |
Periods |
|||||||
|
Income |
||||||||
|
Net cash flow |
||||||||
|
Cumulative balance |
||||||||
The criterion for the financial feasibility of the plan is the availability of sufficient financial resources in each of the time periods included in the plan. A specific sign of the financial unfeasibility of the plan is the presence of negative numbers in the "cumulative balance" line. Translation financial plan in the category of realizable is possible by attracting additional funding, taking into account the total need in the context of sub-periods. The technology includes the determination of sub-periods for which the cumulative balance is negative, as well as the formation of measures to reduce the cash deficit (increase in receipts, decrease in payments, transfer of payments and receipts to earlier or later dates, etc.). If the plan received after the redistribution remains financially unrealizable, it is possible to attract additional funds.
The conclusion about the advisability of attracting borrowed funds is based on qualitative comparisons of availability deficits in future periods with former deficits (without borrowed funds), as well as by analyzing the availability of funds (deficit) at the end of the planning period. In the process of analysis, the sources and conditions of loans are determined: the terms and volumes of loan repayment and interest payments, the loan interest rate.
The procedure for determining the required amount and terms of borrowed funds consists of the following steps:
1) adding a line: "borrowed funds";
2) highlighting the first interval with a shortage of availability,
3) fixing borrowed funds in the first interval in an amount equal to the shortage of availability in this period;
4) change in the value of receipts in this interval: the "taken" loan is added to receipts in the same period;
5) for new data, the calculation of rows 3 and 4 of the table is repeated and periods with negative numbers in row 4 are highlighted;
6) stopping criterion: if there are no periods with negative numbers, then the problem is solved and the procedure stops; if there are periods with negative values in the fourth row, then the cycle repeats.
5.2. Guidelines
Cash at the beginning of the period is 100 thousand rubles. Create a DDS plan. Is the plan financially feasible? If necessary, calculate the amount of borrowed funds required.
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Name, thousand roubles. |
Periods |
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Income |
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Solution.
1. Calculate a) net cash flow as the difference between receipts and payments in each period, b) cumulative balance (cumulatively, taking into account the presence of cash at the beginning of the period).
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Name, thousand rubles |
Periods |
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Income |
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Net cash flow |
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Cumulative balance |
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2. The financial plan is unrealizable, as there is a negative cumulative balance (in 4.5 and 6 periods). At the initial stage, it is proposed to raise funds by taking a loan in the 4th period in the amount of 31 thousand rubles.
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Name, thousand rubles |
Periods |
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Income |
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Net cash flow |
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Cumulative balance |
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Borrowed funds |
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3. Recalculation of the financial plan after taking a loan shows the presence of a negative cumulative balance in the 6th period. In this regard, additional financing is required by taking a loan in the 6th period in the amount of 77 thousand rubles.
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Name, thousand rubles |
Periods |
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Income |
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Net cash flow |
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Cumulative balance |
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Borrowed funds |
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4. The recalculated plan is financially feasible.
5.3. Tasks for independent work
Task 1. Financial resources at the beginning of the period are 90 den. units Calculate the availability of funds for each period. Determine when the plan will be financially unrealizable. Determine the timing and amount of necessary borrowings.
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Name, den. units |
Periods |
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Income |
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Task 2. The company entered the market with a new product, the cost of which is 3 thousand rubles, and the selling price is 5 thousand rubles. The company pays and uses raw materials on the day of delivery, and receives money from customers with a one-day lag. The products are in demand, and therefore, it was decided to increase production by 10% daily. The sales volume in 1 day was 1,000 units. Predict the cash flow for the work week.
Task 3. Company A produces a product with a cost of 0.30 million rubles and a retail price of 0.65 million rubles. The received raw materials are paid in cash at the time of delivery. Production facilities allow the production of 1,000 units. in Week. The company has 40 million rubles in the account. Company B purchases products in the amount of 1,000 units. per week for eight weeks and is ready to pay 1 million rubles. per item, however, payment can be made after receipt of the last shipment. Calculate the term and amount of credit required to complete the order.
Task 4. The company manufactures products with the following characteristics (per unit of production): raw material costs - 2 thousand rubles; labor costs - 1 thousand rubles. The selling price is 8 thousand rubles.
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Forecast of production and sales volumes |
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Months |
June |
July |
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Production (piece) |
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All direct expenses are paid in the same month in which they occurred. Sales of products are carried out on credit, the crediting period is 1 month. In July, the company purchases new equipment for 1,000 thousand rubles, payment for which will be made in October. Fixed overhead costs amount to 200 thousand rubles a month. Make a cash flow forecast for six months, taking into account the balance of funds in the account in the amount of 200 thousand rubles.
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Cash flow forecast for 6 months, thousand rubles |
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Months |
June |
July |
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opening balance |
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Income |
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Total payments: |
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Variables |
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Permanent |
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One-time |
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Cash flow |
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Final balance |
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Task 5. Mr. Ivanov decided to open his own enterprise on January 1, investing 30 thousand rubles in it. He plans to buy a truck for 400 thousand rubles. and deliver vegetables to stores. The garage for the truck will be rented on the terms of 5 thousand rubles. per quarter, paid in advance. You will need to spend an additional 25 thousand rubles. for garage and truck equipment. It is assumed that the proceeds from the sale of vegetables in the next six months will amount to 384 thousand rubles. and will be evenly distributed over this period. Ivanov plans to set a trade markup on the purchase price of vegetables in the amount of 60%. Vegetables will be purchased and sold daily and for cash. Prepare a monthly cash flow forecast for six months and calculate the amount of additional borrowing required.
Task 6. Revenue growth of 4% per month is expected. The cost of raw materials is 30% of sales. Raw materials are purchased one month before consumption and paid two months after receipt. Calculate the cash outflow.
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Cash flow forecast, thousand rubles |
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Months |
March |
June |
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Purchase of raw materials |
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Cash outflow |
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Cumulative balance |
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Task 7. Revenue in January amounted to 300 thousand rubles; in the future, it is expected to increase at a rate of 2% per month. Payment for the supplied products is carried out on the following terms: 20% of the monthly sales volume is cash proceeds; 40% is sold on credit with payment within a month and a 3% discount; the remaining products are paid for within 2 months, while 5% of this amount is bad debts. Calculate the amount of cash receipts for 6 months.
| Previous |
The company's cash flows can be both positive (cash receipts from the sale of goods) and negative (payment to the supplier). Since an organization usually has a large number of suppliers and buyers with whom contracts have been concluded that provide for various methods of payment (prepayment, deferred payment), there is a problem of comparing positive and negative cash flows in time. In the process of analyzing this problem, the concept of the financial cycle arises.
Financial cycle (cycle cash flow) of an enterprise is the period between the start of payment to suppliers for raw materials, materials, goods received from them for resale (repayment of accounts payable) and the beginning of receipt of funds from buyers for the products supplied to them (repayment of receivables).
The financial cycle may consist of the following stages:
1. Payment to the supplier.
2. Shipment of goods from the warehouse of the supplier.
3. Delivery of goods to the warehouse of the organization.
4. Warehousing of goods.
5. Shipment of goods from the warehouse of the organization.
6. Delivery of goods to the buyer.
7. Deferred payment period.
8. Receipt of payment from the buyer.
All this time, the company's funds take various forms of current assets (until the moment of their transformation back into money) (Fig. 1).
Rice. 1. Forms of current assets of the enterprise during the financial cycle
Thus, the financial cycle is a period during which funds are involved in circulation and cannot be used by the enterprise in an arbitrary way. That is, until a full turnover is completed, it is impossible to involve working capital in a new cycle to make a profit. Therefore, the reduction of any of the stages (except for payment to the supplier) in time means an increase in the efficiency of the use of working capital.
Reducing the financial cycle leads to an increase in profits due to an increase in the turnover of goods.
Note! When planning its activities, the enterprise must monitor the state of the duration of the financial cycle and, if necessary, adjust it by changing contractual terms with buyers and suppliers.
The duration of the financial cycle for a trade enterprise is determined by the following formula:
DFC \u003d POS + POD - POKZ,
where DFC is the duration of the financial cycle (money turnover cycle) of the enterprise, in days;
POS - the period of turnover of the company's stocks, in days;
PODZ - the average period of turnover of current receivables, in days;
POKZ - the average period of turnover of the current accounts payable, in days.
The inventory turnover period is the reciprocal of the inventory turnover ratio.
Turnover ratio inventory- this is the ratio of the cost of goods sold during the reporting period to the average value of inventory in this period.
This ratio shows how many times, on average, the company's inventory is sold over a certain period of time. Therefore, the inventory turnover period is a private division of the duration of the analyzed period in days by the turnover ratio for this period.
Example 1
The annual cost of goods sold amounted to 170 million rubles, the average balance of goods in the warehouse was 6.5 million rubles. The inventory turnover ratio will be 26.15 turnover (170 million rubles / 6.5 million rubles). That is, for the year the warehouse turned around about 26 times.
Based on these data, we calculate the period of inventory turnover: POS = 365 days. / 26.15 turnover = 14 days. This means that an average of 14 days elapses from the moment of receipt at the warehouse until the sale of the goods to the buyer.
The next indicator used in calculating the duration of the financial cycle is the period of turnover of receivables. It characterizes the average period of time during which funds from buyers are received on settlement accounts or at the cash desk of the enterprise. The lower the value of this indicator, the more favorable conditions the enterprise is located.
The period of turnover of receivables is calculated by the formula:
POD = Analyzed period in days / Accounts receivable turnover ratio.
The accounts receivable turnover ratio is calculated as the ratio of proceeds from the sale of goods to the average amount of accounts receivable (less provisions for doubtful debts):
Accounts receivable turnover ratio = Revenue / Average accounts receivable.
The accounts receivable turnover ratio shows how many times receivables have been converted into cash or how much revenue is received from one ruble of receivables. The higher its value, the shorter the period of time elapses between the shipment of products to consumers and the moment they are paid. High values of this indicator have a positive effect on the liquidity and solvency of the enterprise.
Example 2
We use the data of example 1. Let's say that for the year the revenue from the sale of goods amounted to 220 million rubles. The average annual amount of receivables is 5 million rubles. The receivables turnover ratio will be 44 turnovers (220 million rubles / 5 million rubles). That is, for the analyzed year, accounts receivable turned around 44 times on average.
The receivables turnover period, respectively, will be equal to eight days (365 days / 44 turnovers). This means that the average deferral of debtor payments is 8 days.
The accounts payable turnover ratio is a financial indicator calculated as the ratio of the cost of goods sold to the average annual value of accounts payable. The accounts payable turnover ratio shows how many times over a period (per year) accounts payable is turned over:
POKZ = Analyzed period in days / Accounts payable turnover ratio.
The accounts payable turnover ratio is a financial indicator calculated as the ratio of the cost of goods sold to the average annual value of accounts payable. The accounts payable turnover ratio shows how many times over a period (per year) accounts payable is turned over:
Accounts payable turnover ratio = Cost price / Average accounts payable.
The higher this indicator, the faster the company settles accounts with its suppliers. Decreased turnover can mean both problems paying bills, and better management of supplier relationships, providing a more profitable, deferred payment schedule and using accounts payable as a source of cheap financial resources.
Example 3
Let's say the average annual amount of accounts payable from an enterprise is 4.5 million rubles, and the annual cost of goods sold is 170 million rubles. The accounts payable turnover ratio will amount to 37.77 turnover (170 million rubles / 4.5 million rubles). The period of turnover of accounts payable for the corresponding year is 10 days (365 days / 37.77 turnover).
Based on the data obtained on the periods of inventory turnover, receivables and payables, it is possible to calculate the duration of the financial cycle.
The inventory turnover period in the warehouse is 14 days (that is, 14 days pass from the moment the goods arrive at the warehouse until they are sold to customers). The receivables turnover period is 8 days (average deferred payment period provided to buyers). That is, from the moment the goods are received from the supplier (the appearance of accounts payable) until the moment the money is received from the buyer, 22 days (14 + 8) pass. The period of turnover of accounts payable is 10 days (that is, accounts payable are paid on average 10 days from the date of occurrence). Thus, after the receipt of the goods at the warehouse, payment to the supplier occurs after 10 days, and the receipt of money from the buyer - after 22 days. It turns out a gap of 12 days (22 - 10), which is the financial cycle (Fig. 2).
Rice. 2. Cash turnover of the enterprise
This means that the organization's funds are immobilized in receivables and stocks for 12 days, they cannot participate in new turnovers.
Note! Employees of the commercial service of the organization must understand that the duration of the financial cycle is a tool that directly affects the amount of profit from sales (due to an increase in cash turnover over the period).
For example, the management of an organization, when drawing up a business plan for next year set the following task: to estimate the planned duration of the financial cycle and, if necessary, to develop ways to reduce it.
To assess the planned duration of the financial cycle, it is necessary to calculate the main indicators for its calculation, which are included in the business plan:
1) proceeds from sales for the planned period;
2) the cost of goods sold for the planned period;
3) the average size commodity stocks;
4) the average amount of receivables;
5) the average amount of accounts payable.
The plan for sales revenue, cost of goods sold and inventory balances is an integral part of the sales budget and inventory budget. These data are usually easy to obtain (they are calculated based on the annual sales forecast, the planned markup and the seasonality index).
Let's look at these indicators with an example.
Example 4
The initial data are presented in table. 1.
Table 1. Planned indicators of sales revenue, cost of goods sold and inventory balances
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Month |
Revenue from the sale of goods, thousand rubles |
Cost of goods sold, thousand rubles |
Remains of commodity stocks at the end of the period, thousand rubles |
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September | |||
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Total for the year | |||
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Average for the year |
Based on the data presented, it is possible to calculate the inventory turnover ratio, which will be equal to 40.46 turnover per year (230,633 thousand rubles / 5,701 thousand rubles). Therefore, the average inventory turnover period will be 9 days (365 days / 40.46 turnover).
As for the planning of receivables and payables, then the situation is much more complicated. The fact is that for different buyers and suppliers, contractual terms regarding the terms of payment for goods can differ significantly (someone works on an advance payment, someone has a delay of 10 days, someone has 15 days, etc.) .
When planning receivables and payables, you can use the method of collection coefficients, which consists in determining in a practical way the share of revenue (goods sold) that is paid by the client (collected) for a particular period (last month, current month, in subsequent months). Let's assume that accounting at the enterprise allows you to distribute the proceeds from the sale of goods over certain periods. Let's analyze the actual data on revenue and payment for the first half of the current year (Table 2).
Table 2. Calculation of collection coefficients of receivables based on actual data for the first half of the current year
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Revenue, thousand rubles |
Payment by buyers, thousand rubles |
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Last month |
Current month |
Next month |
Second month after the current |
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From Table. 2 shows that, for example, out of the total cost of goods shipped to customers in January (20,053 thousand rubles), 1,500 thousand rubles. was paid in December last year (prepayment), 14,572 thousand rubles. - in the current month, 3824 thousand rubles. - in February, 157 thousand rubles. in March of this year. Based on the summary data on payments, collection rates were calculated (7.86% - prepayment made last month, 57.59% - payment in the current month, 20.99% - deferred payment with payment in the next month, 13.56% - deferred payment with payment in two months).
Similarly, the coefficients of collection of accounts payable for the first half of the current year were calculated (Table 3).
Table 3. Calculation of coefficients of collection of accounts payable based on actual data for the first half of the current year
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Purchase of goods, thousand rubles |
Payment to suppliers, thousand rubles |
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Last month |
Current month |
Next month |
Second month after the current |
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Based on the data on the purchase of goods and on payments to suppliers, the coefficients of collection of accounts payable were calculated (8.23% - prepayment made last month, 66.31% - payment in the current month, 16.86% - deferred payment with payment in the next month, 8.60% - deferred payment with payment in two months).
When the collection coefficients are known, it is possible to calculate the forecast amount of receivables and payables based on planned data on sales revenue and the volume of purchases of goods from suppliers.
In addition to the data from the business plan for this year forecast data will be needed for November and December of the year preceding the planned one, and for January of the year following the planned one (since in January payment is made for November and December of the last year, and in December - prepayment for January of the next year). The calculations are presented in table. 4, 5.
Table 4. Calculation of planned receivables
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Revenue, thousand rubles |
Payment, thousand rubles | ||
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November of the previous year | |||
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December of the previous year | |||
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September | |||
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January next year |
Let us explain with an example the amount of money predicted to be received from buyers in March of the planned year:
2868 thousand rubles - payment of debts for goods shipped in January (21,148 thousand rubles × 13.56%);
5236 thousand rubles - payment of debts for goods shipped in February (24,944 thousand rubles × 20.99%);
RUB 12,925 thousand - payment for goods shipped in the current month (22,443 thousand rubles × 57.59%);
2598 thousand rubles - advance payment against shipments to be made in April (33,057 thousand rubles × 7.86%).
Total: 23,627 thousand rubles
Accounts receivable at the end of the month is calculated as follows:
DZk \u003d DZn + V - O,
where DZK - the amount of receivables at the end of the month;
DZn - the amount of receivables at the beginning of the month;
B - revenue for shipped goods;
O - payment received from buyers.
Accounts payable is calculated in a similar way.
Table 5. Calculation of planned accounts payable
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Purchase of goods, thousand rubles |
Payment to suppliers, thousand rubles | ||
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November of the previous year | |||
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December of the previous year | |||
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September | |||
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January next year |
After the data on the balances of receivables and payables at the end of each month of the planned year have been received, it is possible to calculate the average annual size of these indicators (Table 6).
Table 6. Average annual planned amount of receivables and payables
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Accounts receivable at the end of the period, thousand rubles |
Accounts payable at the end of the period, thousand rubles |
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|
September | ||
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Average for the year |
Based on data on sales revenue, cost of goods sold, inventory balances, average annual amounts of receivables and payables, it is possible to calculate the indicators of turnover and the duration of the financial cycle (Table 7).
Table 7. Indicators of turnover and duration of the financial cycle
According to the business plan, the duration of the financial cycle for the coming year is 6 days
Note! This indicator has an analytical value and can be used, for example, when analyzing the reasons for the irregular operation of an enterprise.
If the planned length of the financial cycle does not suit the management, the enterprise should take measures to reduce it. To do this, it is necessary, firstly, to try to change the terms of contracts with suppliers, getting them to delay payment as much as possible, and secondly, to develop a system of contracts with buyers with flexible terms terms and forms of payment:
Prepayment - usually implies a discount;
Partial prepayment - combines prepayment and sale with deferred payment;
Provisional billing - effective for long-term contracts, provides a regular inflow of funds;
Bank guarantee - assumes that the bank will reimburse the required amount (in case the debtor fails to fulfill its obligations);
Transfer for sale - provides that the organization retains ownership of the goods until payment for them is received;
Establishment of remuneration for sales personnel depending on the effectiveness of sales measures and the timing of receipt of payments.
The measures taken should help to maximize the cash flow to the enterprise, and, consequently, increase profits by increasing turnover.
A. F. Garifulin,
economist