One of the classic economic processes is the turnover of capital. It consists of two stages:

Finding the cost of items of labor as part of the enterprise's inventories;

Its passage through the stages of work in progress and deferred costs.

This turnover is carried out during the production process.

The main attribute that participates in this turnover is financial resources, which an enterprise or company advances to working capital. Such means are called economic theory- current assets of the enterprise. The most common indicator for this economic category is the concept of working capital, which denotes a certain amount (part) of the total production capital of an enterprise, which is completely consumed in one full turnover, transfers the value to the result of production and is returned to the enterprise in the form of money.

How efficiently the current assets of an enterprise function depends on the nature of the relationship between the size of working capital and capital circulation. The higher its share, the higher the efficiency of current assets, and, accordingly, vice versa.

In addition, the assessment of current assets includes other indicators. The main ones are material consumption and turnover, which are characterized by a number of coefficients:

Temporary duration of turnover;

Load factor;

Return coefficient;

Release parameters.

The relationship between the components and stages of turnover is called the structure of current assets.

Current assets provide continuity circulation of capital.

Current assets- totality Money, advanced for the creation of circulating production assets and circulation funds, ensuring their continuous circulation.

Revolving funds include:

• Objects of labor (raw materials, materials, etc.)
• Labor equipment with a service life of no more than 1 year
• Work in progress and deferred expenses

In their movement, current assets go through three successive stages of circulation: monetary, productive and commodity.

First stage circulation working capital — monetary. At this stage, cash is converted into the form of inventory.

Second stage — productive. At this stage, the cost of the created products continues to be advanced, but not in full, but in the amount of used production reserves; expenses for wages, as well as the transferred part of fixed assets.

On third stage circuit continues to advance the product of labor ( finished products). Only after the commodity form of the newly created value turns into money, the advanced funds are restored at the expense of part of the proceeds received from the sale of products.

Standard current assets establishes their minimum estimated amount, which is constantly necessary for the enterprise to operate.

Composition and classification of working capital

Analysis of current assets

Current (current, mobile) assets are shown in second section of the asset. Their analysis should begin with grouping these assets according to their degree of liquidity, i.e. feasibility. To do this, certain types of current assets must be distributed into the following groups:

• the most easily sold assets that have a minimal degree of risk in terms of their liquidity. These include cash and easily sold (quickly sold) short-term;
• easily realizable assets with a low degree of risk. This includes: organizations with sustainable financial condition, stocks material resources(except for stale ones that have not been used in production for a long time), as well as finished products for mass consumption that are in demand;
• current assets with an average degree of realizability or an average degree of risk. This can include work in progress, deferred expenses, as well as finished products for industrial and technical purposes;
• hard-to-sell (low-liquidity) current assets that have a high degree of risk during their sale. This group includes accounts receivable from organizations that have an unstable financial condition, stale inventories of material resources, and inventories of finished products that are not in demand from customers.

When analyzing, it is necessary to assess the dynamics of the ratio of hard-to-sell assets and the total amount of current assets, as well as hard-to-sell and easily-salable current assets. If these ratios increase, this indicates a decrease in liquidity, i.e. the more funds are invested in current assets located in the group high risk, the lower the liquidity of the organization.

It should be noted that such a balance sheet item as value added tax on acquired assets is not included in the composition of current assets, grouped according to the degree of their liquidity, since this item cannot provide the organization with real cash.

After studying the liquidity of current assets, we should move on to considering the validity of the amounts of inventories (inventories).

Organizations develop inventory standards by type.

The compliance of actual reserves of current assets with standards has a significant impact on the financial condition of the organization, which is revealed during internal analysis. The excess of actual reserves (remains) over standards is called excess reserves (remains). If the actual reserves are less than the standards, then this is usually called non-fulfillment of the standard.

In the process of analysis, it is necessary to identify for which specific types of reserves there are excess amounts, what are the reasons for their formation, and also outline measures to eliminate them.

During internal analysis, it is necessary to identify the reasons for the organization's excess reserves. Such reasons may be:

I. According to industrial reserves.

• Uneven, early and incomplete supply of raw materials, materials, purchased semi-finished products, fuel, as well as their delivery according to transit standards, significantly exceeding the need for this; overestimation of the standards for consumption of materials per unit of production, as well as incomplete accounting of the stocks of materials available in the warehouse in the process of logistics planning provision of the organization.
• Material cost savings
• Failure to implement a business plan for production of products
• Rise (increase) in the procurement cost of materials compared to the planned one.
• Seasonal delivery of raw materials and materials and other reasons.

II. For work in progress and semi-finished products of own production.

• Incompleteness of parts, components, semi-finished products.
• Exceeding the plan for gross output.
• Creation of work in progress reserves for additional and orders not provided for in the annual production plan.
• Changes in production plans for individual products and production deadlines for orders, resulting in backlogs and costs for canceled orders and discontinued products.
• Rise in price actual cost work in progress compared to its planned cost.
• Disadvantages in accounting for work in progress.

III. For finished products.

• Irregular production of products.
• Exceeding the plan for the production of commercial products.
• Incomplete coverage of the volume of manufactured products with sales contracts.
• Release of low quality products.
• Excessive production of products that are in limited demand.
• Lack of packaging and Vehicle for shipment of products.
• Stopping the shipment of products to insolvent buyers or transferring them to advance payment for the products.
• The excess of the actual cost of finished products over its planned cost.

To deepen the internal analysis, you should study the composition of materials by their types, grades and profiles.

Similar detailed analysis should also be carried out for work in progress and finished products.

When analyzing reserves, in addition to absolute ones, we also use relative indicators, for example, stocks in days (balances in days of stock). These indicators express the dependence of the size of inventories on changes in production volume. Inventory in days is calculated according to certain species inventories as the ratio of their balance to one-day turnover. One-day turnover expresses the transition of a given type of inventory to the next stage of the circulation and represents the turnover on the credit of the account where this type of inventory is accounted for.

So, reserves in days will be determined as follows.

Inventory in days of raw materials, minus the Remaining (inventory) of raw materials and basic basic materials divided by the one-day consumption of raw materials and basic materials by

Inventories in days are determined similarly for other types of industrial inventories (fuel, containers, spare parts, etc.).

Inventory in days for work in progress is the balance (backlog) of uncertified production divided by the one-day output of marketable products at production cost.

Inventory in days for finished products is the balance of finished products divided by one-day shipment of products at production cost.

During the analysis, actual inventories in days are compared with planned ones; this comparison shows the deviation of actual inventories from standards, taking into account the actual need for these inventories.

Having studied the state of inventories, we move on to the analysis of cash, which is also part of current assets.

In terms of determining sales revenue as shipment occurs, there are discrepancies between the amount of cash and the profit received. Cash flow analysis makes it possible to explain the reasons for these discrepancies.

Two methods are used in the analysis: direct and indirect.

The direct method determines the inflow and outflow of funds;

in this case, the initial element is sales revenue.

With the indirect method, the initial element is profit, which is adjusted in connection with cash flow.

Consider the entity direct method. As for the main activity of the organization, the amount of funds from its implementation is determined as the difference between the receipt of revenue from the sale of products, works, services and the expenditure of funds associated with the costs of production and sales of products. In progress investment activities the receipt of cash from the sale of fixed assets, intangible assets, long-term securities is reduced by the amount of cash spent on the acquisition of fixed assets, intangible assets and long-term securities. The amount of funds from financial activities An organization is defined as the difference between the receipt of proceeds from the sale of its shares, the receipt of loans and borrowings, and the outflow of funds as a result of paying dividends to shareholders and repaying loans. The amount of cash from other activities is calculated similarly. The total amount of funds of the organization is determined as the sum of these funds from various types activities.

The direct method makes it possible to characterize the liquidity of an organization, since it depicts in detail the flow of funds in its accounts. However, this method does not show the relationship between the obtained financial result (profit) and the change in the amount of cash. The indirect method of analysis allows us to explain the reasons for the discrepancy between the profit received for a given period and the amount of cash. An organization may also have types of income and expenses that affect profits but do not change the amount of cash. When analyzing the amount of these incomes and expenses, the organization's net profit is adjusted. Thus, the disposal of fixed assets may result in a loss in the amount of the residual value of these assets. As a result of this operation, the amount of funds does not change; the incompletely depreciated cost of fixed assets must be added to net profit. The organization's accrual of depreciation also does not cause a change in the amount of cash. In addition, when accounting for the sale of products at the time of their shipment, the organization receives a financial result (profit) before the actual receipt of funds.

When analyzing, you should recalculate (adjust) the indicators of those accounts that affect the amount of profit. An increase in active accounts refers to a decrease in the amount of profit, and a decrease - to an increase in the amount of profit. For example, if in reporting period there was an increase accounts receivable buyers and customers, then actual value funds are thus reduced. A decrease in accounts receivable, on the contrary, increases the amount of cash. Therefore, in the first case, profit should be reduced, and in the second, increased.

Transactions carried out on passive accounts affect funds in the opposite way. So, for example, the amounts of accrued depreciation (amortization) of fixed assets and intangible assets that do not affect the amount of cash must be added to the amount of net profit. As a result of the capitalization of materials remaining after the liquidation of fixed assets in the organization's warehouse, profit increases, but since this operation does not cause cash flow, its amount should be attributed to a decrease in net profit.

Introduction……………………………………………………………………………………….…3

1 Essence, composition, structure and formation of current assets…….……...5

1.1 Essence, composition and structure of working capital………………………..5

1.2 Formation of current assets…………………………………....……7

2 Current assets of the trading enterprise CJSC “Assorti”……………….15

2.1 Characteristics of JSC “Assorti”………………………………………………………..15

2.2 Analysis of current assets of CJSC “Assorti”………………..……...….16

Conclusion………………………………………………………………………………...……27

List of sources used………………………………………………………...…28

Applications………………………………………………………………………………….…………30

Introduction

Relevance of the topic. Each enterprise, starting its activities, must have a certain a sum of money. Working capital of enterprises is designed to ensure their continuous movement at all stages of the circulation in order to satisfy production needs for monetary and material resources, ensure timeliness and completeness of payments, and increase the efficiency of using working capital.

The problem of effective management trading enterprises includes the best use of their funds, and first of all, working capital. The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

The main place in working capital is occupied by funds advanced into inventory assets. These include goods, inventories and other inventory items.

Inventory includes raw materials, basic materials and purchased semi-finished products, low-value and high-wear items.

Some part of the working capital of trading enterprises may be in settlements. This is the debt of buyers for goods sold to them (according to payment documents submitted to the bank); debt of the population for goods sold to them on credit; claims amounts; various accounts receivable (customers for unpaid settlement documents, settlements for compensation of material damage, etc.). As a rule, accounts receivable arise as a result of non-compliance with financial and payment discipline and poor efforts to preserve property, which requires close attention from sales staff.

Working capital is one of the components of the enterprise's property. The condition and efficiency of their use is one of the main conditions for the successful operation of an enterprise. The development of market relations determines new conditions for their organization. High inflation, non-payments and other crisis phenomena force enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the efficiency of their use.

The purpose of the course work is to study the sources of formation of the organization's current assets.

Coursework objectives:

Consider the essence, composition and structure of working capital;

Consider the formation of current assets;

Describe the trading enterprise CJSC “Assorti”;

Analyze the current assets of the trading enterprise CJSC “Assorti” and the principles of their formation;

An object research of current assets of a trading enterprise.

Subject research is the source of the formation of current assets of Assorti CJSC.

The structure of the work consists of an introduction, three chapters, four paragraphs, a conclusion, a list of sources used, and appendices.

1. Essence, composition, structure and formation of current assets

1.1. Essence, composition and structure of working capital

Current assets- working capital of enterprises and firms, reflected in the assets of their balance sheet.

In the balance sheet of an enterprise, working capital is reflected in the second asset section of the balance sheet “Current assets”. .

The assets of the enterprise, which as a result of its economic activity completely transfer their value to the finished product, take a one-time part in the production process, while changing the natural-material form, are called working capital, and this is their economic essence. .

The material basis of production is production assets in the form of means of labor. In the process of functioning, means of labor and objects of labor transfer their value to the cost of the product produced in different ways and to varying degrees. This is the reason for the division of production assets into fixed and working capital.

The function of working capital is to provide payment and settlement services for the circulation of material assets at the stages of acquisition, production and sale. In this case, the movement of working capital assets at each point in time reflects the turnover of material factors of reproduction, and the movement of working capital reflects the turnover of money and payments.

The movement of circulating production assets and circulation funds is of the same nature and constitutes a single process. This makes it possible to combine circulating production assets and circulation funds into a single concept - working capital.

Working capital- this is a set of funds advanced for the creation and use of circulating production assets and circulation funds to ensure the continuous process of production and sale of products (Fig. 1).

WORKING CAPITAL

Working production assets (sphere of production)

Circulation funds (sphere of circulation)

Working capital in inventories

Working capital in production

Finished products

Cash (settlements)

Cash in accounts, in the bank and in the cash register; funds in settlements; accounts receivable

Figure 1 - Composition and structure of working capital

At each specific enterprise, the amount of working capital, their composition and structure depend on the nature and complexity of production, the duration of the production cycle, the cost of raw materials, the terms of their delivery, the accepted payment procedure, etc. IN various industries The share of working capital in the production assets of an enterprise is not the same. .

The organization of working capital at an enterprise includes determining the need for working capital, its composition, structure, sources of formation and their regulation, managing the use of working capital.

Depending on their place in the circulation process, working capital is divided into circulating production assets and circulation funds, and from sources of formation - into own and borrowed funds.

Working production assets- these are objects of labor (raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.); labor tools with a service life of no more than 1 year or a cost of no more than 50 times the established minimum wage per month (low-value and wearable items and tools); work in progress and deferred expenses.

Circulation funds- these are enterprise funds invested in stocks of finished products, goods shipped but unpaid, as well as funds in settlements and cash in the cash register and accounts. .

Working production assets and circulation funds, being in constant motion, ensure an uninterrupted circulation of funds. At the same time, there is a constant and natural change in the forms of advanced value: from money it turns into commodity value, then into production value, again into commodity value and money value. Thus, an objective need arises to advance funds to ensure the continuous movement of both in order to create the necessary production reserves, a backlog of work in progress, finished products and conditions for their sale. .

1.2. Formation of current assets

The formation of current assets is one of the most important functions of financial management. Management of the formation of current assets of an enterprise is subordinated to the goals of ensuring the necessary need for them with appropriate financial resources and optimizing the structure of sources for the formation of these funds. Taking into account this goal, the policy for financing current assets developed at the enterprise is built.

The policy for the formation of current assets is part of the general policy for managing its current assets, which consists in optimizing the volume and composition of financial sources for their formation from the standpoint of ensuring the effective use of equity capital and sufficient financial stability of the enterprise. .

The development of a policy for the formation of current assets is carried out according to the following main stages (Fig. 2.)

Figure 2 – Main stages of developing a policy for financing current assets

Analysis of the state of formation of current assets of the enterprise in the previous period. The main purpose of this analysis is to assess the level of sufficiency of financial resources invested in current assets, as well as the degree of effectiveness of forming the structure of sources of their financing from the standpoint of the impact on the financial stability of the enterprise. .

At the first stage The analysis evaluates the sufficiency of financial resources invested in current assets from the standpoint of meeting the need for them in the previous period. This assessment is carried out on the basis of the coefficient of adequacy of financing of the current assets of the enterprise as a whole, including its own current assets. The calculation of these coefficients is carried out using the following formulas:

;

where KDF oa is the coefficient of adequacy of financing of current assets in the period under review;

KDF coa - coefficient of adequacy of financing of own current assets;

FPO oa - the actual period of turnover of current assets in days in the period under review;

NPO oa - the standard for the current assets of the enterprise in days, established for the corresponding period under consideration;

FPO soa - the actual period of turnover of own current assets in days in the period under review;

NPO coa is the standard for the enterprise's own current assets in days, established for the corresponding period under consideration. .

At the second stage The analysis examines the amount and level of net current assets (net working capital) and the rate of change of these indicators for individual periods. To assess the level of net current assets (net working capital), the corresponding coefficient is used, which is calculated using the following formula:

Where TO choa - coefficient of net current assets (net working capital) of the enterprise;

CHOA- the average amount of net current assets (net working capital) of the enterprise in the period under review;

OA- the average amount of current assets (working capital) of the enterprise in the period under review.

At the third stage analysis studies the volume and level of current financing of current assets (current financial needs) of the enterprise in the reporting period, determined by the needs of its financial cycle.

The volume of current financing of current assets (current financial needs) of an enterprise is calculated using the following formula:

OTF oa = Z tmc + DZ - short circuit ,

Where OTF oa - the average volume of current financing of current assets (current financial needs) of the enterprise in the period under review;

Z tmc - the average amount of inventories of inventory items as part of the current assets of the enterprise in the period under review;

DZ- the average amount of receivables of the enterprise in the period under review;

short circuit- the average amount of accounts payable of the enterprise in the period under review. .

The level of current financing of current assets (current financial needs) of an enterprise is assessed on the basis of the corresponding coefficient, which is calculated using the following formula:

Where KTF oa - coefficient of current financing of current assets (current financial needs) of the enterprise in the period under review;

OTF oa - the average volume of current financing of current assets (current financial needs) of the enterprise in the period under review;

OA- the average amount of current assets of the enterprise in the period under review.

At the fourth stage The analysis examines the dynamics of the amount and share of individual sources of financing the current assets of the enterprise in the previous period. In the process of analysis borrowed sources For financing current assets, these sources are considered in terms of the terms of their use (long-term and short-term) and the types of credit attracted (financial and commodity).

Formation of principles for financing current assets of an enterprise. These principles are intended to reflect the general ideology of financial management of an enterprise from the standpoint of an acceptable balance between the level of profitability and the risk of financial activity. In the process of forming the principles of financing current assets, their classification according to the period of operation is used, i.e. In their general composition, their constant and variable parts are distinguished. .

There are three fundamental approaches to financing various groups of current assets of an enterprise:

1) Conservative approach to financing current assets assumes that the constant part of current assets and approximately half of their variable part should be financed at the expense of own and long-term borrowed capital. The second half of the variable part of current assets must be financed through short-term debt capital. This model (type of policy) for financing current assets ensures a high level of financial stability of the enterprise.

2) Moderate (or compromise) approach to financing current assets assumes that the constant part of current assets should be financed at the expense of own and long-term borrowed capital, while the entire volume of their variable part must be financed at the expense of short-term borrowed capital. This model (type of policy) for financing current assets ensures an acceptable level of financial stability of the enterprise and profitability of the use of equity capital, close to the average market rate of return on capital.

3) Aggressive approach to financing current assets assumes that only a small share of their constant part (no more than half) is financed through own and long-term borrowed capital, while short-term borrowed capital finances the predominant share of the constant and the entire variable part of current assets. This model (type of policy) creates problems in ensuring the current solvency and financial stability of the enterprise. At the same time, it makes it possible to carry out operating activities with a minimum requirement for equity capital, and therefore, to ensure, other things being equal, the most high level its profitability. .

At the first stage calculations predict the volume of accounts payable of the enterprise in the coming period. Calculation of the projected volume of accounts payable of an enterprise in the coming period is carried out using the following formula:

Where short circuit P - the projected volume of accounts payable of the enterprise;

short circuit T - average actual amount of accounts payable of the enterprise according to commodity transactions in the same previous period;

short circuit vn - the average actual amount of internal accounts payable (other types of accounts payable) of the enterprise in the similar previous period;

short circuit etc - the average actual amount of overdue accounts payable of the enterprise (all types) in the similar previous period;

T p - the planned growth rate of production volume, expressed as a decimal fraction.

At the second stage calculations, based on previously determined planned volumes of inventories, accounts receivable, as well as the projected volume of accounts payable, the projected volume of current financing of current assets (current financial needs) of the enterprise is determined.

The calculation will be carried out using the following formula:

OTF P = Z P + remote sensing P - short circuit P ,

Where OTF P

Z P - the planned volume of inventories of inventory items as part of the current assets of the enterprise;

DZ P - the planned volume of receivables of the enterprise;

short circuit P - the projected volume of accounts payable of the enterprise. .

If in the coming period the duration of the enterprise’s financial cycle does not change, then the calculation of the projected volume of current financing of current assets (current financial needs) of the enterprise is carried out using a simplified formula:

OTF P = PFC × OR P ,

Where OTF P - the projected volume of current financing of current assets (current financial needs) of the enterprise;

PFC- duration of the financial cycle of the enterprise, in days;

OR P - planned one-day volume of product sales.

At the third stage calculations, taking into account the reserves revealed in the process of analysis, measures are being developed to reduce the projected volume of current financing of current assets (and, accordingly, the duration of the financial cycle) of the enterprise. When developing such measures, the main attention is paid to ensuring a reduction in the volume of accounts receivable and, especially, an increase in the volume of accounts payable of the enterprise. .

Optimization of the structure of sources of financing of the company's current assets. When determining the structure of this financing, the following groups are distinguished: sources:

−equity capital of the enterprise;

−long-term financial loan;

−short-term financial loan;

−commodity (commercial) credit;

−internal accounts payable of the enterprise.

Volumes of financing of current assets through commodity credit suppliers (accounts payable for commodity transactions), as well as through internal accounts payable, were identified when forecasting the total volume and composition of accounts payable. .

The results of the developed policy for the formation and financing of current assets are reflected in the consolidated planning document - the balance sheet for the formation and financing of current assets. .

2. Current assets of the trading enterprise CJSC “Assorti”

2.1. Characteristics of JSC "Assorti"

People go grocery shopping every day, and stores become an integral part of their lives. The Assorti sales staff tries to make this part of the life of every resident of Syktyvkar, the Republic, as good as possible. Through your work and your skills, in Assorted stores, every home, every family is given the opportunity to choose, the joy of a pleasant purchase, and a good mood.

But the main achievement is the creation of a team of professionals who are united by business and friendly relations, and most importantly - dedication to a common cause. Today, more than ever, the Assorti retail chain is proud of its veterans, those who stood at the origins of the company, creating its solid foundation, who continue to play an important role in fulfilling the strategic objectives of the company, passing on their invaluable professional and moral experience to new generations.

The team, which has grown from 80 to 1,800 people in 15 years, has a great future. The company is growing, daily mastering advanced trading technologies and implementing new projects.

In the future, the Assorti company will direct its efforts and creative search to improve the quality of work, expand the range of goods and services offered, and gain a deeper understanding of customer needs.

The Assorted store No. 1 in question is a private enterprise that specializes in the sale of food products. Individual entrepreneur – Vakhnina T.N. The store is located at the crossroads of two roads, at the address Syktyvkar, Bumazhnikov Avenue, 41/12. The store is located in the center of Ezhva; parking is provided for the convenience of customers. The legal address is located at: Syktyvkar, st. Kuratova, 85.

Type of ownership– private – individual entrepreneur Vakhnina T.N. The store is open 24/7.

The Assorti store carries out the following activities:

▪ orders, purchase, storage of consignments of consumer goods and supply of them to customers;

▪ purchase of all food and some non-food groups of goods (household chemicals);

▪ sale of food products and household chemicals;

▪ provision of paid services – delivery of goods to customers’ homes.

The Assorti store sells the main groups of food products and some types of non-food products, in particular, household chemicals, dishes, toys, therefore, the type of store is universal.

The contingent of customers served by our store are customers with average and high incomes, in general, wealthy groups of customers.

2.2. Analysis of current assets of CJSC "Assorti"

Analysis of Table 5 “ Analysis of the dynamics and structure of current assets of Assorti CJSC for the period from 2007-2009.” (see Attachment)

From the data presented it is clear that during the analyzed period from 2007-2009. current assets changed positively in 2007. For 1101 thousand rubles. or 12.18%, in 2008 Decreased by 887 thousand rubles, i.e. 8.74% and by the end of 2009, the current assets of the enterprise increased by 4,436 thousand rubles, or 47.94%, but the structure of the balance sheet did not change much: both at the beginning and at the end of the analyzed period, the share of inventory enterprises (70.44; 60.28; 70.40, respectively).

As follows from the above data, as part of current assets, the organization's reserves grew at the fastest pace in 2009. The total volume of inventories at the end of the year amounted to 9637 thousand rubles, which means that the increase in inventory trade organization for the year amounted to over 4,000 thousand rubles. Under such circumstances, it can be argued that with such a share of growth, the share of hard-to-sell assets has increased, and with a loss in sales volumes of goods (works, services), such an injection of funds will lead to the destruction of funds. A significant bias in the structure of assets towards inventories has a negative impact on the liquidity and financial stability of the organization; for the trading organization Assorti CJSC this means overstocking, an unfavorable concentration of goods in warehouses, a drop in sales, etc.

The amount of cash in the organization's cash desk and banks increased in 2007 by 25.53% (430 thousand rubles), in 2008 by 22.28% (471 thousand rubles) and by 2009 by 10.41%, or by 269 ​​thousand rubles. Based on previously obtained data - in view of the fact that cash takes up about 20% of the balance sheet asset currency, it can be argued that this is a positive factor, the amount of cash in the organization at the end of the analyzed period, in view of the increased accounts payable, is, most likely, a safety stock in case of cash flow imbalances as a result of differences in sales and purchase volumes, as well as other unforeseen expenses.

The growth rates of receivables and payables do not provide a complete analytical picture. Therefore, to find out whether the organization has enough of its own current assets to cover current short-term liabilities, let’s calculate the coefficient current liquidity:

End of 2007:

Kt. l. = Total of section II of the assets of the balance sheet / Total of section V of the liabilities of the balance sheet = 10140/6733 = 1.5

End of 2008:

Kt. l. = Total of section II of the assets of the balance sheet / Total of section V of the liabilities of the balance sheet = 9253/5126 = 1.81

End of 2009:

Kt. l. = Total of section II of the assets of the balance sheet / Total of section V of the liabilities of the balance sheet = 13689/9091 = 1.51.

If we take into account that the standard value of the liquidity ratio with a satisfactory balance sheet structure should be equal to 2.0, then Assorti CJSC does not have enough liquid assets to pay off current short-term liabilities. Consequently, the administration of a trade organization must adhere to a policy of increasing current assets while reducing the growth of accounts payable.

Financial stability can be increased by:

accelerating the turnover of capital in current assets, which will result in its relative reduction per ruble of turnover;

justified reduction of inventories and costs (to the standard);

replenishment of own working capital from internal and external sources.

An important indicator when analyzing tangible assets is their turnover, which is expressed by the duration of the turnover in days and the number of turnovers during the reporting period.

The most common is the turnover rate in days. It is defined as the quotient of division average size tangible assets for the average annual turnover of goods sales:

OMA = 11471*360/13750 = 300.33.

The turnover rate of tangible assets = 13750/11471 = 1.20.

To accelerate the turnover of tangible assets of an organization, it is necessary to promote the improvement of their transportation processes, reduce inventories, increase sales volumes, and improve the organization of business activities.

When analyzing accounts receivable, you should compare its amount with the amount of accounts payable, determining the debt ratio:

for the beginning of the year:

Kd = 1076/5126 = 0.21

at the end of the year:

Kd = 1175/9091 = 0.13.

The amount of receivables directly depends on sales volume, which reflects the ratio of sales volume and the average amount of receivables - receivables turnover:

ODZr = 13750/1125.50 = 12.22 times.

However, the most convenient expression of turnover is the duration of turnover in days:

ODZd = 1125.50*360/13750 = 29.47 days.

Thus, the organization should not have large accounts receivable, as this leads to the diversion of working capital, to a delay in their turnover, which ultimately leads to the need for additional sources of funds and worsens the financial condition of the organization.

The amount of funds held by the organization at this moment, is most likely an insurance reserve in case of imbalance in cash flows as a result of differences in sales and purchase volumes, as well as other unforeseen expenses. However, both their excessive presence and their deficiency are not positive aspects in the work of the organization. This is explained by the fact that cash by itself, without using it in business activities, does not generate income, and its lack can lead to insolvency.

Analysis of Table 6 “Analysis of the dynamics and structure of non-current assets of Assorti CJSC for the period 2007-2009.”

As can be seen from the table, the increase in non-current assets occurred mainly through an increase in fixed assets. So the increase in the cost of the OS in 2007. Amounted to 674 thousand rubles in 2008. There was a decline in the cost of operating systems by 461 thousand rubles, but by the end of 2009. The increase in fixed assets amounted to 1154 thousand rubles. or 79.97% by the beginning of the year.

Thus, during the analyzed period in Assorti CJSC, equity capital and borrowed funds equally play a decisive role in the composition of the sources of funds, we can conclude that the main component of the sources of funds are precisely these balance sheet items.

The distribution of funds is not yet effective. The organization allocated the bulk of the funds to increase current assets, which is caused by the specifics of trading activities. But even under such conditions, the current liquidity ratio for 2009. was 1.51, which is below the standard, therefore, the trade organization cannot yet cover liquid assets a large inert mass of attracted funds.

Table 1 - Movement and availability of fixed assets of CJSC "Assorted"

Let's determine the depreciation rate of fixed assets:

for the beginning of the year:

Kizn = 471/1990 = 0.24

at the end of the year:

Kizn = 946/3661 = 0.26.

So the update percentage

OS - 31.52% (Kobn = 1154.0/3661).

Analysis of the suitability of fixed assets is carried out by calculating the suitability coefficient:

for the beginning of the year:

Kgodn = 1519/1990 = 0.76.

at the end of the year:

Kgodn = 2673/3661 = 0.73.

To determine the efficiency of using fixed assets, we calculate the following indicators:

return on assets:

Fo = 13750/2825.5 = 4.87.

capital intensity:

Fe = 2825.5/13750 = 0.21 (reporting year);

Fe = 1990/10120 = 0.20 (previous year).

impact on the average amount of fixed assets turnover:

(13750-10120) * 0,21 = 762,3

impact on the average amount of fixed assets capital intensity:

(0,21-0, 20) *13750 = 137,50.

capital-labor ratio:

Fv = 2825.5/8 = 353.19.

capital equipment:

Phos = 2825.5/12 = 235.46.

Thus, in the trade organization CJSC Assorti, for every ruble of fixed assets there are 4.87 rubles of turnover. A change in capital intensity shows an increase in the cost of fixed assets per ruble of turnover. The capital ratio indicator is quite high, as is the capital ratio indicator, defined as the ratio of the average annual cost of all fixed assets to the average number of all sales employees.

All of the above allows us to conclude that the financial condition of the analyzed organization is quite stable and stable.

At the same time, as the results of the analysis show, the organization still has sufficient reserves to significantly improve its financial condition. To do this, he should more fully use the production capacity of the organization, reducing downtime of machines, equipment, work force, material and financial resources; respond more quickly to market conditions, changing the product range and pricing policy in accordance with its requirements. All this will allow you to increase profits, replenish your own working capital and achieve a more optimal financial structure of the balance sheet.

The materials studied in the process of preparing the course work allow us to conclude that at this stage the balance sheet is the main information source for analyzing the financial and economic activities of the enterprise.

As a result of the work done, the following suggestions and recommendations can be made:

1. In the process of analyzing the trade organization CJSC "Assorti", a positive trend can be traced, expressed in an increase in property potential. A particular danger to the financial position of the organization is a significant imbalance in the structure of the company's assets and liabilities. Thus, in assets an excessively large share is occupied by inventories, and in liabilities - accounts payable, which negatively affects the liquidity and financial stability of the organization.

2. To eliminate the negative results of the analysis of the organization, it is recommended to establish the optimal level of inventory, eliminate overstocking and shortages of goods, help accelerate the turnover of inventory using an automated management system, and reduce working capital and reduce the need for credit resources. Increasing the accuracy of forecasts will qualitatively improve the process of preparing and making decisions, which will help reduce the labor intensity of data processing and use, as well as reduce costs for illiquid goods, increasing daily revenue in the long term.

3. Own capital plays one of the decisive roles in the composition of sources of funds, the autonomy coefficient is equal to forty-three percent, which, of course, slightly falls short of the standard, but on the basis of it it can be stated.

4. The trading organization CJSC "Assorti" did not resort to short-term borrowing in the form of credits and loans for a period of less than 1 year. Long-term loans account for an insignificant share in the balance sheet currency - 7.18% at the end of 2007, 1.31% at the end of 2008 and 1.40% at the end of 2009. Receipt and repayment of loans proceeded steadily.

5. The main types of accounts payable for the trade organization Assorti CJSC are debt to suppliers and contractors, the proportion of which, according to 2009 data, is the highest - at the beginning of the year 94.77%, at the end of the year - 98.03% of the total debt .

6. The predominant part of the balance sheet liability, reflecting the organization’s sources of funds, consists of own and borrowed funds, the share of which in the balance sheet currency exceeds 98%. This indicates the dependence of the enterprise on external investors, but at the same time a fairly high part of the enterprise’s equity capital, which is a source of covering current assets, and this is a positive indicator.

7. The increase in non-current assets of a trading organization followed the line of increasing fixed assets. Thus, the increase in the cost of fixed assets during the year amounted to 1,154 thousand rubles, or 75.97% compared to the beginning of the year.

The distribution of funds is not yet effective. The organization allocated the bulk of the funds to increase current assets, which is caused by the specifics of trading activities. But even under such conditions, the current liquidity ratio was 1.51, which is below the standard; therefore, the trading organization is not yet able to cover the large inert mass of borrowed funds with liquid assets.

8. Given the current growth rates of short-term borrowings and the increasing growth rates of raised funds, the organization has no other way to strengthen financial independence than to increase its own capital. The authorized capital can be increased by attracting additional funds from the founders, which will increase the autonomy ratio.

9. In order to improve the financial condition, in particular to increase the financial stability of the trading organization Assorti CJSC, it is necessary to increase the turnover of material working capital, thereby eliminating the imbalance in assets and liabilities.

10. Direction to prevent or eliminate phenomena unfavorable for business by using the full potential of modern management, developing and implementing a special program at the enterprise that is strategic in nature, allowing to eliminate temporary difficulties, maintain and increase market positions under any circumstances, relying mainly on its own resources .

11. At the same time, as the results of the analysis show, the organization still has sufficient reserves to significantly improve its financial condition. To do this, he should more fully use the production capacity of the organization, reducing downtime of machines, equipment, labor, material and financial resources; respond more quickly to market conditions, changing the product range and pricing policy in accordance with its requirements. All this will allow you to increase profits, replenish your own working capital and achieve a more optimal financial structure of the balance sheet.

12. The dynamics of enterprise development are proposed, taking into account active market research, the creation of an effective system for promoting and selling products.

14. All of the above allows us to conclude that the financial condition of the analyzed organization is quite stable and stable.

Conclusion

It is difficult to overestimate the importance of efficient use of working capital. As a result of studying the topic, the following brief conclusions can be drawn.

For the normal functioning of each enterprise, working capital is necessary, which is money used by the enterprise to acquire working capital and circulation funds.

Working capital is a value advanced in cash that, in the process of a systematic circulation of funds, takes the form of working capital and circulation funds, necessary to maintain the continuity of the circulation and returning to its original form after its completion.

Effective use of current assets requires the choice of management policy current assets for a specific period of enterprise development. The essence of the working capital management policy is to determine a sufficient level and rational structure of current assets and to determine the size and structure of sources of their financing. There are three main models of working capital management: aggressive, conservative and moderate.

The main feature of the modern period is the lack of working capital among enterprises. This means that it can be noted that a timely and objective analysis of the movement, availability, and efficiency of use of working capital will allow the management of the enterprise to determine reserves for increasing the efficiency of use of working capital of the enterprise.

Accelerating the turnover of working capital allows you to free up significant amounts, and thus increase the volume of sales of goods without additional financial resources, and use the released funds in accordance with the needs of the Assorted enterprise.

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Table 1 - Analysis of current assets of Assorti CJSC for 2007-2009.

Identifier

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

Change

Absolute Velich.

Specific weight

Absolute Velich.

Specific weight

Absolute Velich.

Specific Weight (%)

Absolute Velich.

Specific weight

% (according to years)

Assets I. Non-current assets Basic resources (p. 120) Other non-current assets (line 110 + line 130 + line 140 + line 150)

Total for Section I

II. Current assets Inventories and other current assets (line 210 + line 220 + line 250 + line 270) Settlements with debtors (line 230 + line 240) Cash and cash equivalents (p. 260)

Total for Section II

Total assets

Table 2 - Analysis of the structure of funds raised by Assorti CJSC for the period 2007-2009.

Types of funds raised

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

Debt to suppliers and contractors Wage arrears Debt social insurance Debt to the budget Debt to other creditors

Total funds raised

Table 3 - Analysis of current liabilities of Assorti CJSC for 2007-2009.

Identifier

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

Change

Absolute Velich.

Specific weight

Absolute Velich.

Specific weight

Absolute Velich.

Specific Weight (%)

Absolute Velich.

Specific weight

Absolute Velich. (by year, respectively)

% (according to years)

Passive III. Capital and reserves Charter capital (p. 410) Add. capital (p.420) Reserve. capital (p.430)

Total by section III

IV. Long-term liabilities Long-term liabilities (p. 590)

Total for Section IV

V. Current liabilities Current liabilities (p.690)

Total for Section V

Total liabilities

Table 4 - Analysis of the composition and dynamics of equity capital and liabilities of Assorti CJSC for the period from 2007-2009.

Capital and liabilities

Balance at the beginning of 2007

Balance at the end of 2007

Balance at the end of 2008

Balance at the end of 2009

Growth rates accordingly, %

Growth rates, respectively, %

% to balance currency

% to balance currency

% to balance currency

% to balance currency

Capital and reserves Credits and loans Involved funds Balance currency

Table 5 - Analysis of the dynamics and structure of current assets of Assorti CJSC for the period from 2007-2009.

Items of current assets

Balance at the beginning of 2007

Balance at the end of 2007

Balance at the end of 2008

Balance at the end of 2009

Changes (+,-)

Accordingly, by year, thousand rubles.

Accordingly, by year,% compared to the beginning of the year

including goods VAT on purchased assets Short-term accounts receivable Cash

Table 6 - Analysis of the dynamics and structure of non-current assets of Assorti CJSC for the period 2007-2009.

Non-current assets items

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

Change (+,-)

Change (+,-)

% to the beginning of the year

Fixed assets Other noncurrent assets

assets organizations and its improvement in modern conditionsAbstract >> Finance Topic: “Management negotiable assets organizations and him... negotiable assets organizations and its improvement in modern conditions." 1. Theoretical aspects management negotiable assets enterprises Essence and composition negotiable assets ...

current asset liquidity management

Current assets are a set of property assets that serve the current activities of the enterprise and are completely consumed during one production and commercial cycle. The concept of current assets is determined by their economic essence, the need to ensure the reproduction process, including both the production process and the circulation process Dontsova L.V., Nikiforova N.A. Annual analysis financial statements. M.: DIS, 2003. - p.72..

The composition of current assets is understood as the totality of elements that form current assets. The division of working capital into circulating production assets and circulation funds is determined by the peculiarities of their use and distribution in the areas of production and sales.

Working capital of an enterprise performs two functions: production and settlement. Performing the production function, working capital, advanced into circulating production assets, maintains the continuity of the production process and transfers its value to the manufactured product. Upon completion of production, working capital passes into the sphere of circulation in the form of circulation funds, where they perform a second function, consisting in completing the circuit and converting working capital from commodity form in monetary terms.

The rhythm, coherence and high performance of an enterprise largely depend on its availability of working capital. Lack of funds advanced for purchase inventories, may lead to a reduction in production, failure to fulfill production program. Excessive diversion of funds into reserves that exceed the actual need leads to the deadening of resources and their ineffective use.

Since working capital includes both material and monetary resources, not only the process depends on their organization and efficient use material production, but also financial stability enterprises.

Working capital can be defined as part of the working capital of an enterprise advanced into the sphere of production, and circulation funds - as part of working capital advanced into the sphere of circulation. Based on the above, it is possible to fully determine the organization of the working capital of the enterprise, presented in Table 1.

Table 1 - Organization of working capital of the enterprise

Industrial inventories are items of labor necessary for the production process: raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products, components, containers and packaging materials, spare parts for current repairs fixed assets.

Work in progress and self-made semi-finished products are objects of labor that have entered the production process: materials, parts, units and products that are in the process of processing or assembly, as well as self-made semi-finished products that have not been fully completed by production in one workshop of the enterprise and are subject to further processing in other workshops of the same enterprise.

Deferred expenses are intangible elements of working capital, including costs for the preparation and development of new products, which are included in the cost of production of the future period Basovsky A.E. Comprehensive economic analysis. Textbook. - M.: Infra-M, 2005. - p. 45..

Circulation funds include the funds of an enterprise operating in the sphere of circulation. The circulation funds include: finished products, shipped goods, cash, funds in settlements.

A characteristic feature of current assets is high speed their turnover. Functional role working capital in the production process is fundamentally different from fixed capital. Working capital ensures the continuity of the production process.

The structure of current assets is the ratio individual elements circulating production assets and circulation funds, that is, it shows the share of each element in total amount working capital. The structure of current assets is shown in Fig. 1.

Rice. 1.

Let us consider in detail each component of working capital.

1. Tangible working capital: The main place in working capital is occupied by funds advanced into inventory assets. These include goods productive reserves and other inventory items.

Inventories include raw materials, basic materials and purchased semi-finished products.

Other inventory items include: the cost of containers, fuel, materials for household needs (cash receipts, cash register tapes); packaging materials(wrapping paper, twine, shavings, nails, etc.).

It is also necessary to include material costs as working capital, i.e. costs in work in progress and deferred costs.

2. Accounts receivable. Some part of the working capital of trading enterprises may be in settlements. This is the debt of buyers for goods sold to them (according to payment documents submitted to the bank); debt of the population for goods sold to them on credit; claims amounts; various accounts receivable (customers for unpaid settlement documents, settlements for compensation of material damage, etc.). As a rule, accounts receivable arise as a result of non-compliance with financial and payment discipline and poor efforts to preserve property, which requires close attention from sales staff.

3. Short-term financial investments. Financial investments are investments in securities, authorized capitals of other organizations, also in the form of loans provided to other organizations. Short-term financial investments are investments for a period of less than 1 year; investments over 1 year are called long-term and belong to non-current assets

TO financial investments relate:

· state and municipal securities,

· securities of other organizations, incl. bonds, bills;

· contributions to the authorized (share) capital of other organizations (including subsidiaries and dependent business companies);

· deposits in credit institutions,

· receivables acquired on the basis of assignment of the right of claim, etc.

4. Cash. Cash includes the free funds of organizations stored in their settlement, currency and other bank accounts, as well as cash stored in the organization's cash desk.

5. Other working capital includes working capital that cannot be classified according to the first four criteria, but which operate only in one production cycle and fully transfer their value to the entire manufactured product.

In the next paragraph, we will consider the main sources of working capital formation.

1.2 Sources of formation of current assets

The rational organization of the formation of current assets affects the speed of their turnover and the efficiency of use. In addition, the financial condition of the organization is directly dependent on how correctly it is carried out financial policy regarding sources of working capital formation.

Management of current assets of an enterprise includes two areas: use and sources of formation (Fig. 2).

Figure 2 - Mechanism for managing current assets of an enterprise

When characterizing the sources of formation of current assets, the following questions should be answered:

· how to determine the share of own working capital;

· what is the role of other sources;

· how to optimize the structure of sources of working capital.

The sources of formation of current assets and their size have a significant impact on the level of efficiency in the use of working capital. An excess of current assets means that part of the company's capital is idle and does not generate income. At the same time, the lack of working capital will slow down the progress of the production process, slowing down the rate of economic turnover of the enterprise's assets.

The question of the sources of formation of current assets is important from another point of view. Market conditions are constantly changing, so the company's needs for working capital are unstable. Cover these needs only through own sources becomes almost impossible. Therefore, the main task of managing the process of forming current assets is to ensure the efficiency of raising borrowed funds.

The formation of current assets occurs at the time of creation of the organization, when its authorized capital is formed. The source of formation in this case is investment funds founders of the organization. In the future, the organization’s minimum need for working capital is covered from its own sources: profit, authorized capital, additional capital, reserve capital, accumulation fund and target financing. However, due to a number of objective reasons (inflation, increased production volumes, delays in paying bills by customers, etc.), the organization has temporary additional needs for working capital. When it is impossible to cover these needs with your own sources, financial support economic activity is carried out at the expense of borrowed sources: bank and commercial loans, loans, investment tax credit, deferred tax liabilities, investment deposit employees of the organization, attracted sources - accounts payable, as well as sources equal to own funds, the so-called sustainable liabilities. Mezdrikov Yu.V. Analysis of sources of working capital formation. // Economic analysis. Theory and practice. - No. 8, 2007.:

As a rule, the minimum stable part of working capital is formed from its own sources. The presence of its own working capital allows the organization to freely maneuver, increase the effectiveness and sustainability of its activities.

The amount of the enterprise's own current assets (COA) is calculated using the formula:

SOA = OA - DZK - TFO,

DZK - long-term borrowed capital, invested in the current assets of the enterprise;

Net current assets characterize that part of their volume that is formed at the expense of own and long-term borrowed capital.

The amount of net current assets (NOA) is calculated using the formula:

NOA = OA - TFO,

where OA is the amount of gross current assets of the enterprise;

TFO - current financial obligations enterprises.

The meaning of this formula is that from the sum of all current assets the part that is covered by short-term liabilities enterprise, and the remaining part, naturally, is covered by his own funds.

If the enterprise does not use long-term borrowed capital to finance working capital, then the amounts of equity and net assets match up.

The role of net current assets for an enterprise is obvious: without net current assets, no enterprise can operate, either actually or legally; the relationship between net current assets and the risk of liquidity and solvency of the enterprise can be seen in Fig. 3.

Figure 3 - Relationship between the solvency of an enterprise and net current assets.

The low level of net current assets is the main reason for the bankruptcy of an enterprise. The size of net current assets is determined by the size of the enterprise's reserves. Along with net current assets, the company also uses other sources. Optimizing the structure of sources of working capital contributes to increasing the efficiency of their use, growth financial results enterprises.

Borrowed funds are mainly bank credits and loans, with the help of which temporary additional needs for working capital are satisfied. Bank loans are provided in the form of investment (long-term) or short-term loans. The purpose of bank loans is to finance expenses associated with the acquisition of fixed and current assets, as well as to finance the seasonal needs of the organization, temporarily replenish the lack of own working capital, make payments and tax payments.

Along with bank loans Sources of financing working capital are also commercial loans from other organizations, issued in the form of loans, bills, trade credit and advance payment.

Investment tax credit is provided to the organization by government authorities and represents a temporary deferment of tax payments to the organization.

Deferred tax liability- this is that part of deferred income tax that should lead to an increase in income tax payable to the budget in the next reporting period or in subsequent reporting periods.

The investment contribution (contribution) of employees is cash contribution employee development economic entity at a certain percentage.

Accounts payable is a source of working capital, since money not paid to creditors remains in the turnover of the enterprise and is its source current activities. But accounts payable are heterogeneous, and accordingly each part plays its role. Directly creditors are non-payments to suppliers, contractors, budgets, wages and others, arising, as a rule, due to lack of funds. Bills payable are a commercial loan, i.e. deferred payment arising by mutual agreement of the enterprise with its suppliers. Advances received also cannot be classified as non-payments, since this is the result of contractual relations and quite often an advance payment.

An important part of the problem of managing current assets is the areas of use. To do this, consider their composition and organization.

Placement of current assets into tangible and intangible assets associated with constant transfers of funds between them. This solves a number of problems:

1) covering tangible current assets at the expense of own funds, and under favorable conditions, through a loan used as financial leverage, including to cover the additional need for these assets;

2) determination of the volume of accounts receivable, the timing and amount of its receipts, the amount of accounts payable covering it;

3) calculation of the amount of funds necessary for normal planned activities, including reserves, as well as in case of additional orders;

4) establishing the size and types of short-term financial investments;

5) determination of the size and frequency of the flow of funds between tangible and intangible current assets.

In the next paragraph, we will consider the main indicators characterizing the efficiency of using current assets.