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ACTG 350 FINANCIAL ACCOUNTING THEORY I |
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| FINANCIAL ANALYSIS OF COCA-COLA | ||||||
| INCOME STATEMENTS | ||||||
|
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
|
| Revenue | $18,018 | $16,181 | $13,963 | $13,074 | $11,572 | |
| COGS | $6,940 | $6,168 | $5,160 | $5,055 | $4,649 | |
| Sell., Gen. & Admin. Exp. | $6,986 | $6,297 | $5,695 | $5,249 | $4,604 | |
| Interest Income | $245 | $181 | $144 | $164 | $175 | |
| Interest Expense | $272 | $199 | $168 | $171 | $192 | |
| Equity Inc. | $169 | $134 | $91 | $65 | $40 | |
| Other gains or losses | $20 | ($104) | ($2) | ($82) | $41 | |
| Gain on stock sale | $74 | $0 | $12 | $0 | $0 | |
| Provision for Income Tax | $1,342 | $1,174 | $997 | $863 | $765 | |
| Net Income | $2,986 | $2,554 | $2,188 | $1,883 | $1,618 | |
| Operating Cash Flows | $3,115 | $3,183 | $2,508 | $2,232 | ||
| Capital Expenditures | 937 | 878 | 800 | 1083 | ||
| BALANCE SHEETS | ||||||
|
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
|
| Assets: | ||||||
| Cash & MS | $1,315 | $1,531 | $1,078 | $1,063 | ||
| Accounts Receivable | $1,695 | $1,470 | $1,210 | $1,055 | ||
| Financing Sub Rec. | $55 | $55 | $33 | $31 | ||
| Inventory | $1,117 | $1,047 | $1,049 | $1,019 | ||
| Prepaid | $1,268 | $1,102 | $1,064 | $1,080 | ||
| Current Assets | $5,450 | $5,205 | $4,434 | $4,248 | ||
| Investments | $2,714 | $2,510 | $2,215 | $2,163 | ||
| Financing Sub Rec. | $351 | $255 | $226 | $95 | ||
| MS | $1,246 | $1,163 | $868 | $637 | ||
| PP&E | $6,657 | $6,157 | $5,596 | $5,243 | ||
| Accumulated Depr. | ($2,321) | ($2,077) | ($1,867) | ($1,717) | ||
| Goodwill | $944 | $660 | $549 | $383 | ||
| Total Assets | $15,041 | $13,873 | $12,021 | $11,052 | $10,189 | |
| Equities | ||||||
| Accounts Payable | $2,894 | $2,564 | $2,217 | $2,253 | ||
| Noted Payable | $2,371 | $2,048 | $1,409 | $1,967 | ||
| FS/P | $244 | $105 | ||||
| Current LT Debt | $552 | $35 | $19 | $15 | ||
| Accrued taxes | $1,531 | $1,530 | $1,282 | $963 | ||
| Current Liabilities | $7,348 | $6,177 | $5,171 | $5,303 | ||
| Long-Term Debt | $1,141 | $1,426 | $1,428 | $1,120 | $985 | |
| Other | $966 | $855 | $725 | $659 | ||
| Deferred Income Taxes | $194 | $180 | $113 | $82 | ||
| Common SE | $5,392 | $5,235 | $4,584 | $3,888 | $4,239 | |
| Total Liab. and SE | $15,041 | $13,873 | $12,021 | $11,052 | $10,189 | |
| Avg Com Stl O/S | 1262 | 1290 | 1302 | 1317 | 1333 | |
| COMPUTATIONS OF FINANCIAL RATIOS | ||||||
| PROFITABILITY | ||||||
|
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
|
| ROA | 21.88% | 20.73% | 19.91% | 18.78% | ||
| PM | 17.55% | 16.58% | 16.45% | 15.25% | ||
| ATO | 1.246 | 1.250 | 1.210 | 1.231 | ||
| check | 0.000 | 0.000 | 0.000 | 0.000 | ||
| COGS/Sales | 38.52% | 38.12% | 36.95% | 38.66% | ||
| SG&A/sales | 38.77% | 38.92% | 40.79% | 40.15% | ||
| Other/Sales | -2.82% | -1.30% | -1.75% | -1.12% | ||
| Tax/Sales | 7.98% | 7.69% | 7.56% | 7.06% | ||
| PM | 17.55% | 16.58% | 16.45% | 15.25% | ||
| check | 1.000 | 1.000 | 1.000 | 1.000 | ||
| Sales/Ave A/R | 11.386 | 11.007 | 12.329 | 12.392 | ** | |
| COGS/Inv | 6.414 | 5.891 | 4.990 | 4.961 | ** | |
| Sales/PP&E | 4.155 | 3.966 | 3.744 | 3.708 | ** | |
| ROCE | 56.20% | 52.02% | 51.65% | 46.34% | ||
| ROA | 21.88% | 20.73% | 19.91% | 18.78% | ||
| CEL | 0.944 | 0.952 | 0.952 | 0.944 | ||
| CSL | 2.721 | 2.637 | 2.723 | 2.614 | ||
| check | 0.000 | 0.000 | 0.000 | 0.000 | ||
| ADJLEV | 2.569 | 2.510 | 2.594 | 2.468 | ||
| RISK | ||||||
| Current | 0.742 | 0.843 | 0.857 | 0.801 | ||
| Quick | 0.417 | 0.495 | 0.449 | 0.405 | ||
| OCF | 0.424 | 0.515 | 0.485 | 0.421 | ||
| Days A/R | 32 | 33 | 30 | 29 | ||
| Days Inv. | 57 | 62 | 73 | 74 | ||
| Days A/P | 142 | 142 | 157 | |||
| LTD/LTD+SE | 0.175 | 0.214 | 0.238 | 0.224 | ||
| D/E | 0.212 | 0.272 | 0.312 | 0.288 | ||
| D/A | 0.076 | 0.103 | 0.119 | 0.101 | ||
| Int cover | 16.912 | 19.734 | 19.958 | 17.058 | ||
| Cash Flow/Cap. Expen. | 3.324 | 3.625 | 3.135 | 2.061 | ||
| Earnings per Share | $2.37 | $1.98 | $1.68 | $1.43 | $1.21 | |
Last Updated on 1/28/98
By Ray King