Belgorod State Library. Belgorod State Universal Scientific Library

Liabilities in the balance sheet are own and borrowed sources of property formation. The latter consist of long-term and short-term liabilities, which are reflected in the fourth and fifth sections, respectively.

What it is

Long-term liabilities of the company are those that are subject to their full repayment within more than one year. It follows from this that the period in which short-term liabilities are repaid is less than 12 months.

Long-term debt consists of several types:

from borrowed capital, which includes the total loan and loan amount of the company, interest, as well as certain additional costs associated with lending;
from deferred tax liabilities, that is, from the amount of deferred tax imposed on the profits of the company (it usually leads to a subsequent increase in this tax in other reporting periods);
from some estimated liabilities mandatory for execution according to the plan for more than one year;
from other obligations falling under this category.

Short-term debt, in turn, also consists of different types of funds:

From borrowed capital, which are loans and credits for a relatively short period, as well as interest and additional costs for their implementation and security.
From accounts payable, reflecting the total amount that the firm must pay to the bank servicing it within twelve months.
From income in future periods, that is, the profit that was received during the reporting period, but relates to the next one. This includes capital expenditures, operating expenses, and lease payments.
From estimated debts, which reflect the amounts, the application and distribution of which is planned for no more than one year.
From other liabilities that fall under this category, for example, funding received for a specific purpose, the amount of VAT that is deducted at the time of the advance payment.

The debt capital of the company consists of liabilities in the balance sheet, which differ in maturities. Thus, long-term debts are indicated in the fourth section of the balance sheet, and short-term debts - in the fifth.

Section 4 includes five lines. There is a certain order that must be followed when filling them out.

On line 1410 the whole is indicated. This reflects the long-term credit loans that the organization received for several years. It is important to consider that this line records the entire amount of loans that can be received both in the form of money and in, as bills of exchange and loans. In order to fill in this line, the accountant needs to refer to the information contained in account 67. It is imperative to check the data on maturities, they must correspond to long-term loans.
On line 1420 tax liabilities (IT) are prescribed. This line must be filled out only by organizations applying PBU 18/02. In order to fill in the line, you must refer to account 77. It is important to note that this line is reflected only if the amount in the first indicated account is greater than the amount in debit account 09. In this case, their difference is indicated.
On line 1430 all appraisal loans are listed. It is important here to reflect the entire amount of reserves created in accordance with the rules of PBU 8/2010. It is important to reflect in this line only those loans that fall under the category of long-term, while the information is taken from account 96, which has not yet been written off in the current reporting year.
In line 1450 all other obligations are listed. It reflects all those debts that do not fall under the other above categories, but are long-term. This line may indicate the balance received in account 60 related to suppliers, in account 62 related to buyers, in account 68, i.e. from taxes and various earmarked fees, in account 69, i.e. social insurance and security, in account 76 associated with various lenders, and in account 86, which serves earmarked financing.
In line 1400 the total amount for all previous lines is indicated.

The liability of the balance sheet with short-term loans is described in the fifth section, which consists of six lines.

On line 1510 loans are indicated. Information about them is entered from the credit balance in account 66, which reflects the calculations of short-term loans and borrowings, and from the amount from the loan in account 67 (calculations with long-term loans and loans over the next 12 months).

On line 1520 accounts payable of the company. It reflects the entire amount of short-term debts that need to be repaid by other organizations and individuals during the year. This also includes state and extrabudgetary loans. The information for this line is taken from the following accounts for short-term liabilities:

score 60, which reflects data related to, as well as contractors;
account 62, which reflects information related to settlements with buyers (only advances and prepayments);
account 68 where taxes and fees are reflected;
account 69, which reflects social insurance and security;
score 70, which reflects the settlement with employees, that is, the payment of wages;
account 71, where accountable calculations are reflected;
account 73 where settlements are made with employees for all other transactions;
account 75, where the founder's calculations are reflected;
account 76, which reflects accounts receivable and accounts payable.

All companies have the right to independently regulate the number of indicators from which reports are prepared. This implies that an organization can expand or, on the contrary, reduce the list of lines in order to detail the indicator in line 1520.

Line 1530 fill out not all companies, but only those whose accounting provides for the indication of planned income in future reporting periods. So, all commercial organizations must reflect information on the credit balance from account 98, which indicates future income, and from account 86, which describes target financing.

On line 1540 estimated liabilities are indicated, information on which is taken from account 96 (with the exception of those amounts that are long-term liabilities).

On line 1550 indicate all other liabilities that were not previously reflected, but fall under the category of short-term debt.

In line 1500 the total amount for all short-term obligations is indicated, which is found by adding all the previous lines in section five.

Enlargement and reduction

A situation may arise when the number of short-term or long-term liabilities increases or vice versa decreases. What can this indicate?

In most cases, this does not say or indicate that the ratio of own and attracted sources of financing and capital of the organization has changed. This situation may arise due to the fact that the company's managers began to actively attract sources of funds that issue loans for a period of more than a year.

All other things being equal, this trend will be positive for the company's financial position, as an increase in personal capital sources indicates a reinvestment of funds raised.

When the volume of long-term liabilities grows, we can talk about the confidence in the organization on the part of investors who consider this company reliable, stable and profitable.

If the number of short-term liabilities decreases, the financial risks associated with investing in unstable activities also decrease. In addition, it is important to understand that the volume of short-term loans is directly related to the formation of a certain dependence on them. Therefore, the smaller this volume, the lower, respectively, the high risks that always arise when using constantly changing sources to raise capital.

Short-term liabilities adjustment rule (3) :

- an increase in liability accounts means an inflow of funds, so it must be added to net profit;

- a decrease in liabilities means an outflow of funds that is not taken into account in the costs of the period under review, so it must be deducted from net income.

Changes in short-term liabilities must be considered because, in determining the cash flow from the main activity, we must analyze the changes in working capital, with which the formation of such a flow is associated. It is known that working capital in net terms is the difference between current assets and current liabilities at a certain point in time. The study of changes in short-term liabilities will clarify the results of the previous correction.

An increase in current liabilities according to the balance sheet indicates that the company has received funds at its disposal from various sources. This could be an increase in payroll arrears to staff or an increase in accounts payable to suppliers, and therefore these types of liabilities were not settled in cash. But the logic of the accrual method is as follows: the cost of staff salaries is shown in the income statement in an amount that does not depend on the amount of wages actually paid, since they are tied to a given period, i.e., they also include the amount of debt. Means, overpriced from point of view cash outflow from the company (in connection with the payment of salaries) the amount is the costs that were included in the income statement and, of course, ultimately reduced the net profit. Profit in truly the monetary form created for a given period is higher than in the income statement, i.e. accrued. Thus, an increase in individual short-term liability accounts meant cash inflows into the company. This explains the correction (3) of net profit associated with their analysis, which is shown in Scheme 1: the increase in short-term liabilities should be added to net income from the income statement.

On the contrary, a decrease in the accounts of short-term liabilities means that in the period under review, payments were made on obligations that arose and were not repaid in the previous period. For example, a decrease in wage obligations is caused by the payment of wages to personnel for work related to the previous period and included in the costs of not this, analyzed, but the previous period. This means that these amounts are cash outflows from "old" liabilities that were not taken into account in the calculation of accrual costs and therefore are not reflected in net income. Therefore, this cash outflow must be deducted from net income, as shown in Figure 1.

Scheme 1. Indirect method of converting net income to operating cash flow

Analysis of the financial condition of the enterprise

Assignment for the calculation part.

The financial condition of the enterprise is expressed in the ratio of the structures of its assets and liabilities, i.e., the funds of the enterprise and their sources. The main tasks of analyzing the financial condition are to determine the quality of the financial condition, study the reasons for its improvement or deterioration over the period, and prepare recommendations for improving the financial stability and solvency of the enterprise. These tasks are solved on the basis of a study of the dynamics of absolute and relative financial indicators and are divided into the following blocks:

structural analysis of assets and liabilities;
analysis of financial stability;
analysis of solvency (liquidity);

Annual financial statements serve as information sources for calculating indicators and conducting analysis. (Option 16)

Balance sheet
ASSETS	Line code	for the beginning of the year	at the end of the year
1
I. Non-current assets
Intangible assets
fixed assets
Construction in progress
Profitable investments in material values
Long-term financial investments
Other noncurrent assets
Section I total
II. current assets

including
raw materials, materials and other similar values
animals for growing and fattening
work in progress costs
finished goods and goods for resale
goods shipped
VAT on purchased assets
Accounts receivable (payments expected more than 12 months after the reporting date)
Accounts receivable (payments expected within 12 hours after the reporting date)
Short-term financial investments
Cash.
including

settlement accounts
currency accounts
other cash
Other current assets
Total for Section II
BALANCE
LIABILITY	Line code	for the beginning of the year	at the end of the year
1
IV. Capital and reserves
Authorized capital
Extra capital
Reserve capital
Social Sphere Fund
Special-purpose financing
Retained earnings of previous years
Uncovered loss of previous years
Retained earnings of the reporting year
Uncovered loss of the reporting year
Total for section IV
V. Long-term liabilities
Loans and credits
including
bank loans
Other long-term liabilities
Section V total
VI. Short-term liabilities
Loans and credits
including
bank loans
other loans
Accounts payable
including
suppliers and contractors
bills payable
debt to subsidiaries and affiliates
debt to the staff of the organization
debt to state off-budget funds
debt to the budget
advances received
other creditors
Debt to participants (founders) for payment of income
revenue of the future periods
Reserves for future expenses and payments
Other current liabilities
Total for Section VI
BALANCE

General assessment of the dynamics of the financial condition of the enterprise.

For a general assessment of the dynamics of the financial condition of the enterprise, it is necessary to group the balance sheet items into separate specific groups on the basis of liquidity (asset items) and the urgency of liabilities (liability items). On the basis of the aggregated balance sheet, an analysis of the structure of the enterprise's property is carried out, which, in a more orderly form, is conveniently carried out in the following form:

aggregate balance.

Table 1.

Assets	For the beginning of the year	At the end of the year	Passive	For the beginning of the year	At the end of the year
1. Immobilized assets			1. Equity
2. Mobile, current assets			2. Borrowed capital
2.1. Stocks and costs			2.1. Long-term credits and loans
2.2 Accounts receivable			2.2. Short-term credits and loans
2.3. Cash and securities			2.3. Accounts payable
Total			Total

the total value of the property of the enterprise = currency, or total, balance sheet;
the value of immobilized assets (i.e. fixed and other non-current assets) = the total of section I of the asset balance;
the cost of working (mobile) funds = the result of section II of the asset balance;
the amount of receivables in the broad sense of the word (including advances given to suppliers and contractors) = lines 230 and 240 of section II of the balance sheet asset;
the amount of free cash in the broad sense of the word (including securities and short-term financial investments) = lines 250 and 260 of section II of the balance sheet asset;
cost of equity = section III of liabilities and lines 640,650 of section V of liabilities of the balance sheet;
the amount of borrowed capital = the sum of sections IV and V of the liabilities side of the balance without lines 640,650;
the amount of long-term loans and borrowings intended, as a rule, for the formation of fixed assets and other non-current assets, section IV of the liabilities side of the balance sheet;
the amount of short-term loans and borrowings intended, as a rule, for the formation of current assets, = line 610 of section V of the liabilities side of the balance sheet;
the amount of accounts payable in the broad sense of the word = lines 620,630 and 660 of section V of the liabilities side of the balance sheet.

General assessment of the dynamics and structure of balance sheet items

Analysis of the structure of enterprise assets.

Table 2.

Analytical grouping and analysis of balance sheet assets

Balance asset	At the beginning of the period	At the end of the period	Growth rate %
Balance asset			Growth rate %
1. Property - total
1.1 Immobilized assets
1.2 Current assets
1.2.1 Stocks
1.2.2. Accounts receivable
1.2.3 Cash

The total assets of the enterprise for the analyzed period increased by 76,730 thousand rubles. (or the rate of their growth in relation to the beginning of the period amounted to 160.88%). The increase in the assets of the enterprise was due to an increase in the size of non-current assets by 38476 thousand rubles. or by 195.84%, with a simultaneous increase in the volume of current assets by 38254 thousand rubles. or 144.54%.

The balance sheet reflects the property "power" of the enterprise, therefore, it is believed that the larger the balance sheet, the more reliable the enterprise. An increase in the size of the enterprise's property (i.e., non-current and current assets) indicates a positive change in the balance sheet.

The largest share in the structure of total assets falls on current assets (65.18% at the beginning of the analyzed period and 61.23% at the end), so the company has a “light” asset structure, which indicates the mobility of the company's property.

Fixed assets. Non-current assets of the enterprise for the analyzed period increased by 38254 thousand rubles. or 195.84%. The increase in non-current assets occurred mainly due to a significant increase in the size of fixed assets, an increase in the volume of construction in progress, the emergence of long-term financial investments, and an increase in the size of intangible assets.

In this way, the increase in the share of non-current assets in the structure of total assets made the balance sheet more “heavy”. Enterprises with a “heavy” asset structure have a high share of overhead costs (due to depreciation and fixed asset maintenance costs associated with their current repairs and utility bills) and are particularly sensitive to changes in revenue. However, due to the increased share of depreciation charges in the cost structure, such enterprises can have money without having a profit (because the sources of cash flow from the main activity are profit and depreciation). This is due to the fact that depreciation is part of the cost of the enterprise as part of the cost, which is not an expense item because does not require payment. However, the property of depreciation deductions is such that they are fully capable of being converted into cash only in the case when the enterprise has no losses.

The structure of non-current assets for the analyzed period has changed significantly, although at the same time, the main part of the non-current assets of the enterprise falls on fixed assets. The largest part of non-current assets is represented by production fixed assets and construction in progress, which characterizes the company's orientation towards creating material conditions for expanding the core business of the enterprise. The appearance of long-term financial investments reflects the financial and investment development strategy.

current assets. The analyzed enterprise is characterized by a high share of current assets in the structure of the total assets of the enterprise (68.15% at the beginning of the year and 61.23% at the end). Current assets of the enterprise for the analyzed period increased by 38254 thousand rubles. rub. or by 144.54%. The increase in current assets was due to an increase in short-term receivables, inventories, long-term receivables of other current assets, cash and VAT.

The structure of current assets of the enterprise as part of the property for the analyzed period remained fairly stable. So the largest share falls invariably on stocks (51.28% at the beginning of the year and 38.77% at the end).

The decrease in the level of inventories in the structure of current assets cannot be judged unambiguously, since in fact there was not a decrease, but an increase in the valuation of reserves (by 13,989 thousand rubles), but in comparison with an almost twofold increase in the valuation of immobilized assets in the property structure enterprises (discussed earlier) there was a decrease in the share of stocks in the property structure.

An increase in inventories can:

on the one hand, it indicates a decline in the activity of the enterprise, since large stocks lead to a freezing of working capital, a slowdown in its turnover, damage to raw materials and materials increases, storage costs increase, which negatively affects the final results of activities. In this case, you should find out if there are any slow-moving, stale, unnecessary material assets in the composition of the stocks, this is easy to establish from the data of warehouse accounting or balance sheets. The presence of such materials suggests that working capital is at risk of being frozen for a long time in inventories.
on the other hand, the reason for the increase in the size of reserves can only be an increase in their value due to quantitative or inflationary factors.

Work in progress occupies a significant share in the inventory structure. A decrease in the balance of work in progress may indicate, on the one hand, a decrease in production volumes and possible downtime, and, on the other hand, an acceleration in capital turnover due to a decrease in the production cycle.

The share of receivables in the structure of the company's property for the analyzed period increased from 15.3% to 20.39%. An increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to buyers, or an increase in sales, or insolvency and bankruptcy of some buyers.

The smallest share in the asset structure is occupied by cash (0.87% at the beginning of the year and 0.72% at the end), which, in principle, is a good sign, since cash in accounts or on hand does not generate income, they are needed be available within a safe minimum. The presence of small amounts is the result of the correct use of working capital. A slight change in cash balances in bank accounts is due to the balance of cash inflows and outflows.

A comparison of accounts receivable and accounts payable shows that the excess of accounts payable over accounts receivable took place only at the beginning of the period, but at the end of the period, accounts receivable exceeded accounts payable, which is a sign of a good balance in terms of increasing (growth) efficiency.

The value of net working capital (i.e., the difference between inventories, short-term receivables, cash, short-term financial investments and accounts payable (short-term and long-term debt) shows that the company had its own funds during the analyzed period. A low share of long-term and short-term financial investments indicates the absence of diverted funds from the main activity.

Analysis of the structure of the company's liabilities.

Table 3

Analytical grouping and analysis of balance sheet liability items

Balance liability	At the beginning of the period	At the end of the period	Absolute deviation thous. rub.	Growth rate %
Balance liability			Absolute deviation thous. rub.	Growth rate %
1. Sources of property of everything
1.1 Equity
1.2 borrowed capital
1.2.1 Long-term liabilities
1.2.2. Short-term credits and loans
1.2.3 Accounts payable

The main source of formation of the total assets of the enterprise in the analyzed period are own funds, the share of which in the balance sheet decreased from 72.34% to 70.69%, the share of borrowed funds increased from 27.66% to 29.31%, respectively, which indicates a possible financial instability of the enterprise and increasing the degree of dependence of the enterprise on external investors and creditors. During the analyzed period, there was an increase in equity capital by 52,166 thousand rubles. or growth amounted to 157.21% and borrowed capital by 24,564 thousand rubles. (170.46%). Equity capital grew mainly due to an increase in additional capital and authorized capital, while reducing the amount of targeted financing and revenues. A decrease in the volume of targeted financing and revenues may indicate a loss of interest of investors (in particular, the state) in the activities of the enterprise.

The growth of borrowed capital occurred mainly due to an increase in the size of loans and credits by 10,943 thousand rubles. (177.5%) and accounts payable for 13,621 thousand rubles. (165.67%), which indicates the emergence of new obligations of the enterprise both to the bank and to other creditors.

Attracting borrowed funds into the turnover of an enterprise is a normal phenomenon. This contributes to a temporary improvement in the financial condition, provided that they are not frozen for a long time in circulation and are returned in a timely manner. Otherwise, overdue accounts payable may arise, which ultimately leads to the payment of fines and a deterioration in the financial condition.

Table 4

Conventional designations.

Conditional

designations

Passive

Conventions

Fixed assets

Long-term financial investments

working capital

Stocks and costs

Accounts receivable with a maturity of more than 12 months

Accounts receivable with a maturity of less than 12 months

Short-term financial investments

Cash

Other current assets

3. Capital and reserves

4. Long-term liabilities

5. Short-term liabilities

Short-term credits and loans

Accounts payable

Consumption funds

Other current liabilities

Balance

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors. So, many businessmen, including representatives of the public sector of the economy, prefer to invest a minimum of their own funds in the business, and finance it with money borrowed. However, if the equity/leverage structure is heavily skewed towards debt, the business may go bankrupt if multiple creditors simultaneously demand the money back at an “inconvenient time”.

Financial stability in the long term is characterized, therefore, by the ratio of own and borrowed funds. However, this indicator gives only a general assessment of financial stability. Therefore, in the world and domestic practice, a system of indicators has been developed.

In market conditions, the balance model, on the basis of which indicators are considered that reflect the essence of the stability of the financial condition, has the form:

F + Z + (RA - Z) = ANDc+ KT + kt + kr + rp, (1)

F- fixed assets and other non-current assets;

Z- reserves and costs;

(RA- Z) - cash, short-term financial investments, settlements (accounts receivable) and other assets;

Andc- sources of own funds;

kt- short-term loans and borrowed funds;

KT- long-term and medium-term loans and borrowings;

kr + rp- settlements (accounts payable) and other short-term liabilities.

Taking into account that long-term loans and borrowings are directed mainly to the acquisition of fixed assets and capital investments, model (1) is transformed and has the following form:

Z + (RA- Z) = [(ANDc+ KT) – F] + [ kt + kr + rp] (2)

From this we can conclude that, subject to the limitation of reserves and costs Z by the value [(ANDc+ KT) – F]:

Z? [(ANDc+ KT) – F] (3)

the condition of solvency of the enterprise will be fulfilled, i.e. cash, short-term financial investments (securities and other assets) will cover the company's short-term debt [ kt + kr + rp]:

(RA) > (kt + kr + rp) (4)

So, on the example of the analyzed balance:

at the beginning of the year 85896 > (14121+ 20742) – the condition is met,

at the end of the year 124150 > (25064 + 34363) – the condition is met.

The most general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained as a difference in the value of sources of funds and the value of reserves and costs. This refers to the security of certain types of sources (own, credit and other borrowed), since the sufficiency of the sum of all possible types of sources (including short-term accounts payable and other liabilities) is guaranteed by the identity of the results of the asset and liabilities of the balance sheet.

The total amount of stocks and costs Z of the enterprise is equal to the sum of lines 210 and 220 of section II of the asset balance.

To characterize the sources of the formation of reserves and costs, several indicators are used that reflect the varying degree of sufficiency of different types of sources:

1. availability of own working capital, equal to the difference between the value of sources of own funds and the value of non-current assets:

Ec= ANDc – F (5)

at the beginning of the year: E c \u003d 91179 - 40146 \u003d 51033 thousand rubles,

at the end of the year: E c \u003d 143345 -78622 \u003d 64723 thousand rubles.

2. the presence of own and long-term borrowed sources of reserves and costs, obtained from the previous indicator by an increase in the amount of long-term and medium-term loans and borrowed funds:

E T= (Andc + KT) – F= E c +KT (6)

at the beginning of the year: E T \u003d 51033 + 0 \u003d 51033 thousand rubles,

at the end of the year: E T \u003d 64723 + 0 \u003d 64723 thousand rubles.

3. the total value of the main sources of formation of reserves and costs, equal to the sum of the previous indicator and the value of short-term loans and borrowings:

ES = (Andc+ KT) – F + kt = E T + kt (7)

at the beginning of the year: E S = 51033 + 14121 = 65154 thousand rubles,

at the end of the year: E S = 64723 +25064 = 89787 thousand rubles

If in formula (2) short-term debt is transferred to the left side of the balance sheet model, then the latter will take the following form:

RA – (kt + rp) + kr = (Andc+ KT) – F (8)

On the left side of the equality we have the difference between the working capital of the enterprise and its short-term debt, on the right - the value of the indicator E T .

Three indicators of the availability of sources of formation of reserves and costs (formulas 5-7) correspond to three indicators of the availability of reserves and costs with sources of their formation:

1. surplus (+) or shortage (-) of own working capital:

[ ± Ec]= Ec - Z (9)

at the beginning of the year: E c - Z = 51033 - 64629 = - 13596 thousand rubles. - lack of own working capital,

at the end of the year: E c - Z = 64723 - 78618 = - 13895 thousand rubles. - Lack of working capital.

2. surplus (+) or shortage (-) of own and long-term borrowed sources of reserves and costs:

[ ± E T ]= E T - Z = (E c + KT) - Z (10)

at the beginning of the year: E T - Z = 51033 - 64629 = - 13596 thousand rubles. - lack of own and long-term sources of formation of reserves and costs,

at the end of the year: E T - Z = 64723 - 78618 = - 13895 thousand rubles. - lack of own and long-term sources of formation of reserves and costs.

3. surplus (+) or shortage (-) of the total value of the main sources for the formation of reserves and costs:

[ ± ES]= ES- Z = (E c + KT + kt) - Z (11)

at the beginning of the year: E S - Z = 65154 - 64629 = 525 thousand rubles. – lack of the total value of the main sources for the formation of reserves and costs,

at the end of the year: E S - Z = 89787 - 78618 = 11169 thousand rubles. - lack of total sources for the formation of reserves and costs.

The calculation of three indicators of the availability of reserves and costs by the sources of their formation makes it possible to classify financial situations according to their degree of stability. When identifying the type of financial situation, the following three-component indicator is used:

S = { S(± Ec), S(± ET), S(± ES)}, (12)

where the function S(X) is defined as follows:

? 1 if x? 0

S(X) = ? (13)

? 0 if x<0

For the entire analyzed period, the three-component indicator had the following form: S = (0, 0, 1)

? [ ± Ec] < 0

? [ ± E T] < 0 (14)

? [ ± ES] > 0

Table 5

Analysis of financial stability.

Indicators	Conditional designations	Start period	At the end of the period	Changes period

1. Source of own funds
2. Fixed assets and investments
3. Availability of own working capital
4. Long-term loans and borrowings
5. Availability of own and long-term borrowed sources of reserves and costs
6. Short-term loans and borrowings
7. The total value of the main sources of formation of reserves and costs
8. Total inventory and costs
9. Surplus (+) or shortage (-) of own working capital
10. Surplus (+) or shortage (-) of own and long-term borrowed sources of reserves and costs
11. Surplus (+) or deficiency (-) of the total value of the main sources of formation of reserves and costs
12. Three-component indicator of the type of financial situation

A three-component indicator of the type of financial situation characterizes an unstable financial condition associated with a violation of solvency, in which, nevertheless, it remains possible to restore balance by replenishing sources of own funds and increasing own working capital, as well as by additionally attracting long-term and medium-term loans and borrowed funds.

Financial instability is considered normal (acceptable) in this situation if the amount of short-term loans and borrowed funds attracted for the formation of stocks and costs does not exceed the total cost of inventories and finished products (the most liquid part of stocks and costs), i.e. Conditions are met:

Z 1 + Z 4 ? Kt - [ ± ES] (15)

Z 2 + Z 3 ? ET

where: Z 1 – inventories (p. 211);

Z 2 - work in progress (p. 213);

Z 3 - deferred expenses (p. 216);

Z 4 - finished products and goods shipped (line 214 + line 215);

(Kt - [±E S ]) is a part of short-term loans and borrowings involved in the formation of reserves and costs.

If conditions (15) are not met, then financial instability is abnormal and reflects a trend towards a significant deterioration in the financial condition.

Let's check the financial instability of the enterprise for normality:

Beginning of period:

6516 + 62 + 1039 < 14121 – 525

57011 + 0 > 51033

abnormal financial instability at the beginning of the period.

End of period:

19326 + 418 + 2506 > 25064 – 11169

22250 > 13895

56368 < 64723

By the end of the period, normal financial instability was established at the analyzed enterprise, which reflects a trend towards improving the financial condition.

Along with optimizing the structure of liabilities in our situation, sustainability can be restored by a reasonable reduction in the level of reserves and costs.

To restore sustainability, an in-depth study of the causes of changes in inventories and costs, the turnover of current assets, the availability of own working capital, as well as reserves for reducing long-term and current tangible assets, accelerating the turnover of funds, increasing own working capital is necessary. Then, based on the current situation, a number of measures can be recommended, for example:

reasonable reduction of stocks and costs (up to the standard);
replenishment of own working capital at the expense of internal and external sources.

The most risk-free way to replenish the sources of stock formation should be recognized as an increase in real equity capital through the accumulation of retained earnings or through the distribution of profit after taxation into accumulation funds, provided that the part of these funds not invested in non-current assets grows. The decrease in the level of stocks occurs as a result of planning the balance of stocks, as well as the sale of unused inventory items.

Analysis of financial sustainability ratios.

Further, financial ratios are calculated, which allow to study trends in the stability of the position of a given enterprise, as well as to make a comparative analysis based on the reporting of several competing firms. These include:

1. Autonomy coefficient, which characterizes the independence of the enterprise from borrowed sources of funds, it is equal to the share of equity capital in the total balance sheet.

K a \u003d I s / B (16)

For the analyzed enterprise, the value of the autonomy coefficient:

for the beginning of the year - K a = 91179 / 126042 = 0,723

at the end of the year - K a = 143345 / 202772 = 0,706

The normal minimum value of the coefficient is estimated at 0.5, which means that all obligations of the enterprise can be covered by its own funds. The value of this coefficient for the analyzed enterprise exceeds the normative value, however, its decrease reflects a tendency towards an increase in the dependence of the enterprise on borrowed sources of financing of the economic cycle and, therefore, is assessed negatively.

2. Ratio of own and borrowed funds is equal to the ratio of the value of the enterprise's liabilities to the value of its own funds.

K s / s \u003d (B - I s) / I s (17)

For the analyzed enterprise, the value of the ratio of own and borrowed funds:

at the beginning of the year - K s / s \u003d (126042 - 91179) / 91179 \u003d 0.38

at the end of the year - K s / s \u003d (202772 - 143345) / 143345 \u003d 0.415

The relationship between the autonomy coefficient and the coefficient of the ratio of own and borrowed funds can be expressed as follows:

K s / s \u003d 1 / K a - 1 (18)

from which follows the normal constraint for the ratio of borrowed and own funds K s / c ? 1. This condition for the analyzed enterprise is fulfilled both at the beginning and at the end of the year. The growth of this indicator reflects a trend towards an increase in the share of the enterprise's liabilities in the balance sheet structure, which means an increase in the financial dependence of the enterprise on borrowed sources.

With an increase in the share of borrowed funds, the enterprise loses stability, because:

an increasing part of the capital does not belong to the enterprise, but to creditors who can dictate their terms;
the larger the share of borrowed funds, the less likely it is to receive funds from additional sources of financing: financial organizations "will not give more", and it will not be possible to increase equity through the issuance of shares, since shareholders will have great doubts about the payment of dividends due to the need pay high interest on loans.

3. The ratio of mobile and immobilized means calculated by formula.

K m / u \u003dRA / F (19)

For the analyzed enterprise, the ratio of mobile and immobilized means:

at the beginning of the year - K m / i \u003d 85896 / 40146 \u003d 2.14

at the end of the year - K m / i \u003d 124150 / 78618 \u003d 1.58

The value of this indicator is largely due to the industry specifics of the circulation of funds. The sharp decline in this ratio is a consequence of changes in the structure of non-current and current assets of the enterprise.

Combining these constraints, we obtain the final form of the normal constraint for the debt-equity ratio:

K a / c? min(1, Km/u) (20)

4. Agility factor equals the ratio of the company's own working capital to the total value of sources of own funds.

K m \u003d E s / I s (21)

For the analyzed enterprise, the coefficient of maneuverability:

at the beginning of the year - K m \u003d 51033 / 91179 \u003d 0.56

at the end of the year - K m \u003d 64723 / 143345 \u003d 0.452

It shows how much of the organization's equity capital is in a mobile form, allowing relatively free capital maneuvering. High values of the maneuverability coefficient positively characterize the financial condition, however, there are no normal values of the indicator that are well-established in practice. The value of 0.5 can be considered as an average guideline for the optimal levels of the coefficient.

5.The coefficient of provision of reserves and costs with own sources, equal to the ratio of the value of own working capital to the value of stocks and costs of the enterprise.

K o \u003d E s /Z (22)

For the analyzed enterprise, the coefficient of provision of reserves and costs with own sources:

at the beginning of the year - K o \u003d 51033 / 64629 \u003d 0.79

at the end of the year - K o \u003d 64723 / 78618 \u003d 0.82

For industrial enterprises, the normal limitation of the indicator has the following form: to about? 0.6? 0.8. In addition, the coefficient of provision of reserves and costs with own sources should be limited from below by the values of the autonomy coefficient so that the organization does not find itself on the verge of bankruptcy: to about? to a. For the analyzed enterprise, this condition is met.

6. Industrial property ratio, equal to the ratio of the sum of the values of fixed assets, capital investments, equipment, inventories and work in progress to the balance sheet total - net (i.e. minus losses, debts of the founders on contributions to the management company, the value of shares redeemed from shareholders).

To p.im. =(F1 + F2 + F3 + Z1 + Z2) / B (23)

where F1 - fixed assets,

F2 - capital investments,

F3 - equipment,

Z1 - production stocks,

Z2 - work in progress.

For the analyzed enterprise, the coefficient of industrial property:

at the beginning of the year - To p.im. = (40146 + 6516 +57011) / 126042 = 0.823

at the end of the year - To p.im. = (78622 + 19326 + 56368) / 202772 = 0.761

The following limitation is considered normal:

Kn.im.? 0,5 (24)

The calculated indicators correspond to the normal value, however, over the analyzed period, there has been a trend towards a decrease in this value. This is a negative sign, because in the event of a decrease in the indicator below the critical limit, it is necessary to replenish equity (for example, by increasing the authorized capital, which the enterprise may have tried to do, since the authorized capital of the enterprise increased over the analyzed period) or to attract long-term borrowed funds to increase the property for production purposes, if the financial results in the reporting period do not allow to significantly replenish the sources of own funds.

7. Long-term borrowing ratio, equal to the ratio of the value of long-term loans and borrowings to the amount of own funds of the enterprise and long-term loans and borrowings.

To d.pr. = CT / (I s + CT) (25)

It allows you to approximately estimate the share of borrowed funds in the financing of capital investments. For the analyzed enterprise, the coefficient of long-term borrowing will be equal to 0, since the enterprise does not use long-term sources of financing in its activities.

8. Short-term debt ratio expresses the share of short-term liabilities of the enterprise in the total amount of liabilities.

lK.Z = (Pt – fp) / (KT + Pt) (26)

For the analyzed enterprise, the coefficient of short-term debt:

at the beginning of the year - l K.Z = (14121 - 0) / (0 + 14121) = 1

at the end of the year - l K.Z = (25064 - 0) / (0 + 25064) = 1

Based on the calculated coefficients, we can conclude that the obligations of the enterprise are short-term. This creates certain difficulties for the enterprise. The balance between the amounts of accounts receivable and accounts payable is disturbed, since accounts receivable are distributed between long-term and short-term (moreover, the proportion of long-term is greater), and accounts payable is exclusively short-term.

9. Coefficient of autonomy of sources of formation of reserves and costs shows the share of own working capital in the total amount of the main sources of formation of stocks and costs.

aa.3= E c / (E c +Kt + KT) (27)

For the analyzed enterprise, the coefficient of autonomy of the sources of formation of reserves and costs:

at the beginning of the year - a a .З = 51033 / (51033 + 14121 + 0) = 0.783

at the end of the year - a a .З = 64723 / (64723 + 25064 + 0) = 0.761

10. Accounts payable and other liabilities ratio shows the share of accounts payable and other liabilities in the total amount of the company's liabilities.

bK.Z = (kr + rp) / (KT + Pt) (28)

For the analyzed enterprise, the ratio of accounts payable and other liabilities:

at the beginning of the year - b K.Z = (20742 + 0) / (0 + 14121) = 1.47

at the end of the year - b K.Z = (34363 + 0) / (0 + 25064) = 1.371

Table 6

Coefficients characterizing the financial stability of the enterprise.

Financial ratios	Conditional designations	Restrictions	Back to top of the year	Finally of the year	Changes in a year

Autonomy coefficient
Debt to equity ratio
The ratio of mobile and immobilized means		Min(1, K m/u)
Agility factor
Security ratio inventory and costs
Property ratio industrial purpose
Long-term coefficient attraction of borrowed funds
Short-term debt ratio
Autonomy coefficient sources of formation
Accounts payable and other liabilities ratio

Values of indicators of the structure of sources of funds (l K.Z , b C.3), among other things, lies in the fact that they are also used in the relationship of individual financial stability liquidity indicators, on the basis of which conclusions are drawn about the positive dynamics of the main financial ratios.

Balance liquidity analysis.

The liquidity of the balance sheet is defined as the extent to which the company's liabilities are covered by its assets, the period of transformation of which into cash corresponds to the maturity of the liabilities.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

A1. The most liquid assets are cash and short-term financial investments:

A1 = d + ft (29)

For the analyzed enterprise, the most liquid assets are:

at the beginning of the year - A1 = 588 thousand rubles.

at the end of the year - A1 = 1074 thousand rubles.

A2. Marketable assets - receivables with an expected maturity within 12 months and other current assets:

A2 = dt + ra (30)

For the analyzed enterprise, quickly realizable assets:

at the beginning of the year - A2 = 19749 thousand rubles.

at the end of the year - A2 = 41981 thousand rubles.

A3. Slowly realizable assets - the remaining items of Section II plus the item “Long-term financial investments” from Section I:

A3 = RA – A1 – A2 + fT = Z + dT + fT (31)

where fT- long-term financial investments.

For the analyzed enterprise, slow-moving assets:

at the beginning of the year - A3 \u003d 85896 - 1102 - 19749 + 0 \u003d 65045 thousand rubles.

at the end of the year - A3 \u003d 124150 - 1462 - 41981 + 3634 \u003d 84341 thousand rubles.

A4. Difficult-to-sell assets - Section I items minus long-term financial investments:

BUT4 = F - fT (32)

For the analyzed enterprise, hard-to-sell assets:

at the beginning of the year - A4 = 40146 thousand rubles.

at the end of the year - A4 = 74988 thousand rubles.

Liabilities of the balance are grouped according to the urgency of their payment:

P1. The most urgent liabilities are accounts payable and other short-term liabilities:

P1 =Pt – Kt - fP (33)

For the analyzed enterprise, the most urgent obligations are:

at the beginning of the year - P1 = 20742 thousand rubles.

at the end of the year - P1 = 34363 thousand rubles.

P2. Short-term liabilities - short-term loans and borrowings:

P2 = Kt (34)

For the analyzed enterprise, short-term liabilities:

at the beginning of the year - P2 = 14121 thousand rubles.

at the end of the year - P2 = 25064 thousand rubles.

P3. Long-term and medium-term liabilities - long-term loans and borrowings:

P3 = KT (35)

For the analyzed enterprise, long-term and medium-term liabilities:

at the beginning of the year - P3 = 0

at the end of the year - P3 = 0

P4. Permanent liabilities - sources of own funds:

P4 = Ic= And +fp (36)

For the analyzed enterprise, permanent liabilities:

at the beginning of the year - P4 = 91179 thousand rubles.

at the end of the year - P4 = 143345 thousand rubles.

Grouping of assets and liabilities of the enterprise according to the degree of liquidity.

Table 7

	beginning of the year	the end of the year		beginning of the year	the end of the year	Payment surplus or deficiency		In % of the group total
	beginning of the year	the end of the year		beginning of the year	the end of the year	beginning of the year	the end of the year	beginning of the year	the end of the year

The most liquid assets A1			The most urgent obligations P1
Fast selling assets A2			Short-term liabilities P2
Slow selling assets А3			Long-term liabilities P3
Difficult-to-market assets A4			Permanent liabilities P4

Columns 7 and 8 present the absolute values of payment surpluses or shortcomings at the beginning and end of the reporting period:

Dj = Aj- Pj , j = 1, ….., 4, (37)

In columns 9 and 10 - respectively, their values, taken as a percentage of the totals of liability groups:

Dj/ Pj* 100 = (Aj- Pj) / Pj * 100 (38)

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance is considered absolutely liquid if the following ratios take place:

? A1? P1

? A2? P2 (39)

? A3? P3

? A4? P4

In the analyzed balance sheet, the first inequality of system (39) has a sign opposite to that fixed in the optimal variant, the liquidity of the balance sheet differs from the absolute one. At the same time, it is impossible to talk about compensation for the lack of funds in one group of assets with their excess in another group, since compensation takes place only in terms of value, and in a real payment situation, less liquid assets cannot replace more liquid ones. Thus, we can conclude about the low liquidity of the balance sheet, about the low ability of the enterprise to fulfill its short-term (current) obligations, i.e. pay off "outstanding invoices".

Comparison of the most liquid funds and quickly realizable assets with the most urgent obligations and short-term liabilities allows us to find out the current liquidity. Comparison of slow-moving assets with long-term liabilities reflects prospective liquidity. Current liquidity testifies to the solvency (or insolvency) of the enterprise for the nearest period of time to the considered moment. Prospective liquidity is a forecast of solvency based on a comparison of future receipts and payments (of which only a part is presented in the respective asset and liability groups, so the forecast is quite approximate).

For a comprehensive assessment of the liquidity of the balance sheet as a whole, overall liquidity ratio, calculated by the formula:

fl = (a 1 A1+a 2 A2+a 3 A3) / (a 1 P1 +a 2 P2+a 3 P3) (40)

where aj – weighting factors that are subject to the following restrictions:

? a 1 > a 2 + a 3

? a 2 > a 3 (41)

? a 3 > 0

In Western accounting and analytical practice, the critical lower value of the indicator is given - 2, but this is only an indicative value indicating its order, but not its exact standard value. The overall liquidity ratio of the balance sheet shows the ratio of the sum of all liquid assets of the enterprise to the sum of all payment obligations (both short-term and long-term), provided that various groups of liquid funds and payment obligations are included in the indicated amounts with weight coefficients that take into account their dependence in terms of timing receipt of funds and repayment of obligations.

With the help of a general indicator of liquidity, an assessment is made of changes in the financial situation at the enterprise in terms of liquidity. This indicator is also used when choosing the most reliable partner from several potential partners based on reporting.

Let a 3 = 0.2; a 2 \u003d 0.3; a 1 \u003d 0.5, then the value of the general liquidity indicator for the analyzed enterprise will be:

at the beginning of the year - fl =

at the end of the year - fl =

This ratio shows how many rubles of current assets of the enterprise account for one ruble of current liabilities. During the analyzed period, the overall liquidity of the enterprise decreased slightly (0.11).

However, the general indicator of liquidity does not give an idea of the company's capabilities in terms of repayment of short-term liabilities. Therefore, to assess the solvency of the enterprise, the following indicators are used:

1.absolute liquidity ratio, is the most stringent liquidity criterion, shows what part of short-term borrowings can be repaid immediately. It is determined by the ratio of the most liquid funds to the sum of the most urgent liabilities and short-term liabilities.

K a . l . = (d + ft) / (Pt – fp) (42)

For the analyzed enterprise, the absolute liquidity ratio:

at the beginning of the year - K AL =

at the end of the year - K AL =

The normal limit of this indicator has the form:

Toa.l? 0,2 (43)

This condition is not met. The value of the indicator equal to 0.02 means that 2% of the company's short-term liabilities are subject to repayment every day, or, in other words, if the balance of funds is maintained at the level of the reporting date (mainly by ensuring a uniform receipt of payments from counterparties), short-term debt that occurs at the reporting date can be repaid in 50 days (1 / 0.02).

It should be noted that the level of the absolute liquidity ratio in itself is not yet a sign of good or bad solvency. When assessing its level, it is necessary to take into account the rate of turnover of funds in current assets and the rate of turnover of short-term liabilities. If the means of payment are turned around faster than the period of possible deferment of payment obligations, then the solvency of the enterprise will be normal. At the same time, the constant chronic lack of cash leads to the fact that the enterprise becomes chronically insolvent, and this can be regarded as the first step towards bankruptcy.

The main factor in increasing the level of absolute liquidity is the uniform repayment of receivables.

2. liquidity ratio (intermediate coverage ratio) can be obtained from the previous indicator by adding accounts receivable and other assets in the numerator:

Kl= (d + dt + ft + ra) / (Pt – fp) (44)

For the analyzed enterprise, the liquidity ratio:

at the beginning of the year - K l \u003d

at the end of the year - K l \u003d

The liquidity ratio (intermediate coverage ratio) shows what part of the current debt the organization can cover in the short term, subject to the full repayment of receivables. The estimate of the lower normal limit for the liquidity ratio is:

Kl? 0,8 ? 1,0 (45)

The obtained values do not satisfy the given restrictions, in addition, even the emerging trend towards the growth of this coefficient does not characterize the enterprise on the positive side, since the increase in the value of the coefficient was mainly due to the growth of receivables.

In order to increase the level of the coefficient, it is necessary to promote the growth of the provision of stocks with own working capital and reasonably reduce the level of stocks. The value of this ratio most accurately reflects the current solvency of the enterprise.

3.coverage ratio is equal to the ratio of the value of all mobile (current) assets of the enterprise (net of deferred expenses) to the value of short-term liabilities:

KP= RA / (Pt – fp) (46)

For the analyzed enterprise, the coverage ratio:

at the beginning of the year - Kp =

at the end of the year - Kp =

The coverage ratio shows the payment capabilities of the enterprise, assessed subject to not only the timeliness of settlements with debtors and the favorable sale of finished products, but also the sale, in case of need, of other elements of tangible working capital. Unlike the absolute liquidity ratio and the intermediate coverage ratio, which show instant and current solvency, the coverage ratio reflects the solvency forecast for a relatively long-term perspective. The following limitation is considered normal for the coverage ratio:

KP? 2 (47)

During the analyzed period, the coverage ratio decreased, but remained above the norm. To increase the level of the coverage ratio, it is necessary to replenish the company's own capital and reasonably restrain the growth of non-current assets and long-term receivables.

Table 8

Analysis of financial ratios

Financial ratios	Conv. designation	restrictions	Beginning of period	End of period	Changes over the period

General liquidity ratio
Absolute liquidity ratio
liquidity ratio
Coverage ratio

Conclusions and proposals for the further development of the analyzed enterprise.

During the reporting period, the analyzed enterprise significantly increased the size of the balance sheet, which is the main indicator of the property “power” of the enterprise, however, the structure of the balance sheet itself became more “heavy”, and therefore more sensitive to revenue, although at the same time due to an increased share of depreciation in the cost structure, an enterprise can have money without having a profit (because the sources of cash from the main activity are profit and depreciation).

The largest part of non-current assets is represented by production fixed assets and construction in progress, which characterizes the orientation of the enterprise to create material conditions for expanding the main activity of the enterprise. High growth rates of long-term financial investments reflect the financial and investment development strategy. On the one hand, the increase in capacity and the implementation of long-term investments of funds is a good sign, indicating the desire of the enterprise to work for the future, on the other hand, carrying out such operations in an unstable financial condition can lead the enterprise to a “freeze” of funds, and, consequently, worsen the financial condition enterprises. Certain concerns are also caused by a significant increase in the cost of raw materials and materials, while reducing the level of work in progress.

However, there are also positives. For example, a low share of long-term and short-term financial investments indicates the absence of diverted funds from core activities.

An increase in the share of borrowed funds in the structure of the enterprise's liabilities indicates an increase in the degree of dependence of the enterprise on external investors and creditors. A decrease in the volume of targeted financing and receipts may indicate a loss of interest of investors (in particular, the state) in the activities of the enterprise. In addition, a large share of debt to the budget and extra-budgetary funds is a negative symptom, which can lead to the application of sanctions by state bodies (blocking the account, imposing penalties on property). In addition, delays in payments on these payments entail penalties, such as, for example, the accrual of penalties, the interest rates for which are quite high.

A three-component indicator of the type of financial situation characterizes an unstable financial condition, however, by the end of the reporting period, the company managed to reach a normal level of financial instability from abnormal, which means that the company, in general, improved its condition, although largely due to an increase in its own funds, and not sales of products .

Thus, financial instability has become normal and reflects a trend towards improving financial condition.

In addition, it should be noted the low liquidity of the balance sheet, i.e., the low ability of the enterprise to fulfill its short-term (current) obligations, i.e. pay off "outstanding invoices".

In this situation, the company should develop a program to restore normal solvency, as well as to increase the liquidity of the balance sheet, because the current financial condition leaves much to be desired. A number of measures can be recommended, such as:

acceleration of capital turnover in current assets, as a result of which there will be a relative reduction in its turnover per ruble;
justified reduction of stocks and costs (up to the standard);
replenishment of own working capital at the expense of internal and external sources;
the most risk-free way to replenish the sources of stock formation should be recognized as an increase in real equity through the accumulation of retained earnings or through the distribution of profit after taxation into accumulation funds, provided that the part of these funds not invested in non-current assets increases;
uniform repayment of receivables. To implement this measure, it is necessary to find new ways to collect receivables, such as mutual offsets, reduction of deferred payments, sale of overdue receivables to banks (factoring);
finding funds to pay off debts to the budget and extra-budgetary funds;
in order to reduce costs and increase the efficiency of the main production, it is advisable in some cases to abandon certain types of activities serving the main production (construction, repair, transport, etc.) and switch to the services of specialized organizations, it is necessary to consider the possibility of transferring such auxiliary production to rent;
if the company makes a profit, but still remains with low solvency, it is necessary to analyze the use of profits, so deductions to the consumption fund can be considered as a potential reserve for replenishing the company's own working capital;
conducting a marketing analysis to study supply and demand, sales markets and the formation on this basis of the optimal range and structure of production, it is even possible to search for new suppliers;
in order to reduce the deficit of its own working capital, a joint-stock company may try to replenish it by issuing and placing new shares and bonds. However, it must be borne in mind that the issue of new shares may lead to a fall in their value and this may cause bankruptcy. Therefore, in Western countries, most often they resort to issuing convertible bonds with a fixed percentage of income and the possibility of exchanging them for company shares.

Bibliographic list of used literature:

Vitvitskaya T. Electronic money in Russia / Economics and Life. - 1994. - No. 10.
Drobozin. Finance. Money turnover. Credit. Moscow: Finance and Statistics. - 1997.
European market of plastic cards / World of cards. - 1997. - No. 4.
Kovalev V. V. “Financial analysis: Capital management. Choice of investments. Reporting analysis. – 2nd ed., revised. and additional – M.: Finance and statistics. - 2000.
Kovalev VV “Introduction to financial management”. – M.: Finance and statistics. - 1999.
Lileev D. Plastic money / Business people. - 1993. - No. 10.
Makaev A. Solve common problems together / World of cards. - 1996. - No. 4.
K. Markelov "Smart machines for banks and offices." - 1993.
Microprocessor cards: new markets / World of cards. - 1997. - No. 4,

10. Yu. Perlin, D. Sakharov, Yu. Tovb. ATM. What it is? /Electronic money. - 1997.

11. Savitskaya G. V. “Analysis of the economic activity of the enterprise: 4th ed., Revised. and additional – Minsk: New Knowledge LLC. - 1999.

12. Spetsivtseva A.V. New plastic money. M. - 1994.

13. M. Sorokin "Development of magnetic cards in Russia" / Banking technologies. - 1995. - No. 7.

14. Usoskin V.M. Bank plastic cards ... M. - 1999.

15. Financial management: theory and practice: Textbook / Ed. E.S. Stoyanova. – 5th ed., revised. and additional - M .: Publishing house "Perspective". - 2002. - 656 p.

16. S. Tsuprikov "Microprocessor payment cards of the direction of development" / Banking systems. - 1995. - No. 31.

17. Sheremet A. D., Negashev E. V. “Methods of financial analysis”. - M.: INFRA - M. - 1999.

18. Visa Internationa / Russian market of plastic cards. - 1996. - No. 9.

19. VISA International in Russia / World of cards. - 1996. - No. 9.

20. UEPS /Universal Electronic Payment Systems. – 1997.

Whatever happens to the property of your company, the reasons for what is happening must be looked for in how the structure of financial resources is changing. And before starting a long and detailed analysis of all kinds of statements, you should first look into the liability of the balance sheet. It reflects the characteristics of all borrowed and own financial resources.

The analysis of liabilities makes it possible to identify the dynamics of individual sources of financial resources, both in terms of value and share in the overall structure of liabilities.

Also read Which button you need to press to increase profits and 7 groups of basic financial indicators.

Data for analysis of financial resources should look like this:

Indicators	For the beginning of the year	At the end of the year	Change per year
thousand roubles.	%	thousand roubles.	%	thousand roubles.	%
1. Own funds	27 370	74,8	33 310	74,5	+5940	+21,7
1.1. Authorized capital	320	0,9	320	0,7	—	—
1.2. Extra capital	25 110	68,6	29 920	66,9	+4810	+19,1
1.3. Reserve capital	250	0,7	315	0,7	+65	+26
1.4. Undestributed profits	500	1,4	1175	2,6	+675	+135
1.5. revenue of the future periods	1190	3,2	1580	3,6	+390	+32,8
2. Borrowed funds	9230	25,2	11 390	25,5	+2160	+23,4
2.1. Long-term credits and loans	1500	4,1	2400	5,4	+900	+60
2.2. Short-term credits and loans	2900	7,9	3880	8,7	+980	+33,8
2.3. Accounts payable	4830	13,2	5110	11,4	+280	+5,8
Passive	36 600	100	44 700	100	+8100	+22,1

To determine changes in the structure of financial resources in absolute terms, you need to find the difference between the results at the end and at the beginning of the period.

To calculate the percentage change, find the ratio of the resulting difference to the results at the beginning of the period.

That is, for example, the growth dynamics of financial resources is calculated as follows: 5940 / 27,370 * 100% = 21.7%.

In addition to a direct assessment of the structure of financial resources, such an analysis allows you to quickly make some additional calculations:

The value of the property increased by 22.1%. This happened as a result of the growth of the company's financial resources by 21.7%, and borrowed resources - by 23.4%. Due to the fact that the rate of increase in borrowed funds is somewhat higher than that of own funds, the share of the latter in the total volume decreased - however, rather insignificantly, by only 0.3%.
Sources of formation of financial resources this year by 73.3% (5940 / 8100 * 100%) consist of own funds and 26.7% - of borrowed funds.
The amount of borrowed funds increased in all positions. At the same time, the most significant growth occurred in long-term loans, now their share in total liabilities is 21.1% (2400 / 11,390 * 100%), which is 4.8% more than at the beginning of the year. The share of short-term loans also increased - by 2.7%; now it is 34.1%.

In the above example, the main source of borrowed financial resources is accounts payable, so it would be useful to study its composition separately.

It is worth paying attention to the fact that accounts payable have changed less than their own financial resources.

In the case of enterprises engaged in the manufacture or sale of any products, such a ratio may indicate that the increase in own funds is not associated with an increase in sales volume or production.

Such changes in the structure of financial resources, however, do not in themselves indicate either a worsening or an improvement in the situation - their significance entirely depends on the goals of the company's financial activities.

In addition to studying the dynamics, on the basis of the liability of the balance sheet, conclusions can also be drawn about the stability of the enterprise - for this, several coefficients are used that characterize the structure of financial resources.

Capitalization ratio shows the ratio of borrowed and own financial resources of the company. It is calculated as follows:

Capitalization ratio = Borrowed funds / Equity

For the company from the example, it is equal to 11,390 / 33,310 = 0.34, that is, 0.34 borrowed funds fall on 1 ruble of own funds.

This value of the capitalization ratio indicates that the main share of the capital is its own financial resources. On the one hand, this indicates a high degree of stability, and on the other hand, that the company can lose significant profits by refusing to borrow.

However, the value of this indicator by itself does not allow assessing the financial efficiency of the enterprise, in this case, the standards are highly dependent on the industry and the stage of business development.

Financial Independence Ratio allows you to determine the share of equity in the sum of all sources of financial resources. To determine it, the formula is used:

Financial Independence Ratio = Equity / Balance Currency

For the example company, it looks like this: 33,310 / 44,700 = 0.75.

The maximum value of this coefficient is 1, and the higher the result, the greater the stability of the company. But, again, a high value may indicate a low efficiency in the use of financial resources.

And finally, the last one - financial stability ratio. It indicates what part of the capital is made up of sustainable sources of formation of financial resources - that is, those that the enterprise can use for a long time. The calculation is made according to the following formula:

Financial stability ratio = (Equity + Long-term liabilities) / Balance sheet

The company from the example has the following result: (33 310 + 2400) / 44 700 = 0.8.

If the value is in the range of 0.8 - 0.9, the company's position can be safely called stable. However, it is impossible to assess financial efficiency using this indicator - for this it is necessary to separately consider the ratio of own funds to long-term liabilities.

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Source: http://blog.oy-li.ru/finansovye-resursy/

Short-term and long-term liabilities in the balance sheet: what is it

Long-term debt consists of several types:

from borrowed capital, which includes the total loan and loan amount of the company, interest, as well as certain additional costs associated with lending;
from deferred tax liabilities, that is, from the amount of deferred tax imposed on the profits of the company (it usually leads to a subsequent increase in this tax in other reporting periods);
from some estimated liabilities mandatory for execution according to the plan for more than one year;
from other obligations falling under this category.

Short-term debt, in turn, also consists of different types of funds:

From borrowed capital, which are loans and credits for a relatively short period, as well as interest and additional costs for their implementation and security.
From accounts payable, reflecting the total amount that the firm must pay to the bank servicing it within twelve months.
From income in future periods, that is, the profit that was received during the reporting period, but relates to the next one. This includes capital expenditures, operating expenses, and lease payments.
From estimated debts, which reflect the amounts, the application and distribution of which is planned for no more than one year.
From other liabilities that fall under this category, for example, funding received for a specific purpose, the amount of VAT that is deducted at the time of the advance payment.

Accounts and lines

Section 4 includes five lines. There is a certain order that must be followed when filling them out.

On line 1410 all borrowed capital is indicated. This reflects the long-term credit loans that the organization received for several years. It is important to consider that this line records the entire amount of loans that can be received both in the form of money and in kind, as bills of exchange and loans. In order to fill in this line, the accountant needs to refer to the information contained in account 67. It is imperative to check the data on maturities, they must correspond to long-term loans.
On line 1420 tax liabilities (IT) are prescribed. This line must be filled in only by organizations applying PBU 18/02. In order to fill in the line, you must refer to account 77. It is important to note that this line is reflected only if the amount in the first indicated account is greater than the amount in debit account 09. In this case, their difference is indicated.
On line 1430 all appraisal loans are listed. It is important here to reflect the entire amount of reserves created in accordance with the rules of PBU 8/2010. It is important to reflect in this line only those loans that fall under the category of long-term, while the information is taken from account 96, which has not yet been written off in the current reporting year.
In line 1450 all other obligations are listed. It reflects all those debts that do not fall under the other above categories, but are long-term. This line may indicate the balance received in account 60 related to suppliers, in account 62 related to buyers, in account 68, i.e. from taxes and various earmarked fees, in account 69, i.e. social insurance and security, in account 76 associated with various lenders, and in account 86, which serves earmarked financing.
In line 1400 the total amount for all previous lines is indicated.

The liability of the balance sheet with short-term loans is described in the fifth section, which consists of six lines.

score 60, which reflects data related to suppliers, as well as contractors;
account 62, which reflects information related to settlements with buyers (only advances and prepayments);
account 68 where taxes and fees are reflected;
account 69, which reflects social insurance and security;
score 70, which reflects the settlement with employees, that is, the payment of wages;
account 71, where accountable calculations are reflected;
account 73 where settlements are made with employees for all other transactions;
account 75, where the founder's calculations are reflected;
account 76, which reflects accounts receivable and accounts payable.

On line 1540 estimated liabilities are indicated, information on which is taken from account 96 (with the exception of those amounts that are long-term liabilities).

On line 1550 indicate all other liabilities that were not previously reflected, but fall under the category of short-term debt.

In line 1500 the total amount for all short-term obligations is indicated, which is found by adding all the previous lines in section five.

Enlargement and reduction

A situation may arise when the number of short-term or long-term liabilities increases or vice versa decreases. What can this indicate?

All other things being equal, this trend will be positive for the company's financial position, as an increase in personal capital sources indicates a reinvestment of funds raised.

When the volume of long-term liabilities grows, we can talk about the confidence in the organization on the part of investors who consider this company reliable, stable and profitable.

If the number of short-term liabilities decreases, the financial risks associated with investing in unstable activities also decrease.

In addition, it is important to understand that the volume of short-term loans is directly related to the formation of a certain dependence on them.

Therefore, the smaller this volume, the lower, respectively, the high risks that always arise when using constantly changing sources to raise capital.

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What it is

Enlargement and reduction

Capitalization ratio = Borrowed funds / Equity

Financial Independence Ratio = Equity / Balance Currency

Financial stability ratio = (Equity + Long-term liabilities) / Balance sheet

Short-term and long-term liabilities in the balance sheet: what is it

Accounts and lines

Enlargement and reduction

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