[중계회계] 대한항공의 회계 분석(영문)

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레포트 > 경제경영계열
2010.09.27
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[중계회계] 대한항공의 회계 분석(영문)에 대한 자료입니다.

A. What are the principal activities of KAL?
1.Air transportation
2.Other business

B. Evaluate the performance of KAL on the year under review.

C. Evaluate the liquidity of KAL at the end of year under review

D. Does the cash flows statement add any further information to that provided by the income statement or the balance sheet? Explain.

E. Check the main accounting policies of KAL. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy
1. Main accounting policies
2. interesting/doubtful accounting policy

F. Compute the price-earnings ratio and the ratio of market price to book value of equity for your company.

본문내용

D. Does the cash flows statement add any further information to that provided by the income statement or the balance sheet? Explain.

The statement of cash flows is needed to form a complete picture of the financial position of a company. It shows all the cash collected and all the cash disbursed during the period. And each cash flow relates to one of three business activities: operating, investing, and financing activities. The statement of cash flows gives further information, which income statement or the balance sheet cannot give. That’s why we have to use the statement of cash flows when we analyze current status of a certain company.
According to the statement of cash flows of Korean Airlines, there is some additional information about the company.
Firstly, KAL shows the negative amount of net income on the income statement 2009. The exact number is -98,895,975,758. It means that it had a net loss in 2009 according to the income statement. But according to the statement of cash flows, the amount of cash inflows from operating activity in 2009 is 489,868,592,842. Despite the fact that Korean Airlines experienced net loss in 2009, the company managed to generate a positive cash inflow from operating activities. Also, Korean Airlines shows larger amount of cash inflows from operating activities in 2009 compared to the last year’s poor performance. (The amount of cash flows from operating of Korean Airlines in 2009 is 489,868,592,842, and the amount for 2008 was -118,364,859,292.)
It shows that despite of the two consecutive years of net operating loss and last year’s bad situation, the company managed to generate more cash in 2009. However, considering the fact that most of its cash inflow consists of amortization of intangible assets which make company’s cash flow better, Korean Airlines needs to do better in the future to earn more from their operation.
Secondly, we need to check the amount of cash flows from investing activities. In 2009, the total amount was -1,636,653,846,147. It means that the company invested a lot for the future, but it would have been better if the total amount of investing was smaller than that from operating activities. The cash outflow from investing activities should be covered by newly generated cash inflow of the company. Since the amount of investment is larger than the cash generated by operating, the company has been pouring too much money on investment.
Then where is all the money coming from? To find an answer for this question, we have to examine cash inflows from financing activities. The cash inflow from financing activities in 2009 was 1,368,253,246,321. The positive amount of cash flow means that Korean Airlines borrowed money from the bank. The company also repaid their liabilities of 3,330,031,019,450, but at the same period, they borrowed money from the bank totaling 4,698,284,265,771 to make up for their shortage in cash.
Considering all the information above, Korean Airlines should try harder to make larger cash flows from their business instead of borrowing from the bank. Also, cash flows from investing activities suggest that they should restrain themselves from over-investment.

E. Check the main accounting policies of KAL. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy

I. Main accounting policies

We could find the main accounting policies of KAL by looking into its footnotes. We investigated its accounting policy for revenue recognition, allowance for doubtful debts, inventory valuation, and depreciation method.

1. Revenue Recognition
KAL recognizes the transport-revenue when it completes the performance of a service to passengers. For the contract of service provision, revenues are recognized according to the progress standards. A progress ratio is calculated by the percentage of real-accumulated-accrual costs to the total expected costs.

2. Allowance for Doubtful Debts
KAL sets up the allowance for bad debts to its receivables by estimating the probability of future bad debts at the time of the closing the journal entry.

#대한항공 #중계회계 #회계 #영문 #중계

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