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    Types: TextFile
    Names: »FINANC.MOD«

└─⟦6ae1c04a5⟧ Bits:30004364 SW1656 IFPS/Personal Version 2.10 release 1.1
    └─ ⟦this⟧ »FINANC.MOD« 

TextFile

COLUMNS 1985..1990
ØØ
ØØ  This model displays a common set of integrated financial models.
ØØ  The development of income statements, balance sheets and financial
ØØ  ratios show a high degree of interdependence.   A basic example
ØØ  might show the following relationships:
ØØ
ØØ     * Cash depends on profits.
ØØ     * Profits depend on interest.
ØØ     * Interest depends on debt.
ØØ     * Debt depends on cash levels.
ØØ
ØØ  This type of circular logic can be solved automatically in IFPS.
ØØ  IFPS/Personal automatically diagnoses and solves any set of
ØØ  simultaneous equations.   The model below illustrates how each
ØØ  of these models can be joined together and solved as one.  The
ØØ  anlayst will then not only have the capability to solve these 
ØØ  complex equations but also the ability to analyze the dependencies
ØØ  further using WHAT IF and GOAL SEEK.
ØØ
INFLATION RATE=DATA                    
INFLATION FACTOR=1 + INFLATION RATE
INTEREST RATE=DATA
ØØ
ØØ           INCOME STATEMENT
ØØ
SALES=50,PREVIOUS * INFLATION FACTOR
GROSS PROFIT=48% * SALES
RESEARCH AND DEVELOPMENT=9.5% * SALES
SALES EXPENSES=31% * SALES
INTEREST EXPENSE=INTEREST RATE * DEBT
TOTAL EXPENSES=SUM(RESEARCH AND DEVELOPMENT .. INTEREST EXPENSE)
ØØ
PROFIT BEFORE TAX=GROSS PROFIT - TOTAL EXPENSES
TAXES=46% * PROFIT BEFORE TAX
PROFIT AFTER TAX=PROFIT BEFORE TAX - TAXES
ØØ
ØØ           BALANCE SHEET
ØØ
ØØ ASSETS:
BEG CASH=0,PREVIOUS CASH
CASH=BEG CASH + PROFIT AFTER TAX
FIXED ASSETS=5,PREVIOUS * INFLATION FACTOR
OTHER ASSETS=50% * SALES   
TOTAL ASSETS=CASH + FIXED ASSETS + OTHER ASSETS
ØØ
ØØ LIABILITIES AND NET WORTH:
BASE INCOME TAXES=.9
BASE EQUITY=16.4
ACCOUNTS PAYABLE=8% * SALES
ACCRUED EXPENSES=3% * SALES
ACCRUED PAYROLL=1% * SALES
INCOME TAXES PAYABLE=BASE INCOME TAXES,PREVIOUS TAXES       
TOTAL CURRENT LIABILITIES=SUM(ACCOUNTS PAYABLE THRU INCOME TAXES PAYABLE)
ØØ
DEBT=TOTAL ASSETS-TOTAL CURRENT LIABILITIES-EQUITY
EQUITY=BASE EQUITY + PROFIT AFTER TAX,'
       PREVIOUS EQUITY + PROFIT AFTER TAX
TOTAL LIABILITIES AND NET WORTH=SUM(TOTAL CURRENT LIABILITIES THRU EQUITY)
ØØ
ØØ        FINANCIAL RATIOS
ØØ
DEBT TO TOTAL CAPITAL=DEBT / (DEBT + EQUITY)
EARNINGS PER SHARE=PROFIT AFTER TAX / .3255
STOCK PRICE=EARNINGS PER SHARE * 2.5
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