The average annual amount of working capital on the balance sheet. Average annual cost of working capital: calculation formula

The company's assets are the value expression of the resources that support the production process. The company's property complex includes non-current assets (administrative and production buildings, equipment, machines, vehicles), as well as working capital, the structure of which includes such types of property as:

Money in cash and in bank accounts;

Inventories - inventory, raw materials, manufactured products, goods for sale and other materials;

Debts from debtors for services/goods supplied but not yet paid for;

Short-term financial investments and other assets.

All current assets are accumulated in the second section of the balance sheet and are considered as current assets, that is, participating in turnover.

The article will discuss such a concept as the average annual cost of working capital. Let's find out how this indicator is calculated and what it means.

Working capital on the balance sheet

As already noted, in the balance sheet hierarchy, current assets are collected in the second section of the BO-1 report. Each type of property has a separate line:

▪ 1210 - MPZ;

▪ 1220 - VAT on acquired property;

▪ 1230 - obligations of debtors;

▪ 1240 - Fin. attachments;

▪ 1250 - cash, cash equivalents;

▪ 1260 - others.

The total final cost of working capital is recorded in line 1200 of the balance sheet. It accumulates the absolute value of cash balances in the company for each position at the beginning of a given analyzed period and its end. In accounting, the value of assets on the balance sheet is called book value.

Book value of property

Economists analyze book value based on research objectives. For example, when it is necessary to find out the size of the balance of property as a whole for a section or for each position separately, determine the dynamics (growth or decrease in the value of assets) and, based on a comparison of absolute indicators, draw conclusions about the state of working capital on a certain date. In addition to internal users of the information available in financial statements, companies are required to inform various external users - founders, creditors, insurers, investors, providing them with various information, including the availability of assets.

Where is the book value used?

Information on the book value of assets is very necessary when analyzing the business activities of a company - the main tool in assessing the production and financial condition of the company. Using this indicator, intra-company coefficients are calculated:

▪ return on assets, which determines the amount of profit received for each ruble invested in the purchase of raw materials and production;

▪ asset turnover, indicating the efficiency of their use.

By comparing the initial and final values ​​that determine the value, the economist can draw conclusions about the growth or decrease in the amount of current assets in monetary terms for a given period, determine the relative values ​​characterizing the growth rate of indicators for each line of the second section of the balance sheet. However, the figures only provide information about the availability of property on a certain date, not always reflecting the real picture, since in the life of an enterprise the intensity of work is not the same, and this leads to uneven purchases and consumption of working capital, for example, in companies that depend on seasonality cycles.

It is more expedient to analyze the state of assets over short periods of time or calculate an indicator such as the average annual cost of working capital. The value of this indicator is calculated to make many economic calculations.

Why is the average annual cost of working capital calculated?

A detailed analysis of changes in the structure and composition of property, including working capital, is impossible without calculating the average value of property for the year. How is the average annual cost of working capital calculated? Analysts turn to balance sheet line 1200, and if it is necessary to calculate any one type of property, for example inventory, to the line corresponding to this position. The calculation formula is:

O av = (O n + O k) / 2,

where O n - the amount of working capital at the beginning of the analyzed period, O k - at the end of the period, 2 - the number of reporting dates.

Calculation example

Let's look at an example of how the average annual cost of working capital is calculated (balance sheet formula). The initial data is presented in the table of balance sheet values ​​of working capital.

Let's calculate the value using the above formula based on balance data:

About av = (8411 + 9300) / 2 = 8856 thousand rubles. - the average current assets for the year (line 1200 in the balance sheet) amounted to 8856 thousand rubles.

Using the same calculation algorithm, the average annual cost of working capital (thousand rubles) is calculated by position:

▪ inventories (line 1210) - O av = (5200 + 5450) / 2 = 5325 thousand rubles;

▪ VAT on purchased materials - O av = (242 + 210) / 2 = 226 thousand rubles;

▪ accounts receivable - O av = (510 + 620) / 2 = 565 thousand rubles;

▪ cash - O av = (2460 + 3020) / 2 = 2740 thousand rubles.

The average annual cost of working capital, the calculation formula for which is presented in the review, is used by economists to calculate coefficients demonstrating the financial condition of the company, the level of stability, as well as determining the reasons (positive and negative) that led to changes. Based on the analysts' findings, the company's management makes decisions on the further management of available resources.

Formula for calculating the average chronological

A type of arithmetic average, which includes value, is the chronological average, calculated from the totality of values ​​at different moments or for different periods of time.

In mathematics, it is used to find the average level in time series. In accounting, the chronological average characterizes in more detail the value of an individual asset at equal intervals of time. The calculation formula is:

О ср/хр = (½ x О 1 + О 2 + О 3 + ….+ О n -1 x ½) / n-1, where

O - balance as of a certain date, n - number of reporting dates.

Calculation of the average chronological

Returning to the example presented above, let’s supplement the initial data on the cost of inventory at the beginning of each month:

Let's calculate the average chronological average for the oil reserves quarterly for 2016:

1 sq. O avg/hr = (1/2 x 5200 + 4960 + 5460 + ½ x 5530) / 4-1 = 5261.66 thousand rubles;

2 sq. О avg/hr = (1/2 x 5530+ 5360 + 4980 + ½ x 4890) / 4-1 = 5183.33 thousand rubles;

3 sq. O avg/hr = (1/2 x 4890 + 4780 + 4980 + ½ x 5180) / 4-1 = 4931.66 thousand rubles;

4 sq. O av/hr = (1/2 x 5180 + 5450 + 5550 + ½ x 5450) / 4-1 = 5438.33 thousand rubles;

Thus, the average amount of inventories for the 1st quarter is 5261.66 thousand rubles, for the 2nd - 5183.33 thousand rubles, for the 3rd - 4931.66 thousand rubles, for the 4th - 5438 .33 thousand rub. By analyzing the resulting numerical series, the economist can draw a conclusion about the availability of reserves in each quarter and establish the dynamics of changes depending on the company’s activities or industry affiliation. By calculating the average chronological value, the values ​​of the indicators are undoubtedly more accurate. These values, used in economic calculations, provide the most realistic figures. This is important primarily for internal users - company management. External users are quite satisfied with absolute indicators of the book value of assets.

Calculation of turnover ratio

A general indicator of the use of working capital in a company is the turnover ratio, defined as the ratio of turnover (revenue) to the average cost of working capital for the year:

To r/p = B: About avg, where B is revenue, About avg is the average annual cost of working capital. The formula demonstrates the number of completed turnovers of the average balance of funds invested in current assets during the production process.
Using the above example and supplementing it with information from the Profit and Loss Statement on the amount of revenue (326,000 thousand rubles), we calculate the turnover ratio:

K rev = 326,000 / 8856 = 36.8 times, i.e., over the course of a year, the funds invested in production in the amount of the average balance turn over 36.8 times.

In addition, turnover is calculated in days, i.e., they find out how many days the company will receive revenue equal to the average annual cost of working capital. The calculation is carried out according to the formula:

K rpm = 365 / K rpm.

K rpm = 365 / 36.8 = 9.92 days will be required for the company to receive revenue in the amount of the average cost of working capital for the year.

Normal value of coefficients

There are no general standard values ​​for turnover values.

Ratios are usually analyzed over time or in comparison with similar industry companies. We only note that a very low ratio indicates excessively accumulated working capital assets, which should intensify efforts to increase the liquidity of assets.

We talked about them in separate consultations, brought them up, and also considered the issue. In this material we will dwell in more detail on the book value of assets.

Book value of assets: where to look on the balance sheet

What is the book value of a company's assets?

The total amount of balance sheet assets is the book value, i.e. the amount at which assets are reflected in the balance sheet.

In relation to the approved form of the balance sheet (Order of the Ministry of Finance dated 07/02/2010 No. 66n), the book value of assets is balance sheet line 1600 “Balance”. This is the answer to the question of how to calculate the book value of assets on the balance sheet.

The value of assets on the balance sheet is the main indicator that characterizes the financial position of the organization at the reporting date.

How to calculate the book value of assets

The amount of assets on the balance sheet is an indicator that reflects the total book value of all types of assets of the organization. The procedure for determining the book value of assets is disclosed in the relevant regulatory documents governing accounting. At the same time, it is important to take into account the main requirement for reflecting assets on the balance sheet: they are reflected in a net valuation, that is, minus regulatory values ​​(clause 35 of PBU 4/99).

Thus, fixed assets are reflected in the balance sheet at their residual value. The residual value of fixed assets is their original (replacement) cost reduced by accrued depreciation. In accordance with the Chart of Accounts (Order of the Ministry of Finance dated October 31, 2000 No. 94n), the residual value of fixed assets (with OST) as of any reporting date is determined as follows:

S OST = D 01 - K 02,

where D 01 is the debit balance of account 01 “Fixed assets”;

To 02 - credit balance of account 02 “Depreciation of fixed assets”.

Similarly, intangible assets are reflected in the balance sheet at their residual value.

The balance sheet value of accounts receivable is shown minus the created reserves for doubtful debts, and inventories - minus the reserve for a decrease in the value of material assets.

Average asset value

The form of the balance sheet allows you not only to answer the question of how to determine the book value of assets on the balance sheet, but also to calculate their average value.

The average net asset value indicator can give a more realistic idea of ​​the value of assets, smoothing out possible sharp fluctuations that arose on one of the reporting dates.

The average annual value of assets on the balance sheet (A SG) is their arithmetic average value for the calendar year, which is determined as follows:

A SG = (A​ NG + A KG) / 2,

where A NG is the value of assets on the balance sheet at the beginning of the year;

And KG is the value of assets on the balance sheet at the end of the year.

Considering that assets are shown in the balance sheet as of December 31, the value of assets at the beginning of the year corresponds to the balance of line 1600 as of December 31 of the year preceding the previous one, and the value of assets at the end of the year corresponds to the balance of line 1600 as of December 31 of the previous year.

Let's show this with an example.

According to the balance sheet for 2016, the value of the organization’s assets was (in thousand rubles):

Thus, the average annual value of the organization’s assets for 2016 will be calculated in the amount of 115,455 thousand rubles. ((127,234 + 103,676) / 2).

Company assets are resources expressed in value that support the production process. These include non-current assets (buildings, structures, work equipment, machines, vehicles, as well as business reputation, software products that are intangible assets) and circulating assets, i.e. money in cash and in bank accounts, inventories, debts of debtors , short-term investments and others. Our publication is devoted to such a concept as the book value of assets. Where to look in the balance sheet, as well as find out how the book value and average annual value of assets are calculated is the topic of this article.

Asset accounting is a mandatory component of most economic calculations. All assets are accumulated on the left side of the balance sheet and divided according to their purpose:

▪ in the first section of the balance sheet (total line 1100) non-current – ​​fixed assets and intangible assets, accounted for at residual value, i.e. minus depreciation;

▪ in the second (total line 1200) – current inventories, finances, liabilities, investments participating in the production process.

What is the book value of an enterprise's assets

According to the laws of the balance sheet, both of its first sections, combined together, make up the full value of the company's property. Their sum is the book value of the assets. Where can I see this indicator on the balance sheet? Line 1600 is the final value showing the balance of assets in value equivalent as of the reporting date.

Based on the fact that the book value of assets is balance sheet line 1600, in a mathematical interpretation it is written by the formula:

Page B 1100 + Page B 1200.

Why is it necessary to determine the book value of assets?

Economic services calculate the value of assets for various purposes. In particular, find out the absolute value of the property as a whole or by its constituent elements, for example, exclusively fixed assets, intangible assets or liabilities. Informing partners and users - investors, founders, insurers - is the responsibility of the enterprise, and they have the right to request various information, and first of all, about the condition of assets. For them, a “Certificate on the book value of assets” is provided, which is based on the specified calculation formula and, although not a mandatory form, is compiled quite often. We will learn how to calculate the book value of an enterprise's assets, and for what purposes such calculations are carried out.

Required book value of assets , first of all, when analyzing the financial activities of the company - the main tool for assessing the production and financial condition of the company. This indicator is used when calculating intra-company values:

▪ return on property, which determines the amount of profit that the company receives from each ruble invested in the purchase of raw materials and production of the product.

▪ asset turnover demonstrating the effectiveness of their use.

Legislators have established the obligation to establish the amount of assets when concluding major transactions. To determine the value of the transaction, the book value of assets and the value of property sold under the concluded agreement are calculated. If the size of the assets being sold exceeds a quarter of the value of all assets on the balance sheet, then the transaction is considered large. In order to implement such an agreement, it is necessary to fulfill the conditions of the current legislation - to achieve a positive decision at the meeting of shareholders on the issue of the sale of property. In addition, it is necessary to correctly calculate the value of assets . If this value is set incorrectly or not calculated at all, the transaction can quite legally be declared void or terminated. Let's look at how to determine the book value of assets on the balance sheet:

Indicator name	Line code	as of 12/31/16	as of 12/31/15
1. Non-current assets:
Total for 1 section
2. Current assets:
VAT on purchased assets
Accounts receivable
Cash
Total for section 2
BALANCE

From the universal form of the balance sheet, which already contains the calculation formula, it is easy to understand how to calculate the book value of assets on the balance sheet: line 1600 accumulates the values ​​of lines 1100 and 1200, i.e.

689,535 tr. + 6,563 tr. = 696,098 tr. – book value of assets at the end of 2016, and 721,048 tr. + 9,559 tr. = 730,605 tr. – amount of assets as of December 31, 2015.

In turn, lines 1100 and 1200 are the sum of the lines included in the corresponding sections. Each line contains information about the availability of the corresponding assets.

For example, as of December 31, 2016, the company has intangible assets in the amount of 35 tr, fixed assets - 689,500 tr, inventories - 3,420 tr. etc.

By analyzing line-by-line values, for example, comparing the values ​​of line 1210, the economist builds the dynamics of changes in the availability of an asset over control periods of time. In the course of analytical work, the economist is faced with such a concept as the market value of assets , representing the price of the property at which it can be sold at the moment. This value cannot be seen on the balance sheet and is used only as a marker that determines the value of existing assets.

Average annual value of assets on balance sheet

The amount of assets on the balance sheet is only an absolute indicator that states the value of existing property, but for a more detailed analysis of changes in the composition of assets and the calculation of many necessary values, the average annual value of assets will be required.

A av = (A n + A k) / 2,

where A n is property at the beginning, A k is at the end of the period, 2 is the number of reporting dates.

Let's take the values ​​from the balance sheet presented above.

And avg = (696,098 + 730,605)/2 = 713,351.5 tr., i.e., the average annual value of assets (balance sheet line 1600) amounted to 713,351.5 tr.

Using this algorithm, we calculate the average cost:

▪ OS – (689,500 + 721,000)/2 = 705,250 tr.

▪ reserves (3420 + 5421)/2 = 4420.5 tr.6

The average value of assets, calculated for the year, is used by analysts to calculate ratios characterizing the financial condition of the company, determine the reasons that led to changes and make decisions on further resource management.

Average asset value- this is the arithmetic average of the value of the enterprise’s assets at the beginning and end of the year.

The data is the balance sheet line 300 “Balance sheet total”.

Average asset value formula

Average asset value = (Asset value at the beginning of the year + Asset value at the end of the year) / 2

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Working capital- this is a set of funds advanced to create circulating production assets and circulation funds that ensure the continuity of the company.

Composition and classification of working capital

Revolving funds- these are assets that, as a result of its economic activities, completely transfer their value to the finished product, take a one-time participation in, changing or losing their natural material form.

Working production assets enter production in their natural form and are entirely consumed during the production process. They transfer their cost completely to the product they create.

Circulation funds associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers. After completion, production of finished products and their sale, the cost of working capital is reimbursed as part of (work, services). This creates the possibility of systematically resuming the production process, which is carried out through the continuous circulation of enterprise funds.

Structure of working capital- this is the ratio between the individual elements of working capital, expressed as a percentage. The difference in the structures of working capital of companies is determined by many factors, in particular, the characteristics of the organization’s activities, business conditions, supply and sales, location of suppliers and consumers, and the structure of production costs.

Working production assets include:

• (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);
• with a service life of no more than one year or a cost of no more than 100 times (for budgetary organizations - 50 times) the established minimum wage per month (low-value wearable items and tools);
• unfinished production and self-made semi-finished products (labor items that have entered the production process: materials, parts, components 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 some workshops of the enterprise and are subject to further processing in other workshops of that the same enterprise);
• Future expenses(immaterial elements of working capital, including costs for the preparation and development of new products that are produced in a given period, but are allocated to products of a future period; for example, costs for the design and development of technology for new types of products, for the rearrangement of equipment).

Circulation funds

Circulation funds— enterprise funds operating in the sphere of circulation; an integral part of working capital.

Circulation funds include:

• enterprise funds invested in finished product inventories, goods shipped but not paid for;
• funds in settlements;
• cash in hand and in accounts.

The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of technology development, the perfection of technology and labor organization. The amount of circulating media depends mainly on the conditions for the sale of products and the level of organization of the supply and marketing system.

Working capital is the more mobile part.

In every Circulation of working capital goes through three stages: monetary, production and commodity.

To ensure an uninterrupted process at the enterprise, working capital or material assets are formed, awaiting their further production or personal consumption. Inventories are the least liquid item among current asset items. The following methods of inventory valuation are used: for each unit of purchased goods; by average cost, in particular, by weighted average cost, moving average; at the cost of the first purchases; at the cost of the most recent purchases. The unit of accounting for working capital as inventory is a batch, a homogeneous group, and an item number.

Depending on their purpose, inventories are divided into production and commodity. Depending on the functions of use, stocks can be current, preparatory, insurance or warranty, seasonal and carryover.

• Safety stocks- a reserve of resources intended for the uninterrupted supply of production and consumption in cases of a decrease in supplies compared to those provided.
• Current stocks— stocks of raw materials, materials and resources to meet the current needs of the enterprise.
• Preparatory supplies- Cycle-dependent inventories are required if raw materials are to undergo any processing.
• Carryover stocks- part of unused current inventories that are carried over to the next period.

Working capital is located simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise. Rhythm, coherence and high performance largely depend on optimal amounts of working capital(working production assets and circulation funds). Therefore, the process of rationing working capital, which relates to current financial planning at the enterprise, is of great importance. Rationing of working capital is the basis for the rational use of a company's economic assets. It consists in developing reasonable norms and standards for their consumption, necessary to create constant minimum reserves and for the uninterrupted operation of the enterprise.

The working capital standard establishes the minimum estimated amount that is constantly required by the enterprise to operate. Failure to fill the working capital standard may lead to a reduction in production and failure to fulfill the production program due to interruptions in production and sales of products.

Standardized working capital— the size of inventories, work in progress and balances of finished products in warehouses planned by the enterprise. Working capital stock norm is the time (days) during which OBS are in production inventory. It consists of the following stocks: transport, preparatory, current, insurance and technological. Working capital standard is the minimum amount of working capital, including cash, necessary for a company or firm to create or maintain carry-over inventories and ensure continuity of work.

Sources for the formation of working capital can be profits, loans (bank and commercial, i.e. deferred payment), share capital, share contributions, budget funds, redistributed resources (insurance, vertical management structures), accounts payable, etc.

The efficiency of using working capital affects the financial results of the enterprise. When analyzing it, the following indicators are used: the availability of own working capital, the ratio between own and borrowed resources, the solvency of the enterprise, its liquidity, turnover of working capital, etc. Turnover of working capital is understood as the duration of the sequential passage of funds through individual stages of production and circulation.

The following indicators of working capital turnover are distinguished:

• turnover ratio;
• duration of one revolution;
• working capital load factor.

Funds turnover ratio(turnover speed) characterizes the amount of revenue from sales of products by the average cost of working capital. Duration of one revolution in days is equal to the quotient of dividing the number of days for the analyzed period (30, 90, 360) by the turnover of working capital. The reciprocal of the turnover rate shows the amount of working capital advanced per 1 ruble. revenue from product sales. This ratio characterizes the degree of utilization of funds in circulation and is called working capital load factor. The lower the working capital load factor, the more efficiently working capital is used.

The main goal of managing enterprise assets, including working capital, is to maximize profit on invested capital while ensuring stable and sufficient solvency of the enterprise. To ensure sustainable solvency, the enterprise must always have a certain amount of money in its account, which is actually withdrawn from circulation for current payments. Part of the funds should be placed in the form of highly liquid assets. An important task in terms of managing working capital of an enterprise is to ensure an optimal balance between solvency and profitability by maintaining the appropriate size and structure of current assets. It is also necessary to maintain an optimal ratio of own and borrowed working capital, since the financial stability and independence of the enterprise and the possibility of obtaining new loans directly depend on this.

Analysis of working capital turnover (analysis of the organization’s business activity)

Working capital- these are funds advanced by organizations to maintain the continuity of the production and circulation process and returned as part of the proceeds from the sale of products in the same monetary form with which they began their movement.

To assess the efficiency of using working capital, working capital turnover indicators are used. The main ones are the following:

• average duration of one revolution in days;
• the number (number) of turnovers made by working capital during a certain period of time (year, half-year, quarter), otherwise - the turnover ratio;
• the amount of employed working capital per 1 ruble of products sold (working capital load factor).

If working capital goes through all stages of the circulation, for example, in 50 days, then the first turnover indicator (the average duration of one turnover in days) will be 50 days. This indicator approximately characterizes the average time that passes from the moment of purchasing materials to the moment of sale of products made from these materials. This indicator can be determined using the following formula:

• P is the average duration of one revolution in days;
• SO - average balance of working capital for the reporting period;
• P - sales of products for this period (less value added tax and excise taxes);
• B is the number of days in the reporting period (in a year - 360, in a quarter - 90, in a month - 30).

So, the average duration of one turnover in days is calculated as the ratio of the average balance of working capital to the one-day turnover of product sales.

The average duration of one turnover in days can be calculated in another way, as the ratio of the number of calendar days in the reporting period to the number of turnovers made by working capital during this period, i.e. according to the formula: P = V/CHO, where CHO is the number of turnovers made by working capital during the reporting period.

Second turnover indicator- the number of turnovers made by working capital during the reporting period (turnover ratio) - can also be obtained in two ways:

• as the ratio of product sales minus value added tax and excise taxes to the average balance of working capital, i.e. according to the formula: NOR = R/SO;
• as the ratio of the number of days in the reporting period to the average duration of one revolution in days, i.e. according to the formula: NOR = W/P .

The third indicator of turnover (the amount of employed working capital per 1 ruble of sold products or otherwise - the working capital load factor) is determined in one way as the ratio of the average balance of working capital to the turnover of product sales for a given period, i.e. according to the formula: CO/R.

This figure is expressed in kopecks. It gives an idea of ​​how many kopecks of working capital are spent to obtain each ruble of revenue from product sales.

The most common is the first turnover indicator, i.e. average duration of one revolution in days.

Most often, turnover is calculated per year.

During the analysis, the actual turnover is compared with the turnover for the previous reporting period, and for those types of current assets for which the organization sets standards - also with the planned turnover. As a result of this comparison, the magnitude of the acceleration or deceleration of turnover is determined.

The initial data for the analysis are presented in the following table:

In the analyzed organization, turnover slowed down, both for standardized and non-standardized working capital. This indicates a deterioration in the use of working capital.

When the turnover of working capital slows down, there is an additional attraction (involvement) of them into circulation, and when it accelerates, working capital is released from circulation. The amount of working capital released as a result of the acceleration of turnover or additionally attracted as a result of its slowdown is determined as the product of the number of days by which turnover accelerated or slowed down by the actual one-day sales turnover.

The economic effect of accelerating turnover is that an organization can produce more products with the same amount of working capital, or produce the same volume of products with a smaller amount of working capital.

Accelerating the turnover of working capital is achieved through the introduction of new equipment, advanced technological processes, mechanization and automation of production into production. These measures help reduce the duration of the production cycle, as well as increase the volume of production and sales of products.

In addition, to accelerate turnover, the following are important: rational organization of logistics and sales of finished products, adherence to savings in the costs of production and sales of products, the use of forms of non-cash payments for products that help speed up payments, etc.

Directly when analyzing the current activities of an organization, the following reserves for accelerating the turnover of working capital can be identified, which consist in eliminating:

• excess inventories: 608 thousand rubles;
• goods shipped but not paid for on time by buyers: 56 thousand rubles;
• goods in safe custody from buyers: 7 thousand rubles;
• immobilization of working capital: 124 thousand rubles.

Total reserves: 795 thousand rubles.

As we have already established, the one-day sales turnover in this organization is 64.1 thousand rubles. So, the organization has the opportunity to accelerate the turnover of working capital by 795: 64.1 = 12.4 days.

To study the reasons for changes in the rate of turnover of funds, it is advisable, in addition to the considered indicators of general turnover, to also calculate indicators of private turnover. They relate to certain types of current assets and give an idea of ​​the time spent by working capital at various stages of their circulation. These indicators are calculated in the same way as inventories in days, but instead of the balance (inventory) on a certain date, the average balance of a given type of current asset is taken here.

Private turnover shows how many days on average working capital remains at a given stage of the circulation. For example, if the private turnover of raw materials and basic materials is 10 days, this means that on average 10 days pass from the moment the materials arrive at the organization’s warehouse to the moment they are used in production.

As a result of summing up private turnover indicators, we will not get an overall turnover indicator, since different denominators (turnovers) are taken to determine private turnover indicators. The relationship between the indicators of private and general turnover can be expressed by the terms of total turnover. These indicators make it possible to establish what impact the turnover of individual types of working capital has on the overall turnover indicator. The components of total turnover are defined as the ratio of the average balance of a given type of working capital (assets) to the one-day turnover of product sales. For example, the term for the total turnover of raw materials and basic materials is equal to:

The average balance of raw materials and basic materials is divided by the daily turnover for product sales (less value added tax and excise taxes).

If this indicator is, for example, 8 days, then this means that the total turnover due to raw materials and basic materials accounts for 8 days. If you sum up all the components of the total turnover, the result will be an indicator of the total turnover of all working capital in days.

In addition to those discussed, other turnover indicators are also calculated. Thus, the inventory turnover indicator is used in analytical practice. The number of turnovers made by inventories for a given period is calculated using the following formula:

Works and services (minus and) are divided by the average value under the item “Inventories” of the second section of the balance sheet asset.

Acceleration of inventory turnover indicates an increase in the efficiency of inventory management, and a slowdown in inventory turnover indicates their accumulation in excessive amounts, ineffective inventory management. Indicators are also determined that reflect the turnover of capital, that is, the sources of formation of the organization’s property. So, for example, equity capital turnover is calculated using the following formula:

Product sales turnover for the year (minus value added tax and excise taxes) is divided by the average annual cost of equity capital.

This formula expresses the efficiency of using equity capital (authorized, additional, reserve capital, etc.). It gives an idea of ​​the number of turnovers made by the organization's own sources of activity per year.

Turnover of invested capital is the turnover of product sales for the year (minus value added tax and excise taxes) divided by the average annual cost of equity capital and long-term liabilities.

This indicator characterizes the efficiency of using funds invested in the development of the organization. It reflects the number of revolutions made by all long-term sources during the year.

When analyzing the financial condition and use of working capital, it is necessary to find out from what sources the financial difficulties of the enterprise are compensated. If assets are covered by stable sources of funds, then the financial condition of the organization will be stable not only at a given reporting date, but also in the near future. Sustainable sources should be considered own working capital in sufficient amounts, non-declining balances of carry-over debt to suppliers on accepted payment documents, the payment terms of which have not arrived, constantly carry-over debt on payments to the budget, a non-declining part of other accounts payable, unused balances of special-purpose funds (accumulation funds and consumption, as well as the social sphere), unused balances of targeted financing, etc.

If the organization’s financial breakthroughs are covered by unstable sources of funds, it is solvent at the reporting date and may even have free funds in bank accounts, but in the near future it will face financial difficulties. Unsustainable sources include sources of working capital that are available on the 1st day of the period (the balance sheet date), but are absent on dates within this period: undue debt for wages, contributions to extra-budgetary funds (above certain sustainable values), unsecured debt to banks for loans for inventory items, debt to suppliers for accepted payment documents, the payment terms of which have not arrived, in excess of the amounts classified as sustainable sources, as well as debt to suppliers for uninvoiced supplies, debt for payments to the budget in excess of amounts classified as sustainable sources of funds.

It is necessary to make a final calculation of financial breakthroughs (i.e., unjustified spending of funds) and sources of covering these breakthroughs.

The analysis ends with a general assessment of the financial condition of the organization and the drawing up of an action plan to mobilize reserves to accelerate the turnover of working capital and increase liquidity and strengthen the solvency of the organization. First of all, it is necessary to assess the organization’s provision with its own working capital, their safety and use for their intended purpose. Then an assessment is made of compliance with financial discipline, solvency and liquidity of the organization, as well as the completeness of use and security of bank loans and loans from other organizations. Measures are being planned for more efficient use of both equity and borrowed capital.

The analyzed organization has a reserve for accelerating the turnover of working capital for 12.4 days (this reserve is noted in this paragraph). To mobilize this reserve, it is necessary to eliminate the reasons causing the accumulation of excess reserves of raw materials, basic materials, spare parts, other inventories and work in progress.

In addition, it is necessary to ensure the targeted use of working capital, preventing their immobilization. Finally, receiving payments from buyers for goods shipped to them that were not paid for on time, as well as the sale of goods held in custody by buyers due to refusal to pay, will also speed up the turnover of working capital.

All this will help strengthen the financial condition of the analyzed organization.

Indicators of the availability and use of working capital

Working capital is consumed in one production cycle, materially enters the product and completely transfers its value to it.

The availability of working capital is calculated both on a specific date and on average for the period.

Indicators of the movement of working capital characterize its changes during the year - replenishment and disposal.

Working capital turnover ratio

It is the ratio of the cost of products sold for a given period to the average balance of working capital for the same period:

To turnover= Cost of products sold for the period / Average balance of working capital for the period

The turnover ratio shows how many times the average balance of working capital was turned over for the period under review. In terms of economic content, it is equivalent to the capital productivity indicator.

Average turnover time

Determined from the turnover ratio and the analyzed time period

Average duration of one revolution= Duration of the measurement period for which the indicator is determined / Working capital turnover ratio

Working capital consolidation ratio

The value is inversely proportional to the turnover ratio:

To fastening= 1 / To turnover

Consolidation ratio = average working capital balance for the period / cost of goods sold for the same period

In terms of economic content, it is equivalent to the capital intensity indicator. The consolidation coefficient characterizes the average value of working capital per 1 ruble of sales volume.

Working capital requirement

The enterprise's need for working capital is calculated based on the coefficient of fixation of working capital and the planned volume of product sales by multiplying these indicators.

Provision of production with working capital

It is calculated as the ratio of the actual working capital stock to the average daily consumption or average daily need for it.

Accelerating the turnover of working capital helps to increase the efficiency of the enterprise.

Task

According to the data for the reporting year, the average balance of the enterprise's working capital amounted to 800 thousand rubles, and the cost of products sold during the year at the current wholesale prices of the enterprise amounted to 7,200 thousand rubles.

Determine the turnover ratio, the average duration of one turnover (in days) and the coefficient of consolidation of working capital.

• To turnover = 7200 / 800 = 9
• Average turnover time = 365 / 9 = 40.5
• K securing collective funds = 1/9 = 0.111

Task

During the reporting year, the average balance of the enterprise's working capital was 850 thousand rubles, and the cost of products sold during the year was 7,200 thousand rubles.

Determine the turnover ratio and the working capital consolidation ratio.

• Turnover ratio = 7200 / 850 = 8.47 revolutions per year
• Consolidation coefficient = 850 / 7200 = 0.118 rubles of working capital per 1 ruble of products sold

Task

The cost of products sold in the previous year amounted to 2,000 thousand rubles, and in the reporting year compared to the previous year it increased by 10% with a reduction in the average duration of one turnover of funds from 50 to 48 days.

Determine the average balance of working capital in the reporting year and its change (in%) compared to the previous year.

Solution

• Cost of products sold in the reporting year: 2000 thousand rubles * 1.1 = 2200 thousand rubles.

Average balance of working capital = Volume of products sold / Turnover

To turnover = Duration of the analyzed period / Average duration of one turnover

Using these two formulas we derive the formula

Average balance of working capital = Volume of products sold * Average duration of one turnover / Duration of the analyzed period.

• Average balance of average in the previous year = 2000 * 50 / 365 = 274
• Average balance Total average in the current year = 2200 * 48 / 365 = 289

289/274 = 1.055 In the reporting year, the average balance of working capital increased by 5.5%

Task

Determine the change in the average working capital retention ratio and the influence of factors on this change.

K consolidation = average working capital balance / cost of goods sold

• To consolidate the concern, the base period = (10+5) / (40+50) = 15 / 90 = 0.1666
• To assign to the concern reporting period = (11+5) / (55+40) = 16 / 95 = 0.1684

Index of general change in anchorage coefficient

• = CO (average balance)_1 / RP (sold products)_1 - CO_0/RP_0 = 0.1684 - 0.1666 = 0.0018

Index of change in the consolidation coefficient from changes in the average balance of working capital

• = (SO_1/RP_0) - (SO_0/RP_0) = 0.1777 - 0.1666 = 0.0111

Index of change in the consolidation coefficient from changes in the volume of products sold

• = (SO_1/RP_1) - (SO_1/RP_0) = -0.0093

The sum of the individual indices must equal the total index = 0.0111 - 0.0093 = 0.0018

Determine the general change in the balance of working capital, and the amount of released (involved) working capital as a result of changes in the speed and change in sales volume.

• Average change in working capital balance = 620 - 440 = 180 (increased by 180)

General index of changes in the balance of working capital (CO) = (RP_1*continued 1.turnover_1 / days in the quarter) - (RP_0*continued 1.turnover_0 / days in the quarter)

• Duration of 1 turnover in the reporting quarter = 620*90/3000 = 18.6 days
• Duration of 1 revolution in the previous quarter = 440*90/2400 = 16.5 days

Index of changes in operating assets from changes in the volume of products sold

• = RP_1*prod.1ob._0/quarter - RP_0*prod.1ob._0/quarter = 3000*16.5/90 - 2400*16.5/90 = 110 (increase in the balance of working capital due to an increase in the volume of products sold )

Index of changes in operating assets from changes in the turnover rate of working capital

• = RP_1*cont.1ob._1 / quarter - RP_1*cont.1ob._0/quarter = 3000*18.6/90 - 3000*16.5/90 = 70