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The company, in turn, used cash to increase its investment in marketable securities and to add to accounts receivable and finance company receivables. 3 billion hints that the company may be generating more cash than it can profitably use in the business. We will revisit this topic in more detail in later chapters. , Sources and Uses Statement, 2004 ($ millions)* How Can a Reduction in Cash Be a Source of Cash? 4 is that the decline in cash in 2004 appears as a source of cash. How can a reduction of cash be a source of cash?
Regardless of the method used to report to shareholders, company tax books will minimize current taxes by employing the most rapid method of depreciation over the shortest useful life the tax authorities allow. This dual reporting means that actual cash payments to tax authorities usually differ from the provision for income taxes appearing on a company's income statement, sometimes trailing the provision and other times exceeding it. 7 million provision for income taxes appearing on its 2004 income statement is the tax payable according to the accounting techniques used to construct the company's published statements.
Thus, what began as cash is now physical inventory. When the company sells an item, the physical inventory changes back into cash. If the sale is for cash, this occurs immediately; otherwise, cash is not realized until some later time when the account receivable is collected. This simple movement of cash to inventory, to accounts receivable, and back to cash is the firm's operating, or working capital, cycle. 1 is investment. Over a period of time, the company's fixed assets are consumed, or worn out, in the creation of products.