Analysis of the use of working capital of organizations. Coursework analysis of the effectiveness of the use of working capital of the enterprise

The following indicators are used to assess the use of working capital:

1. Turnover ratio (Kob ), showing the number of turnovers made by working capital for the reporting period:

Cob= ,

where VR- proceeds from the sale of goods, products, works, services, net of value added tax, excises and similar obligatory payments;

Oss- average cost working capital for the analyzed period (year).

The turnover ratio can also be interpreted as the amount of sales proceeds per 1 rub. working capital advanced into production.

2. Duration of one revolution in days (Dlo) - this is the time during which working capital is returned to cash in the reporting period through the sale of products, goods and services:

Dlo=,

where D- number of days in the reporting period (year - 360, quarter - 90, month - 30).

3. Coefficient of fixing working capital (Kzo), shows the amount of working capital per 1 rub. products sold:

Kzo=.

General instructions for the analysis of the use of working capital.

The quantitative calculation of turnover indicators is carried out according to the data of Form No. 1 “Balance Sheet” and Form No. 2 “Profit and Loss Statement”. For these purposes, an analytical table 2.12 should be drawn up.

The average cost of working capital for the year is determined as the arithmetic average at the beginning and end of the year.

Table 2.12

Analysis of the effectiveness of the use of working capital

Indicators	Line number	next year	Reporting year	per year (+,-)

Proceeds from sales, goods, products, works and services minus VAT, thousand rubles.
Number of days in the reporting period
One-day turnover for the sale of products, works, services (one-day sales), thousand rubles. (p.01: p.02)
The average cost of working capital balances, thousand rubles.
Working capital turnover ratio (p.01: p.04)
Coefficient of fixing working capital (p.04: p.01)
Duration of one turnover of funds in days (p.04: p.03)
The amount of released (-) or additionally attracted (+) of all working capital compared to the previous year, thousand rubles. (p.07, gr.5  p.03, gr.4)

The acceleration of capital turnover helps to reduce the need for it (absolute release), increase production volumes (relative release) and, consequently, increase profits. The latter creates conditions for improving the overall financial condition, increase the solvency of the enterprise.

With a slowdown in turnover, in order to maintain the achieved indicators of financial activity at the level of previous years, additional funds are needed with all the ensuing economic consequences.

If there is an increase in the duration of turnover, a decrease in the turnover ratio or an increase in working capital per 1 rub. sold products, it is necessary to find out the reasons. This problem can be solved by the method of chain substitutions in the following sequence:

Kob \u003d Kobo - Kobp.

Substitution:

To  about = .

Calculation of the influence of factors on the change in the turnover rate:

changes in the volume of products sold (works, services)

To vol \u003d K  about - Kobp;

changes in the average value of working capital balances

To  vol \u003d Kobo - K  about.

Checking the results of the influence of factors

To about + To  about = Cob.

Indices “ about" and " P” respectively reflect the information of the reporting and previous years.

For the conditions of the example presented by the data in table 2.12, we can note that with an increase in the volume of sales by 3976 thousand rubles. the enterprise for the past year has a noticeable improvement in indicators of the use of working capital. Despite the increase in the average cost of working capital balances, their turnover ratio increased by 0.03 points, the duration of one turnover decreased by 42.7 days, and this led to a conditional release of working capital in the amount of 6345.2 thousand rubles.

Having carried out calculations to assess the factors that influenced the noted dynamics of the indicators under consideration, we can note that the increase in the efficiency of the use of working capital is directly related to the increase in one-day sales. This conclusion is confirmed by the following calculations:

Kob \u003d 0.55 -0.52 \u003d +0.03; To  about = ;

To vol \u003d 0.56 - 0.52 \u003d +0.04; To  vol \u003d 0.55 - 0.56 \u003d -0.01;

Examination: K = To about + To  rev \u003d 0.04 - 0.01 \u003d 0.03.

Since the main task of the analysis is not to assess the magnitude of indicators, but to determine the financial consequences of their change, it is necessary to consider them. At the analyzed enterprise, due to the acceleration of the turnover of working capital, the increase in production amounted to 2896.5 thousand rubles ( Vr = Cob Osso = 0.03 96550 = 2896,5).

The acceleration of the turnover of working capital had an impact on the increase in profits ( Pr), which can be calculated by the formula:

Pr = Prp thousand roubles.,

where Prp \u003d 14011 thousand rubles - profit from the sale of products in the previous year (line 050, column 4 of form 2).

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Introduction

The main indicators characterizing the financial condition of CJSC "Achievement" are: availability of own working capital and their safety; the state of normalized stocks of material assets; the effectiveness of the use of the loan and its material support; assessment of the stability of the solvency of the enterprise. An analysis of the factors that determine the financial condition contributes to the identification of reserves and the growth of production efficiency.

Particular attention is paid to the efficiency of the use of working capital, since the rational use of working capital affects the main indicators economic activity agricultural enterprise: to increase the volume of production, reduce the cost of production, increase the profitability of the enterprise. An analysis of the effectiveness of the use of working capital should help identify additional reserves and help improve the main economic indicators of the enterprise.

Working capital management is of great importance. Control over the state of inventory and receivables is necessary condition successful work enterprises. For fast-growing companies, this is especially important, as investing in assets of this kind can quickly get out of control.

An important source external funding are short-term liabilities. For these reasons, the CFO and his assistants devote much of their time to the problem of working capital.

In the final result, after the analysis, the management of the enterprise receives a picture of its actual state, and persons who do not directly work at this enterprise, but are interested in its financial condition.

This project provides an analysis of activities for 2010. The aim of the project is to analyze various balance sheet indicators by calculating analytical coefficients, analyzing each of them separately, and draw conclusions about the financial condition of the enterprise.

The subject of this study is the analysis and evaluation of the effective use of working capital in the agricultural sector of the Russian Federation, and the object is the financial and economic activity of the woodworking enterprise CJSC "Achievement".

A detailed examination of these coefficients will allow us to evaluate the work of the enterprise and propose a correction to improve them.

In accordance with the goal, we single out the main tasks for assessing the effectiveness of the use of working capital:

1) assessment of the organizational and economic characteristics of the research object; grade financial results activities of the organization;

2) substantiation of the efficiency of the use of working capital by accelerating their turnover;

3) identification of reserves for increasing the efficiency of the use of working capital;

4) substantiation of a set of practical measures necessary for a more intensive and efficient use of working capital at the enterprise.

1. Economic entity, composition and effectivenessuse of working capital

1.1 The economic essence of working capital, their composition and classification

Along with fixed assets for the operation of the enterprise, the availability of the optimal amount of working capital is of great importance.

Working capital is a set of funds advanced to create working capital assets and circulation funds, ensuring their continuous circulation.

Working capital ensures the continuity of production and sales of the company's products. negotiable production assets enter production in their natural form and are entirely consumed in the process of manufacturing products, transferring their value to the created product. Circulation funds are associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers.

After graduation production cycle, manufacture of finished products and their sale, the cost of working capital is reimbursed as part of the proceeds from the sale of products (works, services). This creates the possibility of a systematic resumption of the production process, which is carried out through the continuous circulation of enterprise funds.

In its movement, working capital passes successively through three stages: monetary, productive and commodity.

The first stage of the circulation of funds is preparatory. It takes place in the sphere of circulation. Here is the transformation of cash into the form of inventories.

The production stage is the direct production process. At this stage, the cost of created products continues to be advanced, but not in full, but in the amount of the cost of used production stocks, the costs of wages and related expenses, as well as the transferred value of fixed assets, are additionally advanced. The productive stage of the circuit ends with the release of finished products, after which the stage of its implementation begins.

At the third stage of the circuit, the product of labor (finished product) continues to be advanced in the same amount as at the second stage. Only after the commodity form of the cost of manufactured products has been converted into cash, the advanced funds are restored at the expense of a part of the proceeds received from the sale of products. The rest of its amount is cash savings, which are used in accordance with the plan for their distribution. Part of the savings (profit), intended for the expansion of working capital, joins them and makes subsequent cycles of turnover with them.

The monetary form that current assets take at the third stage of their circulation is at the same time the initial stage of the circulation of funds. The circulation of working capital occurs according to the scheme:

D - T - ... - P - ... - T / - D /, where

D - funds advanced by an economic entity;

T - means of production;

P - production;

T/ - finished products;

D / - cash received from the sale of products and includes realized profits.

Circulating assets in motion are at all stages and in all forms. This ensures a continuous production process and uninterrupted operation of the enterprise.

Under the composition of working capital understand the totality of elements that form working capital. The division of working capital into working capital and circulation funds is determined by the peculiarities of their use and distribution in the areas of production and its sale.

Working capital assets include:

· objects of labor (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);

means of labor with a service life of not more than one year or a cost of not more than 100 times (for budget organizations- 50-fold) of the established minimum wage per month (low-value consumable items and tools);

work in progress and semi-finished products of own production (objects of labor that entered the production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of own production that are not completely finished by production in some workshops of the enterprise and are subject to further processing in others workshops of the same enterprise);

deferred expenses (intangible elements of working capital, including the costs of preparing and developing new products which are produced in this period, but are related to the products of the future period; for example, the cost of designing and developing technology for new types of products, for rearranging equipment).

The circulation funds include:

· funds of the enterprise invested in stocks of finished products, goods shipped, but not paid for;

· accounts receivable;

cash on hand and in accounts;

funds in other 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 development of technology, the perfection of technology and the organization of labor. The amount of circulation funds depends mainly on the conditions for the sale of products and the level of organization of the system of supply and marketing of products.

According to the sources of formation, working capital is divided into own and borrowed.

Own current assets are funds that are constantly at the disposal of the enterprise and are formed at the expense of its own resources (profit, etc.). In the process of movement, own working capital can be replaced by funds that are, in fact, part of their own, advanced for wages, but temporarily free (due to the one-time payment of wages). These funds are called equivalent to own, or stable liabilities.

Borrowed working capital - bank loans, accounts payable and other liabilities.

Efficient work of the enterprise is the achievement of maximum results at minimum cost. Cost minimization is, first of all, the optimization of the structure of sources for the formation of working capital of an enterprise, that is, a reasonable combination of own and credit resources.

1.2 Rationing and sourcesformation of working capital

Working capital management consists in ensuring the continuity of the production process and the sale of products with the smallest amount of working capital. This means that the working capital of enterprises should be distributed over all stages of the circulation in an appropriate form and in a minimum but sufficient volume.

AT modern conditions When enterprises are fully self-financing, correctly determining the need for working capital is of particular importance.

The process of developing economically justified values of working capital necessary for the organization of the normal operation of the enterprise is called the normalization of working capital. Thus, the rationing of working capital is to determine the amount of working capital necessary for the formation of constant minimum and at the same time sufficient stocks of material assets, irreducible balances of work in progress and other working capital. Rationing of working capital helps to identify internal reserves, reduce the duration of the production cycle, and more quickly sell finished products.

They normalize working capital in inventories, work in progress, the balance of finished products in the warehouses of the enterprise. These are normalized working capital. The remaining elements of working capital are called non-standardized.

In the process of normalization of working capital, the norm and standard of working capital are determined.

The norms of working capital characterize the minimum stocks of inventory items at the enterprise and are calculated in days of stock, norms for the stock of parts, rubles per unit of account, etc.

The norm of working capital is the product of the norm of working capital by the indicator, the norm of which is determined. Calculated in rubles.

The standard of working capital establishes their minimum estimated amount, which is constantly necessary for the enterprise to work. Actual stocks of raw materials, cash, etc. may be above or below the standard or meet it. This is one of the most volatile indicators of the current financial activities. Failure to fill the standard of working capital may lead to a reduction in production, non-fulfillment of the production program due to interruptions in production and sales of products.

Excess stocks divert money from circulation, testify to shortcomings in logistics, irregularity in production processes and product sales. All this leads to the deadening of resources, their inefficient use.

The total standard of working capital for the enterprise is equal to the sum of the standards for all elements of working capital and ultimately determines the total need of an economic entity for working capital.

The general rate of all working capital in days is established by dividing the total standard of working capital by the one-day output of marketable products at the production cost according to the plan for the fourth quarter of the year according to which the rate is calculated.

The annual increase or decrease in the norm of working capital is determined by comparing the norms at the beginning and end of the coming year.

As the market relations and strengthening settlement and payment relationships, the role and importance of the rationing of working capital is increasing. The presence of sufficient working capital provides enterprises in the new economic conditions with expanded reproduction, modernization and restructuring. Therefore, there is a need to improve the quality of planned calculations and the wider use of electronic computers in this process. This provides favorable conditions for the establishment of progressive, economically sound norms and standards for working capital.

All sources of financing of working capital are divided into own, borrowed and attracted. Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for decisions made.

The formation of working capital occurs at the time of the organization of the enterprise, when it is created statutory fund. The source of formation in this case is the investment funds of the founders of the enterprise. In the process of work, the source of replenishment of working capital is the profit received, as well as the so-called stable liabilities equated to own funds. These are funds that do not belong to the enterprise, but are constantly in its circulation. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum monthly wage arrears to employees of the enterprise, reserves to cover future expenses, the minimum carry-over debt to the budget and extra-budgetary funds, creditors' funds received as an advance payment for products (goods, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund, etc.

To reduce the total need of the economy in working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds.

Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied. The main directions of attracting loans for the formation of working capital are:

Crediting of seasonal stocks of raw materials, materials and costs associated with the seasonal production process;

Temporary replenishment of the lack of own working capital;

Implementation of settlements and mediation of payment turnover.

It should also highlight other sources of working capital formation, which include enterprise funds that are temporarily not used for their intended purpose (funds, reserves, etc.).

The correct ratio between own, borrowed and borrowed sources of working capital formation plays important role in strengthening the financial condition of the enterprise.

1.3 Indicators of economic efficiency of useworking capital and waysraise

The efficiency of the use of working capital is characterized by a system of economic indicators, primarily the turnover of working capital.

Under the turnover of working capital is understood the duration of one complete circulation of funds from the moment of the transformation of working capital in cash into inventories and until the release of finished products and its sale. The circulation of funds ends with the transfer of proceeds to the account of the enterprise.

The turnover of working capital is not the same at enterprises of both the same and different sectors of the economy, which depends on the organization of production and marketing of products, the allocation of working capital and other factors.

The turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of turnovers for a certain period - a year, half a year, a quarter (turnover ratio), the amount of working capital employed at the enterprise per unit of output (load factor). The duration of one turnover of working capital in days (O) is calculated by the formula

where C - balances of working capital (average or for a certain date);

T - the volume of marketable products;

D is the number of days in the period under review.

Reducing the duration of one turnover indicates an improvement in the use of working capital.

The number of turnovers for a certain period, or the turnover ratio of working capital (Ko), is calculated by the formula

The higher the turnover ratio under these conditions, the better the use of working capital.

The utilization factor of funds in circulation (Kz), the reciprocal of the turnover ratio, is determined by the formula

In addition to these indicators, the indicator of return on working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the balance of working capital.

Indicators of the turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements. The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the turnover of working capital, its acceleration or deceleration is revealed.

With the acceleration of the turnover of working capital, material resources and sources of their formation are released from circulation, with a slowdown, additional funds are involved in the turnover.

The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review.

The relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth of the production program of the enterprise, and the growth rate of production outpaces the growth rate of working capital balances.

The efficiency of the use of working capital depends on many factors that can be divided into external factors that have an impact regardless of the interests of the enterprise, and internal factors that the enterprise can and should actively influence. External factors include such as the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other factors determine the scope in which the enterprise can manipulate the internal factors of the rational movement of working capital.

1.4 Economic characteristic ZAO Dostizhing" as an object of use

Full name of the enterprise - closed joint-stock company"Achievement". It is engaged in the production of agricultural products (abbreviated as CJSC "Achievement"). The company is located at: Stanitsa Olginskaya, Privolnaya street 6.

At the end of the reporting period, CJSC Achievement had on its balance sheet:

1. Non-current assets in the amount of - 98932 thousand rubles.

2. Current assets in the amount of - 256236 thousand rubles.

3. Capital and reserves in the amount of 66666 thousand rubles.

4. Long-term liabilities for the amount -

5. Short-term liabilities - 288502 thousand rubles.

Production - technological structure CJSC "Achievement" is determined by the type of activity.

CJSC "Achievement" manufactures products at the request of third-party customers and the public. These are crop and livestock products, as well as the provision of services.

The production capacities of the enterprise allow to produce:

Crop production - rye, barley, oats, other products.

Livestock products - livestock and poultry (cattle), whole milk, honey, meat.

Other products - hay, grain, green mass, silage, haylage, etc.

In addition to the production of products, ZAO Achievement provides the following types of services: rental of premises, storage of goods, provision of services to the population (plowing, fertilizing, watering, etc.).

2. Working capital analysis

2.1 Composition analysis, structure and dynamicsproperty of CJSC "Achievement"

The methodology for compiling the analytical balance sheet is as follows:

1) balance sheet items similar in economic content are combined into groups at the beginning and end of the year separately;

2) when forming the analytical balance sheet, regulatory items are excluded from the balance sheet - deferred expenses and loss (if an updated balance sheet is drawn up);

3) in addition to absolute indicators, calculated indicators of the structure are compiled for each period separately, on the basis of which an assessment is given.

Table number 1. Analytical grouping and analysis of the asset balance

Balance asset	for the beginning of the year thousand roubles. %	At the end of the year Thousand rub. %	Deviation Absolute %
Property
1. Out of turn. assets
2. Current assets
2.1 Stocks
2.2. Debit. debt
2.3 den. wed-va short-term fin. attachments

These calculations show that, in general, the property of the organization increased by 112,038 thousand rubles. compared to the beginning of the year.

Growth rate = 355105: 243067 *100% = 146%

Growth rate = 146 - 100 = 46%

Increase in property by 46

The structure of the property of this enterprise can be considered optimal, since current assets:

A) at the beginning of the year are 59.66%

B) at the end of the year 72.14% more than 50%

The share of non-current assets at the beginning of the year was equal to 40.34% by the end of the year it changed and became equal to 27.86%, that is, there is a decrease in the share of non-current assets by 12.48%, which means an increase in current assets, an increase in revenue and profit.

The largest share is occupied by finished products and goods for resale (10.3%). Accounts receivable increased by 3.72%, which indicates an improvement in settlements with buyers.

The growth of accounts receivable by 3.78% may indicate the inefficiency of the settlement system and a decrease in quality, insufficient research of the market, the sales market by market segments.

2.2 Dynamic analysisand the structure of working capital

The main purpose of the analysis is the timely identification and elimination of shortcomings in working capital management and finding reserves to increase the intensity and efficiency of its use.

When analyzing the structure of current assets, it should be borne in mind that the stability of the financial condition largely depends on the optimal allocation of funds for the items of the circulation process: supply, production and marketing. The amount of capital investment in each stage of the circuit depends on the industry and technological features of the enterprise. So, for enterprises with material-intensive production, a significant investment of capital in inventories is required, for enterprises with a long production cycle - in work in progress, etc.

According to the nature of participation in the operating process, current assets are distinguished in the sphere of production (stocks) and in the sphere of circulation (accounts receivable, cash).

According to the period of operation, current assets consist of a constant and a variable part, i.e. dependent and not dependent on seasonal fluctuations in the volume of the enterprise.

Depending on the degree of risk of investing capital, current assets are distinguished:

FROM minimal risk investments (cash, short-term financial investments);

With a low investment risk (accounts receivable excluding doubtful debts, production stocks excluding stale stocks, GP balances excluding unused demand, work in progress);

High-risk investments (doubtful receivables, stale stocks, not in demand by SOEs).

In the process of analysis, first of all, it is necessary to study changes in the presence and structure of current assets. At the same time, it should be borne in mind that a stable structure of working capital indicates a stable, well-established process of production and marketing of products. Its significant changes indicate the unstable operation of the enterprise.

Table number 2. Analysis of the dynamics and structure of current assets

Type of current assets	Availability of goods, thousand rubles	medium structure, %
Total Defense Assets
Cash
Short-term financial investments
Accounts receivable: Buyers and customers
Raw materials
Unfinished production
SOEs and goods for resale
Future expenses

As can be seen from the table in the analyzed enterprise, the largest share in current assets is occupied by inventories. They account for 54.3% and 47.9% of the total current assets. By the end of the period, the share of receivables and SOEs increased significantly, while short-term financial investments decreased, which indicates that during the financial and economic crisis, the need for commercial organizations in cash, the volume of receivables of counterparties increases i.e. there is a so-called crisis of non-payments. In order to reduce non-payments and increase working capital, commercial organizations turn to the services of banks and other credit organizations, as well as factoring companies.

2.3 Analysis and evaluation of turnoverworking capital

The increase in the efficiency of the use of working capital is important not only for this enterprise, but also for the national economy of the country.

Thanks to a more efficient use of working capital, not only the funds invested in production are released, but also the material resources in which these funds were invested. The degree of efficiency in the use of working capital can be assessed using the following indicators:

turnover rate in days and turnover ratio;

the release of gross or marketable output for each ruble of invested working capital (load factor);

profitability;

safety of own working capital (safety factor).

The rate of turnover of working capital is the main one. It most fully reflects the degree of their use and is a synthetic indicator.

There is no consensus among economists on the method of calculating this indicator. The following questions are debatable: what should be taken as the basis for calculating this indicator - the output of marketable products or the volume of sales, in what assessment should these indicators be taken - at cost or full cost.

The indicator of the duration of turnover in days is calculated by the formula:

D o \u003d C o H D / R,

where Co - the availability of working capital at the end of this period;

D is the number of days in the given period;

P - the volume of marketable products for this period at cost.

The coefficient of safety of own working capital is determined by the formula:

K s \u003d O sk / O sn,

where О sk - the actual availability of working capital at the end of the reporting period;

About sn - the actual availability of own working capital at the beginning of the corresponding reporting period.

For all current assets, the calculated actual turnover is compared with the actual data for the previous reporting periods of the current year or for the corresponding periods of the previous year. According to normalized working capital, in addition, a planned indicator of working capital is calculated, with which the actual data for the same period is compared.

When calculating private turnover for elements of working capital, their balances are determined on the basis of planned or actual stocks of the corresponding types of inventory items, and their consumption according to the estimate of production costs is considered turnover. Indicators of private turnover by certain types material assets are necessary to identify at what stage of the circulation of working capital there is an acceleration or deceleration of turnover.

The turnover of working capital can slow down or accelerate. As a result of the acceleration of the turnover of working capital, ie. reduction of the time for working capital to pass through individual stages and the entire cycle, the need for these funds decreases, and they are released from circulation. The slowdown in turnover is accompanied by the involvement of additional funds in the turnover.

The release of working capital as a result of accelerating their turnover can be absolute and relative. The absolute release of funds occurs in cases where the planned production volume is fulfilled with a lower availability of working capital compared to the planned requirement (total standard). The relative release of working capital occurs when, in the presence of working capital within the planned requirements, the overfulfillment of the production plan is ensured.

One of the most important factors in improving the financial condition of the enterprise is the acceleration of the turnover of working capital. This allows either, with the same volume of production, to release part of the turnover of working capital, or, with the same amount of working capital, to increase the volume of production.

To assess the effectiveness of the use of working capital, the following indicators are used:

The turnover ratio of working capital K about, characterizing the number of turnovers made by working capital for the reporting period:

K about \u003d Q p: O cp

where Q p is the volume of sold products (works, services); proceeds from the sale of products (works, services) net of VAT, excise tax, thousand rubles;

Q cf - the average cost of working capital for the year (period), thousand rubles.

2. Coefficient of fixing working capital K closed, that is, the level of working capital per 1 ruble of sold products (works, services):

K closed \u003d O cf: Q p

The duration of one turnover of funds in days D about, that is, the time during which working capital goes through all stages of one circuit (return to cash of the average amount of working capital for the reporting period as a result of product sales):

D about \u003d About cf x D: Q p

where D is the number of days in the reporting period (year-365, quarter - 90).

To about square \u003d 171253 / 145190 \u003d 1.18%

K about fact \u003d 241455 / 256236 \u003d 0.94%

To order. sq. = 14510 / 171253 = 0.85%

To order. f = 256236 / 241455 = 1.06%

D about. pl \u003d 145190 * 365 / 171253 \u003d 309.2 days

D about. f = 256236 * 365 / 241455 = 387.34 days

Table number 3. Analysis of the effectiveness of the use of working capital

Indicators				Growth rate
The volume of sold products (works, services) - proceeds from the sale (works, services) net of VAT and excise tax, tr.
Average cost of working capital balances, t.r.
Number of days in the reporting year
Working capital turnover ratio
Coefficient of fixing working capital, rub.
Duration of one turnover of funds in days

An analysis of the turnover of working capital indicates that the economic efficiency of the use of working capital has decreased. This was due to a decrease in working capital turnover by 0.24%. By reducing the turnover of working capital, the duration of one turnover increased by 77.89 days.

Analysis of the state of receivables

Great influence on the turnover of capital invested in current assets, and therefore on the financial condition of the enterprise has an increase or decrease in receivables. Its value depends on the volume of sales, the terms of settlement with buyers (prepayment, subsequent payment), the payment grace period, the payment discipline of buyers, the organization of control over the state of accounts receivable and claim work at the enterprise, etc.

A sharp increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to buyers, or insolvency and bankruptcy of some buyers. The reduction of accounts receivable is assessed positively if it occurs due to a reduction in the period of its repayment. If the receivables decrease due to a decrease in the shipment of products, then this indicates a decrease in the business activity of the enterprise.

Consequently, the growth of receivables is not always evaluated negatively, and the decrease is positively. It is necessary to distinguish between normal and arrears. The presence of the latter creates financial difficulties, as enterprises will feel a lack of financial resources for the purchase of inventories, payment of wages, etc. In addition, the freezing of funds in receivables leads to a slowdown in capital turnover. Overdue accounts receivable also means an increase in the risk of non-payment of debts and a decrease in profits. Therefore, each enterprise is interested in reducing the maturity of payments due to it.

In the process of analysis, first of all, it is necessary to study the dynamics of receivables.

Table number 4. Analysis of the dynamics of receivables

As the data in the table show, there was both an absolute and a relative increase in its value. This means that the growth is due not only to the expansion of the volume of activities, but also to a slowdown in its turnover due to the deterioration in the state of settlements.

Table number 5. Analysis of the composition and prescription of accounts receivable

Type of accounts receivable	Amount thousand rubles	including
For goods and services
Including back. clients:



Udel. the weight

An analysis of the composition and prescription of the formation of DZ is carried out in order to establish whether there are any amounts that are unrealistic for collection, or those for which the limitation period expires. If there were such, it would be necessary to urgently take measures to collect them (registration of bills, appeals to the economic court). For the analysis of receivables, in addition to the balance sheet, materials of primary and analytical accounting are used.

The PD manager should focus on the oldest debts and pay great attention to large amounts of debt.

Analysis of the state of stocks and the efficiency of the use of working capital

The state of inventories has a great influence on the financial condition of the enterprise and its production results. For the normal course of production and marketing of products, stocks must be optimal.

An increase in the share of reserves may indicate:

1. On expanding the scope of the enterprise

2. The desire to protect funds from depreciation due to inflation

3. Inefficient inventory management, as a result of which a significant part of the capital is frozen for a long time in stocks, turnover slows down. In addition, there are problems with liquidity, deterioration of raw materials and materials is increasing, costs are rising, which negatively affects the final results of operations. All this indicates a decline in business activity of the enterprise.

At the same time, a lack of stocks can lead to interruptions in the production process, underloading of production capacity, a drop in output, an increase in costs, and losses, which also negatively affects the financial condition. Therefore, each enterprise should strive to ensure that production is provided on time and in full by all necessary resources and that they do not lie in warehouses.

The efficiency of the use of material resources is determined by the indicators of material consumption and material efficiency.

1) Material efficiency characterizes the output per 1 ruble of material costs, i.e. how much is produced from each ruble of consumed material resources.

Mo \u003d Vtp / MZ

Mo n.g \u003d 155000 / 186178 \u003d 0.832

Mo k.g \u003d 165000 / 231638 \u003d 0.712

2) Material consumption is an indicator that is inverse to material return. It characterizes the amount of material costs per 1 ruble of output.

Me \u003d MZ / Vtp

Me n.g \u003d 186178 / 155000 \u003d 1.2

Me k.g \u003d 231638 / 165000 \u003d 1.4

Material resources are used inefficiently, as material yield is lower than material consumption.

An increase in material consumption can be caused by a violation of technology and recipes; imperfection of the organization of production and material and technical support; low quality of raw materials, materials; substitution of one type of material for another.

2.4 Finafinancial stability of the enterprise

Analysis of relative indicators of financial stability.

The analysis is carried out in the following sequence:

1) calculate indicators for each period, determine the change, give an assessment of growth or decline;

2) calculate the indicators for each period separately and compare them with the normative threshold values, on the basis of which they evaluate the relative indicators of financial stability;

1. Kf.a =? SC / WB 0.5

Kf.a n.g =? 76529 / 243067 = 0.3148 - 0.1273

Kf.ac. r=66603/355105=0.1875

2. Kz.a? \u003d ZK / I 0.5

Kz.a n.g \u003d 166538 / 243067 \u003d 0.6852 0.1272? 0.5

Kz.ak. r=288502/355105=0.8124

3. Kf.r. ?= ZK /SK 1

f.r. n.g \u003d 166538 / 76529 \u003d 2.1761? 2.1556 1

Kf.r k.g =? 288502 / 66603 = 4.3317

Kf. R. indicates an increase in risks and financial stability decreases.

4. Kf. y=? (SC + DO) / I 0.7 - 0.8

Kf. at n. r = 76529 + 0 / 24067 = 0.315 - 0.1273

Kf. c.g = 66603+0 / 355105 = 0.1875

The calculated indicators show a decrease in the financial stability of the enterprise, as the calculations are below the norm.

5. To fin-i =? SK / ZK 1

To fin - i n.g \u003d 76 529 / 166538 \u003d 0.46 - 0.229

K Finn - I k.g = 66603 / 288502 = 0.231

The calculated coefficient indicates that most of the property was formed at the expense of borrowed capital, and not at the expense of own funds.

6. Kp.a =? VA / SK 1

Kp.a n.g \u003d 98050 / 76529 \u003d 1.28 0.205 1

Kp.a k.g \u003d 98932 / 66603 \u003d 1.485

As a result, we can say that the organization is not financially stable. And it is not dependent on external loans, the company also has risks, and the property is not formed at the expense of the UK.

Conclusion

As a result of the analysis carried out in the work, it can be concluded that the financial condition of Achievement CJSC is unstable.

The main reason is the lack of own working capital of the enterprise, which led to a decrease in its liquidity, that is, to a decrease in its ability to pay off its obligations.

1. Ensuring solvency, that is, increasing net working capital. Net working capital is the difference between current assets and short-term accounts payable, so any changes in the composition of its components directly or indirectly affect its size and quality. The main components of net working capital are:

Industrial stocks of the enterprise;

Accounts receivable;

Cash and securities;

Short-term accounts payable.

2. ensuring an acceptable volume, structure and profitability of assets, that is, different levels of different current assets have a different effect on profit. Each decision related to determining the level of cash, receivables and inventories should be considered both from the standpoint of the profitability of this type of asset, and from the standpoint optimal structure working capital.

if the enterprise does not have enough money, then this is associated with the risk of stopping production, possible default on obligations, and therefore the loss of partners;

a large amount of unjustified receivables leads to a diversion of working capital, and, consequently, to a loss of liquidity.

a large stock of finished products in containers is also associated with the risk of additional costs, and, consequently, reduces income;

a high level of accounts payable may be associated with the acquisition of inventories, which leads to the diversion of funds, and, consequently, to non-fulfillment of obligations;

a high proportion of long-term debt capital can lead to a decrease in profits, since this source of funds is expensive.

Thus, the liquidity and acceptable performance of current assets is largely determined by the level of net working capital.

We offer several ways to replenish the lack of working capital of the enterprise and sources of own working capital:

One of the ways to raise funds of an enterprise can be the issue of securities (shares) of the enterprise with an increase in the size of the initial authorized capital by additional issuance of shares at the expense of additional capital for revaluation and sale to their founders.

Attracting borrowed capital (short-term bank loans).

Financing the activities of the enterprise through leasing, i.e. the enterprise does not acquire expensive equipment as property, but takes it on lease, that is, a long-term lease, and thus does not divert funds from turnover.

When concluding contracts for the shipment of products, carefully study the solvency and level of financial stability of buyers.

Bibliographic list

economic working capital dynamics

Balabanov I.T. Basics financial management. How to manage capital. - M.: Finance and statistics, 1994.

Bocharov V.V. Financial and credit methods of regulation of the investment market. - M.: Finance and statistics, 1993.

Kovalev A.I., Privalov V.P. analysis of the financial condition of the enterprise. - M.: Center for Economics and Marketing, 1996.

Markaryan E.A., Gerasimenko G.P., Markaryan S.E. Economic analysis of financial activity. - Rostov n / a: Phoenix, 2005.

Rusak N.A., Rusak V.A. Basics financial analysis. - M., 1995.

Chechevitsyna L.N. Analysis of financial and economic activity. - Ed. 5th, add. And a reworker. - Rostov n / a: Phoenix, 2010.

Economics, organization and planning industrial production: studies. Benefit / under. Ed. ON THE. Lisitsina. - M., 1993.

Economic statistics: Textbook / ed. Yu.N. Ivanova. - M.: INFRA-M, 2001.

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1. CURRENT ASSETS OF THE ENTERPRISE AND THEIR TURNOVER……………………………………………………….…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

1.1 Economic essence of working capital……………..………………..4

1.2 Classification of working capital………………………………………….7

1.3 Methodology for analyzing the effectiveness of the use of working capital ... .10

2. ANALYSIS of the efficiency of the use of working capital of the enterprise and ways to improve it………………….19

conclusion………………………………………………………………….25

REFERENCES…………………………………………………………27

INTRODUCTION

Working capital is one of the components of the property of the enterprise. The condition and efficiency of their use is one of the main conditions for the successful operation of the enterprise. The development of market relations determines the new conditions for their organization. High inflation, non-payments and other crisis phenomena are forcing enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the effectiveness of their use.

To ensure an uninterrupted production process, along with the main production assets, objects of labor and material resources are needed. The objects of labor together with the means of labor participate in the creation of the product of labor, its use value.

The presence of an enterprise with sufficient working capital and production reserves of an optimal structure is a necessary prerequisite for its normal functioning in a market economy. Therefore, the enterprise should carry out the rationing of working capital, whose task is to create conditions that ensure the continuity of the production and economic activities of the company.

It is also important to be able to properly manage working capital and stocks, develop and implement measures that help reduce the material consumption of products and accelerate the turnover of working capital. As a result of the acceleration of the turnover of working capital, they are released, which gives a number of positive effects.

An enterprise in the case of effective management of working capital and stocks can achieve a rational economic position, balanced in terms of liquidity and profitability.

All of the above determines the relevance of the chosen topic of the abstract.

The purpose of the abstract is: analysis of the state of working capital and evaluation of their effectiveness on the example of the enterprise JSC "Yaransky KMP".

1. WORKING ASSETS OF THE ENTERPRISE AND THEIR TURNOVER

1.1 The economic essence of working capital

Working capital is the part of the company's capital invested in its current assets. On a material basis, working capital includes: objects of labor (raw materials and materials, fuel, etc.), finished products in the warehouses of the enterprise, goods for resale, cash and funds in settlements.

Under working capital it is customary to understand the monetary value of the cost of funds in production, that is, stocks of raw materials and materials in warehouses, work in progress, finished products in stock, as well as funds in settlements - mainly debt for shipped, but not paid for products and receivables, as well as cash in the company's accounts.

The main purpose of working capital is to ensure a continuous process of production and sales of products, the completeness and timeliness of financing commercial activities.

The organic property of working capital is their constant movement, which takes place in the form of a cycle - a consistent change in their functional forms in production.

In the first phase of the circulation of working capital act in the form of money.

This stage of the circulation of funds is preparatory. It takes place in the sphere of circulation. Their main purpose is to serve the formation of production reserves with monetary resources. Further, at the production stage, they take the form of work in progress, concentrated on jobs, individual technological transitions, in warehouses. At the final stage, the newly created finished product is delivered to the warehouse, and then sold to the consumer, and the funds invested in it are returned to cash. There is a possibility of the next investment of resources.

A characteristic feature of working capital is the high speed of their turnover. The functional role of working capital in the production process is fundamentally different from fixed capital. Working capital ensures the continuity of the production process.

The material elements of working capital (objects of labor) are consumed in each given production cycle. They completely lose their natural form, therefore they are fully included in the cost of manufactured products (work performed, services rendered).

Stages of circulation of working capital:

D-T -. . .P. . . - T "- D",

where D - funds advanced by an economic entity;

T - means of production;

P - production;

T "- finished products;

D "- cash received from the sale of products and includes realized profits.

Points (...) mean that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.

The circulation of capital covers three stages: procurement (purchases), production and marketing.

Any business starts with some amount of cash that is deployed into a certain amount of resources for production (or goods for sale).

As a result of the procurement stage, working capital is transferred from the monetary form to the production one (objects of labor or goods).

At the production stage, resources are embodied in goods, works or services. The result of this stage is the transition of working capital from the production form to the commodity one.

At the stage of implementation, working capital from the commodity form again passes into the monetary one. The size of the initial amount of money (D) and revenue (D ") from the sale of products (works, services) do not match in size. The resulting financial result of the business (profit, loss) explains the reasons for the discrepancy.

As you can see, the elements of working capital are part of a continuous flow of business transactions. The purchase results in an increase in inventories and accounts payable; production leads to an increase in finished products; the sale leads to an increase in receivables and cash on hand and on the current account. This cycle of operations is repeated many times and eventually comes down to cash receipts and cash payments.

The period of time during which the turnover of funds is made is the duration of the production and commercial cycle.

This period consists of the length of time between the payment of money for raw materials and materials and the receipt of money from the sale of finished products. The length of this period is influenced by: the period of crediting buyers by the enterprise, the period of raw materials and materials in stocks, the period of production and storage of finished products.

Elements of circulating capital continuously move from the sphere of production to the sphere of circulation and again return to production. Part of the working capital is constantly in the sphere of production (inventory, work in progress, finished products in stock, etc.), and the other part is in the sphere of circulation (shipped products, receivables, cash, securities, etc. ). Therefore, the composition and size of the working capital of an enterprise are determined not only by the needs of production, but also by the needs of circulation.

The need for working capital for the sphere of production and for the sphere of circulation is not the same for different types of activities and even for individual enterprises in the same industry. This need is determined by the material content and turnover rate of working capital, production volume, technology and organization of production, the procedure for selling products and purchasing raw materials and materials, and other factors.

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INTRODUCTION

An essential condition for the functioning of the enterprise is the availability of working capital. Insufficiency of working capital paralyzes the activity of the enterprise and leads to a deterioration in its financial position.
The market involves competition between various producers and encourages a constant search for reserves to improve the efficiency of the use of all material and material factors of production, including working capital. You can identify and practically apply these reserves using economic analysis. The condition and use of working capital is one of the most important aspects of analytical work. A more complete and rational use of the working capital of an enterprise contributes to the improvement of all its technical and economic indicators: an increase in labor productivity, an increase in output, a reduction in its cost, and maximum profit. The need for forecasting and planning working capital is determined by the special significance of this economic category for the business activities of the enterprise. The advanced nature of working capital, the need to invest in them costs to achieve economic effect put them on a par with real investments.
In the context of the economic crisis and sanctions against Russia by the international community, characterized primarily by a serious shortage of liquidity, the issues of working capital management as the most liquid part of the company's assets have become particularly relevant.
In addition, the existing methods of analysis of working capital are not free from shortcomings. The study of the economic literature on the issue under consideration allows us to conclude that the improvement of the analysis methodology is largely hampered by problems of both a theoretical and practical nature. Until now, there is no uniformity of views of scientists and practitioners on the nature of working capital. The coefficients used in the analysis process do not always allow to reliably determine the results of the use of working capital, therefore, methods based on the use of such coefficients should be taken correctly. management decisions aimed at forming and improving the efficiency of their use. In addition, the data-based information base traditionally used for analysis purposes financial reporting, contains significant limitations for such an analysis.
These problems require in-depth study in order to find ways to improve the quality of the economic analysis of working capital.
The purpose of this work is to develop measures to improve the efficiency of the use of working capital of the company.
In accordance with this goal, the following tasks were set in the final qualification work:
1. Consider the concepts and economic content of working capital.
2. Study the classification of working capital.
3. Identify indicators of the use of the company's working capital.
4. Conduct an analysis of the structure and dynamics of the working capital of the enterprise Non-Public Joint Stock Company (NJSC) "City Bakery No. 2". (Formerly ZA O - Closed Joint Stock Company)
5. Evaluate the efficiency of using the company's current assets.
6. Develop measures to improve the efficiency of the use of working capital.
7. Calculate the effectiveness of the proposed activities.
The object of the study is NJSC "City Bakery No. 2".
The subject of the study is to increase the efficiency of the use of working capital.
Theoretical and methodological basis of the study. theoretical and methodological basis research were the works of domestic and foreign scientists on economics and analysis of the activities of organizations, legislative and regulatory acts Russian Federation on economic development and organization of accounting systems.
In the course of the study, the economic and statistical method, methods of grouping, complex analysis, comparative and factor analysis and other methods of scientific research.

1. ANALYSIS OF THE EFFICIENCY OF THE USE OF WORKING ASSETS OF THE ENTERPRISE

(THEORETICAL CHARACTERISTIC)

1.1 The concept, content and classification of working capital

working capital is a complex of production assets and circulation funds in monetary terms. These components of working capital serve the process of reproduction in different ways: the first - in the sphere of production, and the second - in the sphere of circulation.

The conditions for the release and sale of goods require that warehouses manufacturing enterprise there were constantly stocks of material assets consumed in the production process, as well as finished products. At the same time, to ensure uninterrupted work, it is necessary that the workshops have certain backlogs of unfinished products. And finally, the enterprise must have certain cash on hand, in bank accounts, in settlements.
The assets of an organization, which, as a result of its economic activity, completely transfer their value to the final finished product, take part in the production process once, changing or losing their natural-material form, are called working capital.
We list the features of working capital:
- full consumption during one production cycle and full transfer of value to newly created products;
- being in constant circulation;
- during one turnover, working capital changes its form from monetary to commodity, from commodity to monetary, passing through the stages of purchase, consumption, sale.
Working capital is studied in terms of composition, structure and efficiency of use.
When studying the structure of working capital, it is necessary to take into account their classification:
1. According to the functional role in the production process, working capital (OS) are divided into:
- circulating production assets (stocks and fixed assets in production);
- current assets in circulation (finished products, cash and settlements).
2. According to the degree of liquidity, they are divided into:
- absolutely liquid (cash and short-term financial investments);
- Quickly realizable current assets (normal accounts receivable);
- slow-moving assets (stocks, finished products, goods).
3. Current assets are divided according to the degree of risk:
- minimum degree of risk (cash and short-term financial investments);
- a low degree of risk (accounts receivable, with the exception of doubtful, finished products);
- average degree of risk (stocks including VAT, except for finished products);
- a high degree of risk (doubtful accounts receivable, finished products that are not in demand, construction in progress on a canceled order)
- The composition of working capital is understood as a set of elements that form working capital assets and circulation funds.
- Elements of working capital are: raw materials; basic materials and purchased semi-finished products; auxiliary materials; fuel and fuel; container and container materials; repair parts; tools; household inventory and other IBEs; work in progress and semi-finished products of own production; Future expenses; finished products; shipped goods; cash; debtors; others.
Figure 1.1 shows the elemental composition of working capital.

Figure 1.1 - Elemental composition of working capital

Circulation funds include: finished products, cash and funds in settlements.
Circulating production assets and circulation funds, being in constant motion, provide an uninterrupted circulation of funds. The circulation of funds of enterprises begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production - the first stage of the circuit. As a result, cash takes the form of inventories, expressing the transition from the sphere of circulation to the sphere of production. In all this, value is not expended, but advanced, since after the completion of the circuit it is returned. The second stage of the circuit takes place in the process of production, where the labor force carries out the productive consumption of the means of production, creating New Product, which carries the transferred and newly created value. The advanced value again changes its form - from a productive one it passes into a commodity one. The third stage of the circulation is the sale of finished products (works, services) and the receipt of funds. At this stage, working capital again moves from the sphere of production to the sphere of circulation. The interrupted circulation of commodities is resumed, and value passes from the commodity form into the monetary form. The difference between the amount of money spent on the manufacture and sale of products (works, services) and received from the sale of manufactured products (works, services) is the cash savings of the enterprise.
Raw materials are products of extractive industries
1. Materials are products that have already undergone certain processing. Materials are divided into basic and auxiliary.
The main ones are materials that are directly included in the composition of the manufactured product (metal, fabrics).
Auxiliary - these are materials necessary to ensure the normal production process. They themselves are not included in the composition of the finished product (lubricant, reagents).
Semi-finished products - products finished by processing at one stage and transferred for processing to another stage. Semi-finished products can be own and purchased. If semi-finished products are not produced at their own enterprise, but are bought from another enterprise, they are considered purchased and are included in the inventory.
2. Work in progress is a product (work) that has not passed all the stages (phases, redistributions) provided for by the technological process, as well as incomplete products that have not passed tests and technical acceptance.
3. Expenses of future periods are the expenses of a given period, subject to repayment at the expense of the cost of subsequent periods.
4. Finished products are fully finished finished products or semi-finished products received at the warehouse of the enterprise.
5. Accounts receivable - money that is physical or legal entities owed for the supply of goods, services or raw materials.
6. Cash - is the cash held in the cash desk of the enterprise, on the current accounts of banks and in settlements.
On the basis of the elemental composition of working capital, it is possible to calculate their structure, which is the share of the cost of individual elements of working capital in their total cost.
According to the sources of formation, fixed assets are divided into own and borrowed (borrowed).
Own fixed assets are formed at the expense of the enterprise's own capital (authorized capital, reserve capital, accumulated profit, etc.).
The composition of borrowed working capital includes bank loans, as well as accounts payable. They are provided to the enterprise for temporary use. One part is paid (credits and loans), the other is free (accounts payable).
According to the level of controllability, operating systems are divided into normalized and non-normalized. Standardized are those operating systems that ensure the continuity of production and contribute to the efficient use of resources. These are inventories, deferred expenses, work in progress, finished goods in stock. Cash, shipped products, accounts receivable are classified as non-standardized working capital. The absence of norms does not mean that the amount of these funds can be changed arbitrarily. The current procedure for settlements between enterprises provides for a system of sanctions against the growth of non-payments.
Normalized OS are planned by the enterprise, while non-normalized OS are not an object of planning.
In the practice of planning, accounting and analysis, working capital is grouped according to the following criteria:
- depending on the functional role in the production process - circulating production assets (funds) and circulation funds;
- depending on the practice of control, planning and management - standardized OS and non-standardized OS;
- depending on the sources of working capital formation - own working capital and borrowed working capital;
- depending on liquidity (speed of conversion into cash) - absolutely liquid funds, quickly sold fixed assets, slowly sold fixed assets;
- depending on the degree of capital investment risk - working capital with minimal investment risk, working capital with low investment risk, working capital with medium investment risk, working capital with high investment risk;
- depending on accounting standards and reflection in the company's balance sheet - fixed assets in stocks, receivables, short-term financial investments, cash, other current assets;
- depending on the material content - objects of labor, finished products and goods, cash and funds in settlements.
Under the structure of working capital refers to the ratio between the elements in the total amount of working capital.
Composition and structure of working capital vary across sectors and sub-sectors of the economy. They are determined by many factors of industrial, economic and organizational order.
So, fixed assets represent the value advanced in monetary form for the systematic formation and use of working capital and circulation funds in the minimum required amount to ensure the implementation of the production program by the enterprise and the timeliness of settlements. Since the OS includes both material and monetary resources, not only the process depends on their organization and efficiency of use. material production but also the financial stability of the enterprise.

1.2 Management policy for the use of working capital of the enterprise

Inflation, non-payments and other crisis phenomena are forcing enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the effectiveness of their use. The material basis of production is the production assets in the form of means of labor. In the process of functioning, the means of labor and objects of labor transfer their value to the value of the product produced in different ways and to varying degrees. This is the reason for the division of production assets into fixed and circulating. Circulating production assets serve the sphere of production and fully transfer their value to the cost of finished products, changing their original form in the process of one production cycle. In their turnover, working capital consistently takes on monetary, productive and commodity forms, which corresponds to their division into production assets and circulation funds.
The organization of working capital is fundamental in the general complex of problems of increasing their efficiency. Organization of working capital includes:
- determination of the composition and structure of working capital;
- determination of the enterprise's need for working capital;
- determination of sources of working capital formation;
- disposal and maneuvering of working capital;
- Responsibility for the safety and efficiency of the use of working capital.
So for industrial enterprises feature is that most of their working capital is occupied by inventories and receivables.
One of the basic principles of the organization of working capital is rationing. The implementation of this principle makes it possible to economically justify the required amount of own working capital and thereby ensure the conditions for the successful implementation of their production and payment and settlement functions. The erroneous practice of our time of abandoning the rationing of working capital is one of the reasons for the crisis in payment and settlement discipline.
The most important principle of the correct organization of working capital is to use them strictly for their intended purpose. Violation of this principle by diverting the advanced working capital from the production turnover to cover losses, losses due to mismanagement, to pay for overpriced bank interest on loans, on contributions to the budget of tax payments led to a crisis of payment and settlement discipline, an increase in huge debts to suppliers for supplied raw materials and finished products, workers and employees for wages, tax budget.
An important principle of the organization of working capital is to ensure their safety, rational use and acceleration of turnover. The organization of working capital of enterprises necessarily includes systematic monitoring of the safety and efficiency of use through audits and surveys based on statistical data, operational and accounting reports.
One of the important reasons for the lack of working capital for many enterprises is the lack of a stable supply of raw materials. This leads to the fact that sometimes 30-50 times more than the daily consumption of raw materials is purchased at once. Volley payments are obtained, therefore, huge working capital is needed.
The problem of non-payment makes it necessary to classify your creditors according to the age of overdue accounts payable and depending on who needs to be paid now, who can still wait, and who can not be paid at all. In the first places in this queue are payments on loans and interest on them. commercial banks and taxes to the federal budget. Late payments here turn into penalties in such an amount that they can easily bring the company to bankruptcy. It should be noted, however, that in Russian economic practice this threat is rather conditional. Currently, the possibility of bankruptcy is inversely proportional to the size of the enterprise, with all this for the former state enterprises this inverse relationship is even more pronounced.
Ensuring sufficient working capital, which enables the company to pay for raw materials and labor, incur costs associated with production and marketing activities, in practice comes down to the need to solve several very difficult tasks.
The first of them, the solution of which can significantly replenish the working capital of an enterprise, is inventory management. According to Western textbooks of financial management, from the point of view of working capital adequacy, no factor is as important as the speed of turnover of inventory.
But in order to determine the influence of this factor in Russian reality, it is necessary to have at least accurate information on the availability of reserves and calculate the standards for their use. That is, it all starts with accounting issues. The fact that the accounting system in the warehouses of enterprises requires improvement is beyond doubt.
After all, often the company buys the same raw materials at different prices. Storekeepers have all raw materials recorded on different cards (because they have different prices). The accounting department must write off this raw material at a certain price, but since it is written off from different cards, it turns out new method write-offs - at random, as the card lay down at the storekeeper. Naturally, it is impossible to manage finances on the basis of such data. The most common method in our country so far has been the method of estimating reserves at the actual cost of procurement. At the same time, when it is used in conditions of long-term storage of stocks, which is typical for many enterprises, firstly, the cost of production is underestimated, and secondly, the cost of residual materials is significantly underestimated, which means that their turnover is artificially overestimated.
Using the method of estimating materials at the cost of recent purchases leads to a distortion in the value of the remaining materials in the direction of their reduction, and, consequently, to an overestimation of the turnover ratio. Evaluation of stocks of inventory items at the cost of the first purchases leads to the fact that the cost of goods sold is formed on the basis of the lowest prices for materials, and their balances are estimated at maximum cost. Therefore, the turnover of current assets in this case will be objectively lower than when using the previously considered methods of estimating reserves. The way out is simple - implementation in the warehouse and accounting department at an average cost, which is provided for by the instructions of the Ministry of Finance.
The second aspect of the problem of increasing working capital is the improvement of the settlement system. To speed up settlements, first of all, it is necessary to know all the payers - you need a register that includes information about the contractual amounts, terms and other parameters related to the receipt of payments. At the same time, it is worth considering who will delay payments and by how much, and who will not pay at all.
Under the conditions of the transition to a market economy, the state of working capital of most enterprises has seriously deteriorated due to not only local, but also general reasons: the destruction of the single economic space, a drop in the level of production, rising prices, etc. New models of working capital management should be "run-in", be voluntarily adopted by enterprises. Work in this direction is already underway.

1. Decrease unit costs raw materials, materials, fuel provides production with great economic benefits. First of all, it makes it possible to work out more finished products from a given amount of material resources and therefore acts as one of the serious prerequisites for increasing the scale of production.
2. The saving of material resources, the introduction of new, more economical materials into production contribute to the establishment of more progressive proportions between individual sectors in the process of reproduction, the achievement of a more perfect sectoral structure of industrial production.
3. The desire to save material resources encourages the implementation new technology and improvement of technological processes.
4. Savings in the consumption of material resources contribute to the improvement of the use production capacity and increasing social productivity. By itself, the decrease in the unit costs of past, materialized labor means an increase in the productivity of social labor. But this is not the only thing - saving material resources entails saving costs as well as living labor: the relative consumption is reduced work force for the transportation of materials, their shipment and unloading, for their storage.
5. Saving material resources greatly contributes to reducing the cost of industrial production.
6. Significantly influencing the reduction of production costs, saving material resources has a positive impact on the financial condition of the enterprise.

Effective working capital management is important for a company for the following reasons:
1. The amount of working capital in most companies is more than half of all its assets.
2. The solution of issues related to working capital is an ongoing process and, unlike other areas of activity of the financial director, requires more time. The amount invested in each current asset position may change daily and must be carefully monitored to ensure the most productive use of cash.
3. Optimal management of working capital leads to an increase in income and reduces the risk of a company's cash deficit.
4. Proper management of working capital will maximize the rate of return and minimize your liquidity and commercial risk.
When optimizing the process of managing and using current assets, special attention should be paid to receivables and inventories.
Accounts receivable are funds owed to the firm but not yet received by it. Working capital includes accounts receivable, the maturity of which does not exceed one year.
Accounts receivable can be represented by the following items: receivables from core activities and receivables from other transactions.
Accounts receivable from other transactions include such items as advances to employees, advances to branches, deposits as a guarantee of debt, receivables from financial transactions (accounts receivable for dividends and interest), etc.
Accounts receivable management involves, first of all, control over the turnover of funds in settlements. Turnover acceleration is a positive trend economic activity enterprises.
Acceleration of turnover can be achieved through the selection of potential buyers, the definition of payment terms, control over the maturity of receivables and the impact on debtors.
The selection of buyers is carried out by analyzing compliance with their payment discipline in the past, analyzing their current solvency, analyzing their level of financial stability and analyzing other financial indicators that characterize the financial condition of the enterprise - the buyer.
Determining the terms of payment for goods by buyers lies in the fact that the buyer sets the deadlines for paying for goods: paid earlier - received a discount on payment for goods, paid on time - lost the discount provided, paid late - pay a fine.
Control over the maturity of receivables includes ranging receivables by the timing of their occurrence. The most common classification provides for the following grouping of receivables in days: up to 30 days, from 30 to 60 days, from 60 to 90 days, from 90 to 120 days, more than 120 days.
The most common ways of influencing debtors in order to repay debts are sending letters, phone calls, personal visits, sale of debts to special organizations.
Accounts receivable management also implies a mandatory comparative analysis of the amount of receivables with the amount of accounts payable. It is very important for the financial position of the company that the receivables do not exceed the accounts payable.
The receivables management policy is an integral part of the current assets management policy and is aimed at expanding the volume of product sales, optimizing the size of this debt and ensuring its timely collection.
The inventory management policy is part of the general policy of managing the company's current assets and consists in optimizing the overall size and structure of inventories, minimizing the cost of their maintenance and ensuring effective control over their movement.
When determining the need for working capital, it should be taken into account that, firstly, at their expense production costs enterprises and their shortage can lead to interruptions in the production process. Secondly, the receipt of revenue often does not coincide with the time of shipment of products and the beginning of a new production cycle, that is, with the time of consumption of material resources. Under these conditions, the enterprise must provide for such an amount of working capital that will allow starting a new circuit without waiting for the end of the previous one. In addition, for uninterrupted operation, the enterprise must have working capital sufficient not only for the formation of current assets and the implementation of production, commercial and administrative expenses, but also for financing the activities of all service facilities of the organization.
Therefore, at the beginning of the first production cycle, it is necessary to accumulate such an amount of working capital so that, until the working capital advanced into it completes its circulation and returns in the form of revenue, the enterprise could incur costs associated with both production and marketing activities and administrative work.
In a market economy, all financial resources with which the formation of working capital is carried out have their own value, so the analysis of the sources of working capital plays a significant role.

1.3 Methodology for the analysis of working capital

The relevance of the topic under study lies in the fact that the efficiency of functioning and financial stability of enterprises largely depend on the availability of current assets, their structure and level of use. Therefore, the current asset management system, along with planning, regulation and accounting, includes a regular analysis of their composition, dynamics, compliance with the needs of current production and economic activities, as a result of which possible improvements in the use of current assets are identified, the duration of the financial cycle is reduced, the continuity of the production process is ensured and sales of products with lower costs of financial resources. The analysis of current assets should be characterized by consistency, purposefulness and effectiveness, objectivity of assessments, validity of conclusions and proposals.
The financial condition of the organization directly depends on how quickly the funds invested in current assets turn into real money. Thus, the growth of non-payments makes it difficult for the rhythm of the organization's activities and leads to an increase in receivables; excessive diversion of funds into inventories, work in progress, finished products leads to inefficient use of working capital.
The main task of managing current assets is the formation of the required volume, optimization of the composition and ensuring the effective use of current assets of the enterprise.
The analysis of current assets occupies an important place in the analysis of the financial condition of the enterprise, since in relation to its economic activity they perform a service function, i.e. in the process of circulation of current assets, profit from sales is formed, which in many respects is the main source of funds that ensures the successful functioning of a commercial organization.
Working capital analysis covers the following steps:
- identification of the enterprise's need for working capital;
- determination of sources of financing of working capital;
- analysis of the impact of the state of current assets on liquidity;
- calculation of the turnover rate of working capital to determine the efficiency of their use;
- Analysis of the profit received as a result of the use of working capital.
Generally accepted methods of analysis, as a rule, involve the implementation of the above stages by using only the financial statements of the organization as an accounting and analytical base. At the same time, financial statements are formed according to the rules established by the state, and they do not fully take into account the information needs of the enterprise's management. In this regard, in the works of economists, it is proposed to use budgets and reports on their execution based on management accounting data for the analysis of working capital, which should reflect the same aspects of economic activity as financial reporting forms, but the information content of the former differs from the information content of the latter. The analysis of working capital on the example of an enterprise is of great importance. The former are more analytical, contain not only financial, but also non-financial indicators and allow you to evaluate the assets of an enterprise not by the smallest of the two indicators - cost and market price - but by each of them. This will not only provide more detailed information for the subsequent analysis of working capital, but also to develop new, more correct methods for calculating analytical indicators.
The following figure shows the stages of the analysis of the working capital of the enterprise.

Figure 1.2 - Stages of analysis of working capital

Stage 1 - capital structure analysis
Under the structure of working capital refers to the ratio between the elements in the total amount of working capital. The structure of current assets is influenced by the specifics of a particular production, supply, the accepted procedure for settlements with buyers and customers. The study of the structure is the basis for predicting future changes in the composition of working capital.
The structure of current assets of the enterprise, first of all, reflects the specifics of the operating, financial cycle of the company. The composition and structure of current assets depends on the production cycle (for example, in mechanical engineering, where the production cycle is quite long, a significant proportion is work in progress, in food, a significant proportion is raw materials and materials), as well as on economic and organizational factors.
The composition and structure of working capital should be considered depending on:
- functional role in the production process (working capital and means of circulation);
- liquidity, that is, the rate of conversion into cash;
- the degree of risk of capital investment.
Some authors believe that when analyzing the composition and structure of current assets, it is necessary to take into account their dependence on many factors of an industrial, organizational and economic nature, such as:
- industry specifics of production and the nature of activities;
- the complexity of the production cycle and its duration;
- the cost of stocks, the conditions of their delivery and its rhythm;
- procedure for settlements and settlement and payment discipline;
- fulfillment of mutual contractual obligations
To analyze the structure of working capital, the proportions of the constituent elements of working capital in their total cost are determined using vertical analysis.
Vertical (structural) analysis is carried out in order to determine the structure of the final financial indicators, i.e. identifying the share of individual reporting items in the overall final indicator (identifying the impact of each position on the result as a whole).
This method allows you to determine the proportion of elements of working capital:

Di = Obsi / Obs (1.1)

Where Di is the share of the working capital component;
Obsi - the value of the working capital component;
Obs - the result of the working capital of the enterprise.
Knowing the share of each main component in current assets, one can draw certain conclusions about the quality of resource management in the company. So, for example, a significant share of receivables indicates inefficient work with buyers and customers, a significant share of stocks may be due to:
1. an increase in the volume of purchases of raw materials and materials due to rising prices for the main types of raw materials or an inefficient procurement management system;
2. growth in production volume, which, in turn, leads to an increase in inventories;
3. poor-quality planning, lack of a clear relationship between procurement and production activities, etc.
To assess the dynamics of the structure, the horizontal method is used, which allows you to determine:
1. Absolute change of structure: Di =Di1 - Di0
2. Relative change: Tpr(Di) = Di / Di0 * 100%
The next stage is the analysis of the profitability of working capital.
Stage 2 - analysis of the liquidity of current assets.
As part of the liquidity analysis, the following ratios are calculated
The overall liquidity ratio shows whether the company has enough funds that can be used to pay off short-term liabilities. Reflects how many rubles of current assets of the enterprise account for 1 ruble current liabilities. Recommended values are at least 1-2. The coefficient is calculated using the following formula:

To the general. liquor = OA/KO (1.2)

Where K is common. liquor - total liquidity ratio
OA - current assets;

Next, consider the quick liquidity ratio.
Under urgent liquidity understand the ability to repay obligations in the event of liquidation of the organization. An enterprise can be liquid to a greater or lesser extent, since the composition of current assets includes heterogeneous working capital, among which there are both easy to sell and hard to sell to pay off external debt.
The coefficient is calculated using the following formula:

By urgent liquor = (DS + KFV + DZ)/ KO, (1.3)

Where To urgent. liquor - quick liquidity ratio
DS - cash;
KFV - short-term financial investments;
DZ - Accounts receivable
TO - short-term liabilities.
The quick liquidity ratio shows what funds can be used if all or some of the current liabilities mature immediately and it will not be possible to sell the least liquid part - inventories. The recommended value is greater than 1.
Next, consider the ratio of absolute liquidity.
The absolute liquidity ratio shows what share of short-term debt obligations can be covered by almost absolutely liquid assets. The absolute liquidity ratio is calculated using the following formula (1.4):

To abs. liquor = DS / KO, (1.4)

Where DS - cash;
TO - short-term liabilities.
When calculating the indicator - the absolute liquidity ratio - only cash on hand, in bank accounts, as well as securities that can be sold on the stock exchange are taken as liquid funds. The denominator is short-term liabilities. The optimal value of the indicator (0.2-0.7) shows what part of the short-term debt the company can repay in the near future at the expense of cash and short-term financial investments.
Stage 3: analysis of the turnover of working capital.
At the third stage, the turnover ratios (in turnovers and days), as well as the load factor, are calculated.
The asset turnover ratio is calculated using the following formula:

(1.5)

Where: Kob.a - asset turnover ratio;
VR - proceeds from sales;
Assets cf. - the average annual value of current assets.
Based on the calculated indicator, we calculate the fixation coefficient (working capital utilization, fixation coefficient).

Where Kz is the coefficient of fixed assets;
TO About - the turnover ratio of current assets;
The turnover ratio of working capital in days is calculated using the following formula:

Add \u003d Dp / Cob (1.7)

Where Dp is the duration of the period;
Cob - turnover ratio.
Stage 4: analysis of the profitability of working capital.
Return on current assets (RCA) - demonstrates the ability of the enterprise to ensure a sufficient amount of profit in relation to the used working capital of the company. The higher the value of this ratio, the more efficiently working capital is used. Calculated according to the formula:

Ra = PE / OA of active management of current assets and sound management decision-making when planning current activities, it is important to assess the influence of the main factors on the increase in profitability. Consider the method of factor analysis using balance sheet data.
Initial data:
- Current assets (form 1, page 290);
- Balance sheet profit (f.2. p. 140)%
Factor analysis algorithm:
1. values of profitability of current assets;
2. change in the overall profitability of current assets:
Absolute:

ΔРb = Рb1 - Рb0(1.9)

ΔРb(BPR) = (BPR1 - BPR0) / OBS0(1.10)

Let's determine the impact of changes in current assets on the increase in profitability:

Δ Rb (OBS) = BPR1 / OBS1 - BPR1 / OBS0 (1.11)

Based on the foregoing, we will develop an algorithm for analyzing the company's current assets, according to which the calculation will be carried out in the second chapter of the work.

Table 1.1
Working capital analysis algorithm

Stage	Stage name	Content
1	Analysis of the structure and dynamics of current assets	horizontal analysis, Vertical Analysis
2	Liquidity analysis	General liquidity Term liquidity Absolute liquidity
3	Profitability analysis	Return on working capital
4	Turnover analysis	Turnover ratio in turnovers and days,
5	Factor analysis

Thus, the effectiveness of the use of working capital is characterized by a system of economic indicators, one of which is the ratio of their placement in the sphere of production and the sphere of circulation. The more working capital serves the sphere of production, and within the latter - the production cycle (of course, in the absence of excess stocks of inventory items), the more rationally they are used.
When forming the working capital of an enterprise, it is necessary to pay attention to the liquidity of the emerging structure of assets. The implementation of industrial and commercial activities is associated with the movement of material and cash flows. On the one hand, the incoming flows of resources required to complete the production program cause cash outflows. On the other hand, the sale of manufactured products leads to cash inflows. Thus, as a result of the use of working capital in the production and commercial cycle, at the reporting date, the enterprise develops a certain structure of current assets formed to carry out its activities and opposing obligations.
The traditional way to analyze liquidity is to compare the assets and liabilities of the balance sheet, aggregated into four groups according to the following principle: assets - by the degree of decrease in the liquidity of property, liabilities - by the degree of lengthening of the maturity of obligations. At the same time, in order to conclude that the balance sheet is liquid, each of the first three groups of assets must be no less than the corresponding groups of liabilities.
Without belittling the importance of the above approach, we note that it does not always allow making informed management decisions, since the current conditions in which the enterprise operates are not reflected in external financial statements. So, for example, without the use of additional sources of information, it is impossible to determine the share of doubtful receivables and the consequences of non-payment of accounts payable. The works of many economists substantiate the need to separate receivables and payables into debt formed in relationships with independent counterparties (third-party debt) and formed in relationships with counterparties belonging to the same owner as the analyzed enterprise (structural debt), since in the short term structural debt accounts payable can be attributed to own sources, and structural receivables - to the most liquid assets. In view of the foregoing, an approach to grouping the assets and liabilities of an organization is proposed, which involves the use of management reporting data (Table 2.1).

Table 1.2
Grouping of assets for the purposes of liquidity analysis based on management reporting data

Assets			Passive
1	2	3	4	5	6
Group name	Designation	Asset item	Group name	Designation	Liability article
Most liquid assets	A 1	Cash, short-term financial investments, structural receivables, notes receivable	Most urgent obligations	P 1	Accounts payable net of structural, advances received, other short-term liabilities
Quick Selling Assets	A 2	Short-term accounts receivable net of structural, doubtful and bills receivable, standard balances of finished products and other assets	Short-term liabilities	P 2	Short-term loans and borrowings, advances received, deferred tax liabilities
Slow selling assets	A 3	Stocks minus the standard balances of finished products and illiquid assets, VAT on acquired valuables	Long-term liabilities	P 3	Long-term credits and loans
Difficult-to-sell assets	A 4	Non-current assets, long-term receivables less structural, doubtful receivables and illiquid assets	Permanent liabilities	P 4	Equity, structural accounts payable

As can be seen from Table. 1.2, detailing the items of the management balance sheet will allow grouping the assets and liabilities of the organization for the subsequent analysis of working capital more adequately to the conditions of the economic activity of a particular enterprise.
In the writings of economists, it is argued that for the purposes of analysis, stocks of raw materials, materials and finished products should be valued at the price of their possible sale, since it is it, and not the cost, that characterizes the amount of potential revenue that allows you to pay off creditors. As a result of changes in the value of inventory and fixed assets, there is a difference between the sum of assets and liabilities of the enterprise, which in the works of economists is proposed to be included in equity.
The practical experience of specialists makes it possible to assert that the analysis of the liquidity of an enterprise's assets, based on the use of management reporting data, allows analysts to conduct more successful research for the purposes of planning the acquisition of assets and making payments and make the most correct decisions on managing the financial flows of an enterprise.
The most important factor in the influence of working capital on the results of the enterprise is the turnover of working capital.
At the same time, the fundamental factor in the value of traditionally used turnover indicators (circulation ratio of working capital, duration of turnover and conditional release or attraction of funds) is the amount of revenue received, which depends not only on the turnover rate of working capital, but also on the profit included in the revenue. In the generally accepted practice of calculating turnover, this fact is not reflected, which does not allow for a comprehensive analysis of the financial performance of the organization.

2. ANALYSIS OF THE USE OF WORKING ASSETS OF THE COMPANY NJSC "City Bakery No. 2"

2.1 Analysis of the company's working capital

The main activities of NJSC City Bakery No. 2 are:

- baking bread;

- bread;

The implementation of activities classified by law as licensed is preceded by the receipt by the company of the appropriate license in the prescribed manner.
The main activity of NJSC "City Bakery No. 2" is the production of flour of three varieties, barley groats, pearl barley, compound feed, semolina.
On the territory of the enterprise there is an administrative building, a weighing room for receiving raw materials, a flour-grinding workshop, a cereals, flour-grinding and food products workshop, warehouses for storing and selling products, a garage, locksmith workshops, a canteen, a health complex, and security.
Let's analyze the use of the company's working capital. Appendix A shows the company's balance sheet.
Table 2.1 shows a horizontal analysis of changes in the company's current assets.

Table 2.1
Horizontal analysis of changes in current assets

current assets	Year			Absol. change, thousand rubles		Relates change, %
	2012	2013	2014	2013	2014	2013	2014
	thousand roubles.	thousand roubles.	thousand roubles.	thousand roubles.	thousand roubles.	%	%
Stocks incl.	9 580	9 876	10 078	296	202	3%	2%
VAT	694	723	745	29	22	4%	3%
Accounts receivable	6 476	6 817	7 176	341	359		5%
	30	30	30	-	-	0%	0%
Cash	143	147	151	4	4	3%	3%
Other current assets	-	-	-	-	-
Section total	16 923	17 593	18 180	670	587	4%	3%

Let's analyze the obtained results.
Figure 2.1 shows the dynamics of changes in the company's current assets.

2012 2013 2014

Figure 2.1 - Dynamics of changes in the company's current assets, thousand rubles.

As can be seen from the figure, throughout the period under review there is an increase in the company's working capital. At the same time, in 2013 the increase was 4% or 670 thousand rubles, and in 2014 - 3% or 587 thousand rubles. In total, the company's current assets at the end of 2014 amounted to 18,180 thousand rubles.
Next, we analyze the structure of current assets (table 2.2).

Table 2.2
Current assets structure

	2012	2013	2014
Stocks	57%	56%	55%
VAT	4%	4%	4%
Accounts receivable	38%	39%	39%
Short-term financial attachments	0%	0%	0%
Cash	1%	1%	1%
Other current assets	0%	0%	0%

Figure 2.2 - The structure of the company's current assets, thousand rubles.

As can be seen from the figure, throughout the entire period under review, the prevailing share in the total value of current assets is occupied by inventories - 57% in 2012, 56% in 2013 and 55% in 2014. In addition, accounts receivable account for a significant share, increasing from 38% in 2012 to 39% in 2014.
Let's analyze the change in the individual components of current assets.

Figure 2.3 - Elements of current assets, thousand rubles.

Let us analyze the dynamics of individual components

Figure 2.4- Dynamics of stocks, thousand rubles

The "Inventories" subsection reflects the balances of assets used as raw materials, materials in the production of products intended for sale; intended for sale (finished products, goods, goods shipped); used for the management needs of the organization (PBU 5/01). As can be seen from the figure, during the period under review there is an increase in the company's reserves - by 296 thousand rubles. for 2013 and 202 thousand rubles. for 2014. Excess stocks lead to unreasonable diversion of funds from economic turnover, which ultimately affects the growth of accounts payable and is one of the reasons for the unstable financial situation. A decrease in the share of inventories (as previously determined - from 57% to 55%) may indicate: a decrease in the increase in the production potential of the organization; the rationality of the chosen economic strategy, as a result of which a significant part of current assets is immobilized in reserves, which may not be high. The lack of stocks can lead to a reduction in production and a decrease in the amount of profit, which also affects the deterioration of the financial condition of the enterprise. Given this, stocks should be optimal. The decrease in the value of stocks indicates a decrease in the production potential of the enterprise, the rationality of the chosen economic strategy.
Let's analyze this element. working stocks like cash.
Figure 2.5 shows the dynamics of the company's cash, thousand rubles.

Figure 2.5 - Dynamics of the company's cash, thousand rubles.

Cash is a significant part of non-standardized working capital. In the process of circulation, working capital inevitably changes its functional form, as a result of which the sold finished products are converted into cash. Funds are mainly kept on the settlement (current) account of the enterprise in the bank, since the vast majority of settlements between business entities are carried out in a non-cash manner. In small amounts, cash is in the cash desk of the enterprise. In addition, buyers' funds may be in letters of credit and other forms of payment until they end. Cash in a certain amount must always be present as part of non-standardized working capital, otherwise the company will be declared insolvent.
As can be seen from the figure, annually the funds increase by 3% or by 4 thousand rubles.
Next, we analyze the change in receivables.
Funds in receivables indicate a temporary diversion of funds from the turnover of this enterprise, which causes an additional need for resources and can lead to a tense financial condition. Accounts receivable may be admissible, i.e. due to the current settlement system, and unacceptable, indicating shortcomings in financial and economic activities. In order to prevent losses and recognize the enterprise as insolvent, each business entity should strive for the full reduction of receivables.
Figure 2.6 shows the dynamics of receivables.

Figure 2.6 - Dynamics of receivables
The figure shows that there is an increase in accounts receivable - by 341 thousand rubles. for 2013 and 359 thousand rubles. for 2014.

2.2 Evaluation of the effectiveness of the use of the company's current assets

Calculate the duration of one revolution in days.
Table 2.3 shows the data for calculating the duration of one revolution.

Table 2.3
Calculation of the duration of one revolution

	2012	2013	2014
Co, thousand rubles	16 923	17 593	18 180
T, thousand rubles	40 173	43 197	45 470
D, thousand rubles	360	360	360
Oh days	152	147	145

Figure 2.7 shows the duration of one revolution

Figure 2.7 - Duration of one revolution
As can be seen from the figure, during the period under review, there is a decrease in the duration of turnover, which is a positive factor in the functioning of the company. With a slowdown in turnover, there is a need for additional involvement of funds in turnover.
Next, we calculate the asset turnover ratio according to formula 1.2. The turnover ratio shows the number of turnovers made by working capital for the year (half year, quarter), and is determined by the formula:
Table 2.4 shows the data for calculating the turnover ratio of the company's current assets.

Table 2.4
Calculation of the turnover ratio

	2012	2013	2014
T	16 923	17 593	18 180
So	40 173	43 197	45 470
Co.	2,37	2,46	2,5

Figure 2.8 shows the dynamics of the turnover ratio of current assets.

Figure 2.8 - Dynamics of the turnover ratio

As can be seen from the figure, throughout the period under review, there is a decrease in the turnover ratio. In 2014, the turnover ratio was 2.5, which means that working capital made 2.5 turnovers per year. At the same time, this figure means that for every ruble of working capital there were 2.5 rubles. sold products. At the same time, an increase in this indicator can be observed in the dynamics.
Next, we calculate the load factor of working capital according to formula 1.3.
Table 2.5 shows the data for calculating the working capital utilization factor.

Table 2.5
Calculation of the working capital utilization factor

	year 2012	year 2013	year 2014
So	40 173	43 197	45 470
T	16 923	17 593	18 180
Kz	0,42	0,41	0,40

Figure 2.9 shows the dynamics of the working capital utilization factor.

Figure 2.9 - Dynamics of the working capital utilization factor

As can be seen from the figure, during the period under review, there is a decrease in the working capital utilization factor from 0.42 in 2012 to 0.4 in 2014. Therefore, 0.4 rubles per 1 ruble of sold products. working capital. This indicator indicates an increase in the inefficiency of the use of working capital.
Next, we will calculate the liquidity ratios.
Calculate the liquidity ratio:
C ol 2012 = 16,923 / 14,986 = 1.129
C ol 2013 = 17,593 / 15,534 = 1.133
C ol 2014 =18,180 / 16,079 = 1.131
The figure shows the dynamics of the overall liquidity ratio.

Figure 2.10 - Dynamics of the overall liquidity ratio

As can be seen from the figure, during the period under consideration, the calculated indicator fluctuates. A slight decrease in the indicator in 2014 indicates a decrease in the company's funds that can be used to pay off short-term liabilities. At the same time, we can conclude that there is a decrease in the value of the current assets of the enterprise per 1 ruble of current liabilities.

Calculate the quick liquidity ratio:
K sl 2012 =(143 + 30+ 6476) / 14986 = 0.44
K sl 2013 = (147+30+6 817) / 15 534 = 0.45
K sl 2014 = (151 + 30 + 7 176) / 16 079 = 0.46

Figure 2.11 - Dynamics of the urgent liquidity ratio

The quick liquidity ratio shows what funds can be used if all or some of the current liabilities mature immediately and it will not be possible to sell the least liquid part - inventories. The recommended value is greater than 1 . As can be seen from the figure, the coefficient does not correspond to the normative value, while during the period under review there is an increase in the indicator, which indicates an increase in the funds available to the company, as well as big size short term liabilities.
Next, we calculate the absolute liquidity ratio:
Calculate the value of the coefficient:
To sl 2012 \u003d 143 / 14,986 \u003d 0.01
K sl 2013 = 147 / 15,534 = 0.01
By sl 2014 =151/ 16,079 = 0.01
The figure shows the dynamics of the absolute liquidity ratio.

Figure 2.12 - Dynamics of absolute liquidity ratio

As can be seen from the calculations, the value of the indicator is very low, which means that a very low share of short-term debt obligations can be covered by absolutely liquid assets, that is, cash. However, the value is much lower normative value. Next, we calculate the rate of return on current assets:
Ra 2012 = 1,762 / 18,180 x 100% = 9.7
Ra 2013 = 2,077 / 32,971 x 100% = 6.3
Ra 2014 = 4,715 / 38,644 x 100% = 12.2

Figure 2.13 - Dynamics of profitability of current assets
Return on current assets (RCA) - demonstrates the ability of the enterprise to ensure a sufficient amount of profit in relation to the current assets used. The growth of the indicator from 9.7% in 2012 to 12.2% in 2014 indicates an increase in the efficiency of the use of current assets.
Let's do a factor analysis.
Current assets:
OBS 2013 = 32,971 thousand rubles
OBS 2014 = 38,644 thousand rubles
Δ OBS = 5673 thousand rubles
Balance sheet profit (f.2. p. 140):
BP 2013 = 3472 thousand rubles.
BP 2014 = 4256 thousand rubles.
Δ BP = 784 thousand rubles.
Return on current assets values:
Pb0 = 3472/32971 = 0.105 (10.5%)
Pb1 = 4256/38644 = 0.11 (11%)
Change in the overall profitability of current assets:
Absolute:
ΔРb = Рb1 - Рb0 = 0.105 - 0.11 = -0.005
Let's determine the impact of changes in balance sheet profit on the increase in the profitability of current assets:
ΔРb(BPR) = 5673/32971 = 0.17
By increasing the balance sheet profit by 5673 thousand rubles. current assets increased by 0.17 points, each ruble of current assets in the reporting period accounted for more balance sheet profit by 17 kopecks.
Let's determine the impact of changes in current assets on the increase in profitability:
Δ Rb (OBS) \u003d 4256 / 38 644- 4256 / 32 971 \u003d 0.11 - 0.13 \u003d - 0.02
Increase in current assets by 5673 thousand rubles. led to a decrease in the overall profitability of current assets by 0.02 points, for each ruble of current assets, this accounted for less balance sheet profit by 2 kopecks.
Calculations clearly show that it is necessary to increase the level of management of current assets, while planning for the future, it is more rational to form the structure of current assets.
Conclusions on chapter two

3. DEVELOPMENT OF MEASURES TO INCREASE THE EFFICIENCY OF THE USE OF THE COMPANY'S WORKING ASSETS

3.1 Measures to improve the efficiency of the use of working capital

The need for working capital depends on many factors: production and sales volumes; the nature of the enterprise; the duration of the production cycle; types and structure of consumed raw materials; production growth rates, etc.
An accurate calculation of the enterprise's need for working capital should be based on the time spent by working capital in the sphere of production and circulation.
The residence time of working capital in the sphere of production covers the period during which working capital is in the state of stocks and in the form of work in progress.
The residence time of working capital in the sphere of circulation covers the period of their stay in the form of balances of unsold products, in the form of shipped, but not yet paid for products, receivables, in the form of cash held in the cash desk of the enterprise, in bank accounts.
The higher the turnover rate (the total time spent in the sphere of production and circulation), the lower the need for working capital. The company is interested in reducing the size of its working capital. But this reduction should have reasonable limits, since working capital should ensure its normal operation.
When determining the optimal need for working capital, the amount of money that will be advanced to create inventories, backlogs of work in progress and the accumulation of finished products in the warehouse is calculated. Three methods are used for this: analytical, coefficient and direct counting method.
The essence of the analytical, or experimental-statistical method lies in the fact that when analyzing the available inventory items, their actual stocks are corrected and excessive and unnecessary values are excluded.
With the coefficient method, the standard of the previous period is adjusted for the planned change in production volumes and for the acceleration of turnover.
Analytical and coefficient methods can be applied at those enterprises that have been operating for more than a year, have formed a production program and organized the production process, have statistical data for past years and do not have enough qualified specialists for more detailed work in the field of working capital planning.
The direct account method provides for the calculation of stocks for each element of working capital. This method is used when organizing a new enterprise and periodically clarifying the need for working capital of an existing enterprise.
The general standards of own working capital are determined in the amount of their minimum requirement for the formation of stocks of raw materials, materials, fuel, work in progress, deferred expenses, finished products.

The structure of working capital is influenced by a number of factors: the nature of the products produced, the features of logistics, the progressivity of consumption rates, inventory standards and work in progress, the duration of the production cycle, etc.
One of the main tasks of the enterprise in modern conditions is the intensification of production with the steadfast observance of the principle of resource saving.
In the general system of measures to ensure the economy regime, the main place is occupied by the economy of objects of labor, by which it is customary to understand the reduction in the cost of raw materials, materials, fuel per unit of output, of course, without any damage to the quality, reliability and durability of the product.
The economic significance of the rational use of working capital is expressed in the following.
- Reducing the specific consumption of raw materials, materials, fuel provides production with great economic benefits. First of all, it makes it possible to work out more finished products from a given amount of material resources and therefore acts as one of the serious prerequisites for increasing the scale of production.
- Saving material resources, the introduction of new, more economical materials into production contribute to the establishment of more progressive proportions between individual sectors in the process of reproduction, the achievement of a more perfect sectoral structure of industrial production.
- The desire to save material resources encourages the introduction of new technology and the improvement of technological processes.
- Savings in the consumption of material resources contributes to the improvement of the use of production capacities and the increase in social labor productivity. By itself, the decrease in the unit costs of past, materialized labor means an increase in the productivity of social labor. But this is not the only thing - the saving of material resources entails savings in the cost of living labor as well: the relative consumption of labor for the transportation of materials, their shipment and unloading, and their storage is reduced.
- Saving material resources greatly contributes to reducing the cost of industrial products.
- Significantly influencing the reduction of production costs, saving material resources has a positive impact on the financial condition of the enterprise.
Thus, the value of the economic efficiency of improving the use and saving of working capital is very high, since they have a positive impact on all aspects of the production and economic activities of the enterprise.

Table 3.1
Main problems and ways to solve them

Thus, in order to improve the efficiency of managing the financial flow of NJSC City Bakery No. 2, we will develop measures to apply the factoring scheme.

Let's visualize the diagram.

Figure 3.1 - Factoring scheme

1. A supplier (creditor) that ships products or provides services to a buyer (debtor).
2. A buyer who makes a partial payment for goods (services), usually at least 10%.
3. Factoring company (it is called a factor or agent), which pays the supplier the remaining part for the buyer and notifies the latter that now the rights to claim payment of the remaining part of the payment are transferred to it.

As a rule, a factoring company undertakes the work of managing receivables: accounting, monitoring the financial condition and solvency of debtors and other actions. At the same time, only those counterparties with whom the company has established long-term contractual relations are taken into work, and the statistics of shipments and payments are sufficient to be relatively confident in the solvency of the debtor. Often, in order to reduce the possible risks of non-payment, factoring companies analyze the financial condition of debtors according to their financial statements (we wrote about documents for processing factoring earlier), but not all buyers will want to provide such data to a third party.
A full range of factoring services involves managing receivables, covering a number of risks (loss of liquidity, credit, inflation, currency), information and analytical services (special programs that allow you to control the movement of funds, the current state of receivables, payment discipline of buyers, plan daily financial flows companies and generate analytical reports for management decisions).
Depending on the relationship between the supplier, the buyer and the factoring company, the following main types of factoring are distinguished (these types are not legally prescribed, they are more terminological): with or without recourse.
Recourse factoring is a type of factoring in which the supplier is obliged to return the funds to the factoring company if the buyer (debtor) has not fully fulfilled its payment obligations (for delivery and remuneration to the factor) within the time specified in the contract.
On the one hand, recourse factoring is not very interesting for suppliers: in the event of the debtor's (buyer's) insolvency, the creditor will eventually have to bear the losses. On the other hand, the factor commission with this type of financing is significantly lower, moreover, the manufacturer does not withdraw its own funds from circulation, which can be critical for certain production processes.
Nonrecourse factoring is a type of factoring in which the factoring company assumes all the risks of debtors' insolvency. Of course, in this case, the cost of factoring services will be higher (the factor will include the risk of non-payment in the cost), and the requirements for financed consumers will be tougher.
Consider the benefits of factoring.
Factoring, in its essence, is a kind of lending to a specific buyer for a specific delivery, with all this lending is unsecured, respectively, the risks of covering possible losses due to non-payment of debtors seem to be returned, “in which case”, back to the supplier.
It is certainly convenient for a supplier or manufacturer that he receives money immediately upon receipt of products or services by the consumer. In this case, it does not matter who pays: the client or the factor. Thus, there is no washing out of working capital, the risks of cash gaps are minimized. The use of factoring schemes gives the supplier additional competitive advantage: he, in fact, provides a commodity credit (well, or delivery with installment payment).
Similarly, it is convenient for the buyer, who can increase the volume of purchases and earn additional marginal income. The combination of these factors results in an increase in both sales and production volumes. At the same time, the cornerstone in this scheme is the question: “who will pay for the resources provided by the factoring company?”. And here the question is exclusively of agreements between the supplier and consumers: as a rule, the longer the installment period, the higher the rate for using the factoring company's money. Usually, in practice, part of the commission is paid by the supplier (and this is regulated at the level of discounts), part is paid by the buyer (so that there is an incentive not to delay the final payment).
The scheme is complicated by the need to sign a tripartite agreement between the factoring company, the supplier and the consumer (as a rule, the more parties involved in signing legal documents the longer it takes).

The upward trend in receivables indicates an unsatisfactory state of internal control over settlements.
With non-cash payments, the shipment and payment of goods do not coincide in time. This leads to the appearance of receivables or payables. Part of this debt in the process of economic and financial activities is inevitable, for example, with advance and security payments. But violation of payment and settlement discipline is also possible. For a financial manager, enterprise debt management is one of the most complex operational tasks.
Accounts receivable can be caused by late payments, shortages, embezzlement and theft, damage to valuables. Lately, there has been a sharp increase in late payment of invoices for shipped products, work performed and services rendered. This leads to the fact that manufacturers divert a significant amount of working capital from circulation for an indefinite period. In this regard, reserves for doubtful debts, formed at the expense of balance sheet profit, have acquired great importance. When writing off from the balance sheet of the enterprise unclaimed debts previously recognized as doubtful, the amount of the created reserve in correspondence with accounts for accounting for settlements with debtors is reduced accordingly. When adding unused amounts of reserves for doubtful debts to the profit of the year following the year of their creation, the amount of reserves decreases and the amount of taxable profit increases accordingly.
In the process of analyzing and managing receivables, the firm should develop a flexible system of contracts as a forecast, which would provide for either prepayment for products (full or partial), or issuance of an intermediate invoice, or flexible pricing depending on the inflation index. The firm must then evaluate the impact of these measures on financial results.
The following table shows the plan for implementing a factoring scheme.

Table 3.2
Implementation plan for the factoring scheme

Stage	Duration, days	Period	Responsible person
Search for a potential partner - a factoring company	15	10.05.2013-25.05.2013	Director
Selection of a potential partner - a factoring company and conclusion of an agreement	3	25.05.2013-28.05.2013	Director
Getting Started with the Schema	-	01.06.2013	Deputy Directors for Economics
Evaluation of performance results	-	31.12.2013	Director Deputy Directors for Economics

Next, we calculate economic efficiency proposed event.

3.2 Calculation of the effectiveness of the proposed measures

According to the company's experts, the use of the factoring scheme and the proposed measures to reduce the level of accounts receivable will reduce accounts receivable, payments for which are expected more than 12 months after the reporting date by 20% within two years.
Table 3.3 shows the calculation of the effectiveness of the factoring scheme.

Table 3.3
Calculation of the effectiveness of factoring receivables

Index	Units	Meaning
Volume of accounts receivable	rub.	7 176 231
The amount of one invoice	rub.	6 135
Number of days to delay	days	30
The amount of the commission for financing one delivery	rub.	181
Number of invoices	pieces	1 198
Factoring costs	rub.	216 838
Decrease in receivables	rub.	717 623
Saving	rub.	500 785

CONCLUSION

The object of study of this course work was the working capital of NJSC "City Bakery No. 2".
The main activities of NJSC City Bakery No. 2 are:
- production of cereals, feed mixtures and other consumer goods;
- purchase, drying, storage and processing of grain;
- trade and purchasing activities;
- intermediary services for the sale and exchange of goods, raw materials;
- baking bread;
- wholesale and retail trade.
Main manufactured products:
- bread;
- bakery and confectionery products;
Throughout the period under review, there is an increase in the company's working capital. At the same time, in 2013 the increase was 4% or 670 thousand rubles, and in 2014 - 3% or 587 thousand rubles. In total, the company's current assets at the end of 2014 amounted to 18,180 thousand rubles. Throughout the period under review, the prevailing share in the total value of current assets is occupied by inventories - 57% in 2012, 56% in 2013 and 55% in 2014. In addition, accounts receivable account for a significant share, increasing from 38% in 2012 to 39% in 2014.
During the period under review, there is an increase in the company's reserves - by 296 thousand rubles. for 2013 and 202 thousand rubles. for 2014. Excess stocks lead to unreasonable diversion of funds from economic turnover, which ultimately affects the growth of accounts payable and is one of the reasons for the unstable financial situation. A decrease in the share of inventories (as previously determined - from 57% to 55%) may indicate: a decrease in the increase in the production potential of the organization; the rationality of the chosen economic strategy, as a result of which a significant part of current assets is immobilized in reserves, which may not be high. There is an increase in accounts receivable - by 341 thousand rubles. for 2013 and 359 thousand rubles. for 2014.
During the period under review, there is a decrease in the duration of turnover, which is a positive factor in the functioning of the company. With a slowdown in turnover, there is a need for additional involvement of funds in turnover.
Throughout the period under review, there is a decrease in the turnover ratio. In 2014, the turnover ratio was 2.5, which means that working capital made 2.5 turnovers per year. At the same time, this figure means that for every ruble of working capital there were 2.5 rubles. sold products. At the same time, an increase in this indicator can be observed in the dynamics.
During the period under review, there is a decrease in the working capital utilization factor from 0.42 in 2012 to 0.4 in 2014. Therefore, 0.4 rubles per 1 ruble of sold products. working capital. This indicator indicates an increase in the inefficiency of the use of working capital.
The effective use of working capital largely depends on the correct determination of the need for working capital. Understating the value of working capital entails the instability of the financial situation, interruptions in the production process and a decrease in production and profits.
The effective use of working capital largely depends on the correct determination of the need for working capital. Understating the value of working capital entails the instability of the financial situation, interruptions in the production process and a decrease in production and profits.
Efficient work of the enterprise is the achievement of maximum results at minimum cost. Minimization of costs is achieved primarily by optimizing the structure of sources for the formation of working capital, i.e. a reasonable combination of own, credit and borrowed resources.
To improve the efficiency of managing the financial flow of NJSC City Bakery No. 2, we will develop measures to apply the factoring scheme.
Factoring, in the most simple sense, is the sale of receivables, or rather the transfer of agency functions for its management to a third party. Let us immediately note that factoring is fundamentally different from the assignment of the right to claim under the contract (cession). In the case of cession, the rights of claims are completely transferred to the new party, the counterparty of the contract changes. In the case of an assignment, the assignment (as a rule, sale) of the rights of claims occurs unilaterally, that is, the creditor in the simplest case sells the rights of claim (cash, tangible assets and other assets) to a third party, while the consent of the debtor (debtor) is not required. In factoring, as a rule, a tripartite agreement is signed between the supplier, buyers and the factoring company.
The main subjects of the factoring scheme are:
- A supplier (creditor) that ships products or provides services to a buyer (debtor).
- A buyer who makes a partial payment for goods (services), usually at least 10%.
- Factoring company (it is called a factor or agent), which pays the supplier the remaining part for the buyer and notifies the latter that now the rights to claim the payment of the remaining part of the payment are transferred to it.
After a certain time, the buyer pays the rest of the payment to the factoring company, as well as remuneration for the actually provided installment plan.
The efficiency of using the factoring system for an enterprise lies in the fact that when this enterprise ships products to the buyer, it can immediately receive payment for the shipped goods from the factor, without waiting for the settlement period with the buyer. In addition to preventing long cash gaps, this allows you to increase sales and competitiveness by providing buyers with preferential terms (deferment) of payment for goods under a reliable guarantee. The use of factoring allows you to receive financing up to 90% of the value of the supplied goods.
According to the company's experts, the use of the factoring scheme and the proposed measures to reduce the level of accounts receivable will reduce accounts receivable, payments on which are expected more than 12 months after the reporting date by 20% within two years.
Thus, the implementation of the proposed measure will allow the organization of NJSC City Bakery No. 2 to reduce accounts receivable. The savings will amount to 500,785 rubles.

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56. Balance sheet
57. Statement of financial results

APPENDIX A

Balance sheet

	The code	As of December 31, 2012	As of December 31, 2013	As of December 31, 2014
ASSETS
I. NON-CURRENT ASSETS
Intangible assets	1110	10	10	10
Research and development results	1120
Intangible search assets	1130
Tangible Exploration Assets	1140
fixed assets	1150	10 522	11 194	11 783
Profitable investments in material values	1160
Financial investments	1170	10	10	10
Deferred tax assets	1180
Other noncurrent assets	1190	693	679	653
Total for Section I	1100	11 235	11 893	12 456
II. CURRENT ASSETS
Stocks	1210	9 580	9 876	10 078
Value added tax on acquired valuables	1220	694	723	745
Accounts receivable	1230	6 476	6 817	7 176
Financial investments (excluding cash equivalents)	1240	30	30	30
Cash and cash equivalents	1250	143	147	151
Other current assets	1260
Total for Section II	1200	16 923	17 593	18 180
BALANCE	1600	28 158	29 486	30 636
LIABILITY
III. CAPITAL AND RESERVES 6
Authorized capital (share capital, authorized fund, contributions of comrades)	1310	100	100	100
Additional capital (without revaluation)	1350	12 508	12 508	12 508
Reserve capital	1360	177	177	177
Retained earnings (uncovered loss)	1370	387	1 167	1 772
Total for Section III	1300	13 172	13 952	14 557
IV. LONG TERM DUTIES
V. SHORT-TERM LIABILITIES
Borrowed funds	1510	1 821	1 958	2 083
Accounts payable	1520	6 692	6 970	7 186
revenue of the future periods	1530	-	-
Estimated liabilities	1540	-	-
Other liabilities	1550	6 474	6 606	6 810
Section V total	1500	14 986	15 534	16 079
BALANCE	1700	28 158	29 486	30 636

APPENDIX B

financial report results

Name of indicator	year 2012	year 2013	year 2014
Revenue	49 717	53 459	56 273
Cost of sales	40 173	43 197	45 470
Gross profit	9 544	10 263	10 803
Selling expenses	3 287	3 535	3 682
Management expenses	2 527	2 660	2 800
Profit (loss) from sales	3 730	4 068	4 321
Income from participation in other organizations			-
Interest receivable
Percentage to be paid
Other income	4 222	4 099	3 941
other expenses	4 914	4 770	4 587
Profit (loss) before tax	3 038	3 396	3 675
Current income tax	729	815	882
Change in deferred tax liabilities	2 309	2 581	1 031
Change in deferred tax assets			-
Other			-
Retained earnings (loss) of the reporting period	2 309	2 581	1 762

All tables, formulas, figures and graphs are in the archive with the work, which can be downloaded from our website.

Analysis of the use of working capital of organizations. Coursework analysis of the effectiveness of the use of working capital of the enterprise

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