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Tenet Healthcare Corporation
Tenet Healthcare Corp
This paper examines the financial statements of Tenet Healthcare Corporation, reviewing their important components and discussing their interrelationship.
Tenet's annual report for the year ending December 31, 2011 provides information on the firm's financial health. The balance sheets provide information about what the company owns and what it owes. The income statements provide information about how much money Tenet earned and spent, and the cash flow statements show information about the exchange of money between Tenet and other parties.
Tenet's Balance Sheet
Tenet's balance sheet provides detailed information about its assets, liabilities and shareholders' equity. Tenet's assets are what it uses to operate its business, while its liabilities and shareholders' equity are two sources that support those assets. Tenet's liabilities are amounts of money that it owes to others. Shareholders' equity is the amount of money invested in the company combined with retained earnings; together they represent a source of funding for Tenet.
At the end of the fiscal year 2011, Tenet's total assets amounted to $8.46 billion, down slightly from $8.5 billion in 2010. Tenet's cash and cash equivalents are down significantly, from $405 million in 2010 to $113 million in 2011. These figures also...
Accounts receivable increased from $1.14 billion in 2010 to $1.27 billion in 2011. Total current assets also increased during this period.
Tenet's total current liabilities increased from $1.73 billion to $1.82 billion. Long-term debt increased by nearly $400 million, while total liabilities also increased from $6.68 billion to $6.95 billion.
Tenet's common and preferred stock remained unchanged, while the number of shares of common stock in treasury nearly doubled, due to their share repurchase program. The company purchased more than 81 million shares of stock for approximately $400 million. Total shareholders' equity declined from $1.77 billion to $1.42 billion. Tenet has not paid cash dividends on their common stock since 1994, nor do they intend to pay dividends in the foreseeable future. Their senior secured revolving debt agreement limits or prohibits the payment of cash dividends.
Tenet's Income Statement
Tenet's income statement shows how much revenue they earned over the two-year period from December 31, 2009 thru December 31, 2011, as well as expenses for the same period. Because of accrual accounting, the income statement does not necessarily coincide with the actual receipt and disbursement of cash. Tenet's income statement does not measure cash flow, it reports profitability. Tenet's…
Reference List
Tenet Healthcare Corporation. (2012). Form 10-K for year ended December 31, 2011. Available at: http://www.tenethealth.com/Investors/Documents/Q4%202011%20Earnings/CY11%2010-K%20FINAL.pdf
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