{"id":45801,"date":"2023-08-21T10:52:09","date_gmt":"2023-08-21T10:52:09","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=45801"},"modified":"2026-03-04T14:22:17","modified_gmt":"2026-03-04T14:22:17","slug":"liquidity","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-issuers\/liquidity\/","title":{"rendered":"Liquidity"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which of the following are most likely primary sources of liquidity?\",\n    \"text\": \"Which of the following are most likely primary sources of liquidity?\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. Readily available cash balances and short-term funds are examples of primary sources of liquidity. Negotiating debt contracts and liquidating assets are examples of secondary sources of liquidity. While cash flow management is a primary source of liquidity, filing for bankruptcy is considered a secondary source.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"Negotiating debt contracts and liquidating assets.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"Ready cash balances and short-term funds.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"Filing for bankruptcy and cash flow management.\"\n      }\n    ]\n  }\n}\n<\/script>\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/TxF8J3o9QSk\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Liquidity is the degree to which a corporation can satisfy its short-term obligations using cash flows and assets that can be quickly converted into cash.<\/p>\n<p>Liquidity management describes a company&#8217;s ability to generate cash whenever it needs to meet its short-term obligations. Sources of liquidity vary from one company to another but can be generally classified as either primary or secondary sources.<\/p>\n<h3>Primary Sources of Liquidity<\/h3>\n<p>Primary liquidity sources refer to funds readily accessible to a company at a relatively low cost. They can be held as cash or cash equivalents, and they include the following:<\/p>\n<ul>\n<li>Cash and marketable securities on hand &#8211; This refers to cash in the bank accounts or held as currency, and securities that can be quickly converted into cash without any significant loss of value.<\/li>\n<li>Borrowings: These consist of a company&#8217;s short-term investment portfolios, trade credit, and bank lines of credit. In as much as cash from borrowings can help settle near-term obligations, they must be repaid.<\/li>\n<li>Cash flow from the business &#8211; This refers to cash generated by the business, and is substantial only for profitable firms.<\/li>\n<\/ul>\n<p>Cash flow from the business is the primary long-term source of liquidity for a firm, and analysts track cash flows from the business using the statement of cash flows.<\/p>\n<p>Analysts can calculate teh following cash flow measures from the statement of cash flows.<\/p>\n<ol type=\"1\">\n<li><strong>Cash flow from operations:<\/strong> It measures an issuer&#8217;s primary business activities&#8217; cash profit over time, calculated as follows.<em>Cash received from customers.<\/em>\n<p><em>Plus: Interest and dividends received on financial investments<\/em><\/p>\n<p><em>Minus: Cash paid to employees and suppliers<\/em><\/p>\n<p><em>Minus: Taxes paid to governments<\/em><\/p>\n<p><u><em>Minus: Interest paid to lenders<\/em><\/u><\/p>\n<p><em>Cash flows from operations<\/em><\/li>\n<li><strong>Free cash flow<\/strong>: Cash flow from operations does not account for the issuer&#8217;s capital investments to expand or improve operations. Thus, we calculate free cash flow to account for this.<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Cash flows from <em>operations<\/em><\/p>\n<p style=\"padding-left: 40px;\"><u><em><u><em>Minus<\/em><\/u>: Investments in long-term assets<\/em><\/u><\/p>\n<p style=\"padding-left: 40px;\">Free cash flow<\/p>\n<h3>Secondary Sources of Liquidity<\/h3>\n<p>Secondary sources of liquidity include:<\/p>\n<ul>\n<li>Renegotiating debt contracts to reduce high-interest payments or principal repayment burdens.<\/li>\n<li>Selling assets.<\/li>\n<li>Reducing or suspending shareholders&#8217; dividends.<\/li>\n<li>Delaying or reducing capital expenditures.<\/li>\n<li>Issuing equity through share issuance in private or public markets. The effect is that the existing shareholders&#8217; equity will be diluted.<\/li>\n<li>Filing for bankruptcy protection and reorganization.<\/li>\n<\/ul>\n<p>Using secondary sources of liquidity signals that a company\u2019s financial health is deteriorating as it is willing to raise capital at a higher cost or at a disadvantage to its existing stakeholders.<\/p>\n<h2>Factors affecting Liquidity: Drags and Pulls<\/h2>\n<h3>Drag on Liquidity<\/h3>\n<p>The timing of cash receipts and disbursements can significantly affect a company&#8217;s liquidity position. When receipts infrequently occur i.e., cash inflows lag, especially after payments are made, a \u2018drag on liquidity\u2019 occurs due to the decreased availability of funds. Drags on liquidity include:<\/p>\n<ol type=\"1\">\n<li>Uncollected receivables.<\/li>\n<li>Obsolete inventory.<\/li>\n<li>Borrowing constraints.<\/li>\n<\/ol>\n<h3>Pull on Liquidity<\/h3>\n<p>A \u2018pull-on liquidity\u2019 occurs when disbursements are paid too early. This is because companies will be forced to spend money before receiving funds from sales. Pulls on liquidity include:<\/p>\n<ul>\n<li>Early payments.<\/li>\n<li>Reduced credit limits.<\/li>\n<li>Limits on short-term lines of credit.<\/li>\n<li>Low liquidity positions.<\/li>\n<\/ul>\n<h2>Measuring and Evaluating Liquidity<\/h2>\n<p>A company&#8217;s liquidity determines its creditworthiness and capacity to borrow at cheaper rates and with better credit conditions. The less liquid a company is, the more likely it will go bankrupt.<\/p>\n<p>Analysts use liquidity and activity ratios to compare the liquidity of firms with different sizes and varying sources of liquidity. Liquidity ratios measure a firm\u2019s ability to satisfy its short-term obligations using its current assets. We will discuss below the three major liquidity ratios that analysts use.<\/p>\n<h4>Current Ratio<\/h4>\n<p>A company with a positive total working capital (Working capital = Current assets &#8211; Current liabilities) will likely have a current ratio greater than one. A higher current ratio implies greater liquidity under this measure.<\/p>\n<p>$$ \\text{Current ratio}=\\frac{\\text{Current assets}}{\\text{Current liabilities}} $$<\/p>\n<h4>Quick Ratio<\/h4>\n<p>The quick ratio removes inventory (compared to other current assets, inventory and receivables are less readily convertibel to cash) since it is not easy to convert to cash. A firm that can meet its short-term cash obligations without liquidating inventory will likely have a quick ratio greater than one.<\/p>\n<p>$$<br \/>\n\\text{Quick ratio}=\\frac{\\text{Cash}+\\text{Short term marketable instruments}+\\text{Receivables}}{\\text{Current liabilities}} $$<\/p>\n<h4>Cash Ratio<\/h4>\n<p>The cash ratio compares short-term marketable securities and cash with current liabilities. A cash ratio greater than or equal to one indicates that a firm could meet all its short-term obligations without collecting receivables or waiting to sell inventory.<\/p>\n<p>$$ \\text{Cash ratio}=\\frac{\\text{Cash}+\\text{Short term marketable instruments}}{\\text{Current liabilities}} $$<\/p>\n<p><strong>Example: Calculating Liquidity Ratios<\/strong><\/p>\n<p>$$ \\text{Consider the following balance sheet for Company ABC (in } \\$ \\text{ million):} $$<\/p>\n<p>$$ \\begin{array}{l|r}<br \/>\n\\text{Cash} &amp; 150 \\\\<br \/>\n\\text{Short-term marketable securities} &amp; 400 \\\\<br \/>\n\\text{Accounts receivable} &amp; 500 \\\\<br \/>\n\\text{Inventory} &amp; 900 \\\\<br \/>\n\\text{Prepaid expenses} &amp; 600 \\\\<br \/>\n\\text{PPE} &amp; 20,000 \\\\ \\hline<br \/>\n\\text{Total Assets} &amp; 22,550 \\\\ \\\\<br \/>\n\\text{Accounts payable:} &amp; 600 \\\\<br \/>\n\\text{Accrued expenses} &amp; 80 \\\\<br \/>\n\\text{Short-term debt} &amp; 1,200 \\\\ \\hline<br \/>\n\\text{Total liabilities} &amp; 1,880<br \/>\n\\end{array} $$<\/p>\n<p>Calculate the current ratio, quick ratio, and cash ratio.<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>$$ \\text{Current ratio}=\\frac{\\text{Current assets}}{\\text{Current liabilities}}=\\frac{2,550}{1,880}=1.36 $$<\/p>\n<p>$$ \\begin{align*} \\text{Quick ratio} &amp; =\\frac{\\text{Cash}+\\text{Short term marketable instruments}+\\text{Receivables}}{\\text{Current liabilities}} \\\\ &amp; =\\frac{150+400+500}{1,880}=0.56 \\end{align*} $$<\/p>\n<p>$$ \\begin{align*}<br \/>\n\\text{Cash ratio} &amp; =\\frac{\\text{Cash}+\\text{Short term marketable instruments}}{\\text{Current liabilities}} \\\\ &amp; =\\frac{150+400}{1,880}=0.29<br \/>\n\\end{align*} $$<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>Which of the following are <em>most likely<\/em> primary sources of liquidity?<\/p>\n<ol type=\"A\">\n<li>Negotiating debt contracts and liquidating assets.<\/li>\n<li>Ready cash balances and short-term funds.<\/li>\n<li>Filing for bankruptcy and cash flow management.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p><strong>The correct answer is B<\/strong>.<\/p>\n<p>Readily available cash balances and short-term funds are examples of primary sources of liquidity.<\/p>\n<p><strong>A is incorrect<\/strong>. Negotiating debt contracts and liquidating assets are examples of secondary sources of liquidity.<\/p>\n<p><strong>C is incorrect<\/strong>. Whereas cash flow management is a primary source of liquidity, filing bankruptcy is a secondary source of liquidity.<\/p><\/blockquote>","protected":false},"excerpt":{"rendered":"<p>Liquidity is the degree to which a corporation can satisfy its short-term obligations using cash flows and assets that can be quickly converted into cash. Liquidity management describes a company&#8217;s ability to generate cash whenever it needs to meet its&#8230;<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-45801","post","type-post","status-publish","format-standard","hentry","category-corporate-issuers","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Liquidity Ratios &amp; Cash Flow Risks | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Learn how to assess cash liquidity, drags and pulls on liquidity, and key ratios used to measure a company&#039;s ability to pay short-term obligations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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