企业经营与财务分析 / BF-05

资产负债表：全表结构与行业带读

在完整资产负债表中定位资源、义务与权益，沿所选行业查附注并解释余额变化。

15–20（共同部分加一条行业分支；另一分支及扩展另读）编辑 2026-09-21

本领域路线 · 2 / 14 在零售或银行分支中，从全表和附注重建两至三个经营关系。

一家企业已经开展了许多交易，有些结束了，有些仍留下商品、收款权或付款义务。资产负债表把某个时点尚留在账上的这些关系放在一起。因此，我们读的不是“这一年总共赚了多少”，也不是“把公司卖掉能拿多少钱”，而是在指定日期、指定合并范围和计量规则下，企业确认了哪些资产、负债和权益。FASB、OPENSTAX-22

这一篇可以选路阅读。零售分支从商品、供应商结算和门店资源进入；银行分支从资金来源、贷款计量和普通股归属进入。两条路都先给出完整原表，然后围绕几项真正连在一起的关系展开。选一条读完、做完练习，就完成本次学习；另一条可以用来检验哪些方法能够迁移。

1　共同结构：同一张表的两面

在本篇采用的 FASB 概念框架中，资产是企业取得经济利益的现时权利；负债是企业转移经济利益的现时义务；权益是在资产扣除负债后的剩余利益。 这三个定义指向权利与义务，不限于看得见的物品或已经收到的借款。FASB（E16、E37、E61–E66）

令某日的已确认资产、负债和权益分别为 $A,L,E$，则账面关系为 $A=L+E$。赊购货物可以使资产和负债同时增加；收回应收款可以只改变资产的构成；交付商品并确认净收益，则可能增加权益。等式要求各项相互衔接，但不会自动告诉我们交易的经济好坏。

共同板块	通常要区分什么	阅读时要补的条件
资产	现金和收款权、待销售资源、长期使用资源及其他资产	归属谁、怎样计量、能否变现或用于履约
负债	供应商及员工应付、客户相关义务、借款、租赁等	欠谁、何时履行、用现金还是商品或服务履行
权益	股本、其他投入、留存收益、其他综合收益累计额、库存股等	总权益中有哪些不同权利；是否还需区分普通股、优先股和其他归属

常见的非金融企业列报会再区分流动与非流动，考虑一年或正常经营周期等条件；它不是简单的“短期安全、长期危险”分组。银行可以采用不同列报。下面 JPMorgan 的原表就没有硬分出一组流动资产和流动负债，我们也不替它造一组。OPENSTAX-22、JPM-BS

还要留下一条界线：定义某种权利是什么、是否在报表确认、按多少金额计量，不是同一个问题。表内的设备净额、贷款净额和证券公允价值，不能因为都以美元表示，就当成按同一种方法测出的市场价值；账面未单列的经营能力，也不能随意估一个金额补进总资产。FASB、JPM-SEC、JPM-LOAN

2　零售分支：Costco

2.1　先看到整张表

Costco Wholesale Corporation — CONSOLIDATED BALANCE SHEETS。 合并范围为公司及其全资子公司，重大内部交易抵销。金额为百万美元；面值为美元／股，股数为股，不随金额单位缩放。2025与2024比较列均取自2025年报，保留该报的比较期列报。COST-BS、COST-POLICY

原件定位：SEC 10-K 印刷p.39；另一版股东年报PDF为印刷p.37／物理p.43，不能混用页码。以下按原序重排为中英对照，保留全部35行、板块和合计。空白表示该行没有金额，不表示零；优先股原表的破折号另由“无已发行及流通股”说明支持。COST-BS、COST-PDF

英文原行	中文名称	2025-08-31	2024-09-01
ASSETS	资产
CURRENT ASSETS	流动资产
Cash and cash equivalents	现金及现金等价物	14,161	9,906
Short-term investments	短期投资	1,123	1,238
Receivables, net	应收款净额	3,203	2,721
Merchandise inventories	商品存货	18,116	18,647
Other current assets	其他流动资产	1,777	1,734
Total current assets	流动资产合计	38,380	34,246
OTHER ASSETS	其他资产
Property and equipment, net	物业及设备净额	31,909	29,032
Operating lease right-of-use assets	经营租赁使用权资产	2,725	2,617
Other long-term assets	其他长期资产	4,085	3,936
TOTAL ASSETS	总资产	77,099	69,831
LIABILITIES AND EQUITY	负债与权益
CURRENT LIABILITIES	流动负债
Accounts payable	应付账款	19,783	19,421
Accrued salaries and benefits	应计工资及福利	5,205	4,794
Accrued member rewards	应计会员奖励	2,677	2,435
Deferred membership fees	递延会员费	2,854	2,501
Other current liabilities	其他流动负债	6,589	6,313
Total current liabilities	流动负债合计	37,108	35,464
OTHER LIABILITIES	其他负债
Long-term debt, excluding current portion	长期债务，不含流动部分	5,713	5,794
Long-term operating lease liabilities	长期经营租赁负债	2,460	2,375
Other long-term liabilities	其他长期负债	2,654	2,576
TOTAL LIABILITIES	负债合计	47,935	46,209
COMMITMENTS AND CONTINGENCIES	承诺及或有事项〔原表无金额〕
EQUITY	权益
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding	优先股：每股面值0.005美元；授权100,000,000股；无已发行及流通股	—	—
Common stock $0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding	普通股：每股面值0.005美元；授权900,000,000股；两期已发行及流通443,237,000及443,126,000股	2	2
Additional paid-in capital	额外实缴资本	8,282	7,829
Accumulated other comprehensive loss	累计其他综合损失	(1,770)	(1,828)
Retained earnings	留存收益	22,650	17,619
TOTAL EQUITY	权益合计	29,164	23,622
TOTAL LIABILITIES AND EQUITY	负债及权益合计	77,099	69,831

附注构成合并财务报表的一部分。普通股行中的2是按百万美元列示的股本金额，不是2百万股；“承诺及或有事项”没有主表金额，也不等于不存在相关承诺。COST-BS

先核全貌：2025年 77,099 = 47,935 + 29,164；2024年 69,831 = 46,209 + 23,622。汇总时用流动资产小计加其余资产，不能再把现金、存货等流动资产明细重复加一遍。

2.2　商品已经进来，钱什么时候出去？

我们沿实际经营过程读，而不是按表格顺序逐格念。Costco 的业务说明把快速周转和供应商结算联系起来，并说明其经常能在付款到期前售出商品。这为存货和应付提供了一个阅读方向，但是否在某个时点表现出来，仍要看数。COST-BUS

2024年末商品存货18,647，应付账款19,421；2025年末分别为18,116和19,783。只取这两项，定义一个本次分析使用的选定余额 $N=\text{商品存货}-\text{应付账款}$。它不是完整营运资本，也不表示两行中的每一笔合同都一一匹配。

\[ N_{2024}=18,647-19,421=-774,\qquad N_{2025}=18,116-19,783=-1,667. \]

所以 $\Delta N=-893$。这个计算告诉我们：相对于所列应付，账上的商品存货净占用进一步降低了893。 它与供应商结算支持商品周转的业务关系相容，却还不能直接改名为“今年释放现金893”。COST-BS（本文计算）

现在翻到现金流量表。2025年的存货变动调整是正559，应付账款变动调整是正404，合计963。若只用余额变化取反，会得到893，两者还差70。COST-CF

对照步骤	计算，百万美元	本步骤的身份
存货余额减少	`18,647−18,116=531`	两期余额差
应付余额增加	`19,783−19,421=362`	两期余额差
选定余额变化取反	`531+362=893`	供对照的派生数
现金流量表相应调整	`559+404=963`	原表期间调整合计
尚待归因差额	`963−893=70`	不能凭空填成汇率或非现金项目

遇到差额，下一步是检查合并范围、重分类、汇兑及非现金变动等口径，而不是让计算“看起来闭合”。这些是待查的可能通道，不是已经证实的70的组成。本次保留差额，仍然已经得到一个重要结果：相近的报表名称，并不保证余额差就是现金流量表的相应行。

再看应收净额3,203，也不要自动补上一句“顾客赊账增加”。Note 1 的应收小节列出供应商款项、联名卡激励、再保险、第三方药房等来源；其中供应商应收包括折扣、销量返利等安排，通常与应付款分开列示，部分情形再按协议净额结算。企业是零售商，不代表每一项应收都来自零售顾客。COST-RECEIVABLES

2.3　会员义务与门店资源，也在这张表里

在商品和应付之外，表里还有递延会员费2,854、应计会员奖励2,677。前者连接尚待确认的会员服务收入；后者连接奖励安排，两者不是同一个“预收款”名称的不同写法。会员费收入按会员期间确认，奖励则按披露政策影响销售额并形成相应义务。COST-REV

门店与设施也不能从商品周转图里消失。2025年的物业设备净额31,909，加经营租赁使用权资产2,725，为34,634，占总资产约44.92%。这个比例只描述两个已确认账面项目的分量，既不是全部经营资源，也不是其市场价值。COST-BS（本文计算）

使用权资产在这里表示合同取得的使用能力；租赁负债表示相应付款义务。两者不必在后续每个时点都相等，读表时应分别追到各自的附注。Costco Note 5还告诉我们，融资租赁资产1,488列在其他长期资产，不是物业设备净额；因此不能按别家公司的常见位置替它归类。COST-LEASE

下面把同一附注的2025年租赁负债展开。它是对主表已有金额的分类说明，不是额外再添4,147的负债。

租赁义务，百万美元	2025金额	已包含在主表的什么位置
流动经营租赁负债	208	其他流动负债
流动融资租赁负债	78	其他流动负债
长期经营租赁负债	2,460	主表单列的长期经营租赁负债
长期融资租赁负债	1,401	其他长期负债
租赁负债合计	4,147	`208+78+2,460+1,401`

来源：COST-LEASE，SEC印刷p.53，表下注释(1)–(3)。它让我们得到的不只是一个总数，还得到一张“附注明细已经装在哪个主表项目中”的地图。

2.4　回到全表，而不是停在几项比率

现在可以把零售分支合回去：商品和应付解释一部分经营占用，会员余额解释不同性质的客户义务，物业设备和租赁解释长期使用能力。现金、短期投资、其他资产、工资福利应付、债务及权益仍留在全表里，没有因为这次不深入分析就消失。

两期总资产增加7,268，对应负债增加1,726、权益增加5,542。这里回答的是账面规模怎样变动；5,542不能直接叫“本年利润”，因为盈利、分配和其他权益变化还需要回到权益表核对。COST-BS

最后检查现金的完整起讫。2025年现金流量表给出：

9,906 + 13,335 − 5,311 − 3,775 + 6 = 14,161。

依次是期初现金、经营、投资、筹资和汇率影响，终点接回资产负债表。现金增加4,255，并不是存货与应付调整963，也不是权益增加5,542。这几项本来就在描述不同关系。COST-CF

2.5　零售迁移练习

题目。 一位读者说：“Costco 2024年流动资产34,246小于流动负债35,464，所以当时无法经营；2025年流动比率超过1，问题就解决了。”请计算两个比率，再用本分支资料说明应怎样改写结论。随后解释为什么不能把4,147租赁负债加到47,935上。

解析。 两期流动比率分别为 34246/35464≈0.9657 和 38380/37108≈1.0343。这只是各时点已列流动项目的比值，不能代替到期时间、销售回款、供应商账期、可用资金和履约方式。会员义务与债务到期付款也不是同一种需求。因此可以说“比值由约0.966升至1.034”，但不能仅据此给出经营能否持续的判断。需要把存货周转、结算和现金流继续连起来。COST-BS、COST-BUS、COST-CF

4,147已分别包含在其他流动负债、长期经营租赁负债和其他长期负债中，再加一次会重复计入。正确动作是按附注重新分类展示，不改变原总负债。这也正是为什么我们要保留完整原表，而不是只摘几个看起来重要的数。COST-LEASE

3　银行分支：JPMorgan Chase & Co.

3.1　先保留银行自己的全表结构

JPMorgan Chase & Co. — Consolidated balance sheets。 这是集团合并表，不是 JPMorgan Chase Bank, N.A. 单体表。时点为2025-12-31和2024-12-31；金额为百万美元，面值和股数另列。原件为2025 Annual Report，印刷p.167／物理p.199。以下保留36行以及全部括注；原表没有流动／非流动小计。JPM-BS

英文原行	中文名称	2025-12-31	2024-12-31
Assets	资产
Cash and due from banks	现金及应收银行款	21,742	23,372
Deposits with banks	存放银行款项	321,596	445,945
Federal funds sold and securities purchased under resale agreements (included $327,018 and $286,771 at fair value)	拆出联邦基金及买入返售证券〔其中按公允价值计量327,018／286,771〕	336,426	295,001
Securities borrowed (included $98,111 and $83,962 at fair value)	借入证券〔其中按公允价值计量98,111／83,962〕	286,191	219,546
Trading assets (included assets pledged of $165,927 and $136,070)	交易资产〔其中已质押资产165,927／136,070〕	802,873	637,784
Available-for-sale securities (amortized cost of $507,226 and $411,045; included assets pledged of $7,735 and $10,162)	可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕	507,198	406,852
Held-to-maturity securities	持有至到期证券	270,134	274,468
Investment securities, net of allowance for credit losses	投资证券，扣除信用损失准备后	777,332	681,320
Loans (included $70,684 and $41,350 at fair value)	贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕	1,493,429	1,347,988
Allowance for loan losses	贷款损失准备〔资产减项〕	(25,765)	(24,345)
Loans, net of allowance for loan losses	贷款净额	1,467,664	1,323,643
Accrued interest and accounts receivable	应计利息及应收账款	111,599	101,223
Premises and equipment	房屋及设备	36,244	32,223
Goodwill, MSRs and other intangible assets	商誉、按揭服务权及其他无形资产	64,458	64,560
Other assets (included $15,849 and $15,122 at fair value and assets pledged of $11,984 and $6,288)	其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕	198,775	178,197
Total assets(a)	总资产〔附注(a)〕	4,424,900	4,002,814
Liabilities	负债
Deposits (included $20,930 and $33,768 at fair value)	客户存款〔其中按公允价值计量20,930／33,768〕	2,559,320	2,406,032
Federal funds purchased and securities loaned or sold under repurchase agreements (included $360,194 and $226,329 at fair value)	拆入联邦基金及证券借出或回购融资〔其中按公允价值计量360,194／226,329〕	442,396	296,835
Short-term borrowings (included $32,460 and $26,521 at fair value)	短期借款〔其中按公允价值计量32,460／26,521〕	64,776	52,893
Trading liabilities	交易负债	216,019	192,883
Accounts payable and other liabilities (included $6,660 and $5,893 at fair value)	应付账款及其他负债〔其中按公允价值计量6,660／5,893〕	316,794	280,672
Beneficial interests issued by consolidated VIEs (included $5 and $1 at fair value)	合并VIE发行的受益权益〔其中按公允价值计量5／1〕	27,951	27,323
Long-term debt (included $134,559 and $100,780 at fair value)	长期债务〔其中按公允价值计量134,559／100,780〕	435,206	401,418
Total liabilities(a)	负债合计〔附注(a)〕	4,062,462	3,658,056
Commitments and contingencies (refer to Notes 28, 29 and 30)	承诺及或有事项〔参见Notes 28、29、30；原表无金额〕
Stockholders’ equity	股东权益
Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares)	优先股：面值每股1美元；授权200,000,000股；两期已发行均为2,005,375股	20,045	20,050
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	普通股：面值每股1美元；授权9,000,000,000股；已发行4,104,933,895股	4,105	4,105
Additional paid-in capital	额外实缴资本	91,114	90,911
Retained earnings	留存收益	416,055	376,166
Accumulated other comprehensive losses	累计其他综合损失	(4,290)	(12,456)
Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares)	库存股，按成本〔股数1,408,661,319／1,307,313,494〕	(164,591)	(134,018)
Total stockholders’ equity	股东权益合计	362,438	344,758
Total liabilities and stockholders’ equity	负债及股东权益合计	4,424,900	4,002,814

附注(a)：已合并VIE的资产负债。 VIE在这里是依合并规则纳入集团的可变利益实体。原表说明，这些实体的资产用于清偿各自负债；受益权持有人通常不对JPMorganChase的一般信用享有追索。下面披露的是已合并第三方资产和负债，排除了合并时抵销的内部余额，进一步说明见Note 14。它们已经在上表里，不能再加到总资产或总负债。JPM-BS（附注(a)）

英文原行	中文名称	2025-12-31	2024-12-31
Assets	资产
Trading assets	交易资产	4,835	3,885
Loans	贷款	37,777	36,510
All other assets	其他资产	683	681
Total assets	资产合计	43,295	41,076
Liabilities	负债
Beneficial interests issued by consolidated VIEs	合并VIE发行的受益权益	27,951	27,323
All other liabilities	其他负债	691	454
Total liabilities	负债合计	28,642	27,777

主表等式为：2025年 4,424,900 = 4,062,462 + 362,438；2024年 4,002,814 = 3,658,056 + 344,758。其中投资证券777,332已经包含AFS和HTM两项，贷款净额1,467,664已经包含准备减项。核对总资产时各用一次净小计。

3.2　先看资金来自哪里，再看它怎样使用

银行的负债不是一张等待读完资产后再顺带检查的清单。资金来源本身就是经营的重要部分。先在表中对照两行：资产方 Deposits with banks 为321,596，负债方 Deposits 为2,559,320。前者是集团存放在其他银行的款项，后者是对客户的存款义务。中文都叫“存款”还不够，必须带上权利或义务的方向。JPM-BS

Note 17让我们进一步看到，2025年美国机构无息存款583,342，非美国机构无息存款37,057，合计620,399，占客户存款约24.24%；2024年对应合计619,306，占比约25.74%。分子略增而占比下降并不矛盾：总存款的分母也在变化。JPM-DEPOSITS

这个分解能帮助我们提出资金成本问题，但“无息”不等于提供服务没有成本，也不直接证明存款一定稳定。需要研究未来资金成本和提款需求时，必须继续看客户、期限、资金行为和其他披露，不能在这一比例后接一个自动的安全评分。

另一边，贷款与存款之比可算成 1,493,429/2,559,320≈58.35%，但剩下的41.65%不能直接叫“闲置现金”：全表还包括证券、交易资产、逆回购、其他资金来源和相应负债。这个比值是两项余额关系，不是一份把每一美元存款逐笔分配给资产的资金追踪表。JPM-BS（本文计算）

3.3　贷款不是一个只有总额的盒子

贷款先是一项收款权，但怎么放在账上，还取决于它被怎样持有。Note 12把贷款分为留存、持有待售及按公允价值计量三类。这里“留存”指持有用于投资的贷款，不是留存收益。JPM-LOAN

就本报告的政策而言，留存贷款按摊余成本记录，并另扣预期信用损失准备；摊余成本会随还本、费用或折溢价摊销等变化，不是每天重新报一个市场价格。持有待售贷款按成本与公允价值孰低计量；选择公允价值选项的贷款则按公允价值计量。后两类的相关估值变化进入非利息收入，不套用留存贷款那一套贷款损失准备处理。所以，下面的分类不仅是把总数分成三个名字，它决定了损失通过什么位置反映。JPM-LOAN

以下只摘Note 12贷款构成表的合计列，单位：百万美元。 这不是附注全文，也没有把附注各业务组合再重复加到主表。

英文原类	中文	2025-12-31	2024-12-31
Retained	留存贷款	1,408,905	1,299,590
Held-for-sale	持有待售贷款	13,840	7,048
At fair value	按公允价值计量贷款	70,684	41,350
Total	未扣贷款损失准备的贷款合计	1,493,429	1,347,988

来源：JPM-LOAN-TABLE，印刷p.239。原表脚注说明该组合表不含单列的应计利息应收；不是把所有贷款有关资产都装进了这一列。

我们先回接主表：1,408,905+13,840+70,684=1,493,429，再扣准备25,765，得到1,467,664。贷款损失准备是账面资产的减项，不是一笔锁在另一账户中的现金。 本期信用损失费用、核销和回收如何使准备余额变化，需要另外的滚动表，不能用两期准备之差直接替代全部期间费用。JPM-BS、JPM-LOAN

这里还藏着一个分母问题。将准备正额除以对应的留存贷款，2025年为 25,765/1,408,905≈1.8287%，2024年为 24,345/1,299,590≈1.8733%。若改除全部贷款，2025年会得到约1.7252%。后一计算并非算术错误，却不能冒充前一口径；它把不同计量类别都放入了分母。JPM-LOAN、JPM-LOAN-TABLE

比值下降本身也不是信用质量改善的证明。它可能需要通过组合构成和估计变化来解释。我们在本篇完成的是计量范围匹配，不是贷款损失预测。

证券部分可以接着用同一读法。主表中的AFS（可供出售）507,198与HTM（持有至到期）270,134合计777,332。Note 10说明，AFS按公允价值列账；作适用的对冲和信用损失调整后，未实现损益反映在累计其他综合收益中。HTM要求有持有至到期的意图和能力，按摊余成本扣除信用损失准备列账。因此，主表的777,332是两种不同计量基础下的账面额相加，并不是把两类证券都重估到同一个“市场价值”口径。2025年还发生44.1 billion，即44,100 million，从AFS到HTM的非现金转移。这提醒我们：类别余额的变化可能同时含采购、到期和重分类，不能把HTM的变化单独当作证券购买现金。JPM-SEC

3.4　普通股股东在哪一层？

全表的股东权益362,438中含优先股20,045。因此，按这份表计算的普通股权益为 362,438−20,045=342,393。2024年同口径为324,708。这里是在澄清剩余权益的归属，不是在估算股票价格，也不是直接计算监管普通股一级资本。JPM-BS

库存股也要读对方向。2025年的 (164,591) 是权益减项，不是银行新增持有的一项普通经营资产。表中还给出已发行普通股4,104,933,895股和库存股1,408,661,319股，两者相减得到流通普通股2,696,272,576股。由此算普通股每股账面值时，必须先把百万美元换成美元：

342393 * 1000000 / 2696272576 ≈ 126.99 美元/股。

这个结果能核对金额与股数的接口，不能替代市场定价。尤其不要把“普通股”行的4,105百万美元误当作全部普通股权益；它只是权益构成中的一行。JPM-BS（本文计算）

回到全貌：集团资产增加422,086，对应负债增加404,406、权益增加17,680。账面扩张同时涉及资金来源、贷款与证券及其他业务项目。只看“资产很多”或“现金下降”，都还没有完成银行经营分析。

3.5　银行迁移练习

题目。 用2024列自行复算贷款净额与普通股权益。另一位读者把VIE脚注资产41,076加到集团资产4,002,814上，又把准备24,345当成额外现金。请逐项说明错在哪里。最后说出为何不能用Costco的“商品存货减应付”直接衡量这家银行。

解析。 贷款净额为 1,347,988−24,345=1,323,643；普通股权益为 344,758−20,050=324,708。VIE脚注明确是合并表中已有项目的说明，再加41,076重复计算；贷款准备是减项，不是额外资金来源。JPM-BS

零售那一对余额对应商品采购与供应商结算。银行本例的主要关系是金融权利、资金义务及其计量，且有许多业务类型；硬找两行替代“库存”和“应付”，会丢掉存款、证券和风险计量这些核心关系。正确的迁移是保留“先业务、后口径、再计算”的方法，而不是搬同一个比率。

4　共同事件实验：一张表怎样随交易移动

这组数是独立教学设定，不是 Costco 或 JPMorgan 的交易记录。一家小企业期初只有现金100和权益100，没有负债；期初出资已在观察窗口之前完成。依次发生赊购成本100的商品、赊销全部商品150并结转成本100、向供应商付款100、向客户收款150。忽略税、退款、信用损失、运费、其他费用和分配；销售时满足确认条件。

步骤完成后	现金	应收	存货	总资产	应付／总负债	权益	累计本期利润	累计经营现金净额
S0 期初	100	0	0	100	0	100	0	0
S1 赊购100	100	0	100	200	100	100	0	0
S2 赊销150并结转100	100	150	0	250	100	150	50	0
S3 付款100	0	150	0	150	0	150	50	−100
S4 收款150	150	0	0	150	0	150	50	50

每一条事件箭头必须带完整变化，而不是全部指向权益：

箭头	现金变化	应收变化	存货变化	负债变化	权益变化	经济含义
S0→S1 赊购	0	0	+100	+100	0	商品与付款义务同时留下
S1→S2 销售并结转成本	0	+150	−100	0	+50	收款权替代商品，净收益增加权益
S2→S3 付款	−100	0	0	−100	0	清偿旧义务，不重复确认商品成本
S3→S4 收款	+150	−150	0	0	0	实现旧收款权，不重复确认销售收入

为什么S2的总资产250比S4的150还大，最终利润却没有减少？因为S2还同时保留着100的应付，随后付款消除了现金和负债，净资产不变。总资产变大并不是利润的同义词；现金变化也不是权益变化的同义词。

迁移题。 将收款放在付款之前，逐步写出变化。若期初现金改为0，原顺序和新顺序有什么不同？

解析。 期初现金100时，销售后先收款，余额成为现金250、应收0、存货0、资产250、负债100、权益150；再付款回到现金150、负债0、权益150，终点相同。若期初现金为0、权益亦为0，先付款会短缺100，不能在禁止透支的模型里执行；先收款则可先得到150，再支付100，终点现金和权益均为50。利润没有因顺序改变，资金可行性却改变了。系统应显示资金缺口，不应偷偷生成一笔未说明的借款。

5　扩展层：表内净额与现金口径

以下不计入首次选择一条行业分支的核心任务。

5.1　衍生品的三个金额，不是同一层次

JPM Note 5 的2025年应收表可以沿三个层次读：衍生品应收总额606,382，其中只有满足报告所述净额列报条件的部分进入表内抵销；扣除实际表内抵销548,605后，得到表内净应收57,777。再考虑表内不能抵销的担保品28,891，附注给出净额28,886。抵销政策涉及相应协议与法律意见等条件，并非见到两笔相反金额就可以相减。JPM-NETTING

层次	计算，百万美元	能怎样称呼
未作所列抵销的应收总额	606,382	衍生品应收总额，不是名义本金
表内抵销之后	`606,382−548,605=57,777`	表内净应收
再考虑所列不能表内抵销的担保品	`57,777−28,891=28,886`	本附注相应净额，不改写主表列报

解析。 把28,886填回主表替代57,777错在跨越了列报层次。附注帮助理解信用风险相关关系，但并不授权分析者改变法定主表。这个净额也不是所有市场、流动性和交易对手风险的统一计量。JPM-NETTING

5.2　银行现金流的终点到底接到哪里

JPM现金流表2025年的期末金额343,338，接的是 Cash and due from banks 21,742 + Deposits with banks 321,596，而不只是第一行。JPM-CF、JPM-BS

完整现金桥为：

469,317 − 147,782 − 265,565 + 269,533 + 17,835 = 343,338。

依次为期初、经营、投资、筹资和汇率影响。经营现金流负值里包含交易资产、借入证券等业务项目的变动；MD&A也说明，支持贷款与资本市场活动的经营性资产负债会随客户活动、风险管理和市场状况显著变化。读者应先读组成，再解释经营现金流的意义；不能凭一个负值直接得出与普通商品企业完全相同的结论。JPM-CF

6　把两条分支合在同一阅读方法里

我们保留的共同方法很简单：先确认整表对象，再找业务关系，沿主表到附注，做能回接的计算，最后把发现放回全表。改变行业时，变的是分析中心，而不是证据标准。

零售分支最重要的收获不是记住−1,667，而是知道这个数来自哪两项、它没有包含什么，以及为什么还要与963对照。银行分支最重要的收获不是记住某个覆盖率，而是理解它的分母为什么必须与计量范围匹配。能把这两点带到另一份真实材料中，就开始具备独立读表的能力了。

来源与实际定位

原件链接／代号	版本与具体定位
FASB	BF-S-FASB-ELEMENTS；FASB，2021-12；Chapter 4 E16–E70，尤其E16、E37、E61–E66
OPENSTAX-22	BF-S-OPENSTAX-22；OpenStax，Principles of Accounting Vol.1，2019，§2.2
COST-BS	BI-S05；Costco FY2025 SEC 10-K，印刷p.39完整合并资产负债表；两期百万美元，股数/面值除外
COST-PDF	同一公司股东年报PDF；资产负债表印刷p.37／物理p.43；排版页码与SEC HTML不同
COST-POLICY	BI-S05；Note 1，印刷p.42，Basis of Presentation、Fiscal Year、Reclassification
COST-BUS	BI-S05；Item 1 General，印刷pp.3–4，周转与供应商付款关系
COST-CF	BI-S05；完整合并现金流量表印刷p.41；截至2025-08-31的52周，百万美元；股东年报PDF对应印刷p.39／物理p.45
COST-RECEIVABLES	BI-S05；Note 1 Receivables, Net，印刷p.44；应收来源而非顾客赊销假定
COST-REV	BI-S05；Note 1 Revenue Recognition，印刷pp.47–48；会员费与会员奖励分别处理
COST-LEASE	BI-S05；Note 5 Leases，印刷pp.53–54；资产负债分类表及脚注(1)–(3)在p.53
JPM-BS	BI-S07；JPMorgan 2025 Annual Report，印刷p.167／物理p.199；完整表及VIE附注(a)
JPM-DEPOSITS	BI-S07；Note 17 Deposits，印刷p.277／物理p.309；含计息/无息、地域和定期存款说明
JPM-LOAN	BI-S07；Note 12 Loan accounting framework，印刷pp.236–238
JPM-LOAN-TABLE	BI-S07；Note 12 Loan portfolio，印刷p.239／物理p.271；本稿摘构成表合计列，脚注(a)(b)保留支持范围
JPM-SEC	BI-S07；Note 10 Investment securities，印刷pp.228–229；44.1bn非现金转移及计量政策在p.228
JPM-NETTING	BI-S07；Note 5 Derivatives netting，印刷pp.207–209；2025应收表在p.208，结合相邻说明与脚注
JPM-CF	BI-S07；合并现金流量表印刷p.169／物理p.201；解释参见MD&A p.58

转到对应段落 →转到对应段落 →转到对应段落 →

动手试一试

零售原表与周转关系

单独打开实验 ↗查看正文中的输入与静态结果

银行原表与计量关系

单独打开实验 ↗查看正文中的输入与静态结果

赊购、赊销、付款与收款

单独打开实验 ↗查看正文中的输入与静态结果

这篇词条与哪些内容相连

图中汇集本篇及其段落的直接关系，具体使用位置见下方列表。箭头按关系名称阅读。例如“需要先修”指向需要掌握的内容；推荐阅读顺序另见本领域路线。

逐条查看关系与依据

资产负债表：全表结构与行业带读— 属于 →业务与财报带读
主要 topic 归属
资产负债表：全表结构与行业带读— 调用方法 →企业的业务集合与经营过程
用业务关系决定读表重点；所需内容已在分支就地提供
资产负债表：全表结构与行业带读— 调用方法 →财务报告的组成与阅读地图
主表、附注、现金流和权益表导航
资产负债表：全表结构与行业带读— 调用方法 →财报的期间、范围、币种与可比口径
时点、金额单位、范围与比较期口径
资产负债表：全表结构与行业带读— 依据来源 →FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements
资产、负债、权益定义
E16–E70；定义与具体计量分开
资产负债表：全表结构与行业带读— 由实例讲解 →赊购、赊销、付款与收款
赊购、销售、付款、收款的余额和资金顺序
企业的业务集合与经营过程— 提供分析输入 →资产负债表：全表结构与行业带读
为原表阅读提供收费、交付、资源与义务关系，不宣称业务图唯一决定会计计量
财务报告的组成与阅读地图— 提供分析输入 →资产负债表：全表结构与行业带读
提供原表、附注及跨表核对的导航位置，不提供独立投资判断。
财报的期间、范围、币种与可比口径— 提供分析输入 →资产负债表：全表结构与行业带读
为余额、附注与现金流比较提供具名口径，避免混用。
现代研究阅读：企业现金与利率传导— 调用方法 →资产负债表：全表结构与行业带读
披露变量映射

KEEP ASKING

把这一页，变成一堂课。

专属 Prompt 与同源材料会一并复制。Agent 先读取指定文献，再围绕本页的材料、推导和练习展开教学。

# 资产负债表：全表结构与行业带读

在完整资产负债表中定位资源、义务与权益，沿所选行业查附注并解释余额变化。

Entry: zh-balance-sheet | Node: BF-05 | Language: zh | Editorial revision: 2026-09-21

## Teaching instructions
你负责 BF-05《资产负债表：全表结构与行业带读》。先让读者选择零售Costco或银行JPM；未选择时默认零售。共同部分加一条分支构成本次任务，另一分支和§5扩展不默认全读。不要先让读者完成三篇通识课。

先实际读取共同必读单元：
FASB Concepts Statement 8 Chapter 4（2021-12）
https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf
E16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。
OpenStax Principles of Accounting Vol.1（2019）§2.2：
https://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses
读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。

所选零售分支的必读：
https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm
Item 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。
备选同公司PDF：
https://s201.q4cdn.com/287523651/files/doc_financials/2025/ar/COST-Annual-Report-2025.pdf
该PDF资产负债表是印刷p.37／物理p.43，不能沿用SEC的p.39。切换版本必须重新核表头、数值、附注标题，不凭页码猜读到什么。

所选银行分支的必读：
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf
MD&A Introduction印刷p.46／物理p.78；完整资产负债表及VIE脚注p.167／物理p.199；Note 10 pp.228–229；Note 12 Loan accounting framework pp.236–238以及Loan portfolio p.239的完整构成表与脚注；Note 17 p.277全文。PDF表格查看原页。
选择净额列报扩展时再读Note 5 pp.207–209；选择现金流扩展时再读完整p.169及MD&A Cash flows analysis p.58。未读扩展时不声称已具备该处全部阅读。

每项记录标题、版本、实际范围、取得方式和支持当前教学的一句话。运行时读取日志初始为空，只记录本次实际取得的单元；只列书目、只打开链接、看到摘要均不满足。读取失败先找同机构原件或本包提供的已核对等价单元；仍缺就报告具体单元。

材料齐备后，先呈现所选完整原表。保留英文行、中文解释、两期、负数、小计、单位、括注和无金额披露。禁止将小计及明细重复相加，VIE脚注不能再加到主表。

零售诊断：让读者解释为什么库存减应付从−774到−1,667不能直接叫现金释放893。带读至现金流调整963，保留差额70未归因；再让读者用Note 5把租赁义务4,147放回原表，特别指出融资租赁资产在其他长期资产。
银行诊断：让读者区分两个deposits，再自行回接贷款三类、准备及普通股权益。准备比率匹配retained贷款；分母切换必须改名。不要用该比率直接判风险改善，也不要把普通股权益当CET1。

共同实验必须用正文完整假设，走完期初、赊购100、赊销150并结转100、付款、收款。每步同时显示余额和变化。默认现金100/权益100；现金为0且先付款时显示缺口100，不私自生成透支。让读者解释收款和付款为什么不再改变利润。

最后使用另一年列或另一分支的迁移题。通过标准是：能从整表定位，到附注核口径，完成计算，并说明计算的范围。只背比率或只会相加不算完成。反馈后明确一个已掌握关系和一个具体缺口，避免反复免责式总结。不做估值、不读用户账户。

Before substantive teaching, actually retrieve every required reading unit for the selected scope. Read its complete designated section, including necessary assumptions, tables and footnotes. A working URL or an editorial access date is not a runtime reading receipt. Record the actual version, location, scope and what it supports. If unavailable, use a previously verified equivalent source; if the required unit remains unavailable, identify that gap rather than teach it from memory. Start runtime_reading_log empty. Once reading is complete, use a substantive diagnostic or follow the reader's request for direct explanation. Advance one complete reasoning task at a time; skip mastered basics. Distinguish original facts, supplied teaching assumptions and inference.

## Required readings and runtime protocol
```json
{
  "entry_id": "zh-balance-sheet",
  "node_id": "BF-05",
  "content_version": "2026-09-21.BF-A.rev-1",
  "export_mode": "public",
  "audience": "具有足够数学背景的高年级本科至研究生",
  "body_source": "body_markdown",
  "learning_task": "在完整资产负债表中定位资源、义务与权益，沿所选行业查附注并解释余额变化。",
  "prompt": "你负责 BF-05《资产负债表：全表结构与行业带读》。先让读者选择零售Costco或银行JPM；未选择时默认零售。共同部分加一条分支构成本次任务，另一分支和§5扩展不默认全读。不要先让读者完成三篇通识课。\n\n先实际读取共同必读单元：\nFASB Concepts Statement 8 Chapter 4（2021-12）\nhttps://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。\nOpenStax Principles of Accounting Vol.1（2019）§2.2：\nhttps://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。\n\n所选零售分支的必读：\nhttps://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm\nItem 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。\n备选同公司PDF：\nhttps://s201.q4cdn.com/287523651/files/doc_financials/2025/ar/COST-Annual-Report-2025.pdf\n该PDF资产负债表是印刷p.37／物理p.43，不能沿用SEC的p.39。切换版本必须重新核表头、数值、附注标题，不凭页码猜读到什么。\n\n所选银行分支的必读：\nhttps://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf\nMD&A Introduction印刷p.46／物理p.78；完整资产负债表及VIE脚注p.167／物理p.199；Note 10 pp.228–229；Note 12 Loan accounting framework pp.236–238以及Loan portfolio p.239的完整构成表与脚注；Note 17 p.277全文。PDF表格查看原页。\n选择净额列报扩展时再读Note 5 pp.207–209；选择现金流扩展时再读完整p.169及MD&A Cash flows analysis p.58。未读扩展时不声称已具备该处全部阅读。\n\n每项记录标题、版本、实际范围、取得方式和支持当前教学的一句话。运行时读取日志初始为空，只记录本次实际取得的单元；只列书目、只打开链接、看到摘要均不满足。读取失败先找同机构原件或本包提供的已核对等价单元；仍缺就报告具体单元。\n\n材料齐备后，先呈现所选完整原表。保留英文行、中文解释、两期、负数、小计、单位、括注和无金额披露。禁止将小计及明细重复相加，VIE脚注不能再加到主表。\n\n零售诊断：让读者解释为什么库存减应付从−774到−1,667不能直接叫现金释放893。带读至现金流调整963，保留差额70未归因；再让读者用Note 5把租赁义务4,147放回原表，特别指出融资租赁资产在其他长期资产。\n银行诊断：让读者区分两个deposits，再自行回接贷款三类、准备及普通股权益。准备比率匹配retained贷款；分母切换必须改名。不要用该比率直接判风险改善，也不要把普通股权益当CET1。\n\n共同实验必须用正文完整假设，走完期初、赊购100、赊销150并结转100、付款、收款。每步同时显示余额和变化。默认现金100/权益100；现金为0且先付款时显示缺口100，不私自生成透支。让读者解释收款和付款为什么不再改变利润。\n\n最后使用另一年列或另一分支的迁移题。通过标准是：能从整表定位，到附注核口径，完成计算，并说明计算的范围。只背比率或只会相加不算完成。反馈后明确一个已掌握关系和一个具体缺口，避免反复免责式总结。不做估值、不读用户账户。",
  "selected_branch": "BS-RETAIL",
  "branch_selection": "共同材料保留；选择银行时以required_readings_by_branch.BS-BANKING替换默认零售行业部分，不要求两家公司同时必读。扩展只在选择该部分时启用。",
  "required_readings": [
    {
      "source_id": "BF-S-FASB-ELEMENTS",
      "title": "FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements",
      "authors": [
        "Financial Accounting Standards Board"
      ],
      "version": "2021-12",
      "access": {
        "kind": "pdf_full_text",
        "uri": "https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf",
        "verified_access_at": "2026-09-21"
      },
      "required_unit": {
        "locator": "FASB Concepts Statement 8 Chapter 4（2021-12）\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
        "scope": "FASB Concepts Statement 8 Chapter 4（2021-12）\nhttps://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
        "purpose": "资产、负债、权益的定义及完整特征单元；定义不替代具体计量规则"
      },
      "supports": "FASB Concepts Statement 8 Chapter 4（2021-12）\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
      "fallback_source_ids": []
    },
    {
      "source_id": "BF-S-OPENSTAX-22",
      "title": "OpenStax · Principles of Accounting, Volume 1 · §2.2",
      "authors": [
        "OpenStax"
      ],
      "version": "2019；§2.2",
      "access": {
        "kind": "html_full_text",
        "uri": "https://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses",
        "verified_access_at": "2026-09-21"
      },
      "required_unit": {
        "locator": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
        "scope": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\nhttps://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
        "purpose": "共同报表结构与交易联系"
      },
      "supports": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
      "fallback_source_ids": []
    },
    {
      "source_id": "BF-S-COST-FY2025-SEC",
      "title": "Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）",
      "authors": [
        "Costco Wholesale Corporation"
      ],
      "version": "FY2025；截至2025-08-31；比较列采用同一报告",
      "access": {
        "kind": "html_full_text",
        "uri": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm",
        "verified_access_at": "2026-09-21"
      },
      "required_unit": {
        "locator": "Item 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。",
        "scope": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm\nItem 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。",
        "purpose": "零售完整原表、业务及承重附注"
      },
      "supports": "Item 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。",
      "fallback_source_ids": [],
      "for_branch": "BS-RETAIL"
    }
  ],
  "required_readings_by_branch": {
    "BS-RETAIL": [
      {
        "source_id": "BF-S-FASB-ELEMENTS",
        "title": "FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements",
        "authors": [
          "Financial Accounting Standards Board"
        ],
        "version": "2021-12",
        "access": {
          "kind": "pdf_full_text",
          "uri": "https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf",
          "verified_access_at": "2026-09-21"
        },
        "required_unit": {
          "locator": "FASB Concepts Statement 8 Chapter 4（2021-12）\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
          "scope": "FASB Concepts Statement 8 Chapter 4（2021-12）\nhttps://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
          "purpose": "资产、负债、权益的定义及完整特征单元；定义不替代具体计量规则"
        },
        "supports": "FASB Concepts Statement 8 Chapter 4（2021-12）\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
        "fallback_source_ids": []
      },
      {
        "source_id": "BF-S-OPENSTAX-22",
        "title": "OpenStax · Principles of Accounting, Volume 1 · §2.2",
        "authors": [
          "OpenStax"
        ],
        "version": "2019；§2.2",
        "access": {
          "kind": "html_full_text",
          "uri": "https://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses",
          "verified_access_at": "2026-09-21"
        },
        "required_unit": {
          "locator": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
          "scope": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\nhttps://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
          "purpose": "共同报表结构与交易联系"
        },
        "supports": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
        "fallback_source_ids": []
      },
      {
        "source_id": "BF-S-COST-FY2025-SEC",
        "title": "Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）",
        "authors": [
          "Costco Wholesale Corporation"
        ],
        "version": "FY2025；截至2025-08-31；比较列采用同一报告",
        "access": {
          "kind": "html_full_text",
          "uri": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm",
          "verified_access_at": "2026-09-21"
        },
        "required_unit": {
          "locator": "Item 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。",
          "scope": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm\nItem 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。",
          "purpose": "零售完整原表、业务及承重附注"
        },
        "supports": "Item 1 General及Membership相关完整单元；完整资产负债表p.39、现金流量表p.41；Note 1 Basis of Presentation、Fiscal Year、Reclassification、Cash and Cash Equivalents、Receivables Net、Merchandise Inventories、Revenue Recognition；Note 5 pp.53–54全文。",
        "fallback_source_ids": [],
        "for_branch": "BS-RETAIL"
      }
    ],
    "BS-BANKING": [
      {
        "source_id": "BF-S-FASB-ELEMENTS",
        "title": "FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements",
        "authors": [
          "Financial Accounting Standards Board"
        ],
        "version": "2021-12",
        "access": {
          "kind": "pdf_full_text",
          "uri": "https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf",
          "verified_access_at": "2026-09-21"
        },
        "required_unit": {
          "locator": "FASB Concepts Statement 8 Chapter 4（2021-12）\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
          "scope": "FASB Concepts Statement 8 Chapter 4（2021-12）\nhttps://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
          "purpose": "资产、负债、权益的定义及完整特征单元；定义不替代具体计量规则"
        },
        "supports": "FASB Concepts Statement 8 Chapter 4（2021-12）\nE16–E70，资产、负债、权益的定义及完整特征单元。注意它不是具体计量规则。",
        "fallback_source_ids": []
      },
      {
        "source_id": "BF-S-OPENSTAX-22",
        "title": "OpenStax · Principles of Accounting, Volume 1 · §2.2",
        "authors": [
          "OpenStax"
        ],
        "version": "2019；§2.2",
        "access": {
          "kind": "html_full_text",
          "uri": "https://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses",
          "verified_access_at": "2026-09-21"
        },
        "required_unit": {
          "locator": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
          "scope": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\nhttps://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
          "purpose": "共同报表结构与交易联系"
        },
        "supports": "OpenStax Principles of Accounting Vol.1（2019）§2.2：\n读取本节，采用报表结构与交易联系，不把简化措辞当作所有现行准则。",
        "fallback_source_ids": []
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    "tables": [
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        "heading": "1　共同结构：同一张表的两面",
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          ],
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      },
      {
        "heading": "2.1　先看到整张表",
        "headers": [
          "英文原行",
          "中文名称",
          "2025-08-31",
          "2024-09-01"
        ],
        "rows": [
          [
            "<a id=\"cost-assets\"></a>**ASSETS**",
            "**资产**",
            "",
            ""
          ],
          [
            "<a id=\"cost-current_assets\"></a>　**CURRENT ASSETS**",
            "**流动资产**",
            "",
            ""
          ],
          [
            "<a id=\"cost-cash\"></a>　　Cash and cash equivalents",
            "现金及现金等价物",
            "14,161",
            "9,906"
          ],
          [
            "<a id=\"cost-short_term_investments\"></a>　　Short-term investments",
            "短期投资",
            "1,123",
            "1,238"
          ],
          [
            "<a id=\"cost-receivables_net\"></a>　　Receivables, net",
            "应收款净额",
            "3,203",
            "2,721"
          ],
          [
            "<a id=\"cost-inventory\"></a>　　Merchandise inventories",
            "商品存货",
            "18,116",
            "18,647"
          ],
          [
            "<a id=\"cost-other_current_assets\"></a>　　Other current assets",
            "其他流动资产",
            "1,777",
            "1,734"
          ],
          [
            "<a id=\"cost-total_current_assets\"></a>　**Total current assets**",
            "**流动资产合计**",
            "**38,380**",
            "**34,246**"
          ],
          [
            "<a id=\"cost-other_assets\"></a>　**OTHER ASSETS**",
            "**其他资产**",
            "",
            ""
          ],
          [
            "<a id=\"cost-ppe_net\"></a>　　Property and equipment, net",
            "物业及设备净额",
            "31,909",
            "29,032"
          ],
          [
            "<a id=\"cost-operating_lease_rou\"></a>　　Operating lease right-of-use assets",
            "经营租赁使用权资产",
            "2,725",
            "2,617"
          ],
          [
            "<a id=\"cost-other_long_term_assets\"></a>　　Other long-term assets",
            "其他长期资产",
            "4,085",
            "3,936"
          ],
          [
            "<a id=\"cost-total_assets\"></a>**TOTAL ASSETS**",
            "**总资产**",
            "**77,099**",
            "**69,831**"
          ],
          [
            "<a id=\"cost-liabilities_and_equity\"></a>**LIABILITIES AND EQUITY**",
            "**负债与权益**",
            "",
            ""
          ],
          [
            "<a id=\"cost-current_liabilities\"></a>　**CURRENT LIABILITIES**",
            "**流动负债**",
            "",
            ""
          ],
          [
            "<a id=\"cost-accounts_payable\"></a>　　Accounts payable",
            "应付账款",
            "19,783",
            "19,421"
          ],
          [
            "<a id=\"cost-accrued_salaries_benefits\"></a>　　Accrued salaries and benefits",
            "应计工资及福利",
            "5,205",
            "4,794"
          ],
          [
            "<a id=\"cost-accrued_member_rewards\"></a>　　Accrued member rewards",
            "应计会员奖励",
            "2,677",
            "2,435"
          ],
          [
            "<a id=\"cost-deferred_membership_fees\"></a>　　Deferred membership fees",
            "递延会员费",
            "2,854",
            "2,501"
          ],
          [
            "<a id=\"cost-other_current_liabilities\"></a>　　Other current liabilities",
            "其他流动负债",
            "6,589",
            "6,313"
          ],
          [
            "<a id=\"cost-total_current_liabilities\"></a>　**Total current liabilities**",
            "**流动负债合计**",
            "**37,108**",
            "**35,464**"
          ],
          [
            "<a id=\"cost-other_liabilities\"></a>　**OTHER LIABILITIES**",
            "**其他负债**",
            "",
            ""
          ],
          [
            "<a id=\"cost-long_term_debt\"></a>　　Long-term debt, excluding current portion",
            "长期债务，不含流动部分",
            "5,713",
            "5,794"
          ],
          [
            "<a id=\"cost-long_term_operating_lease_liabilities\"></a>　　Long-term operating lease liabilities",
            "长期经营租赁负债",
            "2,460",
            "2,375"
          ],
          [
            "<a id=\"cost-other_long_term_liabilities\"></a>　　Other long-term liabilities",
            "其他长期负债",
            "2,654",
            "2,576"
          ],
          [
            "<a id=\"cost-total_liabilities\"></a>**TOTAL LIABILITIES**",
            "**负债合计**",
            "**47,935**",
            "**46,209**"
          ],
          [
            "<a id=\"cost-commitments_contingencies\"></a>COMMITMENTS AND CONTINGENCIES",
            "承诺及或有事项〔原表无金额〕",
            "",
            ""
          ],
          [
            "<a id=\"cost-equity\"></a>**EQUITY**",
            "**权益**",
            "",
            ""
          ],
          [
            "<a id=\"cost-preferred_stock\"></a>　Preferred stock \\$0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding",
            "优先股：每股面值0.005美元；授权100,000,000股；无已发行及流通股",
            "—",
            "—"
          ],
          [
            "<a id=\"cost-common_stock\"></a>　Common stock \\$0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding",
            "普通股：每股面值0.005美元；授权900,000,000股；两期已发行及流通443,237,000及443,126,000股",
            "2",
            "2"
          ],
          [
            "<a id=\"cost-additional_paid_in_capital\"></a>　Additional paid-in capital",
            "额外实缴资本",
            "8,282",
            "7,829"
          ],
          [
            "<a id=\"cost-aocl\"></a>　Accumulated other comprehensive loss",
            "累计其他综合损失",
            "(1,770)",
            "(1,828)"
          ],
          [
            "<a id=\"cost-retained_earnings\"></a>　Retained earnings",
            "留存收益",
            "22,650",
            "17,619"
          ],
          [
            "<a id=\"cost-total_equity\"></a>**TOTAL EQUITY**",
            "**权益合计**",
            "**29,164**",
            "**23,622**"
          ],
          [
            "<a id=\"cost-total_liabilities_equity\"></a>**TOTAL LIABILITIES AND EQUITY**",
            "**负债及权益合计**",
            "**77,099**",
            "**69,831**"
          ]
        ],
        "markdown": "| 英文原行 | 中文名称 | 2025-08-31 | 2024-09-01 |\n|---|---|---:|---:|\n| <a id=\"cost-assets\"></a>**ASSETS** | **资产** |  |  |\n| <a id=\"cost-current_assets\"></a>　**CURRENT ASSETS** | **流动资产** |  |  |\n| <a id=\"cost-cash\"></a>　　Cash and cash equivalents | 现金及现金等价物 | 14,161 | 9,906 |\n| <a id=\"cost-short_term_investments\"></a>　　Short-term investments | 短期投资 | 1,123 | 1,238 |\n| <a id=\"cost-receivables_net\"></a>　　Receivables, net | 应收款净额 | 3,203 | 2,721 |\n| <a id=\"cost-inventory\"></a>　　Merchandise inventories | 商品存货 | 18,116 | 18,647 |\n| <a id=\"cost-other_current_assets\"></a>　　Other current assets | 其他流动资产 | 1,777 | 1,734 |\n| <a id=\"cost-total_current_assets\"></a>　**Total current assets** | **流动资产合计** | **38,380** | **34,246** |\n| <a id=\"cost-other_assets\"></a>　**OTHER ASSETS** | **其他资产** |  |  |\n| <a id=\"cost-ppe_net\"></a>　　Property and equipment, net | 物业及设备净额 | 31,909 | 29,032 |\n| <a id=\"cost-operating_lease_rou\"></a>　　Operating lease right-of-use assets | 经营租赁使用权资产 | 2,725 | 2,617 |\n| <a id=\"cost-other_long_term_assets\"></a>　　Other long-term assets | 其他长期资产 | 4,085 | 3,936 |\n| <a id=\"cost-total_assets\"></a>**TOTAL ASSETS** | **总资产** | **77,099** | **69,831** |\n| <a id=\"cost-liabilities_and_equity\"></a>**LIABILITIES AND EQUITY** | **负债与权益** |  |  |\n| <a id=\"cost-current_liabilities\"></a>　**CURRENT LIABILITIES** | **流动负债** |  |  |\n| <a id=\"cost-accounts_payable\"></a>　　Accounts payable | 应付账款 | 19,783 | 19,421 |\n| <a id=\"cost-accrued_salaries_benefits\"></a>　　Accrued salaries and benefits | 应计工资及福利 | 5,205 | 4,794 |\n| <a id=\"cost-accrued_member_rewards\"></a>　　Accrued member rewards | 应计会员奖励 | 2,677 | 2,435 |\n| <a id=\"cost-deferred_membership_fees\"></a>　　Deferred membership fees | 递延会员费 | 2,854 | 2,501 |\n| <a id=\"cost-other_current_liabilities\"></a>　　Other current liabilities | 其他流动负债 | 6,589 | 6,313 |\n| <a id=\"cost-total_current_liabilities\"></a>　**Total current liabilities** | **流动负债合计** | **37,108** | **35,464** |\n| <a id=\"cost-other_liabilities\"></a>　**OTHER LIABILITIES** | **其他负债** |  |  |\n| <a id=\"cost-long_term_debt\"></a>　　Long-term debt, excluding current portion | 长期债务，不含流动部分 | 5,713 | 5,794 |\n| <a id=\"cost-long_term_operating_lease_liabilities\"></a>　　Long-term operating lease liabilities | 长期经营租赁负债 | 2,460 | 2,375 |\n| <a id=\"cost-other_long_term_liabilities\"></a>　　Other long-term liabilities | 其他长期负债 | 2,654 | 2,576 |\n| <a id=\"cost-total_liabilities\"></a>**TOTAL LIABILITIES** | **负债合计** | **47,935** | **46,209** |\n| <a id=\"cost-commitments_contingencies\"></a>COMMITMENTS AND CONTINGENCIES | 承诺及或有事项〔原表无金额〕 |  |  |\n| <a id=\"cost-equity\"></a>**EQUITY** | **权益** |  |  |\n| <a id=\"cost-preferred_stock\"></a>　Preferred stock \\$0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding | 优先股：每股面值0.005美元；授权100,000,000股；无已发行及流通股 | — | — |\n| <a id=\"cost-common_stock\"></a>　Common stock \\$0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding | 普通股：每股面值0.005美元；授权900,000,000股；两期已发行及流通443,237,000及443,126,000股 | 2 | 2 |\n| <a id=\"cost-additional_paid_in_capital\"></a>　Additional paid-in capital | 额外实缴资本 | 8,282 | 7,829 |\n| <a id=\"cost-aocl\"></a>　Accumulated other comprehensive loss | 累计其他综合损失 | (1,770) | (1,828) |\n| <a id=\"cost-retained_earnings\"></a>　Retained earnings | 留存收益 | 22,650 | 17,619 |\n| <a id=\"cost-total_equity\"></a>**TOTAL EQUITY** | **权益合计** | **29,164** | **23,622** |\n| <a id=\"cost-total_liabilities_equity\"></a>**TOTAL LIABILITIES AND EQUITY** | **负债及权益合计** | **77,099** | **69,831** |"
      },
      {
        "heading": "2.2　商品已经进来，钱什么时候出去？",
        "headers": [
          "对照步骤",
          "计算，百万美元",
          "本步骤的身份"
        ],
        "rows": [
          [
            "存货余额减少",
            "`18,647−18,116=531`",
            "两期余额差"
          ],
          [
            "应付余额增加",
            "`19,783−19,421=362`",
            "两期余额差"
          ],
          [
            "选定余额变化取反",
            "`531+362=893`",
            "供对照的派生数"
          ],
          [
            "现金流量表相应调整",
            "`559+404=963`",
            "原表期间调整合计"
          ],
          [
            "尚待归因差额",
            "`963−893=70`",
            "不能凭空填成汇率或非现金项目"
          ]
        ],
        "markdown": "| 对照步骤 | 计算，百万美元 | 本步骤的身份 |\n|---|---:|---|\n| 存货余额减少 | `18,647−18,116=531` | 两期余额差 |\n| 应付余额增加 | `19,783−19,421=362` | 两期余额差 |\n| 选定余额变化取反 | `531+362=893` | 供对照的派生数 |\n| 现金流量表相应调整 | `559+404=963` | 原表期间调整合计 |\n| 尚待归因差额 | `963−893=70` | 不能凭空填成汇率或非现金项目 |"
      },
      {
        "heading": "2.3　会员义务与门店资源，也在这张表里",
        "headers": [
          "租赁义务，百万美元",
          "2025金额",
          "已包含在主表的什么位置"
        ],
        "rows": [
          [
            "流动经营租赁负债",
            "208",
            "其他流动负债"
          ],
          [
            "流动融资租赁负债",
            "78",
            "其他流动负债"
          ],
          [
            "长期经营租赁负债",
            "2,460",
            "主表单列的长期经营租赁负债"
          ],
          [
            "长期融资租赁负债",
            "1,401",
            "其他长期负债"
          ],
          [
            "**租赁负债合计**",
            "**4,147**",
            "`208+78+2,460+1,401`"
          ]
        ],
        "markdown": "| 租赁义务，百万美元 | 2025金额 | 已包含在主表的什么位置 |\n|---|---:|---|\n| 流动经营租赁负债 | 208 | 其他流动负债 |\n| 流动融资租赁负债 | 78 | 其他流动负债 |\n| 长期经营租赁负债 | 2,460 | 主表单列的长期经营租赁负债 |\n| 长期融资租赁负债 | 1,401 | 其他长期负债 |\n| **租赁负债合计** | **4,147** | `208+78+2,460+1,401` |"
      },
      {
        "heading": "3.1　先保留银行自己的全表结构",
        "headers": [
          "英文原行",
          "中文名称",
          "2025-12-31",
          "2024-12-31"
        ],
        "rows": [
          [
            "<a id=\"jpm-assets\"></a>**Assets**",
            "**资产**",
            "",
            ""
          ],
          [
            "<a id=\"jpm-cash_due_from_banks\"></a>　Cash and due from banks",
            "现金及应收银行款",
            "21,742",
            "23,372"
          ],
          [
            "<a id=\"jpm-deposits_with_banks\"></a>　Deposits with banks",
            "存放银行款项",
            "321,596",
            "445,945"
          ],
          [
            "<a id=\"jpm-fed_funds_sold_resale\"></a>　Federal funds sold and securities purchased under resale agreements (included \\$327,018 and \\$286,771 at fair value)",
            "拆出联邦基金及买入返售证券〔其中按公允价值计量327,018／286,771〕",
            "336,426",
            "295,001"
          ],
          [
            "<a id=\"jpm-securities_borrowed\"></a>　Securities borrowed (included \\$98,111 and \\$83,962 at fair value)",
            "借入证券〔其中按公允价值计量98,111／83,962〕",
            "286,191",
            "219,546"
          ],
          [
            "<a id=\"jpm-trading_assets\"></a>　Trading assets (included assets pledged of \\$165,927 and \\$136,070)",
            "交易资产〔其中已质押资产165,927／136,070〕",
            "802,873",
            "637,784"
          ],
          [
            "<a id=\"jpm-afs_securities\"></a>　　Available-for-sale securities (amortized cost of \\$507,226 and \\$411,045; included assets pledged of \\$7,735 and \\$10,162)",
            "可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕",
            "507,198",
            "406,852"
          ],
          [
            "<a id=\"jpm-htm_securities\"></a>　　Held-to-maturity securities",
            "持有至到期证券",
            "270,134",
            "274,468"
          ],
          [
            "<a id=\"jpm-investment_securities_net\"></a>　**Investment securities, net of allowance for credit losses**",
            "**投资证券，扣除信用损失准备后**",
            "**777,332**",
            "**681,320**"
          ],
          [
            "<a id=\"jpm-loans_gross\"></a>　　Loans (included \\$70,684 and \\$41,350 at fair value)",
            "贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕",
            "1,493,429",
            "1,347,988"
          ],
          [
            "<a id=\"jpm-allowance_loan_losses\"></a>　　Allowance for loan losses",
            "贷款损失准备〔资产减项〕",
            "(25,765)",
            "(24,345)"
          ],
          [
            "<a id=\"jpm-loans_net\"></a>　**Loans, net of allowance for loan losses**",
            "**贷款净额**",
            "**1,467,664**",
            "**1,323,643**"
          ],
          [
            "<a id=\"jpm-accrued_interest_receivables\"></a>　Accrued interest and accounts receivable",
            "应计利息及应收账款",
            "111,599",
            "101,223"
          ],
          [
            "<a id=\"jpm-premises_equipment\"></a>　Premises and equipment",
            "房屋及设备",
            "36,244",
            "32,223"
          ],
          [
            "<a id=\"jpm-goodwill_msrs_other_intangibles\"></a>　Goodwill, MSRs and other intangible assets",
            "商誉、按揭服务权及其他无形资产",
            "64,458",
            "64,560"
          ],
          [
            "<a id=\"jpm-other_assets\"></a>　Other assets (included \\$15,849 and \\$15,122 at fair value and assets pledged of \\$11,984 and \\$6,288)",
            "其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕",
            "198,775",
            "178,197"
          ],
          [
            "<a id=\"jpm-total_assets\"></a>**Total assets(a)**",
            "**总资产〔附注(a)〕**",
            "**4,424,900**",
            "**4,002,814**"
          ],
          [
            "<a id=\"jpm-liabilities\"></a>**Liabilities**",
            "**负债**",
            "",
            ""
          ],
          [
            "<a id=\"jpm-customer_deposits\"></a>　Deposits (included \\$20,930 and \\$33,768 at fair value)",
            "客户存款〔其中按公允价值计量20,930／33,768〕",
            "2,559,320",
            "2,406,032"
          ],
          [
            "<a id=\"jpm-fed_funds_purchased_repo\"></a>　Federal funds purchased and securities loaned or sold under repurchase agreements (included \\$360,194 and \\$226,329 at fair value)",
            "拆入联邦基金及证券借出或回购融资〔其中按公允价值计量360,194／226,329〕",
            "442,396",
            "296,835"
          ],
          [
            "<a id=\"jpm-short_term_borrowings\"></a>　Short-term borrowings (included \\$32,460 and \\$26,521 at fair value)",
            "短期借款〔其中按公允价值计量32,460／26,521〕",
            "64,776",
            "52,893"
          ],
          [
            "<a id=\"jpm-trading_liabilities\"></a>　Trading liabilities",
            "交易负债",
            "216,019",
            "192,883"
          ],
          [
            "<a id=\"jpm-accounts_payable_other_liabilities\"></a>　Accounts payable and other liabilities (included \\$6,660 and \\$5,893 at fair value)",
            "应付账款及其他负债〔其中按公允价值计量6,660／5,893〕",
            "316,794",
            "280,672"
          ],
          [
            "<a id=\"jpm-vie_beneficial_interests\"></a>　Beneficial interests issued by consolidated VIEs (included \\$5 and \\$1 at fair value)",
            "合并VIE发行的受益权益〔其中按公允价值计量5／1〕",
            "27,951",
            "27,323"
          ],
          [
            "<a id=\"jpm-long_term_debt\"></a>　Long-term debt (included \\$134,559 and \\$100,780 at fair value)",
            "长期债务〔其中按公允价值计量134,559／100,780〕",
            "435,206",
            "401,418"
          ],
          [
            "<a id=\"jpm-total_liabilities\"></a>**Total liabilities(a)**",
            "**负债合计〔附注(a)〕**",
            "**4,062,462**",
            "**3,658,056**"
          ],
          [
            "<a id=\"jpm-commitments_contingencies\"></a>Commitments and contingencies (refer to Notes 28, 29 and 30)",
            "承诺及或有事项〔参见Notes 28、29、30；原表无金额〕",
            "",
            ""
          ],
          [
            "<a id=\"jpm-equity\"></a>**Stockholders’ equity**",
            "**股东权益**",
            "",
            ""
          ],
          [
            "<a id=\"jpm-preferred_stock\"></a>　Preferred stock (\\$1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares)",
            "优先股：面值每股1美元；授权200,000,000股；两期已发行均为2,005,375股",
            "20,045",
            "20,050"
          ],
          [
            "<a id=\"jpm-common_stock\"></a>　Common stock (\\$1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)",
            "普通股：面值每股1美元；授权9,000,000,000股；已发行4,104,933,895股",
            "4,105",
            "4,105"
          ],
          [
            "<a id=\"jpm-additional_paid_in_capital\"></a>　Additional paid-in capital",
            "额外实缴资本",
            "91,114",
            "90,911"
          ],
          [
            "<a id=\"jpm-retained_earnings\"></a>　Retained earnings",
            "留存收益",
            "416,055",
            "376,166"
          ],
          [
            "<a id=\"jpm-aocl\"></a>　Accumulated other comprehensive losses",
            "累计其他综合损失",
            "(4,290)",
            "(12,456)"
          ],
          [
            "<a id=\"jpm-treasury_stock\"></a>　Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares)",
            "库存股，按成本〔股数1,408,661,319／1,307,313,494〕",
            "(164,591)",
            "(134,018)"
          ],
          [
            "<a id=\"jpm-total_equity\"></a>**Total stockholders’ equity**",
            "**股东权益合计**",
            "**362,438**",
            "**344,758**"
          ],
          [
            "<a id=\"jpm-total_liabilities_equity\"></a>**Total liabilities and stockholders’ equity**",
            "**负债及股东权益合计**",
            "**4,424,900**",
            "**4,002,814**"
          ]
        ],
        "markdown": "| 英文原行 | 中文名称 | 2025-12-31 | 2024-12-31 |\n|---|---|---:|---:|\n| <a id=\"jpm-assets\"></a>**Assets** | **资产** |  |  |\n| <a id=\"jpm-cash_due_from_banks\"></a>　Cash and due from banks | 现金及应收银行款 | 21,742 | 23,372 |\n| <a id=\"jpm-deposits_with_banks\"></a>　Deposits with banks | 存放银行款项 | 321,596 | 445,945 |\n| <a id=\"jpm-fed_funds_sold_resale\"></a>　Federal funds sold and securities purchased under resale agreements (included \\$327,018 and \\$286,771 at fair value) | 拆出联邦基金及买入返售证券〔其中按公允价值计量327,018／286,771〕 | 336,426 | 295,001 |\n| <a id=\"jpm-securities_borrowed\"></a>　Securities borrowed (included \\$98,111 and \\$83,962 at fair value) | 借入证券〔其中按公允价值计量98,111／83,962〕 | 286,191 | 219,546 |\n| <a id=\"jpm-trading_assets\"></a>　Trading assets (included assets pledged of \\$165,927 and \\$136,070) | 交易资产〔其中已质押资产165,927／136,070〕 | 802,873 | 637,784 |\n| <a id=\"jpm-afs_securities\"></a>　　Available-for-sale securities (amortized cost of \\$507,226 and \\$411,045; included assets pledged of \\$7,735 and \\$10,162) | 可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕 | 507,198 | 406,852 |\n| <a id=\"jpm-htm_securities\"></a>　　Held-to-maturity securities | 持有至到期证券 | 270,134 | 274,468 |\n| <a id=\"jpm-investment_securities_net\"></a>　**Investment securities, net of allowance for credit losses** | **投资证券，扣除信用损失准备后** | **777,332** | **681,320** |\n| <a id=\"jpm-loans_gross\"></a>　　Loans (included \\$70,684 and \\$41,350 at fair value) | 贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕 | 1,493,429 | 1,347,988 |\n| <a id=\"jpm-allowance_loan_losses\"></a>　　Allowance for loan losses | 贷款损失准备〔资产减项〕 | (25,765) | (24,345) |\n| <a id=\"jpm-loans_net\"></a>　**Loans, net of allowance for loan losses** | **贷款净额** | **1,467,664** | **1,323,643** |\n| <a id=\"jpm-accrued_interest_receivables\"></a>　Accrued interest and accounts receivable | 应计利息及应收账款 | 111,599 | 101,223 |\n| <a id=\"jpm-premises_equipment\"></a>　Premises and equipment | 房屋及设备 | 36,244 | 32,223 |\n| <a id=\"jpm-goodwill_msrs_other_intangibles\"></a>　Goodwill, MSRs and other intangible assets | 商誉、按揭服务权及其他无形资产 | 64,458 | 64,560 |\n| <a id=\"jpm-other_assets\"></a>　Other assets (included \\$15,849 and \\$15,122 at fair value and assets pledged of \\$11,984 and \\$6,288) | 其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕 | 198,775 | 178,197 |\n| <a id=\"jpm-total_assets\"></a>**Total assets(a)** | **总资产〔附注(a)〕** | **4,424,900** | **4,002,814** |\n| <a id=\"jpm-liabilities\"></a>**Liabilities** | **负债** |  |  |\n| <a id=\"jpm-customer_deposits\"></a>　Deposits (included \\$20,930 and \\$33,768 at fair value) | 客户存款〔其中按公允价值计量20,930／33,768〕 | 2,559,320 | 2,406,032 |\n| <a id=\"jpm-fed_funds_purchased_repo\"></a>　Federal funds purchased and securities loaned or sold under repurchase agreements (included \\$360,194 and \\$226,329 at fair value) | 拆入联邦基金及证券借出或回购融资〔其中按公允价值计量360,194／226,329〕 | 442,396 | 296,835 |\n| <a id=\"jpm-short_term_borrowings\"></a>　Short-term borrowings (included \\$32,460 and \\$26,521 at fair value) | 短期借款〔其中按公允价值计量32,460／26,521〕 | 64,776 | 52,893 |\n| <a id=\"jpm-trading_liabilities\"></a>　Trading liabilities | 交易负债 | 216,019 | 192,883 |\n| <a id=\"jpm-accounts_payable_other_liabilities\"></a>　Accounts payable and other liabilities (included \\$6,660 and \\$5,893 at fair value) | 应付账款及其他负债〔其中按公允价值计量6,660／5,893〕 | 316,794 | 280,672 |\n| <a id=\"jpm-vie_beneficial_interests\"></a>　Beneficial interests issued by consolidated VIEs (included \\$5 and \\$1 at fair value) | 合并VIE发行的受益权益〔其中按公允价值计量5／1〕 | 27,951 | 27,323 |\n| <a id=\"jpm-long_term_debt\"></a>　Long-term debt (included \\$134,559 and \\$100,780 at fair value) | 长期债务〔其中按公允价值计量134,559／100,780〕 | 435,206 | 401,418 |\n| <a id=\"jpm-total_liabilities\"></a>**Total liabilities(a)** | **负债合计〔附注(a)〕** | **4,062,462** | **3,658,056** |\n| <a id=\"jpm-commitments_contingencies\"></a>Commitments and contingencies (refer to Notes 28, 29 and 30) | 承诺及或有事项〔参见Notes 28、29、30；原表无金额〕 |  |  |\n| <a id=\"jpm-equity\"></a>**Stockholders’ equity** | **股东权益** |  |  |\n| <a id=\"jpm-preferred_stock\"></a>　Preferred stock (\\$1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares) | 优先股：面值每股1美元；授权200,000,000股；两期已发行均为2,005,375股 | 20,045 | 20,050 |\n| <a id=\"jpm-common_stock\"></a>　Common stock (\\$1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 普通股：面值每股1美元；授权9,000,000,000股；已发行4,104,933,895股 | 4,105 | 4,105 |\n| <a id=\"jpm-additional_paid_in_capital\"></a>　Additional paid-in capital | 额外实缴资本 | 91,114 | 90,911 |\n| <a id=\"jpm-retained_earnings\"></a>　Retained earnings | 留存收益 | 416,055 | 376,166 |\n| <a id=\"jpm-aocl\"></a>　Accumulated other comprehensive losses | 累计其他综合损失 | (4,290) | (12,456) |\n| <a id=\"jpm-treasury_stock\"></a>　Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares) | 库存股，按成本〔股数1,408,661,319／1,307,313,494〕 | (164,591) | (134,018) |\n| <a id=\"jpm-total_equity\"></a>**Total stockholders’ equity** | **股东权益合计** | **362,438** | **344,758** |\n| <a id=\"jpm-total_liabilities_equity\"></a>**Total liabilities and stockholders’ equity** | **负债及股东权益合计** | **4,424,900** | **4,002,814** |"
      },
      {
        "heading": "3.1　先保留银行自己的全表结构",
        "headers": [
          "英文原行",
          "中文名称",
          "2025-12-31",
          "2024-12-31"
        ],
        "rows": [
          [
            "<a id=\"jpm-vie-assets\"></a>**Assets**",
            "**资产**",
            "",
            ""
          ],
          [
            "<a id=\"jpm-vie-trading_assets\"></a>　Trading assets",
            "交易资产",
            "4,835",
            "3,885"
          ],
          [
            "<a id=\"jpm-vie-loans\"></a>　Loans",
            "贷款",
            "37,777",
            "36,510"
          ],
          [
            "<a id=\"jpm-vie-all_other_assets\"></a>　All other assets",
            "其他资产",
            "683",
            "681"
          ],
          [
            "<a id=\"jpm-vie-total_assets\"></a>**Total assets**",
            "**资产合计**",
            "**43,295**",
            "**41,076**"
          ],
          [
            "<a id=\"jpm-vie-liabilities\"></a>**Liabilities**",
            "**负债**",
            "",
            ""
          ],
          [
            "<a id=\"jpm-vie-beneficial_interests\"></a>　Beneficial interests issued by consolidated VIEs",
            "合并VIE发行的受益权益",
            "27,951",
            "27,323"
          ],
          [
            "<a id=\"jpm-vie-all_other_liabilities\"></a>　All other liabilities",
            "其他负债",
            "691",
            "454"
          ],
          [
            "<a id=\"jpm-vie-total_liabilities\"></a>**Total liabilities**",
            "**负债合计**",
            "**28,642**",
            "**27,777**"
          ]
        ],
        "markdown": "| 英文原行 | 中文名称 | 2025-12-31 | 2024-12-31 |\n|---|---|---:|---:|\n| <a id=\"jpm-vie-assets\"></a>**Assets** | **资产** |  |  |\n| <a id=\"jpm-vie-trading_assets\"></a>　Trading assets | 交易资产 | 4,835 | 3,885 |\n| <a id=\"jpm-vie-loans\"></a>　Loans | 贷款 | 37,777 | 36,510 |\n| <a id=\"jpm-vie-all_other_assets\"></a>　All other assets | 其他资产 | 683 | 681 |\n| <a id=\"jpm-vie-total_assets\"></a>**Total assets** | **资产合计** | **43,295** | **41,076** |\n| <a id=\"jpm-vie-liabilities\"></a>**Liabilities** | **负债** |  |  |\n| <a id=\"jpm-vie-beneficial_interests\"></a>　Beneficial interests issued by consolidated VIEs | 合并VIE发行的受益权益 | 27,951 | 27,323 |\n| <a id=\"jpm-vie-all_other_liabilities\"></a>　All other liabilities | 其他负债 | 691 | 454 |\n| <a id=\"jpm-vie-total_liabilities\"></a>**Total liabilities** | **负债合计** | **28,642** | **27,777** |"
      },
      {
        "heading": "3.3　贷款不是一个只有总额的盒子",
        "headers": [
          "英文原类",
          "中文",
          "2025-12-31",
          "2024-12-31"
        ],
        "rows": [
          [
            "Retained",
            "留存贷款",
            "1,408,905",
            "1,299,590"
          ],
          [
            "Held-for-sale",
            "持有待售贷款",
            "13,840",
            "7,048"
          ],
          [
            "At fair value",
            "按公允价值计量贷款",
            "70,684",
            "41,350"
          ],
          [
            "Total",
            "未扣贷款损失准备的贷款合计",
            "1,493,429",
            "1,347,988"
          ]
        ],
        "markdown": "| 英文原类 | 中文 | 2025-12-31 | 2024-12-31 |\n|---|---|---:|---:|\n| Retained | 留存贷款 | 1,408,905 | 1,299,590 |\n| Held-for-sale | 持有待售贷款 | 13,840 | 7,048 |\n| At fair value | 按公允价值计量贷款 | 70,684 | 41,350 |\n| Total | 未扣贷款损失准备的贷款合计 | 1,493,429 | 1,347,988 |"
      },
      {
        "heading": "4　共同事件实验：一张表怎样随交易移动",
        "headers": [
          "步骤完成后",
          "现金",
          "应收",
          "存货",
          "总资产",
          "应付／总负债",
          "权益",
          "累计本期利润",
          "累计经营现金净额"
        ],
        "rows": [
          [
            "S0 期初",
            "100",
            "0",
            "0",
            "100",
            "0",
            "100",
            "0",
            "0"
          ],
          [
            "S1 赊购100",
            "100",
            "0",
            "100",
            "200",
            "100",
            "100",
            "0",
            "0"
          ],
          [
            "S2 赊销150并结转100",
            "100",
            "150",
            "0",
            "250",
            "100",
            "150",
            "50",
            "0"
          ],
          [
            "S3 付款100",
            "0",
            "150",
            "0",
            "150",
            "0",
            "150",
            "50",
            "−100"
          ],
          [
            "S4 收款150",
            "150",
            "0",
            "0",
            "150",
            "0",
            "150",
            "50",
            "50"
          ]
        ],
        "markdown": "| 步骤完成后 | 现金 | 应收 | 存货 | 总资产 | 应付／总负债 | 权益 | 累计本期利润 | 累计经营现金净额 |\n|---|---:|---:|---:|---:|---:|---:|---:|---:|\n| S0 期初 | 100 | 0 | 0 | 100 | 0 | 100 | 0 | 0 |\n| S1 赊购100 | 100 | 0 | 100 | 200 | 100 | 100 | 0 | 0 |\n| S2 赊销150并结转100 | 100 | 150 | 0 | 250 | 100 | 150 | 50 | 0 |\n| S3 付款100 | 0 | 150 | 0 | 150 | 0 | 150 | 50 | −100 |\n| S4 收款150 | 150 | 0 | 0 | 150 | 0 | 150 | 50 | 50 |"
      },
      {
        "heading": "4　共同事件实验：一张表怎样随交易移动",
        "headers": [
          "箭头",
          "现金变化",
          "应收变化",
          "存货变化",
          "负债变化",
          "权益变化",
          "经济含义"
        ],
        "rows": [
          [
            "S0→S1 赊购",
            "0",
            "0",
            "+100",
            "+100",
            "0",
            "商品与付款义务同时留下"
          ],
          [
            "S1→S2 销售并结转成本",
            "0",
            "+150",
            "−100",
            "0",
            "+50",
            "收款权替代商品，净收益增加权益"
          ],
          [
            "S2→S3 付款",
            "−100",
            "0",
            "0",
            "−100",
            "0",
            "清偿旧义务，不重复确认商品成本"
          ],
          [
            "S3→S4 收款",
            "+150",
            "−150",
            "0",
            "0",
            "0",
            "实现旧收款权，不重复确认销售收入"
          ]
        ],
        "markdown": "| 箭头 | 现金变化 | 应收变化 | 存货变化 | 负债变化 | 权益变化 | 经济含义 |\n|---|---:|---:|---:|---:|---:|---|\n| S0→S1 赊购 | 0 | 0 | +100 | +100 | 0 | 商品与付款义务同时留下 |\n| S1→S2 销售并结转成本 | 0 | +150 | −100 | 0 | +50 | 收款权替代商品，净收益增加权益 |\n| S2→S3 付款 | −100 | 0 | 0 | −100 | 0 | 清偿旧义务，不重复确认商品成本 |\n| S3→S4 收款 | +150 | −150 | 0 | 0 | 0 | 实现旧收款权，不重复确认销售收入 |"
      },
      {
        "heading": "5.1　衍生品的三个金额，不是同一层次",
        "headers": [
          "层次",
          "计算，百万美元",
          "能怎样称呼"
        ],
        "rows": [
          [
            "未作所列抵销的应收总额",
            "606,382",
            "衍生品应收总额，不是名义本金"
          ],
          [
            "表内抵销之后",
            "`606,382−548,605=57,777`",
            "表内净应收"
          ],
          [
            "再考虑所列不能表内抵销的担保品",
            "`57,777−28,891=28,886`",
            "本附注相应净额，不改写主表列报"
          ]
        ],
        "markdown": "| 层次 | 计算，百万美元 | 能怎样称呼 |\n|---|---|---|\n| 未作所列抵销的应收总额 | 606,382 | 衍生品应收总额，不是名义本金 |\n| 表内抵销之后 | `606,382−548,605=57,777` | 表内净应收 |\n| 再考虑所列不能表内抵销的担保品 | `57,777−28,891=28,886` | 本附注相应净额，不改写主表列报 |"
      }
    ],
    "source_input_schema": "BF-A.rev-1.unified-inputs",
    "information_cutoff": "2026-09-21",
    "units_and_limits": [
      "金额默认单位为USD millions；股数单独使用shares；教学设定另列。",
      "主表与附注明细分层保存；附注明细不得自动再加到主表总额。",
      "Costco存货/应付余额反向变化893与现金流调整963之间的70保持未归因。"
    ],
    "case_inputs": {
      "COST-BS-20250831": {
        "entity": "Costco Wholesale Corporation",
        "periods": [
          "2025-08-31",
          "2024-09-01"
        ],
        "statement_rows": [
          {
            "id": "assets",
            "label_original_md": "**ASSETS**",
            "label_zh_md": "**资产**",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "current_assets",
            "label_original_md": "**CURRENT ASSETS**",
            "label_zh_md": "**流动资产**",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "cash",
            "label_original_md": "Cash and cash equivalents",
            "label_zh_md": "现金及现金等价物",
            "amounts": {
              "2025-08-31": 14161,
              "2024-09-01": 9906
            },
            "original_display": {
              "2025-08-31": "14,161",
              "2024-09-01": "9,906"
            }
          },
          {
            "id": "short_term_investments",
            "label_original_md": "Short-term investments",
            "label_zh_md": "短期投资",
            "amounts": {
              "2025-08-31": 1123,
              "2024-09-01": 1238
            },
            "original_display": {
              "2025-08-31": "1,123",
              "2024-09-01": "1,238"
            }
          },
          {
            "id": "receivables_net",
            "label_original_md": "Receivables, net",
            "label_zh_md": "应收款净额",
            "amounts": {
              "2025-08-31": 3203,
              "2024-09-01": 2721
            },
            "original_display": {
              "2025-08-31": "3,203",
              "2024-09-01": "2,721"
            }
          },
          {
            "id": "inventory",
            "label_original_md": "Merchandise inventories",
            "label_zh_md": "商品存货",
            "amounts": {
              "2025-08-31": 18116,
              "2024-09-01": 18647
            },
            "original_display": {
              "2025-08-31": "18,116",
              "2024-09-01": "18,647"
            }
          },
          {
            "id": "other_current_assets",
            "label_original_md": "Other current assets",
            "label_zh_md": "其他流动资产",
            "amounts": {
              "2025-08-31": 1777,
              "2024-09-01": 1734
            },
            "original_display": {
              "2025-08-31": "1,777",
              "2024-09-01": "1,734"
            }
          },
          {
            "id": "total_current_assets",
            "label_original_md": "**Total current assets**",
            "label_zh_md": "**流动资产合计**",
            "amounts": {
              "2025-08-31": 38380,
              "2024-09-01": 34246
            },
            "original_display": {
              "2025-08-31": "**38,380**",
              "2024-09-01": "**34,246**"
            }
          },
          {
            "id": "other_assets",
            "label_original_md": "**OTHER ASSETS**",
            "label_zh_md": "**其他资产**",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "ppe_net",
            "label_original_md": "Property and equipment, net",
            "label_zh_md": "物业及设备净额",
            "amounts": {
              "2025-08-31": 31909,
              "2024-09-01": 29032
            },
            "original_display": {
              "2025-08-31": "31,909",
              "2024-09-01": "29,032"
            }
          },
          {
            "id": "operating_lease_rou",
            "label_original_md": "Operating lease right-of-use assets",
            "label_zh_md": "经营租赁使用权资产",
            "amounts": {
              "2025-08-31": 2725,
              "2024-09-01": 2617
            },
            "original_display": {
              "2025-08-31": "2,725",
              "2024-09-01": "2,617"
            }
          },
          {
            "id": "other_long_term_assets",
            "label_original_md": "Other long-term assets",
            "label_zh_md": "其他长期资产",
            "amounts": {
              "2025-08-31": 4085,
              "2024-09-01": 3936
            },
            "original_display": {
              "2025-08-31": "4,085",
              "2024-09-01": "3,936"
            }
          },
          {
            "id": "total_assets",
            "label_original_md": "**TOTAL ASSETS**",
            "label_zh_md": "**总资产**",
            "amounts": {
              "2025-08-31": 77099,
              "2024-09-01": 69831
            },
            "original_display": {
              "2025-08-31": "**77,099**",
              "2024-09-01": "**69,831**"
            }
          },
          {
            "id": "liabilities_and_equity",
            "label_original_md": "**LIABILITIES AND EQUITY**",
            "label_zh_md": "**负债与权益**",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "current_liabilities",
            "label_original_md": "**CURRENT LIABILITIES**",
            "label_zh_md": "**流动负债**",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "accounts_payable",
            "label_original_md": "Accounts payable",
            "label_zh_md": "应付账款",
            "amounts": {
              "2025-08-31": 19783,
              "2024-09-01": 19421
            },
            "original_display": {
              "2025-08-31": "19,783",
              "2024-09-01": "19,421"
            }
          },
          {
            "id": "accrued_salaries_benefits",
            "label_original_md": "Accrued salaries and benefits",
            "label_zh_md": "应计工资及福利",
            "amounts": {
              "2025-08-31": 5205,
              "2024-09-01": 4794
            },
            "original_display": {
              "2025-08-31": "5,205",
              "2024-09-01": "4,794"
            }
          },
          {
            "id": "accrued_member_rewards",
            "label_original_md": "Accrued member rewards",
            "label_zh_md": "应计会员奖励",
            "amounts": {
              "2025-08-31": 2677,
              "2024-09-01": 2435
            },
            "original_display": {
              "2025-08-31": "2,677",
              "2024-09-01": "2,435"
            }
          },
          {
            "id": "deferred_membership_fees",
            "label_original_md": "Deferred membership fees",
            "label_zh_md": "递延会员费",
            "amounts": {
              "2025-08-31": 2854,
              "2024-09-01": 2501
            },
            "original_display": {
              "2025-08-31": "2,854",
              "2024-09-01": "2,501"
            }
          },
          {
            "id": "other_current_liabilities",
            "label_original_md": "Other current liabilities",
            "label_zh_md": "其他流动负债",
            "amounts": {
              "2025-08-31": 6589,
              "2024-09-01": 6313
            },
            "original_display": {
              "2025-08-31": "6,589",
              "2024-09-01": "6,313"
            }
          },
          {
            "id": "total_current_liabilities",
            "label_original_md": "**Total current liabilities**",
            "label_zh_md": "**流动负债合计**",
            "amounts": {
              "2025-08-31": 37108,
              "2024-09-01": 35464
            },
            "original_display": {
              "2025-08-31": "**37,108**",
              "2024-09-01": "**35,464**"
            }
          },
          {
            "id": "other_liabilities",
            "label_original_md": "**OTHER LIABILITIES**",
            "label_zh_md": "**其他负债**",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "long_term_debt",
            "label_original_md": "Long-term debt, excluding current portion",
            "label_zh_md": "长期债务，不含流动部分",
            "amounts": {
              "2025-08-31": 5713,
              "2024-09-01": 5794
            },
            "original_display": {
              "2025-08-31": "5,713",
              "2024-09-01": "5,794"
            }
          },
          {
            "id": "long_term_operating_lease_liabilities",
            "label_original_md": "Long-term operating lease liabilities",
            "label_zh_md": "长期经营租赁负债",
            "amounts": {
              "2025-08-31": 2460,
              "2024-09-01": 2375
            },
            "original_display": {
              "2025-08-31": "2,460",
              "2024-09-01": "2,375"
            }
          },
          {
            "id": "other_long_term_liabilities",
            "label_original_md": "Other long-term liabilities",
            "label_zh_md": "其他长期负债",
            "amounts": {
              "2025-08-31": 2654,
              "2024-09-01": 2576
            },
            "original_display": {
              "2025-08-31": "2,654",
              "2024-09-01": "2,576"
            }
          },
          {
            "id": "total_liabilities",
            "label_original_md": "**TOTAL LIABILITIES**",
            "label_zh_md": "**负债合计**",
            "amounts": {
              "2025-08-31": 47935,
              "2024-09-01": 46209
            },
            "original_display": {
              "2025-08-31": "**47,935**",
              "2024-09-01": "**46,209**"
            }
          },
          {
            "id": "commitments_contingencies",
            "label_original_md": "COMMITMENTS AND CONTINGENCIES",
            "label_zh_md": "承诺及或有事项〔原表无金额〕",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "equity",
            "label_original_md": "**EQUITY**",
            "label_zh_md": "**权益**",
            "amounts": {
              "2025-08-31": null,
              "2024-09-01": null
            },
            "original_display": {
              "2025-08-31": "",
              "2024-09-01": ""
            }
          },
          {
            "id": "preferred_stock",
            "label_original_md": "Preferred stock \\$0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding",
            "label_zh_md": "优先股：每股面值0.005美元；授权100,000,000股；无已发行及流通股",
            "amounts": {
              "2025-08-31": 0,
              "2024-09-01": 0
            },
            "original_display": {
              "2025-08-31": "—",
              "2024-09-01": "—"
            }
          },
          {
            "id": "common_stock",
            "label_original_md": "Common stock \\$0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding",
            "label_zh_md": "普通股：每股面值0.005美元；授权900,000,000股；两期已发行及流通443,237,000及443,126,000股",
            "amounts": {
              "2025-08-31": 2,
              "2024-09-01": 2
            },
            "original_display": {
              "2025-08-31": "2",
              "2024-09-01": "2"
            }
          },
          {
            "id": "additional_paid_in_capital",
            "label_original_md": "Additional paid-in capital",
            "label_zh_md": "额外实缴资本",
            "amounts": {
              "2025-08-31": 8282,
              "2024-09-01": 7829
            },
            "original_display": {
              "2025-08-31": "8,282",
              "2024-09-01": "7,829"
            }
          },
          {
            "id": "aocl",
            "label_original_md": "Accumulated other comprehensive loss",
            "label_zh_md": "累计其他综合损失",
            "amounts": {
              "2025-08-31": -1770,
              "2024-09-01": -1828
            },
            "original_display": {
              "2025-08-31": "(1,770)",
              "2024-09-01": "(1,828)"
            }
          },
          {
            "id": "retained_earnings",
            "label_original_md": "Retained earnings",
            "label_zh_md": "留存收益",
            "amounts": {
              "2025-08-31": 22650,
              "2024-09-01": 17619
            },
            "original_display": {
              "2025-08-31": "22,650",
              "2024-09-01": "17,619"
            }
          },
          {
            "id": "total_equity",
            "label_original_md": "**TOTAL EQUITY**",
            "label_zh_md": "**权益合计**",
            "amounts": {
              "2025-08-31": 29164,
              "2024-09-01": 23622
            },
            "original_display": {
              "2025-08-31": "**29,164**",
              "2024-09-01": "**23,622**"
            }
          },
          {
            "id": "total_liabilities_equity",
            "label_original_md": "**TOTAL LIABILITIES AND EQUITY**",
            "label_zh_md": "**负债及权益合计**",
            "amounts": {
              "2025-08-31": 77099,
              "2024-09-01": 69831
            },
            "original_display": {
              "2025-08-31": "**77,099**",
              "2024-09-01": "**69,831**"
            }
          }
        ],
        "supplemental": {
          "cashflow_2025": {
            "beginning_cash": 9906,
            "cfo": 13335,
            "cfi": -5311,
            "cff": -3775,
            "fx": 6,
            "ending_cash": 14161
          },
          "working_balance": {
            "inventory_2025": 18116,
            "inventory_2024": 18647,
            "payables_2025": 19783,
            "payables_2024": 19421,
            "cf_inventory_adjustment": 559,
            "cf_payables_adjustment": 404
          },
          "lease_2025": {
            "current_operating": 208,
            "current_finance": 78,
            "long_term_operating": 2460,
            "long_term_finance": 1401,
            "finance_lease_assets_other_long_term_assets": 1488
          }
        }
      },
      "JPM-BS-20251231": {
        "entity": "JPMorgan Chase & Co.",
        "periods": [
          "2025-12-31",
          "2024-12-31"
        ],
        "statement_rows": [
          {
            "id": "assets",
            "label_original_md": "**Assets**",
            "label_zh_md": "**资产**",
            "amounts": {
              "2025-12-31": null,
              "2024-12-31": null
            },
            "original_display": {
              "2025-12-31": "",
              "2024-12-31": ""
            }
          },
          {
            "id": "cash_due_from_banks",
            "label_original_md": "Cash and due from banks",
            "label_zh_md": "现金及应收银行款",
            "amounts": {
              "2025-12-31": 21742,
              "2024-12-31": 23372
            },
            "original_display": {
              "2025-12-31": "21,742",
              "2024-12-31": "23,372"
            }
          },
          {
            "id": "deposits_with_banks",
            "label_original_md": "Deposits with banks",
            "label_zh_md": "存放银行款项",
            "amounts": {
              "2025-12-31": 321596,
              "2024-12-31": 445945
            },
            "original_display": {
              "2025-12-31": "321,596",
              "2024-12-31": "445,945"
            }
          },
          {
            "id": "fed_funds_sold_resale",
            "label_original_md": "Federal funds sold and securities purchased under resale agreements (included \\$327,018 and \\$286,771 at fair value)",
            "label_zh_md": "拆出联邦基金及买入返售证券〔其中按公允价值计量327,018／286,771〕",
            "amounts": {
              "2025-12-31": 336426,
              "2024-12-31": 295001
            },
            "original_display": {
              "2025-12-31": "336,426",
              "2024-12-31": "295,001"
            }
          },
          {
            "id": "securities_borrowed",
            "label_original_md": "Securities borrowed (included \\$98,111 and \\$83,962 at fair value)",
            "label_zh_md": "借入证券〔其中按公允价值计量98,111／83,962〕",
            "amounts": {
              "2025-12-31": 286191,
              "2024-12-31": 219546
            },
            "original_display": {
              "2025-12-31": "286,191",
              "2024-12-31": "219,546"
            }
          },
          {
            "id": "trading_assets",
            "label_original_md": "Trading assets (included assets pledged of \\$165,927 and \\$136,070)",
            "label_zh_md": "交易资产〔其中已质押资产165,927／136,070〕",
            "amounts": {
              "2025-12-31": 802873,
              "2024-12-31": 637784
            },
            "original_display": {
              "2025-12-31": "802,873",
              "2024-12-31": "637,784"
            }
          },
          {
            "id": "afs_securities",
            "label_original_md": "Available-for-sale securities (amortized cost of \\$507,226 and \\$411,045; included assets pledged of \\$7,735 and \\$10,162)",
            "label_zh_md": "可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕",
            "amounts": {
              "2025-12-31": 507198,
              "2024-12-31": 406852
            },
            "original_display": {
              "2025-12-31": "507,198",
              "2024-12-31": "406,852"
            }
          },
          {
            "id": "htm_securities",
            "label_original_md": "Held-to-maturity securities",
            "label_zh_md": "持有至到期证券",
            "amounts": {
              "2025-12-31": 270134,
              "2024-12-31": 274468
            },
            "original_display": {
              "2025-12-31": "270,134",
              "2024-12-31": "274,468"
            }
          },
          {
            "id": "investment_securities_net",
            "label_original_md": "**Investment securities, net of allowance for credit losses**",
            "label_zh_md": "**投资证券，扣除信用损失准备后**",
            "amounts": {
              "2025-12-31": 777332,
              "2024-12-31": 681320
            },
            "original_display": {
              "2025-12-31": "**777,332**",
              "2024-12-31": "**681,320**"
            }
          },
          {
            "id": "loans_gross",
            "label_original_md": "Loans (included \\$70,684 and \\$41,350 at fair value)",
            "label_zh_md": "贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕",
            "amounts": {
              "2025-12-31": 1493429,
              "2024-12-31": 1347988
            },
            "original_display": {
              "2025-12-31": "1,493,429",
              "2024-12-31": "1,347,988"
            }
          },
          {
            "id": "allowance_loan_losses",
            "label_original_md": "Allowance for loan losses",
            "label_zh_md": "贷款损失准备〔资产减项〕",
            "amounts": {
              "2025-12-31": -25765,
              "2024-12-31": -24345
            },
            "original_display": {
              "2025-12-31": "(25,765)",
              "2024-12-31": "(24,345)"
            }
          },
          {
            "id": "loans_net",
            "label_original_md": "**Loans, net of allowance for loan losses**",
            "label_zh_md": "**贷款净额**",
            "amounts": {
              "2025-12-31": 1467664,
              "2024-12-31": 1323643
            },
            "original_display": {
              "2025-12-31": "**1,467,664**",
              "2024-12-31": "**1,323,643**"
            }
          },
          {
            "id": "accrued_interest_receivables",
            "label_original_md": "Accrued interest and accounts receivable",
            "label_zh_md": "应计利息及应收账款",
            "amounts": {
              "2025-12-31": 111599,
              "2024-12-31": 101223
            },
            "original_display": {
              "2025-12-31": "111,599",
              "2024-12-31": "101,223"
            }
          },
          {
            "id": "premises_equipment",
            "label_original_md": "Premises and equipment",
            "label_zh_md": "房屋及设备",
            "amounts": {
              "2025-12-31": 36244,
              "2024-12-31": 32223
            },
            "original_display": {
              "2025-12-31": "36,244",
              "2024-12-31": "32,223"
            }
          },
          {
            "id": "goodwill_msrs_other_intangibles",
            "label_original_md": "Goodwill, MSRs and other intangible assets",
            "label_zh_md": "商誉、按揭服务权及其他无形资产",
            "amounts": {
              "2025-12-31": 64458,
              "2024-12-31": 64560
            },
            "original_display": {
              "2025-12-31": "64,458",
              "2024-12-31": "64,560"
            }
          },
          {
            "id": "other_assets",
            "label_original_md": "Other assets (included \\$15,849 and \\$15,122 at fair value and assets pledged of \\$11,984 and \\$6,288)",
            "label_zh_md": "其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕",
            "amounts": {
              "2025-12-31": 198775,
              "2024-12-31": 178197
            },
            "original_display": {
              "2025-12-31": "198,775",
              "2024-12-31": "178,197"
            }
          },
          {
            "id": "total_assets",
            "label_original_md": "**Total assets(a)**",
            "label_zh_md": "**总资产〔附注(a)〕**",
            "amounts": {
              "2025-12-31": 4424900,
              "2024-12-31": 4002814
            },
            "original_display": {
              "2025-12-31": "**4,424,900**",
              "2024-12-31": "**4,002,814**"
            }
          },
          {
            "id": "liabilities",
            "label_original_md": "**Liabilities**",
            "label_zh_md": "**负债**",
            "amounts": {
              "2025-12-31": null,
              "2024-12-31": null
            },
            "original_display": {
              "2025-12-31": "",
              "2024-12-31": ""
            }
          },
          {
            "id": "customer_deposits",
            "label_original_md": "Deposits (included \\$20,930 and \\$33,768 at fair value)",
            "label_zh_md": "客户存款〔其中按公允价值计量20,930／33,768〕",
            "amounts": {
              "2025-12-31": 2559320,
              "2024-12-31": 2406032
            },
            "original_display": {
              "2025-12-31": "2,559,320",
              "2024-12-31": "2,406,032"
            }
          },
          {
            "id": "fed_funds_purchased_repo",
            "label_original_md": "Federal funds purchased and securities loaned or sold under repurchase agreements (included \\$360,194 and \\$226,329 at fair value)",
            "label_zh_md": "拆入联邦基金及证券借出或回购融资〔其中按公允价值计量360,194／226,329〕",
            "amounts": {
              "2025-12-31": 442396,
              "2024-12-31": 296835
            },
            "original_display": {
              "2025-12-31": "442,396",
              "2024-12-31": "296,835"
            }
          },
          {
            "id": "short_term_borrowings",
            "label_original_md": "Short-term borrowings (included \\$32,460 and \\$26,521 at fair value)",
            "label_zh_md": "短期借款〔其中按公允价值计量32,460／26,521〕",
            "amounts": {
              "2025-12-31": 64776,
              "2024-12-31": 52893
            },
            "original_display": {
              "2025-12-31": "64,776",
              "2024-12-31": "52,893"
            }
          },
          {
            "id": "trading_liabilities",
            "label_original_md": "Trading liabilities",
            "label_zh_md": "交易负债",
            "amounts": {
              "2025-12-31": 216019,
              "2024-12-31": 192883
            },
            "original_display": {
              "2025-12-31": "216,019",
              "2024-12-31": "192,883"
            }
          },
          {
            "id": "accounts_payable_other_liabilities",
            "label_original_md": "Accounts payable and other liabilities (included \\$6,660 and \\$5,893 at fair value)",
            "label_zh_md": "应付账款及其他负债〔其中按公允价值计量6,660／5,893〕",
            "amounts": {
              "2025-12-31": 316794,
              "2024-12-31": 280672
            },
            "original_display": {
              "2025-12-31": "316,794",
              "2024-12-31": "280,672"
            }
          },
          {
            "id": "vie_beneficial_interests",
            "label_original_md": "Beneficial interests issued by consolidated VIEs (included \\$5 and \\$1 at fair value)",
            "label_zh_md": "合并VIE发行的受益权益〔其中按公允价值计量5／1〕",
            "amounts": {
              "2025-12-31": 27951,
              "2024-12-31": 27323
            },
            "original_display": {
              "2025-12-31": "27,951",
              "2024-12-31": "27,323"
            }
          },
          {
            "id": "long_term_debt",
            "label_original_md": "Long-term debt (included \\$134,559 and \\$100,780 at fair value)",
            "label_zh_md": "长期债务〔其中按公允价值计量134,559／100,780〕",
            "amounts": {
              "2025-12-31": 435206,
              "2024-12-31": 401418
            },
            "original_display": {
              "2025-12-31": "435,206",
              "2024-12-31": "401,418"
            }
          },
          {
            "id": "total_liabilities",
            "label_original_md": "**Total liabilities(a)**",
            "label_zh_md": "**负债合计〔附注(a)〕**",
            "amounts": {
              "2025-12-31": 4062462,
              "2024-12-31": 3658056
            },
            "original_display": {
              "2025-12-31": "**4,062,462**",
              "2024-12-31": "**3,658,056**"
            }
          },
          {
            "id": "commitments_contingencies",
            "label_original_md": "Commitments and contingencies (refer to Notes 28, 29 and 30)",
            "label_zh_md": "承诺及或有事项〔参见Notes 28、29、30；原表无金额〕",
            "amounts": {
              "2025-12-31": null,
              "2024-12-31": null
            },
            "original_display": {
              "2025-12-31": "",
              "2024-12-31": ""
            }
          },
          {
            "id": "equity",
            "label_original_md": "**Stockholders’ equity**",
            "label_zh_md": "**股东权益**",
            "amounts": {
              "2025-12-31": null,
              "2024-12-31": null
            },
            "original_display": {
              "2025-12-31": "",
              "2024-12-31": ""
            }
          },
          {
            "id": "preferred_stock",
            "label_original_md": "Preferred stock (\\$1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares)",
            "label_zh_md": "优先股：面值每股1美元；授权200,000,000股；两期已发行均为2,005,375股",
            "amounts": {
              "2025-12-31": 20045,
              "2024-12-31": 20050
            },
            "original_display": {
              "2025-12-31": "20,045",
              "2024-12-31": "20,050"
            }
          },
          {
            "id": "common_stock",
            "label_original_md": "Common stock (\\$1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)",
            "label_zh_md": "普通股：面值每股1美元；授权9,000,000,000股；已发行4,104,933,895股",
            "amounts": {
              "2025-12-31": 4105,
              "2024-12-31": 4105
            },
            "original_display": {
              "2025-12-31": "4,105",
              "2024-12-31": "4,105"
            }
          },
          {
            "id": "additional_paid_in_capital",
            "label_original_md": "Additional paid-in capital",
            "label_zh_md": "额外实缴资本",
            "amounts": {
              "2025-12-31": 91114,
              "2024-12-31": 90911
            },
            "original_display": {
              "2025-12-31": "91,114",
              "2024-12-31": "90,911"
            }
          },
          {
            "id": "retained_earnings",
            "label_original_md": "Retained earnings",
            "label_zh_md": "留存收益",
            "amounts": {
              "2025-12-31": 416055,
              "2024-12-31": 376166
            },
            "original_display": {
              "2025-12-31": "416,055",
              "2024-12-31": "376,166"
            }
          },
          {
            "id": "aocl",
            "label_original_md": "Accumulated other comprehensive losses",
            "label_zh_md": "累计其他综合损失",
            "amounts": {
              "2025-12-31": -4290,
              "2024-12-31": -12456
            },
            "original_display": {
              "2025-12-31": "(4,290)",
              "2024-12-31": "(12,456)"
            }
          },
          {
            "id": "treasury_stock",
            "label_original_md": "Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares)",
            "label_zh_md": "库存股，按成本〔股数1,408,661,319／1,307,313,494〕",
            "amounts": {
              "2025-12-31": -164591,
              "2024-12-31": -134018
            },
            "original_display": {
              "2025-12-31": "(164,591)",
              "2024-12-31": "(134,018)"
            }
          },
          {
            "id": "total_equity",
            "label_original_md": "**Total stockholders’ equity**",
            "label_zh_md": "**股东权益合计**",
            "amounts": {
              "2025-12-31": 362438,
              "2024-12-31": 344758
            },
            "original_display": {
              "2025-12-31": "**362,438**",
              "2024-12-31": "**344,758**"
            }
          },
          {
            "id": "total_liabilities_equity",
            "label_original_md": "**Total liabilities and stockholders’ equity**",
            "label_zh_md": "**负债及股东权益合计**",
            "amounts": {
              "2025-12-31": 4424900,
              "2024-12-31": 4002814
            },
            "original_display": {
              "2025-12-31": "**4,424,900**",
              "2024-12-31": "**4,002,814**"
            }
          }
        ],
        "vie_note_rows": [
          {
            "id": "vie-assets",
            "label_original_md": "**Assets**",
            "label_zh_md": "**资产**",
            "amounts": {
              "2025-12-31": null,
              "2024-12-31": null
            },
            "original_display": {
              "2025-12-31": "",
              "2024-12-31": ""
            }
          },
          {
            "id": "vie-trading_assets",
            "label_original_md": "Trading assets",
            "label_zh_md": "交易资产",
            "amounts": {
              "2025-12-31": 4835,
              "2024-12-31": 3885
            },
            "original_display": {
              "2025-12-31": "4,835",
              "2024-12-31": "3,885"
            }
          },
          {
            "id": "vie-loans",
            "label_original_md": "Loans",
            "label_zh_md": "贷款",
            "amounts": {
              "2025-12-31": 37777,
              "2024-12-31": 36510
            },
            "original_display": {
              "2025-12-31": "37,777",
              "2024-12-31": "36,510"
            }
          },
          {
            "id": "vie-all_other_assets",
            "label_original_md": "All other assets",
            "label_zh_md": "其他资产",
            "amounts": {
              "2025-12-31": 683,
              "2024-12-31": 681
            },
            "original_display": {
              "2025-12-31": "683",
              "2024-12-31": "681"
            }
          },
          {
            "id": "vie-total_assets",
            "label_original_md": "**Total assets**",
            "label_zh_md": "**资产合计**",
            "amounts": {
              "2025-12-31": 43295,
              "2024-12-31": 41076
            },
            "original_display": {
              "2025-12-31": "**43,295**",
              "2024-12-31": "**41,076**"
            }
          },
          {
            "id": "vie-liabilities",
            "label_original_md": "**Liabilities**",
            "label_zh_md": "**负债**",
            "amounts": {
              "2025-12-31": null,
              "2024-12-31": null
            },
            "original_display": {
              "2025-12-31": "",
              "2024-12-31": ""
            }
          },
          {
            "id": "vie-beneficial_interests",
            "label_original_md": "Beneficial interests issued by consolidated VIEs",
            "label_zh_md": "合并VIE发行的受益权益",
            "amounts": {
              "2025-12-31": 27951,
              "2024-12-31": 27323
            },
            "original_display": {
              "2025-12-31": "27,951",
              "2024-12-31": "27,323"
            }
          },
          {
            "id": "vie-all_other_liabilities",
            "label_original_md": "All other liabilities",
            "label_zh_md": "其他负债",
            "amounts": {
              "2025-12-31": 691,
              "2024-12-31": 454
            },
            "original_display": {
              "2025-12-31": "691",
              "2024-12-31": "454"
            }
          },
          {
            "id": "vie-total_liabilities",
            "label_original_md": "**Total liabilities**",
            "label_zh_md": "**负债合计**",
            "amounts": {
              "2025-12-31": 28642,
              "2024-12-31": 27777
            },
            "original_display": {
              "2025-12-31": "**28,642**",
              "2024-12-31": "**27,777**"
            }
          }
        ],
        "supplemental": {
          "loan_categories_2025": {
            "retained": 1408905,
            "held_for_sale": 13840,
            "fair_value": 70684,
            "gross_total": 1493429,
            "allowance": -25765
          },
          "loan_categories_2024": {
            "retained": 1299590,
            "held_for_sale": 7048,
            "fair_value": 41350,
            "gross_total": 1347988,
            "allowance": -24345
          },
          "deposits_2025": {
            "us_noninterest": 583342,
            "non_us_noninterest": 37057,
            "total_deposits": 2559320
          },
          "deposits_2024": {
            "us_noninterest": 592500,
            "non_us_noninterest": 26806,
            "total_deposits": 2406032
          },
          "securities_2025": {
            "afs_carrying_fair_value": 507198,
            "htm_carrying_amortized_cost": 270134,
            "main_table_total": 777332,
            "afs_to_htm_transfer_billion": 44.1
          },
          "common_equity_2025": {
            "total_stockholders_equity": 362438,
            "preferred_stock": 20045,
            "issued_common_shares": 4104933895,
            "treasury_shares": 1408661319
          },
          "derivative_receivables_2025": {
            "gross_recognized": 606382,
            "balance_sheet_netting": 548605,
            "balance_sheet_net": 57777,
            "collateral_not_balance_sheet_netted": 28891,
            "note_net_amount": 28886
          },
          "cashflow_2025": {
            "beginning": 469317,
            "cfo": -147782,
            "cfi": -265565,
            "cff": 269533,
            "fx": 17835,
            "ending": 343338
          }
        }
      }
    },
    "experiments": [
      {
        "id": "EXP-BF05-EVENTS",
        "title": "赊购、赊销、付款与收款",
        "anchor": "EXP-BF05-EVENTS",
        "url": "/notebook/labs/bf-a/interactions.html#EXP-BF05-EVENTS",
        "description": "原稿独立教学设定；不对应Costco或JPM交易记录。",
        "inputs": {
          "initial_cash": 100,
          "initial_equity": 100,
          "cost": 100,
          "sales": 150,
          "default_collect_first": false
        },
        "default_outputs": [
          {
            "event_label": "S0 期初",
            "cash": 100,
            "receivable": 0,
            "inventory": 0,
            "assets": 100,
            "payable": 0,
            "equity": 100,
            "profit": 0,
            "ocf": 0
          },
          {
            "event_label": "S1 赊购100",
            "cash": 100,
            "receivable": 0,
            "inventory": 100,
            "assets": 200,
            "payable": 100,
            "equity": 100,
            "profit": 0,
            "ocf": 0
          },
          {
            "event_label": "S2 赊销150并结转100",
            "cash": 100,
            "receivable": 150,
            "inventory": 0,
            "assets": 250,
            "payable": 100,
            "equity": 150,
            "profit": 50,
            "ocf": 0
          },
          {
            "event_label": "S3 付款100",
            "cash": 0,
            "receivable": 150,
            "inventory": 0,
            "assets": 150,
            "payable": 0,
            "equity": 150,
            "profit": 50,
            "ocf": -100
          },
          {
            "event_label": "S4 收款150",
            "cash": 150,
            "receivable": 0,
            "inventory": 0,
            "assets": 150,
            "payable": 0,
            "equity": 150,
            "profit": 50,
            "ocf": 50
          }
        ],
        "transitions": {
          "heading": "4　共同事件实验：一张表怎样随交易移动",
          "headers": [
            "箭头",
            "现金变化",
            "应收变化",
            "存货变化",
            "负债变化",
            "权益变化",
            "经济含义"
          ],
          "rows": [
            [
              "S0→S1 赊购",
              "0",
              "0",
              "+100",
              "+100",
              "0",
              "商品与付款义务同时留下"
            ],
            [
              "S1→S2 销售并结转成本",
              "0",
              "+150",
              "−100",
              "0",
              "+50",
              "收款权替代商品，净收益增加权益"
            ],
            [
              "S2→S3 付款",
              "−100",
              "0",
              "0",
              "−100",
              "0",
              "清偿旧义务，不重复确认商品成本"
            ],
            [
              "S3→S4 收款",
              "+150",
              "−150",
              "0",
              "0",
              "0",
              "实现旧收款权，不重复确认销售收入"
            ]
          ],
          "markdown": "| 箭头 | 现金变化 | 应收变化 | 存货变化 | 负债变化 | 权益变化 | 经济含义 |\n|---|---:|---:|---:|---:|---:|---|\n| S0→S1 赊购 | 0 | 0 | +100 | +100 | 0 | 商品与付款义务同时留下 |\n| S1→S2 销售并结转成本 | 0 | +150 | −100 | 0 | +50 | 收款权替代商品，净收益增加权益 |\n| S2→S3 付款 | −100 | 0 | 0 | −100 | 0 | 清偿旧义务，不重复确认商品成本 |\n| S3→S4 收款 | +150 | −150 | 0 | 0 | 0 | 实现旧收款权，不重复确认销售收入 |"
        },
        "source_inputs": {
          "initial_cash": 100,
          "initial_equity": 100,
          "purchase_cost": 100,
          "sale_price": 150,
          "default_order": [
            "purchase",
            "sale",
            "pay",
            "collect"
          ],
          "alternative_order": [
            "purchase",
            "sale",
            "collect",
            "pay"
          ]
        },
        "computation_source": {
          "language": "javascript",
          "code": "// 纯计算函数；不访问账户、不获取外部数据。与正文同一组教学设定。\nfunction eventLedger(initialCash = 100, collectFirst = false) {\n  if (!Number.isFinite(initialCash) || initialCash < 0) {\n    throw new RangeError('期初现金必须为非负有限数');\n  }\n  if (typeof collectFirst !== 'boolean') {\n    throw new TypeError('collectFirst必须为布尔值');\n  }\n  const s = {cash: initialCash, receivable: 0, inventory: 0,\n             payable: 0, equity: initialCash, profit: 0, ocf: 0};\n  const rows = [];\n  const take = event => {\n    const assets = s.cash + s.receivable + s.inventory;\n    if (Math.abs(assets - s.payable - s.equity) > 1e-9) {\n      throw new Error('资产负债关系不平');\n    }\n    rows.push({event, ...s, assets, balanceResidual: 0});\n  };\n  take('initial');\n  s.inventory += 100; s.payable += 100; take('purchase');\n  s.receivable += 150; s.inventory -= 100;\n  s.equity += 50; s.profit += 50; take('sale');\n  const order = collectFirst ? ['collect', 'pay'] : ['pay', 'collect'];\n  for (const event of order) {\n    if (event === 'pay') {\n      if (s.cash < 100) return {rows, completed: false, fundingGap: 100 - s.cash};\n      s.cash -= 100; s.payable -= 100; s.ocf -= 100;\n    } else {\n      s.cash += 150; s.receivable -= 150; s.ocf += 150;\n    }\n    take(event);\n  }\n  return {rows, completed: true, fundingGap: 0};\n}"
        },
        "outputs_origin": "原稿第4节完整静态表；导入未执行该函数"
      }
    ],
    "specification_markdown": "## 配套规格：原表阅读器、交互与静态等价\n\n### BF05-TABLES：完整原表不因高亮而消失\n\n输入分别绑定`COST-BS-20250831`与`JPM-BS-20251231`，年份顺序固定为较新／较旧，原始金额以百万美元保存。主表行ID就是本稿各行锚点去掉`cost-`或`jpm-`后的部分。完整表、脚注表和附注明细是不同数据层，只有明确的直接子项参加一个小计。\n\n默认显示共同结构和零售完整表；读者可切换银行。折叠只影响可见状态，不删除行或改变加总。全部展开、打印、无脚本模式均能读到两个完整表和说明。提供“定位原文”和“展开附注”按钮；原始值与派生比率区分。空白与原表破折号分开；任何股数、面值和百万美元不得共用同一个缩放开关。\n\n**加总合同。** Costco总资产只加流动资产小计、物业设备、经营租赁使用权和其他长期资产；JPM总资产只加各直接项目，证券用净小计、贷款用净小计，VIE脚注不参与主表。所有减项在数据层保留负号。正文两期合计及VIE内部合计可作为静态验收值。\n\n### BF05-RETAIL：余额变化与现金调整并排\n\n输入：`inventory_2024=18647, inventory_2025=18116, payable_2024=19421, payable_2025=19783, cf_inventory=559, cf_payable=404`。输出：`N_2024=-774, N_2025=-1667, delta_N=-893, reverse_delta=893, CF_adjustment=963, unexplained_difference=70`。默认历史数据不可编辑；“教学变式”另开命名空间，不覆盖历史数。点击差额只展示待查口径，不自动为其归因。静态等价为§2.2全部公式和表。\n\n### BF05-BANK：分子与分母必须一起说明\n\n输入来自§3.3的两期完整构成、准备负数，以及客户存款。默认展示`(-allowance)/retained_loans*100`，2025输出1.8287%；可切换“全部贷款作分母”的对照，输出1.7252%，同时出现“不是原留存贷款口径”的说明。币种不变，百分数仅乘100一次。不得把下降自动着色为风险改善。普通股每股账面值另以美元／股输出126.99和116.07，不与监管指标混名。\n\n### EXP-BF05-EVENTS：可复算状态转移\n\n状态字段为`cash, receivable, inventory, payable, equity, profit, ocf`，其中`profit`和`ocf`分别指本窗口累计利润和累计经营现金净额。期初`cash=equity=100`，其余0；采购成本`cost=100`，售价`sales=150`。允许顺序为`purchase → sale → pay → collect`或`purchase → sale → collect → pay`。付款须满足`cash>=cost`；其他事件不得重复执行。改变期初现金时权益同步改变，不引入未声明负债。\n\n```javascript\n// 纯计算函数；不访问账户、不获取外部数据。与正文同一组教学设定。\nfunction eventLedger(initialCash = 100, collectFirst = false) {\n  if (!Number.isFinite(initialCash) || initialCash < 0) {\n    throw new RangeError('期初现金必须为非负有限数');\n  }\n  if (typeof collectFirst !== 'boolean') {\n    throw new TypeError('collectFirst必须为布尔值');\n  }\n  const s = {cash: initialCash, receivable: 0, inventory: 0,\n             payable: 0, equity: initialCash, profit: 0, ocf: 0};\n  const rows = [];\n  const take = event => {\n    const assets = s.cash + s.receivable + s.inventory;\n    if (Math.abs(assets - s.payable - s.equity) > 1e-9) {\n      throw new Error('资产负债关系不平');\n    }\n    rows.push({event, ...s, assets, balanceResidual: 0});\n  };\n  take('initial');\n  s.inventory += 100; s.payable += 100; take('purchase');\n  s.receivable += 150; s.inventory -= 100;\n  s.equity += 50; s.profit += 50; take('sale');\n  const order = collectFirst ? ['collect', 'pay'] : ['pay', 'collect'];\n  for (const event of order) {\n    if (event === 'pay') {\n      if (s.cash < 100) return {rows, completed: false, fundingGap: 100 - s.cash};\n      s.cash -= 100; s.payable -= 100; s.ocf -= 100;\n    } else {\n      s.cash += 150; s.receivable -= 150; s.ocf += 150;\n    }\n    take(event);\n  }\n  return {rows, completed: true, fundingGap: 0};\n}\n```\n\n静态默认五行及每一步变化见§4。初始现金0且先付款的预期结果为`completed=false, fundingGap=100`；改为先收款则完成，最终现金50、权益50、利润50、经营现金净额50。UI显示余额与变化两层，箭头文字使用§4的完整含义；不把所有事件画到权益。\n\n页面使用可访问标签、键盘和文字状态，不依赖颜色。股票价格、自动安全评分和银行存活概率不在这个交互中。这里给出静态结果和实现规格；网页实现另行完成。",
    "outputs_origin": "原稿静态表、公式和配套规格；本导入仅提取"
  },
  "runtime_reading_log": []
}
```

## Supplied entry
一家企业已经开展了许多交易，有些结束了，有些仍留下商品、收款权或付款义务。资产负债表把某个时点尚留在账上的这些关系放在一起。因此，我们读的不是“这一年总共赚了多少”，也不是“把公司卖掉能拿多少钱”，而是**在指定日期、指定合并范围和计量规则下，企业确认了哪些资产、负债和权益**。[FASB]、[OPENSTAX-22]

## 1　共同结构：同一张表的两面

**在本篇采用的 FASB 概念框架中，资产是企业取得经济利益的现时权利；负债是企业转移经济利益的现时义务；权益是在资产扣除负债后的剩余利益。** 这三个定义指向权利与义务，不限于看得见的物品或已经收到的借款。[FASB]（E16、E37、E61–E66）

令某日的已确认资产、负债和权益分别为 $A,L,E$，则账面关系为 $A=L+E$。赊购货物可以使资产和负债同时增加；收回应收款可以只改变资产的构成；交付商品并确认净收益，则可能增加权益。等式要求各项相互衔接，但不会自动告诉我们交易的经济好坏。

| 共同板块 | 通常要区分什么 | 阅读时要补的条件 |
|---|---|---|
| 资产 | 现金和收款权、待销售资源、长期使用资源及其他资产 | 归属谁、怎样计量、能否变现或用于履约 |
| 负债 | 供应商及员工应付、客户相关义务、借款、租赁等 | 欠谁、何时履行、用现金还是商品或服务履行 |
| 权益 | 股本、其他投入、留存收益、其他综合收益累计额、库存股等 | 总权益中有哪些不同权利；是否还需区分普通股、优先股和其他归属 |

常见的非金融企业列报会再区分流动与非流动，考虑一年或正常经营周期等条件；它不是简单的“短期安全、长期危险”分组。银行可以采用不同列报。下面 JPMorgan 的原表就没有硬分出一组流动资产和流动负债，我们也不替它造一组。[OPENSTAX-22]、[JPM-BS]

还要留下一条界线：定义某种权利是什么、是否在报表确认、按多少金额计量，不是同一个问题。表内的设备净额、贷款净额和证券公允价值，不能因为都以美元表示，就当成按同一种方法测出的市场价值；账面未单列的经营能力，也不能随意估一个金额补进总资产。[FASB]、[JPM-SEC]、[JPM-LOAN]

<nav data-reading-branch-controls aria-label="选择资产负债表行业分支">
<button type="button" data-select-reading-branch="retail" aria-pressed="true">零售 · Costco</button>
<button type="button" data-select-reading-branch="bank" aria-pressed="false">银行 · JPMorgan</button>
<button type="button" data-select-reading-branch="all" aria-pressed="false">全部展开</button>
</nav>

## 2　零售分支：Costco

### 2.1　先看到整张表

**Costco Wholesale Corporation — CONSOLIDATED BALANCE SHEETS。** 合并范围为公司及其全资子公司，重大内部交易抵销。金额为**百万美元**；面值为美元／股，股数为股，不随金额单位缩放。2025与2024比较列均取自2025年报，保留该报的比较期列报。[COST-BS]、[COST-POLICY]

原件定位：**SEC 10-K 印刷p.39**；另一版股东年报PDF为**印刷p.37／物理p.43**，不能混用页码。以下按原序重排为中英对照，保留全部35行、板块和合计。空白表示该行没有金额，不表示零；优先股原表的破折号另由“无已发行及流通股”说明支持。[COST-BS]、[COST-PDF]

| 英文原行 | 中文名称 | 2025-08-31 | 2024-09-01 |
|---|---|---:|---:|
| <a id="cost-assets"></a>**ASSETS** | **资产** |  |  |
| <a id="cost-current_assets"></a>　**CURRENT ASSETS** | **流动资产** |  |  |
| <a id="cost-cash"></a>　　Cash and cash equivalents | 现金及现金等价物 | 14,161 | 9,906 |
| <a id="cost-short_term_investments"></a>　　Short-term investments | 短期投资 | 1,123 | 1,238 |
| <a id="cost-receivables_net"></a>　　Receivables, net | 应收款净额 | 3,203 | 2,721 |
| <a id="cost-inventory"></a>　　Merchandise inventories | 商品存货 | 18,116 | 18,647 |
| <a id="cost-other_current_assets"></a>　　Other current assets | 其他流动资产 | 1,777 | 1,734 |
| <a id="cost-total_current_assets"></a>　**Total current assets** | **流动资产合计** | **38,380** | **34,246** |
| <a id="cost-other_assets"></a>　**OTHER ASSETS** | **其他资产** |  |  |
| <a id="cost-ppe_net"></a>　　Property and equipment, net | 物业及设备净额 | 31,909 | 29,032 |
| <a id="cost-operating_lease_rou"></a>　　Operating lease right-of-use assets | 经营租赁使用权资产 | 2,725 | 2,617 |
| <a id="cost-other_long_term_assets"></a>　　Other long-term assets | 其他长期资产 | 4,085 | 3,936 |
| <a id="cost-total_assets"></a>**TOTAL ASSETS** | **总资产** | **77,099** | **69,831** |
| <a id="cost-liabilities_and_equity"></a>**LIABILITIES AND EQUITY** | **负债与权益** |  |  |
| <a id="cost-current_liabilities"></a>　**CURRENT LIABILITIES** | **流动负债** |  |  |
| <a id="cost-accounts_payable"></a>　　Accounts payable | 应付账款 | 19,783 | 19,421 |
| <a id="cost-accrued_salaries_benefits"></a>　　Accrued salaries and benefits | 应计工资及福利 | 5,205 | 4,794 |
| <a id="cost-accrued_member_rewards"></a>　　Accrued member rewards | 应计会员奖励 | 2,677 | 2,435 |
| <a id="cost-deferred_membership_fees"></a>　　Deferred membership fees | 递延会员费 | 2,854 | 2,501 |
| <a id="cost-other_current_liabilities"></a>　　Other current liabilities | 其他流动负债 | 6,589 | 6,313 |
| <a id="cost-total_current_liabilities"></a>　**Total current liabilities** | **流动负债合计** | **37,108** | **35,464** |
| <a id="cost-other_liabilities"></a>　**OTHER LIABILITIES** | **其他负债** |  |  |
| <a id="cost-long_term_debt"></a>　　Long-term debt, excluding current portion | 长期债务，不含流动部分 | 5,713 | 5,794 |
| <a id="cost-long_term_operating_lease_liabilities"></a>　　Long-term operating lease liabilities | 长期经营租赁负债 | 2,460 | 2,375 |
| <a id="cost-other_long_term_liabilities"></a>　　Other long-term liabilities | 其他长期负债 | 2,654 | 2,576 |
| <a id="cost-total_liabilities"></a>**TOTAL LIABILITIES** | **负债合计** | **47,935** | **46,209** |
| <a id="cost-commitments_contingencies"></a>COMMITMENTS AND CONTINGENCIES | 承诺及或有事项〔原表无金额〕 |  |  |
| <a id="cost-equity"></a>**EQUITY** | **权益** |  |  |
| <a id="cost-preferred_stock"></a>　Preferred stock \$0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding | 优先股：每股面值0.005美元；授权100,000,000股；无已发行及流通股 | — | — |
| <a id="cost-common_stock"></a>　Common stock \$0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding | 普通股：每股面值0.005美元；授权900,000,000股；两期已发行及流通443,237,000及443,126,000股 | 2 | 2 |
| <a id="cost-additional_paid_in_capital"></a>　Additional paid-in capital | 额外实缴资本 | 8,282 | 7,829 |
| <a id="cost-aocl"></a>　Accumulated other comprehensive loss | 累计其他综合损失 | (1,770) | (1,828) |
| <a id="cost-retained_earnings"></a>　Retained earnings | 留存收益 | 22,650 | 17,619 |
| <a id="cost-total_equity"></a>**TOTAL EQUITY** | **权益合计** | **29,164** | **23,622** |
| <a id="cost-total_liabilities_equity"></a>**TOTAL LIABILITIES AND EQUITY** | **负债及权益合计** | **77,099** | **69,831** |

附注构成合并财务报表的一部分。普通股行中的2是按百万美元列示的股本金额，不是2百万股；“承诺及或有事项”没有主表金额，也不等于不存在相关承诺。[COST-BS]

先核全貌：2025年 `77,099 = 47,935 + 29,164`；2024年 `69,831 = 46,209 + 23,622`。汇总时用流动资产小计加其余资产，不能再把现金、存货等流动资产明细重复加一遍。

### 2.2　商品已经进来，钱什么时候出去？

我们沿实际经营过程读，而不是按表格顺序逐格念。Costco 的业务说明把快速周转和供应商结算联系起来，并说明其经常能在付款到期前售出商品。这为存货和应付提供了一个阅读方向，但是否在某个时点表现出来，仍要看数。[COST-BUS]

2024年末商品存货18,647，应付账款19,421；2025年末分别为18,116和19,783。只取这两项，定义一个本次分析使用的选定余额 $N=\text{商品存货}-\text{应付账款}$。它不是完整营运资本，也不表示两行中的每一笔合同都一一匹配。

$$
N_{2024}=18,647-19,421=-774,\qquad
N_{2025}=18,116-19,783=-1,667.
$$

所以 $\Delta N=-893$。这个计算告诉我们：**相对于所列应付，账上的商品存货净占用进一步降低了893。** 它与供应商结算支持商品周转的业务关系相容，却还不能直接改名为“今年释放现金893”。[COST-BS]（本文计算）

现在翻到现金流量表。2025年的存货变动调整是正559，应付账款变动调整是正404，合计963。若只用余额变化取反，会得到893，两者还差70。[COST-CF]

| 对照步骤 | 计算，百万美元 | 本步骤的身份 |
|---|---:|---|
| 存货余额减少 | `18,647−18,116=531` | 两期余额差 |
| 应付余额增加 | `19,783−19,421=362` | 两期余额差 |
| 选定余额变化取反 | `531+362=893` | 供对照的派生数 |
| 现金流量表相应调整 | `559+404=963` | 原表期间调整合计 |
| 尚待归因差额 | `963−893=70` | 不能凭空填成汇率或非现金项目 |

遇到差额，下一步是检查合并范围、重分类、汇兑及非现金变动等口径，而不是让计算“看起来闭合”。这些是待查的可能通道，不是已经证实的70的组成。本次保留差额，仍然已经得到一个重要结果：**相近的报表名称，并不保证余额差就是现金流量表的相应行。**

再看应收净额3,203，也不要自动补上一句“顾客赊账增加”。Note 1 的应收小节列出供应商款项、联名卡激励、再保险、第三方药房等来源；其中供应商应收包括折扣、销量返利等安排，通常与应付款分开列示，部分情形再按协议净额结算。企业是零售商，不代表每一项应收都来自零售顾客。[COST-RECEIVABLES]

### 2.3　会员义务与门店资源，也在这张表里

在商品和应付之外，表里还有递延会员费2,854、应计会员奖励2,677。前者连接尚待确认的会员服务收入；后者连接奖励安排，两者不是同一个“预收款”名称的不同写法。会员费收入按会员期间确认，奖励则按披露政策影响销售额并形成相应义务。[COST-REV]

门店与设施也不能从商品周转图里消失。2025年的物业设备净额31,909，加经营租赁使用权资产2,725，为34,634，占总资产约44.92%。这个比例只描述两个已确认账面项目的分量，既不是全部经营资源，也不是其市场价值。[COST-BS]（本文计算）

**使用权资产**在这里表示合同取得的使用能力；**租赁负债**表示相应付款义务。两者不必在后续每个时点都相等，读表时应分别追到各自的附注。Costco Note 5还告诉我们，融资租赁资产1,488列在**其他长期资产**，不是物业设备净额；因此不能按别家公司的常见位置替它归类。[COST-LEASE]

下面把同一附注的2025年租赁负债展开。它是对主表已有金额的分类说明，**不是额外再添4,147的负债**。

| 租赁义务，百万美元 | 2025金额 | 已包含在主表的什么位置 |
|---|---:|---|
| 流动经营租赁负债 | 208 | 其他流动负债 |
| 流动融资租赁负债 | 78 | 其他流动负债 |
| 长期经营租赁负债 | 2,460 | 主表单列的长期经营租赁负债 |
| 长期融资租赁负债 | 1,401 | 其他长期负债 |
| **租赁负债合计** | **4,147** | `208+78+2,460+1,401` |

来源：[COST-LEASE]，SEC印刷p.53，表下注释(1)–(3)。它让我们得到的不只是一个总数，还得到一张“附注明细已经装在哪个主表项目中”的地图。

### 2.4　回到全表，而不是停在几项比率

两期总资产增加7,268，对应负债增加1,726、权益增加5,542。这里回答的是账面规模怎样变动；5,542不能直接叫“本年利润”，因为盈利、分配和其他权益变化还需要回到权益表核对。[COST-BS]

最后检查现金的完整起讫。2025年现金流量表给出：

`9,906 + 13,335 − 5,311 − 3,775 + 6 = 14,161`。

依次是期初现金、经营、投资、筹资和汇率影响，终点接回资产负债表。现金增加4,255，并不是存货与应付调整963，也不是权益增加5,542。这几项本来就在描述不同关系。[COST-CF]

### 2.5　零售迁移练习

**题目。** 一位读者说：“Costco 2024年流动资产34,246小于流动负债35,464，所以当时无法经营；2025年流动比率超过1，问题就解决了。”请计算两个比率，再用本分支资料说明应怎样改写结论。随后解释为什么不能把4,147租赁负债加到47,935上。

**解析。** 两期流动比率分别为 `34246/35464≈0.9657` 和 `38380/37108≈1.0343`。这只是各时点已列流动项目的比值，不能代替到期时间、销售回款、供应商账期、可用资金和履约方式。会员义务与债务到期付款也不是同一种需求。因此可以说“比值由约0.966升至1.034”，但不能仅据此给出经营能否持续的判断。需要把存货周转、结算和现金流继续连起来。[COST-BS]、[COST-BUS]、[COST-CF]

4,147已分别包含在其他流动负债、长期经营租赁负债和其他长期负债中，再加一次会重复计入。正确动作是按附注重新分类展示，不改变原总负债。这也正是为什么我们要保留完整原表，而不是只摘几个看起来重要的数。[COST-LEASE]

</section>

## 3　银行分支：JPMorgan Chase & Co.

### 3.1　先保留银行自己的全表结构

**JPMorgan Chase & Co. — Consolidated balance sheets。** 这是集团合并表，不是 JPMorgan Chase Bank, N.A. 单体表。时点为2025-12-31和2024-12-31；金额为**百万美元**，面值和股数另列。原件为2025 Annual Report，**印刷p.167／物理p.199**。以下保留36行以及全部括注；原表没有流动／非流动小计。[JPM-BS]

| 英文原行 | 中文名称 | 2025-12-31 | 2024-12-31 |
|---|---|---:|---:|
| <a id="jpm-assets"></a>**Assets** | **资产** |  |  |
| <a id="jpm-cash_due_from_banks"></a>　Cash and due from banks | 现金及应收银行款 | 21,742 | 23,372 |
| <a id="jpm-deposits_with_banks"></a>　Deposits with banks | 存放银行款项 | 321,596 | 445,945 |
| <a id="jpm-fed_funds_sold_resale"></a>　Federal funds sold and securities purchased under resale agreements (included \$327,018 and \$286,771 at fair value) | 拆出联邦基金及买入返售证券〔其中按公允价值计量327,018／286,771〕 | 336,426 | 295,001 |
| <a id="jpm-securities_borrowed"></a>　Securities borrowed (included \$98,111 and \$83,962 at fair value) | 借入证券〔其中按公允价值计量98,111／83,962〕 | 286,191 | 219,546 |
| <a id="jpm-trading_assets"></a>　Trading assets (included assets pledged of \$165,927 and \$136,070) | 交易资产〔其中已质押资产165,927／136,070〕 | 802,873 | 637,784 |
| <a id="jpm-afs_securities"></a>　　Available-for-sale securities (amortized cost of \$507,226 and \$411,045; included assets pledged of \$7,735 and \$10,162) | 可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕 | 507,198 | 406,852 |
| <a id="jpm-htm_securities"></a>　　Held-to-maturity securities | 持有至到期证券 | 270,134 | 274,468 |
| <a id="jpm-investment_securities_net"></a>　**Investment securities, net of allowance for credit losses** | **投资证券，扣除信用损失准备后** | **777,332** | **681,320** |
| <a id="jpm-loans_gross"></a>　　Loans (included \$70,684 and \$41,350 at fair value) | 贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕 | 1,493,429 | 1,347,988 |
| <a id="jpm-allowance_loan_losses"></a>　　Allowance for loan losses | 贷款损失准备〔资产减项〕 | (25,765) | (24,345) |
| <a id="jpm-loans_net"></a>　**Loans, net of allowance for loan losses** | **贷款净额** | **1,467,664** | **1,323,643** |
| <a id="jpm-accrued_interest_receivables"></a>　Accrued interest and accounts receivable | 应计利息及应收账款 | 111,599 | 101,223 |
| <a id="jpm-premises_equipment"></a>　Premises and equipment | 房屋及设备 | 36,244 | 32,223 |
| <a id="jpm-goodwill_msrs_other_intangibles"></a>　Goodwill, MSRs and other intangible assets | 商誉、按揭服务权及其他无形资产 | 64,458 | 64,560 |
| <a id="jpm-other_assets"></a>　Other assets (included \$15,849 and \$15,122 at fair value and assets pledged of \$11,984 and \$6,288) | 其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕 | 198,775 | 178,197 |
| <a id="jpm-total_assets"></a>**Total assets(a)** | **总资产〔附注(a)〕** | **4,424,900** | **4,002,814** |
| <a id="jpm-liabilities"></a>**Liabilities** | **负债** |  |  |
| <a id="jpm-customer_deposits"></a>　Deposits (included \$20,930 and \$33,768 at fair value) | 客户存款〔其中按公允价值计量20,930／33,768〕 | 2,559,320 | 2,406,032 |
| <a id="jpm-fed_funds_purchased_repo"></a>　Federal funds purchased and securities loaned or sold under repurchase agreements (included \$360,194 and \$226,329 at fair value) | 拆入联邦基金及证券借出或回购融资〔其中按公允价值计量360,194／226,329〕 | 442,396 | 296,835 |
| <a id="jpm-short_term_borrowings"></a>　Short-term borrowings (included \$32,460 and \$26,521 at fair value) | 短期借款〔其中按公允价值计量32,460／26,521〕 | 64,776 | 52,893 |
| <a id="jpm-trading_liabilities"></a>　Trading liabilities | 交易负债 | 216,019 | 192,883 |
| <a id="jpm-accounts_payable_other_liabilities"></a>　Accounts payable and other liabilities (included \$6,660 and \$5,893 at fair value) | 应付账款及其他负债〔其中按公允价值计量6,660／5,893〕 | 316,794 | 280,672 |
| <a id="jpm-vie_beneficial_interests"></a>　Beneficial interests issued by consolidated VIEs (included \$5 and \$1 at fair value) | 合并VIE发行的受益权益〔其中按公允价值计量5／1〕 | 27,951 | 27,323 |
| <a id="jpm-long_term_debt"></a>　Long-term debt (included \$134,559 and \$100,780 at fair value) | 长期债务〔其中按公允价值计量134,559／100,780〕 | 435,206 | 401,418 |
| <a id="jpm-total_liabilities"></a>**Total liabilities(a)** | **负债合计〔附注(a)〕** | **4,062,462** | **3,658,056** |
| <a id="jpm-commitments_contingencies"></a>Commitments and contingencies (refer to Notes 28, 29 and 30) | 承诺及或有事项〔参见Notes 28、29、30；原表无金额〕 |  |  |
| <a id="jpm-equity"></a>**Stockholders’ equity** | **股东权益** |  |  |
| <a id="jpm-preferred_stock"></a>　Preferred stock (\$1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares) | 优先股：面值每股1美元；授权200,000,000股；两期已发行均为2,005,375股 | 20,045 | 20,050 |
| <a id="jpm-common_stock"></a>　Common stock (\$1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 普通股：面值每股1美元；授权9,000,000,000股；已发行4,104,933,895股 | 4,105 | 4,105 |
| <a id="jpm-additional_paid_in_capital"></a>　Additional paid-in capital | 额外实缴资本 | 91,114 | 90,911 |
| <a id="jpm-retained_earnings"></a>　Retained earnings | 留存收益 | 416,055 | 376,166 |
| <a id="jpm-aocl"></a>　Accumulated other comprehensive losses | 累计其他综合损失 | (4,290) | (12,456) |
| <a id="jpm-treasury_stock"></a>　Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares) | 库存股，按成本〔股数1,408,661,319／1,307,313,494〕 | (164,591) | (134,018) |
| <a id="jpm-total_equity"></a>**Total stockholders’ equity** | **股东权益合计** | **362,438** | **344,758** |
| <a id="jpm-total_liabilities_equity"></a>**Total liabilities and stockholders’ equity** | **负债及股东权益合计** | **4,424,900** | **4,002,814** |

**附注(a)：已合并VIE的资产负债。** VIE在这里是依合并规则纳入集团的可变利益实体。原表说明，这些实体的资产用于清偿各自负债；受益权持有人通常不对JPMorganChase的一般信用享有追索。下面披露的是已合并第三方资产和负债，排除了合并时抵销的内部余额，进一步说明见Note 14。<strong>它们已经在上表里，不能再加到总资产或总负债。</strong>[JPM-BS]（附注(a)）

| 英文原行 | 中文名称 | 2025-12-31 | 2024-12-31 |
|---|---|---:|---:|
| <a id="jpm-vie-assets"></a>**Assets** | **资产** |  |  |
| <a id="jpm-vie-trading_assets"></a>　Trading assets | 交易资产 | 4,835 | 3,885 |
| <a id="jpm-vie-loans"></a>　Loans | 贷款 | 37,777 | 36,510 |
| <a id="jpm-vie-all_other_assets"></a>　All other assets | 其他资产 | 683 | 681 |
| <a id="jpm-vie-total_assets"></a>**Total assets** | **资产合计** | **43,295** | **41,076** |
| <a id="jpm-vie-liabilities"></a>**Liabilities** | **负债** |  |  |
| <a id="jpm-vie-beneficial_interests"></a>　Beneficial interests issued by consolidated VIEs | 合并VIE发行的受益权益 | 27,951 | 27,323 |
| <a id="jpm-vie-all_other_liabilities"></a>　All other liabilities | 其他负债 | 691 | 454 |
| <a id="jpm-vie-total_liabilities"></a>**Total liabilities** | **负债合计** | **28,642** | **27,777** |

主表等式为：2025年 `4,424,900 = 4,062,462 + 362,438`；2024年 `4,002,814 = 3,658,056 + 344,758`。其中投资证券777,332已经包含AFS和HTM两项，贷款净额1,467,664已经包含准备减项。核对总资产时各用一次净小计。

### 3.2　先看资金来自哪里，再看它怎样使用

银行的负债不是一张等待读完资产后再顺带检查的清单。资金来源本身就是经营的重要部分。先在表中对照两行：资产方 `Deposits with banks` 为321,596，负债方 `Deposits` 为2,559,320。前者是集团存放在其他银行的款项，后者是对客户的存款义务。中文都叫“存款”还不够，必须带上权利或义务的方向。[JPM-BS]

Note 17让我们进一步看到，2025年美国机构无息存款583,342，非美国机构无息存款37,057，合计620,399，占客户存款约24.24%；2024年对应合计619,306，占比约25.74%。分子略增而占比下降并不矛盾：总存款的分母也在变化。[JPM-DEPOSITS]

另一边，贷款与存款之比可算成 `1,493,429/2,559,320≈58.35%`，但剩下的41.65%不能直接叫“闲置现金”：全表还包括证券、交易资产、逆回购、其他资金来源和相应负债。这个比值是两项余额关系，不是一份把每一美元存款逐笔分配给资产的资金追踪表。[JPM-BS]（本文计算）

### 3.3　贷款不是一个只有总额的盒子

贷款先是一项收款权，但怎么放在账上，还取决于它被怎样持有。Note 12把贷款分为留存、持有待售及按公允价值计量三类。这里“留存”指持有用于投资的贷款，不是留存收益。[JPM-LOAN]

**以下只摘Note 12贷款构成表的合计列，单位：百万美元。** 这不是附注全文，也没有把附注各业务组合再重复加到主表。

| 英文原类 | 中文 | 2025-12-31 | 2024-12-31 |
|---|---|---:|---:|
| Retained | 留存贷款 | 1,408,905 | 1,299,590 |
| Held-for-sale | 持有待售贷款 | 13,840 | 7,048 |
| At fair value | 按公允价值计量贷款 | 70,684 | 41,350 |
| Total | 未扣贷款损失准备的贷款合计 | 1,493,429 | 1,347,988 |

来源：[JPM-LOAN-TABLE]，印刷p.239。原表脚注说明该组合表不含单列的应计利息应收；不是把所有贷款有关资产都装进了这一列。

我们先回接主表：`1,408,905+13,840+70,684=1,493,429`，再扣准备25,765，得到1,467,664。**贷款损失准备是账面资产的减项，不是一笔锁在另一账户中的现金。** 本期信用损失费用、核销和回收如何使准备余额变化，需要另外的滚动表，不能用两期准备之差直接替代全部期间费用。[JPM-BS]、[JPM-LOAN]

这里还藏着一个分母问题。将准备正额除以对应的留存贷款，2025年为 `25,765/1,408,905≈1.8287%`，2024年为 `24,345/1,299,590≈1.8733%`。若改除全部贷款，2025年会得到约1.7252%。后一计算并非算术错误，却不能冒充前一口径；它把不同计量类别都放入了分母。[JPM-LOAN]、[JPM-LOAN-TABLE]

比值下降本身也不是信用质量改善的证明。它可能需要通过组合构成和估计变化来解释。我们在本篇完成的是计量范围匹配，不是贷款损失预测。

### 3.4　普通股股东在哪一层？

全表的股东权益362,438中含优先股20,045。因此，按这份表计算的普通股权益为 `362,438−20,045=342,393`。2024年同口径为324,708。这里是在澄清剩余权益的归属，不是在估算股票价格，也不是直接计算监管普通股一级资本。[JPM-BS]

库存股也要读对方向。2025年的 `(164,591)` 是权益减项，不是银行新增持有的一项普通经营资产。表中还给出已发行普通股4,104,933,895股和库存股1,408,661,319股，两者相减得到流通普通股2,696,272,576股。由此算普通股每股账面值时，必须先把百万美元换成美元：

`342393 * 1000000 / 2696272576 ≈ 126.99 美元/股`。

这个结果能核对金额与股数的接口，不能替代市场定价。尤其不要把“普通股”行的4,105百万美元误当作全部普通股权益；它只是权益构成中的一行。[JPM-BS]（本文计算）

### 3.5　银行迁移练习

**题目。** 用2024列自行复算贷款净额与普通股权益。另一位读者把VIE脚注资产41,076加到集团资产4,002,814上，又把准备24,345当成额外现金。请逐项说明错在哪里。最后说出为何不能用Costco的“商品存货减应付”直接衡量这家银行。

**解析。** 贷款净额为 `1,347,988−24,345=1,323,643`；普通股权益为 `344,758−20,050=324,708`。VIE脚注明确是合并表中已有项目的说明，再加41,076重复计算；贷款准备是减项，不是额外资金来源。[JPM-BS]

</section>

## 4　共同事件实验：一张表怎样随交易移动

这组数是**独立教学设定，不是 Costco 或 JPMorgan 的交易记录**。一家小企业期初只有现金100和权益100，没有负债；期初出资已在观察窗口之前完成。依次发生赊购成本100的商品、赊销全部商品150并结转成本100、向供应商付款100、向客户收款150。忽略税、退款、信用损失、运费、其他费用和分配；销售时满足确认条件。

| 步骤完成后 | 现金 | 应收 | 存货 | 总资产 | 应付／总负债 | 权益 | 累计本期利润 | 累计经营现金净额 |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| S0 期初 | 100 | 0 | 0 | 100 | 0 | 100 | 0 | 0 |
| S1 赊购100 | 100 | 0 | 100 | 200 | 100 | 100 | 0 | 0 |
| S2 赊销150并结转100 | 100 | 150 | 0 | 250 | 100 | 150 | 50 | 0 |
| S3 付款100 | 0 | 150 | 0 | 150 | 0 | 150 | 50 | −100 |
| S4 收款150 | 150 | 0 | 0 | 150 | 0 | 150 | 50 | 50 |

每一条事件箭头必须带完整变化，而不是全部指向权益：

| 箭头 | 现金变化 | 应收变化 | 存货变化 | 负债变化 | 权益变化 | 经济含义 |
|---|---:|---:|---:|---:|---:|---|
| S0→S1 赊购 | 0 | 0 | +100 | +100 | 0 | 商品与付款义务同时留下 |
| S1→S2 销售并结转成本 | 0 | +150 | −100 | 0 | +50 | 收款权替代商品，净收益增加权益 |
| S2→S3 付款 | −100 | 0 | 0 | −100 | 0 | 清偿旧义务，不重复确认商品成本 |
| S3→S4 收款 | +150 | −150 | 0 | 0 | 0 | 实现旧收款权，不重复确认销售收入 |

**迁移题。** 将收款放在付款之前，逐步写出变化。若期初现金改为0，原顺序和新顺序有什么不同？

**解析。** 期初现金100时，销售后先收款，余额成为现金250、应收0、存货0、资产250、负债100、权益150；再付款回到现金150、负债0、权益150，终点相同。若期初现金为0、权益亦为0，先付款会短缺100，不能在禁止透支的模型里执行；先收款则可先得到150，再支付100，终点现金和权益均为50。利润没有因顺序改变，资金可行性却改变了。系统应显示资金缺口，不应偷偷生成一笔未说明的借款。

## 5　扩展层：表内净额与现金口径

以下不计入首次选择一条行业分支的核心任务。

### 5.1　衍生品的三个金额，不是同一层次

| 层次 | 计算，百万美元 | 能怎样称呼 |
|---|---|---|
| 未作所列抵销的应收总额 | 606,382 | 衍生品应收总额，不是名义本金 |
| 表内抵销之后 | `606,382−548,605=57,777` | 表内净应收 |
| 再考虑所列不能表内抵销的担保品 | `57,777−28,891=28,886` | 本附注相应净额，不改写主表列报 |

**解析。** 把28,886填回主表替代57,777错在跨越了列报层次。附注帮助理解信用风险相关关系，但并不授权分析者改变法定主表。这个净额也不是所有市场、流动性和交易对手风险的统一计量。[JPM-NETTING]

### 5.2　银行现金流的终点到底接到哪里

JPM现金流表2025年的期末金额343,338，接的是 `Cash and due from banks 21,742 + Deposits with banks 321,596`，而不只是第一行。[JPM-CF]、[JPM-BS]

完整现金桥为：

`469,317 − 147,782 − 265,565 + 269,533 + 17,835 = 343,338`。

依次为期初、经营、投资、筹资和汇率影响。经营现金流负值里包含交易资产、借入证券等业务项目的变动；MD&A也说明，支持贷款与资本市场活动的经营性资产负债会随客户活动、风险管理和市场状况显著变化。读者应先读组成，再解释经营现金流的意义；不能凭一个负值直接得出与普通商品企业完全相同的结论。[JPM-CF]

</section>

## 6　把两条分支合在同一阅读方法里

## 来源与实际定位

| 原件链接／代号 | 版本与具体定位 |
|---|---|
| [FASB] | BF-S-FASB-ELEMENTS；FASB，2021-12；Chapter 4 E16–E70，尤其E16、E37、E61–E66 |
| [OPENSTAX-22] | BF-S-OPENSTAX-22；OpenStax，Principles of Accounting Vol.1，2019，§2.2 |
| [COST-BS] | BI-S05；Costco FY2025 SEC 10-K，印刷p.39完整合并资产负债表；两期百万美元，股数/面值除外 |
| [COST-PDF] | 同一公司股东年报PDF；资产负债表印刷p.37／物理p.43；排版页码与SEC HTML不同 |
| [COST-POLICY] | BI-S05；Note 1，印刷p.42，Basis of Presentation、Fiscal Year、Reclassification |
| [COST-BUS] | BI-S05；Item 1 General，印刷pp.3–4，周转与供应商付款关系 |
| [COST-CF] | BI-S05；完整合并现金流量表印刷p.41；截至2025-08-31的52周，百万美元；股东年报PDF对应印刷p.39／物理p.45 |
| [COST-RECEIVABLES] | BI-S05；Note 1 Receivables, Net，印刷p.44；应收来源而非顾客赊销假定 |
| [COST-REV] | BI-S05；Note 1 Revenue Recognition，印刷pp.47–48；会员费与会员奖励分别处理 |
| [COST-LEASE] | BI-S05；Note 5 Leases，印刷pp.53–54；资产负债分类表及脚注(1)–(3)在p.53 |
| [JPM-BS] | BI-S07；JPMorgan 2025 Annual Report，印刷p.167／物理p.199；完整表及VIE附注(a) |
| [JPM-DEPOSITS] | BI-S07；Note 17 Deposits，印刷p.277／物理p.309；含计息/无息、地域和定期存款说明 |
| [JPM-LOAN] | BI-S07；Note 12 Loan accounting framework，印刷pp.236–238 |
| [JPM-LOAN-TABLE] | BI-S07；Note 12 Loan portfolio，印刷p.239／物理p.271；本稿摘构成表合计列，脚注(a)(b)保留支持范围 |
| [JPM-SEC] | BI-S07；Note 10 Investment securities，印刷pp.228–229；44.1bn非现金转移及计量政策在p.228 |
| [JPM-NETTING] | BI-S07；Note 5 Derivatives netting，印刷pp.207–209；2025应收表在p.208，结合相邻说明与脚注 |
| [JPM-CF] | BI-S07；合并现金流量表印刷p.169／物理p.201；解释参见MD&A p.58 |

[FASB]: https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf "BF-S-FASB-ELEMENTS；FASB，2021-12；Chapter 4 E16–E70，尤其E16、E37、E61–E66"
[OPENSTAX-22]: https://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses "BF-S-OPENSTAX-22；OpenStax，Principles of Accounting Vol.1，2019，§2.2"
[COST-BS]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Costco FY2025 SEC 10-K，印刷p.39完整合并资产负债表；两期百万美元，股数/面值除外"
[COST-PDF]: https://s201.q4cdn.com/287523651/files/doc_financials/2025/ar/COST-Annual-Report-2025.pdf#page=43 "同一公司股东年报PDF；资产负债表印刷p.37／物理p.43；排版页码与SEC HTML不同"
[COST-POLICY]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Note 1，印刷p.42，Basis of Presentation、Fiscal Year、Reclassification"
[COST-BUS]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Item 1 General，印刷pp.3–4，周转与供应商付款关系"
[COST-CF]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；完整合并现金流量表印刷p.41；截至2025-08-31的52周，百万美元；股东年报PDF对应印刷p.39／物理p.45"
[COST-RECEIVABLES]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Note 1 Receivables, Net，印刷p.44；应收来源而非顾客赊销假定"
[COST-REV]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Note 1 Revenue Recognition，印刷pp.47–48；会员费与会员奖励分别处理"
[COST-LEASE]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Note 5 Leases，印刷pp.53–54；资产负债分类表及脚注(1)–(3)在p.53"
[JPM-BS]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=199 "BI-S07；JPMorgan 2025 Annual Report，印刷p.167／物理p.199；完整表及VIE附注(a)"
[JPM-DEPOSITS]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=309 "BI-S07；Note 17 Deposits，印刷p.277／物理p.309；含计息/无息、地域和定期存款说明"
[JPM-LOAN]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=268 "BI-S07；Note 12 Loan accounting framework，印刷pp.236–238"
[JPM-LOAN-TABLE]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=271 "BI-S07；Note 12 Loan portfolio，印刷p.239／物理p.271；本稿摘构成表合计列，脚注(a)(b)保留支持范围"
[JPM-SEC]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=260 "BI-S07；Note 10 Investment securities，印刷pp.228–229；44.1bn非现金转移及计量政策在p.228"
[JPM-NETTING]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=239 "BI-S07；Note 5 Derivatives netting，印刷pp.207–209；2025应收表在p.208，结合相邻说明与脚注"
[JPM-CF]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=201 "BI-S07；合并现金流量表印刷p.169／物理p.201；解释参见MD&A p.58"

## Additional teaching material
## 配套规格：原表阅读器、交互与静态等价

### BF05-TABLES：完整原表不因高亮而消失

输入分别绑定`COST-BS-20250831`与`JPM-BS-20251231`，年份顺序固定为较新／较旧，原始金额以百万美元保存。主表行ID就是本稿各行锚点去掉`cost-`或`jpm-`后的部分。完整表、脚注表和附注明细是不同数据层，只有明确的直接子项参加一个小计。

默认显示共同结构和零售完整表；读者可切换银行。折叠只影响可见状态，不删除行或改变加总。全部展开、打印、无脚本模式均能读到两个完整表和说明。提供“定位原文”和“展开附注”按钮；原始值与派生比率区分。空白与原表破折号分开；任何股数、面值和百万美元不得共用同一个缩放开关。

**加总合同。** Costco总资产只加流动资产小计、物业设备、经营租赁使用权和其他长期资产；JPM总资产只加各直接项目，证券用净小计、贷款用净小计，VIE脚注不参与主表。所有减项在数据层保留负号。正文两期合计及VIE内部合计可作为静态验收值。

### BF05-RETAIL：余额变化与现金调整并排

输入：`inventory_2024=18647, inventory_2025=18116, payable_2024=19421, payable_2025=19783, cf_inventory=559, cf_payable=404`。输出：`N_2024=-774, N_2025=-1667, delta_N=-893, reverse_delta=893, CF_adjustment=963, unexplained_difference=70`。默认历史数据不可编辑；“教学变式”另开命名空间，不覆盖历史数。点击差额只展示待查口径，不自动为其归因。静态等价为§2.2全部公式和表。

### BF05-BANK：分子与分母必须一起说明

输入来自§3.3的两期完整构成、准备负数，以及客户存款。默认展示`(-allowance)/retained_loans*100`，2025输出1.8287%；可切换“全部贷款作分母”的对照，输出1.7252%，同时出现“不是原留存贷款口径”的说明。币种不变，百分数仅乘100一次。不得把下降自动着色为风险改善。普通股每股账面值另以美元／股输出126.99和116.07，不与监管指标混名。

### EXP-BF05-EVENTS：可复算状态转移

状态字段为`cash, receivable, inventory, payable, equity, profit, ocf`，其中`profit`和`ocf`分别指本窗口累计利润和累计经营现金净额。期初`cash=equity=100`，其余0；采购成本`cost=100`，售价`sales=150`。允许顺序为`purchase → sale → pay → collect`或`purchase → sale → collect → pay`。付款须满足`cash>=cost`；其他事件不得重复执行。改变期初现金时权益同步改变，不引入未声明负债。

```javascript
// 纯计算函数；不访问账户、不获取外部数据。与正文同一组教学设定。
function eventLedger(initialCash = 100, collectFirst = false) {
  if (!Number.isFinite(initialCash) || initialCash < 0) {
    throw new RangeError('期初现金必须为非负有限数');
  }
  if (typeof collectFirst !== 'boolean') {
    throw new TypeError('collectFirst必须为布尔值');
  }
  const s = {cash: initialCash, receivable: 0, inventory: 0,
             payable: 0, equity: initialCash, profit: 0, ocf: 0};
  const rows = [];
  const take = event => {
    const assets = s.cash + s.receivable + s.inventory;
    if (Math.abs(assets - s.payable - s.equity) > 1e-9) {
      throw new Error('资产负债关系不平');
    }
    rows.push({event, ...s, assets, balanceResidual: 0});
  };
  take('initial');
  s.inventory += 100; s.payable += 100; take('purchase');
  s.receivable += 150; s.inventory -= 100;
  s.equity += 50; s.profit += 50; take('sale');
  const order = collectFirst ? ['collect', 'pay'] : ['pay', 'collect'];
  for (const event of order) {
    if (event === 'pay') {
      if (s.cash < 100) return {rows, completed: false, fundingGap: 100 - s.cash};
      s.cash -= 100; s.payable -= 100; s.ocf -= 100;
    } else {
      s.cash += 150; s.receivable -= 150; s.ocf += 150;
    }
    take(event);
  }
  return {rows, completed: true, fundingGap: 0};
}
```

静态默认五行及每一步变化见§4。初始现金0且先付款的预期结果为`completed=false, fundingGap=100`；改为先收款则完成，最终现金50、权益50、利润50、经营现金净额50。UI显示余额与变化两层，箭头文字使用§4的完整含义；不把所有事件画到权益。

页面使用可访问标签、键盘和文字状态，不依赖颜色。股票价格、自动安全评分和银行存活概率不在这个交互中。这里给出静态结果和实现规格；网页实现另行完成。

## Experiment inputs and static equivalents
```json
[
  {
    "id": "EXP-BF05-EVENTS",
    "title": "赊购、赊销、付款与收款",
    "anchor": "bf05-events",
    "url": "/notebook/labs/bf-a/interactions.html#EXP-BF05-EVENTS",
    "description": "原稿独立教学设定；不对应Costco或JPM交易记录。",
    "inputs": {
      "initial_cash": 100,
      "initial_equity": 100,
      "cost": 100,
      "sales": 150,
      "default_collect_first": false
    },
    "default_outputs": [
      {
        "event_label": "S0 期初",
        "cash": 100,
        "receivable": 0,
        "inventory": 0,
        "assets": 100,
        "payable": 0,
        "equity": 100,
        "profit": 0,
        "ocf": 0
      },
      {
        "event_label": "S1 赊购100",
        "cash": 100,
        "receivable": 0,
        "inventory": 100,
        "assets": 200,
        "payable": 100,
        "equity": 100,
        "profit": 0,
        "ocf": 0
      },
      {
        "event_label": "S2 赊销150并结转100",
        "cash": 100,
        "receivable": 150,
        "inventory": 0,
        "assets": 250,
        "payable": 100,
        "equity": 150,
        "profit": 50,
        "ocf": 0
      },
      {
        "event_label": "S3 付款100",
        "cash": 0,
        "receivable": 150,
        "inventory": 0,
        "assets": 150,
        "payable": 0,
        "equity": 150,
        "profit": 50,
        "ocf": -100
      },
      {
        "event_label": "S4 收款150",
        "cash": 150,
        "receivable": 0,
        "inventory": 0,
        "assets": 150,
        "payable": 0,
        "equity": 150,
        "profit": 50,
        "ocf": 50
      }
    ],
    "transitions": {
      "heading": "4　共同事件实验：一张表怎样随交易移动",
      "headers": [
        "箭头",
        "现金变化",
        "应收变化",
        "存货变化",
        "负债变化",
        "权益变化",
        "经济含义"
      ],
      "rows": [
        [
          "S0→S1 赊购",
          "0",
          "0",
          "+100",
          "+100",
          "0",
          "商品与付款义务同时留下"
        ],
        [
          "S1→S2 销售并结转成本",
          "0",
          "+150",
          "−100",
          "0",
          "+50",
          "收款权替代商品，净收益增加权益"
        ],
        [
          "S2→S3 付款",
          "−100",
          "0",
          "0",
          "−100",
          "0",
          "清偿旧义务，不重复确认商品成本"
        ],
        [
          "S3→S4 收款",
          "+150",
          "−150",
          "0",
          "0",
          "0",
          "实现旧收款权，不重复确认销售收入"
        ]
      ],
      "markdown": "| 箭头 | 现金变化 | 应收变化 | 存货变化 | 负债变化 | 权益变化 | 经济含义 |\n|---|---:|---:|---:|---:|---:|---|\n| S0→S1 赊购 | 0 | 0 | +100 | +100 | 0 | 商品与付款义务同时留下 |\n| S1→S2 销售并结转成本 | 0 | +150 | −100 | 0 | +50 | 收款权替代商品，净收益增加权益 |\n| S2→S3 付款 | −100 | 0 | 0 | −100 | 0 | 清偿旧义务，不重复确认商品成本 |\n| S3→S4 收款 | +150 | −150 | 0 | 0 | 0 | 实现旧收款权，不重复确认销售收入 |"
    },
    "source_inputs": {
      "initial_cash": 100,
      "initial_equity": 100,
      "purchase_cost": 100,
      "sale_price": 150,
      "default_order": [
        "purchase",
        "sale",
        "pay",
        "collect"
      ],
      "alternative_order": [
        "purchase",
        "sale",
        "collect",
        "pay"
      ]
    },
    "computation_source": {
      "language": "javascript",
      "code": "// 纯计算函数；不访问账户、不获取外部数据。与正文同一组教学设定。\nfunction eventLedger(initialCash = 100, collectFirst = false) {\n  if (!Number.isFinite(initialCash) || initialCash < 0) {\n    throw new RangeError('期初现金必须为非负有限数');\n  }\n  if (typeof collectFirst !== 'boolean') {\n    throw new TypeError('collectFirst必须为布尔值');\n  }\n  const s = {cash: initialCash, receivable: 0, inventory: 0,\n             payable: 0, equity: initialCash, profit: 0, ocf: 0};\n  const rows = [];\n  const take = event => {\n    const assets = s.cash + s.receivable + s.inventory;\n    if (Math.abs(assets - s.payable - s.equity) > 1e-9) {\n      throw new Error('资产负债关系不平');\n    }\n    rows.push({event, ...s, assets, balanceResidual: 0});\n  };\n  take('initial');\n  s.inventory += 100; s.payable += 100; take('purchase');\n  s.receivable += 150; s.inventory -= 100;\n  s.equity += 50; s.profit += 50; take('sale');\n  const order = collectFirst ? ['collect', 'pay'] : ['pay', 'collect'];\n  for (const event of order) {\n    if (event === 'pay') {\n      if (s.cash < 100) return {rows, completed: false, fundingGap: 100 - s.cash};\n      s.cash -= 100; s.payable -= 100; s.ocf -= 100;\n    } else {\n      s.cash += 150; s.receivable -= 150; s.ocf += 150;\n    }\n    take(event);\n  }\n  return {rows, completed: true, fundingGap: 0};\n}"
    },
    "outputs_origin": "原稿第4节完整静态表；导入未执行该函数"
  }
]
```

## Sources
- [Costco Wholesale Corporation · 2025 Annual Report（股东年报 PDF）](https://s201.q4cdn.com/287523651/files/doc_financials/2025/ar/COST-Annual-Report-2025.pdf): Costco 2025 股东年报中的完整合并报表及附注。与 SEC HTML 版使用同一组财务披露，但排版页码不同：资产负债表为印刷第37页、PDF第43页。
- [Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm): Costco 的 2025 财年末合并资产为77,099百万美元，负债47,935，权益29,164。业务说明把商品快速周转与供应商付款安排联系起来；会员费的确认则需要结合收入政策和递延余额。

本组带读将存货与应付的两期余额变化接到现金流量表。两种计算并不完全相同，差额留待附注和其他口径解释。

EI-B 本批采用：会员制度、尾随续费率定义、会员费收入及合并营业利润桥。美元百万转换为十亿美元；全球公司边界不等于美国单一零售市场。

BF-F/G 本批采用：零售利润/现金/普通股及债务时间的历史原件。SEC具名表定位优先；不混用IR PDF页码。
- [FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements](https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf): 资产对应企业取得经济利益的现时权利，负债对应企业转移经济利益的现时义务；权益是扣除负债后的剩余利益。

这组定义帮助识别对象。某项权利是否确认、按何种金额计量，还要结合适用的会计规则和披露。
- [JPMorgan Chase & Co. · 2025 Annual Report](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf): JPMorgan 的 2025 年末集团合并表没有照普通工业企业划分流动／非流动。证券和贷款各有计量类别；贷款损失准备是贷款账面余额的减项，表下注明的合并VIE金额已包含在集团总额内。

从总权益到普通股权益，还要扣除优先股；每股账面值的股数使用已发行股数减库存股。原表、附注和普通股权利因此要连在一起读。

BF-F/G 本批采用：集团季度平均LCR、期末资产和有条件融资能力分别记录；银行法人另列；完整主表支持综合带读。
- [OpenStax · Principles of Accounting, Volume 1 · §2.2](https://openstax.org/books/principles-financial-accounting/pages/2-2-define-explain-and-provide-examples-of-current-and-noncurrent-assets-current-and-noncurrent-liabilities-equity-revenues-and-expenses): 流动与非流动的区分涉及正常经营周期和一年等时间条件。资产、负债与权益描述期末余额，收入和费用描述期间活动；把这些类别放到一起，可以解释交易怎样通过报表恒等式记录。

## Content relations
```json
[
  {
    "from": "zh-balance-sheet",
    "relation": "part_of",
    "to": "business-reports",
    "reason": "主要 topic 归属"
  },
  {
    "from": "zh-balance-sheet",
    "relation": "uses_method",
    "to": "zh-bf01",
    "reason": "用业务关系决定读表重点；所需内容已在分支就地提供"
  },
  {
    "from": "zh-balance-sheet",
    "relation": "uses_method",
    "to": "zh-bf02",
    "reason": "主表、附注、现金流和权益表导航"
  },
  {
    "from": "zh-balance-sheet",
    "relation": "uses_method",
    "to": "zh-bf03",
    "reason": "时点、金额单位、范围与比较期口径"
  },
  {
    "from": "zh-balance-sheet",
    "relation": "supported_by",
    "to": "BF-S-FASB-ELEMENTS",
    "reason": "资产、负债、权益定义",
    "scope": "E16–E70；定义与具体计量分开"
  },
  {
    "from": "zh-balance-sheet",
    "relation": "illustrated_by",
    "to": "EXP-BF05-EVENTS",
    "reason": "赊购、销售、付款、收款的余额和资金顺序"
  }
]
```

## Related entries

## Optional reading path
拆一份企业财报: step 2/14
在零售或银行分支中，从全表和附注重建两至三个经营关系。
看过时点上的资源与义务，再追踪期间利润和实际收付款。
Next: [利润表：收入、成本与利润的层次](https://ou-liu-red-sugar.github.io/zh/notebook/income-statement-layers/)

READ TOGETHER

一起读，也一起把问题说清楚。

关于整篇的想法留在这里；某个推导、算例或表格的问题，可以点小节旁的“章说”，在原处展开讨论。

使用 GitHub 账号参与

对象	期限／时点	币种和权利	抵押或履约安排	先看哪种报价
国库券bill	本例91天，定日到期	美元面值债权	到期按约付面值	每100面值价格、年化贴现率
repo	本例设施为隔夜	先交换现金与证券，约定反向交易

起点（终点均为 2025-12）	月数	月均收益	样本标准差	损失 VaR95	损失 ES95
1990-01	432	1.3886%	7.2883%	10.68%	16.0582%
2000-01	312	1.0356%	7.5239%	11.62%	17.3815%
2010-01	192	1.7414%	5.7

重抽设计	模拟 SE（百分点/月）	精确条件重抽 SE（百分点/月）	percentile 95% 均值区间（%/月）
iid	0.3529	0.3503	[0.6979, 2.0693]
非循环 MBB，$\ell=3$	0.3565	0.3548	[0.6828, 2.0742]
非循环 MBB，$\ell=6$	0.3699	0.3611	[0.6649,

Terminal price	Payoff	Premium paid	Profit
90	0	8	−8
100	0	8	−8
105	5	8	−3
108	8	8	0
120	20	8	12

到期价格	到期收益	减去已付权利金	净盈亏
90	0	8	−8
100	0	8	−8
105	5	8	−3
108	8	8	0
120	20	8	12

1 共同结构：同一张表的两面

2 零售分支：Costco

2.1 先看到整张表

2.2 商品已经进来，钱什么时候出去？

2.3 会员义务与门店资源，也在这张表里

2.4 回到全表，而不是停在几项比率

2.5 零售迁移练习

3 银行分支：JPMorgan Chase & Co.

3.1 先保留银行自己的全表结构

3.2 先看资金来自哪里，再看它怎样使用

3.3 贷款不是一个只有总额的盒子

3.4 普通股股东在哪一层？

3.5 银行迁移练习

4 共同事件实验：一张表怎样随交易移动

5 扩展层：表内净额与现金口径

5.1 衍生品的三个金额，不是同一层次

5.2 银行现金流的终点到底接到哪里

6 把两条分支合在同一阅读方法里

来源与实际定位

动手试一试

这篇词条与哪些内容相连

把这一页，变成一堂课。

一起读，也一起把问题说清楚。

Apple Reports Third Quarter Results

Salesforce, Inc. FY2026 Form 10-K

Caterpillar Inc. FY2025 Form 10-K

Do contemporaneous share repurchases influence managers and analysts framing stock compensation?

Why do critical audit matters lack teeth? Insights from auditors’ implementation experiences

ASC 606, revenue uncertainty, and cost of debt: short-term and long-term consequences

Principles of Accounting, Volume 1: Financial Accounting — §4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries

Principles of Accounting, Volume 1: Financial Accounting — §4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries

Principles of Accounting, Volume 1: Financial Accounting — §6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies

Principles of Accounting, Volume 1: Financial Accounting — §16.1 Explain the Purpose of the Statement of Cash Flows

Principles of Accounting, Volume 1: Financial Accounting — §16.2 Differentiate between Operating, Investing, and Financing Activities

Principles of Accounting, Volume 1: Financial Accounting — §16.3 Prepare the Statement of Cash Flows Using the Indirect Method

Principles of Accounting, Volume 1: Financial Accounting — §14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock

Principles of Accounting, Volume 1: Financial Accounting — §14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance

Principles of Accounting, Volume 1: Financial Accounting — §10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions

Principles of Accounting, Volume 1: Financial Accounting — §10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method

PCAOB AS 3101 — The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion

FASB ASU 2023-09 — Income Taxes (Topic 740): Improvements to Income Tax Disclosures

FASB ASU 2016-13 — ASC 606-10-45-3 and 45-4 reproduced amendments

Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update

Gross Domestic Product, 2nd Quarter 2020 (Second Estimate); Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate)

Costco Wholesale Corporation · 2025 Annual Report（股东年报 PDF）

Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）

FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements

JPMorgan Chase & Co. · 2025 Annual Report

OpenStax · Principles of Accounting, Volume 1 · §2.1

OpenStax · Principles of Accounting, Volume 1 · §2.2

SEC · Beginners’ Guide to Financial Statements

Caterpillar FY2025 Consolidated Operating Profit Comparison

Principles of Accounting Vol2 §3.5 — Margin of Safety and Operating Leverage

Measuring Intangible Capital with Market Prices

FASB ASU 2016-02 — Leases (Topic 842), Section A

Principles of Finance §19.1 — What Is Working Capital?

The Economics of Intangible Capital

MIT OCW 15.515 Session 7 — Accounting for Long-lived Assets

Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank — Key Takeaways

SVB Review — Supervision of SVBFG by Critical Risk Areas

Salesforce Announces Fourth Quarter and Fiscal Year 2026 Results — Exhibit 99.1

Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?

Beyond earnings quality: evaluating the quality of corporate disclosure practices

How Do Short-Term Incentives Affect Long-Term Productivity?

OpenStax Principles of Finance — Liquidity Ratios

OpenStax Principles of Finance — Solvency Ratios

Non-GAAP Financial Measures — Compliance & Disclosure Interpretations

OpenStax Principles of Finance — What Is Finance?

3 银行分支：JPMorgan Chase & Co.

2 零售分支：Costco

CAT · FY2025 / 2025-12-31 · BF-17

CAT · FY2025 / 2025-12-31 · BF-18

COST · FY2025 / 2025-08-31 · BF-12

COST · FY2025 / 2025-08-31 · BF-13

COST · FY2025 / 2025-08-31 · BF-16

CRM · FY2026 / 2026-01-31 · BF-13

CRM · FY2026 / 2026-01-31; November2025 preliminary PPA · BF-14

CRM · FY2026 / 2026-01-31 · BF-16

CRM · FY2026 / 2026-01-31 · BF-18

德国及相邻市场的低风低光事件 · 2024

1　共同结构：同一张表的两面

2　零售分支：Costco

2.1　先看到整张表

2.2　商品已经进来，钱什么时候出去？

2.3　会员义务与门店资源，也在这张表里

2.4　回到全表，而不是停在几项比率

2.5　零售迁移练习

3　银行分支：JPMorgan Chase & Co.

3.1　先保留银行自己的全表结构

3.2　先看资金来自哪里，再看它怎样使用

3.3　贷款不是一个只有总额的盒子

3.4　普通股股东在哪一层？

3.5　银行迁移练习

4　共同事件实验：一张表怎样随交易移动

5　扩展层：表内净额与现金口径

5.1　衍生品的三个金额，不是同一层次

5.2　银行现金流的终点到底接到哪里

6　把两条分支合在同一阅读方法里

3　银行分支：JPMorgan Chase & Co.

2　零售分支：Costco