Consider the following brief descriptions of four companies from different industries. Michaels Stores claims to be the

Question:

Consider the following brief descriptions of four companies from different industries. Michaels
Stores claims to be the largest arts and crafts specialty retailer in North America. It operates over
1,100 retail stores. Pulte Group, Inc., builds houses throughout the United States. In 2013, it completed 17,766 new houses. Toro Company manufactures and sells professional and residential lawn care products, such as irrigation systems. Vail Resorts, Inc., operates ski resorts in Colorado, including Breckenridge Mountain and Vail Mountain Resort, the largest in the United States.
The chapter explained that companies often choose to close their books when business is slow. Each of these companies ends its fiscal year on a different date. The closing dates, listed chronologically, are as follows:
February 2
July 31
October 31
December 31
Required
a. Try to determine which fiscal year-end matches which company. Write a brief explanation of the reason for your decisions.
b. Because many companies deliberately choose to prepare their at a slow time of year, try to identify problems this may present for someone trying to analyze the for Michaels Stores . Write a brief explanation of the issues you identify.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...