McCormick and Company, Incorporated reported the following in its 2012 Annual Report:

Analyze:
1. Based on the information presented above, which categories might require adjusting entries at the end of an operating period?
2. List the potential adjusting entries. Disregard dollar amounts.
3. By what percentage did McCormick's cash and cash equivalents increase from 2011 to 2012?

Transcribed Image Text:

Consolldated Balance Sheet 2012 2011 at November 30 (milions) Assets Cash and cosh equivalents Trade accounts receivable, less allowances Inventories Prepaid expenses and other current assets 79.0 465.9 615.0 125.5 1,285.4 547.3 53.9 427.0 613.7 128.3 1,222.9 523.1 Total current ossets Property, plont, and equipment, net