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business
financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

On January 1, Ball Corporation purchased shares of Leftwich Company common stock.a. Assume that the stock acquired by Ball represents \(15 \%\) of Leftwich's voting stock and that Ball classifies the
Ford Motor Company includes the following table in its 2012 Form 10-K. The table reports the ownership percentages and carrying value of equity method investments (in millions, except percentages):a.
Cummins Inc. (CMI) reports investments in affiliated companies, consisting mainly of investments in nine manufacturing joint ventures. Cummins reports those investments on its balance sheet at \(\$
Kasznik Company began operations on June 15 of the current calendar year and, by year-end (December 31), had made six stock investments. Year-end information on these stock investments follows.a.
AT&T reports the following footnote to its 2012 10-K report ($ millions).a. At what amount is the equity investment in affiliates reported on AT\&T's balance sheet?b. Did affiliates pay
On December 29, 2006, AT\&T acquired Bell South. Prior to the acquisition, AT\&T and Bell South jointly owned AT\&T Mobility (formerly known as Cingular Wireless) and each accounted for
On January 1 of the current year, Healy Company purchased all of the common shares of Miller Company for \(\$ 250,000\) cash. Balance sheets of the two firms immediately after the acquisition
Rayburn Company purchased all of Kanodia Company's common stock for \(\$ 300,000\) cash on January 1, at which time the separate balance sheets of the two corporations appeared as follows:During
Ryan Company owns \(80 \%\) of Lev Company. Information reported by Ryan Company and Lev Company as of the current year end follows:Assume Lev Company issues 60,000 additional shares of previously
On January 1 of the current year, Engel Company purchases \(100 \%\) of Ball Company for \(\$ 8.4\) million. At the time of acquisition, the fair value of Ball's tangible net assets (excluding
Adobe Systems, Inc., reports the following footnote to its \(10-\mathrm{K}\) report.a. Of the total assets acquired, what portion is allocated to net tangible assets?b. Are the assets (both tangible
Easton Company acquires 100 percent of the outstanding voting shares of Harris Company. To obtain these shares, Easton pays \(\$ 420,000\) in cash and issues 5,000 of its \(\$ 10\) par value common
Johnson \& Johnson reports the following schedule of other comprehensive income in its 2011 10-K report (\$ millions):a. Describe how firms like Johnson \& Johnson typically use
Following is a portion of the investments footnote from MetLife's 2012 10-K report. Investment earnings are a crucial component of the financial performance of insurance companies such as MetLife,
General Mills, Inc. invests in a number of joint ventures to manufacture and distribute its food products as discussed in the following footnote to its fiscal year 2013 10-K report:Requireda. How
Snap-on Incorporated consists of two business units: the manufacturing company (parent corporation) and a wholly-owned finance subsidiary. These two units are consolidated in Snap-on's 10-K report.
The following four items are reproduced from Verizon Communications 2012 10-K: its income statement, its balance sheet's stockholders' equity section, its noncontrolling interest section from the
Carrefour S.A. is a French multinational retailer headquartered near Paris. Second only to Walmart in terms of worldwide retail sales, the company operates in Europe, Central and South America,
Koninklijke Ahold N.V., a food retailer headquartered in the Netherlands, reported in notes to its annual report that it owns \(60 \%\) of the outstanding common shares in a joint venture, ICA.
Deutsche Telekom AG, headquartered in Bonn, Germany, is the largest telecommunications company in Europe. The company uses IFRS to prepare its financial statements. Assume that during 2011, Deutsche
Energias de Portugal ranks among Europe's major electricity operators, as well as being one of Portugal's lagest business groups. The company is headquartered in Lisbon, Portugal. Assume that at
Headquartered in Tronto, Rogers Communications Inc. is a diversified public Canadian communications and media company. It operates wireless communications, cable television, telephone, and Internet
Brookfield Office Properties is a Canadian-American commercial real estate company with headquarters in New York City and Toronto. The company owns, manages and develops office properties in the
Headquartered in Toronto, The Shoppers Drug Mart Corporation is Canada's largest retail pharmacy chain with more than 1,241 stores across Canada. The company also licenses or owns 60 medical clinic
With assets of \(\$ 675\) billion (AUS), Westpac Banking Corporation is one of Australia's largest banks. The company provides a broad range of banking and financial services including retail,
Assume that your company acquires \(20 \%\) of the outstanding common stock of APEX Software as an investment. You also have an option to purchase the remaining 80\%. APEX is developing software (its
Effective corporate governance policies are a crucial component of contemporary corporate management.Required What provisions do you believe should be incorporated into such a policy? How do such
What are the financial reporting differences between an operating lease and a capital lease? Explain.
Are footnote disclosures sufficient to overcome nonrecognition on the balance sheet of assets and related liabilities for operating leases? Explain.
Is the expense of a lease over its entire life the same whether or not it is capitalized? Explain.
What is a special purpose entity (SPE)? Provide an example of the use of an SPE as a financing vehicle.
What effect does consolidating SPEs have on both accounting for SPEs and the balance sheets of companies that sponsor them?
The GAP, Inc., discloses the following schedule to its 2013 10-K report relating to its leasing activities.a. Compute the present value of GAP's operating leases using a \(6 \%\) discount rate and
Costco Wholesale Corporation discloses the following in footnotes to its \(10-\mathrm{K}\) report relating to its leasing activities.Operating leases are not reflected on-balance-sheet. In our
Stanley Black \& Decker, Inc. discloses the following pension footnote in its 10-K report.a. How much pension expense does Stanley Black \& Decker report in its 2012 income statement?b.
YUM! Brands, Inc., discloses the following pension footnote in its \(10-\mathrm{K}\) report.a. Explain the terms "service cost" and "interest cost."b. How do actuarial losses arise?c. The fair value
Analyzing and Interpreting Pension Disclosures-Plan Assets and Cash Flow YUM! Brands, Inc., discloses the following pension footnote in its 10-K report.a. How does the "actual return on plan assets"
Abercrombie \& Fitch Co. discloses the following footnote relating to its retirement plans in its 2012 10-K report.a. Does Abercrombie have a defined contribution or defined benefit pension plan?
Dow Chemical Company provided the following footnote in its 2012 10-K report relating to operating leases.a. Dow describes all of its leases as "operating." What is the significance of this
Nike, Inc. reports the following information relating to its manufacturing activities in footnotes to its 10-K report for the year ended May 31, 2013.a. What effect does the use of contract
Lockheed Martin Corporation discloses the following funded status for its defined benefit pension plans in its \(10-\mathrm{K}\) report.Lockheed contributed \(\$ 3,637\) million to its pension plan
Lowe's Companies, Inc., reports the following footnote relating to its leased facilities in its fiscal 2012 10-K report for the year ended February 1, 2013.a. Using your financial calculator or Excel
Verizon Communications, Inc., provides the following footnote relating to leasing activities in its 10-K report.a. Using your financial calculator or Excel spreadsheet, confirm that Verizon
Staples, Inc., reports the following footnote relating to its operating leases in its \(10-\mathrm{K}\) report for the fiscal year ended February 2013 (\$ thousands).a. What dollar adjustment(s)
YUM! Brands, Inc., reports the following footnote relating to its capital and operating leases in its 2012 \(10-\mathrm{K}\) report ( \(\$\) millions).a. Confirm that the implicit rate on YUM!'s
TJX Companies, Inc. reports the following footnote relating to its capital and operating leases in its 10-K report.Requireda. Using a 7\% discount rate and rounding the remaining lease life to the
General Mills, Inc. reports the following pension footnote in its 10-K report.a. Describe what is meant by service cost and interest cost.b. What is the total amount paid to retirees during fiscal
Xerox Corporation reports the following pension and retiree health care ("Other") footnote as part of its \(10-\mathrm{K}\) report.a. Describe what is meant by service cost and interest cost (the
Verizon Communications Inc. reports the following pension and health care benefits footnote as part of its \(10-\mathrm{K}\) report.a. Describe what is meant by service cost and interest cost.b. What
Harley-Davidson, Inc. provides the following footnote in its 2012 10-K report relating to the securitization of receivables by its finance subsidiary, Harley-Davidson Financial Services (HDFS).a.
The Aeropostale, Inc. 10-K report contains the following footnote relating to leasing activities. This is the only information it discloses relating to its leasing activity.Requireda. What lease
Analyzing, Interpreting and Capitalizing Operating Leases (L01) The Best Buy Co., Inc. 10-K report has the following footnote related to leasing activities.Requireda. What is the balance of the lease
FedEx Corp. reports total assets of \$24,902 and total liabilities of \$11,091 for 2013 (\$ millions). Its FedEx Corp. (FDX) \(10-\mathrm{K}\) report has the following footnote related to leasing
E. I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans (\$ millions).Requireda. How much pension expense (revenue) does DuPont report in its 2012
Johnson \& Johnson provides the following footnote disclosures in its 10-K report relating to its defined benefit pension plans and its other post-retirement benefits.Requireda. How much pension
GlaxoSmithKline plc headquartered in London, United Kingdom, is the worlds third lagest pharmaceutical company. The company’s 2012 balance sheet reported total assets of \(£ 41,475\) million and
Total S.A. is a French multinational oil company and one of the six "supermajor" oil companies in the world. The company is headquartered in Courbevoie, France, and uses IFRS to prepare its financial
Air Canada is the largest Canadian airline and is the world's ninth largest passenger airline by number of destinations. The company is headquartered in Montreal, Quebec. Air Canada used Canadian
LM Ericsson one of Sweden's lagest companies, is a provider of telecommunication and data communication systems. The company reports total assets of SEK 180,100 and total liabilities of SEK 102,075
Potash Corporation of Saskatchewan, the world's largest potash producer, is a Canadian corporation based in Saskatoon, Saskatchewan. The company produces nitrogen and phosphate used to produce
Qantas Airways Limited is the flagship carrier of Australia. It provides the following footnote disclosures in its annual report relating to its defined pension plans and its other post-retirement
Identify at least two applications that use forecasted financial statements.
Forecasts of the income statement typically require estimates of cost of goods sold (gross profit) and operating and nonoperating expenses (revenues) as a percentage of revenues. Identify at least
Forecasts of the balance sheet commonly require estimates of the relative percentage of balance sheet accounts to revenues. Identify at least three financial statement adjustments to reported balance
What does the concept of financial statement articulation mean in the forecasting process?
Net operating assets typically move proportionately with revenues. How do the "buffer zone" and "financing" sections of the balance sheet offset some of these changes in net operating assets?
Identify and describe the four major steps in forecasting financial statements.
In addition to recent revenues trends, what other types and sources of information can we use to help us forecast revenues?
Describe the rationale for use of year-end balances in the computation of turnover rates (and other percentages) that are used to forecast selected balance sheet accounts.
What are "comparable store sales" for retailers and why are they important?
Capital expenditures are usually an important cash outflow for a company, and they figure prominently into forecasts of net operating assets. What are the sources of information about capital
Abercrombie \& Fitch Co. reports the following income statements.Forecast Abercrombie \& Fitch's fiscal 2014 income statement assuming the following income statement relations (\$ in
Macy's, Inc. reports the following income statements.Forecast Macy's fiscal 2014 income statement assuming the following income statement relations ( \(\$\) in millions). All percentages (other than
General Mills, Inc. reports the following fiscal year income statements.Forecast General Mills' fiscal year 2014 income statement assuming the following income statement relations (\$ in millions).
Harley-Davidson, Inc. reports 2012 net operating working capital of \$1,888 million and 2012 longterm operating assets of \(\$ 4,380\) million.a. Forecast Harley-Davidson's 2013 net operating working
Nike Inc. (NKE) Nike Inc. reports 2012 net operating working capital of \$3,931 million and 2012 long-term operating assets of \(\$ 2,666\) million.a. Forecast Nike's 2013 net operating working
Refer to the General Mills, Inc. information in M11-13. Assume the forecast of 2014 net sales is \(\$ 18,662.8\) million. Use the following financial statement relations to forecast General Mills'
Kraft Foods Group, Inc., reports the following footnote to its 2012 10-K.What adjustment(s) did Kraft have to consider before forecasting its 2011 income? How would you treat the cash proceeds
Following are the income statements and balance sheets of Abercrombie \& Fitch Co.a. Forecast Abercrombie & Fitch's fiscal 2014 income statement and balance sheet using the following
Refer to the Abercrombie & Fitch Co. financial information in Exercise 11-18. Prepare a forecast of fiscal 2014 statement of cash flows.Q11-18Following are the income statements and balance
Following are the income statements and balance sheets of Macy's, Inc.a. Forecast Macy's fiscal 2014 income statement and balance sheet using the following relations ( \(\$\) in millions). Assume
Refer to the Macy's, Inc. financial information from Exercise 11-20. Prepare a forecast of its fiscal year 2013 statement of cash flows.Q11-20Following are the income statements and balance sheets of
Following are the income statements and balance sheets of General Mills, Inc.a. Forecast General Mills' fiscal 2014 income statement and balance sheet using the following relations. Assume all
Refer to the General Mills, Inc, financial information from Exercise 11-22. Forecast General Mills' fiscal 2014 statement of cash flows. (Use net earnings, including earnings attributable to
Delta Air Lines, Inc. reports total net operating assets of $6,829 million, net nonoperating liabilities of $8,960 million, and equity of $(2.131) in its 2012 10-K. Footnotes reveal the existence of
Abbott Laboratories reports its 50% joint venture investment in TAP Pharmaceutical Products Inc. using the equity method of accounting in its 2007 10-K. The Abbott balance sheet reports an investment
Following are the income statement and balance sheet of Whole Foods Market, Inc.a. Forecast Whole Foods Market's 2014 income statement and balance sheet using the following relations (\$ in
Refer to the Whole Foods Market, Inc., financial information from Exercise 11-26. Prepare a forecast of its fiscal year 2014 statement of cash flows.Q11-26Following are the income statement and
Following are Intel Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) for its year ended December 31, 2012 (\$ millions). Sales... Net operating profit after
Following are 3M Company's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) for its fiscal year ended 2012 (\$ millions). Sales... Net operating profit after tax (NOPAT)
Following are fiscal year financial statements of Cisco Systems, Inc.RequiredForecast Cisco's fiscal 2014 income statement, balance sheet, and statement of cash flows; round forecasts to \(\$\)
Forecasting the Income Statement, Balance Sheet, and Statement of Cash Flows (LO2, 3, 4) Following are the financial statements of Nike, Inc.RequiredForecast Nike's fiscal year 2014 income statement,
Following are the financial statements of Home Depot, Inc.RequiredForecast Home Depot's fiscal year ended 2014 income statement, balance sheet, and statement of cash flows. Round the revenue growth
Following are the financial statements of Target Corp.RequiredForecast Target's fiscal year ended 2014 and 2015 income statements, balance sheets, and statements of cash flows. Round revenue growth
Following are Bombardier's sales, net operating profit after tax (NOPAT) and net operating assets (NOA) for its fiscal year ended December 31, 2012 (in millions Canadian \$):Forecast Bombardier's
Telstra Corporation Limited is an Australian telecommunications and media company that builds and provides land-based and mobile telecom services along with internet and pay television products. The
Following is the income statement of CBS Corporation, along with an excerpt from its MD\&A section.RequiredIdentify and explain any income statement line items over the past three years that you
Gross profit margin (Gross profit/Sales) is an important determinant of NOPAT. Identify two factors that can cause gross profit margin to decline. Is a reduction in the gross profit margin always bad
When might a reduction in operating expenses as a percentage of sales denote a short-term gain at the cost of long-term performance?
Explain what it means when a company's ROE exceeds its RNOA.

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