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financial reporting and analysis

Questions and Answers of Financial Reporting and Analysis

Assume that you are the controller of a publicly held company called Spring Corporation.The CEO and the CFO are quite concerned about financial analysts’assessments of Spring’s prospects.Analysts
The following cash flow statement from Low-Down Industries is causing concern to its president,Ms.High-Flyer.She can’t understand why Low-Down is having trouble meeting its debt obligations on a
Woodway Company reported the following data in its 2000 statement of cash flows (dollars in thousands):2000 1999 Net earnings $ 1,654 $6,215 Cash provided by operating activities 26,118 1,984
SILLA,Inc., reported the following items (which are partial excerpts) in its 1999 statement of cash flows (dollars in thousands):2000 1999 Net loss $(81,542) $(202,144)Interest payments, net
Mitronics Corporation reported the following items (which are only partial excerpts) in its 1997 statement of cash flows (dollars in thousands).1997 1996 Net earnings $788 $845 Increases (decreases)
Consider the following (summary) consolidated statements of cash flows from Pioneer Resource, Inc., for 1999 and 2000:Consolidated Statements of Cash Flows Pioneer Resource, Inc.For the years ending
A condensed version of Microbyte Corporation’s consolidated statements of cash flows for 1999 and 2000 are shown below (dollars in thousands):Cash flows from operating activities:Cash received from
The following (summary) statement of cash flows has been provided by Sigma Designs, which specializes in diversified graphic systems, document imaging, and multimedia markets.Sigma Designs,
The following (summary) statement of cash flows has been provided by Sigma Designs, which specializes in diversified graphic systems, document imaging, and multimedia markets.Sigma Designs,
StorageTek’s consolidated statement of cash flows contained the following information, as abbreviated (dollars in thousands):Year Ended December December 31, 1993 25, 1992 Operating Activities Cash
United States Surgical Corporation (USSC) provided the following consolidated statement of cash flows, as abbreviated:Year Ended December 31, 1993 1992 Cash flows from operating activities:Cash
The following summary information has been extracted from the financial statements of Hi-Tech Vaporware (dollars in thousands):2000 1999 Total net revenues $126,000 $106,000 Operating expenses
Given the following information extracted from Byte City’s financial statements, calculate and evaluate its cash flow ratios:2000 1999 Interest paid $ 4,186,532 $ 3,695,431 Interest received
Byte City, Inc., provided the following cash flow information in the form of subtotals on its cash flow statements:2000 1999 Net cash provided by operating activities $ 2,956,020 $ 587,249 Net cash
The following statement of cash flows has been provided by Davo’s Surf Shop of Malibu, California:Davo’s Surf Shop Statement of Cash Flows For the Year Ended December 31, 2000 Cash flows from
The following cash flow statement was prepared by the Brainard Music Company for the year ended December 31, 2000:Cash flow from operating activities $(346,000)Cash flow from investing
Consider the following information:Windbag International, Inc.Selected Financial Statement Information(Dollars in Millions)2000 1999 Total assets $1,086 $ 996 Total owners’ equity 681 660 Debt 145
Consider the following information for two high-tech companies:Oxford, LTD Kendall, LTD(Dollars in thousands)Cash provided by operating activities $5,600 $ 7,419 Net income $ 684 $12,916 Requireda.
Consider the following information for two hi-tech companies:Oxford, LTD Kendall, LTD(Dollars in thousands)Accounts receivable Beginning of year $ 9,915 $ 408 End of year 11,250 7,258 Sales for year
Haywire Systems had the following cash receipts and payments during 2000(dollars in millions):1. Cash received from customers $130 2. Cash paid to inventory suppliers 42 3. Cash paid to employees as
The Shifting Sands Company reported an increase in its property (land) account of $4 million during 1999.During 1999,the firm sold land with an initial cost of$12 million for cash proceeds of $9
Determine the amounts of cash flows associated with each of the following:1. Sales revenue was $20 million; accounts receivable decreased by $2 million.2. Salary expense was $7.5 million; salaries
Determine the amounts of revenue or expense associated with each of the following cash flows:1. Cash received from customers was $8.5 million; accounts receivable increased by $1.6 million.2. Paid
The following transactions were recorded by Macintosh Corporation:1. Purchased a building and took on a mortgage for $150,000.2. Purchased merchandise for $12,000 cash.3. Collected an account
The following transactions were made by Manning, Inc.:1. Merchandise was purchased for $180,000 cash.2. Sales during the year (half received in cash) were $250,000.3. Cost of goods sold in
The following transactions were recorded by May G&M Retail Stores:1. Merchandise inventory was sold on account for $120,000.2. The cost of merchandise sold in transaction 1 was $62,500.3. Collections
Evaluate the following two scenarios and identify the possible sources of information that would be used by a union in asserting its demands to two different bargaining units (employers).1. Firm 1
Discuss the differences in the following terms:a. Cash received from customers versus sales revenueb. Cash paid to suppliers versus cost of goods soldc. Cash proceeds from the sale of equipment
Indicate where each of the following transactions would be reported on the statement of cash flows (operating section, investing section, financing section, or not a cash flow item):1. Purchased
The following transactions were reported by Colorado Company in its statement of cash flows. Indicate whether each transaction is an operating (O), a financing(F),an investing (I),or a transaction
Consider the following events or transactions:1. Delivered groceries and received a personal check.2. Took a taxi and paid the fare.3. Gave a refund for defective merchandise.4. Recorded
Consider the following transactions or events:1. Sold merchandise on account.2. Sold a used computer for cash.3. Paid a supplier’s overdue account.4. Recorded depreciation expense on a building.5.
Consider the differences between owning and managing an apartment building or a retail store.Would the owner of one prefer a cash-based measure of performance? Would one prefer an accrual-based
A government agency once reported to one of the authors that it could not extend a job offer because it was “financially embarrassed.”What do you suppose this term meant? Could a commercial
Discuss how cash return on assets (CROA) can be used as a measure of managerial performance. Distinguish between CROA and “free cash flow.”LOP9
In each of the following cases, indicate whether the amount of cash inflow (or outflow) is greater or less than the related revenue (or expense):a. A firm’s accounts receivable balance has
Evaluate the following conventions in preparing a statement of cash flows:a. Dividend payments to shareholders are reported as a financing activity, and interest payments on debt are reported as an
Describe two investing and financing activities that do not involve cash receipts or payments.Why might a financial analyst want to know about such noncash transactions?LOP9
Under the indirect method of preparing the statement of cash flows,each of the following items would be added to net income in measuring cash flows from operating activities (CFOA).Which (if any) of
Identify each of the following activities as either operating, investing, or financing activities:a. Cash received from customersb. Cash paid to acquire operating equipmentc. Cash paid as dividends
Compare and contrast the two methods of preparing cash flow statements: the direct vs. the indirect method.What are the essential differences between these two methods? The similarities?LOP9
Define the following cash flow concepts in your own words as you would describe them to the owner of a small business:a. Cash flow from operating activitiesb. Cash used to purchase investmentsc. Cash
How could a firm report positive amounts of net income and negative cash flows from operating activities? Identify specific instances where this might occur.LOP9
Identify three types of operating, financing, and investing activities. Contrast these with several noncash investing or financing activities.LOP9
What information is provided in a statement of cash flows that is not disclosed in a balance sheet or an income statement?LOP9
Discuss three major business activities that usually produce cash inflows or outflows.LOP9
Why are managers and creditors often more concerned about cash and cash flows, as compared to nonmonetary assets?LOP9
Contrast cash and cash equivalents? Why would managers want to include both when preparing a statement of cash flows?LOP9
Describe how a firm’s financial statements help meet these objectives:a. To evaluate a firm’s ability to generate future cash flows available to pay dividends to shareholders.b. To evaluate a
The income statement and the cash flow statement focus on various aspects of profitability and liquidity. Distinguish between these concepts and discuss their importance to users of financial
Draw inferences about the financial performance of a firm from the statement of cash flows.LOP9
Explain the difference between the direct and the indirect methods of presenting a statement of cash flows.LOP9
Identify the three types of activities that generate and use cash.LOP9
Explain the complementary nature of accrual earnings and cash flows.LOP9
Describe the objectives of the statement of cash flows.LOP9
Locate the balance sheet for IBM and Bank One. You can use either the 10-K available at EDGAR (www.sec.gov/edaux/searches.htm) or the annual report available at the company page on the Web. The
Locate the most recent set of financial statements for the corporations listed below. You may use either the 10-K available at EDGAR (www.sec.gov/edaux/searches.htm) or the annual report available at
Locate the most recent set of financial statements for the companies listed below. You may use either the 10-K available at EDGAR (www.sec.gov/edaux/searches.htm) or the annual report available at
Consider Sigma Designs’ balance sheets for 1993 and 1992 (dollars in thousands). Sigma Designs is a high-tech software development company specializing in imaging and multimedia computer
XYZ Corporation’s 2000 and 1999 balance sheets are summarized below (dollars in millions):Current Assets 12-31-00 12-31-99 Cash and temporary investments $ 535 $ 499 Receivables, less allowances
The following worksheet entries have been retrieved from a corrupt data file.Cash Inventory Buildings Trucks Accts. Pay Mortgage Inv. Cap.a. 1,000 1,000b. 2,000 2,000c. 8,000 8,000d. 4,000 4,000
The balance sheet for Reebok International LTD is shown in Appendix D.Requireda. Conduct a vertical analysis of the balance sheet for each year, 1996 and 1997.b. Calculate the liquidity, asset
The balance sheet for Wendy’s International Inc. is shown in Appendix C.Requireda. Conduct a vertical analysis of the balance sheet for each year, 1996 and 1997.b. Calculate the liquidity, asset
Van Gogh’s fragmentary balance sheet is shown below.Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 210,000 Accounts payable $ 250,000 Accounts receivable 466,000
A vertical analysis was previously conducted, using the Edgar Elgar, Inc. balance sheet. The results are shown below.Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash
The following schedule summarizes the components of shareholders’ equity reported in the year-end balance sheets of Nuclear Holdings and Hellmorgen:Nuclear Holdings Hellmorgen(Dollars in
The following schedule summarizes the components of shareholders’ equity reported in the 1997 balance sheets of Wendy’s and Reebok:Wendy’s Reebok(Dollars in millions)Shareholders’
The following schedule summarizes the noncurrent assets reported in the 1997 balance sheets of Wendy’s and Reebok:Wendy’s Reebok(Dollars in millions)Current assets (total) $ 382 $1,465 Noncurrent
The following schedule summarizes the noncurrent assets reported in the yearend balance sheets of Packard Computers, a company that designs and manufactures electronic data and communications
The following schedule summarizes the current assets reported in the year-end balance sheets of Costello Laboratories, a company that develops, manufactures, and markets health care products, and
The following schedule summarizes the current assets reported in the 1997 balance sheets of Wendy’s and Reebok:Wendy’s Reebok(Dollars in millions)Current Assets Cash and equivalents $ 234 $ 210
Given these transactions:1. Community donations of $150,000 are received.2. A mortgage of $1.5M is secured and a hospital is constructed.3. Donated land worth $1M is received.4. Short-term lines of
Comparative balance sheets for Creative Cabinetry, Inc. are shown below:Assets 12-31-01 12-31-00 Cash $ 95,000 $ 33,000 Accounts receivable 23,160 22,500 Inventory 30,000 123,650 Prepaid rent 3,840
Given these transactions:1, An engineering firm was formed when three engineers each invested$50,000 (cash).2, Each founder also invested an assortment of utility trucks, inclinometers, and other
Consider these transactions:1. Investors purchased $900,000 of common stock from the firm.2. The firm purchased land, buildings, and equipment valued at $1,300,000;paid $300,000 in cash; and signed a
Given the following data:2001 2000 Cash $300,000 $340,000 Retained earnings ? ?Accounts payable 20,000 11,000 Wages payable 7,000 5,000 Interest payable 10,000 30,000 Bonds payable 40,000 100,000
Given the following data:2001 2000 Cash $ 30,000 $ 40,000 Retained earnings 175,000 225,000 Current liabilities 17,000 16,000 Invested capital 600,000 600,000 Accounts receivable 27,500 38,000
The following balance sheet data are given:2000 1999 Cash $ 45,000 $ 35,000 Fixed assets 330,000 270,000 Current liabilities 95,000 45,000 Long-term liabilities 300,000 320,000 Accounts receivable
The following transactions are given:1. Owners invested $500,000 in this business for capital stock.2. Buildings and equipment are purchased for $200,000 cash and a mortgage of$600,000.3. Inventory
Wesfarmers Limited is a major diversified Australian public company with interests in fertilizer and chemicals manufacturing, gas processing and distribution, coal mining and production, building
The following schedule summarizes the composition of current assets and current liabilities reported in the year-end balance sheets from Triangle Air Lines and Nazareth Steel:Triangle Air Nazareth
The following transactions are given:a. A law firm was formed by 10 lawyers, each investing $200,000.b. The firm charged its clients $1,200,000 for services rendered in May.c. The law firm collected
The following transactions are given:a. A corporation issued capital stock in exchange for land valued at $300,000.b. A corporation issued capital stock for $200,000.c. The corporation hired a chief
The following transactions are given:a. A corporation issued common stock for cash.b. The firm bought land with part of the cash.c. The firm issued common stock in exchange for a building and
The following data are available:Cash $100,000 Accounts payable 55,000 Retained earnings ?Invested capital 150,000 Buildings and equipment 600,000 Mortgage payable 400,000 Requireda. Prepare a
The following information is provided for Tom’s Track Shoe Store at the end of 2000:Accounts receivable $ 6,500 Accounts payable 106,500 Bonds payable 180,000 Invested capital 300,000 Cash 14,500
The following balances appear in the records of May Co. at the end of its first month of operations:Cash $12,000 Land $100,000 Equipment 6,500 Accounts payable 3,400 Supplies 2,700 Accounts
The account balances given below are shown on the balance sheet of a corporation.Marketable securities $ 20,000 Invested capital 200,000 Buildings and equipment 400,000 Accounts receivable 80,000
Rearrange the following accounts in the order in which you would expect to find them in a typical balance sheet and explain why you put them in that order:a. Mortgage payableb. Accounts payablec.
Classify each account listed below into one of the following categories:1. current assets, 2. noncurrent assets, 3. current liabilities, 4. noncurrent liabilities, and 5. owners’ equity.a. cashb.
Suppose that a supervisor asks you to reclassify a short-term note payable as a long-term liability.a. What effect will this have on the current ratio?b. Could such an effect be viewed beneficially
Discuss the process of calculating balance sheet vertical (composition) ratios.How are such ratios used? Why are these ratios important?
How much flexibility should the analyst or manager accept in constructing ratio definitions for use within the same company or organization? For example, why might the analyst be more flexible in
Compare and contrast the current ratio and the quick ratio.a. When might these two ratios be similar in amount?b. When will they be different in amount?c. If the current ratio is at an acceptable
Is it possible for a firm to report a substantial amount of retained earnings on its balance sheet and still be unable to pay its shareholders a cash dividend? Explain.
Discuss the concept of owners’ equity on the balance sheet. In what ways does owners’ equity represent a residual interest? Why is owners’ equity called a residual amount?
Discuss the differences between bonds payable and mortgages payable. As a potential lender, which type of debt is preferable?
Identify several examples of liabilities that do not require payments of specific dollar amounts to lenders.
Analysts often attempt to estimate the values of assets that are “missing”from the balance sheet. Identify at least two kinds of missing assets and discuss reasons for this omission from the
Distinguish between internally generated and externally acquired goodwill.Which of these is reported on the balance sheet? State and defend your agreement or disagreement with this accounting

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