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financial reporting and analysis

Questions and Answers of Financial Reporting and Analysis

The Compensation Committee chose consolidated EBITDA [earnings before interest, taxes, depreciation, and amortization] and revenue as the performance metrics for fiscal 2012, weighted at 80% and 20%,
Margaret Magee has served both as an outside director of MX Manufacturing for the past 10 years and as a member of the company’s compensation committee for the past 5 years. Margaret has been
Prior to being acquired by Amazon.com, Whole Foods Market provided that its Compensation Committee would determine a portion of executive bonuses by selecting from a list of 13 performance metrics.
On March 14, 2019, Core Molding Technologies, Inc. filed a Form 8-K disclosing an amendment to one of its borrowing agreements as follows:(T)he Borrowers and the Lenders agreed to modify certain
Following your retirement as senior vice president of finance for a large company, you joined the board of Cayman Grand Cruises, Inc. You serve on the compensation committee and help set the bonuses
In 20X1, Illinois Power & Heat spent $5 million repairing one of its electrical generating stations that was damaged by a tornado. The loss was uninsured. Management has asked the public service
Food Galore operates a chain of retail supermarkets. The supermarket business is highly competitive, and it is characterized by low profit margins. Food Galore recently entered into a credit
Duke Energy Corporation’s 2018 annual report to shareholders contains the following note disclosure (edited for brevity):Regulated Operations Substantially all of Duke Energy’s regulated
Big Energy Corporation received regulatory approval for its 20X1 electricity rate. The company has been authorized to charge customers $0.10 per kilowatt-hour (kwh), a rate lower than other utilities
Appearing next is information pertaining to Garrels Company’s Allowance for credit losses. Examine this information and answer the following questions.Required:1. Solve for the unknowns in the
For the month of December 20X1, Ranger Corporation’s records show the following information:Cash received on accounts receivable ..................... $35,000Cash sales
Aardvark, Inc., began 20X1 with the following receivables-related account balances: Accounts receivable ...................... $575,000Allowance for credit losses ..............
At the close of its first year of operations on December 31, 20X1, Clemens Company had accounts receivable of $300,000, which were net of the related allowance for credit losses. During 20X1, the
Baer Enterprises’s balance sheet at October 31, 20X1 (fiscal year-end), includes the following:Accounts receivable ........................................ $ 379,000Less: Allowance for credit
Caterpillar Inc. manufactures and sells earth-moving equipment. Presented below is information on its receivables and allowance for credit losses from its 2018 Form 10-K. The “Recorded Investments
Avillion Corporation had a $45,000 debit balance in Accounts receivable and a $3,500 credit balance in Allowance for credit losses on December 31, 20X1. The company prepared the following aging
Sperry-New Holland manufactures farm machinery. During 20X1, it incurred a variety of costs, several of which appear on the following list. Nature of Incurred Costa. Comprehensive liability insurance
The following information pertains to Yuji Corporation:Costs incurred during the year 20X1 were as follows:$116,00055,00025,00040,00010,00012,0005,0007,500Required:Sales revenue during 20X1 was
Presented below are excerpts from the 2018 annual report of Siemens AG, a German company that operates in numerous industries, including technology, power generation, and medical diagnostics.NOTE 1
Keefer, Inc., began business on January 1, 20X1. Information on its inventory purchases and sales during 20X1 and 20X2 follow:Required:1. Calculate ending inventory, cost of goods sold, and gross
On January 1, 20X1, Manuel Company’s merchandise inventory was $300,000. During 20X1, Manuel purchased $1,900,000 of merchandise and recorded sales of $2,000,000. The gross profit margin on these
The following notes for three fictional companies represent what analysts may see in practice.Carsini Company, December 31, 20X2Note No. 4—Trade Notes Receivable Discounted with Banks The Company
Smithfield Farms purchased a combine from John Deere for $175,000 on January 2, 20X1. Smithfield paid $25,000 in cash and signed an installment note calling for five annual payments of $39,569.58
Mikeska Companies purchased equipment for $108,000 from Power-line Manufacturing on January 1, 20X0. Mikeska paid $18,000 in cash and signed a five-year, 5% installment note for the remaining $90,000
Fish Spotters, Inc., purchased a single-engine aircraft from National Aviation on January 1, 20X0. Fish Spotters paid $55,000 cash and signed a three-year, 8% note for the remaining $45,000. Terms of
On December 31, 20X1, Fenton Company sold equipment to Denver, Inc., accepting a $275,000 non–interest-bearing note receivable due on December 31, 20X4. Denver, Inc., normally pays 12% for its
Atherton Manufacturing Company sold $200,000 of accounts receivable to a factor. Pertinent facts about this transaction include the following:a. The factored receivables had a corresponding $4,000
Blue, Inc., sells playground equipment to schools and municipalities. It mails invoices at the end of each month for all goods shipped during that month; credit terms are net 30 days. Sales and
Kendall Corporation designs and manufactures sports cars. During the course of its business, Kendall generates substantial receivables from its customers. On July 1, 20X1, to improve its cash flow,
The following information relates to Zulu Company’s accounts receivable for 20X1:Accounts receivable, 1/1/20X1 ............................ $ 750,000Credit sales for 20X1
On December 31, 20X1, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for credit losses. Vale analyzes its historical experience related to receivables in specific age
On December 31, 20X1, Roker, Inc., reported notes receivable of $63,930,000. This amount represents the present value of future cash flows (both principal and interest) discounted at a rate of 11.12%
On December 1, 20X1, Eva Corporation, a mortgage bank, has the following amounts on its balance sheet (in millions):AssetsCash$ 10Mortgage receivables58Investments27Other assets13Total$
Lake Company sold some machinery to View Company on January 1, 20X1, for which the cash selling price was $758,200. View entered into an installment sales contract with Lake at a 10% interest rate.
At December 31, 20X0, Oettinger Corporation, a premium kitchen cabinetmaker for the home remodeling industry, reported the following accounts receivable information on its year-end balance
Margaret O’Flaherty, a portfolio manager for MCF Investments, is considering investing in Alpine Chemical 7% bonds, which mature in 10 years. She asks you to analyze the company to determine the
Griffin and Lasky, Inc. (G&L), supplies industrial automation equipment and machine tools to the automotive industry. G&L recognizes revenue on its long-term contracts over time. Customer
At the end of 2009, Blockbuster Inc. operated more than 5,000 stores and franchisees operated another 1,300. Nine months later the company filed for bankruptcy protection. By the end of 2010,
Following are income statements for Hossa Corporation for 20X1 and 20X2. Percentage of sales amounts are also shown for each operating expense item. Hossa’s income tax rate was 22% in 20X1 and 24%
Tiffany & Company is a luxury jeweler and specialty retailer that sells timepieces, sterling silverware, china, crystal, fragrances, and accessories through its retail stores worldwide. Signet
This exercise is built around Kroger’s financial statements from the chapter. Total shareholders’ equity—The Kroger Co. was $5,384 million at February 1, 2014.Required:1. Kroger earned an ROA
Nucor Corporation produces steel and steel products at its eight mills and is a major recycler of scrap metal. The following data relate to Nucor for four years. In 2017, Nucor’s net income was
The Hershey Co. is famous worldwide for its chocolate confections—the Hershey bar and those delightful Hershey Kisses. Tootsie Roll Industries is equally famous for its chewy Tootsie Roll and those
Selected information taken from the accounting records of Vigor Company follows:Net accounts receivable at December 31, 20X0$ 900,000Net accounts receivable at December 31, 20X1$1,000,000Accounts
Lennox International’s 2017 Form 10-K reported the following items:• 2017 sales were $3,839.6 million.• 2017 net income was $305.7 million.• 2017 interest expense was $30.6 million. (Assume
A comparison of 20X1 to 20X0 performance shows that Neir Company’s inventory turnover increased substantially although sales and inventory amounts were essentially unchanged. Required:Which of
Lennox International Inc. makes air-conditioning, heating, and fireplace systems for residential and commercial uses, as well as commercial refrigeration equipment. Tecumseh Products Company
The following data were taken from the financial records of Glum Corporation for 20X1:Sales ........................................ $3,600,000Bond interest expense .............. 120,000Income taxes
Danaher Corporation manufactures a variety of products, including electronic measurement instruments and network communications products, water quality measurement systems, and medical and dental
Packaging Corporation of America produces containerboard and white papers. WestRock Co. manufactures paper products and corrugated products. Financial statement data for these two companies
Todd Corporation wrote off $100,000 of obsolete inventory at December 31, 20X1.Required:What effect did this write-off have on the company’s December 31, 20X1, current and quick ratios?
The following table provides ROA and ROCE for Best Buy, a retailer of consumer electronics.The adjusted February 3, 2018, amounts exclude the one-time income statement effect of the Tax Cuts and Jobs
Selected data of Islander Company follow:Required:1. What is the accounts receivable turnover for 20X1?2. What is the inventory turnover for 20X1? As of December 31, Balance Sheet Data 20X1 20X0
It’s late Tuesday evening, and you’ve just received a phone call from Dennis Whiting, your boss at GE Capital. Dennis wants to know your reaction to the Argenti loan request before tomorrow’s
AK Steel Holding Corporation is a fully integrated producer of steel. It produces cold-rolled and hot-rolled steel products as well as specialty stainless and electrical steels that are sold to the
Utica Company’s net accounts receivable was $250,000 at December 31, 20X0, and $300,000 at December 31, 20X1. Net cash sales for 20X1 were $100,000. The accounts receivable turnover for 20X1 was
Crocs designs, develops, and manufactures consumer products from specialty resins. The company’s primary product line is Crocs-branded footwear for men, women, and children. It sells its products
The following table reports the operating cycle, cash conversion cycle, and current ratio for three apparel retailers all having year-ends at February 3, 2018. American Eagle Outfitters is a
On January 1, 20X1, River Company’s inventory was $400,000. During 20X1, the company purchased $1,900,000 of additional inventory, and on December 31, 20X1, its inventory was $500,000.Required:What
McDonald’s Corporation franchises and operates more than 36,000 fast-service restaurants around the world. Buffalo Wild Wings franchises and operates more than 1,000 restaurants in North America.
The following table presents ROA calculations for The Kroger Co., Publix Super Markets, and Weis Markets, Inc. for several years prior to those examined in the chapter.Required:1. Which company has
The following information is from the 20X1 annual report of Weber Corporation, a company that supplies manufactured parts to the household appliance industry.Average total assets$24,500,000Average
Nagy Corporation reported the following income statement in 20X1, along with a comparable income statement for 20X0, its first year of operations:In its Form 10-K, Nagy also provided a non-GAAP
Trubisky Corporation acquired a machine on January 1, 20X1, for $3 million and decided to depreciate it over eight years using the double-declining method. The depreciation rate each year, as a
First Solar, Inc., adopted the new revenue recognition standard, ASC Topic 606, in 2017. The following are condensed versions of First Solar’s balance sheet, income statement, and cash flow
In 20X2, the new CEO of Watsontown Electric Supply became concerned about the company’s apparently deteriorating financial position. Wishing to make certain that the grim monthly reports he was
The preliminary draft of the balance sheet at the end of the current fiscal year for Eagle Industries follows. The statement will be incorporated into the annual report to stockholders and will
KEW Enterprises began operations in January 20X1 to manufacture a hand sanitizer that promised to be more effective and gentler on the skin than existing products. Family members, one of whom was
Krafty Kris, Inc., discovered the following errors after the 20X1 financial statements were issued:a. A major supplier shipped inventory valued at $8,550 to Krafty Kris on consignment. This
The following events and transactions related to David Company occurred after the balance sheet date of December 31, 20X1, and before the financial statements were issued in 20X2. None of the items
Tack, Inc., reported a Retained earnings balance of $150,000 at December 31, 20X0. In June 20X1, Tack’s internal audit staff discovered two errors that were made in preparing the 20X0 financial
Refer to the information about ClearOne Communications in Case C2-2 from Chapter 2.Required:Obtain the Form 10-K ClearOne filed with the SEC on August 18, 2005. (Go to www.sec.gov and select
In 20X2, ABBA Fabrics, Inc., elected to change its method of valuing inventory to the weightedaverage cost (“WAC”) method, whereas in all prior years inventory was valued using the last-in,
Bettner, Inc., is a calendar-year corporation whose financial statements for 20X0 and 20X1 included errors as follows:Assume that inventory purchases were recorded correctly and that no correcting
Neville Company decides at the beginning of 20X3 to adopt the FIFO method of inventory valuation. It had used the LIFO method for financial reporting since its inception on January 1, 20X1, and had
Barden, Inc., operates a retail chain that specializes in baby clothes and accessories that are made to its specifications by a number of overseas manufacturers. Barden began operations 20 years ago
Jones Corporation switched from the LIFO method of costing inventories to the FIFO method at the beginning of 20X1. The LIFO inventory at the end of 20X0 would have been $80,000 higher using FIFO.
Brower Corporation owns a manufacturing plant in the country of Oust. On December 31, 20X1, the plant had a book value of $5,000,000 and an estimated fair value of $8,000,000. Oust’s government has
Holmes Company reported the following balance sheets at December 31, 20X2 and 20X1: Its income statement for 20X2 was as follows:$ 1,000(670)(30)(100)200(42)$ 158Additional information:During
The following information was taken from the 20X1 financial statements of Zurich Corporation, a maker of fine Swiss watches:Net income$ (200,000)Depreciation50,000Increase (decrease) inAccounts
The statement of cash flows for the year ended December 31, 20X1, and other data for Bradley Corporation are shown below:Additional data:a. Bradley’s Dividends receivable account decreased by
The following information was taken from the 20X1 financial statements of Eiger Corporation, a maker of equipment for mountain and rock climbers:Net income$ 100,000Depreciation30,000Increase
The following is the operating section of the statement of cash flows (direct method) of Battery Builders, Inc.:Collections from customers$ 28,000Payments to suppliers for inventory
The following information was taken from the 20X1 financial statements of Planet Corporation:Accounts receivable, January 1, 20X1 .................. $ 21,600Accounts receivable, December 31, 20X1
The following cash flow information pertains to the 20X1 operations of Fishmaster, Inc., a maker of fishing equipment.Cash collections from customers$ 79,533Cash payments to suppliers of
Serven Corporation has estimated its accrual-basis revenue and expenses for June 20X1 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as
Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 income statement. Other information for Dunnsmore is as follows:Required:Prepare a schedule showing the amount of cash Dunnsmore
The following cash flow information pertains to the 20X1 operations of Matterhorn, Inc., a maker of ski equipment:Cash collections from customers$ 16,670Cash payments to suppliers of
The following information is available from Sand Corporation’s accounting records for the year ended December 31, 20X1:Cash received from customers ............................. $870,000Rent
Following is a list of items taken from the December 31, 20X1, balance sheet of Reagan Company (amounts omitted):Accounts payableGoodwillAccrued expensesIncome taxes payableAccumulated
Following are Crash Zone Corporation’s balance sheet at the end of 20X0 and its cash flow statement for 20X1. Crash Zone manufactures safety equipment for race cars.Balance Sheet as of December 31,
A December 31, 20X1, postclosing trial balance for Short Erin Company follows.Additional information about Short Erin’s account balances:1. Cash includes $12,000 in U.S. treasury bills purchased on
The following balance sheet, which has some weaknesses in terminology and classification, has been prepared by an inexperienced accountant and submitted to you for review:Required:Prepare a
The balance sheet and income statement for Bertha’s Bridal Boutique are presented along with some additional information about the accounts. You are to answer the questions that follow concerning
Kay Wing, Inc., prepared the following balance sheet at December 31, 20X0.Kay Wing, Inc.Balance Sheet as of December 31, 20X0Cash$ 65,000Accounts receivable37,000Inventory70,000Long-term
Ricky Corporation had the following alphabetical account balance listing at December 31, 20X1 (in thousands of dollars).Required:Prepare a balance sheet for Ricky Corporation at December 31, 20X1.
Dale Golf Course, Inc., operates golf courses in South Carolina. A round of golf at one of Dale’s courses costs $75. Dale also sells one-year season passes, good for unlimited rounds of golf for a
Smith, Inc., produces and sells clothing to department stores. Its supply arrangement with Leftwich Department Stores calls for Smith to purchase from Leftwich each month in store advertising at a
Ball Data Corporation provides stock market data to investors. On January 1, 20X1, it sells a customer access to its real-time database for two years at a price of $600,000. The customer has the
Ashley Stores, Inc., sells gift cards for use at its stores. The following data pertain to 20X1, 20X2, and 20X3, the company’s first three years of operation:As of December 31, 20X1, Ashley

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