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financial reporting financial statement analysis and valuation

Questions and Answers of Financial Reporting Financial Statement Analysis And Valuation

QS-11.A corporation has total stockholders' equity of $ 18,995,250 and one class of $2 par value common stock. The corporation has 500,000 shares authorized; 300,000 shares issued; and 15,000 shares
QS-10.If a corporation purchases I 0,000 shares of its own common stock at $ I 0 per share and resells them at $14 per share, where would the $40,000 increase in capital be reported in the financial
Q8-9.Define treasury stock. Why might a corporation acquire treasury stock? How is treasury stock reported in the balance sheet?
Q8-8.Define stock split. What are the major reasons for a stock split?
QS-7.How does the account "additional paid-in capital" (APIC) arise? Does the amount of APIC reported on the balance sheet relative to the common stock amount provide any information about the
QS-6.Describe the difference between contributed capital and earned capital. Specifically, how can earned capital be considered as an investment by the company's stockholders?
QS-5.Distinguish between authorized shares and issued shares. Why might the number of shares issued be more than the number of shares outstanding?
QS-4.What is meant by preferred dividends in arrears? If dividends are two years in arrears on $500,000 of 6% preferred stock, and dividends are declared at the end of this year, what amount of total
QS-3.What features make preferred stock similar to debt? Similar to common stock?
QS-2.What are the basic differences between preferred stock and common stock? That is, what are the typical features of preferred stock?
QS-1.Define par value stock. What is the significance of a stock's par value from an accounting and analysis perspective?
Q7-6.How would you interpret a company's reported gain or loss on the repurchase of its bonds?
Q7-S.How do credit (debt) ratings affect the cost of borrowing for a company?
Q7-4.Why do companies report a gain or loss when they repurchase their bonds? Is this a real economic gain or loss?
Q7-3.What is the difference between a bond's coupon rate and its market interest rate (yie ld)?
Q7-2.What is an accrual? How do accruals impact the balance sheet and the income statement?
Q7-1.What does the term current liabilities mean? What assets are usually used to settle current liabilities?
M6-17. Computing Depreciation L04 A delivery van costing $37,000 is expected to have a $2,900 salvage value at the end of its useful life of •I=~.five years. Assume that the truck was purchased on
M6-16. Adjusting Balance Sheet and Income Statement for LIFO to FIFO ANALYST ADJUSTMENTS 6.1 In its December 2019 10-K, LyondellBasell Industries reported the following information ($ millions).Cost
M6-1S. Computing and Evaluating Inventory Turnover for Two Companies PriceSmart and Nor dst rom report the following information in their respective January 2016 10-K reports relating to their two
Q6-12. Identify the three typical categories of restructuring costs and their effects on the balance sheet and the income statement.
Q6-ll Explain the concept of lower of cost or market. What benefit does the LCM rule create for financial statement users?
Q6-10 What three metrics comprise the cash conversion cycle? How could companies manage each of the three components to improve CCC?
Q6-9. What factors determine the gain or loss on the sale of a PPE asset?
Q6-8. What is the benefit of accelerated depreciation for income tax purposes when the total de preciation taken over the asset's life is identical under any method of depreciation?
Q6-7. How might a company affect its depreciation expense computation by selecting useful life and salvage value?
Q6-6. What does the cash conversion cycle measure?
Q6-5. In a recent annual report, Kaiser Aluminum Corporation made the following statement in reference to its inventories: "The Company recorded pretax charges of approximately $ 19.4 million because
Q6-4. Even though it may not reflect their physical flow of goods, why might companies adopt last-in, first- out inventory costing in periods when costs are consistently rising?
Q6-3. If inventory costs are rising, which inventory costing method-first-in, first-out; last-in, first-out; or average cost-yields the (a) lowest ending inventory? (b) lowest net income? (c) largest
Q6-2. Explain why using the FIFO inventory costing method will increase gross profit during periods of rising inventory costs.
Q6-1. Why do relatively stable inventory costs across periods reduce the importance of management's choice of an inventory costing method?
L01 DS-66. Ethics and Governance: Revenue Recognition GAAP revenue recognition standards are based on broad principles rather than bright-line rules. This creates a certain amount of latitude in
L01 DS-65. Managing Foreign Currency Risk Fluctuations in foreign currency exchange rates can result in increased volatility of revenues, expenses, and profits. Companies generally attempt to reduce
PS-62. Compare Days Sales Outstanding (DSO) Across Industries Using Large Dataset Access the Excel file of Com pus tat data available at the MBC website and use data visualization software such as
PS-S6. Analyzing and Interpreting Income Disclosures Sales information for Tesla Inc. follows.Year Ended December 31 ($thousands) 2018 Automotive sales ......................... $17,631 ,522
PS-SS. Analyzing and Interpreting Revenue Recognition Policies and Adoption of the New Standard Barnes & Noble provides the following explanation of its gift card liabilities.Gift Cards The Company
P5-53. Revenue Recognit ion and Sales Allowances Target Corporation reported the following on its income statement.For 12 Months Ended ($ millions) Feb. 2, 2019 Total revenue . . . . . . . . . . . .
P5-52. Non-GAAP Disclosures L01, 5 RAYTHEON COMPANY(RTN) •L07 General Electr ic (GE) disclosed the fo llowing non-GAAP reconciliation for its Industrial segment from GENERAL its 20 18 Form 10-K.
P5-51. Analyzing Segment Disclosures Raytheon Company disclosed the following data related to segment sales and operating profits for fi scal 201 8.Total Net Sales Operating Income$millions 2018 2017
ES-47. Estimating Bad Debts Expense and Reporting Receivables LOS At December 31, Barber Company had a balance of $420,000 in its accounts receivable and an unused bal- ~ ......ance of $2,600 in its
ES-46. Interpreting the Accounts Receivable Footnote HP Inc. reports the following in its 2018 10-K report.October 31 ($ millions)Accounts receivable ................................ .2018$5, 113
ES-45. Analyzing and Reporting Receivable Transactions and Uncollectible Accounts Using Percentage-of- LOS Sales Method to Estimate Bad Debt Expense ~ ......At the beginning of the year, Penman
ES-41. Analyzing and Interpreting Foreign Currency Translation Effects and Non-GAAP Disclosures Kellogg Co. reports the following table and discussion in its 2018 10-K for its reportable segments.I
ES-39. Identifying Operat ing Income Components L06 Following is the income statement information from Apollo Medical Devices. Identify the components il:~ii that we would consider operating.$
ES-38. For eign Currency Impact Kellogg included the following note in its fiscal 2018 10-K report ($ millions).Adjusted net income attributable to Kellogg ... • . . • .... •. . . .. • .... .
ES-36. Constructing and Assessing Income Statements Using Cost-to-Cost Method On March 15, 2019, Gilbert Construction contracted to build a shopping center at a contract price of $220 million. The
ES-35. Constructing and Assessing Income Statements Using Cost-to-Cost Method Assume GE Hitachi Nuclear Energy agreed in May 2019 to construct a nuclear generator for NSTAR, a utility company serving
ES-34. Assessing Revenue Recognition Timing and Income Measurement THESTREET INC. (TST)ORACLE CORP.(ORCL)INTUIT INC.(INTU)ELECTRONIC ARTS (EA)L01 GE HITACHI NUCLEAR ENERGY (GEH) •L01 •Explain
MS-32. Discontinued Operations and Pro Forma Disclosures ANALYST ADJUSTMENTS 5.3 In its 2019 fourth-quarter earnings release, Mur phy USA stated, "We use EBITDA and Adjusted EHITDA in our operational
MS-31. Sales Allowances Fitz-Chivalry Corporation reports the following information on its 2019 income statement.$millions 2017 2018 2019 Gross sales ........................... .. .. $12,588 $13,972
MS-30. Discontinued Operations Campbell Soup reported discontinued operations in its Form 10-Q for the third quarter ended April 28, 2019. The company reported that, during the third quarter, it sold
MS-29. Revenue Disclosure and Unearned Revenue American Airlines disclosed the following in its Form 10-Q for the first quarter ended March 3 1, 2019.On March 13, 2019, the Federal Aviation
MS-28. Operating Expenses Indicate whether each of the fo llowing is true or false .a. Amortization expense is a noncash expense similar to depreciation, except it applies to intangible assets.b.
MS-27. Foreign Exchange Effects on Sales True or fa lse: A multinational company reports that a large amount of its sales is generated in foreign c urrencies that have strengthened vis-a-v is the
MS-26. Deferred Revenue True or false: A reduction of the deferred revenue account can be interpreted as a leading indicator of lower future revenues. Explain.
MS-24. Reporting Unearned Revenue Target sells gift cards that can be used at any of the company's Target stores or on Target.com. Target encodes information on the card's magnetic strip about the
MS-23. Assessing Revenue Recognition for Advance Payments L03 Hamilton Company operates a performing arts center. The company sells tickets for its upcoming season of six Broadway musicals and
MS-20. Analyzing the Allowance for Uncollectible Accounts Following is the current asset section from the Mondelez balance sheet.$ millions Dec. 31 , 2018 Dec.31, 2017 Cash and cash equivalents
MS-19. Interpreting the Allowance Method for Accounts Receivable At a recent board of directors meeting of Bismark Corp., one of the directors expressed concern over the allowance for uncollectible
MS-18. Estimating Uncollectible Accounts and Reporting Accounts Receivable Mohan Company estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged
MS-17. Estimating Revenue Recognition with Right of Return ModCloth Inc. offers an unconditional return policy. It normally expects 2% of sales at retail selling prices to be returned before the
MS-16. Non-GAAP Disclosure OPTIMIZE RX(OPRX)L01,2 MODCLOTH INC. • LOS •LOS LOS MONDELEZ INTERNATIONAL(MDLZ) •OptimizeRx provides digital health messaging via electronic health records to
MS-15. Assessing Revenue Recognition of Companies L01 Match each of the following companies, to the appropriate revenue recognition policy, listed below.a. The GAP: The GAP is a retailer of clothing
MS-14. Applying the Financial Statement Effects Template Refer to the information for Camden Corporation in M5-13.a. Use the financial statement effects template to record contract revenues and
MS-13. Computing Revenues under Long-Term Contracts Camden Corporation agreed to build a warehouse for a client at an agreed contract price of $900,000. Expected(and actual) costs for the warehouse
QS-12. How would a company recognize revenue on a sale that includes equipment and a multi-year service contract all for one price?
QS-11. What is the current U.S. GAAP accounting treatment for research and development costs?
QS-10. What is unearned revenue? Provide three examples of unearned revenue.
QS-9. What is the concept of pro forma income and why has this income measure been criticized?
QS-8. Under what circumstances is it appropriate to use the cost-to-cost method to measure revenue?
QS-7. What is meant by "aging" of accounts receivable?
QS-6. Explain why analysts might remove foreign exchange gains or losses when analyzing revenue and expenses for the year.
QS-5. What effect, if any, does a weakening $US have on reported sales and net income for subsidiaries of U.S. companies?
QS-4. The income statement line item "Discontinued operations" typically comprises two distinct components.What are they?
QS-3. Why do companies allow sales returns, and how does this business practice affect reported revenue?
QS-2. Explain how management can shift income from one period into another by using the allowance for uncollectibles account.
QS-1. What is a performance obligation and how is it related to revenue recognition?
D4-40. E thics and Corporate Governance: Meeting Debt Covenants Companies rout inely face debt covenants and occasionally these covenants are binding. That is, the company's fi nancial statements
14-39. Compute and Interpret Z-score CANADIAN TIRE CORPORATION LIMITED(CTC-A.TO)Refer to the financial statements for Can adian Tire in I4-38. Use the fo llowing information to answer the
14-38.Compute and Interpret Liquidity, Solvency and Coverage Ratios Canadian Tire is a retail company that sells a wide range of automotive, hardware, sports and leisure, and home products. The
P4-37.Compute and Interpret Z-score Refer to the financial information for Costco in Problem P4-33, to answer the requirements. Costco's stock closed at $294.76 on August 30, 2019 (the last trading
P4-36.Compute and Interpret Z-score Refer to the financial statements for Nike in Problem P4-3 I to answer the requirements. The company's stock closed at $77.14 on May 3 1, 2019, and $71.80 on May
P4-3S.Compute Z-Scores and Prepare Data Visualization from Data Set Access the Module 4 data set using MyBusinessCourse site to answer the requirements.Requireda. Compute Z-Scores for all S&P
L03 P4-34. Restating Revenue for Retailer with 53-Week Fiscal Year ANALYST ADJUSTMENTS 4.1 In a press release that accompanied its 2016 annual earnings announcement of Michael Kors Holdings Ltd, its
P4-33. Assess Credit Risk Financial statement information for Costco follows. Refer to these financial statements to answer the requirements.COSTCO WHOLESALE CORPORATION Consolidated Balance Sheets
P4-32.Assigning a Long-Term Debt Rating Using Financial Ratios Refer to the Nike 2019 financial statements, from Problem P4-3 l to answer the following requirements.Requireda. Compute the following
P4-31. Compute and Interpret Liquidity, Solvency, and Coverage Ratios NIKE, INC. Information from the balance sheet, income statement, and statement of cash flows for Nike follows.(NKE) Refer to
L03 E4-30.Adjusting for Off-Balance Sheet Liabilities ANALYST ADJUSTMENTS 4.2 Fitch 's current analytical approach views operating leases as a debt-like form of funding and their analysts adjust core
E4-29.Adjusting Financial Information Prior to Credit Analysis ANALYST ADJUSTMENTS 4.2 Target reports the following financial information in its fom1 10-K dated February 2, 2019. Note: Target had not
E4-28. Compute and Interpret Altman's Z-scores Following is selected financial information for Netflix, for 2018 and 20 17.$ thousands, except per share data 2018 Current assets . . . . . . . . . . .
E4-27.Compute and Interpret Z-scores Following is selected financial infonnation for Proct er & Gamble Co. and Kimberly-Clark from their fiscal 2019 financial statements.$millions Procter & Gamble
E4-26. Compute and Interpret Liquidity, Solvency, and Coverage Ratios Selected balance sheet and income statement infonnation for Starbucks for 2018 and 2017 follows.$millions Cash
E4-25.Compute and I nterpret Solvency Ratios for Business Segme nts Se lected balance sheet and income statement information from Ford Motor Company and its two principal business segments,
E4-24. Compute and Interpret Coverage, Liquid ity and Solvency Ratios AMAZON Selected balance sheet and income statement information from Amazon for 2016through2018 follows.$ millions Net operating
E4-23. Compute and Interpret Ratios Selected balance sheet and income statement information from Illinois Tool Works follows.Required$millions Net operating profit after tax (NOPAT) .. . .. .Net
E4-22. Assigning a Long-Term Debt Rating Using Financial Ratios Refer to the information below from Stryker 's 2018 financial statements. Use the information to answer the requirements($
M4-21. Bankruptcy Risk and Z -Score Analysis$ 263,194$ 847,785$ 2,788,322 165,862,887 Following are selected ratios for T esla for two recent fiscal years. Compute and interpret A ltman Z-scores for
M4-20. Bankruptcy Risk and Z -Score Analysis 2017$20,084 2016$19,681 Following are selected ratios for Logitech International SA for the company's 2019 fiscal year. Compute and interpret the Altman
L03 M4-19. 53 Week Fiscal Year ANALYST ADJUSTMENTS 4.1 KOHL'S(KSS)LOS LOGITECH INTERNATIONAL SA(LOGI) •LOS TESLA INC.(TSLA) •Kohls reports the following financial information in its form 10-K

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