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financial statement analysis

Questions and Answers of Financial Statement Analysis

Analyzing and Interpreting Income Tax Disclosures Colgate-Palmolive reports the following income tax footnote disclosure in its 10-K report.Deferred Tax Balances at December 31 ($ millions) 2015 2014
Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the financial statements of FedEx Corporation follows.The components of the provision for income taxes for the years ended
Analyzing and Interpreting Pension and Health Care Disclosures Verizon Communications Inc. reports the following pension and health care benefits footnote as part of its 10-K report.At December 31,
Reformulating Financial Statements for Pension Contributions ADJUSTMENTS 10.2 Use the information provided in E10-34 for the Xerox Corporation pension plan, along with the two prior years’
Analyzing and Interpreting Pension and Health Care Footnote Xerox Corporation reports the following pension and retiree health care (“Other”) footnote as part of its 10-K report.December 31, 2015
Analyzing and Interpreting Pension Disclosures General Mills Inc. reports the following pension footnote in its 10-???? report.Defined Benefit Pension Plans ($ millions) Fiscal Year 2016 Change in
Analyzing, Interpreting and Capitalizing Operating Leases TJX Companies Inc. reports the following footnote relating to its capital and operating leases in its 10-????report.The following is a
Analyzing, Interpreting and Capitalizing Operating Leases YUM! Brands Inc. reports the following footnote relating to its capital and operating leases in its 2015 10-K report ($ millions).Future
Analyzing, Interpreting and Capitalizing Operating Leases Staples Inc. reports the following footnote relating to its operating leases in its 10-K report for the 2015 fiscal year ended January 30,
Analyzing and Interpreting Footnote on Operating and Capital Leases Verizon Communications Inc. provides the following footnote relating to leasing activities in its 10-K report.The aggregate minimum
Analyzing and Interpreting Leasing Footnote Lowe’s Companies Inc. reports the following footnote relating to its leased facilities in its fiscal 2015 10-K report for the year ended January 29,
Using Present Value Tables to Determine Present Value of Operating Leases Refer to the information for Coach Inc. in M10-26.Required Assume that the appropriate discount rate for the operating leases
Using a Financial Calculator to Determine Present Value of Operating Leases Coach Inc. reports the following in its 2015 Form 10-K.The Company leases retail, distribution and office facilities, which
Analyzing Tax Expense Crestview Holdings reported the following in its 2015 financial statements.$ millions 2015 2014 Total deferred tax assets . . . . . . . . . . . . . . . . . . . . $ 821 $ 764
Consider the deferred portion of Walmart’s tax provision. Which of the following is plausible? (????int: Consider the tax expense equation in Appendix 10C.)a???? Walmart’s deferred tax assets
Analyzing Tax Expense Refer to the excerpt from Walmart’s 2015 Form 10-K in
Analyzing and Interpreting Income Tax Footnote The following is an excerpt from Walmart’s 2015 Form 10-K.A summary of the provision for income taxes is as follows ($ millions):Current:U.S. federal
Analyzing and Interpreting Income Tax Disclosures Apple Inc. reports the following footnote disclosure to its 2016 10-K report ($ millions).The provision for income taxes consisted of the
Analyzing and Interpreting Pension Plan Benefit Footnotes Lockheed Martin Corporation discloses the following funded status for its defined benefit pension plans in its 10-K report.Defined Benefit
Analyzing and Interpreting Lease Disclosure Dow Chemical Company provided the following footnote in its 2015 10-K report relating to operating leases.Leased Property The Company routinely leases
Analyzing and Interpreting Retirement Benefit Footnote Abercrombie & Fitch Co. discloses the following footnote relating to its retirement plans in its 2015 10-K report.Savings And Retirement Plans
Analyzing and Interpreting Pension Disclosures—Plan Assets and Cash Flow YUM! Brands Inc. discloses the following pension footnote in its 10-K report.Pension Plan Assets ($ millions) 2015 Fair
Analyzing and Interpreting Pension Disclosures—PBO and Funded Status YUM! Brands Inc. discloses the following pension footnote in its 10-K report.Pension Benefit Obligation ($ millions) 2015 Change
Analyzing and Interpreting Pension Disclosures—Expenses and Returns Stanley Black & Decker Inc. discloses the following pension footnote in its 10-K report.$ millions 2015 U.S. Plans Non-U.S. Plans
Analyzing and Capitalizing Operating Lease Payments Disclosed in Footnotes Costco Wholesale Corporation discloses the following in footnotes to its 10-K report relating to its leasing activities.At
Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing activities.The
What is a valuation allowance for deferred tax assets? Provide two reasons why the valuation allowance would be reversed.Q10-12.B In general, what effect does deferring and later amortizing deferred
Under what circumstances will deferred taxes likely result in a cash outflow?
Why do deferred taxes arise?
What are the two components of income tax expense?
What effect does the use of expected returns on pension investments and the deferral of unexpected gains and losses on those investments have on income?
What are the components of pension expense that are reported in the income statement?
Under what circumstances will a company report a net pension asset? A net pension liability?
What are the economic and accounting differences between a defined contribution plan and a defined benefit plan?
Is the expense of a lease over its entire life the same whether or not it is capitalized? Explain.
Are current footnote disclosures sufficient to overcome nonrecognition on the balance sheet of assets and related liabilities for operating leases? Explain.
Under current accounting rules, what are the financial reporting differences between an operating lease and a capital lease? How will this change with the new accounting rules effective in 2019?
D9-57. Ethics and Governance: Equity Carve-Outs Many companies use split-offs as a means to unlock shareholder value. The split-off effectively splits the company into two pieces, each of which can
D9-56. Determining the Reporting of an Investment Assume your company acquires 20% of the outstanding common stock of APEX Software as an investment.You also have an option to purchase the remaining
Interpreting Acquisition Transaction with Goodwill In March 2014, Loblaw Companies Limited, Canada’s largest food retailer, acquired Canada’s largest retail pharmacy chain, Shoppers Drug Mart,
Interpreting Equity Method Investment Footnotes BHP Billiton Limited discovers, acquires, develops, and markets natural resources worldwide. Headquartered in Melbourne Australia, the company explores
Allocating Purchase Price Including Intangibles Deutsche Telekom AG, headquartered in Bonn, Germany, is the largest telecommunications company in Europe. The company uses IFRS to prepare its
Interpreting Equity Method Investment Footnotes Carrefour S.A. is a French multinational retailer headquartered near Paris. The company uses IFRS for its financial reports and reports the following
Reformulating RNOA for Acquisition Gross Profit Effects Windstream Corporation, a communications and technology solutions company, acquired PAETEC Holding Corporation in 2011. The merger was designed
Analyzing and Interpreting Disclosures on Consolidations Snap-on Incorporated consists of two business units: the manufacturing company (parent corporation)and a wholly-owned finance subsidiary.
Make the following assumptions about those data.• All assets are operating assets.• All current liabilities are operating liabilities.• Non-current liabilities are loans that bear interest at
Reformulating Financial Analysis for Equity Method Investments Refer to the financial information for the equity method investments of Cummins in
Analyzing and Interpreting Disclosures on Equity Method Investments General Mills Inc. invests in a number of joint ventures to manufacture and distribute its food products, as discussed in the
Reporting and Analyzing Derivatives Johnson & Johnson reports the following information derived from the schedule of Accumulated Other Comprehensive Income and the Consolidated Statements of
Hedging and Use of Derivatives Ford Motor Company reports the following in its Form 10-K for fiscal 2015.Commodity price risk is the possibility that our financial results could be better or worse
Hedging and Use of Derivatives Intel reports the following in its Form 10-K for fiscal 2015.Currency Exchange Rates In general, we economically hedge currency risks of non-U.S.-dollar-denominated
Foreign Translation Adjustment and Derivatives General Mills reported the following statement of comprehensive income in its fiscal 2016 Form 10-K.For 12 Months Ended ($ millions) 29-May-16 31-May-15
Constructing the Consolidated Balance Sheet at Acquisition Easton Company acquires 100 percent of the outstanding voting shares of Harris Company. To obtain these shares, Easton pays $420,000 in cash
Allocating Purchase Price Adobe Systems Inc. reports the following footnote to its 10-K report.Fotolia On ????anuary ????????, ????????????5, we completed our acquisition of privately held Fotolia, a
Estimating Goodwill Impairment 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
Assessing Financial Statement Effects from a Subsidiary Stock Issuance Sykora Company owns 80% of Walton Company. Information reported by Sykora and Walton as of the current year end follows.Sykora
Constructing the Consolidated Balance Sheet at Acquisition Winston Company purchased all of Marcus Company’s common stock for $600,000 cash on January 1, at which time the separate balance sheets
Constructing the Consolidated Balance Sheet at Acquisition On January 1 of the current year, Liu Company purchased all of the common shares of Reed Company for $380,000 cash. Balance sheets of the
Interpreting Equity Method Investment Footnotes AT&T reports the following footnote to its 2015 10-K report.Equity Method Investments Investments in partnerships, joint ventures and less than
Analyzing and Interpreting Disclosures on Equity Method Investments Cummins Inc. reports investments in affiliated companies, consisting mainly of investments in nine manufacturing joint ventures.
Interpreting Equity Method Investment Footnotes Ford Motor Company includes the following table in its 2015 Form 10-K. The table reports the ownership percentages and carrying value of equity method
Assessing Financial Statement Effects Investments On January 1, 2018, Ball Corporation purchased shares of Leftwich Company common stock.a. Assume that the stock acquired by Ball represents 15% of
Assessing Financial Statement Effects of Equity Method Securities Use the financial statement effects template (with amounts and accounts) to record the following transactions involving investments
Assessing Financial Statement Effects of Equity Method Securities Use the financial statement effects template (with amounts and accounts) to record the following transactions involving investments
Interpreting Footnotes on Security Investments Cisco Systems Inc. reports the following information derived from its 2016 10-K report. (????????????e???? Cisco’s 2016 disclosures are consistent
Marketable Debt Securities Use the financial statement effects template to record the accounts and amounts for the following four transactions involving investments in marketable debt securities
Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the accounts and amounts for the following four transactions involving
Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the following four transactions involving investments in marketable equity
Interpreting Disclosure Related to Spin-Off Johnson Controls reports the following in its Form 8-K dated September 9, 2016.Johnson Controls’ board of directors has approved the previously announced
Interpreting a Proposed Split-Off Disclosure On October 19, 2015, the following was reported in an article at StreetInsider.com.General Electric commenced an offer to exchange GE common stock for
Interpreting a Spin-Off Disclosure On October 11, 2016, Forbes magazine (at forbes.com) reported the following.ConAgra Foods, Inc., announced that the separation of its frozen potato portfolio, Lamb
Assigning Purchase Price in Acquisitions Jasper Company acquired 80% of Fey Company at the beginning of the current year. Jasper paid $150,000 more than the book value of Fey’s stockholders’
Computing Consolidated Net Income Bedford Company purchased a 90% interest in Midway Company on January 1 of the current year, and the purchase price reflected 90% of Midway’s book value of equity.
Computing Consolidating Adjustments and Noncontrolling Interest Patterson Company purchases 80% of Kensington Company’s common stock for $400,000 cash when Kensington Company has $200,000 of common
Interpreting Disclosures on Investments in Affiliates Merck’s 10-K report include the following footnote disclosure.Investments in affiliates accounted for using the equity method, . . . totaled
Computing Income for Equity Method Investments Kross Company purchases an equity investment in Penno Company at a purchase price of $2.5 million, representing 40% of the book value of Penno. During
Analyzing and Interpreting Equity Method Investments Concord Company purchases an investment in Bloomingdale Company at a purchase price of $2 million cash, representing 30% of the book value of
Marketable Debt Securities In 2017, Jensen Inc. invests excess cash of $4,000,000 in marketable debt securities issued by the U.S. Treasury and several Fortune 100 firms. At the end of the quarter,
Analyzing Derivatives and Hedging For each of the following, indicate whether the hedge would be classified as a fair value hedge or a cash flow hedge.a. Morningstar locks in a price on a forward
This information reports activity related to Amgen’s cash flow hedges.a. Explain how this type of hedging works. Provide an example of how Amgen might use this type of hedging strategy.b. How did
Analyzing Derivatives and Hedging Refer to the information for Amgen in
Interpreting Disclosures of Investment Securities Amgen Inc. reports the following disclosure relating to its December 31, 2015, accumulated other comprehensive income.$ millions Foreign Currency
Accounting for Marketable Equity Securities Assume that Bava Company purchases 23,000 common shares of Jones Company for $12 cash per share.During the year, Bava receives a cash dividend of $1.30 per
How does a weakening $US affect the consolidated balance sheet of a company with foreign subsidiaries?Q9-12.BWhat is the difference between a spin-off and a split-off? Under what circumstances can
What are some limitations of consolidated financial statements?
What is the underlying objective of consolidated financial statements?Q9-8.AWhat is a derivative? How do companies use them to hedge risk?Q9-9.AFor accounting purposes, what are the two types of
What accounting method is used when a stock investment represents more than 50% of the investee company’s voting stock and allows the investor company to “control” the investee company? Explain.
On January 1 of the current year, Yetman Company purchases 40% of the common stock of Livnat Company for $500,000 cash. This 40% ownership allows Yetman to exert significant influence over
What does significant influence imply regarding intercorporate investments? Describe the accounting procedures used for such investments.
Where are unrealized gains and losses related to marketable equity securities reported in the financial statements?
What is an unrealized gain (loss)? Explain.
What is a passive investment? Why do companies have passive investment?
Analyzing Stockholders’ Equity Accounts and Transactions Potash Corporation—the world’s largest potash producer—is a Canadian corporation based in Saskatoon, Saskatchewan. The following is
Calculating and Recording Cash and Stock Dividends Husky Energy Inc. declared a dividend of CDN $0.30 per share to shareholders of record at the close of business on 08/28/15 and payable on 10/01/15.
Interpreting Disclosures on Treasury Stock and Stock-based Compensation Rio Tinto is listed on stock exchanges in both the UK and Australia. Following is its 2015 statement of stockholders’
Analyzing and Computing Average Issue Price and Treasury Stock Transactions Telefónica, S.A. is a Spanish broadband and telecommunications provider with operations in Europe, Latin America, North
Analyzing and Interpreting Equity Accounts and Comprehensive Income Henkel AG & Co. is an international, fast-moving consumer goods (FMCG) company headquartered in Düsseldorf, Germany. Following is
Analyzing Convertible Preferred Stock Disclosure In a press release dated April 22, 2015, HealthSouth provided notice of conversion of their 6.5% Series A Convertible Preferred Stock, as
Identifying and Analyzing Financial Statement Effects of Share-Based Compensation Weaver Industries implements a new share-based compensation plan in 2014. Under the plan, the company’s CEO and CFO
Interpreting Disclosure on Convertible Preferred Securities The 2008 annual report of Northrop Grumman Corporation includes the following disclosure in its shareholders’ equity footnote.Conversion

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