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financial statement analysis

Questions and Answers of Financial Statement Analysis

Analyzing and Interpreting Restructuring Costs and Effects Hewlett-Packard Inc. reports the following footnote disclosure (excerpted) in its 2015 10-K relating to its restructuring program.Fiscal
Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures from the 10-K report of Facebook Inc.Property and Equipment, Net$ millions 2015 2014 Land . . . . .
Estimating Useful Life and Percent Used Up The property and equipment section of the Abbott Laboratories 2015 balance sheet follows.Property and equipment, at cost ($ millions)December 31 2015 2014
Analyzing and Interpreting Inventories and Converting LIFO to FIFO for Ratio Calculation The current asset section from The Dow Chemical Company’s 2015 annual report follows.December 31 ($
Evaluating Turnover Ratios Across Industries The table that follows reports balance sheet and income statement information for Nike, Best Buy, Johnson& Johnson, and Boeing from their year-end 2015
Computing Asset Related Ratios Dick’s Sporting Goods included the following information in its year-end 2015 10-K.Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Computing and Assessing Plant Asset Impairment On July 1, Arcola Company purchases equipment for $330,000. The equipment has an estimated useful life of 10 years and expected salvage value of
Computing and Evaluating Inventory and PPE Turnovers Intel Corporation reports the following financial statement amounts in its 2015 10-K report.$ millions Sales Cost of Goods Sold Inventories Plant,
Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows.Property and Depreciation A summary of property and
Reformulating Balance Sheet and Income Statement for an Asset Disposal On its 2016 income statement, Singh Corporation reported a gain of $75 million on disposal of manufacturing machinery that the
Computing Depreciation, Net Book Value, and Gain or Loss on Asset Sale Lynch Company owns and operates a delivery van that originally cost $46,400. Lynch has recorded straight-line depreciation on
Computing Straight-Line and Double-Declining-Balance Depreciation On January 2, 2016, Fischer Company purchases a machine that manufactures a part for one of its key products.The machine cost
Computing Depreciation, Net Book Value, and Gain or Loss on Asset Sale Zimmer Company owns an executive plane that originally cost $1,280,000. It has recorded straight-line depreciation on the plane
Computing Straight-Line and Double-Declining-Balance Depreciation On January 2, Reed Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The
Calculating Inventory Ratios for LIFO versus FIFO Refer to the information for Phillips 66 in E6-29 along with the following information ($ millions).2015 Assets 2016 Revenue 2015 Inventories 2016
Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10-K, Phillips 66 reported the following information ($ millions).2016 Assets 2016 Inventories 2016 LIFO
Analyzing an Inventory Footnote Disclosure The inventory footnote from Deere & Company’s 2015 10-K follows.Inventories Most inventories owned by Deere & Company and its U.S. equipment subsidiaries
Computing Cost of Sales and Ending Inventory Howell Company has the following financial records for the current period.Units Unit Cost Beginning inventory . . . . . . 150 $100 Purchases: #1. . . . .
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing
Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $32. A summary of purchases during the current
Lower of Cost or Market Adjustment Marathon Petroleum Corporation disclosed the following in its 2015 annual report. The company reported revenues and cost of revenues of $72,051 million and $55,583
Reformulating Balance Sheet and Income Statement for an Asset Disposal In 2015, Winnebago Industries recorded an impairment loss of $462,000 on its corporate plane. We wish to reformulate the
Interpreting an Asset Impairment In 2015, Winnebago Industries recorded an impairment loss of $462,000 on its corporate plane. Assume that the plane originally cost the company $2,350,000 and had
Using Inventory Analysis Tools AutoZone and O’Reilly are two competitors in the retail automotive parts industry.$ thousands AutoZone O’Reilly Average 2015 Inventory . . . . . . . . . . . . . . .
Computing Cash Conversion Cycle for Two Years Winnebago Industries has the following metrics for 2015 and 2014.Amounts in days 2015 2014 Days sales outstanding . . . . . . . . . . . . . . . . . . . .
Computing and Comparing PPE Turnover for Two Companies Texas Instruments Inc. and Intel Corporation report the following information.$ millions Intel Corporation Texas Instruments Sales Plant,
Computing Depreciation Under Straight-Line and Double-Declining-Balance for Partial Years A company with a calendar year-end, purchases a machine costing $129,000 on July 1, 2016. The machine is
Computing Depreciation Under Straight-Line and Double-Declining-Balance A delivery van costing $37,000 is expected to have a $2,900 salvage value at the end of its useful life of five years. Assume
Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10-K, LyondellBasell Industries reported the following information ($ millions).Cost of Goods Sold
Computing and Evaluating Inventory Turnover for Two Companies Abercrombie & Fitch Co. (ANF) and TJX Companies Inc. (TJX) report the following information in their respective January 2016 10-K reports
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports the following beginning inventory and inventory purchases.Inventory balance at beginning
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Madden Company reports the following initial balance and subsequent purchase of inventory.Inventory
Identify the three typical categories of restructuring costs and their effects on the balance sheet and the income statement.
What factors determine the gain or loss on the sale of a PPE asset?Q6-10 What is a LIFO reserve? What information can we learn from the LIFO reserve and from the change in the reserve during the
What does the cash conversion cycle measure?
In a recent annual report, Kaiser Aluminum Corporation made the following statement in reference to its inventories: “The Company recorded pretax charges of approximately $19.4 million because of a
Identifying Operating Income Components Headquartered in Ottawa, Ontario, Canada, Mitel Networks Corporation is a high-tech company that provides unified communications solutions for business. The
Analyzing Unearned Revenue Transactions and Multiple-Element Arrangements Telstra Corporation Limited is an Australian telecommunications and technology company that offers a full range of
Reformulating Allowance for Doubtful Accounts Community Health Systems operates hospitals and other medical facilities across the U.S. The company reported the following in its 2016 financial
Reformulating Allowance for Doubtful Accounts and Bad Debt Expense Merck & Company reported the following from its 2016 financial statements.$ millions 2013 2014 2015 2016 Accounts receivable, net .
Analyzing and Interpreting Receivables and Related Ratios Following is the current asset section from Intuit Inc.’s balance sheet. Total revenues were $4,694 million($1,289 million in product sales
Interpreting Accounts Receivable and Related Footnote Disclosure Following is the current asset section from the W.W. Grainger Inc. balance sheet.As of December 31 ($ 000s) 2015 2014 2013 Cash and
Analyzing Unearned Revenue Disclosures The following disclosures (excerpted) are from the August 28, 2016, annual report of Costco Wholesale Corporation.Revenue Recognition We generally recognize
Analyzing and Interpreting Income Components and Disclosures The income statement for Xerox Corporation follows.Years Ended December 31 (???? millions) 2015 2014 2013 Revenues Sales. . . . . . . . .
Analyzing and Interpreting Revenue Recognition Policies and Risks Amazon.com Inc. provides the following explanation of its revenue recognition policies in its 2015 10-K report.Sales of our digital
Research and Development Expense International Business Machines Corporation (IBM) reported the following on its 2015 income statement.$ millions ????is????????l 2015 ????is????????l 2014
Revenue Recognition and Sales Allowances Target Corporation reported total sales of $73,785 million in 2015, $72,618 million in 2014, and$71,279 million in 2013. In 2015, cost of sales was $51,997
Non-GAAP Disclosures In its 2015 annual report, Kellogg reported the following non-GAAP reconciliation.Reconciliation of Certain Non-GAAP Financial Measures Consolidated Results ($ millions) 2015
Foreign Currency Fluctuations and Revenue Boeing Corporation has considerable non-U.S. operations. The table below shows Boeing’s 2015 revenue by geographic segment along with related exchange
Restating Revenue for Retailer with 53-Week Fiscal Year In a press release that accompanied its 2016 annual earnings announcement of Michael Kors Holdings Ltd, its CEO John D. Idol, said, “We are
Estimating Uncollectible Accounts and Reporting Receivables over Multiple Periods Weiss Company, which has been in business for three years, makes all of its sales on credit and does not offer cash
Estimating Bad Debts Expense and Reporting Receivables At December 31, Barber Company had a balance of $420,000 in its accounts receivable and an unused balance of $2,600 in its allowance for
Interpreting the Accounts Receivable Footnote Hewlett-Packard Company reports the following in its 2015 10-K report.October 31 ($ millions) 2015 2014 Accounts receivable. . . . . . . . . . . . . . .
Analyzing and Reporting Receivable Transactions and Uncollectible Accounts Using Percentage-of-Sales Method to Estimate Bad Debt Expense At the beginning of the year, Penman Company had the following
Estimating Uncollectible Accounts and Reporting Accounts Receivable Collins Company analyzes its accounts receivable at December 31 and arrives at the age categories below along with the percentages
Operating Expenses Target Corporation’s footnote from its 2015 annual report table illustrates the primary items classified in each major expense category: cost of sales (COS), or selling, general
Interpreting Revenue Recognition for Gift Cards Below are the footnotes to Barnes & Noble Inc.’s 2016 annual report and membership information obtained from its website.The Barnes & Noble Member
Analyzing and Interpreting Foreign Currency Translation Effects and Non-GAAP Disclosures Kellogg Co. reports the following table and discussion in its 2015 10-K for its reportable segments.The
Identifying Operating Income Components Following is the Deere & Company income statement for 2015.$ millions 2015 Net sales and revenues Net sales. . . . . . . . . . . . . . . . . . . . . . . . . .
Identifying Operating Income Components Following is the income statement information from Apollo Medical Devices. Identify the components that we would consider operating.$ thousands 2016 Net sales.
Foreign Currency Impact Kellogg included the following note in its fiscal 2015 10-K report ($ millions).Comparable net income attributable to Kellogg . . . . . . . . . . . . . . . . . . . . . . . . .
Constructing and Assessing Income Statements Using Cost-to-Cost Method On March 15, 2017, Gilbert Construction contracted to build a shopping center at a contract price of $220 million. The schedule
Constructing and Assessing Income Statements Using Cost-to-Cost Method Assume General Electric Company agreed in May 2016 to construct a nuclear generator for NSTAR, a utility company serving the
Assessing Revenue Recognition Timing and Income Measurement Explain when each of the following businesses fulfills the performance obligations implicit in the sales contract and recognizes revenue.
Assessing Revenue Recognition Timing Explain when each of the following businesses fulfills the performance obligations implicit in the sales contract.a. A clothing retailer like American Eagle
Discontinued Operations and Pro Forma Disclosures In its 2015 annual report, Murphy USA stated, “We use EBITDA and Adjusted EBITDA in our operational and financial decision-making, believing that
Pro Forma Numbers Kellogg’s included the following note in its fiscal 2015 10-K report.The Company’s fiscal year normally ends on the Saturday closest to December 31 and as a result, a 53rd week
Operating Expenses Indicate whether each of the following is true or false.a. Amortization expense is a noncash expense similar to depreciation, except it applies to intangible assets.b. Income
Foreign Exchange Effects on Sales True or false: A multinational company reports that a large amount of its sales is generated in foreign currencies that have strengthened vis-à-vis the $US.
Deferred Revenue True or false: A reduction of the deferred revenue account can be interpreted as a leading indicator of lower future revenues. Explain.
Sales Returns Which of the following statements is true relating to the allowance for sales returns?a. Sales returns is treated as an expense in the income statement and, therefore, reduces profit
Reporting Unearned Revenue Target Corporation 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
Assessing Revenue Recognition for Advance Payments Hamilton Company operates a performing arts center. The company sells tickets for its upcoming season of six Broadway musicals and receives $630,000
Interpreting Foreign Currency Translation Disclosure Procter & Gamble Company reports the following table in its 10-K report relating to the change in sales from 2015 to 2016.Net Sales Change Drivers
Evaluating Accounts Receivable Turnover for Competitors Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances ($ millions) for 2015 and
Analyzing the Allowance for Uncollectible Accounts Following is the current asset section from the Mondelez balance sheet.$ millions 2015 2014 Cash and cash equivalents . . . . . . . . . . . . . . .
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 accounts
Estimating Uncollectible Accounts and Reporting Accounts Receivable Mohan Company estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged
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 return
Assessing Risk Exposure to Revenue Recognition BannerAD Corporation manages a website that sells products on consignment from sellers. It pays these sellers a portion of the sales price and charges a
Assessing Revenue Recognition of Companies Identify and explain when each of the following companies fulfills the performance obligations implicit in the sales contract.a???? The GAP: The GAP is a
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 expenses
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 follow:
How would a company recognize revenue on a sale that includes equipment and a multi-year service contract all for one price?
What is the current U.S. GAAP accounting treatment for research and development costs?
What is unearned revenue? Provide three examples of unearned revenue.
What is the concept of pro forma income and why has this income measure been criticized?
Under what circumstances is it appropriate to use the cost-to-cost method to measure revenue?
What is meant by “aging” of accounts receivable?
Explain why analysts might remove foreign exchange gains or losses when analyzing revenue and expenses for the year.
What effect, if any, does a weakening $US have on reported sales and net income for companies operating outside the United States?
The income statement line item, “Discontinued operations” typically comprises two distinct components.What are they?
Why do companies allow sales returns, and how does this business practice affect reported revenue?
Explain how management can shift income from one period into another by using the allowance for uncollectibles account.
What is a performance obligation and how is it related to revenue recognition?
Use the following information to answer the requirements.2016 2015 Shares outstanding . . . . . . . . . . . . . . . . . 2,212,547,000 2,082,683,000 Stock price per share . . . . . . . . . . . . . . .
Compute and Interpret Z-score Refer to the financial statements for Bombardier in
Compute and Interpret Liquidity, Solvency and Coverage Ratios Headquartered in Montreal, Quebec, Canada, Bombardier Inc., is a multinational aerospace and transportation company, founded in 1941. The
Compute and Interpret Z-score Refer to the financial information for Cisco Systems in P4-31, to answer the requirements. Cisco’s stock closed at $30.53 on July 29, 2016 (the last trading day before
Compute and Interpret Z-score Refer to the financial statements for Lockheed Martin Corporation in P4-29 to answer the requirements.As of December 31, 2016 and 2015, there were approximately 289

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