Instructions: Attached is a spreadsheet with several years of financial reporting data from Sears. Review the income statement for elements that would affect future earnings. How much of the income or expense are one-time amounts sears.xlsx Review the revenue recognition footnotes from GE and Disney (for Disney you are presented two different years. The first one presented is the latest, 2016. The second one, at the bottom of the page, is from 2005.) GE revenue recognition.docx Disney Revenue Recognition.docx Submit a paper providing the following: . For the Sears Company provide a brief detail of the one-time charges included in the income statement. What do these charges inform the reader regarding the ongoing survival of the company? Since sale of assets are included in all four of the most recent year financial statements what does this inform the reader For the GE revenue recognition footnote. Can you decipher what this company is attempting to explain to the readers of the financial statements? For the Disney revenue recognition footnote compare the two different footnotes presented and explain the difference between the two and your opinion on why this footnote has changed so significantly in the last 10 years Clo -2395 G H Jan. 31, 2015 Feb. 01, 2014 $ 31,198 [11.21 $36,188 B D E F 1 Consolidated Statements of Operations - USD ($) shares in 12 Months Ended 2 Millions, $ in Millions Jan 28, 2017 Jan 30, 2016 3 REVENUES 4 Merchandise sales and services $ 22,138 (11.12) $ 25,146 [1],[2] 5 COSTS AND EXPENSES 6 Cost of sales, buying and occupancy [1],[3] 17,452 19,336 7 Selling and administrative 6,109 6,857 8 Depreciation and amortization 375 422 9 Impairment charges 127 274 10 Gain on sales of assets (247) (743) 11 Total costs and expenses 24,116 26,146 12 Operating loss (1,978) (1,000) 13 Interest expense (404) (323) 14 Interest and investment income (los) (26) (62) 15 Other income 13 0 16 Loss before income taxes (2,395 (1,385) 17 Income tax (expense) benefit 174 257 18 Net loss (2.221) (1,128) 19 (Income) loss attributable to noncontrolling interests 0 (1) 20 NET LOSS ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS $12,221 $ 1,129) NET LOSS PER COMMON SHARE ATTRIBUTABLE TO 21 HOLDINGS' SHAREHOLDERS 22 Basic loss per share in USD Der sharel $120.78) S 610.59 Consolidated Statements of Oper Consolidated Balance Sheet Consolidated Statement of Cash 24,049 8,220 581 63 (207) 32,706 (1.508) (313) 132 4 27,433 9,384 732 283 (667) 37,115 (254 207 2 1972) (141 (1.116 (1,685) (125) 1,810) 128 S (1,682) $11.365 S 615.82 Type here to search AutoSum Calibri A A Number X cut Be Copy Format Painter Clipboard 2 Wrap Text Merge & Center - EE Insert Delete Format B 1 $ - % 0.00 000 Clear Conditional Format as Cell Formatting Table Styles Styles Font Alignment Number Ed Cells -2395 D B F H (2,395 174 (2,221) 0 $12,221) F (1,385) 257 (1,128) (1) $(1,129) G (1,685) (125) (1,810) 128 S (1,682) 1972) (144) (1.116) (249) S (1,365) Loss before income taxes Income tax (expense) benefit Net loss (Income) loss attributable to noncontrolling interests NET LOSS ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS NET LOSS PER COMMON SHARE ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS Basic loss per share (in USD per share) Diluted loss per share (in USD per share) Basic weighted average common shares outstanding (in 4 shares) Diluted weighted average common shares outstanding in 5 shares) $(20.78) $ (20.78) 106.9 $(10.59) $(10.59) 106.6 S(15.82) $(15.82) 106.3 S (12.87) $(12.87 1061 106.9 106.6 106.3 106.1 Includes merchandise sales to Sears Hometown and Outlet Stores, Inc. Includes revenue from Lands' End, Inc. ("lands' End") for retail services Includes rent expense (consisting of straight-line rent expense offset by 2B [2] 29. [3] 30 31 32 33 Consolidated Statements of Oper Consolidated Balance Sheets Instructions: Attached is a spreadsheet with several years of financial reporting data from Sears. Review the income statement for elements that would affect future earnings. How much of the income or expense are one-time amounts sears.xlsx Review the revenue recognition footnotes from GE and Disney (for Disney you are presented two different years. The first one presented is the latest, 2016. The second one, at the bottom of the page, is from 2005.) GE revenue recognition.docx Disney Revenue Recognition.docx Submit a paper providing the following: . For the Sears Company provide a brief detail of the one-time charges included in the income statement. What do these charges inform the reader regarding the ongoing survival of the company? Since sale of assets are included in all four of the most recent year financial statements what does this inform the reader For the GE revenue recognition footnote. Can you decipher what this company is attempting to explain to the readers of the financial statements? For the Disney revenue recognition footnote compare the two different footnotes presented and explain the difference between the two and your opinion on why this footnote has changed so significantly in the last 10 years Clo -2395 G H Jan. 31, 2015 Feb. 01, 2014 $ 31,198 [11.21 $36,188 B D E F 1 Consolidated Statements of Operations - USD ($) shares in 12 Months Ended 2 Millions, $ in Millions Jan 28, 2017 Jan 30, 2016 3 REVENUES 4 Merchandise sales and services $ 22,138 (11.12) $ 25,146 [1],[2] 5 COSTS AND EXPENSES 6 Cost of sales, buying and occupancy [1],[3] 17,452 19,336 7 Selling and administrative 6,109 6,857 8 Depreciation and amortization 375 422 9 Impairment charges 127 274 10 Gain on sales of assets (247) (743) 11 Total costs and expenses 24,116 26,146 12 Operating loss (1,978) (1,000) 13 Interest expense (404) (323) 14 Interest and investment income (los) (26) (62) 15 Other income 13 0 16 Loss before income taxes (2,395 (1,385) 17 Income tax (expense) benefit 174 257 18 Net loss (2.221) (1,128) 19 (Income) loss attributable to noncontrolling interests 0 (1) 20 NET LOSS ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS $12,221 $ 1,129) NET LOSS PER COMMON SHARE ATTRIBUTABLE TO 21 HOLDINGS' SHAREHOLDERS 22 Basic loss per share in USD Der sharel $120.78) S 610.59 Consolidated Statements of Oper Consolidated Balance Sheet Consolidated Statement of Cash 24,049 8,220 581 63 (207) 32,706 (1.508) (313) 132 4 27,433 9,384 732 283 (667) 37,115 (254 207 2 1972) (141 (1.116 (1,685) (125) 1,810) 128 S (1,682) $11.365 S 615.82 Type here to search AutoSum Calibri A A Number X cut Be Copy Format Painter Clipboard 2 Wrap Text Merge & Center - EE Insert Delete Format B 1 $ - % 0.00 000 Clear Conditional Format as Cell Formatting Table Styles Styles Font Alignment Number Ed Cells -2395 D B F H (2,395 174 (2,221) 0 $12,221) F (1,385) 257 (1,128) (1) $(1,129) G (1,685) (125) (1,810) 128 S (1,682) 1972) (144) (1.116) (249) S (1,365) Loss before income taxes Income tax (expense) benefit Net loss (Income) loss attributable to noncontrolling interests NET LOSS ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS NET LOSS PER COMMON SHARE ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS Basic loss per share (in USD per share) Diluted loss per share (in USD per share) Basic weighted average common shares outstanding (in 4 shares) Diluted weighted average common shares outstanding in 5 shares) $(20.78) $ (20.78) 106.9 $(10.59) $(10.59) 106.6 S(15.82) $(15.82) 106.3 S (12.87) $(12.87 1061 106.9 106.6 106.3 106.1 Includes merchandise sales to Sears Hometown and Outlet Stores, Inc. Includes revenue from Lands' End, Inc. ("lands' End") for retail services Includes rent expense (consisting of straight-line rent expense offset by 2B [2] 29. [3] 30 31 32 33 Consolidated Statements of Oper Consolidated Balance Sheets