Understanding real world annual reports Required Use the Topps Company annual report in Appendix B to answer the following questions a Which accounts on Topps balance sheet are accrual type accounts b Which accounts on Topps balance sheet are deferral type accounts c Compare Topps 2006 net income t...

All dollars in thousands a Topps accrual accounts are Accounts receivable Income tax receivable Acco ...

Understanding real-world annual reports Required Use the Topps Company annual report in Appendix B to answer the

Question:

Understanding real-world annual reports
Required
Use the Topps Company annual report in Appendix B to answer the following questions.
a. Which accounts on Topps’ are accrual type accounts?
b. Which accounts on Topps’ are deferral type accounts?
c. Compare Topps’ 2006 net income to its 2006 cash provided by operating activities. Which is larger?
d. First, compare Topps’ 2005 net income to its 2006 net income. Next, compare Topps’ 2005 cash provided by operating activities to its 2006 cash provided by operating activities. Which changed the most from 2005 to 2006, net income or cash provided by operating activities?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...