Find the 2010-2011 annual report for a publically traded company. You may go directly to the firm's website and use its 10k or you can search www.sec.gov. Your object is to answer questions provided by the instructor and present your finding to the class.
Chapter 1
1. Determine the amounts your firm reports for total assets, total liabilities, and total stockholder' equity in the balance sheet for the most recent year. Verify that the basic accounting equation balances.
2. Does your company refer to the income statement using another name? if so what is it?
3. Determinate the amounts that your firm reports for net sales and net income in tis income statement for the most recent year.
4. For investing activities, what are the largest inflow and largest outflows for the most recent year reported in the statement of cash flow? For financing activities, what are the largest inflows and largest outflows?
5. Who is the company's auditor? (see the report of independent registered public accounting firm) what does the report indicate about the amount reported in the company's financial statements?
Chapter 2
1. Is the size of your firm increasing? Determine your answer by calculating the percentage change in total assets and percentage change in net sales for he most recent year.
2. Is the profitability of your firm increasing? Determine you answer by calculating the percentage change in net income for the most recent year.
3. Did your firm issue any common stock in the most recent year?
4. Do you see the term debit or credit listed in the balance sheet? Which account types in the balance sheet increase with a debit and which ones increase with a credit?
5. Do you see the term debit or credit list in the income statement? Which account types in the income statement increase with a debit and which one increase with a credit?
Chapter 3
1. For the most recent year, what amount des your company report for current assets? What assets are listed as current asset? What is the ratio OF current assets to total assets?
2. For the most recent year, what amount does your company report for current liabilities? What liabilities are listed as current liabilities? What is the ration of the current liabilities to total liabilities
3. List any current assets or current liabilities that likely relate to adjusting entries.
4. For the most recent year, what is the change in retained earning reported in the balance sheet?
5. For the most recent year, what is the amount of net income reported in the income statement?
6. Using your answers in part 4 and 5 above, calculate the amount of dividends paid during the year. Verify your answer by looking at the retained earning column in the statement of stockholders' equity.
Chapter 4
1. What does the report of independent registered public accounting firm indicated about your companies internal controls?
2. In the summary of significant accounting policies, how does your company define cash equivalents?
3. What is the amount of cash reported in the two most recent years? By how much has cash increased/ decreased?
4. List your firm's net cash flow from operating activities, investing activities, and financing activities in tis statement of cash flows for the most recent year. What are total cash flows for the year?
5. Compare your answers in questions 4 to the increase/decrease you calculated in question 3. (note: include any effect of exchange rate on cash as an additional cash flow in question 4)
6. Is there a trend in net income versus free cash flows over the three most recent years suggest about the company's earning quality?
Chapter 5
1. Determine whether the trend in net sales has been increasing or decreasing for the past three years.
2. Where is accounts receivables reported? Explain why using net sales turnover ratio might not be a good indicator of a company's ability to efficiently manage receivable for a retails company which typically sells clothing for cash.
3. Does your organization report an allowance for uncollectible accounts in the balance sheet? If so, how much is reported for the most recent year?
Chapter 6
1. In the summary of significant accounting policies, what producer does your organization use to account for inventory?
2. For the most recent year, what is the amount of inventory in the balance sheet? What does this amount represent?
3. Does your company refer to its cost of goods sold using a different name? If so, what is it?
4. For the most recent year, what is the amount of cost of goods sold in the income statement? What does this amount represent?
6. Calculate your firm's group profit ratio for each of the three years. Do you notice any trend?
7. For the most recent year, calculate the company's ratio of operating expenses to net sales.
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