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CWU ACCT 350 - Financial Statement Analysis Assignment

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Application Amount % of Total ApplicationF. Notes to the Financial StatementACCT 350 – Intermediate Acct. 1Financial Statement Analysis AssignmentFall 2011Company SelectionSelect a Publicly-held company which is a manufacturer, wholesaler or retailer, software developer is OK.You will need to acquire the most recent annual report and 5 years of income statement and balance sheet data and perform the following:Financial Statement AnalysisPart 1 - Ratio AnalysisCalculate, graph and discuss the following financial statement ratios for the last 5 years.Current Ratio Quick RatioA/R Turnover Days Sales in ReceivablesInvtl Turnover Days Cost of Sales in InventoryOperational Cycle Working CapitalDebt/Equity Times Interest EarnedAsset Turnover Net Income/SalesPart 2 - FSA Questionnaire You will be provided with a questionnaire, which you will complete for your selected companyPoint Values and Due DateThe project is worth 75 points and is due on Wednesday, December 7 (final exam day)1Central Washington UniversityDepartment of AccountingAccounting 350 – Fall 2010FSA QuestionnaireNAME The purpose of this project is to allow you to examine the effects of various accounting practices and reporting procedures first hand. You will select an annual report of a major corporation for a fiscal period beginning in 2008 or 2009. This report will be turned in accompanied by the annual report no later than October 25, 2010Company Name Date of Annual Report 2Annual Report SECTION I - Financial Statements A. General Information:1. Describe the principal business activity(ies) of the firm.2. Where is the corporate headquarters located?3. Over what stock exchange is the firm's stock traded? 4. Complete the following table:Closing Market Price/ Dividends Price of Earnings*Date E.P.S. Per Share Common Stock Ratio12/31/0712/31/0812/31/09*Adjust dates if company's fiscal year is not the calendar year.5. The Auditor's Reporta) Audit firm ____________________________b) Audit opinion ______ Unqualified ______ Qualifed______ Adverse______ Disclaimerc) If the opinion is not unqualified, describe reason for opinion given.d) Was a change in auditors evident? Was reason for change disclosed?.B. Income Statement 1. Title used _________________________________ 2. Report format (multiple step, single step, other ) 3C. Balance Sheet1.Title used ___________________________________2. Report format (report, account, other) D. Retained EarningsHow was the change in Retained Earnings presented?__________ Separate statement__________ Part of Income Statement__________ Other (please describe)E. Statement of Cash Flows1. What was the net change in cash during the year? $ ________________________2. What was the net change in working capital during the year?$ ________________________3. What approach (direct or indirect)was used to compute cash from operations?Cash from/used by:Operations $ ________________________Investing $ ________________________Financing$ ________________________4. Identify the three largest sources of cash andcompute the following:Source Amount % of Total Sources5. Identify the three largest uses of cash and complete the following:Use orApplication Amount % of Total Application4F. Notes to the Financial StatementList, in order presented in the annual report, the title used to describe each footnote1.2.3.4.5.6.7.8.9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.5Section II. - Specific Accounting IssuesA. Accounts and Notes Receivable: Prior Current Year Year1. Current accounts receivable. ____________ ___________2. Estimated uncollectible accounts. ____________ ___________3. Net current accounts receivable. ____________ ___________4. Net sales. ____________ ___________5. # of days' sales in receivables. ____________ ___________6. Receivable Turnover . ____________ ___________7. Describe (summarize) the accounting principles used by the firm to account for receivables.B. Inventory1. Summarize the valuation method(s) used by the firm to account for inventory.2. Complete the following table: Prior Year Current Year Amount Amount Beginning Inventory _______________ _______________Ending Inventory _______________ _______________Net Sales _______________ _______________Cost of Goods Sold _______________ _______________Inventory turnover _______________ _______________6C. Investments1. Summarize the accounting principles used by the firm to account for marketable securities.2. Complete the following table: Marketable Securities Prior Year Current YearCost ______________ ______________Market value ______________ ______________Book value ______________ ______________4. Complete the following table: Prior Year Current Year Book value of long-term investments in MS ____________ ____________Book value of equity investments ____________ ____________ Market value of equity investments ____________ ____________(use year-end stock prices)Income reported for equity investments. ____________ ____________D. Property, Plant and Equipment:1. Summarize the accounting principles used by the firm to account for property, plant and equipment.72. Complete the following table: Prior Year Current Year Depreciable fixed assets _____________ _____________Non-depreciable fixed assets _____________ _____________Depreciation expense _____________ _____________Total assets _____________ _____________Percent of total fixed assetsto total assets _____________ _____________E. Intangible Assets:1. Does the annual report balance sheet indicate an amount assignable to intangible assets or assets that you know to be intangible in nature?If yes, complete the following items.2. Complete the following table. Break out the intangibles by type. Be sure to provide totals.Intangible Method of Prior Year Additions/ Current Year Item Amortization Dollar Amount Reductions Dollar Amount3. What is the percentage of intangible assets to total assets? ________________F. Long-Term Liabilities1.Does the annual report balance sheet indicate that the firm has long-term obligations?If yes, complete the following items.82. Complete the following table for the five largest long- term obligations.Description of Is the Debt Identify Interest --- Amount ---Obligation


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