answer the following questions 103 – www.savvyessaywriters.net
answer the following questions 103 – www.savvyessaywriters.net
please use the attached pdf, chapter 4 to answer the questions that needs the book, thank you. I have attached the word document contain the questions below to show the table properly
Homework
- Consider the following 4 companies:
- Toll Brothers, Inc. – one of the largest home builders in the nation, operating in 22 states.
- Toys R Us, Inc. – a well-known, international retailer of toys.
- Six Flags, Inc. – one of the world’s largest operators of regional theme parks. It operates more than 40 parks worldwide, including 15 of the 50 parks in the U.S.
- Vail Resorts, Inc. – operates a ski resort in Colorado, including Vail Mountain, the largest in the U.S., and Breckenridge Mountain Resort.
Each of these companies ends its fiscal year on different date. The closing dates, listed chronologically, are: January 31, July 31, October 31, and December 31. Try to determine which fiscal year-end matches which company. Write a brief explanation of the reason for your decision.
2.True or False: _____ If a company makes a decision about how they state their financial statements they can’t ever change it. Why?
3.Sean Embley is an auditor. His work at two different companies disclosed inappropriate recognition of revenue. Both cases involved dollar amounts in the $100,000 range. In one case, Sean considered the item material and required his client to restate earnings. In the other case, Sean dismissed the misstatements as being immaterial. Write a paragraph or two describing why Sean came to the conclusion that the misstatement of revenue is acceptable for one company, but not for the other.
4.Is there a contradiction between Sarbanes-Oxley requiring a CEO to certify that the financial statements are true and they take full responsibility for their contents, and the Safe Harbor Provision which protects a CEO from legal liability from public statements which turn out to be incorrect? Why?
5.Identify the financial statements on which each of the following items appears by placing a check mark in the appropriate column. If an item appears on more than one statement, place a check mark in every applicable column. (see the table on page the following page.)
|
Item |
Balance Sheet |
Income Statement |
Statement of Cash Flow |
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Notes Payable |
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Service Revenue |
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Utility Expense |
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Cash from Common Stock |
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|
Operating Activity |
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Accounts Receivable |
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Net Income |
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Investing Activities |
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Copyrights |
|||
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Depreciation |
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Ending Cash Balance |
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Salary Expense |
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Dividends |
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Financing Activities |
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Land |
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Net Assets |
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Inventory |
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Food Expense |
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Accounts Payable |
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|
Interest Expense |
|||
|
Current Portion of Long-Term Debt |
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