As an analyst for a large U.S. multinational corporation, you are assigned to examine a possible acquisition candidate, completing an initial search and review. Your supervisor is a member of the Controller’s team. The Controller reports directly to the Chief Financial Officer (CFO). Your work may be presented to a variety of audiences, so professionalism is essential in all deliverables you create. As you are reviewing historical financial statements you cannot conclude if this company is a good investment.
You must research and secure the SEC 10-K Annual Report for the most recent year. This is often available at the company web site. Search for “Investor Information” or “Company Information” and “SEC Filing.”
You may also find the report using the SEC EDGAR system.
Category: Revenue and Net Income
What were the corporation’s net sales, cost of goods sold, and gross profit?
What was the corporate tax rate? This should be an item in the notes to the financial statement. Required disclosure usually explains the federal statutory rate and a reconciliation to the actual tax rate of the company each year.
Read the Statement of Comprehensive Income. Notice the first line is the net income from the Income Statement. Accumulated other comprehensive net income (or net loss) is an item in the Statement of Owners’ Equity section and in the Balance Sheet. Post the value from the Balance Sheet and comment on whether this item is increasing or decreasing (take care with the concept of change and net income or net loss).
What items appear under Other Comprehensive Income (Loss)?
What is the account and the amount of the bottom line item on the Statement (or Consolidated Statement) of Comprehensive Income?
Using the SEC 10-K for your company, answer the questions below:
What were total current assets?
What were total current liabilities?
What were total assets and total stockholders’ equity (deficit)?
Calculate working capital (current assets － current liabilities = working capital) and describe how it changed from last year.
If the company has treasury stock, is it increasing or decreasing in value? Remember that the normal balance for treasury stock is a negative value (debit balance).
What is the value for other comprehensive net income (or net loss), accumulated deficit, and/or retained earnings. How are these values changing?
Using vertical analysis present the following values for this year and last year:
gross profit margin
net profit margin (use the last “net income” line on the statement)
Comment on changes:
Are sales increasingly profitable?
How are gross profit and net income changing, as dollar values?
Category: Operating Activities
Net income versus total for operating activities: Report these values.
What are the items of significance between net income and total for operating activities?
Is the business providing cash flow from operations?
Category: Investing and Financing Activities
Describe significant long-term assets (type and amount) purchased, sold, or retired during the current period as well as last year.
Describe significant financing activities used by the corporation to increase cash (or other assets): These would be related to long-term liabilities and stockholders’ equity.
Overall Cash Flow (total of three sections): Compare this year to last year.
Write a 2- to 3-page ( a full-page typically has at least 300 words) report, single-spaced, one-inch margins, 12-point font, with a double space between paragraphs.
Please keep your report to no more than 3 pages.
Page count does not include a title page, tables and exhibits, table of contents, and reference list.
Include a title page (include your name on the title page). Use headings in your reports such as Statement of Owners’ Equity and Statement of Cash Flows (topics from the textbook); other examples would be Balance Sheet and Income Statement.
Include a brief introduction of your company as well as a conclusion/summary at the end. The bulk of your report should cover the accounting topics in Owners’ Equity, Financial Ratios, and Statement of Cash Flows as well as the Balance Sheet and Income Statement.
You will also be required to include the Income Statement, Balance Sheet, Statement of Owners’ Equity, and Statement of Cash Flows as attachments to your report. You can cut and paste directly from the SEC 10-K Report. These are considered attachments and are not part of the required page count for the report.
APA style is required for citations and a reference list. Include in-text citations. The reference list is the most important.
Your report should use one-inch margins on the left, right, top, and bottom of each page and font set at 12 points.
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