INTERMEDIATE ACCOUNTING 303
FINANCIAL STATEMENT ANALYSIS PROJECT
Search for ONE public company with which you are familiar. Access its most recent 10-K filing. Search or scroll to find financial statements and related notes.
Access the 10-K filing for the last fiscal years of each company’s financial statements using the SEC EDGAR database. www.sec.gov.
Answer the following questions. (If the chosen company does not report investments in the securities of other companies, choose another company.) Chose Three chapters and answer the questions relate to these 3 chapters and 4 financial statement.
Present your findings in a report and analytical format .Present your report in a succinct but yet useful and understandable manner.
A minimum of 4 pages required (excluding a cover page/so min 5). Your analysis must be typed, double spaced, pages must be numbered at the bottom, stapled, and presented with a cover page.
You MUST include 4 financial statements used to answer your questions.
Give a brief synopsis about the company. Describe the type of products, the industry, location, brief facts about the company. Include any other facts that you deem relevant.
Chapter 12 – Investments
Locate a recent annual report of a public company that includes a disclosure note that describes an investment in securities available-for-sale. You can use EDGAR at www.sec.gov.
What is the amount and classification of any investment securities reported in the balance sheet?
Are any investments reported by the equity method?
Are realized gains or losses reported in the comparative income statements?
Where are unrealized gains or losses reported in the comparative financial statements?
Under what caption are unrealized gains or losses listed in the comparative balance sheets? Why are unrealized gains or losses reported here rather than in the income statements?
Does the disclosure note provide information not available in the financial statements? To summarize, discuss any other notes or figures related to “Investments” that you came across while analyzing your chosen company’s annual report.
Chapter 15 – Leases
In the disclosure notes, does your company have any lease obligation?
Is it an Operating or Capital Lease agreement?
What is the total of your company’s lease commitments?
Discuss some possible reasons why your company leases rather than purchases most of its assets.
Does the disclosure note provide information not available in the financial statements? To summarize this section on leases, discuss any other notes or figures related to “Leases” that you came across while analyzing your chosen company’s annual report.
Chapter 16 – Accounting for Income Taxes
How are deferred tax assets and deferred tax liabilities classified and reported in the financial statements?
Did your company report any “deferred income taxes”? How much, how are they classified (current, long term asset, liab) why did the company have to defer taxes etc.
How are the deferred taxes classified?
From the income statement, determine the income tax expense for the most recent year. What are the current portion and the deferred portion of the expense? (See the “Taxes Based on Income” note in the Notes to Consolidated Financial Statements.
Did your company exercise the carryback/forward option?
Does the disclosure note provide information not available in the financial statements? To summarize this section on Accounting for Income Taxes, discuss any other notes or figures related to “Taxes” that you came across while analyzing your chosen company’s annual report.
Chapter 17 – Pension
What type of pension plan does your company sponsor for its employees? Explain.
Who bears the “risk” of factors that might reduce retirement benefits in this type of plan? Explain.
For any defined contribution plans, determine the contributions the company made to the plans on behalf of employees during the most recent three years.
Did your company make any modifications to its pension plans?
For any defined benefit plans, what interest (discount) rate was used in estimating the PBO?
Does the disclosure note provide information not available in the financial statements? To summarize this section on Pensions, discuss any other notes or figures related to “Pensions” that you came across while analyzing your chosen company’s annual report.
Chapter 19 – Share based Compensation
Does your company offer any share based type of compensation? What type? How much?
Which employees are eligible for such share based type compensation?
Does your company have any stock options? What are the terms?
What was the company’s compensation expense? Where was it reported? How much?
Does the company have preferred shareholders?
Access any site on the Internet that permits you to get a current stock quote. Determine the current price of your company’s common stock.
What is the company’s EPS? Which financial statement did you find EPS?
What do earnings per share REALLY tell you about your company?
Does the disclosure note provide information not available in the financial statements? To summarize this section, discuss any other notes or figures related to “Share based compensation and EPS” that you came across while analyzing your chosen company’s annual report.
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