Balance

short-term and long-term borrowings and repayments, grew at a substantial rate as well. For 2013, the Company had a strong showing whereas it was able to repurchase $20 million of its shares for an average price of $6.42. For 2014, the Company had a cash balance at year end of more than $55 million, despite having repurchased over $20 million of common stock in fiscal year 2014. For 2015, the Company ended the year with near $51 million in cash and debt which was less than $10 million in debt;…

My team has analyzed the financial positions of American Eagle Outfitters and The Buckle Company. We have analyzed the inventory of both companies to see how profitable they may be. From our research, we present to you the following information. American Eagle evaluates its merchandise inventory at the lower of average cost or market, using retail method. Average cost includes merchandise design and sourcing costs and related expenses. American Eagle records its merchandise receipts at the time…

Also, stockholder equity is replace with fund balance, assets are depreciated, and debt issue cost is either capitalized or amortized. The FASB is responsible for setting standards for private not-for-profit entities. To be in compliance with the FASB, the following financial statements need to be prepared: • Statement of financial position: this statement reports the assets, liabilities, and net assets of the entity. The net asset or fund balance replaces owner’s equity. • Statement of…

Once the vehicle is sold, the dealer is required to pay Ford the balance (Auto Blog, 2008). Before going further it should be explained Ford Motor Company has two distinct divisions on its annual financial reports: automotive and financial services (Ford Motor Credit). The annual report contains both consolidated and sector income statements, balance sheets, and statements of cash flow. The ratios calculated on Appendix F are from the consolidated reports…

that were not recorded. Finally, when the auditors determine the appropriate valuation or allocation of property, plant, and equipment, the will find that plant and equipment valuations are not accurate because items are missing. The year three balance sheet and income statement would reflect a number of errors that would carry forward from the errors made in year one and year two. As…

Nevertheless, they provide some extreme useful information to the extent that the balance sheet shows the financial position on a particular date in terms of the structure of assets, liabilities and owner’s equity and so on, and the profit and loss account expose the results of operations for a certain period of time in terms of the revenue obtained and the cost incurred during the financial year. Thus the balance sheet and profit and loss account statement provides a summarized a view of the…

reformed; the auditing and accounting procedure which included internal controls and checks and balances, brought into focus oversight responsibility of corporate director and officers making it mandatory to disclose bonuses and special considerations, addressed conflicts of interest and required the chief executives to certify tax documents and financial statements. Where SOX created standard checks and balances with strong auditing/accounting procedures as well as made penalties for fraudulent…

Punj Lloyd Limited, founded in 1982, is an Indian company that operates in the energy and infrastructure sectors. Within the energy and infrastructure sector Punj Lloyd Limited provides numerous services such as integrated design, procurement, engineering, and construction management as well as project management. Engineering Procurement Construction (EPC) for the Oil & Gas and Thermal Power industries are also provided by Punj Lloyd Limited. However, Punj Lloyd has diversified its services by…

Based on my analysis from the third quarter 10-Q’s comparative common-sized financial statements, and the earnings quality, I think there are three aspects should be attention-directing for the auditor in planning and performing the audit. First, double checking the inventory. As a retailer company, inventories are the most important assets that account for more than half of the pier 1’s assets and they are the main resource of revenue, so this account has high risk and should be kept on a…

Interest Expense - - - Income Before Tax 6,555,700 7,372,000 8,204,500 Income Tax Expense 2,026,400 2,614,200 2,618,600 Minority Interest - - - Net Income 4,529,300 4,757,800 5,585,900 Beginning Retained Earnings Balance 43, 294, 500 41,751,200 39,278,000 Cash Dividends -3,229,300 -3,216,100…