Find various accounting policy disclosures Refer to the financial statement footnotes or financial review section of the annual report you have obtained either as a result of completing Exercise 1.1 or otherwise. Read the “significant accounting policies” footnote disclosures and answer the following questions:
Required:
a.What are the principal components included in the firm’s receivables (or accounts and notes receivable, or trade receivables)?
b. What inventory valuation method(s) is (are) being used for financial reporting purposes? How much more would ending inventory have been if it were reported on a total FIFO basis? (Hint: This disclosure is sometimes referred to as the “LIFO Reserve.”)
c. Does the firm report a reconciliation of the statutory income tax rate with the effective tax rate? If so, what are these rates, and what principal temporary differences caused them to differ?
d. Does the firm have an employee stock purchase plan, an employee stock ownership plan (ESOP), or other restrictive stock plans? If so, describe the key characteristics of these plans from the perspective of a common stockholder.
f. Have any significant subsequent events occurred since the balance sheet date? If so, describe the effects that these items will have on future financial statements.
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