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1. According to Blackberry 10-K 2014, How much did BlackberryUSA write down in Inventory, Long-Term Assets, and Goodwill for thefiscal years ending March 1, 2012, 2013, 2014? 2. Using your ownwords, what are the significant differences, if any, between USGAAP and IFRS regarding Goodwill Impairment? Provide citation fromASC 350 and IAS.

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Jean Keeling
Jean KeelingLv2
30 Jul 2019

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1. According to Blackberry 10-K 2014, How much did BlackberryUSA write down in Inventory, Long-Term Assets, and Goodwill for thefiscal years ending March 1, 2012, 2013, 2014?

2. Using your own words, what are the significant differences,if any, between US GAAP and IFRS regarding Goodwill Impairment?Provide citation from ASC 350 and IAS.

GOOGLE: Morningstar® Document Research FORM 10-K GENERAL MILLS INC - GIS Filed: June 29, 2017 (period: May 28, 2017) Annual report with a comprehensive overview of the company​ FOR THE ANNUAL REPORT

Instructions: Use the financial statements from the annual report for the year ended 5/28/2017 for General Mills. The Annual Report is on MOODLE. Answer the questions after each question. Use a different font to distinguish your answer from the question. All answers should be in your own words. Do not cut and paste from the annual report. Answers will be graded for content and written communication skills. Use complete sentences.

*****MAKE A NOTATION HERE IF THE DOLLAR AMOUNTS ARE STATED IN MILLIONS.

1. Who are the external auditors for General Mills? What does their Report of Independent Registered Public Accounting firm indicate about the amounts represented in the company’s financial statements?

2. What specific title does General Mills use for its income statement? What type of income
statement does General Mills issue? (multi-step, single–step, or condensed multi-step)
Explain.

3. Did they disclose EPS as discussed in class? Explain. What about the EPS presentation
did we not discuss in ACC 3100?

4. How does General Mills define Cash Equivalents? Is this consistent with the textbook?

5. What is the amount of cash and cash equivalents reported for the year ended at May 28, 2017 and for the year ended at May 29, 2016. By how much has cash and cash equivalents increased/decreased? Show calculations.

6. Create a table illustrating the amount General Mills reports for net cash flows from operating, investing, and financing activities in its statement of cash flow for the year ended May 28, 2017. (Note: Include any effect of exchange rates on cash.) Show calculations. Compare your answers to question 5.


7. What amount is the balance in the Allowance for Doubtful Accounts at 5/28/2017? How is the estimate for Allowance for Doubtful Accounts determined?

8. What was the gross balance of trade receivables at 5/28/2017? What was the dollar amount of bad debt expense for the year ended 5/28/2017? How many accounts were written off (Dollar amount)?

9. What inventory method is used to value inventory in and out of the US?

10. What is the balance of their LIFO reserve account 5/28/2017?

11. What impact (dollar amount and increase or decrease) did the LIFO Reserve adjustment have on Cost of Goods Sold?

12. Which depreciation method(s) is used for PP& E? What estimates are made for the useful life of the different categories of assets?

13. What was total depreciation and amortization expense fiscal year ended 5/28/2017? Where were these amounts reported in the financial statements?

14. What was the major component of total PP&E? What was its amount and what percentage was it of the total for the year ended 5/28/2017?

15. What percentage of total PP&E has been depreciated as of 5/28/2017?

16. Did General Mills capitalize any interest in the fiscal year ended 5/28/2017? If so, what was the amount?

17. Did General Mills dispose of any property and equipment during the year ended 5/28/2017? If so, what was the cash proceeds?

18. Did General Mills issue more new long term debt than they paid in long term debt payments for the year ended 5/28/2017? Explain, show amounts.

19. Create a table to show the components of Comprehensive Income that was attributable to General Mills for the year ending 5/28/2107?

20. Create a table to show the components and amounts of General Mills’ Accumulated Other Comprehensive income(loss) for the year ending 5/28/2017 and 5/29/2016?

21. When does General Mills review impairment for long-lived assets? What is their measurement of an impairment loss based on for long-lived assets?

22. What is the amount of General Mills goodwill? Did General Mills have an impairment loss on Goodwill during fiscal year ended 5/28/2017? What are the standards for testing goodwill(How often and how is it tested)?

23. List any other indefinite life intangibles? How much was the impairment loss General Mills recorded for fiscal year ending 5/31/2015 and why was impairment indicated?

24. The Financial Accounting Standards Board (FASB) issued two new accounting requirements in 2017 that were mentioned in General Mills’ annual report? What are the standards and what is the expected impact of these new standards to the financial statements?

25. General Mills uses the three-level fair value hierarchy for disclosure. What level are the majority of their assets and liabilities measured at 5/28/2017? According to your textbook, how is this level defined?

26. When does General Mills recognize revenue? Do they handle consistently with the material presented in ACC 3100?

27. What was General Mills’ current ratio and working capital as of 5/28/2017? Show calculations.

28. Is the Statement of Changes in Stockholder’s Equity (Consolidated Statements of Total Equity, and Redeemable Interest) consistent with what we learned in class? Explain-indicate similarities and differences.

29. According to the MD&A (begins on p. 15) did General Mills’ Selling, general, and
administration expenses increase or decrease in fiscal year ended 5/28/2017? What was
the primary reason for the change?

30. In two detailed paragraphs, indicate a couple of interesting items you learned while
reading this annual report.

To analyze the financial statements of a publicly tradedcompany

Obtain an annual report from GM (GENERAL MOTORS YEARS 2013-2014)a publicly traded corporation that is interesting to you. Be surethe company has property and equipment, intangible assets, andlong-term debt on its balance sheet. Using techniques you havelearned in the previous weeks, respond to the followingquestions.

1.What is the amount of property and equipment on the balancesheet for the two most recent years? What is the amount ofdepreciation expense? What amounts are on the cash flow statementfor the most recent year that relate to depreciation, gains andsales of property and equipment, and purchases and sale of propertyof equipment? What amounts are permitted for inclusion in thecapitalized cost of property and equipment?

2. Looking at the footnote disclosures of the company, what arethe individual components of property and equipment? For example,what are the amounts for land, building, equipment, accumulateddepreciation, and so forth? How do companies account fornonmonetary exchange and dispositions of property andequipment?

3.Does the company have intangible assets? If so, what are thetypes of intangible assets (patent, copyrights, etc.) and theiramounts? What is the amount of amortization expense? What amountson the most recent cash flow statement relate to the purchase andsale of intangible assets? How do intangible assets differ fromproperty and equipment? What costs do we include in intangibleassets?

4. Does the company have goodwill? What are the footnotedisclosures relating to goodwill and the related acquisition?Please also describe the calculation of goodwill and how we accountfor differences between fair value and book value of assetsacquired.

5. What are the company's depreciation methods? What is therange of estimated useful lives used for depreciating its assets?Does the company use the same depreciation methods for financialstatements and tax returns? If not, please describe the methodsused for tax purposes.

6.What are the company's footnote disclosures relating toimpairment? Please also describe how to determine whether animpairment exists and how to calculate the impairment loss.

7.What are the amounts and descriptions of the company's currentliabilities for the most recent year? Does the company have anycontingent liabilities? If yes, please describe. What are the threecategories of contingent liabilities and the treatment for eachtype? Does the company have any subsequent events disclosed in itsfootnotes? If so, please describe them.

8. What are the amounts and descriptions for all of thecompany's long-term liabilities on its balance sheet for the twomost recent years? What is the interest expense for the two mostrecent years? What amounts are included in the cash flow statementsfor proceeds from issuance of debt and repayment of debt for themost recent year? For each note payable discussed in the footnotesdisclosures, what is the interest rate, total amount borrowed, andmaturity date?

9.Does the company have bonds payable? If so, what are theamounts? Please also describe how bonds payable differ from notespayable and how to account for the issuance of bonds at par, at adiscount, and at a premium. How is the discount and premiumamortized? What is the effective interest method?

10,Does the company have capital leases? If so, what are theamounts and terms of the leases? What are the four criteria for alease to be considered a capital lease? What are the additionalcriteria for the lessor? What is the difference between asales-type lease and a direct financing lease?

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