ACC 221 Chapter Notes -Equity (Finance)
Get access
Related Documents
Related Questions
Fischer, Inc. reportstotal tax expense on its income statement for year ended December31, 2010 of $80,884 and cash paid for taxes of $77,546.
The tax footnote in the company's 10-K filing, reports thefollowing deferred tax information.
Deferred tax assets and liabilities consisted of the following (inthousands):
December 31 ($ thousands) | 2010 | 2009 |
---|---|---|
Deferred tax assets | ||
State tax credits, net of federal tax impact | $ 3,500 | $ -- |
Tax basis inventory adjustment | 6,104 | 3,748 |
Inventory obsolescence reserves | 4,528 | 5,600 |
Allowance for doubtful accounts and other reserves | 17,992 | 14,084 |
Foreign net operating loss carryforward | 21,834 | 18,952 |
Stock-based compensation | 17,580 | 10,900 |
Intangible asset | 774 | 2,136 |
Deferred rent | 5,950 | 3,456 |
Deferred compensation | 2,898 | 2,210 |
Other | 5,418 | 6,302 |
Total deferred tax assets | 86,548 | 67,388 |
Less: valuation allowance | (3,530) | -- |
Total net deferred tax assets | 83,018 | 67,388 |
Deferred tax liabilities | ||
Prepaid expenses | (3,730) | (2,266) |
Property, plant and equipment | (6,208) | (11,566) |
Total deferred tax liabilities | (9,938) | (13,832) |
Total deferred tax assets, net | $ 73,080 | $ 53,556 |
Use the financialstatement effects template to record Fischer's income tax expensefor the current fiscal year along with the changes in both deferredtax assets and liabilities. Assume that income taxes payableincreased by $22,862 thousand.
Record tax expense, part cash and part deferred on the balancesheet below:
Cash Asset:
+Non Cash Asset:
=Liabilities:
+ContributedCapital:
+Earned Capital :
Vertical Analysis of Balance Sheet
Balance sheet data for Hanes Company on December 31, the end ofthe fiscal year, are shown below.
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | $289,000 | $172,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment | 467,500 | 433,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 93,500 | 31,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | 153,000 | 70,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term liabilities | 348,500 | 287,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 76,500 | 70,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 272,000 | 210,540 Prepare a comparative balance sheet for 2014 and 2013, statingeach asset as a percent of total assets and each liability andstockholders' equity item as a percent of the total liabilities andstockholders' equity. If required, round percentages to one decimalplace.
|
Using the information below, discuss both the positive andnegative trends presented in the company
Suncor Energy Inc.
Income Statement Horizontal Analysis
For the years ending December X, 2012
And December X, 2013 ($ millions)
2013 | 2012 | Amount | Variance % Change 2013 from 2012 | |
Revenues and Other Income | ||||
Operating revenues, net of royalties | 39,593 | 38,107 | ||
Other Income | 704 | 419 | ||
40,297 | 38,526 | 1,771 | 4.60 | |
Expenses | ||||
Purchases of crude oil and products | 17,293 | 17,047 | ||
Operating, selling and general | 9,447 | 8,897 | ||
Transportation | 845 | 685 | ||
Depreciation, depletion, amortization and impairment | 4,892 | 6,446 | ||
Exploration | 332 | 309 | ||
Gain on disposal of assets | (137) | (44) | ||
Project start-up costs | 15 | 60 | ||
Voyageur upgrader project charges | 82 | - | ||
Financing expenses | 1,162 | 142 | ||
33,921 | 33,542 | |||
Earnings before Income Taxes | 6,376 | 4,984 | 1,392 | 27,93 |
Income Taxes | ||||
Current | 2,083 | 1,515 | ||
Deferred | 382 | 729 | ||
2,465 | 2,244 | |||
Net earnings | 3,911 | 2,740 | 1,171 | 42,74 |
Other Comprehensive Income (loss) | ||||
Items that may be subsequently reclassified to Profit orLoss: | ||||
Foreign currency translation adjustment | 325 | (16) | ||
Cash flow hedges reclassified to net earning | - | (1) | ||
Items That will not be reclassified to profit or loss: |
Actuarial gain (loss) on employee retirement benefit plans, net of income taxes. | 579 | (134) | ||
Other comprehensive Income (loss) | 904 | (151) | ||
Total Comprehensive Income | 4,815 | 2,589 | 2,226 | 85.98 |
Per Common share | ||||
Net earnings-basic | 2.61 | 1.77 | ||
Net earning-diluted | 2.60 | 1.76 | ||
Cash dividends | 0.73 | 0.50 |
Suncor Energy Inc.
Balance Sheet Horizontal Analysis
For the years ending December X, 2012
And December X, 2013
2013 | 2012 | Amount | Variance % Change 2013 from 2012 | |
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 5,202 | 4,385 | ||
Accounts receivable | 5,254 | 5,201 | ||
Inventories | 3,944 | 3,697 | ||
Income taxes receivable | 294 | 799 | ||
Total current assets | 14,694 | 14,082 | ||
Property, plant and equipment, net | 57,270 | 55,434 | ||
Exploration and evaluation | 2,772 | 3,284 | ||
Other assets | 422 | 419 | ||
Goodwill & other intangible assets | 3,092 | 3,104 | ||
Deferred income taxes | 65 | 78 | ||
Total assets | 78,315 | 76,401 | 1,914 | 2.50 |
Liabilities and Shareholders’ Equity | ||||
Current liabilities | ||||
Short-term debt | 798 | 775 | ||
Current portion of long-term debt | 457 | 311 | ||
Accounts payable and accrued liabilities | 7,090 | 6,446 | ||
Current portion of provisions | 998 | 856 | ||
Income taxes payable | 1,263 | 1,165 | ||
Total current liabilities | 10,606 | 9,553 | ||
Long-term debt | 10,203 | 9,938 | ||
Other long-term liabilities | 1,464 | 2,319 | ||
Provisions | 4,078 | 4,932 | ||
Deferred income taxes | 10,784 | 10,444 | ||
Total liabilities | 37,135 | 37,186 | -51 | -0.14 |
Stockholder’s equity | 41,180 | 39,215 | 1,965 | 5.01 |
Total liabilities and equity | 78,315 | 76,401 | 1,915 | 2.50 See More from Todd Young |