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Accounting Chapter 21 Homework Total liabilities and shareholders’ equity

Page Count
9 pages
Word Count
2224 words
Book Title
INTERMEDIATE ACCOUNTING WITH AIR FRANCE-KLM 2013 ANNUAL REPORT 8th Edition
Authors
David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
21136 Intermediate Accounting, 8/e
Case 215 (continued)
(f)
Retained Earnings
_______________________________________________________________
141 Beginning balance
DISTINCTIVE INDUSTRIES
Comparative Balance Sheets
At December 31
2016 2015
Assets:
Cash $ 360 $ 177
Case 215 (concluded)
Requirement 2
DISTINCTIVE INDUSTRIES
Statement of Cash Flows
For the Year Ended December 31, 2016
($ in millions)
Cash flows from operating activities:
Net income $ 84
Adjustments for noncash effects:
Real World Case 216
Requirement 1
Year to year during the three years, Staples’ largest investing activity was the
Requirement 2
Transactions that involve merely transfers from cash to “cash equivalents” such as the
Requirement 3
Case 216 (concluded)
Requirement 5
A statement of cash flows reports transactions that cause an increase or a decrease in
cash. However, some transactions that don’t increase or decrease cash, but which
21140 Intermediate Accounting, 8/e
Ethics Case 217
Discussion should include these elements.
The apparent situation:
There seems to be at least superficial evidence that income is being artificially
Real World Case 218
Requirement 1
Cash flows from operating activities are both inflows and outflows of cash that
result from the same activities that are reported in the income statement. The income
Requirement 2
Depreciation and amortization are noncash expenses. They are merely an
allocation in the current period of prior cash expenditures (for the depreciable or
Requirement 3
A sizable reduction in the amount PetSmart owes its suppliers is a contributor to
21142 Intermediate Accounting, 8/e
Case 218 (continued)
Requirement 4
Cash outflows from financing activities exceeded cash inflows from those activities
PETSMART INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Fiscal Year Ended
February 2, 2014
February 3, 2013
January 29, 2012
(52 weeks)
(53 weeks)
(52 weeks)
Case 218 (continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
February 2, February 3, January 29,
2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
$419,520
$
389,529
$
290,243
Adjustments to reconcile net income to net cash provided by operating
activities:
Case 218 (concluded)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments
(14,446
)
(4,027
)
(38,738
)
Proceeds from maturities of investments
12,801
23,230
10,215
21146 Intermediate Accounting, 8/e
Research Case 219
The results students report will vary depending on the companies chosen. It can
be interesting to have students compare in class their findings with those of their
classmates.
Analysis Case 2110
Structural free cash flow (what Warren Buffett calls "owner's earnings") is net income
from operations plus depreciation and amortization minus capital expenditures:
2014 2013 2012
Net income $420 $390 $290
21148 Intermediate Accounting, 8/e
Research Case 2111
Requirement 1
Requirement 2
Requirement 3
Analysis Case 2112
Requirement 1
Requirement 2
BT reports interest received and dividends received as investing activities and
21150 Intermediate Accounting, 8/e
Air FranceKLM Case
Requirement 1
Requirement 2
AF reports dividends received as investing activities. It reports dividends paid as

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