Objective: To analyze the financial statements of a publicly traded company
Obtain an annual report from a publicly traded corporation that is
interesting to you. Be sure the company?s financial statements include
deferred taxes, post-retirement benefits, dilutive securities, and
Using techniques you have learned in the previous weeks, respond to
the following questions.
1. What amount of deferred tax assets or deferred tax liabilities are
on the two most recent years on the balance sheet? What gives rise to
these deferred taxes? What information is disclosed in the footnotes
related to deferred taxes? Please define a deferred tax asset and
deferred tax liability.
2. What temporary and permanent differences does the company disclose
in their footnotes? What are some other examples of temporary and
3. What is the amount of income tax provision in the two most recent
years on the income statement? What information is disclosed in the
footnotes relating to income tax expense? Does the company have a net
operating loss carry-forward or carry-back? What are the guidelines
for carry-forwards and carry-backs?
4. Does the company have a defined benefit or defined contribution
plan? What are the key elements of the plan discussed in the
footnotes? What amounts on the balance sheet relate to this plan? What
are the differences between defined benefit and defined contribution
5. What are the earnings per share amounts disclosed on the income
statement for the most recent year? What dilutive securities are
discussed in the footnotes? Please identify and describe other
examples of dilutive securities. How do these impact earnings per
6. What kind of share-based compensation does the company have? What
was compensation expense for the two most recent years? What are the
key elements of this plan discussed in the footnotes? Please identify
and describe other types of share-based compensation.
7. Does the company use the direct or indirect cash flow presentation
method? What is the difference between these two methods? How does the
cash flow statement agree to the other financial statements?
8. What investing and financing activities does the company have? What
are some other examples of investing and financing activities?
9. What noncash transactions does the company have on its cash flow
statement? What are some other examples of noncash transactions?
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