kunci jawaban intermediate accounting

8/10/2019 kunci jawaban intermediate accounting

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CHAPTER 3

QUESTIONS

1. Three elements, as defined by the FASB,

are contained in a balance sheet: assets,liabilities, and equity. These elementsmeasure the worth of an enterprise at agiven point in time. The balance sheet thusreports what resources an enterprise hasand who has claim against thoseresources. Two other elements,investments by owners and distribution toowners,are related to the equity element.nformation concerning the change inequity is often contained in a separatestatement that supplements the balancesheet.

2. n order to meet the definition of an asset,an item need not be associated with certainfuture benefit. To ac!nowledge theuncertainty inherent in business, thedefinition of an asset stipulates that thefuture benefit need be only probable.

3. Some liabilities, such as accounts payableand long"term debt, are denominated inprecise monetary terms. #owever, theamounts of many liabilities must beestimated based on e$pectations aboutfuture events.

4. The difference between current assets andcurrent liabilities, referred to as workingcapital,is a commonly used measure of theliquidity of an enterprise. t helps todetermine whether the company will beable to meet its current debt with availableassets and still continue normal operations.

5. a. Assets are classified as current if

%&' the asset will be reali(ed in cashduring the normal operating cycleof the business or & year,whichever is longer, or

%)' the asset will be sold or consumed

within a normal operating cycle or& year, whichever is longer.

b. *iabilities are classified as current ifliquidation of the liability is e$pected torequire%&' the use of current assets, or%)' the creation of other current

liabilities.

6. a. +ash is classified as noncurrent when

it is a part of a fund that will be used todischarge noncurrent obligations. Suchfunds include bond retirement funds,pension funds, and preferred stoc!redemption funds. +ash to be used forthe acquisition of land, buildings, andequipment or cash received on long"term deposits from customers wouldalso be reported as noncurrent.

b. eceivables not reportable as currentassets would include those arising fromunusual transactions, such as the saleof land, buildings, and equipment or

advances to affiliates or employeesthat would not be collectible within &)months.

7. f a short"term loan is e$pected to berefinanced or paid bac! with the proceedsof a replacement loan, the e$isting short"term loan is not classified as current. Thisis true as long as the intent of the companyis to refinance the loan on a long"termbasis and the company-s intent isevidenced by an actual refinancing afterthe balance sheet date or by the e$istenceof an e$plicit refinancing agreement.

. a. A sub/ective acceleration clause is aprovision in a debt instrument thatspecifies some general conditionspermitting a lender to unilaterallyaccelerate the due date.

b. An ob/ective acceleration clause is aprovision in a debt instrument thatspecifies conditions that can cause thedebt to be immediately callable0 fore$ample, failure to earn a certainreturn on the assets or to ma!e aninterest payment.

c. f a noncurrent debt instrument

contains a sub/ective accelerationclause and the invo!ing of the clause isdeemed probable, the liability shouldbe classified as current. f invo!ing ofthe clause is deemed reasonablypossible, but not probable, theobligation should continue to bereported as a noncurrent liability,

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with a note to describe the contingency.f a debt instrument contains anob/ective acceleration clause and theconditions that trigger the call haveoccurred, the debt should be classifiedas current. 3$ceptions are %&' thecreditor has waived the right todemand payment for a period thate$tends beyond the debtor-s normaloperating cycle, or %)' the debtor hascured the deficiency after the balancesheet date but before the statementsare issued, and the debt is not callablefor a period that e$tends beyond thedebtor-s normal operating cycle.

9. Contingent liabilitiesmay or may not giverise to actual obligations0 estimatedliabilitiesare !nown to e$ist but the amountis not definitely !nown. A company could,for e$ample, win or lose a lawsuit, but it isactually liable for income ta$. The e$actamount of the income ta$ is un!nown untilthe final ta$ return is completed. The ta$liability may have to be estimated at thetime financial statements are prepared.

10. 4ith a proprietorship, owner-s equity isreported with a single capital account. n apartnership, separate capital accounts areestablished for each partner. n acorporation, a distinction is made betweencontributed capital and retained earnings.

11. The three ma/or categories in a

corporation5s equity section are:%&' +ontributed capital, including both

capital stoc! at par and additional paid"in capital

%)' etained earnings%6' 7ther equity, such as treasury stoc!,

unreali(ed gains and losses onavailable"for"sale securities, foreigncurrency translation ad/ustments, andunreali(ed gains and losses onderivatives.

12. 7ffset balances are used to ad/ust thegross amount of balance sheet items to

arrive at proper valuations. For e$ample,allowance for doubtful accounts is properlyoffset against the gross amount of accountsreceivable to show the net amountestimated collectible. t is generally notproper to offset an asset account against aliability

or owners- equity account because such anoffset would not be for the purpose ofcorrectly valuing either account but ratherto condense financial data at the e$penseof adequate disclosure.

13. Assets are usually presented in the order of

their liquidity, with the most liquid itemslisted first.

14. Financial ratios are mathematicalrelationships between financial statementamounts. For e$ample, return on equity isnet income divided by owners5 equity.

15. Asset turnover ratio %total sales divided bytotal assets' is a measure of the number ofdollars of sales generated by each dollar ofassets. The higher the asset turnover ratio,the more efficient the company is in usingits assets to generate sales.

16. eturn on equity is an indicator of theoverall performance of a company. eturnon equity measures the percentage returnon the stoc!holders5 investment and iscomputed as net income divided by totalequity.

17. There are at least four types of notes usedby management to support the financialstatements and provide users withadditional relevant information. They maybe classified as follows.

%a' Summary of significant accountingpolicies

%b' Additional information, both numericaland descriptive, to support summarytotals included in the financialstatements

%c' nformation about items that does notmeet the recognition criteria but that isstill useful to decision ma!ers

%d' Supplementary schedules required bythe FASB or the S3+ to fulfill the fulldisclosure principle

18. The FASB must maintain a balancebetween conceptual purity and businesspracticality. 4hen a conceptually correct

recognition standard is critici(ed asimpractical, one FASB approach is torequire only the disclosure of theinformation rather than its formalrecognition. This sometimes mollifiesbusinesses- complaints about impracticality.For e$ample, the FASB decided to requireonly note disclosure of stoc! option

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values in response to businesses-complaints about the proposed recognitionof those values as compensation e$pense.

19. Separate supplementary information orschedules may be included to disclosesegment information0 details about

property, plant, and equipment and short"term borrowing0 and trend data for periodsbeyond those included in the basicstatements.

20. f a subsequent event provides additionalinformation about items included in thefinancial statements, especially thosewhose value has been estimated, the newinformation should be used to ma!ead/ustments to the amounts in thestatements. The event itself does notactually change the value but merelyprovides additional information about

conditions that e$isted at the balance sheetdate. For e$ample, the filing of a

ban!ruptcy petition by a ma/or customerprovides additional data concerning thecollectibility of accounts receivable. Theconditions that led to the ban!ruptcy wereprobably present at the balance sheet datebut may not have been !nown to thepreparer of the statements until theban!ruptcy filing too! place. 8nder thesecircumstances, Allowance for 9oubtful

Accounts may need ad/ustment to properlyreflect the net reali(able value ofreceivables.

21. any assets are reported at historical cost,which is usually less than mar!et value,and other assets %such as homegrowngoodwill' are not included in the balancesheet at all. Accordingly, the balance sheetnumbers are often a very poor reflection ofwhat a company is worth. Typically, a goingconcern is worth significantly more than thereported boo! value of equity.

ISCUSSION CASES

!"#$""!%& Ca"e 3'1

1. The equity shown on the balance sheet %assets ; liabilities' can be thought of as a rough measure ofthe worth of the company. Accordingly, a company-s net worth can never e$ceed the amount of its

assets. #owever, assets are reported at their historical cost, which in some cases differs greatlyfrom the mar!et value of the assets. *and purchased for .D?

+learly the mar!et values each of these companies more than their balance sheets value them. Themar!et values such things as customers, historical performance, future e$pectations, andcontributions of management and employees. Eone of these factors shows up as an account on acompany-s balance sheet yet the mar!et values them.

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6. icrosoft 6.)@eneral 3lectric 6.4al"art D.=erc! 62.ntel 6).Dfi(er >D.D

ATCT ).)3$$on ).+oca"+ola D2.+isco Systems &)6.D

n general, the following types of firms have higher3 ratios than average.

Firms with strong future growth possibilities Firms with earnings for the year lower than average because of a nonrecurring event %e.g., a

large write"off, a natural disaster' Firms with substantial unrecorded assets %e.g., appreciated land, unrecorded goodwill'

n general, the following types of firms have lower3 ratios than average.

Firms with earnings for the year higher than average because of a nonrecurring event %e.g., aone"time gain'

Firms perceived as being very ris!y

!"#$""!%& Ca"e 3'2

The claim against AT+ represents a contingent liability. +ontingent liabilities are accounted for accordingto management5s estimate of the probability that the contingent obligation will become an actualobligation.

robable: The liability %and a corresponding loss or e$pense' should be recogni(ed. ossible: The contingent loss is disclosed in a note to the financial statements. emote: Eo accounting action is necessary.

Because AT+ has offered to settle out of court, management may view the li!elihood of losing the caseas probable. f so, a liability should be recogni(ed. Because AT+ has offered ==,=== to settle the case,the recogni(ed liability should be at least that much. Alternatively, the settlement offer may be /ust a legal

strategy, and AT+5s management may not thin! that loss of the case is probable. f so, only notedisclosure is necessary.

!"#$""!%& Ca"e 3'3

This case presents the challenge of translating the facts of a realistic situation into the classification usedto recogni(e contingent losses. Students could be polled as to their views of the probability of loss basedon the stated facts. Since 9it!a 3ngineering has signed a guarantee, it seems that some payment willhave to be made because of *iberty-s ban!ruptcy. 7nly the amount is uncertain. The most li!ely liabilityamounts are ==,===,


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Eotes are an integral part of financial statements, but they are often ignored by financial statement userswho assume the notes are too technical and detailed and not really relevant to decision ma!ing. Eotesdo sometimes contain fairly technical and comple$ information. Such information, however, is includedbecause management and the independent auditors determined that the information is relevant andmaterial and that the benefits to users e$ceed the cost of providing the information. n short, notes areconsidered useful to decision ma!ers and should not be ignored. 3$cello-s management should not havedeleted the notes when submitting the financial statements, and the ban! should not have accepted thestatements without the related notes.

!"#$""!%& Ca"e 3'5

Ban!America......................................................................... 9Gelly Services........................................................................ AHahooI ................................................................................ +c9onald-s............................................................................ 3+onsolidated 3dison.............................................................. B

The power"generating facilities of utilities form a large portion of their assets and are shown on thebalance sheet as plant and equipment. #owever, c9onald-s also has a great deal of plant andequipment. n fact, the balance sheets of a utility company and of a fast"food company loo! similar. nthis instance, +onsolidated 3dison is B and c9onald-s is 3.

Gelly Services is A. Because service companies have low levels of fi$ed assets and low levels ofinventory, company A matches this profile. Also, because service companies typically don-t have manytangible long"term assets to serve as collateral, they also don-t have high levels of long"term debt andequity percentage is high.

Ban!America is recogni(able by its high level of other current liabilities %9'. Far and away the largestliability of a ban! is its deposit liability. A ban! borrows money from its depositors %deposit liability' andloans it to its borrowers %loans receivables'.

The nternet company HahooI is company +. t has no long"term debt and few long"term assets. Thebul! of Hahoo-s assets are invested in other current assets.

!"#$""!%& Ca"e 3'6

1. Steps to avoid violating the current ratio constraint: 8se FF7 instead of *F7, causing current assets to increase by =,===. +ancel plans to declare and pay cash dividends ne$t year.

+urrent ratio without changes:%6>

7ther steps might include issuing new stoc!.

The ban!s probably anticipated the cancellation of dividends, the issuance of new stoc!, and thetransformation of short"term debts into long"term debts.

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7ne way to eliminate accounting changes as a way to bypass loan covenants is to write thecovenant in terms of a certain set of accounting principles. For e$ample, for purposes ofdetermining whether the covenant is violated or not, the current ratio would be computed using the*F7 inventory valuation method, whether the borrowing company was still using *F7 or not.

A lender might also wish to stipulate that all long"term leases are to be treated as capital leases forpurposes of the ratio computation.

!"#$""!%& Ca"e 3'7

As a ban!er, you are concerned that the change in valuation requirements will limit your ability to borrowand lend monies, the primary function you are in business to accomplish. egulations limit the amountthat can be lent based on a percentage of the asset carrying value. f the total asset value is reducedbecause of a decline in security values, the ban! cannot lend as much money and thus cannot be asprofitable as it would be using a higher value. 7f course, the opposite condition occurs when thevaluation of the securities increases.

Hou are also concerned about the effect the rule can have on the income statement. evaluing securitiesunder FASB Statement Eo. &&> also requires recogni(ing unreali(ed gains and lossesKif the securitiesare classified as trading securities. The recognition of these unreali(ed gains and losses can addvolatility to the pattern of yearly earnings. To most investors, increased volatility indicates increased ris!.

A ban!er %or any other business leader' avoids the appearance of increased ris! whenever possible.

The FASB and S3+ are very concerned when economic conditions cause a loss in asset value and it isnot reported in a timely manner on the financial statements. Some current values are very ob/ective andcan be readily measured. These include mar!etable equity securities and, to a lesser e$tent, mar!etabledebt securities. f these securities are valued at current amounts, statement users can ma!e moreinformed decisions.

!"#$""!%& Ca"e 3'8

Eote to Technology 8nlimited, nc., financial statements:

Subsequent 3vents

7n August &>, )==), Technology 8nlimited, nc., split its common stoc! ) for &. After the split,Technology has )==,=== shares of = par common stoc! outstanding.

Technology completed negotiations for the purchase of *iston 9evelopment *abs on Luly &, )==).

The purchase price was ,===0 )>,=== in cash and =,=== in a &=?, D"year note. Theacquisition was recorded in Luly )==) and will be reflected in the financial statements for )==) and)==6.

A =,=== lawsuit was filed against Technology on August &>, )==). Technology intends to defenditself against the lawsuit0 however, the probability of a favorable settlement is un!nown as ofSeptember , )==), the date of the auditors- report.

3vents not included in subsequent events note:

Diatride Company bankruptcy.The loss from this receivable should be estimated and recorded in the)==) fiscal year. 3ven though its ban!ruptcy didn-t occur until after year"end, the underlying conditionsthat caused the ban!ruptcy were in place at the end of the fiscal year. A sufficient allowance for doubtfulaccounts must be established to cover the potential loss.

General decline in stock market technology stock values. 9eclines in mar!et values are generally

available information and therefore do not require disclosure in a subsequent events note. To include theinformation might attach more importance to it than is /ustified. 8sers of the financial statements shouldbe aware that financial statements do not contain all relevant economic information.

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!"#$""!%& Ca"e 3'9

1. 9ifferences:%&' Both group and individual company balances are shown side by side. Seldom is this

information disclosed this way in the 8nited States.%)' The balance sheet begins with fi$ed assets rather than current assets. +urrent assets are listed

in reverse order of liquidity, with cash being shown last. n the 8nited States, current assets are

listed in accordance with their liquidity, with cash being itemi(ed first.%6' +urrent assets less current liabilities is shown as a separate section. Some 8.S. companies do

this, but they include this section as the first one on the balance sheet.%D' inority interests are shown as the last item on the balance sheet. They are shown before the

equity section in most 8.S. balance sheets.%>' +ommon stoc! is referred to as M+alled"up share capital.N%1' etained earnings is referred to as Mrofit and loss account.N%2' A significant revaluation reserve is included in the British company-s equity section. This arises

from use of current values for some assets. This type of reserve is not common in 8.S.statements.

%' The British company does not identify the amount of accumulated depreciation balances onthe face of the balance sheet.

%' nventory is referred to as MStoc!N in the British statement.%&=' Accounts receivable is referred to as M9ebtorsN in the British statement.

2. any of the differences arise from terminology differences. For instance, a few British terms wouldbe confusing if used in the 8nited States0 e.g., stoc! is seldom used to mean inventory because itconfuses reference to investments in common stoc!. Accountants should use terms that areunderstandable to the reader. 7ther differences are related to a different order of disclosure in thebalance sheets of the two countries. n the 8nited States, some companies consider the fi$edassets to be more important than current assets, and they list them first. 8tilities follow this principlein the 8nited States, while most other industries follow the more common liquidity approach.

inority interest totals are often a significant item on the credit side of the balance sheet. Byshowing it last, readers are more li!ely to see the item and consider it in evaluating the impact ofitems on the ma/ority shareholders. The 8.S. disclosure in the midst of the liabilities and equities isoften not seen by the reader.

The inclusion of both company and group totals is useful for readers who are concerned both with a

consolidated group of companies and the individual company balances. 8.S. companies often showonly consolidated statements and do not show how the individual companies are doing. Theadditional information provided by the British company might be of great use to investors andcreditors.

!"#$""!%& Ca"e 3'10

1. @enerally, the balance sheet shows liabilities on the right side and assets on the left side. The loansthat the thrifts ma!e %Oto get into high"ris! businessO' are the thrift5s assets, and the deposits %O!eptregulation and deposit insuranceO' are the thrift5s liabilities. The writer seems a little confused.

2. 4hen deposits are insured, the financial health of the ban! or savings and loan is virtually irrelevantto the depositor. Financial health is not completely irrelevant, however, because of the time it ta!esfederal regulators to pay off the institution5s depositors. #owever, if deposit insurance werediscontinued, we would see potential depositors ta!ing a much greater interest in the balance sheets

of financial institutions.3. 4hen you ma!e a deposit at the ban!, it is your asset %on the left side of your personal balance

sheet', but it is the ban!5s liability %on the right side of the ban!5s balance sheet', because the ban!owes you the money any time you demand it.

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E(ERCISES

3'11. 1. )*+ )'+ 11. )a+2. )b+ 12. )b+3. )f+ %r )*+, 13. )-+

4. )a+ 14. )a+ )'+5. )f+ 15. )f+6. )f+ 16. )#+ )'+7. )f+ %r )+ 17. )a+8. )!+ 18. )a+9. )f+ 19. )a+

10. )e+ 20. )e+, If b%&-" are e/e#te- t% be ref!&ae- a&- te &e#e""ar #r!ter!a are et.

3'12. A##%$&t Ca""!f!#at!%&

a. Trea"$r St%#............................................... Oter e$!t %rt!%& %f te%&er" e$!t "e#t!%&

b. Reta!&e- Ear&!&*"......................................... Reta!&e- ear&!&*" !& te%&er" e$!t "e#t!%&

#. a#at!%& Pa Paabe.................................... C$rre&t !ab!!t

-. :%re!*& C$rre Tra&"at!%& A-;$"te&t. . Oter e$!t %rt!%& %f te%&er" e$!t "e#t!%&

e. A%ae f%r %$btf$ A##%$&t"................ Off"et a*a!&"t re#e!e/#et f%r #$rre&t %rt!%&

*. I& a&t> a&-e$!e&t

;. @%%-!......................................................... I&ta&*!be a""et

. Re#e!


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". I&tere"t Paabe............................................. C$rre&t !ab!!t

t. eferre- I%e Ta/ A""et........................... Oter &%$rre&t a""et

$. T%%"............................................................... Pr%ert> a&t> a&-e$!e&t

#. =!ab!!t. It !" r%babe tat Pa$! ! a


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3'15.Baae Seet

A""et" =!ab!!t!e"C$rre&t a""et" C$rre&t !ab!!t!e"

Ca" N%te" aabe

I& a&t> a&- e$!e&t T%ta !ab!!t!e"=a&-B$!-!&*" St%#%-er" E$!t

=e"" a##$$ate- -ere#!at!%& C%&tr!b$te- #a!taE$!e&t C%%& "t%#

=e"" a##$$ate- -ere#!at!%& Pa!-?!& #a!ta !& e/#e"" %f "tate-T%ta r%ert> a&t> a&-


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3'16. C$rre&t a""et"Ca"*e&era #e#!&* a##%$&t...................... D 20>000Ca"e- t% a "ae" ta/e"........................... 18>000Tra-e a##%$&t" re#e!000I&000Prea!- !&"$rae,.............................................. 15>000U"e- e$!e&tf%r re"ae.............................. 25>000 D278>000

C$rre&t !ab!!t!e"Tra-e a##%$&t" aabe..................................... D 60>000N%te aabe-$e $ 2003............................. 33>000Saar!e" aabe.................................................. 20>000Sae" ta/e" aabe............................................ 23>000 136>000

F%r!&* #a!ta......................................................... D 142>000

,E #%%&ra#t!#e !" t% #a""!f rea!- !te" a" #$rre&t> be#a$"e te!r ae&t

#%&"er500 A##%$&t" aabe.............. D 3>400I&000 !200 Oter................................... 2>000T%ta #$rre&t a""et"....... D 84>300 T%ta #$rre&t !ab!!t!e".... D 29>900

=%&*?ter !ab!!t!e"N%$rre&t a""et" B%&-" aabe................... D 7>500

I&750 Oter !ab!!t!e"................... 15>750Pr%ert> a&t> a&- T%ta %&*?tere$!e&t> &et.................. 56>800 !ab!!t!e"........................... D 23>250Re"tr!#te- #a" T%ta !ab!!t!e"....................... D 53>150

:%r referre- "t%#....... 19>000 O&er" E$!t:%r e$!e&t................ 4>000 Preferre- "t%#..................... D 19>000

A-000 Reta!&e- ear&!&*"................. 66>800

Oter &%$rre&t a""et".. 13>600 =e"" Trea"$r "t%#............ )4>500+T%ta &%$rre&t T%ta %&er" e$!t........... D

131>300a""et"............................. D 100>150 T%ta !ab!!t!e" a&- %&er"

T%ta a""et".......................... D 184>450 e$!t..................................... D 184>450

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3'17. )C%$-e-+

COGPUTATIONS

Ca" D12>500 ' D4>000 )a+I&200 ' D4>000 )#+

Pr%ert> a&t> a&- e$!e&t D64>800 ' D8>000 )+Re"tr!#te- #a" D19>000 )*+

D4>000 )a+I&750 )b+A-500 )-+=%a& -$e %& -ea&- D7>000 )e+!750 ' D2>500 )-+ ' D7>000 )e+Preferre- "t%# D19>000 )*+Reta!&e- ear&!&*" D81>800 ' D15>000 )f+Trea"$r "t%# f%rer "%& !%rre#t a" %&*?ter a""et

3'18. )a+ 25>153 )f+ 152>186 )+ 89>601)b+ 175>315 )*+ 131>754 )+ 594>345)#+ 460>263 )+ 25>939 )+ 567>657)-+ 352>186 )!+ 47>066 )&+ 895>312)e+ 98>670 );+ 73>005

3'19. 1. )a+ C$rre&t a""et"Ca"............................................................. D 33>900I&300 84>100A##r$e- !&tere"t %& &%te" re#e!800I&900Prea!- e/e&"e"....................................... 6>100T%ta #$rre&t a""et".................................... D

220>800

)b+ Pr%ert> a&t> a&- e$!e&tA##$$ate- B%%

C%"t ere#!at!%& a$e=a&-............................................ D 80>000 D 80>000B$!-!&*"..................................... 170>000 D34>000 136>000

E$!e&t.................................. 48>000 7>600 40>400T%ta r%ert> a&t> a&-e$!e&t................................... D 298>000 D 41>600 D 256>400

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3'19. )C%$-e-+

)#+ I&ta&*!be a""et"Pate&t"................................................... D 15>000:ra!"e"............................................. 10>000T%ta !&ta&*!be a""et".......................... D 25>000

)-+ T%ta a""et"C$rre&t a""et"....................................... D220>800Pr%ert> a&t> a&- e$!e&t............ 256>400I&ta&*!be a""et"................................... 25>000T%ta a""et"............................................ D 502>200

)e+ C$rre&t !ab!!t!e"A##%$&t" aabe.................................. D 31>500N%te" aabetra-e #re-!t%r"........... 16>000A##r$e- !&tere"t %& &%te" aabe...... 800A##r$e- !&tere"t %& b%&-" aabe.... 8>000A##r$e- !&tere"t %& %rt*a*e aabe 2>160

T%ta #$rre&t !ab!!t!e".......................... D 58>460)f+ N%$rre&t !ab!!t!e"

B%&-" aabe> 8!""$e 1................ D 50>000Pre!$ %& b%&-" aabe............... 1>500 D 51>500

B%&-" aabe> 12!""$e 2.............. D100>000!"#%$&t %& b%&-" aabe............... 10>500 89>500

G%rt*a*e aabe.................................. 57>500T%ta &%$rre&t !ab!!t!e".................... D 198>500

)*+ O&er" e$!tC%&tr!b$te- #a!ta

Ca!ta "t%#> ar

10>000 "are" a$t%r!e->4>000 "are" !""$e-........................... D 4>000A--!t!%&a a!-?!& #a!ta................... 112>800 D 116>800

Reta!&e- ear&!&*"................................. 139>440 D256>240=e"" Trea"$r "t%#at #%"t )500"are"+................................................ 11>000

T%ta %&er" e$!t.............................. D 245>240

)+ T%ta !ab!!t!e" a&- %&er" e$!tC$rre&t !ab!!t!e"................................... D 58>460N%$rre&t !ab!!t!e"............................ 198>500O&er" e$!t....................................... 245>240

T%ta !ab!!t!e" a&- %&er" e$!t...... D 502>2002. )a+ C$rre&t rat!% J D220>800KD58>460 J 3.78

)b+ ebt rat!% J )D58>460 L D198>500+KD502>200 J 0.51

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3'20.

Te #%$tat!%& %f B%r* C%a&" rat!%" !" a" f%%"

C$rre&t rat!% )D70>000KD30>000+..................................... 2.33ebt rat!% )D80>000KD150>000+........................................ 0.53A""et t$r&%000KD150>000+.............................. 2.00

Ret$r& %& a""et" )D10>000KD150>000+............................ 6.67Ret$r& %& e$!t MD10>000K)D150>000 ' D80>000+......... 14.29

3'21.

=a/a&a C%a& a" te f%%!&* a""et" a&- a""et !/

A""et %f I&-$"tr

A%$&t T%ta A""et" A""et G!/

Ca"..................................................... D 15>000 4.1 7.0A##%$&t" re#e!000 13.7 15.0

I&000 27.4 18.0Pr%ert> a&t> a&- e$!e&t.......... 200>000 54 .8 60 .0T%ta a""et"......................................... D 365>000 100 .0 100 .0

=a/a&a C%a& %-" 27.4 %f !t" t%ta a""et" !& te f%r %f !&erea" te #%rre"%&-!&* er#e&ta*e f%r te !&-$"tr !" ;$"t 18.=a/a&a a" t%% $# !&


15/38

3'22. a. )1+ Te #$"t%er" f!&a!a #%&-!t!%& a" -eter!%rat!&* at te e&- %fte ear> a&- te ba&r$t# #%&f!re- te -%$btf$ &at$re %f tea##%$&t. A& !rea"e- a%ae a-;$"te&t %$- be re$!re-.

b. )2+ S!e te e !t %$- &%t bere#%r-e- !& te f!&a!a "tatee&t". H%e be#a$"e -aa*e t%

te a&t a" e/te&"! te ea& a-;$"te&t "%$- be a-e t% te a##%$&t".

*. )2+ %r )3+. T!" !&f%rat!%& a be #%&"!-ere- !%rta&t e&%$* t%!$-e a &%te. Te #%&tr%er %f a #%a& %-" a& !%rta&t%"!t!%&. Te -e#!"!%& a" t% eter !t "%$- be re%rte- !t te#$rre&t "tatee&t" %$- be eft t% te ;$-*e&t %f a&a*ee&t.

3'23. a. Re%rt te a%$&t !& te !%e "tatee&t.

b. N%te -!"#%"$re.

#. N%te -!"#%"$re.

-. Re%rt te a%$&t !& te baae "eet a" A%ae f%r %$btf$A##%$&t".

e. C%&t!&*e&t !ab!!t e&t!%&e- !& te b%- %f te baae "eet. N%te-e"#r!t!%& %f te %te&t!a !ab!!t.

f. Re%rt te -eta! !& te !%e "tatee&t %r a" a &%te -!"#%"$re.

*. Re%rt te a%$&t a" a %&*?ter a""et.

. Re%rt te a%$&t a" a "$btra#t!%& !& te e$!t "e#t!%& %f te baae"eet.

!. N% f!&a!a "tatee&t -!"#%"$re.

;. N%te -!"#%"$re.

. N% f!&a!a "tatee&t -!"#%"$re.

&


16/38

3'24. N%te 1. S$ar %f S!*&!f!#a&t A##%$&t!&* P%!#!e"

Receivables. A& a%ae a##%$&t !" r%

Inventories. I&000C$"t%er" &%te".................................................... 30>000A-000

T%ta.......................................................................... D135>000=e"" a%ae........................................................ 9>000Net re#e!000 %& a 10?ear &%te at 14 !&tere"t. Te&%te !" -$e %& $ 1> 2012. E$!e&t a" bee& e-*e- a" #%atera f%r

te %a&. Te ter" %f te &%te r%!b!t a& a--!t!%&a %&*?ter b%rr%!&*!t%$t te e/re"" er!""!%& %f te &%te %-er". Be#a$"e %f a &ee- f%ra--!t!%&a f!&a!&* &e/t ear> a&a*ee&t !" a&&!&* t% ae "$# are$e"t.

)


17/38

PROB=EGS

3'25.

1. F%r!&* #a!ta J D160>000 ' D88>000 J D72>000

C$rre&t a""et" C$rre&t !ab!!t!e"A##%$&t" re#e!000 A##%$&t" aabe.............. D 66>000A-000+ a-000Ca"............................................... 22>000 Ta/e" aabe.................... 10>000Cert!f!#ate" %f -e%"!t................... 16>000 T%ta #$rre&t !ab!!t!e"....... D 88>000I&000I&000 T%ta !ab!!t!e"Prea!- !&"$rae......................... 6>000 C$rre&t !ab!!t!e"................ D 88>000T%ta #$rre&t a""et"....................... D 160>000 B%&-" aabe................... 80>000

Pre!$ %& b%&-" aabe 6>000T%ta a""et" eferre- !%e ta/ !ab!!t 46>000

C$rre&t a""et"............................... D160>000 T%ta !ab!!t!e".................... D 220>000

E$!e&t...................................... 215>500T%%"............................................... 52>000 O&er" e$!tA##$$ate- -ere#!at!%&............ )44>000+ C%%& "t%# )ar+.......... D100>000I&500 Pa!-?!& #a!ta !& e/#e"" %fT%ta a""et"..................................D 460>000 ar.......................................... 42>500

Reta!&e- ear&!&*".............. 97>500T%ta %&er" e$!t........... D

240>000

O&er" e$!t er "are %f "t%#

D240>000 75>000 J D3.20

2. C$rre&t rat!% J D160>000KD88>000 J 1.82

ebt rat!% J D220>000KD460>000 J 0.48

Ret$r& %& e$!t J D20>000KD240>000 J 8.33

6


18/38

3'26.1. a-% I&300Ca" !& ba&".............................................................................. 9>120I&000 192>500

Pr%ert> a&t> a&- e$!e&t=a&-.............................................................................................. D 188>000B$!-!&*".................................................................... D 410>000

=e"" A##$$ate- -ere#!at!%&.......................... 151>700 258>300Ga#!&er a&- e$!e&t........................................ D 145>000

=e"" A##$$ate- -ere#!at!%&.......................... 127>000 18>000 464>300T%ta a""et"..................................................................................... D 1>251>190

=!ab!!t!e"C$rre&t !ab!!t!e"

N%te" aabe............................................................................... D 58>260A##%$&t" aabe........................................................................ 85>900Saar!e" a&- a*e" aabe........................................................ 9>400I%e ta/e" aabe.................................................................. 29>200I&tere"t aabe............................................................................ 5>390E%ee" !%e ta/e" aabe............................................. 4>780 D 192>930

N%$rre&t !ab!!t!e"N%te" aabe )-$e 2007+............................................................ 38>000

T%ta !ab!!t!e"................................................................................. D 230>930

O&er" E$!tC%&tr!b$te- #a!ta

Preferre- "t%#> D5 ar> 64>000 "are".................... D 320>000C%%& "t%#> D1 ar> 50>000 "are".................... 50>000A--!t!%&a a!-?!& #a!ta#%%& "t%#............. 662>000 D1>032>000

Reta!&e- ear&!&*" )-ef!#!t+............................................................. )11>740+T%ta %&er" e$!t........................................................................ 1>020>260T%ta !ab!!t!e" a&- %&er" e$!t................................................. D 1>251>190

2. C$rre&t rat!% J D594>390KD192>930 J 3.08

ebt rat!% J D230>930KD1>251>190 J .185

D


19/38

A""et t$r&%000>000KD1>251>190 J 4.00

>


20/38

2 +hapter 6

3'27.Br%#ba& Re"ear# C%r.

Baae Seete#eber 31> 2002

A""et" =!ab!!t!e"C$rre&t a""et" C$rre&t !ab!!t!e"

Ca"................................................................. D 25>600 N%te" aabetra-e............................... D 63>540A##%$&t" re#e!731 N%te" aabeba&"............................. 12>000

=e"" A%ae f%r -%$btf$ A##%$&t" aabe..................................... 32>160a##%$&t".................................. .. 1>731 56>000 ! ar%> a&-)N%te 2+............................................................ 80>000 000 D 185>200I&500 D 368>720 =%&*?ter -ebt

I&


21/38

1 Cater 3

3'27. )C%$-e-+

BROCBAN RESEARCH CORPORATIONNOTES TO :INANCIA= STATEGENTSEAR ENE ECEGBER 31> 2002

1. S$ar %f "!*&!f!#a&t a##%$&t!&* %!#!e"

)a+ I& aref%r r%ert -aa*e" at te #e&tra are%$"e. Te"e #a!" a000er ear f%r te &e/t 10 ear". A ea"e" are %erat!&* ea"e".

4. Te #%a& !" #$rre&t !& !t!*at!%& %000 % te #a! !" b$t &% e*a r!*t t% te%000 %f *$ara&tee- &%te".

3'28.S!erra C%r.

=!ab!!t!e"e#eber 31> 2002

C$rre&t !ab!!t!e"N%te" aabetra-e.......................................................... D 19>000N%te" aabeba& )N%te 1+............................................ 30>000A##%$&t" aabe................................................................ 65>000Fa*e" a&- "aar!e" aabe............................................... 1>500I&tere"t aabe.................................................................... 14>300G%rt*a*e &%te aabe )N%te 2+.......................................... 64>000B%&-" aabe )N%te 3+....................................................... 200>000T%ta #$rre&t !ab!!t!e"......................................................... D393>800

N%$rre&t !ab!!t!e"G%rt*a*e &%te aabe )N%te 2+.......................................... D146>000N%te" aabeba& )N%te 4+............................................ 50>000T%ta &%$rre&t !ab!!t!e"................................................... 196>000

T%ta !ab!!t!e"............................................................................ D 589>800


22/38

3'28. )C%$-e-+

N%te 1. 8 &%te t% :!r"t I&ter"tate Ba& !""$e- Gar# 1> 2000. Paabe %& -ea&-.

N%te 2. S!erra a" t% %rt*a*e &%te" %$t"ta&-!&*. )1+ D60>000> 10> 10?ear &%te-$e O#t%ber 1> 2009. Ter" %f t!" &%te *! t!" D60>000 &%te !" #a""!f!e-a" a #$rre&t !ab!!t. )2+ 12> 20?ear &%te> #$rre&t baae D150>000.Pae&t" %f r!!a a&- !&tere"t -$e a&&$a $&t! 2016. D4>000 %f teAr! 1> 2003 ae&t a!e" t% r!!a a&- !" #a""!f!e- a" a #$rre&t!ab!!t. Te rea!&!&* r!!a baae %f D146>000 !" #a""!f!e- a" a&%$rre&t !ab!!t.

N%te 3. Te 10?ear> 8 b%&-" at$re %& $&e 30> 2003.

N%te 4. Te 1?ear> D50>000> 11 &%te t% :!r"t I&ter"tate Ba& at$re" %& a&$ar2> 2003. O& e#eber 30> 2002> a r!tte& a*reee&t a" e&tere- !&t% !t

:!r"t I&ter"tate Ba& t% rea#e t!" &%te !t a &e> 2?ear> D50>000> 10&%te t% be !""$e- a&$ar 2> 2003. Be#a$"e %f t!" a*reee&t> te &%te !"r%er #a""!f!e- a" &%$rre&t.


23/38

3'29.R%e C%a&

Baae Seet$&e 30> 2002

A""et"

C$rre&t a""et"Ca"........................................................................................... D 25>500I&600Prea!- e/e&"e"..................................................................... 23>000 D 820>100

I&227>100


N%te" aabe........................................................................... D 60>000A##%$&t" aabe..................................................................... 227>000Ta/e" aabe........................................................................... 44>500 D 331>500

=%&*?ter -ebtN%te" aabe........................................................................... D 75>000B%&-" aabe....................................................... D300>000

=e"" !"#%$&t %& b%&-" aabe.................... 10>000 290>000 365>000Oter &%$rre&t !ab!!t!e"

eferre- !%e ta/ !ab!!t................................................... D 68>000

=!ab!!t $&-er e&"!%& a&.................................................... 60>000 128>000T%ta !ab!!t!e"............................................................................... D 824>500


C%%& "t%#> D1 ar> 10>000 "are"%$t"ta&-!&*............................................................. D 10>000A--!t!%&a a!-?!& #a!ta....................................... 240>500 D250>500

Reta!&e- ear&!&*"Re"tr!#te- f%r b$!-!&* e/a&"!%&........................ D105>000U&re"tr!#te-............................................................ 47>100, 152>100

T%ta %&er" e$!t..................................................................... 402>600T%ta !ab!!t!e" a&- %&er" e$!t.............................................. D 1>227>100

,D117>100 ' D70>000 $&re#%*&!e- *%%-! J D47>100.


24/38

3'30.St. Care" Ra

Baae Seete#eber 31> 2002

A""et"

C$rre&t a""et"Ca" %& a&-............................................................................ D 10>640Ca" !& ba&............................................................................. 34>505A##%$&t" re#e!500

=e"" A%ae f%r -%$btf$ a##%$&t"........... 2>430 38>070Ca! f%r !%e ta/ ref$&-.................................................... 2>800

:ee- !&400

=e"" A##$$ate- -ere#!at!%&...................... 70>560 105>840 595>840

T%ta a""et"................................................................................... D 733>605


A##%$&t" aabe..................................................................... D 37>000G%rt*a*e aabe#$rre&t %rt!%&....................................... 25>000I%e ta/e" aabe.............................................................. 18>500B%&$" aabe.......................................................................... 9>000!000

T%ta !ab!!t!e"............................................................................... D344>500


C%%& "t%#> D1 ar 14>000 "are" !""$e-............................................. D 14>000A--!t!%&a a!-?!& #a!ta....................................... 276>000 D290>000

Reta!&e- ear&!&*",....................................................................... 99>105T%ta %&er" e$!t..................................................................... 389>105T%ta !ab!!t!e" a&- %&er" e$!t.............................................. D 733>605

,A%$&t &ee-e- t% baae te "tatee&t.

N%te Te $e"t!%& %f e& t% re#%*&!e a !ab!!t f%r r%ert ta/e"e& teta/e" are a""e""e- %r a" te ta/ ear ea"e"!" a#t$a $!te #%!#ate-. T!""%$t!%& a""$e" tat te !ab!!t !" re#%*&!e- a" te ta/ ear )2003+ ea"e". T$">&% !ab!!t !" re#%r-e- at te e&- %f 2002.


25/38

3'31. A %r "eet !" &%t re$!re-> b$t !t fa#!!tate" te rearat!%& %f a #%rre#te-baae "eet.

ee&-abe C%$ter"> I.F%r Seet f%r C%rre#te- Baae Seet

$&e 30> 2002

C%rre#te- Baae Seet C%rre#t!%&" Baae SeetA##%$&t T!te eb!t Cre-!t eb!t Cre-!t eb!t Cre-!t

C$rre&t A""et"..................... 244>050 ......... ......... )a+ 244>050 ......... .........Oter A""et"......................... 628>550 ......... ......... )b+ 628>550 ......... .........C$rre&t =!ab!!t!e"................ ......... 138>600 )#+ 138>600 ......... ......... .........Oter =!ab!!t!e".................... ......... 90>000 )-+ 90>000 ......... ......... .........O&er" E$!t..................... ......... 644>000 )e+ 644>000 ......... ......... .........

872>600 872>600Ca"...................................... ......... ......... )a+ 42>250 ......... 42>250 .........I&000 ......... 60>000 .........A##%$&t" Re#e!800 ......... 56>800 .........I&000 ......... 107>000Reta!&e- Ear&!&*"............... ......... ......... )b+ 77>400 ......... ......... .........

......... ......... )f+ 127>000 ......... 204>400 .........e%"!t !t S$!er.......... ......... ......... )b+ 2>150 ......... 2>150 .........Par% Paabe..................... ......... ......... ......... )#+ 7>150 ......... 7>150Ta/e" Paabe....................... ......... ......... ......... )#+ 4>150 ......... 4>150Re&t Paabe........................ ......... ......... ......... )#+ 11>400 ......... 11>400A##%$&t" Paabe................ ......... ......... ......... )#+ 101>400 ......... 101>400N%te" Paabe...................... ......... ......... ......... )#+ 16>000 ......... 16>000

N%te Re#e!500 ......... 1>500 .........G%rt*a*e Paabe )#$rre&t%rt!%&+................................. ......... ......... ......... )-+ 18>000 ......... 18>000G%rt*a*e Paabe)&%$rre&t %rt!%&+............ ......... ......... ......... )-+ 72>000 ......... 72>000Preferre- St%# )19>000"are" at D20 ar+................ ......... ......... ......... )e+ 380>000 ......... 380>000C%%& St%# )160>000"are" at D1 "tate- 000 ......... 160>000

Pa!-?I& Ca!ta !& E/#e"" )e+ 104>000%f State- a$e..................... ......... ......... ......... )f+ 127>000 ......... 231>000

1>980>700 1>980>700 1>108>100 1>108>100

C%rre#t!%&")a+ T% e"tab!" #$rre&t a""et baae")b+ T% e"tab!" %ter a""et baae" a&- e!!&ate *%%-!)#+ T% e"tab!" #$rre&t !ab!!t baae")-+ T% e"tab!" %rt*a*e aabe baae")e+ a&- )f+ T% e"tab!" %&er" e$!t baae"

P


26/38

3'31. )C%$-e-+ee&-abe C%$ter"> I.

Baae Seet$&e 30> 2002

A""et"

C$rre&t a""et"Ca"........................................................................................... D 42>250I&000 D247>700

Pr%ert> a&t> a&- e$!e&t................................................... D656>000=e"" A##$$ate- -ere#!at!%&............................................ 107>000 549>000

T%ta a""et"................................................................................... D 796>700


N%te" aabe........................................................................... D 16>000A##%$&t" aabe..................................................................... 101>400G%rt*a*e aabe )#$rre&t %rt!%&+........................................ 18>000A##r$e- e/e&"e"

Par% aabe.................................................. D 7>150Ta/e" aabe.................................................... 4>150Re&t aabe...................................................... 11>400 22>700 D158>100

G%rt*a*e aabe )&%$rre&t %rt!%&+..................................... 72>000T%ta !ab!!t!e"............................................................................... D230>100

O&er" E$!tC%&tr!b$te- #a!taPreferre- "t%# !""$e-> D20 ar>19>000 "are" %$t"ta&-!&*.................................... D380>000C%%& "t%#> 160>000 "are"%$t"ta&-!&* at D1 "tate- 000Pa!-?!& #a!ta !& e/#e"" %f "tate- 000 D771>000

=e"" A##$$ate- -ef!#!t........................................................... )204>400+T%ta %&er" e$!t..................................................................... 566>600T%ta !ab!!t!e" a&- %&er" e$!t.............................................. D 796>700


27/38


Aaa#!a& :re!*t C%a&F%r Seet f%r C%rre#te- Baae Seet

e#eber 31> 2002

C%rre#te- Baae Seet C%rre#t!%&" Baae Seet

A##%$&t T!te eb!t Cre-!t eb!t Cre-!t eb!t Cre-!t

Ca"...................................... 45>050 ......... ......... ......... 45>050 .........A##%$&t" Re#e!500 ......... ......... ......... 112>500 .........I&800 ......... ......... ......... 8>800 .........Pr%ert> Pa&t>a&- E$!e&t..................... 376>800 ......... )#+ 180>000 )#+ 85>000 471>800 .........G!"#ea&e%$" =!ab!!t!e"..... ......... 3>600 )-+ 3>600 ......... ......... .........=%a& Paabe........................ ......... 76>200 ......... ......... ......... 76>200A##%$&t" Paabe................ ......... 75>250 ......... )b+ 16>250 ......... 91>500Ca!ta St%#........................ ......... 134>000 )+ 134>000 ......... ......... .........Pa!-?I& Ca!ta...................... ......... 458>100 )!+ 458>100 ......... ......... .........

747>150 747>150Reta!&e- Ear&!&*"............... ......... ......... )a+ 4>800 )!+ 308>500 ......... .........

......... ......... )b+ 61>250 ......... ......... 179>650

......... ......... )f+ 18>250 ......... ......... .........

......... ......... )*+ 44>550 ......... ......... .........A%ae f%r %$btf$A##%$&t"............................... ......... ......... ......... )a+ 4>800 ......... 4>800A##$$ate- ere#!at!%&B$!-!&*" a&- E$!e&t. .. ......... ......... )#+ 85>000 )#+ 180>000 ......... 95>000Saar!e" Paabe................... ......... ......... ......... )-+ 9>500 ......... 9>500A-900 ......... 5>900 .........eferre- I%e Ta/ =!ab!!t ......... ......... ......... )*+ 44>550 ......... 44>550Ta/e" Paabe....................... ......... ......... ......... )f+ 18>250 ......... 18>2506 Preferre- St%#> D20 Par ......... ......... ......... )+ 125>000 ......... 125>000C%%& St%#> D1 State-a$e...................................... ......... ......... ......... )+ 9>000 ......... 9>000Pa!-?I& Ca!ta !& E/#e""%f Par a&- State- a$e" %&Preferre- a&- C%%&St%#..................................... ......... ......... ......... )!+ 149>600 ......... 149>600

995>450 995>450 803>050 803>050

P


28/38

3'32. )C%$-e-+

Aaa#!a& :re!*t C%a&Baae Seet

e#eber 31> 2002

A""et"

C$rre&t a""et"Ca"........................................................................................... D 45>050A##%$&t" re#e!500

=e"" A%ae f%r -%$btf$ a##%$&t"........... 4>800 107>700I&800 D320>550

Pr%ert> a&t> a&- e$!e&t................................................... D471>800=e"" A##$$ate- -ere#!at!%&............................................ 95>000 376>800

Oter &%$rre&t a""et"A-900

T%ta a""et"................................................................................... D 703>250


=%a& aabe t% ba&> %rt!%& -$e t!" ear......................... D 25>000A##%$&t" aabe..................................................................... 91>500Saar!e" aabe....................................................................... 9>500Ta/e" aabe........................................................................... 18>250 D144>250

=%a& aabe t% ba&> %rt!%& -$e ear" f%%!&*.................. 51>200eferre- !%e ta/ !ab!!t........................................................ 44>550

T%ta !ab!!t!e"............................................................................... D240>000


6 Preferre- "t%#> D20 ar> 6>250 "are".......... D125>000C%%& "t%#> D1 "tate- 9>000 "are".... 9>000Pa!-?!& #a!ta !& e/#e"" %f ar a&- "tate-600 D283>600

Reta!&e- ear&!&*"........................................................................ 179>650

T%ta %&er" e$!t..................................................................... 463>250

T%ta !ab!!t!e" a&- %&er" e$!t.............................................. D 703>250


29/38


e!#!%$" BaerF%r Seet f%r C%rre#te- Baae Seet

e#eber 31> 2002

C%rre#te-

Baae Seet C%rre#t!%&" Baae SeetA##%$&t T!te eb!t Cre-!t eb!t Cre-!t eb!t Cre-!t

C$rre&t A""et"..................... 53>415 ......... ......... )a+ 53>415 ......... .........C$rre&t =!ab!!t!e"................ ......... 29>000 )#+ 29>000 ......... ......... .........Oter A""et"......................... 75>120 ......... ......... )b+ 75>120 ......... .........Oter =!ab!!t!e".................... ......... 3>600 )-+ 3>600 ......... ......... .........I&935 )e+ 95>935 ......... ......... .........

128>535 128>535 ......... ......... ......... .........Ca"...................................... ......... ......... )a+ 10>600 ......... 10>600 .........I&575 .........Tra-e A##%$&t" Re#e!500 ......... 12>500 .........

I&040 ......... 8>040 .........S$!e" I&100 .........:!/t$re"................................. ......... ......... )a+ 12>500 ......... 12>500 .........A##$$ate- ere#!at!%&:!/t$re"................................. ......... ......... ......... )a+ 2>100 ......... 2>100Ca" S$rre&-er a$e %fI&"$rae %& Off!#er" =!675 ......... ......... .........

......... ......... )b+ 7>750 ......... ......... .........

......... ......... )-+ 350 ......... ......... 30>160

......... ......... ......... )e+ 40>935 ......... .........=a&-...................................... ......... ......... )b+ 30>000 ......... 30>000 .........

B$!-!&*"............................... ......... ......... )b+ 62>000 ......... 62>000 .........A##$$ate- ere#!at!%&B$!-!&*"M2 )D62>000 20+............... ......... ......... ......... )b+ 7>750 ......... 7>75011 G%rt*a*e Paabe)&%$rre&t %rt!%&+............ ......... ......... ......... )b+ 12>000 ......... 12>00011 G%rt*a*e Paabe)#$rre&t %rt!%&+................... ......... ......... ......... )b+ 4>000 ......... 4>000I&tere"t Paabe................... ......... ......... ......... )b+ 880 ......... 880Tra-e A##%$&t" Paabe...... ......... ......... ......... )#+ 29>000 ......... 29>000G!"#ea&e%$" =!ab!!t!e"..... ......... ......... ......... )-+ 3>950 ......... 3>950Ca!ta St%#> D5 State-a$e> 5>000 Sare".............. ......... ......... ......... )e+ 25>000 ......... 25>000

Pa!-?I& Ca!ta !& E/#e""%f State- a$e..................... ......... ......... ......... )e+ 30>000 ......... 30>000 284>150 284>150 144>840 144>840

C%rre#t!%&" )a+ T% re"tate #$rre&t a""et" )-+ T% re"tate %ter !ab!!t!e")b+ T% re"tate %ter a""et" )e+ T% re"tate %&er" e$!t a##%$&t")#+ T% re"tate #$rre&t !ab!!t!e"

3'33. )C%$-e-+

e!#!%$" BaerBaae Seet

P


30/38

e#eber 31> 2002

A""et"C$rre&t a""et"

Ca"........................................................................................... D 10>600I&250+................................................................ 2>575Tra-e a##%$&t" re#e!500I&040S$!e" !&140

I&000

=e"" A##$$ate- -ere#!at!%&...................... 7>750 54>250

:!/t$re"................................................................... D 12>500

=e"" A##$$ate- -ere#!at!%&...................... 2>100 10>400e!100 96>750

T%ta a""et"................................................................................... D 134>990


G%rt*a*e aabe> %rt!%& -$e t!" ear............................... D 4>000Tra-e a##%$&t" aabe........................................................... 29>000I&tere"t aabe........................................................................ 880G!"#ea&e%$" !ab!!t!e".......................................................... 3>950 D 37>830

11 G%rt*a*e aabe )&%$rre&t %rt!%&+............................. 12>000T%ta !ab!!t!e"............................................................................... D 49>830


Ca!ta "t%#> D5 "tate- 5>000 "are"....... D 25>000Pa!-?!& #a!ta !& e/#e"" %f "tate- 000 D 55>000

Reta!&e- ear&!&*"........................................................................ 30>160

T%ta %&er" e$!t..................................................................... 85>160

T%ta !ab!!t!e" a&- %&er" e$!t.............................................. D 134>990


31/38

3'34. A %r "eet !" &%t re$!re-> b$t !t fa#!!tate" te rearat!%& %f tee#eber 31> 2002> baae "eet.

C%r&!" C%r%rat!%&F%r Seet f%r Baae Seet

e#eber 31> 2002

Baae Seet Tra&"a#t!%&" Baae Seet a&$ar 1> 2002 2002 e#eber 31> 2002

A##%$&t T!te eb!t Cre-!t eb!t Cre-!t eb!t Cre-!t

Ca"...................................... 10>000 ......... )e+ 365>000 )b+ 175>000 ......... .................. ......... )*+ 100>000 )a+ 68>500 76>500 .................. ......... )#+ 15>000 ......... .................. ......... )f+ 140>000 ......... .........

A##%$&t" Re#e!000 ......... )-+ 380>000 )e+ 365>000 90>000 .........I&000 ......... )a+ 270>000 )-+ 290>000 55>000 .........E$!e&t............................ 115>000 ......... )f+ 190>000 )f+ 50>000 255>000 .........A##%$&t" PaabeS$!er"............................... ......... 45>000 )b+ 175>000 )a+ 200>000 ......... 70>000

Ca!ta St%#> D1 ar............ ......... 10>000 ......... )*+ 4>000 ......... 14>000A--!t!%&a Pa!-?I& Ca!ta.. . ......... 220>000 ......... )*+ 96>000 ......... 316>000275>000 275>000 ......... ......... ......... .........

Reta!&e- Ear&!&*"............... ......... ......... )#+ 15>000 )-+ 90>000 ......... .................. ......... )+ 42>000 ......... ......... 3>500......... ......... )!+ 27>000 ......... ......... .................. ......... );+ 2>500 ......... ......... .........

Fa*e" Paabe..................... ......... ......... ......... )a+ 1>500 ......... 1>500!500 ......... 2>500

1>566>500 1>566>500 476>500 476>500

Tra&"a#t!%&")a+ T% re#%r- #%"t" %f r%-$#t!%& )*+ T% re#%r- !""$ae %f a--!t!%&a "t%#)b+ T% re#%r- ae&t t% "$!er" )+ T% re#%r- -!


32/38

3'34. )C%$-e-+

C%r&!" C%r%rat!%&Baae Seet

e#eber 31> 2002

A""et" =!ab!!t!e"C$rre&t a""et" C$rre&t !ab!!t!e"Ca".............................................. D 76>500 A##%$&t" aabe"$!er".... D 70>000A##%$&t" re#e!000a##%$&t"+...................................... 87>500 T%ta #$rre&t !ab!!t!e"................ D

113>500I&000T%ta #$rre&t a""et"..................... D 219>000 O&er" E$!t

C%&tr!b$te- #a!taE$!e&t....................................... D255>000 Ca!ta "t%#> D1 ar>

=e"" A##$$ate- 14>000 "are" !""$e--ere#!at!%&.................................. 27>000 a&- %$t"ta&-!&*.......................... D 14>000

D 228>000 A--!t!%&a a!-?!& #a!ta........... 316>000Reta!&e- ear&!&*"......................... 3>500T%ta %&er" e$!t...................... D

333>500T%ta !ab!!t!e" a&- %&er"

T%ta a""et"..................................... D 447>000 e$!t.............................................. D 447>000


33/38

COGPETENC ENHANCEGENT OPPORTUNITIES

e#!er!&* 3'1 )Te Fat !"&e C%a&+

1. 9isney reports a current ratio of &.)> %)>'. This ratio has increased slightly from &2when it was &.)).

2. n Eote &, 9isney states that it uses the moving average cost basis for computing the cost ofinventories and that the inventories are stated at the lower of cost or mar!et.

3. Eote & discloses that theme par!s, resorts, and other property are carried at cost. 9epreciation iscomputed on the straight"line method based upon estimated useful lives ranging from 6 to >= years.

4. n Eote &= to the financial statements, 9isney reports that of the ,21 related to intangibleassets,


34/38

e#!er!&* 3'3 )!a*e%+

!a*e%C%&"%!-ate- Baae Seet

30 $&e 1998)I& !!%&" %f +

A""et"

+urrent assets:+ash................................................................................................................................ Q ),>=6nvestments..................................................................................................................... DD

Accounts receivable %),=62 R R &'......................................................................... 6,=>Dnventory......................................................................................................................... ),)61Total current assets....................................................................................................... .. Q ,)22

nvestments......................................................................................................................... &,)DDroperty, plant, and equipment, net %6,==1 ; &='............................................................... ),&1ntangible assets.................................................................................................................. D,2)2Total assets.......................................................................................................................... Q&2,=1D

=!ab!!t!e"+urrent liabilities:

Accounts payable and accrued liabilities........................................................................ Q 6,>)DShort"term debt............................................................................................................... D,2)DTotal current liabilities...................................................................................................... Q ,)D

*ong"term debt..................................................................................................................... ),D7ther noncurrent liabilities................................................................................................... )D6rovisions for liabilities and charges.................................................................................... 2=>inority interest %&1 R 611'................................................................................................ >6>Total liabilities....................................................................................................................... Q&),1)>

St%#%-er" E$!t+ontributed capital:

referred stoc!................................................................................................................ Q &=>+ommon stoc!................................................................................................................ &,=6D

Additional paid"in capital................................................................................................. &,&)&

etained earnings................................................................................................................ ),&2Total stoc!holders5 equity..................................................................................................... Q D,D6Total liabilities and stoc!holders5 equity.............................................................................. . Q&2,=1D

e#!er!&* 3'4 )Safea> Abert"%&"> a&- AVP+

1. Safeway Albertsons AC

+urrent ratio....................................................................... =.= &.66 &.)2

9ebt ratio............................................................................ =.26 =.>> =.11

Asset turnover.................................................................... ).&> ).>2 6.D6

eturn on equity................................................................. )1.)? )=.)? 1.)?


35/38


36/38

Re"ear# Pr%;e#t F are te &%te" "% %&*W

The & financial statements of Lohnson C Lohnson will be used to illustrate the length and type ofinformation contained in the typical annual report.

1. There are pages of notes to Lohnson C Lohnson5s & financial statements.

2. The top five notes in terms of space used are:

&6 etirement and ension lans& Summary of Significant Accounting olicies

&= +ommon Stoc!, Stoc! 7ption lans, and Stoc! +ompensation Agreements&> estructuring and n"rocess esearch and 9evelopment +harges& Financial nstruments

3. 7f course, this is a matter of opinion, but the segment information frequently seems to be the mostuseful. This information allows a person to evaluate the performance of operations by geographicsegment and by line of business. As far as the least useful noteK/ust as parents love all of theirchildren, accounting professors love all of the notes.

4. Lohnson C Lohnson5s Eote )& is titled OUuarterly nformation %unaudited'.O Uuarterly information isusually the only note that is not included in the audit opinion.

5. 4hile the answer to this question will depend on the annual reports reviewed, in the case ofLohnson C Lohnson the most interesting note relates to pending legal proceedings. The company isa defendant in numerous cases ran!ing from anti"trust litigation to patent infringement.

Te ebate ! te &%te"X

Statements 7nly n this age of instant communication, investors need fast information. reparation of the detailed notes slows down the release of the financial statements. Almost all investor and creditor decisions are based on the financial statement numbers. #ardly

anyone loo!s at the notes. n fact, many decisions are based on the net income number alone. 4e demand speed.

Save the Eotes The Stoc! ar!et +rash of &) shows what can happen when investors buy and sell stoc!s based

on faulty information or no information at all. The 8.S. financial disclosure system is the best in the world because of the e$tensive information

required to be provided in the notes. The 8.S. financial disclosure system is instrumental in ma!ing 8.S. securities mar!ets the most

efficient and fair in the world. any of the detailed note disclosures are the direct result of users crying for more information. Two

e$amples are the business segment information and the details provided about financial instruments. The financial statements are incomplete, and potentially misleading, without the notes.

Et!#a !ea %-*!&* a %a& #%9epending on the attitude of your senior colleagues on the accounting staff, it may be time for you toplan your departure from the firm. f you find yourself wor!ing for unethical superiors, you inevitably willbe placed in situation after situation where you are faced with compromising your principles. f you thin!

you will have to leave the firm eventually, you are better off to ma!e it an orderly departure.f your senior colleagues are ethical people who are also troubled by the options facing the firm, then youmight suggest the following approach. Action & %lying about management intent concerning the propertyin order to reclassify it as a current asset' is clearly unethical and unacceptable. All of the emphasisshould be placed on Action ), which has a chance of being made to comply with the accounting rules.The presentation to the board of directors might include the following points:

A loan covenant violation would be very costly %give details'. 7ne way to avoid violation is to acceleratethe negotiations on the refinancing plan.


37/38

f a formal refinancing deal can be signed by the date the financial statements are finali(ed, theshort"term loans can be properly classified as long"term, thus improving the current ratio andavoiding the covenant violation.

f refinancing negotiations are not accelerated, the only other option is very unattractive and involvesoutright lying %briefly describe Action &'.

A presentation focusing on these points is ethical, gives the board of directors a concrete action to

consider %i.e., getting to wor! on the refinancing negotiations', and points out the unsuitability of the onlyalternative action.

C$$at!


38/38

Stop & Think (p. 1"!)4hich of the five subsequent events disclosed by ATCT as occurring in &would also require an ad/ustment to the & financial statements

Eone of the f ive subsequent events disclosed by ATCT as occurring in & would require an ad/ustmentto the & financial statements. These events do not provide new information about conditions e$istingas of 9ecember 6&, &. #owever, these subsequent events are disclosed because they became!nown before the release of the financial statements and they could impact the way financial statement

users pro/ect the future based on the & financial statements.

SO=UTIONS TO BO(E ITEGS

Baae Seet T!t ). 108+

1. Eet income %or income from continuing operations' is a !ey number in many business valuationmodels. t is certainly the most reported number from the financial statements. Thus, there is

/ustification for concern about ma!ing sure that the income statement provides the best possiblemeasure of a company-s economic performance for the period.

#owever, one reason that most valuation models emphasi(e the income statement is thataccountants have sometimes not done well at ma!ing the balance sheet seem relevant to valuation.

erhaps in years to come this Obalance sheet tiltO will result in more attention being paid to thebalance sheet.

2. Volatile earnings create the impression of ris!iness. And no company wants to appear more ris!ybecause this ma!es both investors and creditors nervous.

3. +omprehensive income will include all changes in equity during a period e$cept for those stemmingfrom investments by and distributions to owners. n particular, comprehensive income will include allof the unreali(ed gains and losses that are recogni(ed in order to report current values in thebalance sheet. Some of these unreali(ed gains and losses will be e$cluded from earnings, or netincome.

4. Students- answers will vary.

I&f%rat!%& O

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