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1、Chapter 16Understanding Corporate Annual Reports:Basic Financial StatementsLEARNING OBJECTIVES:When your students have finished studying this chapter, they should be able to: 1.Recognize and define the main types of assets in the balance sheet of a corporation. 2.Recognize and define the main types
2、of liabilities in the balance sheet of a corporation. 3.Recognize and define the main elements of the stockholders equity section of the balance sheet of a corporation. 4.Recognize and define the principle elements in the income statement of a corporation. 5.Recognize and define the elements that ca
3、use changes in the statement of retained earnings. 6.Identify activities that affect cash, and classify them as operating, investing, or financing activities. 7.Assess financing and investing activities using the statement of cash flows. 8.Use both the direct method and the indirect method to explai
4、n cash flows from operating activities.9. Explain the role of depreciation in the statement of cash flows.10. Describe and assess the effects of the four major methods of accounting for inventories (Appendix 16A).CHAPTER 16:ASSIGNMENTSCRITICAL THINKING EXERCISES37.Production Facilities and Depreciat
5、ion38.R&D and the Recognition of Intangible Assets39.Using the Income Statement to Evaluate Sales Success40.Capital Investment and the Statement of Cash Flows41.Purchasing Operations and LIFO versus FIFOGENERAL EXERCISES and PROBLEMS42.Meaning of Book Value43.Balance Sheet and Income Statement44.Sim
6、ple Changes in Retained Earnings and Total Stockholders Equity45.Cash Received from Customers46.Cash Paid to Suppliers47.Cash Paid to Employees48.Simple Cash Flows from Operating Activities49.Net Income and Cash Flow50.Net Loss and Cash Flows from Operating Activities51.Preparation of a Statement of
7、 Cash Flows52.Reconciliation of Net Income and Net Cash Provided by Operating Activities53.Depreciation and Cash Flows54.Cash Flows, Indirect Method55.Preparation of Statement of Cash Flows56.LIFO and FIFO57.Lower of Cost or MarketU.S. GAAP58.LIFO, FIFO, Cash Effects59.LIFO, FIFO, and Cash Effects60
8、.LIFO, FIFO, Prices Rising and FallingUNDERSTANDING PUBLISHED FINANCIAL REPORTS61.Various Intangible Assets62.Various Liabilities63.Exercises in Assets, Liabilities, and Stockholders Equity64.Classified Income Statement and Balance Sheet65.Classified Balance Sheet-Britain66.Gain on Airplane Crash67.
9、Identification of Operating, Investing, and Financing Activities68.Interest Expense69.Indirect and Direct Cash Flows from Operations70.Statement of Cash Flows, Direct and Indirect Methods71.Comparison of Inventory Methods72.Effects of Late Purchases73.LIFO and FIFO at Home Depot74.Effect of LIFO75.N
10、ike 10-K Problem: Using Financial StatementsEXCEL APPLICATION EXERCISE76.Analyzing Differences between Inventory Valuation MethodsCOLLABORATIVE LEARNING EXERCISE77.Income Statement and Balance Sheet AccountsINTERNET EXERCISE78.Lowes Companies Financial Statements(http:/)244Copyright 2011 Pearson Edu
11、cation, Inc., Publishing as Prentice Hall.CHAPTER 16:OUTLINE I.Classified Balance Sheet L. O. 1See EXHIBIT 16-1 for the classified balance sheets of Nike, Inc. Assets and liabilities are classified into five main sections: current assets, noncurrent assets, current liabilities, noncurrent liabilitie
12、s, and shareholders equity. These classifications of balance sheet items are described below.A.Current AssetsCurrent assets include cash and all other assets that are reasonably expected to be converted to cash, sold, or consumed during a normal operating cycle. Operating Cycle - the time span durin
13、g which cash is spent to acquire goods and services that are used to produce the organizations output, and then sold to customers, and finally the customers pay for their purchases with cash.As shown in EXHIBIT 16-1, current assets fall into several broad categories (e.g., cash and cash equivalents,
14、 accounts receivable, inventories, prepaid expenses, and other assets). Cash consists of bank deposits in checking accounts plus money on hand. Cash Equivalents - short-term investments that can easily be converted into cash with little delay (e.g., money market funds and treasury bills are good exa
15、mples of cash equivalents). These securities are usually shown at cost or market price, whichever is lower.Accounts receivable is the total amount owed to the company by its customers. Because some customers ultimately will not pay their bill, an allowance or provision for doubtful accounts reduces the total. Inventories consist of merchandise, finished products of manufacturers, goods in process of being manufactured, and raw materials. Inventories are stated at t
