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Ac 304 Sec Project

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AC 304


This SEC filing project is designed to aid you in understanding the content of published financial statements and to observe form and terminology.

You are to refer to the financial statements of an agreed upon company contained in Form 10-K filed with the Securities and Exchange Commission and respond to the following for the most current and immediately preceding year (you may omit thousands if you wish). Please disclose numerators and denominators used in your calculations and page numbers where those numbers were obtained.

a. Income Statement:

1. Is this a comparative statement?

Answer: Yes it is a comparative statement and it can be found on page 18. 2. Is this a consolidated statement? Answer: Yes it is a consolidated statement and you can see this on page 18.

3. Are there any unusual or infrequent items? How are they presented?

Answer: Yes there are unusual and infrequent items on the income statement and it is presented in a multi step income statement format. This can be found on page 18.

4. What is the effective income tax expense rate for continuing operations?

Answer: The tax rate is 32% and it can be found on page 13.

5. Are there any discontinued operations?

Answer: No there are no discontinued operations. This can be found on page 18.

6. Are there any extraordinary operations?

Answer: No there are no extraordinary items on the income statement and it can be found on page 18. 7. Were there any cumulative effective of changes in accounting principles? Describe.

Answer: Yes there were and I will state them and they can be found on page 9. (1) Earnings per share have been restated to reflect a two-for-one stock Split in February…...

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