Select a public company that interests you. Obtain the company's most recent annual report on Form 10-K. The Form 10-K is a company's annually required filing with the Securities and Exchange Commission (SEC). It includes the company's financial statements and accompanying notes. The Form 10-K can be obtained from (a) the company's investor relations section of the company's website, (b) the search feature of the SEC's EDGAR database service or (c) searching using your search engine (Google, Bing, etc.) Based on the information in the company's most recent annual report, answer the following questions: 1) What amount of total assets does the company report on its balance sheet? 2) What amount of total liabilities does the company report on its balance sheet? 3) Using the accounting equation, determine the company's stockholders' equity. Compare this amount to the amount of stockholder's equity reported on the company's balance sheet. Do the figures match? 4) How many years of information are reported on the company's income statement? 5) How many years of information are reported on the company's balance sheet? 6) What is the difference between the information reported on the income statement and the information reported on the balance sheet?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Select a public company that interests you. Obtain the company's most recent annual report on Form 10-K. The Form 10-K is a company's annually required filing with the Securities and Exchange Commission (SEC). It includes the company's financial statements and accompanying notes. The Form 10-K can be obtained from (a) the company's investor relations section of the company's website, (b) the search feature of the SEC's EDGAR database service or (c) searching using your search engine (Google, Bing, etc.)

Based on the information in the company's most recent annual report, answer the following questions:

1) What amount of total assets does the company report on its balance sheet?

2) What amount of total liabilities does the company report on its balance sheet?

3) Using the accounting equation, determine the company's stockholders' equity. Compare this amount to the amount of stockholder's equity reported on the company's balance sheet. Do the figures match?

4) How many years of information are reported on the company's income statement?

5) How many years of information are reported on the company's balance sheet?

6) What is the difference between the information reported on the income statement and the information reported on the balance sheet?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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