Bundle: Managerial Accounting, 15th + Cengagenowv2, 1 Term Printed Access Card
Bundle: Managerial Accounting, 15th + Cengagenowv2, 1 Term Printed Access Card
15th Edition
ISBN: 9781337955386
Author: Carl Warren, Ph.d. Cma William B. Tayler
Publisher: Cengage Learning
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Chapter 15, Problem 3TIF

Financial condition

Tidewater Inc., a retailer, provided the following financial information for its most recent fiscal year:

Chapter 15, Problem 3TIF, Financial condition Tidewater Inc., a retailer, provided the following financial information for its , example  1

The company’s “Cash flows from operating activities” section is as follows:

Chapter 15, Problem 3TIF, Financial condition Tidewater Inc., a retailer, provided the following financial information for its , example  2

An examination of the financial statements revealed the following additional information:

  • Revenues increased during the year as a result of an aggressive marketing campaign aimed at increasing the number of new “Tidewater Card” credit card customers. This is the company’s branded credit card, which can only be used at Tidewater stores. The credit card balances are accounts receivable on Tidewater’s balance sheet.
  • Some suppliers have made their merchandise available at a deep discount. As a result, the company purchased large quantities of these goods in an attempt to improve the company’s profitability.
  • In recent years, the company has struggled to pay its accounts payable on time. The company has improved on this during the past year and is nearly caught up on overdue payables balances.
  • The company reported net losses in each of the two prior years.

Write a brief memo to your instructor evaluating the financial condition of Tidewater Inc.

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