University of Arizona Accounting 554 Case #1: Dow Chemical Company Goals: • • • Become familiar with a set of financial statements including auditor opinion and significant accounting policy footnote‚ Perform basic analysis and interpretation of the financial statements‚ including common size analysis‚ Recognize the role of estimates in the measurement of financial statement amounts. Refer to the Dow Chemical financial statements for 2008 in answering the following: 1. Who are Dow’s external auditors
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Act‚ the financial statements and notes in the CPL Financial Report did not give a true and fair view of the financial position of the consolidated entity in that: (i) the financial statements and notes represented that the interest bearing current liabilities of the consolidated entity were $1‚096‚936‚000 when in fact the current liabilities of the consolidated entity were $2‚611‚033‚581; (ii) the notes did not disclose the fact that CPL had given the Relevant Guarantees; (c) in breach of s 298
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Report on Consolidated Financial Statements TO THE MEMBERS OF TATA STEEL LIMITED Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of TATA STEEL LIMITED (hereinafter referred to as “the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) its associates and jointly controlled entities‚ comprising of the Consolidated Balance Sheet as at 31st March‚ 2015‚ the Consolidated Statement
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Information Chairman’s Statement Corporate Governance Statement Directors’ Report Auditor’s Independence Declaration Financial Report for the year ended 30 June 2011 Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements Directors’ Declaration Independent Auditor’s Report ASX Additional Information PAGE 2 3 7 11 16 17 18
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Problem 11-4 FCs Dollars 14‚400) 1.10 15‚840 Implied value of 100% 16‚000 x 1.10 17‚600) Carrying amount of S Company’s net assets 13‚000 1.10 14‚300) Acquisition differential 3‚000) 1.10 3‚300) Plant and equipment 2‚000) 1.10 2‚200) Goodwill 1‚000) 1.10 1‚100) Cost of 90% of S Company Allocated: (a) The Canadian dollar is the functional currency i.e. S Company is an integrated foreign subsidiary. C = closing rate Dec.
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business or its activities. These notes are important to the users because it fulfilling the needs of the external users of the financial statements. Types of explanatory notes are as follow : NOTES THAT EXPLAIN INTANGIBLES for example from the consolidated statement of financial position of unikai the amount of intangible assets as for (461). NOTES ABOUT VALUING INVENTORY‚ in the notes of significant accounting policies in the paragraph of inventories they states that inventories are measured at
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marginal 6% growth in its consolidated revenues to Rs. 216.55 crore in Q2CY’12 compared to Q2CY’11 while it’s bottom-line fell 2% to Rs. 43.70 crore which was lower than expectation. Growth in income was contributed by 7% growth in rating services revenues at Rs. 90.70 crore contributing 42% of total revenues and 10% growth in research services revenues at Rs. 113.28 crore contributing 52% of total revenues. Advisory services revenues fell 22% to Rs. 12.29 crore. Consolidated other income for the
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2. Why was the consolidated watch list created? What are the benefits of the list? ANSWER: In the aftermath of the 9-11 attacks‚ both critics and defenders of the information systems employed by the US intelligence community became concerned on how to prevent future terrorist incidents. Then a database of suspected terrorist known as the consolidated watch list was born. It is created in order to maintain separate list about terrorist and share relevant information concerning the individuals on
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Depreciation Expense 6‚000 Accumulated Depreciation 6‚000 To amortize excess for the current year. Exercise 3–3‚ Continued (3) Panther Company and Sargo Company Consolidated Income Statement For Year Ended December 31‚ 2011 Sales $250‚000 Less expenses (add $6‚000 adjustment) 191‚000 Consolidated net income $ 59‚000 Distributed to noncontrolling interest 3‚800 Distributed to controlling interest $ 55‚200 Subsidiary Sargo
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Quiz Questions for Chapter 1 1. Waverly Company paid $5‚000 cash for wages of production workers. This business event would: a. increase total assets and total equity. b. increase one asset account and decrease another asset account. c. decrease total assets and total equity. d. decrease one asset account and increase an equity account. 2. Warren Company makes candy. During the most recent accounting period‚ Warren paid $3‚000 for raw materials‚ $4‚000 for labor‚ and
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