Q: Pier 1 Imports reported retail sales for fiscal 2019 of $1
Pier 1 Imports reported retail sales for fiscal 2019 of $1.6 billion. During the year, accounts receivable decreased from $22.2 million to $21.2 million. Estimate the cash collected by Pier 1 from its...
See AnswerQ: Publicly traded companies release financial statements (unaudited) on a quarterly
Publicly traded companies release financial statements (unaudited) on a quarterly basis. For one particular quarter, MarketWatch reported that Bank of America (B of A) and Wells Fargo had improved the...
See AnswerQ: Excerpts from the operating sections of the 2019 statement of cash flows
Excerpts from the operating sections of the 2019 statement of cash flows for AT&T and Toyota are provided below. AT&T publishes U.S. GAAP-based financial statements in U.S. dollars, and Toyota...
See AnswerQ: A few years ago, Par Pharmaceuticals announced that it would restate
A few years ago, Par Pharmaceuticals announced that it would restate financial results for the first quarter of the current year and for the past two years due to an understatement of the allowance fo...
See AnswerQ: The following quote was taken from the 2019 annual report of HP
The following quote was taken from the 2019 annual report of HP, Inc. HP sells a significant portion of its products through third-party distributors and resellers and, as a result, maintains individu...
See AnswerQ: Forbes noted that "Fairfield Company does set aside a reserve for
Forbes noted that "Fairfield Company does set aside a reserve for bad debts, but last year it began tinkering with its provision for loan losses, reducing it from $6.5 million in one year to $5.39 mil...
See AnswerQ: A partner from a major accounting firm made the following comment when
A partner from a major accounting firm made the following comment when asked about the accounting methods used by companies in the software industry: "Accounting policies that have adverse short-term...
See AnswerQ: Target Corp. is a major U.S. retailer that
Target Corp. is a major U.S. retailer that historically has carried inventory balances in excess of 15 percent of its total assets, and in a typical year the cost of its sold inventory approximates 70...
See AnswerQ: Amazon.com described its inventory policies in the 2019 annual report
Amazon.com described its inventory policies in the 2019 annual report as follows: Inventories Inventories, consisting of products available for sale, are primarily accounted for using the first-in, fi...
See AnswerQ: ExxonMobil, a multinational integrated oil and gas company, reported the
ExxonMobil, a multinational integrated oil and gas company, reported the following information in its 2019 annual report: Due to slackening global demand for crude oil, as well production disputes bet...
See Answer
