Question: Refer to the financial statements of Samsung
Refer to the financial statements of Samsung in Appendix A. What does Samsung title its accounts receivable on its consolidated balance sheet? What are Samsung’s accounts receivable at December 31, 2013?
Samsung’s financial statements from Appendix A:
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Samsung Electronics Co., Ltd. and its subsidiaries CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (In millions of Korean won) December 31, 2013 December 31, 2012 KRW KRW Assets Current assets Cash and cash equivalents Short-term financial instruments 16,284,780 36,722,702 1,488,527 27,875,934 18,791,460 17,397,937 1,258,874 26,674,596 Available-for-sale financial assets Trade and other receivables Advances 1,928,188 2,472,950 19,134,868 2,135,589 1,674,428 2,262,234 Prepaid expenses Inventories 17,747,413 1,462,075 Other current assets Assets held for sale 2,716,733 Total current assets 110,760,271 87,269,017 Non-current assets Available-for-sale financial assets 6,238,380 5,229,175 Associates and joint ventures Property, plant and equipment Intangible assets Long-term prepaid expenses 6,422,292 75,496,388 3,980,600 3,465,783 4,621,780 8,785,489 68,484,743 3,729,705 3,515,479 2,516,080 Deferred income tax assets Other non-curent assets 3,089,524 1,541,882 Total assets 214,075,018 181,071,570 Liabilities and Equity Current liabilities Trade and other payables 17,633,705 16,889,350 Short-term borrowings 8,443,752 6,438,517 1,706,313 1,176,046 11,344,530 Advances received Withholdings Accrued expenses Income tax payable Current portion of long-term borrowings and debentures 1,517,672 966,374 9,495, 156 3,222,934 3,386,018 2,425,831 6,736,476 999,010 5,054,853 343,951 Provisions Other current liabilities 467,973 Total current liabilities 51,315,409 46,933,052 Non-current Iliabilities Long-term trade and other payables 1,053,756 1,165,881 debentures 1,311,068 1,829,374 3,623,028 1,729,939 3,429,467 Long-term borowings 985,117 Net defined benefit liabilities 1,854,902 6,012,371 Deferred income tax liabilities Provisions 460,924 408,529 472,094 Other non-curent liabilities 1,065,461 Total liabilities 64,059,008 59,591,364 Equity attributable to owners of the parent Preferred stock 119,467 119,467 Common stock 778,047 Share premium Retained eamings Other components of equity 4,403,893 148,600,282 (9,459,073) 778,047 4,403,893 119,985,689 (8,193,044) Non-controlling interests 5,573,394 4,386, 154 Total equity 150,016,010 121,480,206 Total liabilities and equity 214,075,018 181,071,570 Samsung Electronics Co., Ltd. and its subsidiaries CONSOLIDATED STATEMENTS OF INCOME (In millions of Korean won) For the year ended December 31, 2013 2012 KRW KRW Revenue 228,692,667 201,103,613 Cost of sales 137,696,309 126,651,931 Gross profit Selling and administrative expenses Operating profit 90,996,358 74,451,682 54,211,345 45,402,344 36,785,013 29,049,338 Other non-operating income 2,429,551 1,552,989 Other non-operating expense 1,614,048 1,576,025 Share of profit of associates and joint ventures 504,063 986,611 Finance income 8,014,672 7,836,554 Finance costs 7,754,972 7,934,450 Profit before income tax 38,364,279 29,915,017 Income tax expense 7,889,515 6,069,732 Profit for the year 30,474,764 23,845,285 Profit attributable to owners of the parent 29,821,215 23,185,375 Profit attributable to non-controlling interests 653,549 659,910 Eamings per share for profit attributable to owners of the parent (in Korean Won) -Basic 197,841 154,020 -Diluted 197,800 153,950 Samsung Electronics Co., Ltd. and its subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions of Korean won) For the year ended December 31, 2013 2012 KRW KRW Profit for the year 30,474,764 23,845,285 Other comprehensive income Items not to be reclassifled subsequently to profit or loss: Remeasurement of net defined benefit liabilities, net of tax (213,113) (504, 120) Items to be reclassified subsequently to profit or loss: Changes in value of available-for-sale financial assets, net of tax 186,480 962, 184 Share of other comprehensive income (loss) of associates and joint ventures, net of tax 20,756 (350,491) Foreign currency translation, net of tax (1,000,961) (1,824,653) Other comprehensive loss for the year, net of tax Total comprehensive income for the year Comprehensive income attributable to: (1,006,838) (1,717,080) 29,467,926 22,128,205 Owners of the parent 28,837,590 21,499,343 Non-controlling interests 630,336 628,862 Samsung Electronics Co., Ltd. and its subsidiaries CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Equity attributable components to owners of Noncontrolling the parent Other Retained earnings Preferred Сommon Share (In millions of Korean won) stock stock premium of equity interests Total Balance at January 1, 2012 Profit for the year 119,467 778,047 4,403,893 97,622,872 (5,833,896) 97,090,383 4,223,247 101,313,630 23,185,375 23,185,375 659,910 23,845,285 Changes in value of available-for-sake financial assets, net of tax 960,688 960,688 1,496 962,184 Share of other comprehensive los of associates and joint ventures, net of tax (350,491) (350,491) (350,491) Foreign currency translation, net of tax (1,789,877) (1,789,877) (34,776) (1,824,653) Remezsurement of net defined benefit liabilities, net of tax (506,351) (506,351) 2,231 (504,120) Total comprehensive income (loss) 23,185,375 (1,686,031) 21,499,344 628,861 22,128,205 Dividends (827,501) (827,501) (373,632) (1,201,133) Capital transaction under common control (1,089,835) (1,089,835) (104,395) (1,194,230) Changes in consolidated entities 12,844 12,844 Disposal of treasury stock 455,377 455,377 455,377 Stock option activities (33,071) (33,071) (33,071) Others 4,943 (5,588) (645) (771) (1,416) Total transactions with owners (822,558) (673,117) (1,495,675) (8,193,044) 117,094,052 (465,954) (1,961,629) Balance at December 31, 2012 119,467 778,047 4,403,893 119,985,689 4,386,154 121,480,206 Profit for the year 29,821,215 29,821,215 653,549 30,474,764 Changes in value of available-for-sake financial ssets, net of tax 187,477 187,477 (997) 186,480 Share of other comprebensive income (loss) of associates and joint ventures, net of tax 20,949 20,949 (193) 20,756 Foreign currency translation, net of tax (986,691) (986,691) (14,270) (1,000,961) Remessurement of net defined benefit liabilities, net of tax (205,360) (205,360) (7,753) (213,113) Total comprehensive income (loss) 29,821,215 (983,625) 28,837,590 630,336 29,467,926 Dividends (1,206,622) (1,206,622) (42,155) (1,248,777) Capital transaction under common control (312,959) (312,959) 600,042 287,083 Changes in consolidated entities (918) (918) Disposal of treasury stock 41,817 41,817 41,817 Stock option activities (11,999) k11.999) (11,999) Others 737 737 (65) 672 Total transactions with owners (1,206,622) (282,404) (1,489,026) 556,904 (932,122) Balance at December 31, 2013 119,467 778,047 4,403,893 148,600,282 (9,459,073) 144,442,616 5,573,394 150,016,010 |||||E Samsung Electronics Co., Ltd. and its subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of Korean won) For the year ended December 31, 2013 2012 KRW KRW Cash flows from operating activities Profit for the year 30,474,764 23,845,285 Adjustments 23,804,832 22,759,559 Changes in operating assets and liabilities (1,313,245) (5,777,949) Cash flows from operating activities 52,966,351 40,826,895 Interest received 1,034,074 789,397 Interest paid (434,857) (576,379) Dividend received 592,217 1,112,940 Income tax paid (7,450,345) (4,180,044) Net cash generated from operating activities 46,707,440 37,972,809 Cash flows from investing activities Net increase in short-tem financial instruments (19,391,643) (5,965,611) Net decrease (increase) in short-term available-for-sale financial assets 33,663 (589,072) Proceeds from disposal of long-tem available-for-sale financial assets 1,691,463 106,208 Acquisition of long-term available for-sale financial assets (1,531,356) (870,249) Proceeds from disposal of associates and joint ventures 240 41,091 Acquisition of associates and joint ventures (181,307) (279,022) Disposal of property and equipment 377,445 644,062 Purchases of property and equipment (23,157,587) (22,965,271) Disposal of intangible assets 4,562 61,497 Purchases of intangible assets Cash outflows from business combination (934,743) (650,884) (167,155) (464,279) Others (1,490,601) (390,024) Net cash used in investing activities Cash flows from financing activities (44,747,019) (31,321,554) Net repayment of short-term borrowings (1,861,536) (800,579) Disposal of treasury stock 34,390 88,473 Proceeds from long-term borrowings and debentures 26,672 1,862,256 Repayment of long-term borrowings and debentures Payment of dividends. (1,368,436) (522,899) (1,249,672) (1,265, 137) Net increase (decrease) in noncontrolling interests 281,551 (1,200, 134) Others (26,488) Net cash used in financing activities (4,137,031) (1,864,508) Effect of exchange rate changes on cash and cash equivalents (330,070) (687,048) Net increase (decrease) in cash and cash equivalents (2,506,680) 4,099,699 Cash and cash equi valents Beginning of the year End of the year 18,791,460 14,691,761 16,284,780 18,791,460
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> On September 11, 2014, Home Store sells a mower for $500 with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On July 24, 2015, the mower is brought in for repairs covered under the warranty requiring $35 in materials
> Chavez Co.’s salaried employees earn four weeks’ vacation per year. It pays $312,000.00 in total employee salaries for 52 weeks, but its employees work only 48 weeks. This means Chavez’s total weekly expense is $6,500 ($312,000/48 weeks) instead of the $
> Noura Company offers an annual bonus to employees if the company meets certain net income goals. Prepare the journal entry to record a $15,000 bonus owed to its workers (to be shared equally) at calendar year-end.
> On January 15, the end of the first biweekly pay period of the year, North Company’s payroll register showed that its employees earned $35,000 of sales salaries. Withholdings from the employees’ salaries include FICA Social Security taxes at the rate of
> Ticketsales, Inc., receives $5,000,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of
> Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxes for the year, the company identifies an additional $40,000 of income tax expense that should be recorded. A portion of this additional expense, $6,000
> The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2015. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medica
> Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Journalize its November transactions that should be recorded in the general journal. For
