Question

In: Accounting

Locate the 2015 financial statements and related disclosure notes of FedEx Corporation. You can locate the...

Locate the 2015 financial statements and related disclosure notes of FedEx Corporation. You can locate the report online at www.fedex.com. Required: a. From the information provided in the statement of cash flows, explain what allows FedEx Corporation to expand its business, as evidenced by the investing activities, while at the same time not raising as much cash through financing activities. b. Describe the activities listed under financing activities for the most recent fiscal year. [Hint: FedEx’s Statement of Changes in Common Stockholders’ Investment (statement of shareholders’ equity) will help you determine the nature of the stock activity.] What is the most notable financing activity reported? c. What are the cash payments FedEx made for interest and for income taxes in the three years reported? (Hint: See the disclosure notes.) d. Obtain the relevant authoritative literature on disclosure of interest and income taxes using the FASB Accounting Standards Codification. What is the specific citation that specifies the way FedEx reports interest and income taxes separately that enable you to answer requirement 3?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Locate the 2015 financial statements and related disclosure notes of FedEx Corporation. You can locate the...
Locate the 2015 financial statements and related disclosure notes of FedEx Corporation. You can locate the report online at www.fedex.com. Required: From the information provided in the statement of cash flows, explain what allows FedEx Corporation to expand its business, as evidenced by the investing activities, while at the same time not raising as much cash through financing activities. Describe the activities listed under financing activities for the most recent fiscal year. What is the most notable financing activity reported?...
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes...
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended January 30, 2016, are available in Connect. This material is also available under the Investor Relations link at the company's website (www.target.com). Target's share-based compensation includes several long-term incentive plans. Required: 1. Over how many years is the compensation associated with Target's share-based awards expensed? 2. Based on the fair value of the awards, what was Target's primary form of...
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes...
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are - This material also is available under the Investor Relations link at the company's website. 1. On what line of Target's income statement is revenue reported? What was the amount of revenue Target reported for the fiscal year ended February 3, 2018? 2. Disclosure Note 2 indicates that Target generally records revenue in retail stores at...
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes...
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available here (https://corporate.target.com/annual-reports/2017/10-K/10-k-cover). This material is also available under the Investor Relations link at the company’s website (www.target.com). Required: By what name does Target label its balance sheet? What amounts did Target report for the following items on February 3, 2018? What was Target’s largest current asset? What was its largest current liability? Compute Target’s current...
Which of the following items is not part of disclosure notes to the financial statements? a)...
Which of the following items is not part of disclosure notes to the financial statements? a) Descriptions of the significant accounting methods applied in the company's financial statements. b) Additional detail of income taxes payable reported in the balance sheet. c) Names of executive officers and the salaries for each officer listed. d) Commitments under long-term supply agreements to buy inventory and equipment.
Navigate to the notes to the financial statements and locate APPLE'S note on their statement of...
Navigate to the notes to the financial statements and locate APPLE'S note on their statement of cash flows that was prepared using an indirect method. Discuss an item that was included when calculating net income but is adjusted as an increase or decrease to determine cash provided by (used in/by) operating activities. Specifically an asset, liability, gain, or loss. Include a summary of how that item impacted net income (or net loss) and why an adjustment might be necessary to...
Explain and discuss the importance and the role of the related notes to the financial statements...
Explain and discuss the importance and the role of the related notes to the financial statements included in a financial statement
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes on December...
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes on December 31, 2020. Plan assets $410,000 Projected benefit obligation 300,000 U.S.M.’s actuary determined that the 2021 service cost is $61,000. Both the expected and actual rate of return on plan assets is 10%. The interest (discount) rate is 6%. U.S.M. contributed $121,000 to the pension fund at the end of 2021, and retirees were paid $45,000 from plan assets. (Enter your answers in thousands (i.e.,...
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December...
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2017. Plan assets $500,000 Projected benefit obligation 420,000 U.S.M.’s actuary determined that 2018 service cost is $70,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $130,000 to the pension fund at the end of 2018, and retirees were paid $54,000 from plan assets. (Enter you answers in millions (i.e., 10,000,000...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $ 3,720 $ 4,540 Accounts receivable (net) 3,400 4,350 Allowance for doubtful accounts 320 190 Sales revenue 37,975 40,475 Total current assets 7,188 7,286 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT