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:
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?
What are the cash payments FedEx made for interest and for income taxes in the three years reported? (Hint: See the disclosure notes.)
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
ekkarill92 answered 2 years agoRelated 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: 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...
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...
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