Consider the following brief descriptions of four companies from different industries. Michaels
Stores claims to be the largest arts and crafts specialty retailer in North America. It operates over
1,100 retail stores. Pulte Group, Inc., builds houses throughout the United States. In 2013, it completed 17,766 new houses. Toro Company manufactures and sells professional and residential lawn care products, such as irrigation systems. Vail Resorts, Inc., operates ski resorts in Colorado, including Breckenridge Mountain and Vail Mountain Resort, the largest in the United States.
The chapter explained that companies often choose to close their books when business is slow. Each of these companies ends its fiscal year on a different date. The closing dates, listed chronologically, are as follows:
February 2
July 31
October 31
December 31
a. Try to determine which fiscal year-end matches which company. Write a brief explanation of the reason for your decisions.
b. Because many companies deliberately choose to prepare their financial statements at a slow time of year, try to identify problems this may present for someone trying to analyze the balance sheet for Michaels Stores . Write a brief explanation of the issues you identify.

  • CreatedApril 20, 2015
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