accounting report

Project Description:

financial statement analysis (part 1)
accounting 2 – chapters 10 & 11
refer to the financial statements of polaris in appendix a in our text for questions 1-16, artic cat for questions 17-20 to answer the following questions (for any calculations required, it is best to show numbers and formula used to calculate the answer stated):
1. what percent of the original historical cost of polaris’ property and equipment remains to be depreciated as of december 31, 2011? (book value/historical cost = %) ___________________________________________________________________________________
2. what percent of the original historical cost of polaris’ property and equipment remains to be depreciated as of december 31, 2010? (book value/historical cost = %) ___________________________________________________________________________________
3. what is the amount listed for goodwill and other intangible assets, net for 2011? _______________
4. compute total asset turnover for the year ended december 31, 2011 (to find average total assets to use in formula – add the amount of total assets for 2011 and 2010 and divide by 2): ___________________________________________________________________________________
5. compute total asset turnover for the year ended december 31, 2010. assume total assets at december 31 2009 are $763,653 (to find average total assets – add the amount of total assets for 2010 and 2009 and divide by 2): ________________________________________________________
6. **go to the selected notes to consolidated financial statements, note 1, property and equipment policy paragraph of polaris in appendix a in our text to answer the questions #6-10** property and equipment is stated at __________.
7. what depreciation method is used by polaris for property and equipment? ___________________
8. what is the range of useful life (years) for buildings and improvement? ______________________
9. what is the range of useful life (years) for equipment and tooling? __________________________
10. how often is fully depreciated tooling eliminated from the accounting records? _______________
11. what account under liabilities is listed for both a current liability and long-term liability? _________________________________________________________________________________
12. compute times interest earned for fiscal year 2011 (to find income before interest expense and income taxes to use in formula – add net income + provision for income taxes + interest expense). _______________________________________________________________________________
13. compute times interest earned for fiscal year 2010 (to find income before interest expense and income taxes – add net income + provision for income taxes + interest expense). _______________________________________________________________________________
14. compute times interest earned for fiscal year 2009 (to find income before interest expense and income taxes – add net income + provision for income taxes + interest expense). _______________________________________________________________________________
15. what is the total dollar amount of the five (5) accrued expenses listed under current liabilities for 2011? ___________________________________________________________________________
16. what is the total dollar amount of the five (5) accrued expenses listed under current liabilities for 2010? ___________________________________________________________________________
17. compute total asset turnover for the year ended december 31, 2011 for artic cat (to find average total assets – add the amount of total assets for 2011 and 2010 and divide by 2): _______________________________________________________________________________
18. compute total asset turnover for the year ended december 31, 2010 for artic cat. assume total assets at december 31 2009 are $251,165 (to find average total assets – add the amount of total assets for 2010 and 2009 and divide by 2): ________________________
19. compute times interest earned for artic cat for fiscal year 2011 (to find income before interest expense and income taxes – add net earnings + income tax expense (benefit) + interest expense). _______________________________________________________________________________
20. for artic cat, in the property and equipment section, what is the account name that is different than polaris in the property and equipment section? ___________________________________________
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