focus on analysis:  pier 1 imports (learning objective 1, 2, 3, 4: analyzing cash flows) refer to the pier 1 imports financial statements in appendix b at the end of this book. focus on 2006. 1. what

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focus on financials:  yum! brands
(learning objective 1, 2, 3, 4: using the statement of cash flows) use yum! brands, inc.’s,
statement of cash flows along with the company’s other financial statements, all in appendix
a at the end of the book, to answer the following questions.
 required
1. by which method does yum report cash flows from operating activities? how can you tell
(pp. 623–625)?
2. suppose yum reported net cash flows from operating activities by using the direct
method. compute these amounts for the year ended december 30, 2006 (ignore the statement
of cash flows, and use only yum’s income statement and balance sheet).
a. collections from customers, franchises, and licenses. (p. 633)
b. payments for inventory. yum calls its cost of goods sold “food and paper expense.”
note 11 gives the accounts payable balance. (pp. 646–647)
3. prepare a t-account for property, plant, and equipment, net and show all activity in this
account for 2006. use the depreciation amount in note 9 and assume that yum (a) sold
property, plant, and equipment with book value of $53 million and (b) acquired
$180 million of property, plant, and equipment as part of yum’s acquisitions of other
companies. (p. 631)
4. evaluate 2006 in terms of net income, total assets, stockholders’ equity, cash flows from
operating activities, and overall results. be specific

focus on analysis:  pier 1 imports
(learning objective 1, 2, 3, 4: analyzing cash flows) refer to the pier 1 imports financial
statements in appendix b at the end of this book. focus on 2006.
1. what is pier 1’s main source of cash? is this good news or bad news to pier 1 managers,
stockholders, and creditors? what is pier 1’s main use of cash? good news or bad news?
explain all answers in detail. (pp. 622–623)
2. explain in detail the 3 main reasons why net cash provided by operations differs from net
income. (pp. 624–625)
3. did pier 1 buy more fixed assets or sell more fixed assets during 2006? how can you tell?
(pp. 624–625)
4. identify the sale price, the book value, and the gain or loss from selling fixed assets during
2006. fixed assets is another name of property, plant, and equipment. (p. 631)
5. how much cash in total did pier 1 return to stockholders during 2006
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