Reconhecimento de Receita e Relação entre Lucro Líquido e Balanço Patrimonial - Exercícios Contábeis

A EXERCISES 1 Revenue recognition Neiman Marcus a US retailer uses the accrual basis of accounting and follows US GAAP It recognizes revenue at the time it sells merchandise Indicate the amount of revenue if any the firm recognizes during the months of February March and April in each of the following hypothetical transactions in which Neiman Marcus does the following a Collects 800 cash from a customer during March for a custommade suit that the firm will make and deliver to the customer in April b Collects 2160 cash from customers for meals served in the firms restaurant during March c Collects 39200 cash from customers during March for merchandise sold and delivered in February d Sells merchandise to customers during March on account for which the firm will collect 59400 cash from customers during April e Rents space in its store to a travel agency for 9000 a month effective March 1 Receives 18000 cash on March 1 for two months rent f Same as part e except that it receives the check for the March and April rent on April 1 2 Relating net income to balance sheet changes Comparative balance sheet data for Bondier Corporation Bondier a Canadian airplane manufacturer as of January 31 Year 8 and January 31 Year 7 appear in the following display based on Bondiers financial reports as of January 31 Year 8 Bondier applies Canadian accounting standards and reports in millions of US dollars In answering these questions assume Bondier uses either US GAAP or IFRS for the purposes of this problem this choice will not matter January 31 Year 8 Year 7 Total Assets 2056200 1857700 Liabilities 1744400 1584400 Common Stock 207800 196800 Retained Earnings 104000 76500 Bondier declared and paid dividends of 30 million during the year ended January 31 Year 8 a Compute net income for the year ended January 31 Year 8 by analyzing the change in retained earnings and the distribution of dividends b What is the dividend payout of the firm c Demonstrate that the following relation holds Net Income Increase in Assets Increase in Liabilities Increase in Contributed Capital Dividends 3 Income statement relations Selected income statement information for Novo Limited Novo a Hong Kong personal computer manufacturer for the years ended March 31 Years 9 and 10 Novo applies Hong Kong financial reporting standards and reports its results in thousands of US dollars In answering this question assume Novo use either US GAAP or IFRS for purposes of this problem this choice will not matter Year 10 Year 9 Revenues 16351503 13978309 Cost of Goods Sold 13901523 12091433 Selling and Administrative Expenses 1103713 1033296 Gross Profit Profit Before Taxes Advertising Expenses 595902 488150 Research and Development Expense 229759 196225 Other Income Expense 18130 Income Tax Expense 47613 26197 Net Income 484708 Compute the missing amounts for Year 9 and Year 10 4 Calculating and interpreting cash flow from operations The following items appear in the financial statements of Bamberger Enterprises for a recent year amounts in thousands of US Sales 1460000 Depreciation Expense 21000 Income Taxes 20000 Other Expenses 1390000 Net Income 29000 The changes in the current asset and current liability accounts were as follows Accounts Receivable 780 Inventories 80 Prepayments 100 Accounts Payable 90 Other Current Liabilities 240 a Compute the amount of cash flow from operations b Comment on the major reasons why cash flow from operations exceeds net income 5 Calculating and interpreting cash flows Market Star is a marketing services firm that creates advertising copy for clients and places the advertising in television magazines and other media Accounts receivable represent amounts owed by clients and accounts payable represent amounts payable to various media Market Star has purchased other marketing services firms in recent years Selected data for Market Star for three recent years appear next amounts in millions of US 2013 2012 2011 Net Income 49900 36300 27900 Depreciation and Amortization Expense 22600 19600 16400 Increase Decrease in Accounts Receivable 51400 64800 23800 Increase Decrease in Inventories 9800 1300 3500 Increase Decrease in Prepayments 12500 1000 6400 Increase Decrease in Accounts Payable 27700 78600 33000 Increase Decrease in Other Current Liabilities 42000 27800 7000 Acquisition of Property Plant and Equipment PPE 15000 13000 11500 Acquisition of Investments in Securities noncurrent 88500 64300 46900 Dividends Paid 12200 10400 8800 LongTerm Debt Issues 59900 8300 20800 Common Stock Issued Reacquired 18700 25200 4200 a Prepare a comparative statement of cash flows for Market Star for the three years Use the indirect method of computing cash flow from operations b Discuss the relation between net income and cash flow from operations and the pattern of cash flows from operating investing and financing activities during the three years 6 Issues in manipulating cash flows from operations Top financial management wants to increase cash flow from operations It asks you to implement the following strategies Which of these if implemented will increase cash flow from operations contrasted to the amount if you do not implement the strategy for the firm Comment on the wisdom and suitability of these strategies a The firm delays maintaining equipment until after the start of the next period b The firm delays purchasing new equipment until after the start of the next period c The firm sells 1 million of accounts receivable for 980000 cash to a financial institution but agrees to reimburse the purchaser for the amount by which uncollectible accounts exceed 20000 d The firm delays paying for its employees insurance premiums until after the start of the next period e The firm delays paying some suppliers until after the due date and until after the start of the next period f The firm sells goods for cash but promises the customers that they can return the goods for full refund after the start of the next period 7 Statement of Cash Flows and firms growth stage Firms cash flows indicate the potential growth stage of a firm Using the information below classify each of the four firms into its growth stage Firm A Firm B Firm C Firm D Operating Cash Flow 15 3 4 7 Investing Cash Flow 8 15 1 12 Financing Cash Flow 7 18 3 5 Net Cash Flow 0 0 0 0 StartUp Fast Growth Mature Decline 8 Classification of transactions into the Statement of Cash Flows Relic Spotter Inc is a company that rents portable Metal Detectors to people that wants to search for relics Classify the transactions of this startup company into Operating Investment or Financing cash flows Calculate the accumulated cash movements inflows minus outflows for each of these accounts No Transaction Cash Operating Investing Financing 1 Sell shares 250000 2 Paid Legal fees to operate the business 3900 Buy Building Land 155000 31000 3 cash and a 124000 mortgage from the 31000 Imperial Bank 4 Buy Metal detectors 120000 5 Buy Software 2100 6 Buy Advertising 8000 7 Pay Supplier 2000 8 Pay Dividends 2500 9 Buy Inventory 38000 10 Pay salaries 82000 39500 9 Profitability analysis for two types of retailers Information taken from recent annual reports of two retailers appears as follows amounts in millions of US One of these companies is a discount store chain and the other is a specialty retailer of apparel Indicate which of these companies is the discount store chain and which is the specialty retailer Explain your reasoning using appropriate financial ratios Company A Company B Sales R 3750 R 6834 Net Income R 476 R 243 Average Total Assets R 2458 R 2574 10 Profitability analysis for two types of retailers Calculating and interpreting profitability and risk ratios Gappo Group and Limito Brands maintain leading market positions in the specialty apparel retailing market The products of Gappo jeans blouses shirts are more standardized than those of Limito The products of Limito are more fashionoriented and glitzy Exhibit 724 presents comparative income statements for fiscal year 2013 and Exhibit 725 presents comparative balance sheets for Gappo and Limito at the ends of their 2012 and 2013 fiscal years Cash flows from operations for fiscal year 2013 were 2081 million for Gappo and 765 million for Limito The income tax rate is 35 On the basis of this information and appropriate financial statement ratios which company is a More profitable in fiscal year 2013 b Less risky in terms of shortterm liquidity in fiscal year 2013 c Less risky in terms of longterm liquidity in fiscal year 2013 Income Statement For the Year Ended August 31 2013 Gappo Group Limito Brands Sales 15763 10134 Interest Revenue 117 146 Net Gains from Divestments of Retail Stores 0 230 Total Revenues 15880 10510 Expenses Cost of Goods Sold 10071 6592 Selling na Administrative 4377 2640 Interest Revenue 26 149 Income Taxes 539 411 Total Expenses 15013 9792 Net Income 867 718 Balance Sheet Gappo Group Limito Brands For the Year Ended August 31 2013 2013 2012 2013 2012 ASSETS Cash and Marketable Securities 1939 2644 1018 500 Accounts Receivable 0 0 355 176 Inventories 1575 1796 1251 1770 Prepayments 572 589 295 325 Total Current Assets 4086 5029 2919 2771 Property Plant and Equipment net 3267 3197 1862 1862 Other Noncurrent Assets 485 318 2656 2460 Total Assets 7838 8544 7437 7093 LIABILITIES AND SHAREHOLDERS EQUITY Accounts Payable 1006 772 517 593 Current Portion of LongTerm Debt 138 325 7 8 Other Current Liabilities 1289 1175 850 1108 Total Current Liabilities 2433 2272 1374 1709 LongTerm Debt 50 188 2905 1665 Other Noncurrent Liabilities 1081 910 939 764 Total Liabilities 3564 3370 5218 4138 Common Stock 55 55 262 262 Additional Paidin Capital 2783 2631 1550 1565 Retained Earnings 9223 8646 4758 4277 Accumulated Other Comprehensive Income 125 77 31 17 Treasury Stock 7912 6235 4382 3132 Total Shareholders Equity 4274 5174 2219 2955 Total Liabilities and Shareholders Equity 7838 8544 7437 7093 11 Operational Efficiency You are a financial analyst and you are evaluation the operational efficiency of the Plainview Company Specifically you are trying to understand the forces that drove the changes in both days receivables and days inventory The Table below show the evolution of these two ratios for Plainview Co Dec 31 2009 Dec 31 2010 Dec 31 2011 Days Receivables 603 434 441 Days Inventory 817 866 1051 Where Days Receivables 365 Sales Average Accounts Receivable Days Inventory 365 Cost of Goods Sold Average Inventory You also have information on the Commonsize income statement Individual income statement line items expressed as percentage of sales to explain the relation of the company Dec 31 2009 Dec 31 2010 Dec 31 2011 Gross Margin 134 155 163 Selling General Administrative Expense SGA 54 54 54 Operating Margin 80 101 109 Interest Expense to Sales 26 28 26 Effective Tax Rate 378 400 400 Where Gross Margin Sales Cost of Goods Sold Sales Selling General Administrative Expenses as of sales SGA Expense Sales Operating Margin Operating Income Sales Interest Expense as of Sales Interest Expense Sales Effective Tax Rate Income Taxes Pretax Income Finally you also have information on the dynamics of days account receivable and days inventory not only of Plainview but also of its main competitors Considering these information you are expected to analyze three alternative explanations for the days receivables and days inventories movements from 2009 to 2011 Which one seems to be more plausible i The company offered discounts to increase sales ii It was the economy as a whole a macroeconomic shock iii The company loosed a big costumer that used to pay in credit and replaced him with several small costumers that pay in cash instead of credit iv Is the increase of inventory turnover likely to be good or bad news Justify your answer B QUESTIONS 12 Who might the accounting convention of conservatism hurt 13 The word probable appears in the definitions of assets and liabilities and in the recognition criteria for liabilities with uncertain amount andor timing a What is the meaning of probable as used in the definitions of assets and liabilities b How does the meaning of probable as used in the recognition criteria for liabilities with uncertain amount andor timing differ between US GAAP and IFRS 14 Distinguish between a cost and an expense 15 A firm generated net income for the current year but cash flow from operations was negative How can this happen 16 Financial ratios are useful metrics for relating two items in the financial statements Interpreting changes in a particular financial ratio is difficult however because the explanation might relate to changes in the numerator the denominator or both Explain this statement using a change in the cost of goods sold to sales percentage from 65 to 68 17 An entrepreneur claimed that her new company had generated both superior profit margin performance and superior asset turnover performance Explain whether such an outcome is likely to happen 18 Given how financial leverage affects ROE why does a firm not borrow as much as possible That is why doesnt a firm increase borrowing to as close to 100 of financing as it can