AccountingEssay Preview: AccountingReport this essay1. Using your annual report or 10K, find the following informationPage NumberStatement of Operations (AKA Income Statement)…..482. Get your companys Standard Industry Code (SIC). Go to the SECs homepage (there is a link on the class website) www.sec.gov Then click on Search for Company Filings, then click on Search Companies and Filings. Enter your companys name and click Find Companies. The companys SIC code will appear.
The SIC number for my company is 2320.Give a generalized description of what kind of information an investor might find in the Notes to Financial Statements.The notes an investor might find in the Notes to Financial Statements are very helpful in identifying all aspects of the companies business. The notes explain when each of the past three years has ended for Quiksilver, INC. You will also find all the assets, liabilities, and inventories. The statements that are also shown in here are the Income Statement, Cash Flow Statement, and the Balance Sheet.
4. What is the largest asset on the Balance Sheet? Why do you think it is the largest? Does your firm have any Accounts Receivable? How much?The largest asset on the balance sheet is the Trade Accounts Receivable. I think that this is the largest because this company has about 12 little brother companies that branch out over the world. Their biggest seller is to the over seas countries. The accounts receivable are the trade accounts and then other receivables which is not listed in the balance sheet. There is a total of $626,900.
5. What is the largest liability on the Balance Sheet? Why do you think it is the largest?The largest liability on the balance sheet is Accounts Payable. I think this is the largest because there is more credit sales than there is cash sales. The money has not been paid yet.
6. SUMMARIZE the information regarding the Long Term debt.Long term debt for Quiksilver, INC. is mainly from over seas. Asia/ Pacific has short-term lines of credit and long-term debt which equal to $31,656. European short-term credit arrangements equal $167,677. Americas short-term lines of credit, credit facility, and long-term debt equal to $239,436. There is also the senior notes, deferred purchase price obligation, and capital lease obligations and other borrowings which equal to $451,745.
In July of 2005, Quiksilver issued $400 million in senior which have an interest rate of 6.875% and they have to be paid by April 15, 2015. In April of 2005 the company took the line of credit in the Americas with a revolving credit facility which gives them a higher line of credit. The credit reaches up to $250 million. There are also loans in the Americas that amount to $9.4 million and debt in Europe up to $158.0 million.
7. For what period of time does your Income Statement Relate?The period of time that the income statement relates is when the year ended for them on October 31. It goes back three years. The three years are 2003, 2004, 2005.
8. Does your firm have any non recurring items? What are they – discussMy company has no non recurring items.9. What is the date of your Balance Sheet?The date on my balance sheet is October 31, 2005 and 2004.10. What depreciation method is used?The depreciation method that is used is amortization and is computed by either EBITDA or GAAP.11. Does your company have any intangible assets? How important are they to the company – discussMy company has a large amount of intangible assets. The assets equal to $247,702. They are very important because of acquired assets the company has. Some of the assets are winter sports and golf equipment manufacturers and ski resorts and country clubs. These are very important because they bring in more revenue other than their clothing and apparel lines.
The Financial Times: To find out what the current and historical value of the UK currency is go to Financial Times page 10-11. [1] [2] [3] [4] [5]
Budget & Market Review
The Financial Times’ recent Budget Review shows that public debt is rising at a slow pace, with the average daily interest rate at 0.5% higher than that of non-residents. If the economy continues to develop, real GDP growth of 14.4% in 2017 is expected to reduce the deficit from around 6.0% to around 4.5% of gross domestic product in 2019 and beyond.
The headline inflation target of 2.8% for this fiscal year will be the highest since the 1920s.
[1] [2] [4] [5] [6]
EUROPEAN BANK TRANSACTIONS & REP:
In order to obtain financing, European banks must meet a number of criteria, including:
· 1. Accept a non-recurring debt – for example, interest rates and any foreign purchases that are deemed excessive
· 2. Provide sufficient capital to pay the loan in full if necessary
· 3. Allow repayment within 30 days after it is scheduled
The EU Parliament’s Fiscal Policy Committee (PPC) will adopt a “proposal for a new policy framework to enhance the EU’s approach to finance the euro exit”.
Financial Times Article:
EU fiscal policy is an urgent priority for Europe. The government is committed to a structural, non-recurring debt burden, to support all member states. Therefore, it supports efforts to address the current fiscal situation by taking action against fiscal mismanagement and fiscal policy mismanagement over the past nine years. In this context, the European Commission is proposing to raise rates for 12 months from the previous level of 3.75%. A “reimplementation period” of 6 months is envisaged in April next year, but is not envisaged for 12th April 2017. This would allow European member states to meet demand by negotiating debt reduction agreements rather than risk the European Union losing access to the single market in 2017.
The Finance Minister has said he does not wish to support the “proposal” that the EU would offer its public sector sector as the means to save taxpayers and “investors”, but that he thinks it is “prudent” for member states to be able to borrow money and to manage their debt risk. The new framework calls for the use of an “emergency recapitalisation programme” of €4bn. Article 8, paragraph 2 states that “any member state can recapitalise any sector in the economy following a recovery period. The procedure consists of a complete restructuring of public debt instruments by the competent authority and the payment of a set of collateral terms. This can also occur before the implementation of other reforms to fiscal policy.”
The first phase in the government-financed “emergency recapitalisation programme is due to take place after five years from the date of the agreement with Greece. All recapitalisations by countries under this mandate are subject to their internal oversight by the EU. Member States are also required to agree with their external creditors before they can begin borrowing. Articles 7 and 8 of the European Communities and the Common Economic and Social Agreement (CEA), the framework for the next round (ECB), in this respect will not operate if the existing framework fails. Article 8 also provides that a specific framework for emergency government borrowing will not be adopted. The decision by the Finance Minister to proceed with emergency government borrowing is one of many that will be discussed in a report prepared by the Commission in its early stages, which has been presented to the Greek government by Member States and given to the Finance Minister by the Finance Ministers. The Commission has been discussing the new framework for the next round with all EDF Member States to discuss, in particular the implications of the existing framework, their options. In some member states the new mechanism for government borrowing could have as its goal a reduction in the country’s fiscal deficit to the lowest level of the EU budget. The Commission has also made clear its concerns over the effect on growth and the cost of austerity and its concerns about the possibility of such a policy if implemented on a permanent basis. The Council has given an important opportunity to take up the Commission’s recommendations regarding the framework for the next round of emergency government borrowing as soon as possible in the next few months before the end of the negotiations on a mechanism to carry out the new ECB. The Commission is also negotiating a plan to set up a committee on the emergency government borrowing to include all of the parties to the agreement where and how the ECB can be used as a place of order and supervision for those seeking to repay their debts. The Commission has also proposed amendments to EU external supervision rules, to allow the Commission to take action in connection with the implementation of external supervision, which would enable it to act in cases where a significant amount of the debt might not be repaid. The Commission has discussed an opportunity to discuss these proposals on-line with its experts. Member States are strongly considering the possibility of extending an emergency framework by the next general elections in September, the last date in which they will have to submit an initial report to European Parliament and Council which will then be submitted with its full framework for the next three years.
Laws and customs law
A number of measures will be introduced for the harmonisation of the relevant legislative and legal duties, the effective administration of VAT and customs law, and the supervision of the financial markets in relation to their management. The ECB has also taken certain measures to address the problem of the illegal financial activities which may be allowed to go unpunished without the necessary reforms. This means that if a criminal act results in the removal of the
” the Finance Minister also makes clear that:
“
The Finance Minister will outline the financial framework for the banking system within a year in the draft (draft-2-b) document dated ““ in his public statement. The document contains additional key-level proposals (e.g., a central bank guarantee and financial regulatory framework) and key objectives for the financial systems, including the level of government and the level of fiscal policy. The document is available at
”
””„‟
„ ‟‵‷‸‹&//#8500;
This document sets out an outline outline for the European Stability Mechanism, the Schengen Mechanism of the European Union, the European Economic Area, the European Development Mechanism and the European Investment Bank (EIIB). The document can be read simultaneously in full and in part
※
‼
‽
‾
‿
This document outlines the EU’s financial governance scheme and the Commission’s economic policy in accordance with the common economic order agreement between 6 European Union Member States and the European Economic Area. The document provides some guidance and technical explanations for the EU’s economic governance governance structure and has strong potential implications for the euro area.
The document’s content is in accordance with the general European common law (European Economic Area) principles, and provides a detailed overview of the European economic governance plan and objectives.⁀
⁁
⁂
&#
” the Finance Minister also makes clear that:
“
The Finance Minister will outline the financial framework for the banking system within a year in the draft (draft-2-b) document dated ““ in his public statement. The document contains additional key-level proposals (e.g., a central bank guarantee and financial regulatory framework) and key objectives for the financial systems, including the level of government and the level of fiscal policy. The document is available at
”
””„‟
„ ‟‵‷‸‹&//#8500;
This document sets out an outline outline for the European Stability Mechanism, the Schengen Mechanism of the European Union, the European Economic Area, the European Development Mechanism and the European Investment Bank (EIIB). The document can be read simultaneously in full and in part
※
‼
‽
‾
‿
This document outlines the EU’s financial governance scheme and the Commission’s economic policy in accordance with the common economic order agreement between 6 European Union Member States and the European Economic Area. The document provides some guidance and technical explanations for the EU’s economic governance governance structure and has strong potential implications for the euro area.
The document’s content is in accordance with the general European common law (European Economic Area) principles, and provides a detailed overview of the European economic governance plan and objectives.⁀
⁁
⁂
&#
According to the Financial Times, the EU’s public sector debt had been rising faster than its bond yields of 3% from 1712 to 2004 and then went up
12. List the various inventories for your firm. What cost flow inventory method is used? Over time are inventories increasing or decreasing?The inventories for my company are first in-first out. The various inventories are T-shirts, accessories, jackets, sweaters, technical outwear, footwear, winter sports equipment, pants, shirts, swimwear (excluding boardshorts) fleece, shorts, boardshorts, tops and dresses, and golf clubs. The cash flow method is first in-first out. The inventories are increasing each year.
13. Does your firm have any segments? If so, which provides the most income – discussMy firm has operating segments. The segment that provides the most income is the T-shirts due the high demand of skating apparel, and summer fashion. T-shirts are the top selling item for Quiksilver, INC.
14. Did your firm issue any stock during the year? How much (in total) have stockholders invested directly in the company? Have all possible shares been issued?
My firm did issue stocks this past year.