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Full download Solution Manual for Financial Reporting, Financial Statement Analysis and Valuation, 8th Edition file pdf free all chapter
Full download Solution Manual for Financial Reporting, Financial Statement Analysis and Valuation, 8th Edition file pdf free all chapter
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Solution Manual for Financial Reporting,
Financial Statement Analysis and Valuation,
8th Edition
1. Title
2. Statement
3. Copyright
4. Dedication
5. Preface
6. About the Authors
7. Brief Contents
8. Contents
9. Ch 1: Overview of Financial Reporting, Financial Statement Analysis, and Valuation
10. Ch 1: Learning Objectives
11. Ch 1: Chapter Overview
12. Overview of Financial Statement Analysis
13. Step 1: Identify the Industry Economic Characteristics
14. Step 2: Identify the Company Strategies
15. Step 3: Assess the Quality of the Financial Statements
16. Step 4: Analyze Profitability and Risk
17. Step 5: Prepare Forecasted Financial Statements and Step 6: Value the Firm
18. Role of Financial Statement Analysis in an Efficient Capital Market
19. Sources of Financial Statement Information
20. Ch 1: Summary
21. Ch 1: Questions, Exercises, Problems, and Cases
22. Integrative Case 1.1: Starbucks
23. Case 1.2: Nike: Somewhere between a Swoosh and a Slam Dunk
24. Ch 2: Asset and Liability Valuation and Income Recognition
25. Ch 2: Chapter Overview
26. Ch 2: Learning Objectives
27. Introduction to the Mixed Attribute Accounting Model
28. Asset and Liability Valuation and the Trade-Off between Relevance and
Representational Faithfulness
29. Income Recognition
30. Income Taxes
31. Framework for Analyzing the Effects of Transactions on the Financial Statements
32. Ch 2: Summary
33. Ch 2: Questions, Exercises, Problems, and Cases
34. Integrative Case 2.1: Starbucks
35. Ch 3: Income Flows versus Cash Flows: Understanding the Statement of Cash Flows
36. Ch 3: Learning Objectives
37. Ch 3: Chapter Overview
38. Purpose of the Statement of Cash Flows
39. The Relations among the Cash Flow Activities
40. Cash Flow Activities and a Firm’s Life Cycle
41. Understanding the Relations among Net Income, Balance Sheets, and Cash Flows
42. Preparing the Statement of Cash Flows
43. Usefulness of the Statement of Cash Flows for Accounting and Risk Analysis
44. Ch 3: Summary
45. Ch 3: Questions, Exercises, Problems, and Cases
46. Integrative Case 3.1: Starbucks
47. Case 3.2: Prime Contractors
48. Case 3.3: W. T. Grant Company
49. Ch 4: Profitability Analysis
50. Ch 4: Learning Objectives
51. Ch 4: Chapter Overview
52. Overview of Profitability Analysis Based on Various Measures of Income
53. Return on Assets (ROA)
54. Return on Common Shareholders’ Equity (ROCE)
55. Economic and Strategic Factors in the Interpretation of ROA and ROCE
56. Benefits and Limitations of Using Financial Statement Ratios
57. Ch 4: Summary
58. Ch 4: Questions, Exercises, Problems, and Cases
59. Integrative Case 4.1: Starbucks
60. Case 4.2: Profitability and Risk Analysis of Walmart Stores
61. Ch 5: Risk Analysis
62. Ch 5: Learning Objectives
63. Ch 5: Chapter Overview
64. Disclosures Regarding Risk and Risk Management
65. Analyzing Financial Flexibility by Disaggregating ROCE
66. Analyzing Short-Term Liquidity Risk
67. Analyzing Long-Term Solvency Risk
68. Analyzing Credit Risk
69. Analyzing Bankruptcy Risk
70. Measuring Systematic Risk
71. Ch 5: Summary
72. Ch 5: Questions, Exercises, Problems, and Cases
73. Integrative Case 5.1: Starbucks
74. Case 5.2: Massachusetts Stove Company—Bank Lending Decision
75. Case 5.3: Fly-by-Night International Group: Can This Company Be Saved?
76. Ch 6: Accounting Quality
77. Ch 6: Learning Objectives
78. Ch 6: Chapter Overview
79. Accounting Quality
80. Earnings Management
81. Accounting Quality in the Liability Recognition and Measurement Area
82. Asset Recognition and Measurement
83. Specific Events and Conditions That Affect Earnings Persistence
84. Tools in the Assessment of Accounting Quality
85. Financial Reporting Worldwide
86. Ch 6: Summary
87. Ch 6: Questions, Exercises, Problems, and Cases
88. Integrative Case 6.1: Starbucks
89. Case 6.2: Citi: A Very Bad Year
90. Case 6.3: Arbortech: Apocalypse Now
91. Ch 7: Financing Activities
92. Ch 7: Learning Objectives
93. Ch 7: Chapter Overview
94. Equity Financing
95. Net Income, Retained Earnings, Accumulated Other Comprehensive Income, and
Reserves
96. Debt Financing
97. Leases
98. The Use of Derivatives to Hedge Interest Rate Risk
99. Expected Rule Changes in Accounting for and Reporting of Debt Financing
100. Ch 7: Summary
101. Ch 7: Questions, Exercises, Problems, and Cases
102. Integrative Case 7.1: Starbucks
103. Case 7.2: Oracle Corporation: Share-Based Compensation Effects/Statement
of Shareholders’ Equity
104. Case 7.3: Long-Term Solvency Risk: Southwest and Lufthansa Airlines
105. Ch 8: Investing Activities
106. Ch 8: Learning Objectives
107. Ch 8: Chapter Overview
108. Investments in Long-Lived Operating Assets
109. What Choices Are Managers Making to Allocate Acquisition Costs to the
Periods Benefited?
110. What Is the Relation between the Book Values and Market Values of Long-
Lived Assets?
111. Investments in Securities
112. Primary Beneficiary of a Variable-Interest Entity
113. Foreign Currency Translation
114. Ch 8: Summary
115. Ch 8: Questions, Exercises, Problems, and Cases
116. Integrative Case 8.1: Starbucks
117. Case 8.2: Disney Acquisition of Marvel Entertainment
118. Ch 9: Operating Activities
119. Ch 9: Learning Objectives
120. Ch 9: Chapter Overview
121. Revenue Recognition
122. Expense Recognition
123. Income Taxes
124. Pensions and Other Postretirement Benefits
125. Use of Derivative Instruments to Hedge Foreign Currency and Commodity
Price Risk
126. Ch 9: Summary
127. Ch 9: Questions, Exercises, Problems, and Cases
128. Integrative Case 9.1: Starbucks
129. Case 9.2: Arizona Land Development Company
130. Case 9.3: Coca-Cola Pensions
131. Ch 10: Forecasting Financial Statements
132. Ch 10: Learning Objectives
133. Ch 10: Chapter Overview
134. Introduction to Forecasting
135. Preparing Financial Statement Forecasts
136. Step 1: Project Revenues
137. Step 2: Project Operating Expenses
138. Step 3: Project Operating Assets and Liabilities on the Balance Sheet
139. Step 4: Project Financial Leverage, Financial Assets, Common Equity Capital,
and Financial Income It
140. Step 5: Project Provisions for Taxes, Net Income, Dividends, and Retained
Earnings
141. Step 6: Balance the Balance Sheet
142. Step 7: Project the Statement of Cash Flows
143. Shortcut Approaches to Forecasting
144. Test the Validity of the Forecast Assumptions and Results by Analyzing
Projected Financial Statement
145. Sensitivity Analysis
146. Reactions to Announcements
147. Ch 10: Summary
148. Ch 10: Questions, Exercises, Problems, and Cases
149. Integrative Case 10.1: Starbucks
150. Case 10.2: Massachusetts Stove Company: Analyzing Strategic Options
151. Ch 11: Risk-Adjusted Expected Rates of Return and the Dividends Valuation
Approach
152. Ch 11: Learning Objectives
153. Ch 11: Chapter Overview
154. The General Valuation Model
155. Equivalence among Dividends, Cash Flows, and Earnings Valuation
156. Risk-Adjusted Expected Rates of Return
157. Dividends-Based Valuation: Rationale and Basic Concepts
158. Dividends-Based Valuation: Advanced Concepts
159. The Dividends-Based Valuation Model
160. Applying the Dividends-Based Valuation Model to Value PepsiCo
161. Sensitivity Analysis and Investment Decision Making
162. Ch 11: Summary
163. Ch 11: Questions, Exercises, Problems, and Cases
164. Integrative Case 11.1: Starbucks
165. Ch 12: Valuation: Cash-Flow-Based Approaches
166. Ch 12: Learning Objectives
167. Ch 12: Chapter Overview
168. Rationale for Cash-Flow-Based Valuation
169. Measuring Free Cash Flows
170. Cash-Flow-Based Valuation Models
171. Free Cash Flows Valuation of PepsiCo
172. Sensitivity Analysis and Investment Decision Making
173. Ch 12: Summary
174. Ch 12: Questions, Exercises, Problems, and Cases
175. Integrative Case 12.1: Starbucks
176. Case 12.2: Holmes Corporation
177. Ch 13: Valuation: Earnings-Based Approach
178. Ch 13: Learning Objectives
179. Ch 13: Chapter Overview
180. Rationale for Earnings-Based Valuation
181. Earnings-Based Valuation: Practical Advantages and Concerns
182. Theoretical and Conceptual Foundations for Residual Income Valuation
183. Residual Income Valuation Model with Finite Horizon Earnings Forecasts and
Continuing Value Computat
184. Residual Income Model Implementation Issues
185. Consistency in Residual Income, Dividends, and Free Cash Flows Valuation
Estimates
186. Ch 13: Summary
187. Ch 13: Questions, Exercises, Problems, and Cases
188. Integrative Case 13.1: Starbucks
189. Ch 14: Valuation: Market-Based Approaches
190. Ch 14: Learning Objectives
191. Ch 14: Chapter Overview
192. Market Multiples of Accounting Numbers
193. Market-to-Book and Value-to-Book Ratios
194. Price-Earnings and Value-Earnings Ratios
195. Price Differentials
196. Reverse Engineering
197. The Relevance of Academic Research for the Work of the Security Analyst
198. Ch 14: Summary
199. Ch 14: Questions, Exercises, Problems, and Cases
200. Integrative Case 14.1: Starbucks
201. Appendix A: Financial Statements and Notes for PepsiCo, Inc. and
Subsidiaries
202. Appendix C: Financial Statement Analysis Package (FSAP)
203. Index
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other nations 5,800,767 tons. Between 1855 and 1860 over
1,300,000 American tons in excess of the country’s needs were
employed by foreigners in trades with which we had no legitimate
connection save as carriers. In 1851 our registered steamships had
grown from the 16,000 tons of 1848 to 63,920 tons—almost equal to
the 65,920 tons of England, and in 1855 this had increased to
115,000 tons and reached a maximum, for in 1862 we had 1,000 tons
less. In 1855 we built 388 vessels, in 1856 306 vessels and in 1880 26
vessels—all for the foreign trade. The total tonnage which entered
our ports in 1856 from abroad amounted to 4,464,038, of which
American built ships constituted 3,194,375 tons, and all others but
1,259,762 tons. In 1880 there entered from abroad 15,240,534 tons,
of which 3,128,374 tons were American and 12,112,000 were foreign
—that is, in a ratio of seventy-five to twenty-five, or actually 65,901
tons less than when we were twenty-four years younger as a nation.
The grain fleet sailing last year from the port of New York numbered
2,897 vessels, of which 1,822 were sailing vessels carrying
59,822,033 bushels, and 1,075 were steamers laden with 42,426,533
bushels, and among all these there were but seventy-four American
sailing vessels and not one American steamer.
“While this poison of decay has been eating into our vitals the
possibilities of the country in nearly every other industry have
reached a plane of development beyond the dreams of the most
enthusiastic theorizers. We have spread out in every direction and
the promise of the future beggars imaginations attuned even to the
key of our present and past development. We have a timber area of
560,000,000 acres, and across our Canadian border there are
900,000,000 more acres; in coal and iron production we are
approaching the Old World.
1842. 1879.
Coal— Tons. Tons.
Great Britain 35,000,000 135,000,000
United States 2,000,000 60,000,000
Iron—
Great Britain 2,250,000 6,300,000
United States 564,000 2,742,000
With a view to carry this work through the year 1882 and into part
of 1883, very plain reference should be made to the campaign of
1882, which in several important States was fully as disastrous to the
Republican party as any State elections since the advent of that party
to national supremacy and power. In 1863 and 1874 the Republican
reverses were almost if not quite as general, but in the more
important States the adverse majorities were not near so sweeping.
Political “tidal waves” had been freely talked of as descriptive of the
situation in the earlier years named, but the result of 1882 has been
pertinently described by Horatio Seymour as the “groundswell,” and
such it seemed, both to the active participants in, and lookers-on, at
the struggle.
Political discontent seems to be periodical under all governments,
and the periods are probably quite as frequent though less violent
under republican as other forms. Certain it is that no political party
in our history has long enjoyed uninterrupted success. The National
success of the Republicans cannot truthfully be said to have been
uninterrupted since the first election of Lincoln, as at times one or
the other of the two Houses of Congress have been in the hands of
the Democratic party, while since the second Grant administration
there has not been a safe working majority of Republicans in either
House. Combinations with Greenbackers, Readjusters, and
occasionally with dissenting Democrats have had to be employed to
preserve majorities in behalf of important measures, and these have
not always succeeded, though the general tendency of side-parties
has been to support the majority, for the very plain reason that
majorities can reward with power upon committees and with
patronage.
Efforts were made by the Democrats in the first session of the 47th
Congress to reduce existing tariffs, and to repeal the internal revenue
taxes. The Republicans met the first movement by establishing a
Tariff Commission, which was appointed by President Arthur, and
composed mainly of gentlemen favorable to protective duties. In the
year previous (1881) the income from internal taxes was
$135,264,385.51, and the cost of collecting $4,327,793.24, or 3.20
per cent. The customs revenues amounted to $198,159,676.02, the
cost of collecting the same $6,383,288.10, or 3.22 per cent. There
was no general complaint as to the cost of collecting these immense
revenues, for this cost was greatly less than in former years, but the
surplus on internal taxes (about $146,000,000) was so large that it
could not be profitably employed even in the payment of the public
debt, and as a natural result all interests called upon to pay the tax
(save where there was a monopoly in the product or the
manufacture) complained of the burden as wholly unnecessary, and
large interests and very many people demanded immediate and
absolute repeal. The Republicans sought to meet this demand half
way by a bill repealing all the taxes, save those on spirits and
tobacco, but the Democrats obstructed and defeated every attempt at
partial repeal. The Republicans thought that the moral sentiment of
the country would favor the retention of the internal taxes upon
spirits and tobacco (the latter having been previously reduced) but if
there was any such sentiment it did not manifest itself in the fall
elections. On the contrary, every form of discontent, encouraged by
these great causes, took shape. While the Tariff Commission, by
active and very intelligent work, held out continued hope to the more
confident industries, those which had been threatened or injured by
the failure of the crops in 1881, and by the assassination of President
Garfield, saw only prolonged injury in the probable work of the
Commission, for to meet the close Democratic sentiment and to
unite that which it was hoped would be generally friendly, moderate
tariff rates had to be fixed; notably upon iron, steel, and many classes
of manufactured goods. Manufacturers of the cheaper grades of
cotton goods were feeling the pressure of competition from the South
—where goods could be made from a natural product close at hand—
while those of the North found about the same time that the tastes of
their customers had improved, and hence their cheaper grades were
no longer in such general demand. There was over-production, as a
consequence grave depression, and not all in the business could at
once realize the cause of the trouble. Doubt and distrust prevailed,
and early in the summer of 1882, and indeed until late in the fall, the
country seemed upon the verge of a business panic. At the same time
the leading journals of the country seemed to have joined in a
crusade against all existing political methods, and against all
statutory and political abuses. The cry of “Down with Boss Rule!”
was heard in many States, and this rallied to the swelling ranks of
discontent all who are naturally fond of pulling down leaders—and
the United States Senatorial elections of 1883 quickly showed that
the blow was aimed at all leaders, whether they were alleged Bosses
or not. Then, too, the forms of discontent which could not take
practical shape in the great Presidential contest between Garfield
and Hancock, came to the front with cumulative force after the
assassination. There is little use in philosophizing and searching for
sufficient reasons leading to a fact, when the fact itself must be
confessed and when its force has been felt. It is a plain fact that many
votes in the fall of 1882 were determined by the nominating struggle
for the Presidency in 1880, by the quarrels which followed Garfield’s
inauguration, and by the assassination. Indeed, the nation had not
recovered from the shock, and many very good people looked with
very grave suspicion upon every act of President Arthur after he had
succeeded to the chair. The best informed, broadest and most liberal
political minds saw in his course an honest effort to heal existing
differences in the Republican party, but many acts of
recommendation and appointment directed to this end were
discounted by the few which could not thus be traced, and suspicion
and discontent swelled the chorus of other injuries. The result was
the great political changes of 1882. It began in Ohio, the only
important and debatable October State remaining at this time. The
causes enumerated above (save the assassination and the conflict
between the friends of Grant and Blaine) operated with less force in
Ohio than any other section—for here leaders had not been held up
as “Bosses;” civil service reform had many advocates among them;
the people were not by interest specially wedded to high tariff duties,
nor were they large payers of internal revenue taxes. But the liquor
issue had sprung up in the Legislature the previous winter, the
Republicans attempting to levy and collect a tax from all who sold,
and to prevent the sale on Sundays. These brief facts make strange
reading to the people of other States, where the sale of liquor has
generally been licensed, and forbidden on Sundays. Ohio had