Callaway Golf - Mike Tryba Accounting II October 22, 2007...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Mike Tryba Accounting II October 22, 2007 Callaway Golf Company 1a) My Company’s net income for 2006 was $23,290,000. b) Callaway Golf’s percentage of cost of goods sold to sales was 61%. 2) Callaway’s total assets were $493,200,000, while their total liability was $223,455,000, and shareholders equity came in at $845,947,000. 3a) The par value of Callaway’s stock is $.01 a share. b) Callaway has 72,992,726 outstanding shares. c) Yes, Callaway owns treasury stock, they have 11,957,968 shares. d) Callaway has never had a stock split. 4) The method that Callaway uses to complete cash flows is indirect. Net cash is a positive number of $17,287,000 5) Callaway Golf Company is located in Carlsbad, California. 6) Callaway Golf is an international company that does business in countries like Australia, Canada, France, Germany, Japan, Korea, and Spain. 7) Callaway is a manufacturing company, which designs and produces their own golf clubs, and golf balls. They have manufacturing plants on both the East, and West coast to makes them able to save on shipping costs. 8) Callaway Golf Company sells a variety of different golf products, ranging from drivers, irons, woods, hybrids, balls, shirts, jackets, bags, golf shoes, and hats. You can buy these products at any local golf store, golf website, or the Callaway website. 9) My company comes out with new products every year, as they have to keep up with the new and improving technology of golf. Any lack to produce new products would greatly affect their income, and revenue. A large part of Callaway’s product sales are products that are two years old or newer. 10) Callaway has had a continuous increase in the income statement for the last three years. 11) The accounting firm that audited Callaway Golf is Deloitte & Touche, it is a LLP partnership. 12) Callaway Golf Company uses straight line depreciation method, and the inventory method they use is FIFO.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
13) Callaway Golf does use SFAS 123R which is statement of financial accounting standards. 14) Yes, Callaway mentions the use of contingent liabilities but does not say specifically
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/16/2008 for the course ACCT 116 taught by Professor Clay during the Fall '08 term at Assumption College.

Page1 / 4

Callaway Golf - Mike Tryba Accounting II October 22, 2007...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online