Case 5 - Sean Keeton Case 5 Fall 2007 Burlington Resources...

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Sean Keeton Case 5 Fall 2007 Burlington Resources Inc’s 10-K FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL INFORMATION BURLINGTON RESOURCES INC. CONSOLIDATED STATEMENT OF INCOME Year Ended December 31, 2005 2004 2003 (In Millions, Except per Share Amounts) REVENUES $7,587 $5,618 $4,311 COSTS AND OTHER INCOME—NET Taxes Other than Income Taxes 355 260 187 Transportation Expense 496 453 408 Operating Costs 697 587 475 Depreciation, Depletion and Amortization 1,313 1,137 927 Exploration Costs 293 258 252 Impairment of Oil and Gas Properties 50 90 63 Administrative 256 215 164 Interest Expense 281 282 260 (Gain)/Loss on Disposal of Assets (240) 13 (8) Other Expense—Net 38 19 13 Total Costs and Other Income—Net 3,539 3,314 2,741 Income Before Income Taxes and Cumulative Effect of Change in Accounting Principle 4,048 2,304 1,570 Income Tax Expense 1,338 777 310 Income Before Cumulative Effect of Change in Accounting Principle 2,710 1,527 1,260 Cumulative Effect of Change in Accounting Principle—Net (59) Net Income $2,710 $1,527 $1,201 EARNINGS PER COMMON SHARE Basic Before Cumulative Effect of Change in Accounting Principle $ 7.13 $ 3.90 $ 3.17 Cumulative Effect of Change in Accounting Principle—Net (0.15) Net Income $ 7.13 $ 3.90 $ 3.02 Diluted Before Cumulative Effect of Change in Accounting Principle $ 7.07 $ 3.86 $ 3.15 Cumulative Effect of Change in Accounting Principle—Net (0.15) Net Income $ 7.07 $ 3.86 $ 3.00 1. What is the company’s change in natural gas revenue from 2004 to 2005? 3539-3314=225 2. What was the company’s goodwill balance as of December 31, 2005? From what purchase was the goodwill acquired? 1089 is related to the Company’s acquisition of Hunter in December 2001 3. What was the total value of dividends paid in 2005? List the financial statements this affected and the associated 2005 ending balances in the affected accounts. 136, it effected the statement of cash flows and its yearend balance is 3528
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4. In accordance with Sarbanes-Oxley to what did management attest in the Management Report on Internal Control over Financial Reporting ? The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and
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This note was uploaded on 05/03/2008 for the course ACCT 327 taught by Professor Knight during the Spring '08 term at Texas A&M.

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Case 5 - Sean Keeton Case 5 Fall 2007 Burlington Resources...

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