Lecture11 - Lecture 11 Accounts Receivables 1 Timberland...

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1 Lecture 11 Accounts Receivables
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2 Timberland Questions As of the end of 2005, how much do the customers owe Timberland for goods and services which Timberland has already delivered and for which it has recognized revenue? How much greater or less would Timberland’s 2005 net income before tax have been if it had always accounted for its bad debts using the Direct Write-off Method rather than the Allowance Method? What was the total amount of cash collected by Timberland during 2005 from 2005 and prior years’ sales? Think about the assumptions which you have to make in order to come up with this estimate. Refer to the Operating Activities Section of the Consolidated Statement of Cash Flows and, in particular, the adjustment for Customer receivables. Does the 2005 adjustment indicate that Accounts Receivable increased or decreased?
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3 CONSOLIDATED BALANCE SHEETS As of December 31, 2005 and 2004 2005 2004 share and per share data) ASSETS Current assets Cash and equivalents Accounts receivable, net of allowance for doubtful accounts of $8,755 in 2005 and $8,927 in 2004 Inventory Prepaid expense Deferred income taxes Derivative assets Total current assets Property, plant and equipment, net Goodwill Intangible assets, net Other assets, net Total assets
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4 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable Accrued expense Payroll and related Other Income taxes payable Derivative liabilities Total current liabilities Deferred compensation and other long-term liabilities Deferred income taxes Stockholders’ equity Preferred Stock, $.01 par value; 2,000,000 shares authorized; none issued Class A Common Stock, $.01 par value (1 vote per share); 120,000,000 shares authorized; Class B Common Stock, $.01 par value (10 votes per share); convertible into Class A shares on a one-for-one basis; 20,000,000 shares authorized; 11,743,660 shares issued and outstanding at December 31, 2005 and December 31, 2004 Additional paid-in capital Deferred compensation ) Retained earnings Accumulated other comprehensive income Treasury Stock at cost; 18,921,290 Class A shares at December 31, 2005 and 34,098,914 Class A shares at December 31, 2004 ) Total stockholders’ equity
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Lecture11 - Lecture 11 Accounts Receivables 1 Timberland...

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