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ACT3391HomeworkFall2009Solutions28 - HOMEWORK Fall 2009...

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HOMEWORK - Fall 2009 28. (0.5 point each, unless otherwise noted) Answer the following related to ConocoPhillips (C) for the year ended December 31, 2008. Note that you can find C’s financial statements and related footnotes on C’s web page OR on the SEC’s web page. (Note that you will probably find it easier to look on C’s web page.) Make sure that you properly express your dollar amounts. $ in millions unless otherwise stated a. Which independent public accounting firm audited C’s financial statements? Ernst & Young – page 57 b. As of 12-31-08, what were C’s total assets? $142,865 – balance sheet c. As of 12-31-08, what was C’s working capital amount? Show your work AND indicate if C’s working capital amount is positive or negative . CA – CL $20,843 - $21,780 = $937 negative – balance sheet d. As of 12-31-08, what was C’s total inventory balance? $5,095 – balance sheet and footnote #5 e. As of 12-31-08, what amount of C’s total inventory relates to crude oil and petroleum products? $4,232 – footnote #5 f. As of 12-31-08, what amount of C’s total inventory is valued on a LIFO basis?
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