P 1 Volcom SOLUTIONS - Problem 1 Introduction to the...

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

View Full Document Right Arrow Icon
Problem 1: Introduction to the Financial Statements Volcom, Inc WEB: http://www.sec.gov/Archives/edgar/data/1324570/000119312510058355/d10k.htm#toc36800_20 Obtain Volcom’s 2009 annual report or 10-K and briefly answer the following questions. Feel free to use one-word responses and bullet points where appropriate. 1
Background image of page 1

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

View Full Document Right Arrow Icon
Background 1. What is the nature of Volcoms’s business? That is, based on reading the annual report, how does Volcom make money? ITEM 1, page 1 10-K: We are an innovative designer, marketer and distributor of premium quality young mens and young womens clothing, footwear, accessories and related products under the Volcom brand name. We believe that we have one of the world’s leading brands in the action sports industry, built upon our history in the boardsports of skateboarding, snowboarding and surfing. Our position as a premier brand in these three boardsports differentiates us from many of our competitors within the broader action sports industry and has enabled us to generate strong growth in revenues and operating income. 2. How often do publicly traded companies (including Volcom, whose shares trade on the Nasdaq under the ticker VLCM) prepare financial statements for external reporting purposes? At least once a quarter, 10-Qs for fiscal quarters 1–3 and 10-Ks for the annual filing due to SEC rules. They might prepare them more often for banks or others. 3. How often is Volcom audited by external auditors? Once a year (but they are reviewed each quarter) 4. Who are Volcom’s external auditors? What opinion on the financial statements did they express? Page F-2, Deloitte & Touche, unqualified opinion (which is the best opinion as it means there are no issues with Volcom’s financial reporting) 5. Why is the audit report dated over a month after Volcom’s year-end? Takes time to do an audit.
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.

{[ snackBarMessage ]}

Page1 / 7

P 1 Volcom SOLUTIONS - Problem 1 Introduction to the...

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