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P&G Questions - Examine the financial statements...

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Unformatted text preview: Examine the financial statements and accompanying notes for The Proctor & Gamble Company, in Appendix 5-B. Answer the following questions (for 2007 only, unless otherwise specified). . What are the ending dates of the 2005, 2006, and 2007 statements? . Is the income statement presented in a multiple- step format or single-step format? . Where is the information for the statement of retained earnings located? . Were there any accounting changes in 2005, 2006, or2007? . Were there any prior period adjustments in 2005, 2006, or 2007? . What major subclassifications were used for assets? For liabilities? For shareholders’ equity? . Were there any extraordinary items in 2005, 2006, or2007? . What basis was used for valuing inventories? . What was the primary depreciation method used? . Where does it explain what the $23,375 million of long-term debt consists of? . What was the amount of depreciation and amortization expense for 2007? . How much was 2007 earnings per share? How was it computed? . What was the company's effective tax rate for 2007? . What percentage of total 2007 sales was attributable to foreign sales? . What was the amount of total comprehensive income for 2007 and how was it determined? . Were there any restrictions or appropriations of retained earnings during 2005, 2006, or 2007? . What is the par or stated value per share of common stock? . What was the number of common shares authorized, issued, and outstanding at December 31, 2007? . What was the amount of cash dividends declared in 2007? . What was income tax expense for 2007 and what did it consist of? . What types of contingent liabilities were disclosed? . Do the financial statements contain any examples of intraperiod tax allocation? . Did the auditor's report express any reservations about the financial statements? ...
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