Other income expense interest income 26 interest

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Business Law Today, Standard: Text & Summarized Cases
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Chapter 23 / Exercise 01
Business Law Today, Standard: Text & Summarized Cases
Jentz/Miller
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Other income (expense): Interest income 26 Interest expense (823) Interest capitalized 31 Miscellaneous – net (48 ) (814 ) Income before income taxes (506) Income tax (benefit) (35 ) NET EARNINGS (LOSS) $ (471 ) 1. Which financial statement is this? Did the title confuse you, or is it an accurate description of what follows? Do you think it is better than the title you are accustomed to? 3 American Airlines, Inc., 2010 10-K, p.50. 2-15
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Business Law Today, Standard: Text & Summarized Cases
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Chapter 23 / Exercise 01
Business Law Today, Standard: Text & Summarized Cases
Jentz/Miller
Expert Verified
INSTRUCTOR’S MANUAL 2. Does this business appear to be a retailer, a manufacturer, or a service company? How can you tell? 3. What business do you believe they are in? Again, what tells you this? 4. Can you calculate gross profit for this company? Can you calculate their profit margin? Why or why not? Solution
LO 9 Other Elements of an Annual Report Outside assignment: Annual reports Have students pick a company and obtain their annual report online. Look at the Management’s Discussion and Analysis. In your own words, what is management’s outlook for the future? What are their major strengths and weaknesses? Look at the Report of the Independent Auditors. Who audited the financial statements? What type of audit opinion did they give? Solution Answers will vary depending on the company chosen by the student. In-class discussion: Auditor obligations Longtop Inc. was the first Chinese software company listed on the New York Stock Exchange. It is a leading software development and solutions provider targeting the rapidly growing financial services industry in China. A company press release dated May 23, 2011 states: “Longtop Financial Technologies Limited ("Longtop" or the "Company") announced today that the Company's registered independent accounting firm, Deloitte Touche Tohmatsu CPA Ltd. ("DTT"), has resigned as auditor of the Company by letter dated May 22, 2011. The Company also announced that Derek Palaschuk, the Company's Chief Financial Officer, tendered his resignation by letter, dated May 19, 2011, and the Board has taken his resignation under advisement. 2-16
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